Investment Rating - The report recommends an "Outperform" rating for the aviation sector, indicating a positive outlook for the industry relative to the overall market performance [72]. Core Insights - The global aviation market is expected to see sustained growth in demand over the next two decades, with a compound annual growth rate (CAGR) of 3.6% for global air passenger traffic, particularly driven by the Asia-Pacific region [3][5]. - The aircraft supply chain is currently facing significant disruptions, with recovery efforts progressing slowly due to multiple challenges [4][32]. - The demand for aircraft is projected to remain high, with the global fleet expected to double to 49,220 aircraft by 2044, driven by both fleet expansion and the need for fleet renewal [5][13]. - The narrow-body aircraft segment is anticipated to dominate future demand, accounting for 81% of the total aircraft demand [20][21]. - The supply of aircraft has fallen short of demand, leading to increased values and rental rates for aircraft and components [5][63]. Summary by Sections Future Demand Outlook - The aviation demand is projected to grow significantly, with the average number of flights per person in China increasing from 0.6 in 2024 to 1.8 by 2044 [6][10]. - Emerging markets in Asia-Pacific, the Middle East, and Africa are expected to surpass North America and Europe in terms of aviation capacity share, reaching over 50% by 2044 [10][11]. Aircraft Supply Chain Challenges - The aircraft supply chain is currently disordered, with significant gaps in supply for narrow-body and wide-body aircraft, estimated at 1,200 and 300 units respectively [32][49]. - Manufacturers are struggling with delivery capabilities, with production levels still below pre-pandemic figures [37][46]. Investment Recommendations - The report suggests focusing on the aviation sector due to limited supply growth and resilient demand, with specific recommendations for airlines such as China Eastern Airlines, China Southern Airlines, and Spring Airlines [71][72]. - It also highlights opportunities in global aircraft leasing companies and maintenance service providers [71].

Core Viewpoint - The 9th South Asia Expo's "YouShang" live streaming event successfully integrated media and trade, enhancing international cooperation and commerce between China and South Asia, Southeast Asia [6][15]. Group 1: Event Overview - The "YouShang" live streaming event took place from June 20 to 24, featuring 12 exhibition halls and 8 themed live broadcasts led by diplomats, students, and influencers [3][6]. - The event achieved over 4,300 transactions and nearly 20 hours of live streaming, with total traffic exceeding 3 million across platforms [3][6]. Group 2: Media Coverage - Major media outlets, including People's Daily and Xinhua News, extensively covered the event, highlighting its significance and activities [5][6]. - Local media and social platforms contributed to the event's visibility, with related topics generating over 51,000 views on Weibo [5][6]. Group 3: Live Streaming Features - The event featured cross-national hosts, including ambassadors and influencers, providing an immersive experience for viewers [18][20]. - A diverse range of products was showcased, from traditional crafts to modern innovations, emphasizing a blend of cultural and commercial elements [20][22]. Group 4: Innovative Approach - The event utilized a "live streaming + trade" model, creating a new paradigm for audiovisual and economic integration [23]. - The collaboration between the main venue and various sub-venues facilitated a broader market reach for Yunnan's quality products and culture [23].

Group 1: Coal Industry - Coal prices have bottomed out and are expected to rebound, with the next four months being a critical verification period for the fundamentals [1][2] - In May, domestic coal production was 400 million tons, showing signs of production cuts due to economic pressures, while coal imports decreased by 17.7% year-on-year [2] - The demand for coal is expected to improve as temperatures rise, with electricity consumption growth increasing from 3.1% in January-April to 4.4% in May [2][3] Group 2: Music and Audio Entertainment Industry - The company is a leading online music and audio entertainment platform in China, with a diverse range of products including QQ Music and KUGOU Music [5] - The online music service market is growing, with a significant increase in monthly active users and potential for higher paid user penetration [6][7] - The company aims to transform into a comprehensive audio entertainment empire by leveraging content IP and strategic acquisitions [7] Group 3: Aviation Industry - The domestic aviation industry is expected to achieve profitability in May, with ticket prices showing a year-on-year increase for the first time [11][12] - Passenger traffic and capacity have both increased, with a notable rise in demand during the May holiday period [12][13] - The summer travel season is anticipated to be optimistic, with airlines expected to implement proactive pricing strategies [14] Group 4: Gold Industry - The opening of the first overseas store in Singapore is expected to accelerate the brand's international expansion and growth potential [8][9] - The company is positioned in the high-end market, benefiting from brand premium and strong growth in single-store performance [9][10] - The company forecasts significant profit growth from 2025 to 2027, driven by brand strength and operational leverage [8]

