Investment Rating - The investment rating for the aviation industry is "Maintain" with a recommendation to "Increase Holdings" for specific companies such as China Southern Airlines and Air China [3][7]. Core Insights - The aviation industry is experiencing a slight narrowing of supply-demand differences due to normalization and increased base figures, yet passenger load factors remain high and continue to improve year-on-year. Domestic routes show low growth, while international routes support supply-demand growth [1][7]. - Key financial indicators for major airlines indicate a mixed performance, with significant improvements in passenger load factors for the three major airlines. Spring Airlines has shown a leading capacity deployment in June [1][3][7]. Industry Overview - As of June 2025, the civil aviation passenger transport volume reached 61.22 million, a year-on-year increase of 14.6% compared to 2019 and 4.4% compared to 2024. Domestic routes accounted for 54.64 million passengers, while international routes saw 658,000 passengers, reflecting a recovery trend [7][22]. - The number of flights executed in June was 448,000, up 5% from 2019 and 2.9% from 2024. Domestic flights totaled 384,000, while international flights reached 64,200, recovering to 81.7% of 2019 levels [7][22]. - The average ticket price for domestic routes decreased by 4.9% year-on-year, while the base ticket price increased by 0.7% [7][22]. Company Performance - Major airlines' operational data for June 2025 shows that China Southern Airlines had an ASK (Available Seat Kilometers) growth of 4.4% and an RPK (Revenue Passenger Kilometers) growth of 6.7%, with a passenger load factor increase of 1.8 percentage points [41][45]. - Air China's ASK grew by 2.5% and RPK by 3.9%, with a load factor increase of 1.1 percentage points. Eastern Airlines reported an ASK growth of 6.5% and RPK growth of 10.0% [41][45]. - The overall performance of listed airlines indicates a combined ASK growth of 5.1% and RPK growth of 6.9%, with domestic ASK growth at 1.1% and RPK growth at 3.1% [45]. Market Trends - The aviation industry index showed a performance of 6.1% over one month, 12.2% over six months, and 26.5% over twelve months, indicating a positive trend compared to the Shanghai Composite Index [5][11]. - The total market capitalization of the aviation industry reached 319.95 billion, with a circulating market capitalization of 295.20 billion [3][11]. Investment Recommendations - Recommended stocks include China Southern Airlines, Air China, Spring Airlines, and others, with a focus on maintaining a watch on China Eastern Airlines [7].

Core Viewpoint - The aviation sector in Hong Kong and mainland China is experiencing a positive performance, with significant stock price increases for major airlines, while the industry is also addressing challenges related to competition and profitability [1][5][6]. Group 1: Stock Performance - Hong Kong aviation stocks showed active performance, with China National Aviation rising by 6.25%, China Southern Airlines and China Eastern Airlines increasing by over 3%, and Cathay Pacific rising by 0.17% [1]. - In the A-share market, Huaxia Airlines rose over 4%, while China National Aviation and Juneyao Airlines increased by over 3% [2]. Group 2: Industry Developments - The Civil Aviation Administration of China (CAAC) held a meeting on July 22, 2025, outlining nine requirements to enhance the aviation sector, including the establishment of a unified market and addressing "involution" competition [3][4]. - In the first half of the year, the aviation industry achieved a total transport turnover of 783.5 billion ton-kilometers and a passenger transport volume of 37 million, marking year-on-year growth of 11.4% and 6% respectively [3]. Group 3: Financial Performance of Airlines - Major state-owned airlines are expected to report significant losses for the first half of 2025, with China Eastern Airlines projecting a net loss of 1.2 to 1.6 billion yuan, China Southern Airlines expecting a loss of 1.338 to 1.756 billion yuan, and China National Aviation forecasting a loss of 1.7 to 2.2 billion yuan [6][8]. - In contrast, Huaxia Airlines anticipates a net profit of 220 to 290 million yuan, reflecting a year-on-year increase of 741% to 1009% [9]. Group 4: Market Recovery and Future Outlook - The international flight recovery remains slow, with only 84% of pre-pandemic levels restored by 2024, and 88% by the first half of 2025, impacting the profitability of major state-owned airlines [8][10]. - The aviation industry is projected to benefit from the "anti-involution" policies, which may stabilize ticket prices and improve revenue management strategies, potentially leading to a recovery in profitability [14][15].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector shows significant divergence in June data, with a focus on the industry's anti-involution process [3] - The express logistics market is expanding, supported by the national strategy to boost domestic demand, with a year-on-year growth of 15.8% in express delivery volume in June 2025 [5] - The performance of major express companies varies, with SF Express maintaining a business volume growth rate of over 30%, while other companies like YTO Express and Yunda Express show slower growth [4][5] Summary by Sections Express Logistics - In June 2025, the total express delivery volume reached 16.87 billion pieces, a year-on-year increase of 15.8%, with total revenue of 126.32 billion yuan, up 9.0% [5][24] - Major express companies' performance in June: YTO Express (2.627 billion pieces, +19.34%), Yunda Express (2.173 billion pieces, +7.41%), SF Express (1.460 billion pieces, +31.77%) [4][28] - The market share for these companies is 15.6% for YTO, 12.9% for both Yunda and Shentong, and 8.7% for SF Express [4] Air Transportation - The air travel sector is expected to benefit from macroeconomic recovery, with a year-on-year increase of 4.4% in passenger transport volume in June 2025 [52] - Major airlines are projected to improve their performance in Q2 2025 due to better supply-demand dynamics and lower oil prices [8] Shipping and Ports - The shipping sector is anticipated to benefit from OPEC+ production increases and a favorable economic environment, with a focus on crude oil transportation [16] - The Baltic Dry Index (BDI) increased by 27.8% week-on-week, indicating a recovery in the bulk shipping market [11][68] - Container throughput at Chinese ports showed a slight increase in cargo volume but a decrease in container throughput [81] Road and Rail - In June 2025, road freight volume increased by 2.86% year-on-year, while rail freight volume rose by 7.36% [45] - National logistics operations are running smoothly, with a slight increase in freight truck traffic [14] Supply Chain Logistics - Companies like Shenzhen International and Debon Logistics are expected to benefit from strategic transformations and improved profitability [15]

