Group 1 - The report presents the "Shenwan Hongyuan Top Ten Gold Stocks" as a monthly updated selection reflecting market trends and investment strategies [1][10] - The previous gold stock combination achieved a return of 10.81% from June 1 to June 30, 2025, outperforming the Shanghai Composite Index and CSI 300 Index by 11.85 and 12.25 percentage points respectively [4][5] - Since the first release on March 28, 2017, the gold stock combination has cumulatively increased by 302.29%, with the A-share combination rising by 239.35% [5][4] Group 2 - The current strategy maintains a judgment of a high central oscillation market, with expectations for a bull market core period emerging in 2026-27 [13] - The report suggests focusing on growth sectors such as national defense, innovative pharmaceuticals, and robotics, while strategically favoring Hong Kong stocks as a leading market in a potential bull market [13] - The top recommended stocks include "Iron Triangle" stocks: Plater, Haier Smart Home, and China Life (Hong Kong), along with other selected stocks like Yiwei Lithium Energy and Alibaba-W (Hong Kong) [16][17] Group 3 - The report highlights the performance and rationale for each of the top ten gold stocks, emphasizing their growth potential and market positioning [19][21] - For instance, Yiwei Lithium Energy is expected to benefit from the electric heavy truck market, while Haier Smart Home is positioned to leverage high-end market trends and digital upgrades [17][19] - The report also provides valuation and profit forecasts for these stocks, indicating expected growth rates and earnings per share (EPS) for the coming years [21][22]

Core Viewpoint - 吉祥航空 is preparing for the upcoming summer travel peak by planning to operate approximately 24,000 domestic and international flights from July 1 to August 31, covering a period of 62 days [1] Flight Operations - The airline plans to execute over 4,150 international flights, reflecting a year-on-year growth of nearly 4% [1] - During the summer travel period, the airline aims to operate more than 2,200 flights to the Japan and South Korea markets, with a year-on-year increase exceeding 19% [1] - The intercontinental flight network is being optimized, with the Shanghai Pudong to Manchester route increasing to six flights per week [1]

证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-047 上海吉祥航空股份有限公司 关于注销部分已回购股份的实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 上海吉祥航空股份有限公司（以下简称"公司"）分别于 2025 年 4 月 18 日、2025 年 5 月 12 日召开公司第五届董事会第十六次会议及 2024 年年度 股东会，审议通过《关于拟变更部分回购股份用途并注销的议案》《关于减 少公司注册资本及修订<公司章程>的议案》。公司同意变更部分已回购股份 的用途，对于公司 2024 年及 2025 年实施回购的其中 1,500 万股股份，用途 由原回购方案"用于员工持股计划或者股权激励"变更为"用于注销并减少 注册 资本" ，注 销完 成后公 司总 股本将 由 2,199,005,268 股减 少 至 2,184,005,268 股，注册资本将由 2,199,005,268 元减少至 2,184,005,268 元。 本次注销股份的有关情况： | 回购专用证券账户股份数量（股） | ...

Core Viewpoint - The summer travel season is approaching, with airlines increasing capacity and launching new routes, particularly to the northwest and northeast regions of China, leading to a decrease in ticket prices for flights from Beijing to Xinjiang [1][3][5]. Group 1: Airline Capacity and Route Expansion - Multiple airlines, including China Southern Airlines and Hainan Airlines, are enhancing flight capacity to popular destinations in the northwest, such as Xinjiang, Inner Mongolia, and Qinghai, with new routes and increased flight frequencies [3][7]. - China Southern Airlines plans to operate over 2,300 flights weekly from Beijing Daxing, with new routes to Changbai Mountain, Xining, and other tourist destinations [3]. - The planned flight volume to Xinjiang during the summer travel period is expected to increase by over 20% year-on-year, with significant growth in smaller airports in the region [3]. Group 2: Ticket Price Trends - Ticket prices for direct flights from Beijing to various destinations in Xinjiang have decreased, with prices for flights dropping by over 1,000 yuan for some routes compared to two weeks prior [1][5]. - As of June 30, the lowest prices for flights from Beijing to Urumqi, Alatai, and Hami were reported at 2,430 yuan, 1,930 yuan, and 2,577 yuan, respectively, reflecting significant price reductions [5][6]. - The average ticket price for summer travel has decreased by 1.3% year-on-year, attributed to high pre-sale prices in 2024 and increased demand [6]. Group 3: Enhanced Passenger Services - Airlines are introducing targeted passenger services for the summer season, including expanded pet transport services and dedicated charter services for students [1][7]. - China Eastern Airlines has upgraded its "pet in cabin" service, adding 16 new routes, while Hainan Airlines is focusing on services for students and unaccompanied minors [7].

