转自：极目新闻 飞常准信息显示，5月16日晚上，春秋航空的9C6899航班飞往韩国釜山后，又连夜返回了上海。同时， 该航班于5月17日早上飞到了韩国釜山。 乘客王女士（化名）在网上吐槽称，5月16日晚上乘坐春秋航空的9C6899航班飞往韩国釜山，结果因为 天气原因没有降落就又飞回上海浦东国际机场。 5月17日下午，王女士告诉极目新闻记者，她乘坐春秋航空的9C6899航班在5月16日晚上6时25分许从上 海浦东国际机场起飞，开始一路上比较顺畅，到了当晚9时许有一阵飞机特别颠簸，不久飞机上的广播 就说因为天气原因需要原路返航。 "当时机上的工作人员解释因为天气原因，韩国釜山金海机场不符合安全降落条件。"王女士介绍，飞机 在韩国釜山上空转悠了10多分钟后，开始返航上海浦东国际机场。当晚10时许，飞机飞回到上海浦东国 际机场，下飞机后大家乘坐航空公司安排的大巴到酒店免费住了一晚。 王女士表示，同机的乘客质疑的是为何非要飞回国内而不是降落在韩国其他机场。同时，不少乘客预订 了韩国釜山不同价格的酒店，航班当晚没有达到釜山只有退订酒店，乘客退订酒店就会遭受不同程度的 损失，但是航空公司没有补偿这些损失。 "我本人没有乘坐1 ...

Group 1 - The core viewpoint of the articles highlights the significant growth in international flight operations by Chinese airlines, with a weekly average of 6,428 flights, representing a 25.4% increase compared to the previous year [1] - Chinese airlines are expanding their international routes, with China Eastern Airlines launching six new routes across Europe and Central Asia, enhancing connectivity with key cities [3][4] - The number of countries with direct international flight access from China has increased to 79, indicating a robust expansion of China's international aviation network [1][8] Group 2 - China Eastern Airlines plans to operate new flights from Xi'an to Istanbul starting June 30, with three weekly flights, further strengthening air traffic between China and Europe [3] - The airline is also set to expand its European network to 15 cities, achieving a route recovery rate of 112% [4] - Other Chinese airlines, including China Southern Airlines and Hainan Airlines, are also increasing their international flight offerings, indicating a strong recovery in the aviation sector [5][7] Group 3 - The influx of international tourists to China has surged, with 1.115 million inbound visitors during the "May Day" holiday, marking a 43.1% year-on-year increase [1] - The expansion of international routes is complemented by the growth of regional airports, which are also adding international flights [8] - Major U.S. airlines, such as United Airlines, are planning to restore or add six round-trip routes to China, enhancing connectivity between the two countries [9][10]

Core Insights - China's inbound tourism market is experiencing significant growth driven by favorable policies such as visa exemptions and tax refunds, with a focus on converting inbound traffic into economic benefits [1][6] - Major airlines are expanding international routes and capacity to accommodate the increasing number of inbound tourists, with notable growth in passenger numbers from regions like Europe and Japan [2][3] - Airports are enhancing services to improve the inbound experience, transitioning from mere transit points to comprehensive gateways that create value for foreign visitors [3][4] Group 1: Inbound Tourism Growth - The introduction of visa-free policies for several South American countries and the mutual visa exemption with Uzbekistan is expected to boost inbound tourism [1] - In April, domestic airlines increased international capacity to 9 million seats, marking a 20.75% year-on-year growth [1] - Eastern Airlines and other carriers are launching new international routes and increasing flight frequencies to popular destinations [2] Group 2: Airport and Service Enhancements - Major airports like Shanghai Pudong and Guangzhou Baiyun are seeing increased passenger volumes, with Shanghai's airports averaging 114,000 inbound and outbound travelers daily during the May Day holiday, a 24% increase year-on-year [3][4] - Airports are improving multilingual services and offering comprehensive one-stop services for foreign travelers, enhancing the overall travel experience [3][4] Group 3: Market Potential and Recommendations - The inbound tourism market is projected to grow significantly, with an expected 1.3 billion inbound tourists in 2024, reflecting a 60% year-on-year increase [6] - The share of inbound consumption in China's GDP is currently at 0.5%, indicating substantial growth potential compared to 1% to 3% in other major countries [6] - Recommendations include enhancing payment systems, expanding tax refund services, and improving digital services to attract more foreign tourists [6]

Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, indicating an expectation of outperforming the benchmark index by more than 5% in the next 3-6 months [6][54]. Core Insights - The overall air traffic volume for five listed airlines in April continues to recover, with international routes showing high growth [1]. - Domestic demand remains resilient, supported by endogenous growth and ongoing recovery in international routes [6]. - The report highlights the positive impact of falling oil prices on operational costs, further enhancing profitability for airlines [6]. Summary by Sections Airline Data Analysis - In April, the ASK (Available Seat Kilometers) growth year-on-year was led by Spring Airlines (12.5%), followed by Eastern Airlines (9.7%), Southern Airlines (8.8%), Air China (5.3%), and Juneyao Airlines (2.8%) [1]. - The RPK (Revenue Passenger Kilometers) growth year-on-year was highest for Eastern Airlines (15.6%), followed by Southern Airlines (12.1%), Spring Airlines (9.3%), Air China (8.6%), and Juneyao Airlines (6.3%) [1]. Domestic and International Routes - For domestic routes in April, ASK growth was led by Spring Airlines (11.2%), while Juneyao Airlines saw a decline of 10.3% [2]. - In contrast, international routes showed significant growth, with Juneyao Airlines leading at 60.0% ASK growth year-on-year [2]. Fleet and Capacity - As of April 2025, the total fleet of the five listed airlines increased by 3 aircraft, representing a year-on-year growth of 3.0% [4]. - The report indicates that the supply remains constrained, which could support pricing power for airlines [6]. Load Factor - In April, the load factor was highest for Spring Airlines at 88.2%, while Air China had the lowest at 81.3% [3]. - Cumulative data for the first four months shows Spring Airlines maintaining a load factor of 90.0%, indicating strong operational efficiency [3]. Market Performance - The total market capitalization of the aviation sector is reported at 730.725 billion yuan, with a relative performance of -3.3% over the past month [5]. - The report emphasizes the potential for recovery in the aviation sector, particularly for low-cost carriers and those with strong international routes [6].

Core Viewpoint - The second CBTA Challenge aims to enhance pilot competency through competition, focusing on the application of core competencies in training and assessment, and promoting a unified effort within the aviation industry towards CBTA implementation [1][4]. Group 1: Event Overview - The CBTA Challenge took place from May 15 to 16 in Rizhao, Shandong, with the goal of advancing pilot lifecycle management (PLM) and promoting CBTA training methods [1][3]. - The competition involved 21 teams and over 100 participants from various airlines, general aviation companies, and flight schools [4][5]. Group 2: Objectives and Significance - The event aims to strengthen pilots' adaptability to dynamic and complex operational environments, enabling them to make resource-planning decisions to mitigate safety risks [3][4]. - It serves as a platform for evaluating and selecting talented individuals for airlines and flight schools, contributing positively to the standardization and regulation of the civil aviation industry [4]. Group 3: Competition Structure - The competition focused on both technical and non-technical competencies, covering nine core competencies related to knowledge application, procedure execution, and situational awareness [4]. - The event included theoretical competitions, simulator skills practice, and interactive competitions based on pilot competencies [4]. Group 4: Institutional Support and Outcomes - The challenge was organized by the China Civil Aviation Pilots Association and several local aviation entities, highlighting the collaborative effort in promoting pilot training modernization [5]. - The event concluded with awards for outstanding teams, including the first prize for the CBTA team and teaching group awarded to Shandong Nanshan International Flying Company [5].

行 业 及 产 业 交通运输/ 《航司国内国际航线结构继续优化，国内 运力投放下降——航空行业 3 月数据点 评》 2025/04/17 《受"春运错位"影响，航空运力同比下 降—— 航空行业 2 月数据点评》 2025/03/20 《1 月春运启动，航空旅客运输量同比双 位数增长—— 航空行业 1 月数据点评》 2025/02/18 证券分析师 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 研究支持 郑逸欢 A0230124010001 zhengyh@swsresearch.com 刘衣云 A0230524100007 liuyy@swsresearch.com 航空机场 行 业 研 究 / 行 业 点 相关研究 联系人 郑逸欢 (8621)23297818× zhengyh@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 05 月 16 日 航司运力运量同比增长，国际市场 持续恢复 看好 ——航空行业 4 月数据点评 本期投资提示： 评 证 ...

