Investment Rating - The investment rating for the aviation transportation industry is "Positive" [2] Core Insights - The industry has maintained a high passenger load factor since the beginning of 2025, with a low growth rate in domestic capacity and a focus on increasing international routes. The net growth rate of airline fleets is below 3%, indicating a tight supply situation. The passenger load factor has improved compared to the same period last year and 2019, particularly in domestic routes. Domestic turnover has shown steady growth, while international turnover has significantly recovered to levels close to 2019 [13][14] - During the summer travel season, the industry experienced a high passenger load factor, and the decline in ticket prices has narrowed. This is expected to lead to a significant improvement in airlines' unit revenue. Additionally, the implementation of measures to curb "involution" and the "Self-Regulation Convention" by the China Air Transport Association is anticipated to reduce malicious price competition, potentially leading to a recovery in ticket prices and further boosting airlines' unit revenue [3][14] - The average ticket price in China for 2025 has been 864 yuan, down 8.8% year-on-year. The average ticket prices during the summer travel season in July and August were down 8.8% and 7.3% year-on-year, respectively, with a narrowing decline in August compared to the previous month [4][30] Summary by Sections 1. Investment Recommendations - The report suggests a positive outlook for airlines, particularly focusing on Southern Airlines, China Eastern Airlines, Air China, Spring Airlines, and Juneyao Airlines [3][14] 2. Capacity Growth and Passenger Load Factor - The industry has seen a high passenger load factor with a slowdown in capacity growth. In July 2025, the industry’s ASK and RPK increased by 5.5% and 6.1% year-on-year, respectively, with a passenger load factor of 84.5%, up 0.5 percentage points year-on-year [18][22] 3. Ticket Prices - The decline in ticket prices has narrowed, with the average ticket price in September showing a year-on-year decrease of 6.2%. The average ticket price for the first half of September was down 3.8% year-on-year [4][30] 4. Fuel Prices and Exchange Rates - The average price of aviation fuel in Q3 decreased by 11.2% year-on-year, with the domestic aviation fuel price in September dropping to 5545 yuan per ton, down 7.6% year-on-year. The exchange rate of the RMB has appreciated since the beginning of 2025 [5][42]

智通财经APP获悉，航空股继续走高，截至发稿，中国国航(00753)涨4.99%，报5.68港元；南方航空 (01055)涨3.88%，报4.02港元；东方航空(00670)涨2.29%，报3.13港元。 消息面上，据央视网报道，2025年国庆中秋假期合并，10月1日至10月8日放假八天，今年假期旅游热度 高涨。据航旅纵横数据，截至9月13日，今年中秋国庆假期国内航线机票预订量超452万张，日均机票预 订量较去年同期增长超25%。截至9月13日，今年中秋国庆假期的出入境航线机票预订量已超129万张， 日均机票预订量比去年同期增长约14%。 申万宏源指出，8月迎来暑运旺季高峰，航空市场运力运量稳步增长。继续看好航空板块，供给逻辑确 定性强，预计未来3-5年行业机队供给增速趋缓，需求端具备弹性，客运量和客座率持续增长均已在相 对高位，可关注后续民航"反内卷"下票价回暖信号及趋势。同时，在外部油汇变化配合下，航空公司能 够释放较大业绩提升空间。 ...

申万宏源指出，8月迎来暑运旺季高峰，航空市场运力运量稳步增长。继续看好航空板块，供给逻辑确 定性强，预计未来3-5年行业机队供给增速趋缓，需求端具备弹性，客运量和客座率持续增长均已在相 对高位，可关注后续民航"反内卷"下票价回暖信号及趋势。同时，在外部油汇变化配合下，航空公司能 够释放较大业绩提升空间。 航空股继续走高，截至发稿，中国国航（601111）(00753)涨4.99%，报5.68港元；南方航空（600029） (01055)涨3.88%，报4.02港元；东方航空(00670)涨2.29%，报3.13港元。 消息面上，据央视网报道，2025年国庆中秋假期合并，10月1日至10月8日放假八天，今年假期旅游热度 高涨。据航旅纵横数据，截至9月13日，今年中秋国庆假期国内航线机票预订量超452万张，日均机票预 订量较去年同期增长超25%。截至9月13日，今年中秋国庆假期的出入境航线机票预订量已超129万张， 日均机票预订量比去年同期增长约14%。 ...

港股航空板块午后持续拉升，中国南方航空股份涨超6%，中国国航涨超5%，中国东方航空股份涨超 3%。 ...