Core Viewpoint - The launch of the Shanghai-Kuala Lumpur route by Juneyao Airlines marks a significant step in the airline's expansion into the Southeast Asian market, driven by Malaysia's visa-free policy for Chinese travelers and a strong recovery in tourism between China and Malaysia [1][3]. Group 1: Route Launch and Capacity Plans - The inaugural flight of the HO1353 route achieved a 100% passenger load factor, highlighting the strong demand for summer travel [1]. - Juneyao Airlines plans to operate approximately 24,000 domestic and international flights from July 1 to August 31, 2025, to cater to diverse summer travel needs [1]. - The airline aims to increase the frequency of the Kuala Lumpur route to 1-2 flights daily based on peak season demand and is evaluating direct flights from other cities like Nanjing [3]. Group 2: Market Recovery and Strategic Expansion - The tourism market between China and Malaysia is showing robust recovery, with 1.2 million Malaysian tourists visiting China and over 1.5 million Chinese tourists traveling to Malaysia in 2024, alongside a bilateral trade volume exceeding $200 billion [3]. - Juneyao Airlines is committed to its international development strategy, with a nearly 4% increase in international flight capacity during the summer season compared to the same period in 2024, planning over 4,150 international flights [3]. - The airline's operations in the Japan and South Korea markets are also expanding, with planned flights exceeding 2,200 during the summer, reflecting a year-on-year increase of over 19% [3]. Group 3: Domestic Market Initiatives - To meet summer vacation demands for families, Juneyao Airlines is launching new routes and increasing flight frequencies to popular destinations, including new connections from Shanghai to Kashgar and Yining [6]. - The airline is introducing themed flights, such as the "Shanghai Lego Land" flight, to enhance the travel experience for families visiting the newly opened Shanghai Lego Land Resort [6].

乘客回忆：大家手里的餐盒、手机纷纷"飞"向空中 近日，有网友在社交平台称，6月25日当晚乘坐吉祥航空途中遭遇了罕见的剧烈颠簸，餐盒、 手机等物品在客舱内飞散落了一地。 6月27日上午，乘坐该航班的乘客戴先生回忆起这一惊险经历仍心有余悸。戴先生乘坐的是航 班为HO1887，由上海虹桥飞往深圳宝安。 他说，当晚8时左右，飞机突遇强气流，引发剧烈颠簸。"先是普通颠簸，紧接着三秒钟内飞 机突然下坠，所有人都感受到明显失重，我的屁股都离开座椅了。" 戴先生表示，当时正值发餐时段，大家手里的餐盒、手机等物品纷纷"飞"向空中，有女乘客 被洒落的咖喱等餐食弄脏衣物，客舱内瞬间尖叫声四起。 戴先生表示，随后便有广播第一时间对此状况进行播报解释，并向乘客致歉。 另据搭乘该航班的网友发帖称，"当时飞机已经进入平飞，空乘开始发饭。在用餐过程中，飞 机开始小小下降调整，忽然一个大拉升，紧接着急速下降，失重感直接拉满，有一瞬间看到 了面条在飘！" 吉祥航空回应：无人受伤 据南方都市报，28日，吉祥航空工作人员告诉记者，事件中无人员受伤。"在巡航阶段突遇晴 空颠簸，持续约10秒。机组立即启动应急预案，妥善处置客舱状况，航班于20时47分安 ...

证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-046 上海吉祥航空股份有限公司 关于控股股东股份解除质押及质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 上海吉祥航空股份有限公司（以下简称"公司"）控股股东上海均瑶（集 团）有限公司（以下简称"均瑶集团"）持有公司股份 1,020,862,080 股，占公司股份总数的 46.42%，均瑶集团累计质押公司股票（含本次） 81,275 万股，占其所持公司股份数的 79.61%，占公司股份总数的 36.96%。 公司于近日收到公司控股股东均瑶集团通知，获悉其将所持有公司的部分股 份办理了解除质押及质押业务，具体事项如下： 一、本次股东股份解除质押基本情况： 注：若有尾差，则是因四舍五入所致。 单位：万股 股东 名称 持股数量 持股比 例 本次解除 质押股数 占其所 持股份 比例 占公 司总 股本 比例 解除日期 质权人 剩余被质 押股份数 量 剩余被质押 股份数量占 其所持股份 比例 剩余被质押 股份数量占 公司总股本 比例 均瑶 集 ...

