智通财经APP获悉，东兴证券发布研报称，7月上市公司整体客座率较去年同期提升约0.6pct，但环比6 月则下降1.0pct。今年年初以来航司客座率整体高于去年同期，但7月旺季客座率增幅收窄至0.6pct，叠 加旺季客座率反而环比走低，说明今年旺季需求端或弱于航司的预期。国际航线方面，7月客座率环比6 月基本持平，较去年同期也持平，客座率维持稳定。此外，8月14日，由中国航空运输协会牵头编制的 《中国航空运输协会航空客运自律公约》正式发布，预计公约的出台短期将有效遏制市场乱象、规范经 营行为，对行业的票价水平会有一定提振作用。 东兴证券主要观点如下： 国内航线：客座率表现低于预期，需求端偏弱 7月上市公司国内航线运力投放同比提升2.3%，环比6月提升约20.5%。行业进入旺季，运力投放环比提 升较为明显，但从同比角度考虑，增速并不算很高。大航中，南航与东航运力投放同比增长较明显，分 别为5.5%和4.9%，国航与海航则分别下降0.4%和1.1%。环比看，海航、南航、东航与国航运力投放环 比分别增长24.3%、23.0%、19.6%和18.4%。中型航司方面，春秋与吉祥运力投放同比分别为增长5.7% 和下降8.3 ...

Industry Overview - The transportation sector experienced an overall decline of -0.47% from August 11 to August 16, ranking 25th among 31 SW primary industries, while the CSI 300 index rose by +2.37% during the same period [2] Subsector Performance - The performance of various subsectors within transportation during the week was as follows: - Warehousing and logistics: +1.89% - Airport: +1.13% - Public transport: +0.82% - Port: -0.09% - Express delivery: -2.22% - Road freight: -0.86% - Cross-border logistics: -1.01% - Railway: -1.85% - Shipping: -0.79% - Highway: -0.62% [2][1] Airline Sector Insights - By June 2025, major listed airlines in China showed recovery rates in domestic Available Seat Kilometers (ASK) compared to June 2019 as follows: - Air China: 150.62% - China Southern Airlines: 119.55% - China Eastern Airlines: 118.06% - Hainan Airlines: 91.71% - Spring Airlines: 166.49% - International and regional ASK recovery rates were: - Air China: 93.36% - China Southern Airlines: 92.68% - China Eastern Airlines: 110.76% - Hainan Airlines: 69.95% - Spring Airlines: 254.76% [2][3] Oil and Currency Trends - As of August 15, 2025, Brent crude oil was priced at $65.85 per barrel, reflecting a week-on-week decrease of -1.11% and a year-on-year decrease of -18.74% [3] - The exchange rate for the Chinese Yuan against the US Dollar was 7.1371, showing a slight appreciation of 0.02% week-on-week and 0.04% year-on-year [3] Shipping and Port Metrics - The Shanghai Containerized Freight Index (SCFI) was reported at 1460 points, down -1.98% week-on-week and down -55.50% year-on-year [4] - The China Containerized Freight Index (CCFI) stood at 1193 points, with a week-on-week decrease of -0.62% and a year-on-year decrease of -42.45% [4] Freight and Logistics Performance - The Baltic Dry Index (BDI) was at 2044 points, reflecting a week-on-week decrease of -0.34% but a year-on-year increase of +20.80% [5] - In June 2025, railway passenger volume reached 373 million, up +3.61% year-on-year, while road passenger volume was 948 million, down -3.72% year-on-year [5] Express Delivery Sector - In July 2025, the express delivery industry generated revenue of 120.64 billion Yuan, an increase of +8.90% year-on-year, with a total business volume of 16.4 billion pieces, up +15.10% year-on-year [5] Investment Recommendations - The airline sector is expected to benefit from the acceleration of international flight schedules and domestic demand recovery, with potential for increased profitability for airlines such as Air China, China Southern Airlines, and Spring Airlines [6] - The airport sector is anticipated to see improvements in passenger flow and commercial revenue driven by macroeconomic recovery and policy support [6] - The cross-border logistics sector is positioned to benefit from the growth of cross-border e-commerce, with companies like Huamao Logistics recommended for investment [7] - The express delivery sector remains promising due to the growth of e-commerce and the potential for market share gains among leading companies [8]