Core Points - The article highlights the increasing connectivity between Shanghai and Japan, particularly with the recent launch of new flight routes and the growing number of travelers from Shanghai to various Japanese cities [1][6][9] Group 1: Flight Connectivity - Eastern Airlines has expanded its routes, now offering direct flights from Shanghai to 20 cities in Japan, including less common destinations like Kumamoto and Matsuyama [7][8] - The airline operates 37 routes to Japan, with an average of 50 flights per day, indicating a significant increase in travel options for Shanghai residents [9][10] - The convenience of travel is emphasized, with flights to Kumamoto taking only about two hours, making it quicker than many domestic destinations [5][23] Group 2: Travel Demand - The demand for travel to Japan is evident, as shown by the overwhelming number of travelers at immigration counters in Kumamoto, which were insufficient to handle the influx [4][6] - In 2024, Japan issued over 7.19 million visas to foreigners, with more than 5.24 million granted to Chinese nationals, highlighting the strong interest from Shanghai residents [15][16] - Shanghai alone accounted for 246.7 million visas, representing 47% of the total issued to Chinese travelers, showcasing the city's significant role in Japan's tourism market [16][17] Group 3: Pricing and Competition - The competitive pricing of flights has made travel to Japan more accessible, with instances of last-minute tickets being cheaper than those purchased in advance [26][31] - Low-cost airlines like Spring Airlines have contributed to this trend, offering extremely low fares that make travel to Japan comparable to domestic trips [28][29] - The article notes that the price competition among airlines has created a situation where flights to Japan are treated like public transportation [31] Group 4: Travel Experience - Travelers from Shanghai appreciate the orderly and predictable pricing in Japan, contrasting it with domestic travel experiences [32][33] - The overall travel experience in Japan, including safety and cleanliness, is highlighted as a significant factor in the preference for Japanese destinations [33][34] Group 5: Future Prospects - The article suggests that there is still room for growth in flight routes from Shanghai to Japan, with airlines likely to continue expanding their offerings [40][42] - The easing of visa requirements for Chinese travelers has further encouraged travel to Japan, making it easier for Shanghai residents to visit [43][45] - The favorable exchange rate of the yen against the yuan has made travel to Japan more financially attractive, enhancing consumer willingness to travel [46][48]

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 46.74%，均瑶集团累计质押公司股票（含本次） 81,370 万股，占其所持公司股份数的 79.71%，占公司股份总数的 37.26%。 证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-052 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 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。 二、本次股东股份质押基本情况： 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 ...

