证券代码：601111 股票简称：中国国航 公告编号：2025-032 中国国际航空股份有限公司 第七届董事会第五次会议决议公告 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。 一、董事会会议召开情况 中国国际航空股份有限公司（以下简称"公司"）第七届董事会第五次会议 （以下简称"本次会议"）的通知和材料已于 2025 年 7 月 23 日以电子通讯等方 式发出。本次会议于 2025 年 7 月 29 日 11:00 在北京市顺义区天柱路 30 号国航 总部大楼 C713 会议室以现场结合视频方式召开。本次会议应出席董事 9 人，实 际出席董事 9 人。本次会议由董事长马崇贤先生主持，公司高级管理人员列席本 次会议。本次会议的召集和召开符合《公司法》等相关法律、行政法规、规章、 规范性文件及公司章程的规定，合法、有效。 二、董事会会议审议情况 本次会议审议并通过《关于向国货航转让备用发动机的议案》。 表决情况：赞成 4 票、反对 0 票、弃权 0 票、回避 5 票，表决结果：通过。 本议案已经第七届董事会审计和风险管理委员会（ ...

Group 1 - The core point of the article is that Air China announced a board meeting to discuss the transfer of a spare engine to China National Aviation Holding [2] - The meeting took place on July 29, 2025, at the Air China headquarters in Shunyi District, Beijing, combining in-person and video formats [2] - For the year 2024, Air China's revenue composition is as follows: passenger transport accounts for 91.06%, other services for 4.5%, and air cargo and mail transport for 4.45% [2]

格隆汇7月29日丨中国国航(601111.SH)公布，公司拟与国货航签署《关于2台Trent700发动机和1台 GTCP331-350型APU的发动机、APU出售和购买协议》，向国货航出售2台Trent700备用发动机和1台 GTCP331-350C备用APU（飞机辅助动力装置），交易价格为人民币15,144.05万元（不含税）。 ...

中国国航7月29日公告，公司拟向中国国际货运航空股份有限公司出售2台Trent700备用发动机和1台 GTCP331-350C备用APU，出售价格为人民币1.51亿元（不含税）。此次交易构成关联交易，但不构成 重大资产重组。交易价格以评估值确定，账面价值高于评估值的主要原因为标的资产账面价值主要由上 次大修前的净值和资本化的大修费用组成。 ...

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [4][6][7]. Core Views - The "anti-involution" policy in the express delivery sector is expected to ease competition, with Shentong Express planning to acquire Dan Niao Logistics [3][54]. - The shipping industry is anticipated to see a bottoming out of oil transportation rates during the summer, with potential upward pressure on rates due to supply constraints and demand changes [1][22][23]. - The aviation sector is experiencing a decline in flight volumes, but the domestic passenger market is expected to continue optimizing supply and demand dynamics through 2025 [2][37][46]. Summary by Sections Shipping Sector - In July, crude oil entered the off-season, leading to a softening of oil freight rates, with expectations for a bottoming out during the summer [1]. - The current supply situation is relatively tight, and marginal changes in demand could significantly impact freight rates [1][22]. - Recommendations include China Merchants Energy and China Merchants Shipping, with a focus on China Merchants South Oil [1]. Aviation Sector - The overall and domestic passenger flight volumes have decreased by 1.5% and 1.4% respectively compared to the previous week, but remain above 2019 levels [2][37]. - The average ticket price for domestic routes has dropped by 8.0% year-on-year, while passenger load factors have improved slightly [2][37]. - Investment recommendations include closely monitoring ticket price performance during the peak summer season, with a focus on China National Aviation, Eastern Airlines, Southern Airlines, and Spring Airlines [2][46]. Express Delivery Sector - The "anti-involution" policy has been implemented to combat excessive competition, with price increases already observed in regions like Yiwu [3][53]. - The introduction of unmanned logistics vehicles is expected to reduce costs significantly for leading companies like SF Express and Zhongtong Express [3][61]. - Investment suggestions include SF Express, Zhongtong Express, YTO Express, and Shentong Express, with a focus on the impact of the "anti-involution" policy [3][63]. Key Company Earnings Forecasts and Investment Ratings - China Merchants Energy, China Merchants Shipping, SF Express, Zhongtong Express, and YTO Express are all rated as "Outperform" [7]. - SF Express is expected to maintain a growth rate of 15-20% over the next two years, with a PE ratio of approximately 20 times in 2025 [3][63]. - China Merchants Shipping reported a 20.1% year-on-year increase in revenue for Q1 2025, indicating strong performance [27].

证券之星消息，7月29日航空机场板块较上一交易日下跌0.66%，中国国航领跌。当日上证指数报收于 3609.71，上涨0.33%。深证成指报收于11289.41，上涨0.64%。航空机场板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000099 | 中信海直 | 22.30 | 0.77% | 17.53万 | | 3.90亿 | | 600029 | 南方航空 | 5.79 | 0.00% | 37.31万 | | 2.15亿 | | 000089 | 深圳机场 | 7.12 | -0.28% | 11.76万 | | 8368.65万 | | 002928 | 华夏航空 | 8.52 | -0.35% | 16.23万 | | 1.38亿 | | 600897 | 厦门空港 | 14.91 | -0.47% | 1.53万 | | 2280.67万 | | 600009 | 上海机场 | 32.55 | -0.55% | 8.66万 | | 2.82亿 ...