刘铁祥于1983年加入民航业，曾任中国国航（601111）副总裁、总运行执行官，北京航空有限责任公司董事长等职务；2020年3月至2024年9月任中国东航 （600115）集团副总经理、党组成员；2020年4月至2024年10月任东航股份副总经理、党委常委；2024年9月起任中国东航集团总经理、党组副书记；2024 年10月起任东航股份总经理、党委副书记、中国东航集团董事，2024年11月起任东航股份副董事长。 据介绍，中国航空集团有限公司成立于2002年10月11日，是特大型国有航空运输集团公司，也是中国唯一载国旗飞行的航空运输企业。2017年12月29日， 按照公司制改制要求，中航集团由全民所有制企业改制为国有独资公司。改制后，公司名称由中国航空集团公司改为中国航空集团有限公司。 刘铁祥同志任中国航空集团有限公司董事长、党组书记，免去其中国东方航空集团有限公司董事、总经理、党组副书记职务；免去马崇贤同志中国航空集 团有限公司董事长、党组书记职务。相关职务任免按有关法律和章程的规定办理。 截至发稿，中航集团官网"管理团队"板块已更新刘铁祥"董事长、党委书记"的任职信息。 公开信息显示，刘铁祥出生于1966年 ...

Group 1 - The core viewpoint of the article is the appointment of Liu Tiexiang as the Chairman and Party Secretary of China Aviation Group Co., Ltd. [2] - Liu Tiexiang has a long history in the aviation industry, having joined in 1983 and held various significant positions, including Vice President of Air China and General Manager of China Eastern Airlines Group [3] - China Aviation Group Co., Ltd. was established on October 11, 2002, and is the only state-owned aviation transport group in China that operates under the national flag [3][4] Group 2 - The organizational structure of China Aviation Group includes seven major subsidiaries, such as Air China and China International Cargo Airlines [4] - The company underwent a transformation from a state-owned enterprise to a wholly state-owned company in December 2017, changing its name accordingly [3]

Group 1 - The core point of the news is the leadership change at China Aviation Group Co., Ltd, with Liu Tiexiang appointed as the new Chairman and Party Secretary, replacing Ma Chongxian [1] - Liu Tiexiang has a long career in the aviation industry, having held various positions in China International Airlines and China Eastern Airlines before his current appointment [1] - Ma Chongxian, who served as Chairman and Party Secretary since 2022, has been relieved of his duties as part of this leadership transition [1] Group 2 - China Aviation Group Co., Ltd, established on October 11, 2002, is a large state-owned aviation transportation group and the only flag carrier airline in China [2] - The company transitioned from a collectively owned enterprise to a wholly state-owned company on December 29, 2017, and its name was changed accordingly [2]

Core Insights - The aviation and airport sector saw a slight increase of 0.18% on August 19, with China Eastern Airlines leading the gains [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Stock Performance Summary - China Eastern Airlines (600115) closed at 4.07, up 0.99% with a trading volume of 860,800 shares [1] - China Southern Airlines (600029) closed at 5.90, up 0.51% with a trading volume of 730,400 shares [1] - Xiamen Airport (600897) closed at 14.91, up 0.40% with a trading volume of 38,900 shares [1] - Shanghai Airport (600009) remained unchanged at 31.87 with a trading volume of 118,900 shares [1] - Hainan Airlines (600221) remained unchanged at 1.53 with a trading volume of 2,981,900 shares [1] - Spring Airlines (601021) remained unchanged at 52.81 with a trading volume of 42,500 shares [1] - The overall performance of the aviation and airport sector showed mixed results with some stocks gaining while others remained flat or declined [1][2] Capital Flow Analysis - The aviation and airport sector experienced a net outflow of 236 million yuan from major funds, while retail investors saw a net inflow of 169 million yuan [2] - Speculative funds had a net inflow of 67.72 million yuan into the sector [2]