Group 1 - The core viewpoint of the news is the performance and holdings of the Jiao Yin State-Owned Enterprise Reform Flexible Allocation Mixed A Fund, which has shown a recent net value increase of 1.04% [1] - The fund's recent one-month return is -0.06%, ranking 71 out of 73 in its category, while its six-month return is 8.76%, ranking 19 out of 72 [1] - Year-to-date, the fund has achieved a return of 6.18%, ranking 26 out of 72 in its category [1] Group 2 - The top ten stock holdings of the fund account for a total of 50.78%, with significant positions in SF Express (9.90%), China Chemical (6.04%), and ShouLve Hotel (5.44%) [1] - The fund was established on June 10, 2015, and as of March 31, 2025, it has a total scale of 1.802 billion yuan [1] - The fund manager is Shen Nan, who has been in this role since the fund's inception [2]

Investment Rating - The investment rating for the airline transportation industry is "Positive" [2]. Core Viewpoints - The industry has maintained a high passenger load factor since the beginning of 2025, with domestic flight capacity growth being low while international routes are seeing increased capacity. The supply remains tight with a net fleet growth rate of less than 3% [14]. - The passenger load factor has improved compared to both the previous year and the same period in 2019, particularly in domestic routes. Domestic flight turnover has shown steady growth, while international turnover has significantly recovered to levels close to those of 2019 [14]. - Although ticket prices have shown a weak performance due to increased capacity in the second quarter, there is an expectation for price recovery during the summer travel peak season as demand gradually increases [3][14]. Summary by Sections Investment Recommendations - The report suggests focusing on airlines such as Air China, China Eastern Airlines, China Southern Airlines, Spring Airlines, and Juneyao Airlines due to the anticipated recovery in ticket prices driven by improved supply-demand dynamics during the summer peak season [3][14]. Industry Capacity and Ticket Prices - The industry has seen a continuous high passenger load factor, with the flight cancellation rate decreasing as the travel peak season approaches. In May 2025, the industry’s Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) increased by 8.0% and 11.5% year-on-year, respectively, with a passenger load factor of 84.6%, up 2.7 percentage points year-on-year [4][16]. - Ticket prices in the second quarter have shown a narrowing decline compared to the previous quarter, with an average ticket price of 848 RMB, down 9.2% year-on-year. The average ticket price in early July was down 7.9% year-on-year [5][27]. Fuel Prices and Exchange Rates - The average price of aviation fuel has decreased significantly, with a year-on-year decline of 12.8% in July. The average aviation kerosene price in the first and second quarters was down 10.0% and 17.0% year-on-year, respectively [6][39]. - The exchange rate has remained stable, with the USD to RMB exchange rate at 7.1526 as of July 16, 2025, a decrease of 0.50% from the end of 2024 [6][39]. Operational Performance of Airlines - In the first half of 2025, domestic airlines have shown low growth in capacity, with the exception of a few airlines. The passenger load factor for major airlines has increased year-on-year, with significant improvements noted in domestic routes [8][46]. - In June 2025, the overall ASK growth for major airlines was led by Spring Airlines at 12.4%, while the international routes have shown recovery rates close to 2019 levels for some airlines [46][49].

Investment Rating - The industry investment rating is "Positive" [5] Core Viewpoints - The report highlights that the domestic airline industry is currently in a low season, with a modest increase in capacity deployment of 1.1% year-on-year in June, but a decrease of approximately 2.9% compared to May. Demand remains weak, leading airlines to adopt a more restrained approach to capacity deployment [2][10][14] - Eastern Airlines has shown a notable increase in passenger load factor, rising against the trend of other major airlines, indicating a strategic focus on improving load factors [2][30] - The report anticipates that as the peak summer travel season approaches, operational pressures on the industry are expected to improve, with potential for higher ticket prices due to increased load factors [3][11][38] Summary by Sections 1. Domestic Route Capacity Deployment - In June, listed companies increased domestic route capacity by 1.1% year-on-year, but saw a decrease of about 2.9% month-on-month. Major airlines like Eastern Airlines and Air China reduced capacity by 5.1% and 4.3% respectively compared to May [2][14][16] - The overall passenger load factor for listed companies decreased by 0.4 percentage points month-on-month but increased by approximately 1.7 percentage points year-on-year. Eastern Airlines' load factor continued to rise, reflecting its prioritization of this metric in sales strategies [30][38] 2. International Route Capacity Deployment - International route capacity for listed airlines increased by about 17.4% year-on-year in June, but decreased by 1.5% compared to May. The demand growth for international routes appears to be slowing [3][55] - The passenger load factor for international routes improved by 0.9 percentage points month-on-month and by 1.0 percentage point year-on-year, indicating a slight recovery despite ongoing demand pressures [3][55] 3. Airport Throughput - Major airports such as Shanghai and Shenzhen reported year-on-year growth in international passenger throughput of 17% and 19% respectively. However, there has been a recent slowdown in growth, with some airports experiencing a decline in international passenger numbers over the past two months [68][70]

