01 事实上，自去年暂停北京—伦敦航班以来，英航就一直在观望。 而中国这边，免签政策的扩容动作也确实在持续推进，截至今年6月，中国的30天免签政策已经覆盖了55个国家。 但偏偏，里面没有英国。 去年，英国护照持有者虽然被纳入了中国240小时过境免签，但对更看重本国客流的外航来说，这远远不够。 也正是在去年10月，英国航空暂停了飞往北京的航班。 当时，他们用词很讲究，不是"suspend"（停飞），而是"pausing"（暂停）。 说得体面，像是一次短暂的冷静期。 在发给旅客的邮件里，英航还特意写明："我们仍将提供每日飞往上海和香港的航班服务。此次航班暂停仅涉及2024年11月至 2025年11月之间的航班安排，我们会对航班运营时刻进行持续评估。" 这两天，我看到路透社一则关于"英国航空和中国政府要免签"的新闻报道，颇为有趣。 近日，英国航空一位高管在上海公开表示，希望中国把英国公民纳入30天免签政策的国家名单，以此来增加中英航线的市场需 求。 说白了，就是在给自己留后路。 由此，这一次站出来喊话的，是英航而不是英国政府，就比较耐人寻味。 或许我们可以理解为这家欧洲老牌航司对回归北京市场，其实有一定的迫切需求。 ...

Investment Rating - The report recommends investment in the logistics sector, specifically in companies like SF Holding and Haichen Co., due to their resilience and growth potential [2][3]. Core Views - The express delivery industry has seen a significant increase, with national express delivery volume surpassing 1 trillion pieces, indicating strong growth potential [2]. - The logistics sector is under pressure, particularly in hazardous materials logistics, but there is a push towards smart logistics, which is expected to benefit companies like Haichen Co. [3]. - The aviation sector is experiencing robust growth, with major airports like Baiyun and Shenzhen expected to see significant profit increases in the first half of 2025 [4]. - The shipping industry is facing challenges, with a slight increase in the BDI index but a decline in container shipping rates [4][36]. Summary by Sections Transportation Market Review - The transportation index rose by 0.7% during the week of July 5-11, underperforming the Shanghai and Shenzhen 300 index by 0.1% [12]. Industry Fundamentals Tracking Express Delivery - The national express delivery volume has exceeded 1 trillion pieces, with a year-on-year growth of 16.6% [2]. - Jitu's package volume reached approximately 7.39 billion pieces in Q2 2025, with a growth rate of 3.5% [2]. Logistics - The chemical product price index (CCPI) is at 4035 points, down 14.4% year-on-year [3]. - The domestic shipping price for liquid chemicals is 163 RMB/ton, down 13.9% year-on-year [3]. Aviation Airports - Baiyun Airport expects a net profit of 679 million to 830 million RMB for H1 2025, a year-on-year increase of 55.06% to 89.51% [4]. - Shenzhen Airport anticipates a net profit of 287 million to 337 million RMB for H1 2025, a year-on-year increase of 64.78% to 93.47% [4]. Shipping - The CCFI index for export container shipping is 1313.7 points, down 2.2% week-on-week and down 39.0% year-on-year [21]. - The BDI index for dry bulk shipping is 1483.6 points, up 2.2% week-on-week but down 23.7% year-on-year [36]. Road and Rail Ports - The total cargo throughput at monitored ports was 25.988 million tons, down 5.28% week-on-week [5]. - The number of trucks passing through highways was 52.977 million, down 2.42% week-on-week but up 1.71% year-on-year [5].

Investment Rating - The industry is rated as "Recommended" based on positive fundamental outlook and expected outperformance of the industry index compared to the benchmark index [3][8]. Core Insights - The report highlights an increase in the dry bulk market's performance, a focus on the valuation of Hong Kong infrastructure assets, an upward trend in the aviation industry's fundamentals for 2025-2026, and potential price competition and valuation recovery in the express delivery sector for 2025 [1][7][18][20]. Shipping - The container shipping market shows signs of recovery with slight price increases on the US routes, while the dry bulk market, particularly for Panamax vessels, has seen a notable rise in rates due to increased demand from coal and grain shipments [7][11][16]. - The report emphasizes the importance of monitoring trade agreements between the US and other countries, which could impact shipping volumes [12][16]. Infrastructure - The report indicates that Hong Kong infrastructure assets still have room for valuation improvement, with stable earnings and dividend expectations from leading highway assets [18]. - The yield on 10Y and 30Y government bonds has slightly increased, suggesting continued investment interest in dividend-paying infrastructure assets [18]. Express Delivery - The express delivery sector is expected to see a growth rate exceeding 20% in 2024, with a continued double-digit growth forecast for 2025 [20]. - The report notes a recent recovery in express delivery prices following a period of intense price competition, supported by regulatory measures against "involution" in the industry [20]. Aviation - Key performance indicators in the aviation sector are on the rise, with passenger volumes increasing and a low growth rate in supply, indicating a potential stabilization in revenue levels [21][74]. - The report recommends several airlines based on their performance metrics, including China Southern Airlines and Air China [21]. Logistics - The logistics sector shows a slight increase in cross-border transport volumes, with stable short-haul freight rates [22][87]. - The report highlights the potential for significant non-operating income for China National Foreign Trade Transportation Group in 2025, which could positively impact dividends [22].