Core Insights - The China Securities Hong Kong 300 Transportation Index (H300 Transportation) has shown significant growth, with a 6.51% increase over the past month, 20.58% over the past three months, and 23.57% year-to-date [1] Group 1: Index Performance - The H300 Transportation Index is currently reported at 1116.70 points [1] - The index is designed to reflect the overall performance of listed companies in various sectors such as banking, transportation, resources, infrastructure, logistics, and leisure [1] Group 2: Index Composition - The top ten weighted companies in the H300 Transportation Index include J&T Express (21.64%), ZTO Express (21.63%), and Seaspan Corporation (12.67%) [1] - The index is fully composed of companies listed on the Hong Kong Stock Exchange, with a 100% representation [1] Group 3: Sector Breakdown - The sector composition of the index shows that express delivery accounts for 43.26%, shipping for 32.87%, and air transportation for 10.77% [2] - Other sectors include logistics (7.39%), highways (3.23%), and ports (2.47%) [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The conference call primarily discusses the **travel and tourism industry in China**, including its impact on the economy and related sectors such as airlines, airports, hotels, and travel retail [1][3][6]. Core Insights - **Inbound Travel Growth**: Inbound travel is projected to significantly contribute to China's economic growth, with tourism revenue increasing by **22% year-over-year in 2024** [24][26]. - **Comparison with Global Standards**: Tourism employment in China accounts for less than **0.5%** of the total population, compared to **2.7%** in the US and **4.7%** in Japan, indicating potential for growth [13][15]. - **Service Exports**: Travel exports represented **one-fifth** of global service exports in 2024, with growth in travel exports outpacing total world services [18][21]. Airline Sector - **Recovery of International Capacity**: Chinese airlines have fully recovered their international available seat kilometers (ASK) to **100% of pre-COVID levels** [42][44]. - **Market Share Growth**: Chinese airlines are gaining market share on international routes, particularly in the EU and US [69][71]. - **Domestic Market Weakness**: The domestic passenger market is experiencing a weak summer peak, with airlines facing challenges in yields and passenger load factors (PLFs) [62][63]. Hotel Sector - **Revenue Per Available Room (RevPAR)**: High-end hotels are benefiting from inbound tourism, although RevPAR showed mixed results across different hotel categories in the first half of 2025 [79][82]. - **Shenzhen Case Study**: Shenzhen is noted as the only Tier-1 city with positive RevPAR, while luxury hotels in the city are underperforming [84][86]. - **International Hotel Chains**: International hotel chains are experiencing accelerated growth in property numbers, with growth rates between **15% to 25% year-over-year** since 2024 [89][90]. Travel Retail Sector - **Market Size**: China's travel retail market is projected to grow significantly, with domestic tourists contributing the majority of spending [96][97]. - **Per Capita Spending**: Per capita spending during travel in China has shown an upward trend, indicating a robust retail environment for inbound tourists [98][99]. - **Shopping Trends**: Shopping remains the largest spending category among inbound international travelers, accounting for **21%** of their total spending [103][104]. Airport Sector - **Revenue Generation**: Inbound tourists generate higher revenue for airports compared to domestic passengers, with non-domestic traffic charges being **2-3 times** higher [121][123]. - **Cost Structure**: Airports operate with over **70%** of their costs being fixed, leading to high operating leverage [116][118]. Additional Insights - **Government Initiatives**: China is actively enhancing its connectivity and facilitating inbound travel through policies such as visa-free entry and improved payment systems [45][46]. - **Visitor Spending Patterns**: International visitors, particularly from Taiwan, exhibit significantly higher spending per head compared to domestic travelers [46][49]. - **Duty-Free Sales**: Hainan's offline duty-free sales have shown remarkable growth, reflecting a trend towards tax-free shopping [111][113]. This summary encapsulates the key points discussed in the conference call, highlighting the growth potential and current challenges within the travel and tourism industry in China.