中国民航将于2025年10月底换季，预计局方将继续严控时刻增长，特别是协调机场时刻总量或继续保持 稳定。考虑2025年机队低速增长且周转提升空间有限，预计淡季国内供给将继续低速增长。2024Q4价 格战或致航司明显亏损，预计反内卷短期有望管控过度低价，中期有望政策引导航司干线市场收益管理 改善。预计2025Q4淡季航司将继续大幅减亏，2025全年将行业性扭亏为盈。(格隆汇) | 代码 | 名称 | 最新价 涨跌幅 v | | --- | --- | --- | | 00753 | | 5.670 4.81% | | 01055 中国南方航空股 | | 4.040 4.39% | | 00670 | 中国东方航空股 | 3.150 2.94% | 格隆汇9月17日｜港股三大航空股继续拉升，其中，中国国航盘中涨超5%领衔，中国南方航空涨超 4%，中国东方航空涨3%。 消息上，2025年国庆中秋假期合并，10月1日至10月8日放假八天，今年假期旅游热度高涨。航旅纵横大 数据显示，截至9月13日，今年中秋国庆假期国内航线机票预订量超452万张，日均机票预订量较去年同 期增长超25%。截至9月13日，今年中秋国庆假期的 ...

智通财经APP获悉，申万宏源发布研报称，8月迎来暑运旺季高峰，航空市场运力运量稳步增长。继续 看好航空板块，供给逻辑确定性强，预计未来3-5 年行业机队供给增速趋缓，需求端具备弹性，客运量 和客座率持续增长均已在相对高位，可关注后续民航"反内卷"下票价回暖信号及趋势。同时，在外部油 汇变化配合下，航空公司能够释放较大业绩提升空间，推荐中国国航(601111.SH)、华夏航空 (002928.SZ)、春秋航空(601021.SH)、吉祥航空(603885.SH)、国泰航空(00293)、南方航空(600029.SH)、 中国东航(600115.SH)。 申万宏源主要观点如下： 暑运后半段进入旺季高峰，8月民航运力运量均同比增长 根据航班管家数据，8月民航旅客运输量约7508万人次，同比24年增长3.0%;民航国内运力同比24年增长 1.3%，国内客流量同比24年增长2.2%。8月国际客运航班约6.1万班次，恢复至19年同期的88.6%，中国 大陆赴日、韩、香港航班量排列前三。8月民航日均飞机利用率为8.9小时，环比+0.3%，同比+0.2%。 根据航班管家数据，8月宽体机日均利用率为10.5小时，窄体机为8.9 ...

Core Insights - Australia is participating as the guest country at the current service trade fair, highlighting the growing cooperation between China and Australia in tourism and service trade [1] - The Australian Tourism Board anticipates a 19% year-on-year increase in Chinese visitors from July 2024 to June 2025, reaching 952,000 tourists, indicating significant growth potential in the Chinese tourism market [1][2] - The Australian Tourism Board has established multi-layered cooperation with the Chinese tourism industry, including partnerships with major OTA platforms like Ctrip and various airlines to enhance travel accessibility [1][2] Tourism Promotion Strategies - The Australian Tourism Board launched the second phase of the "Hello Australia" promotional campaign, targeting global markets including China, featuring local celebrities to encourage tourism [2] - Customized promotional content for Chinese tourists was released, including short films and interactive events, to strengthen emotional connections with potential visitors [2][3] - Data from Ctrip indicates that Australia is the top long-haul destination for Chinese tourists during the 2025 Spring Festival, reflecting its popularity [2] Consumer Trends and Product Development - The Australian Tourism Board is responding to the trend of younger Chinese tourists seeking personalized and immersive experiences, such as hiking and diving, rather than traditional sightseeing [3] - Chinese tourists' spending in Australia exceeded AUD 9 billion, marking a 28% increase year-on-year, showcasing their growing economic impact [2][3] - New high-quality outdoor and eco-tourism products are being developed to meet the demand for deeper experiences, including sustainable tourism initiatives [3][4] Cultural Engagement and Customization - The Australian Tourism Board emphasizes cultural experiences as a vital part of tourism, collaborating with Chinese partners to create culturally rich travel products [4] - Customized travel offerings are being developed around Chinese festivals, such as romantic destination recommendations for the Qixi Festival, to cater to specific traveler needs [4] - The "Hello Australia" campaign aims to share Australian stories and provide unforgettable experiences for Chinese tourists [4][5] Future Outlook - The Australian Tourism Board expresses optimism about the future of tourism cooperation between China and Australia, anticipating a resurgence in Chinese tourist numbers [5] - China is currently the second-largest source of inbound tourists for Australia, with expectations to regain the top position soon [5]