证券研究报告 2025/6/24 1 行业策略：聚焦供需优化与末端赋能，布局航空及直营快递。2025H1交运各板块表现分化，关税扰动"抢出口" 集运港口阶段性高景气，快递件量高增长但价格竞争仍未结束，上游企业经营承压影响ToB物流，出行链航空铁路 出行量继续增长。2025H2我们推荐交运板块两条投资主线：1、供给侧增长受限，建议关注供需持续优化的航空板 块。2、末端持续赋能，建议关注直营快递板块。 推荐组合：中国国航H+A、南方航空H+A 、春秋航空、吉祥航空、顺丰控股。 航空：供给侧增长受限，建议关注供需持续优化的航空板块。2025年以来行业供需继续优化，预计旺季产能利用 率将继续超2019年。（1）供给端：当前存量订单较少，且波音、空客产能仍未恢复，导致订单积压（波音6500+ 架、空客8600+架），影响未来新订单交付，预计未来飞机引进速度仍为低个位数，叠加PW1100发动机维修问题， 有效运力进一步下降。（2）需求端：我国经济保持着平稳发展态势，叠加各项入境签证政策优化将推动国际线旅 客大幅增长，预计民航旅客量将保持高个位数增长。供需拐点有望于年内实现，预计2025年供给同比增长3%，累 计较2019 ...

Group 1: Aviation Sector - The aviation sector is expected to see supply-side growth constraints, with a recommendation to focus on the continuously optimizing supply-demand dynamics [2] - As of 2025, the industry is projected to maintain high single-digit growth in passenger volume, driven by stable economic development and improved visa policies [2] - Supply is limited due to a low number of existing orders and ongoing production issues at Boeing and Airbus, leading to a backlog of over 6,500 and 8,600 aircraft respectively [2] - Demand is anticipated to grow by 7% year-on-year in 2025, with capacity utilization nearing 2019 levels, which will likely lead to increased ticket prices and airline profitability [2] Group 2: Logistics Sector - The logistics sector is focusing on empowering the last-mile delivery, with a recommendation to pay attention to the direct express delivery segment [3] - The application of unmanned logistics vehicles is expected to reduce costs and improve efficiency in last-mile delivery, benefiting direct express delivery companies [3] - SF Express is highlighted as a key player in the direct express delivery market, holding a 64% market share in the time-sensitive segment, targeting mid-to-high-end customers to avoid price competition [3] - The company is expected to achieve higher-than-industry volume growth through operational model transformation and resource optimization, supported by decreasing capital expenditures and increasing cash flow [3]

2025 年 6 月 25 日，公司收到中国证券登记结算有限责任公司出具的《证券 过户登记确认书》，公司"春秋航空股份有限公司回购专用证券账户"中所持 有的 567,085 股公司股票已于 2025 年 6 月 24 日以非交易过户的方式过户至"春 秋航空股份有限公司－2025 年员工持股计划"，过户价格为 51.74 元/股。截至 本公告披露日，公司 2025 年员工持股计划账户持有公司股份 567,085 股，占公 司总股本的比例为 0.06%。 至此，公司 2025 年员工持股计划已完成股票非交易过户。根据《春秋航空 股份有限公司 2025 年员工持股计划》的相关规定，上述股票将按照规定予以锁 定，锁定期自股票过户至 2025 年员工持股计划名下之日起 12 个月，即从 2025 股票代码：601021 股票简称：春秋航空 公告编号：2025-034 春秋航空股份有限公司 2025 年员工持股计划完成股票非交易过户的公告 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。 春秋航空股份有限公司（以下简称"公司"）分别于 20 ...