Investment Rating - The industry investment rating is "Positive" [4] Core Insights - The domestic airline industry has shown a significant improvement in passenger load factors during the off-peak season, with a year-on-year increase of approximately 3.2% in April [2][28] - Spring Airlines has notably increased its capacity for domestic routes, with a year-on-year growth of 11.2% in April, indicating a strategic shift in focus towards domestic operations [2][20] - The overall capacity for domestic routes increased by 2.3% year-on-year, while international routes saw a substantial capacity increase of 26.5% year-on-year, primarily due to a low base from the previous year [3][50] Summary by Sections Domestic Routes - In April, the overall capacity for domestic routes among listed airlines remained stable compared to March, with a year-on-year increase of 2.3% [12][17] - Major airlines showed little change in capacity, but Spring Airlines significantly increased its domestic capacity, while Juneyao Airlines reduced its domestic capacity by 10.3% due to a shift towards international routes [2][13] - The overall passenger load factor for domestic routes improved by 0.8 percentage points month-on-month and by approximately 3.2 percentage points year-on-year, indicating a better supply-demand relationship [28][35] International Routes - The capacity for international routes increased by about 26.5% year-on-year in April, with a month-on-month increase of 3.6% [3][50] - The passenger load factor for international routes improved by 1.4 percentage points month-on-month and by 1.0 percentage point year-on-year, slightly exceeding expectations [3][50] - The report maintains a cautious outlook for international routes, anticipating continued pressure due to supply constraints from domestic route management [3][50] Airport Throughput - Major airports reported significant year-on-year increases in international passenger throughput, with Shanghai and Shenzhen airports showing growth rates of 24% and 38%, respectively [58][63] - Compared to 2019, international throughput at these airports has also shown recovery, with Shenzhen airport achieving 120% of its 2019 levels [58][63]

Group 1 - Feilong Co., Ltd. received a project designation notification letter from a well-known domestic automobile brand, becoming a supplier for a water-side thermal management module, with expected sales revenue during the lifecycle meeting disclosure standards [1] - Hanchuan Intelligent's controlling shareholder received a warning letter from Jiangsu Securities Regulatory Bureau for failing to timely disclose a share pledge contract, which may affect the company's control and stock price [2] - Vanke A completed the redemption of the "20 Vanke 04" corporate bonds, with a redemption amount of 1.5 billion yuan and interest payment of 51.75 million yuan [3][4] Group 2 - China Shenhua reported a 4% year-on-year decline in coal sales volume for April, totaling 35.6 million tons, and a 3.9% decrease in commodity coal production [5] - Shaanxi Black Cat plans to increase capital by 600 million yuan for its wholly-owned subsidiary Xinjiang Black Cat Coal Industry to enhance its capital strength [6][7] - China National Aviation reported an 8.6% year-on-year increase in passenger turnover for April, with a 5.3% increase in passenger capacity [8][9] Group 3 - Huabei Pharmaceutical's subsidiary received approval for clinical trials of a recombinant tetanus vaccine, which is a new generation vaccine with better safety and immunogenicity [10] - China Chemical's subsidiary received a lawsuit notice related to a securities false statement liability dispute [11] - China Metallurgical Group reported a 24.9% year-on-year decline in new contract value for January to April, totaling 308.4 billion yuan [13] Group 4 - Zhongmei Energy reported a 5.8% year-on-year decline in commodity coal sales for April, totaling 21.1 million tons [14] - Huangma Technology announced a plan to reduce holdings of up to 6.26 million shares due to personal funding needs [15] - Aiyingshi proposed a cash dividend of 2.53 yuan per 10 shares for the fiscal year 2024 [16] Group 5 - Shengyi Technology's executives plan to reduce their holdings by a total of 1.49 million shares [17] - CanSino's inhaled tuberculosis vaccine received clinical trial approval in Indonesia [18] - Beidouxingtong completed the acquisition of 51% of Shenzhen Tianli Automotive Electronics Technology Co., Ltd. [19] Group 6 - Spring Airlines reported a 12.29% year-on-year increase in available capacity for April, with a total of 4.73 billion ton-kilometers [20] - Dongya Pharmaceutical's raw material drug received registration certification in South Korea [21] - Shandong Steel plans to establish a sales subsidiary with a registered capital of 20 million yuan [22] Group 7 - Caida Securities appointed Hu Hengsong as the executive vice president [23] - Aibulu's vice president resigned due to personal career planning [24] - *ST Jinguang's stock price surged amid a warning of delisting risk [25] Group 8 - Yunnan Energy Investment plans to implement a 600,000 tons/year salt production energy-saving and carbon reduction project with a total investment of 448 million yuan [27] - Hanyu Group's executives plan to reduce their holdings due to personal funding needs [28] - Jiangsu Boyun's shareholders plan to reduce their holdings by up to 971,300 shares [29] Group 9 - Hainan Airport signed a cooperation agreement with Harbin Institute of Technology (Shenzhen) to establish a joint laboratory [32] - Xiamen Tungsten New Energy plans to acquire 47% of Ganzhou Haopeng Technology Co., Ltd. [33] - Dongfang Materials announced a change in controlling shareholder due to judicial auction of shares [34] Group 10 - Jingyuan Environmental Protection's executives plan to reduce their holdings by a total of 1.176% of the company's shares [35] - China Pacific Insurance reported a 10.4% year-on-year increase in original insurance premium income for the first four months [36] - ST United is planning a major asset restructuring and has suspended trading [37] Group 11 - *ST Suwu's chairman received a notice of investigation for suspected information disclosure violations [39] - Huagong Technology's subsidiary plans to establish a joint venture [40] - Qibin Group terminated the purchase of 28.78% equity in its subsidiary [41] Group 12 - Huakang Clean signed a construction contract worth 143 million yuan with Dengfeng City General Hospital [42] - Kanghong Pharmaceutical received approval for clinical trials of a drug for postpartum depression [43] - Shengjing Micro plans to repurchase shares worth between 30 million and 50 million yuan [44] Group 13 - Shenghe Resources' subsidiary plans to acquire 100% of Peak Rare Earths Limited for 158 million Australian dollars [45] - Sinopec's controlling shareholder increased its stake by 302 million H-shares, amounting to HKD 1.232 billion [46] - Mingyang Circuit plans to repurchase shares worth between 15 million and 25 million yuan [47] Group 14 - China Oil Engineering's subsidiary won a project in Iraq worth approximately 11.538 billion yuan [48] - Chaojie Co., Ltd. announced the termination of a share transfer agreement [49]