Core Viewpoint - The article highlights the dedication and professionalism of a pilot from Air China, emphasizing the importance of safety, teamwork, and the evolving role of modern pilots in the aviation industry [1][2]. Group 1: Pilot's Professionalism and Safety - The pilot, Li Yilun, is recognized for his commitment to safety, preparing meticulously for each flight by analyzing airport operations, weather conditions, and conducting thorough aircraft checks [1]. - During a challenging landing in low visibility conditions, the pilot adhered to operational protocols and collaborated effectively with the crew, showcasing his professional skills [1]. - The pilot's experience during a medical emergency on board reinforced the significance of calm operation and teamwork in crisis situations [2]. Group 2: Teamwork and Training - Li Yilun actively promotes a culture of teamwork by organizing training sessions for younger pilots, sharing experiences and technical knowledge [2]. - His team achieved first place in the B737 group comprehensive performance at the inaugural China Civil Aviation Pilot Skills Competition, highlighting the importance of collaboration and skill development [2]. Group 3: Evolving Role of Modern Pilots - The pilot emphasizes that modern aviators must possess a comprehensive skill set, including advanced flying techniques, strong psychological resilience, and excellent teamwork abilities [2]. - The pilot views the role of Air China pilots as crucial not only for ensuring passenger safety but also for representing the national image [2].

Core Viewpoint - China National Airlines (Air China) has experienced a continuous decline in stock price for 10 consecutive trading days, with a cumulative drop of -5.79% during this period [1]. Financial Performance - The Huatai-PineBridge CSI 300 ETF, managed by Huatai-PineBridge Fund, is among the top ten shareholders of Air China and has reduced its holdings in the first quarter of this year [1]. - The year-to-date return for the Huatai-PineBridge CSI 300 ETF is 3.57%, ranking 1989 out of 3351 in its category [1][2]. Fund Management - The fund manager of Huatai-PineBridge CSI 300 ETF is Liu Jun, who has extensive experience in fund management, having held various positions since 2004 [3][4]. - Liu Jun has been managing the Huatai-PineBridge CSI 300 ETF since May 2012 and has a cumulative management experience of over 16 years [4].

Core Points - The Shanghai Composite Index opened high and fluctuated, with the CSI 300 Transportation Index reported at 3840.29 points [1] - The CSI 300 Transportation Index has decreased by 0.50% over the past month, increased by 3.23% over the past three months, and has declined by 1.05% year-to-date [2] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, with a base date of December 31, 2004, set at 1000.0 points [2] Industry Composition - The top ten weights in the CSI 300 Transportation Index are: Beijing-Shanghai High-Speed Railway (26.22%), SF Holding (17.99%), COSCO Shipping Holdings (14.88%), Datong Railway (12.52%), China Eastern Airlines (5.08%), China Southern Airlines (4.84%), Air China (4.36%), Spring Airlines (4.17%), YTO Express (3.73%), and China Merchants Energy Shipping (3.07%) [2] - The market segments of the CSI 300 Transportation Index show that the Shanghai Stock Exchange accounts for 81.09%, while the Shenzhen Stock Exchange accounts for 18.91% [2] Sector Breakdown - The industry composition of the CSI 300 Transportation Index includes: railway transportation (38.74%), express delivery (21.72%), shipping (20.16%), and air transportation (19.38%) [3] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [3] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples [3]

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry, indicating a "look good" investment rating [2]. Core Insights - The report emphasizes the impact of the "anti-involution" policy on various cyclical sub-industries, particularly highlighting the steel industry, which is currently facing weak demand and declining prices and profit levels. The policy aims to prevent vicious competition and promote high-quality development [4][62]. - The steel industry is expected to undergo a transformation towards high-end differentiated competition, with potential recovery in profitability and valuation levels [19][51]. - The transportation industry, particularly the express delivery and aviation sectors, is anticipated to benefit from the government's focus on balancing supply and demand and promoting high-quality development [5][52]. - The construction materials industry is also set to experience a new balance due to the implementation of the "anti-involution" policy, which will accelerate the optimization of supply [7][66]. - The chemical industry, including silicon-based products and pesticides, is expected to see improvements in supply dynamics, leading to a potential recovery in profitability [68][74]. Summary by Sections 1. Metal Industry - The steel industry is currently facing weak demand, with both supply and demand weakening compared to 2015, but the degree of oversupply has lessened [24][25]. - The report notes that the profitability of the steel industry has declined to levels seen in 2015, with profits shifting towards the upstream iron ore sector [33][46]. - The "anti-involution" policy is expected to enhance the industry's supply-demand structure and profitability, with a median P/E ratio of 35.51X indicating room for valuation recovery [4][48]. 2. Transportation Industry - The express delivery and aviation sectors are highlighted as areas that will benefit from the government's anti-involution measures, which aim to improve supply-demand balance and service quality [5][60]. - The aviation sector has already seen improvements in passenger load factors due to supply-side controls, which are expected to enhance pricing power during peak seasons [55][56]. 3. Construction Materials Industry - The report discusses the gradual implementation of the "anti-involution" policy in the construction materials sector, particularly in cement, which is expected to lead to better supply-side optimization [62][64]. - The focus on eliminating excess capacity and promoting high-quality development is anticipated to solidify the growth of leading companies in the industry [66]. 4. Chemical Industry - The silicon-based products and pesticide sectors are projected to benefit from improved supply dynamics due to regulatory measures aimed at curbing low-price competition [68][74]. - The report indicates that self-discipline within the pesticide industry, particularly in the glyphosate sector, will help improve market conditions and profitability [75].

