以下文章来源于Vista氢商业 ，作者肘子 Vista氢商业 . 关心都市白领的消费生活 提供易懂有趣的品牌报道 免费蛋糕的花语是： 下次坐飞机记得首选我们。 "第一次在经济舱享受到头等舱待遇。" 图源：小红书@闪闪 飞机生日服务已推出多年，之所以小众，大概是因为生日期间还飞在天上的，要么是时间和财富一样自由的老钱，要么是个月月出差、"每天早上睁眼都要 回忆一下自己在哪个城市"的高级牛马。 飞机上的"生日惊喜"比黄牛们明码标价的labubu更像盲盒：不用自己申请、不看舱位会员等级、礼物和蛋糕回回都不同。有人拿到精致小蛋糕，有人只得到 一瓶矿泉水。 文 ｜ 肘子 编辑 ｜ 橘总 来源｜ Vista氢商业（ID：Qingshangye666） 封面来源 ｜ 海航丨首都航空订阅号 坐飞机也能变成一次人生惊喜体验。 最近有人在生日当天被安排出差，清早起来赶飞机，正睡得不知天地为何物的时候，东航的空乘端来了一份专门为她准备的裱花生日蛋糕、"全体机组"的手 写贺卡，以及一杯特制茶。 "生日出差"的牛马之悲瞬间变成了 "万里高空上庆生" 的殊荣： 但普通牛马们最关心的还是， "一边哭穷一边涨票价，餐食和经济舱空间一齐缩水， ...

Investment Rating - The industry rating is "Positive" (maintained) [7] Core Viewpoints - The domestic demand continues to improve while overseas factors are causing disturbances [1][2] - In the aviation sector, the second quarter shows improved performance due to high passenger load factors and a significant drop in oil prices [1] - The express delivery sector is experiencing double-digit growth in volume, but intense price competition is affecting profitability [3][11] - The shipping industry is facing volatility in freight rates due to tariffs and geopolitical conflicts [4][5][10] Summary by Sections Aviation and Airports - In Q2 2025, the cumulative ASK (Available Seat Kilometers) for major airlines shows growth compared to the same period in 2024, with increases of 5% to 12% [1] - The average oil price for aviation kerosene in Q2 2025 is 5475 RMB/ton, down 9% from Q1 and down 17% year-on-year [1] - Passenger throughput at major airports like Shanghai and Guangzhou has recovered to 109% and 115% of 2019 levels, respectively [2] Express Delivery - The express delivery volume reached 787.7 billion pieces in the first five months of 2025, a year-on-year increase of 20.1% [3] - The industry revenue for express delivery in the same period was 592.46 billion RMB, up 10.3% year-on-year [3] - Price competition has intensified, particularly affecting franchise express companies, while leading companies like SF Express continue to show robust growth [11] Shipping - In Q2 2025, VLCC (Very Large Crude Carrier) freight rates averaged 42,000 USD/day, a year-on-year increase of 7% [4] - The CCFI (China Containerized Freight Index) dropped to 1156 points, down 20% year-on-year, while the SCFI (Shanghai Containerized Freight Index) fell to 1685 points, down 36% year-on-year [5] - The dry bulk shipping market remains weak, with the BDI (Baltic Dry Index) at 1465 points, down 21% year-on-year [5] Cross-Border Logistics - The average air freight rate index for outbound shipments from Shanghai in Q2 2025 is 4479 points, down 5% year-on-year [8] - The coal import volume at Ganqimaodu port was 6.28 million tons, a year-on-year decrease of 6% [6] High Dividend Stocks - The report suggests that the declining yield on ten-year government bonds will benefit dividend-paying stocks [12] - Recommendations include logistics and highway companies, as well as port and railway stocks [12]

此前报道： 上海飞东京航班急速下降7000米，氧气面罩突然掉落！乘客：魂吓没了…春秋航空回应 → 微信编辑 | 七三 推荐阅读 "黄金平替"，单日大跌6%！ 2025.07. 02 本文字数：354，阅读时长大约1分钟 7月1日，日本航空JAL 发布 《JL8696/IJ004航班 (上海浦东－东京成田) 备降关西国际机场的情 况说明》 ：2025年6月30日，JL8696/IJ004航班（由上海浦东飞往东京成田，185名乘客，6名 机组人员）在飞行过程中，飞行员发现增压系统出现异常指示，为确保旅客与机组成员的安全，将飞 机降低到安全飞行高度，并于20时48分在关西国际机场备降。 目前为止，尚未收到乘客或机组人员出现身体不适的报告，关于增压系统出现异常的具体原因正在进 一步调查中。该航班的乘客已经被安排了住宿，以及前往最终目的地的交通费用补助（规定范围 内）。我们对本次事件给您造成的不便深表歉意，感谢您的理解与配合。 ...