Core Viewpoint - The Civil Aviation Administration of China is enhancing anti-fraud education and prevention efforts in the aviation sector, particularly focusing on telecom fraud targeting airline employees and passengers [1][3]. Group 1: Training and Participation - The North China Regional Administration organized a specialized anti-fraud training event in collaboration with 88 units, including the Beijing Public Security Bureau and major airlines, with over 600 participants attending [1][4]. - The training was held at major airports in Beijing, including Beijing Capital International Airport and Beijing Daxing International Airport, with additional online participation from various regional aviation units [1][3]. Group 2: Objectives and Importance - The training aims to raise awareness of the latest telecom fraud tactics, improve the anti-fraud capabilities of aviation employees, and ensure the safety of airline operations and passenger travel [3][4]. - Emphasis was placed on the need for continuous vigilance against fraud risks that could arise from individual employee or passenger incidents, highlighting the importance of a comprehensive anti-fraud strategy [3][5]. Group 3: Support and Engagement - The training received strong support from the Beijing Public Security Bureau, which provided expert insights and real case studies related to aviation fraud [4]. - Participants expressed that the training significantly enhanced their personal fraud awareness and the overall anti-fraud capabilities of their organizations, with a commitment to share knowledge with colleagues and family [4][5]. Group 4: Ongoing Efforts and Future Plans - Since 2021, the North China Regional Administration has actively participated in various initiatives aimed at combating cross-border crime and promoting anti-fraud awareness [5]. - Future efforts will focus on strengthening collaboration between aviation units and local governments, enhancing anti-fraud education for both employees and passengers, and establishing a robust anti-fraud mechanism within the aviation sector [5].

Core Viewpoint - The launch of the "Civil Aviation Official Direct Sales Platform" by Hanglv Zongheng has garnered significant attention, with multiple airlines announcing direct sales partnerships, aiming to provide a transparent and non-bundled ticket purchasing experience [1][2][5] Group 1: Platform Features - The platform integrates direct sales resources from 37 domestic airlines, emphasizing six commitments: price transparency, no bundled sales, alignment with airline refund and change policies, no data discrimination, user information security, and accurate reimbursement documentation [5] - Users can compare and purchase direct sales tickets from multiple airlines on a single interface, similar to the railway ticketing platform "12306" [5][8] Group 2: Market Reactions - Public opinion on the platform is mixed, with some users finding that tickets are still more expensive compared to other travel platforms that offer subsidies and discounts [7] - Complaints have arisen regarding customer service issues, such as difficulties in ticket issuance and lack of responsive support [7] Group 3: Industry Context - The direct sales initiative is seen as a move to address "inward competition" in the airline industry, where airlines have relied heavily on online travel agencies (OTAs) for ticket sales, often leading to price wars and reduced profitability [9][10] - The Civil Aviation Administration of China has highlighted the need for regulatory measures to improve direct sales and reduce reliance on OTAs, which have been known to bundle additional services that complicate pricing for consumers [10][11] Group 4: Financial Performance - Major airlines are currently facing losses due to various factors, including changes in passenger demographics and competition from high-speed rail, with ticket prices continuing to decline [11]

Core Viewpoint - The introduction of "source tickets" by the airline travel platform "Hanglv Zongheng" has sparked discussions about its pricing competitiveness compared to Online Travel Agencies (OTAs) [1][2][10] Group 1: Pricing and Consumer Perception - Many consumers have found that the prices for source tickets on Hanglv Zongheng are often higher than those offered by OTAs, leading to confusion about the platform's value proposition [3][4][10] - A specific example highlighted a price difference of approximately 300 between the same flight on Hanglv Zongheng and an OTA [4] - Users have reported issues with the platform's interface, such as the inability to select round-trip tickets for the same flight on a single page, which raises concerns about usability [8] Group 2: Industry Dynamics and Challenges - The shift to a fixed fee commission model for ticket sales has led to a decline in the relationship between airlines and agents, resulting in a focus on low-priced tickets rather than collaboration [11][12][13] - Airlines have attempted to establish direct sales channels to reduce reliance on agents, but this has not effectively increased direct sales rates [14][15] - The introduction of Hanglv Zongheng is seen as an attempt to address issues like price transparency and the prevalence of price gouging by third-party platforms [10][21] Group 3: Financial Performance and Market Position - Financial data indicates that major airlines like Air China, China Eastern Airlines, and China Southern Airlines have seen revenue growth in 2024, with increases of 18.14%, 16.11%, and 8.94% respectively [22] - Despite revenue growth, the net profit margins for the airline industry have not returned to pre-pandemic levels, indicating ongoing challenges [23][24] - Hanglv Zongheng's revenue model is based on segment fees, which is expected to grow alongside the recovery of the travel market, particularly in international flights [25][26] Group 4: User Engagement and Market Strategy - Hanglv Zongheng has accumulated over 100 million users, but its challenge lies in attracting frequent business travelers who typically use Travel Management Companies (TMCs) rather than OTAs [27] - The platform's goal to become a direct sales channel akin to a "civil aviation version of 12306" faces significant competition from established OTAs and TMCs [29]

数据统计显示，沪深300运输业指数近一个月下跌0.29%，近三个月上涨4.58%，年至今上涨0.04%。 金融界7月28日消息，上证指数高开震荡，沪深300运输业指数 (300运输业，L11618)报3882.46点。 从沪深300运输业指数持仓样本的行业来看，铁路运输占比37.56%、快递占比21.76%、航运占比 21.21%、航空运输占比19.47%。 据了解，为反映沪深300指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将沪深300 指数300只样本按行业分类标准分为11个一级行业、35个二级行业、90余个三级行业及200余个四级行 业。沪深300行业指数系列分别以进入各一级、二级、三级、四级行业的全部证券作为样本编制指数， 形成沪深300行业指数。该指数以2004年12月31日为基日，以1000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样 ...