Core Insights - Australia is participating as a guest country in the current service trade fair, highlighting the growing cooperation between China and Australia in tourism and service trade [3] - The Australian Tourism Board projects a 19% year-on-year increase in Chinese visitors to Australia from July 2024 to June 2025, reaching 952,000 visitors, indicating significant growth potential in the Chinese tourism market [3][4] - The Australian Tourism Board has established multi-layered cooperation with the Chinese tourism industry, including partnerships with major OTA platforms like Ctrip and various airlines to enhance travel connectivity [3][4][5] Tourism Cooperation - The Australian Tourism Board has formed a strategic cooperation memorandum with Ctrip for 2025-2028 to enhance the influence of Australian destinations and improve the travel experience for international visitors [3][4] - Airlines are crucial partners for the Australian Tourism Board, promoting a comprehensive flight network that connects major cities and emerging destinations in Australia [3][4] Marketing Initiatives - A new phase of the "Come to Australia, Say Hello" promotional campaign has been launched, featuring localized creative content and engaging with Chinese celebrities to attract international tourists [4][5] - The campaign includes tailored promotional materials for Chinese tourists and interactive experiences to strengthen emotional connections with potential visitors [4][5] Consumer Trends - Data from Ctrip indicates that Australia is a top choice for Chinese tourists during the 2025 Spring Festival and remains a popular destination in the Southern Hemisphere for 2024 [5] - Insights reveal that younger Chinese tourists prefer personalized and immersive experiences over traditional sightseeing, leading to a 28% increase in their spending in Australia, surpassing AUD 9 billion [5][6] Sustainable Tourism - The Australian Tourism Board is developing high-quality outdoor and eco-tourism products to meet the demand for deep experiences among Chinese tourists, focusing on sustainable practices [5][6] - Initiatives include promoting renewable energy use and offering opportunities for tourists to participate in conservation activities, such as coral planting in the Great Barrier Reef [5][6] Cultural Engagement - The Australian Tourism Board emphasizes the importance of cultural experiences in tourism, collaborating with Chinese partners to create products that incorporate local culture and history [5][6] - Customized travel products are being developed around Chinese festivals to cater to the unique travel preferences of Chinese tourists [6] Future Outlook - The Australian Tourism Board expresses optimism about the future of tourism cooperation between China and Australia, anticipating a resurgence in Chinese tourist numbers [6]

中新网湖北新闻9月17日电(郝弘亮 徐钊 徐志祥 王星予)由民航湖北空管分局、武汉天河国际机场、国航 股份湖北分公司联合主办"云瞰天河"——航空摄影采风活动，近日在武汉举办。来自全国的40余名航空 摄影爱好者分批登上有"中国第一高塔台"之称的民航湖北空管分局塔台(以下简称"武汉塔台")，俯瞰天 河机场全景，拍摄国航C919地面保障流程及友和道通B747、A300全货机，直观感受天河机场作为湖北 航空客运枢纽的运行实况。 民航湖北空管分局作为主办单位之一，充分发挥空管专业优势，携手机场与航司，搭建起"资源共享、 优势互补"的文化传播平台。开放武汉塔台气象观测平台，让活动参与者俯瞰机场全景与航班在空管调 度下有序起降的实况，近距离感受这座"空中交通大脑"的震撼运作。 武汉天河国际机场为活动保驾护航，负责活动策划、组织协调，提前报批安全方案，严格审核人员背 景、办理通行证件，并安排内场接驳车，开放优质拍摄区域和专用停机坪，确保活动安全又高效。国航 湖北分公司更是为活动加足亮点——不仅安排C919起降全程拍摄，还开放了地面保障流程拍摄，让大 家全方位记录国产大飞机商业飞行的每一个细节。这一系列精彩内容，离不开空管、机 ...

Group 1: Trade Relations and Economic Outlook - The company views the current US-China trade relations as being in a "pause period," with ongoing negotiations and a focus on mitigating impacts on the logistics industry [2][3] - China's economy grew by 5.3% year-on-year in the first half of 2025, demonstrating resilience and potential for development [2][3] - The company will closely monitor policy changes and market reactions to trade protectionism and tariff policies [3] Group 2: Future Plans and Strategic Focus - The company aims to enhance its core competitiveness by focusing on digitalization, technological innovation, and green development [3][4] - Key initiatives include improving safety management, upgrading capacity, expanding cross-border e-commerce services, and promoting smart logistics ecosystems [4][5] - The company is committed to aligning with national strategies to strengthen international air cargo capabilities and ensure supply chain stability [4][5] Group 3: Operational Adjustments and Performance Metrics - In the first half of 2025, the company adjusted its capacity layout and optimized its route network, launching several new cargo routes [4] - The average daily utilization of all-cargo aircraft was approximately 13.29 hours, showing significant improvement compared to the same period in 2024 [4] - The company is actively working on its "14th Five-Year Plan" to enhance resource efficiency and investment returns [5]