Core Viewpoint - Air China successfully hosted the "Heartfelt Companionship, Walking Together with Love" themed day at the China Pavilion during the 2025 Osaka World Expo, showcasing its role as an "aerial bridge" between China and Japan, and promoting cultural exchange and friendship between the two nations [1][3][15]. Group 1: Event Highlights - The themed day featured immersive interactive experiences and emotional storytelling, attracting participants from around the world [1][3]. - Air China representatives shared the company's development history and route network, highlighting advancements in service through digital technology and innovations in green and low-carbon practices [9][15]. - The event included performances by a Chinese erhu player and a dance artist, symbolizing the connection between the two countries [11]. Group 2: Leadership and Support - Yan Fei, Vice President of Air China, emphasized the airline's commitment to enhancing international operations and cultural exchanges between China and Japan [3]. - Fang Wei, Deputy Consul General of China in Osaka, expressed support for Air China's role in strengthening ties between the two nations [5][6]. - Former Japanese Prime Minister Yukio Hatoyama sent a congratulatory message, highlighting the importance of Air China's network in fostering connections between the peoples of China and Japan [7][8]. Group 3: Community Engagement - Air China's Japan-Korea regional headquarters is based in Tokyo, with operations in eight cities across Japan, providing direct flights between nine Japanese airports and major cities in China [17]. - The airline has actively engaged in social responsibility initiatives, including donations of rescue equipment and training for emergency response [17][18].

Core Viewpoint - The article discusses the launch of the "official direct sales platform" by Hanglv Zongheng, which integrates resources from 38 airlines to sell tickets directly, promising "0 markup, 0 bundling, 0 tricks" [4][5]. Group 1: Market Dynamics - The ticketing market has long been a battleground among airlines, OTAs, ticket agents, and consumers, with issues like bundling sales and price discrimination frequently arising [5]. - Hanglv Zongheng's entry into the market aims to either reform the industry or follow the path of existing OTAs [5]. Group 2: Source Ticket Value Dilemma - "Source tickets" are highlighted as a key feature of Hanglv Zongheng, emphasizing transparency and adherence to airline rules [6][12]. - However, source tickets are not necessarily cheaper than those on other platforms, with examples showing Hanglv Zongheng's prices being higher than Ctrip by 50-100 yuan for certain routes [8][11]. - The pricing structure in the airline industry is complex, involving base fares set by airlines, distribution through GDS, and additional fees from OTAs and agents [8][10]. Group 3: Competitive Landscape - Hanglv Zongheng has garnered support from major airlines, positioning itself as a competitor to existing OTAs [15][16]. - The historical context shows a shift in power dynamics from OTAs to airlines, especially after the 2015 commission reform [16][19]. - Airlines are increasingly seeking to enhance their direct sales channels, with regulatory pressure to increase direct sales to 40% by 2025 [18][19]. Group 4: Challenges Ahead - Despite its official backing, Hanglv Zongheng faces significant challenges in competing with established OTAs, particularly in user experience and service capabilities [24][26]. - The platform's ability to maintain a non-commission model while investing in technology and marketing is crucial for its sustainability [26]. - Price remains a critical factor for consumers, with 76% prioritizing it over transparency in ticketing [27][28]. Group 5: Future Implications - While Hanglv Zongheng may capture a portion of the market, it is unlikely to disrupt the existing OTA landscape significantly [28]. - The entry of a state-backed platform could lead to more competitive practices among OTAs, ultimately benefiting consumers with better options [29].