Investment Rating - The investment rating for the aviation industry is "Overweight" indicating a positive outlook for the sector [7]. Core Insights - The civil aviation passenger transport volume continued to grow steadily in June, with a year-on-year increase of 3.8%, reaching approximately 60.9 million passengers. Capacity saw a slight increase of 0.3% year-on-year [4]. - The average aircraft utilization rate in June was 7.8 hours per day, showing a month-on-month decrease of 1% but remained stable year-on-year [4]. - Major airlines reported growth in capacity and passenger turnover, with notable increases from Spring Airlines (+12%) and China Eastern Airlines (+10%) in passenger turnover compared to the previous year [4]. - The international market is recovering, with June international flight numbers reaching 55,000, recovering to 87.1% of the same period in 2019 [4]. - The report highlights a structural differentiation in recovery across regions, with demand expected to accelerate as the summer travel season begins [4]. Summary by Sections Passenger Transport Data - In June, the total passenger transport volume was approximately 60.9 million, a 3.8% increase year-on-year. Domestic market capacity increased by 0.3%, while international flights reached 55,000, recovering to 87.1% of 2019 levels [4][5]. - Airlines' passenger turnover (RPK) showed growth, with China Eastern Airlines at +10% and Spring Airlines at +12% year-on-year [4]. Airline Performance - The report provides a summary of key airline metrics for June, including ASK (Available Seat Kilometers) and RPK, with China Eastern Airlines and Spring Airlines showing significant growth [5]. - The passenger load factor for June was highest for Spring Airlines at 92.1%, while China Southern Airlines and China Eastern Airlines also reported strong load factors [4][5]. Investment Recommendations - The report recommends continued investment in the aviation sector, highlighting the strong supply logic and demand elasticity, with specific recommendations for China National Aviation, China Eastern Airlines, Spring Airlines, and others [4][7].

Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [7]. Core Insights - The report highlights a significant improvement in the performance of major airlines in Q2, driven by resilient domestic demand and ongoing recovery in international routes [7]. - The report emphasizes the constraints on supply and the reduction in oil prices, which are expected to alleviate cost pressures for airlines [7]. - The report suggests a positive outlook for specific airlines, particularly Huaxia Airlines and Spring Airlines, due to their competitive advantages in the domestic market [7]. Summary by Sections Airline Data Analysis - In June, the overall ASK (Available Seat Kilometers) growth rates were led by Spring Airlines (12.4%), followed by Eastern Airlines (6.5%) and Southern Airlines (4.6%) [1]. - For the first half of the year, cumulative ASK growth was highest for Spring Airlines (9.5%) and Eastern Airlines (7.5%) [1]. - In June, the RPK (Revenue Passenger Kilometers) growth rates were also led by Spring Airlines (11.6%) and Eastern Airlines (10.0%) [1]. - Cumulatively, Eastern Airlines had the highest RPK growth in the first half of the year at 12.2% [1]. Domestic and International Routes - Domestic route performance in June showed Spring Airlines leading with an ASK growth of 10.5%, while international routes saw significant growth from 吉祥航空 (46.9%) [2][3]. - Cumulatively, for the first half of the year, 吉祥航空 had the highest ASK growth in international routes at 65.6% [2]. Passenger Load Factor - In June, the passenger load factor was highest for Spring Airlines at 92.1%, with a year-on-year decrease of 0.6 percentage points [3]. - For the first half of the year, Spring Airlines maintained the highest load factor at 90.5%, despite a year-on-year decrease of 0.8 percentage points [3]. Fleet Growth - As of June 2025, the total fleet of the five listed airlines increased by 5 aircraft, with a year-on-year growth of 3.3% [3][19]. Financial Performance Forecast - The report forecasts significant improvements in the financial performance of major airlines for the first half of 2025, with Huaxia Airlines expected to achieve a net profit of approximately 2.55 billion yuan, a year-on-year increase of 875% [7][9]. - In contrast, the three major airlines (Air China, Eastern Airlines, and Southern Airlines) are expected to report losses, but with reduced loss margins compared to the previous year [7][10].