截止本月末，公司共运营 131 架空客 A320 系列飞机。 | 机型 | 自购 | 经营租赁 | 小计 | | --- | --- | --- | --- | | A320ceo | 50 | 25 | 75 | | A320neo | 32 | 12 | 44 | | A321neo | 11 | 1 | 12 | | 合计 | 93 | 38 | 131 | 证券代码：601021 证券简称：春秋航空 公告编号：2025-026 春秋航空股份有限公司 2025 年 4 月份主要运营数据公告 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"）2025 年 4 月份主要运营数据情 况如下： 一、本月机队情况 本月无新增飞机。 特此公告。 春秋航空股份有限公司董事会 二、本月主要新增航线情况 本月新增航线：大连=太原（周 246）、沈阳=盐城=重庆（周 246）、南京=大 阪（天天班）。 三、本月运营数据主要情况 | 指标 | | 当月数据 | 环比 | 同比 | 当年累计 | 同比 | ...

Core Points - Spring Airlines has launched an innovative service allowing pets in the cabin, starting from May 20, with a trial on the Shanghai-Harbin route [1] - The pet-friendly seating area includes a three-seat configuration, allowing owners to monitor their pets during the flight, addressing anxiety issues for both pets and owners [1] - The one-way pet ticket is priced from 999 yuan, excluding fuel fees [1] Company Details - The pet-friendly seating area is designed to create a safe and independent space for pets, with physical barriers separating them from other passengers [1] - Each flight can accommodate a maximum of four pets, with each traveler allowed to bring one pet, ensuring a close companionship during the journey [1] Safety Regulations - Travelers with pets must prepare necessary documents, including an animal quarantine certificate and vaccination proof, and use compliant hard-shell pet carriers [2] - The dimensions of the pet carrier must not exceed 61×45×32 cm, and the total weight with the pet must not exceed 14 kg [2] - The pet carriers must adhere to a "double-lock double-protection" standard to ensure safety during the flight [2]