Core Viewpoint - Japan Airlines issued an apology regarding the emergency descent of flight JL8696/IJ004 due to an abnormal indication in the pressurization system, which led to a rapid descent of approximately 8,700 meters to ensure passenger safety [1][2][5] Company Summary - The airline operating the flight is Spring Airlines Japan Co., Ltd., which is controlled by Japan Airlines [1][5] - Spring Airlines Japan was established in October 2012 and has been operating since August 2014, with a focus on both domestic and international routes [8] - The aircraft involved was a Boeing 737-8AL, which is 7.2 years old and had flown 28 times in the past 30 days [3] Incident Details - The flight experienced a rapid descent from a maximum altitude of 38,650 feet to 10,000 feet in approximately 9 minutes, which is considered a standard emergency procedure [2][4] - The maximum descent rate reached 4,500 feet per minute, which is typical during such emergency descents [4] - Passengers reported significant fear during the incident, with some even preparing for the worst [6][7] Operational Impact - The incident resulted in the cancellation of 8 flights due to the operational impact of the aircraft being grounded for inspection [8][10] - Affected passengers were offered accommodations and transportation reimbursements, but there was a lack of follow-up support from the airline [6][7] - The airline's announcement indicated that passengers could change their flights or request refunds within 30 days of the cancellation [10]

Core Viewpoint - Japan Airlines experienced an emergency situation where a flight rapidly descended approximately 8,700 meters due to a malfunction in the cabin pressure system, leading to a diversion to Kansai International Airport and subsequent apologies from the airline [1]. Group 1: Incident Details - On June 30, a Japan Spring Airlines flight from Shanghai to Tokyo encountered a fault about one hour after takeoff, resulting in a rapid descent from 38,650 feet to 10,000 feet, totaling a drop of 28,650 feet (approximately 8,700 meters) [1]. - The flight was operated by a Boeing 737-800, registered as JA-06GR, which is 8 years old [1]. - The emergency descent lasted about 9 minutes, with the maximum descent rate reaching 4,500 feet (1,400 meters) per minute, which is considered normal for emergency procedures [1]. Group 2: Safety Procedures - The captain explained that the standard emergency procedure requires descending to a safe altitude of around 10,000 feet (3,000 meters) to ensure passenger safety, as any delay could pose a threat to life [1]. - The aircraft's pressurization system is crucial for maintaining adequate air pressure and temperature for passenger comfort at cruising altitudes between 30,000 feet (9,000 meters) and 40,000 feet (12,000 meters) [1]. - In the event of a pressurization failure, pilots must act quickly to descend to a safe altitude, typically around 3,000 meters, to ensure breathable air for passengers [1].

证券代码：601021 证券简称：春秋航空 公告编号：2025-035 春秋航空股份有限公司 关于股份回购进展公告 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。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购股份期间，应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将公司截至上月末回购股份的进展情 况公告如下： 截至 2025 年 6 月 30 日，公司通过上海证券交易所交易系统以集中竞价交易 方式已累计回购公司股份 3,711,800 股，占公司目前总股本的 0.3794%，回购最高 价格为人民币 55.99 元/股，回购最低价格为人民币 48.25 元/股，使用资金总额为 人民币 190,398,675.44 元（不含交易佣金、过户费等交易费用）。 上述回购股份符合法律法规的规定及公司回购股份方案。 三、其他事项 重要内容提示： | 回购方案首次披露日 | 2024/11/6 | | --- | --- | | 回购 ...

Core Insights - The Civil Aviation Administration of China reported a total profit of 1.2 billion yuan for the aviation industry in 2024, marking a significant improvement of 20.61 billion yuan year-on-year, representing the first overall "loss reduction and profit increase" since the pandemic [1] - Private airlines demonstrated significantly better profitability compared to state-owned carriers, with Spring Airlines, Juneyao Airlines, and China United Airlines achieving net profits of 2.273 billion yuan, 914 million yuan, and 268 million yuan respectively [1] - State-owned airlines, including China Southern Airlines, China Eastern Airlines, and Air China, continued to face losses for the fifth consecutive year, with an average loss reduction from 5 billion USD in 2022 to 286 million USD in 2024 [2] Industry Structure - The profitability of private airlines is attributed to their low-cost operating models, with Spring Airlines exemplifying this approach by maintaining a focus on core metrics such as flight utilization, passenger load factor, and cost control [3] - Private airlines have shown greater flexibility in route selection, prioritizing market demand and profitability, which has allowed them to fill market gaps that state-owned airlines have overlooked [3] - The operational efficiency and decision-making agility of private airlines have enabled them to recover more quickly from the pandemic compared to state-owned counterparts [4] Future Outlook - The aviation market in China is expected to undergo a reshuffling in the coming years as it emerges from the pandemic, with private airlines likely to continue focusing on differentiated and segmented market strategies [4] - State-owned airlines may need to implement deep structural reforms in their organizational, financial, and operational mechanisms to escape the cycle of losses, potentially exploring mixed-ownership trials for non-core routes and subsidiaries [4]