Group 1: Aviation Sector - The aviation sector is expected to see strong demand during the summer peak season, with a recommendation to focus on pre-peak investment opportunities. The industry has gradually emerged from the low-demand season since March, with rational pricing strategies from airlines supporting demand [3][12]. - In 2024, the total revenue of six listed airlines is projected to reach 521.8 billion yuan, a year-on-year increase of 14%, with a tax pre-profit of 3 billion yuan, a significant recovery from a loss of 9 billion yuan in 2023. Different airlines show varying degrees of profit improvement [10][12]. - The report highlights that the international oil price decline will significantly enhance airline profits. A 5% drop in Brent crude oil prices could increase the pre-tax profits of major airlines by 29 billion yuan for Air China and 23 billion yuan for Eastern Airlines [14][15]. Group 2: Express Delivery Sector - The express delivery sector is anticipated to maintain strong growth resilience, with business volumes expected to increase by 21.5% in 2024 and 21.6% in Q1 2025. The total business volume for 2024 is projected to reach 1.758 billion pieces [32][35]. - The market concentration in the express delivery industry is on the rise, with the CR8 index expected to reach 85.2% in 2024 and 86.9% in Q1 2025, indicating a more consolidated market [32][35]. - Revenue for the express delivery industry is forecasted to grow by 13.8% in 2024, reaching 1.4 trillion yuan, with a slight pressure on average ticket prices, which are expected to decline by 14.2% [35][36]. Group 3: Dividend and Asset Value - The report emphasizes the value of dividend assets in the transportation sector, with cash dividend ratios for highways, railways, and ports projected at 51%, 47%, and 36% respectively for 2024, indicating strong cash flow stability [44][45]. - The TTM dividend yields for these sectors are expected to be 3.0% for highways, 3.3% for railways, and 2.3% for ports, reflecting a stable increase compared to previous years [44][45]. Group 4: Shipping Sector - The shipping sector faces short-term pressure due to US-China tariff disputes, but structural opportunities may arise. The report suggests that the tariff situation could lead to a shift in import demands, particularly for agricultural products, which may benefit dry bulk shipping [48][56]. - Historical data indicates that previous trade disputes have led to increased shipping rates for certain routes, suggesting potential for similar outcomes in the current context [48][56].

Core Viewpoint - The domestic aviation industry is experiencing a significant improvement in passenger load factors and overall performance, with expectations for continued positive trends in pricing and demand during the summer travel season [1][4]. Group 1: Operational Performance - In May 2025, domestic airlines reported a notable increase in passenger load factors, with major airlines seeing an approximate 3 percentage point rise year-on-year [1]. - Eastern Airlines recorded the highest growth in passenger volume, increasing by 10.8%, while Spring Airlines and Juneyao Airlines saw increases of 14.6% and 0.3%, respectively [1][2]. - The average daily flight volume in the domestic market remained stable compared to April, with a year-on-year growth of 3.2% [2]. Group 2: International Market Trends - The international and regional routes are gradually expanding, with significant recovery in routes to Japan, South Korea, New Zealand, Malaysia, and Vietnam [2]. - Among major airlines, China Southern and Eastern Airlines have increased capacity significantly, while Juneyao Airlines has shifted focus towards international routes [2]. Group 3: Supply and Demand Dynamics - The introduction of new aircraft remains low, with a total of 76 aircraft introduced in the first five months of 2025, indicating a slow growth in supply [3]. - The industry is witnessing record-high passenger load factors, and prices are stabilizing as the summer travel season approaches, leading to optimistic expectations for performance [3]. Group 4: Investment Recommendations - The positive performance during the May Day holiday and stable pricing in early June suggest a favorable outlook for the aviation industry, with recommendations to invest in Spring Airlines, Juneyao Airlines, and Huaxia Airlines [4].

Investment Rating - The investment rating for the aviation transportation industry is "Positive" [2]. Core Viewpoints - The report highlights that the supply in the aviation industry is gradually contracting, with a narrowing decline in ticket prices. An improvement in supply-demand dynamics is expected during the peak travel season [3][4]. - The industry is experiencing a high passenger load factor, with limited room for recovery in utilization rates. The supply contraction is intensifying, leading to a trend of narrowing year-on-year ticket price declines, which may improve the industry’s supply-demand relationship [14][3]. Summary by Sections Investment Recommendations - The report suggests focusing on key airlines such as Air China, China Southern Airlines, Spring Airlines, Juneyao Airlines, and China Eastern Airlines due to the anticipated recovery in air travel demand during the peak season [3][14]. Industry Supply Contraction and Ticket Price Trends - The industry’s passenger load factor remains high, with an increasing proportion of grounded aircraft. In April 2025, the industry’s Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) increased by 8.1% and 11.5% year-on-year, respectively, with a passenger load factor of 84.5%, up 2.6 percentage points year-on-year [4][16]. - The average ticket price in June 2025 was down 5.9% year-on-year, with the average domestic ticket price for 2025 year-to-date at 837 RMB, a decline of 9.4% year-on-year [5][26]. Oil Prices and Exchange Rates - The average price of aviation kerosene in Q1 and Q2 2025 was 5,952 RMB/ton and 5,385 RMB/ton, respectively, showing a year-on-year decrease of 10.0% and 17.0%. The Brent crude oil price averaged 67.95 USD/barrel as of June 16, 2025, down 18.1% year-on-year [6][37][38]. Airline Capacity and Load Factors - In May 2025, airlines increased their international capacity, with domestic load factors remaining high. The overall ASK for major airlines showed a year-on-year increase, with international routes recovering faster than domestic routes [45][46]. - The report indicates that the passenger load factors for domestic routes exceeded those of 2019, with significant increases noted for China Eastern and China Southern Airlines on international routes [45][47].