Group 1 - The board of directors of China International Cargo Airlines Co., Ltd. held its second meeting on July 10, 2025, via telecommunication voting, complying with relevant laws and regulations [1][2] - The board approved a proposal to purchase two Trent772C spare engines and one GTCP331-350C spare APU from its affiliate, Air China Limited [1][2] - The proposal received unanimous support with 10 votes in favor and no opposition or abstentions, and related directors recused themselves from the vote [2]

Summary of Key Points Core Viewpoint - China International Cargo Airlines Co., Ltd. (国货航) plans to purchase two Trent772C spare engines and one GTCP331-350C spare APU from China International Airlines Co., Ltd. (国航股份), constituting a related party transaction that does not qualify as a major asset restructuring under relevant regulations [1][2]. Group 1: Transaction Overview - The transaction involves the purchase of two Trent772C spare engines and one GTCP331-350C spare APU, with a total transaction price of 151.4405 million yuan (excluding tax) [1][2]. - The transaction was approved by the company's board of directors on July 10, 2025, with related directors abstaining from voting, and does not require shareholder approval [2]. Group 2: Related Party Information - China International Airlines Co., Ltd. is a subsidiary of China Aviation Group Co., Ltd. (中航集团), which is the actual controller of the company [2]. - As of December 31, 2024, China International Airlines reported total assets of 345.769 billion yuan and net assets, confirming its capability to fulfill the transaction [2]. Group 3: Asset Details - The assets being purchased are classified as fixed assets, specifically two spare engines and one spare APU, which are free from any encumbrances or legal disputes [4]. - The market value of the assets was assessed at 151.4405 million yuan based on a cost approach by the selected appraisal firm [4]. Group 4: Pricing and Contractual Details - The transaction price was determined based on the third-party asset appraisal value, with both parties agreeing to bear their respective tax liabilities [4]. - The main contractual parties are China International Airlines as the seller and China International Cargo Airlines as the buyer [4]. Group 5: Purpose and Impact - The acquisition aims to support the operation of eight A330 aircraft that have been converted from passenger to cargo, ensuring stable fleet operation [4]. - The transaction is deemed beneficial for the company, with no indication of interest transfer to related parties or harm to the company's or shareholders' interests [4]. Group 6: Previous Related Transactions - The total amount of related party transactions with other related parties has reached approximately 3.372 billion yuan, which is within the approved limit for the 2025 fiscal year [4]. Group 7: Review Procedures - The independent directors unanimously approved the transaction, and the decision-making process complied with relevant regulations [4].

Core Viewpoint - China Southern Airlines (CSA) has officially broken the convention of "generally closing check-in 30-40 minutes in advance" by introducing the "One Minute Boarding" service, allowing passengers to board 15 minutes before flight departure, targeting high-end business travelers and enhancing competitiveness on the Beijing-Guangzhou route [1][6][10] Group 1: Service Details - The "One Minute Boarding" service eliminates the previous check-in cut-off time, allowing passengers to complete security checks and reach the boarding gate 15 minutes before departure [3][4] - This service is designed to provide convenience for business travelers who often face tight schedules due to last-minute meetings or trips, thus improving travel efficiency [3][6] - Passengers with checked luggage still need to complete check-in 30 minutes before departure, indicating limitations for certain travelers [5][10] Group 2: Market Strategy - CSA aims to capture the high-end business traveler market, particularly in the competitive Beijing-Guangzhou route, where it currently holds a lower market share compared to the Beijing-Shanghai route [6][7] - The introduction of this service is part of CSA's broader strategy to enhance its dual-hub layout in Guangzhou and Beijing Daxing, covering key economic regions [7][8] - The service is expected to improve CSA's appeal to business travelers, especially given the distance disadvantage of Beijing Daxing Airport compared to Beijing Capital Airport [7][10] Group 3: Implementation Challenges - The successful implementation of the "One Minute Boarding" service in other routes will depend on the airport's capacity and the collaboration between airlines and airports [10][11] - CSA has established efficient cooperation mechanisms with airports to ensure quick security checks and boarding processes, which are crucial for the service's success [10][11] - The service's applicability may vary based on specific flight conditions, such as the distance from security to the boarding gate and the need for checked luggage [10][11]