Group 1 - The core viewpoint of the articles highlights the upcoming peak travel season in the civil aviation sector, with airlines launching new routes and expanding their services to tap into the market potential [1][5]. - The predicted passenger transport volume during the summer travel season is expected to reach 150 million, averaging over 2.4 million passengers daily, representing a year-on-year growth of 5.4% [2]. - The demand for family travel is anticipated to surge, with the proportion of family travelers expected to reach 34.7% during the summer travel period [2]. Group 2 - The average ticket price for the summer travel season is reported to be 888 yuan, which is a 3.8% increase compared to the same period in 2019, indicating a recovery in pricing dynamics [3]. - Major airlines, including Air China, China Eastern Airlines, and China Southern Airlines, are expected to account for 42.4% of the total flight capacity among domestic carriers [3]. - China Southern Airlines plans to operate over 32,000 flights during the summer season, with a daily average exceeding 3,000 flights during peak periods [4]. Group 3 - The introduction of new products and services, such as "airline + theme park" and "airline + cruise" offerings, reflects the industry's efforts to diversify and enhance customer experiences [4]. - The overall market is expected to benefit from economic recovery, improved supply-demand dynamics, and favorable international travel policies, contributing to a potential new growth peak in the summer travel market [5].

交通运输物流行业 2025 年 5 月航空数据点评 ➢ 投资建议：5 月价格同比止跌后，6 月预售价格同比现上涨，暑运旺季或再 现需求畅旺，重申重视航空旺季前布局窗口。我们认为年初至今航空国内价格逐 渐走出改善趋势，淡季需求逐渐体现出支撑，五一假期航空量价表现强劲或将传 导至暑期旺季，建议前瞻性关注远期价格投放情况。淡季价格超预期、暑运需求 将致 2Q、3Q 行业盈利表现好于预期，建议关注航空旺季前配置窗口，关注春秋 航空、吉祥航空、华夏航空和三大航（中国国航、南方航空、中国东航）。 风险提示：油价大幅上涨；人民币汇率波动；飞机故障造成大面积停飞。 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价（元） | | | EPS（元） | | | PE（倍） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | | | 601111.SH | 中国国航 | | 7.69 | 0.19 | 0. ...

中国经济网北京6月23日讯春秋航空（601021）(601021.SH)6月21日披露了持股5%以上股东权益变动触 及1%刻度暨股东减持股份结果公告。 据春秋航空公告，2025年5月30日至2025年6月20日，上海春秋包机旅行社有限公司(以下简称"春秋包 机")减持春秋航空3,935,400股，减持价格区间为54.85至59.56元/股，减持总金额为224,821,738.84元。 | 股东名称 | 春秋包机 | | --- | --- | | 减持计划首次披露日期 | 2025年5月8日 | | 减持数量 | 3.935.400股 | | 减持期间 | 2025年5月30日~2025年6月20日 | | 减持方式及对应减持数量 | 集中竞价减持,3,935,400 股 | | 减持价格区间 | 54.85~59.56元/股 | | 减持总金额 | 224,821,738.84元 | | 减持完成情况 | 已完成 | | 减持比例 | 0.40% | 据春秋航空2024年年报，公司实控人为王正华、王煜。2024年2月27日，公司发布《关于实际控制人之 间权益变动的提示性公告》，春秋国旅、春秋包机的股东王正华 ...

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3360 | -0.07 | -0.61 | -0.51 | | 深证综指 | 1969 | -0.6 | -2.03 | -1.6 | 风格指数 昨日表现 （％） 1 个月表现 （％） 6 个月表现 （％） 大盘指数 0.18 -1.54 -1.74 中盘指数 -0.6 -1.35 -6.63 小盘指数 -0.78 -1.92 -3.3 | 行业涨幅 | 昨日涨 | 1 个月涨 | 6 个月涨 | | --- | --- | --- | --- | | 保险Ⅱ | 2.55 | 2.88 | 4.11 | | 橡胶 | 1.7 | -2.45 | 1.37 | | 非金属材料 | 1.61 | 3.08 | 1.97 | | Ⅱ 电子化学品 | 1.61 | -0.46 | -4.62 | | Ⅱ 物流Ⅱ | 1.56 | 2.64 | 4.28 | | 行业跌幅 | 昨日跌 | 1 个月跌 | 6 个月跌 | | 油 ...