据央视新闻报道，当地时间6月30日20时50分左右，由上海飞往成田的日航8696航班波音738客机在关西机场紧急降落。据日本 国土交通省大阪航空局确认，机上191名乘客及机组人员均未受伤或出现身体不适。 春秋航空 IJ004 17:35上海浦东飞日本东京,飞机 途中机械故障,氧气面罩突然掉落,从万米高空 快速下降!备降大阪,人虽然还在,魂已经没有 了！ 腿还在抖！ 懵了 据日本国土交通省等部门通报，飞机触发显示"增压系统故障"的警报。机舱内疑似发生减压状况，飞行员向空管宣布紧急状 态，随后变更目的地降落关西机场。 目前日航正在调查具体事故原因。 春秋航空官网最新公告显示，7月1日春秋航空日本多批次航班取消，包括IJ001次航班由东京（成田）飞往上海（浦东）、IJ002 次航班由上海（浦东）飞往东京（成田）等，取消原因均是"因受运力调配影响"。 图源：春秋航空官网 此前，有网友在6月30日晚发帖称："今日春秋航空日本IJ004航班，17:35上海浦东飞日本东京，飞机途中机械故障，氧气面罩突 然掉落，从万米高空快速下降，备降大阪，人虽然还在，魂已经没有了！腿还在抖！生死面前都是小事……""体验了一把生死 急速！" ...

Core Viewpoint - The incident involving Japan Airlines flight JL8696, which made an emergency landing, has raised significant attention regarding the operational responsibilities between Japan Airlines and Spring Japan, the actual carrier of the flight [6][12]. Group 1: Incident Details - The flight JL8696 (IJ004) operated by Spring Japan experienced a rapid descent and had to make an emergency landing on June 30, with no injuries reported among the 191 passengers and crew [12]. - The aircraft triggered a warning for "pressurization system failure," indicating a potential decompression situation in the cabin [12]. - Spring Japan issued a statement refuting claims made by social media about the flight's rapid descent of 3,000 meters, clarifying that their flights, identified by the 9C code, were operating normally [12]. Group 2: Company Relationships - Japan Airlines confirmed that the flight was operated by Spring Japan, which is a separate entity but has a cooperative relationship with Japan Airlines, leading to the flight being listed under Japan Airlines' flight number [6][12]. - Spring Japan's customer service indicated that passengers should direct any inquiries regarding the flight issues to Spring Japan, despite the flight being marketed under Japan Airlines [6][12]. - The Spring Japan website allows passengers to check flight statuses for IJ-coded flights, which are operated by Spring Japan but marketed as Japan Airlines flights, with all services governed by the actual carrier [6][12]. Group 3: Passenger Experience - Passengers reported that they booked their tickets through the Spring Japan app and checked in at Spring Japan counters, only to discover the operational details post-incident [6]. - Following the emergency landing, Spring Japan provided affected passengers with one night of accommodation and compensation of 15,000 yen, but there was no further communication or apology from the airline [6].

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The easing of tensions in the Middle East has led to a decline in oil tanker rates, with the VLCC market experiencing a significant price drop of 14.31% compared to June 19, with current rates at WS59.88 [3][12] - In the shipping sector, the demand for European routes has improved, resulting in a 10.6% increase in spot market booking prices, while the US routes have seen a decline of 7.0% and 11.9% for the West and East coasts, respectively [3][14] - During the summer travel season, Hainan Airlines plans to operate nearly 2,500 flights daily, with domestic ticket bookings reaching 17.9 million, a 5% increase year-on-year [3][15] - The newly unveiled Zhuque eVTOL has a range of 600 kilometers, and from January to May, national railway freight volume increased by 3.1% year-on-year, totaling 1.641 billion tons [3][22] Summary by Sections 1. Industry Hot Events - The Middle East situation has calmed, leading to a reduction in oil tanker rates and a return to supply-demand fundamentals [12] - Hainan Airlines is set to launch 75 new domestic and international routes during the summer travel season, with a daily flight plan of nearly 2,500 [15] - The Zhuque eVTOL was showcased, achieving a range of 600 kilometers, while railway freight volume showed a year-on-year increase [22] 2. High-Frequency Data Tracking - Air logistics: The overall trend for routes to the Asia-Pacific remains stable, with air freight prices showing a decline [25] - Shipping ports: The domestic container shipping price index has decreased, while dry bulk freight rates have also fallen [43] - Express logistics: In May 2025, express delivery volume increased by 17.20% year-on-year, with revenue rising by 8.20% [54] - Air travel: The average daily international flights in the last week of June 2025 increased by 17.51% year-on-year [3] - Road and rail: The number of freight trucks on highways increased by 0.88% week-on-week [3] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Investment opportunities in the road and rail sector, recommending Sichuan Chengyu, Gansu Expressway, and others [4] - Interest in cruise and ferry investment opportunities, recommending Bohai Ferry and Haixia Co [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, and others [4]