Group 1 - The article discusses British Airways' request for China to include British citizens in its 30-day visa-free policy to boost market demand for the China-UK route [3][4][10] - Since the suspension of the Beijing-London route last year, British Airways has been observing the situation, indicating a potential urgency to return to the Beijing market [6][10] - The article highlights that many foreign airlines, including British Airways, have left the Chinese market but have not made definitive statements about permanently exiting [12][20][38] Group 2 - The current state of China's inbound and outbound travel market is not fully recovered, with statistics showing low recovery rates for international arrivals from countries like the US (45.24%) and Germany (56.19%) as of June [31][32] - The geopolitical situation, including the Russia-Ukraine war, has complicated air travel routes, increasing costs and reducing the feasibility for foreign airlines to return to the Chinese market [35][36][38] - Chinese airlines have rapidly filled the void left by foreign carriers, with significant increases in seat capacity on European routes compared to 2019, such as Air China increasing capacity by 24% [41][42] Group 3 - Despite the expansion of international routes by Chinese airlines, profitability remains a challenge, with major airlines reporting significant losses in the first quarter of 2025 [49][50] - The competitive landscape has led to complaints from foreign airlines about unfair competition, as Chinese carriers benefit from lower costs and subsidies [51][52] - The article concludes that while Chinese airlines have captured market share, the sustainability of this growth is uncertain if revenues do not keep pace with expansion efforts [53]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 二零二五年六月的主要營運數據公告 隨附公告（「上交所公告」）乃由中國國際航空股份有限公司（「中國國航」）於二零二五年七 月十五日在上海證券交易所刊發，其中載有中國國航及其附屬公司（統稱「本集團」）二零 二五年六月的合併營運數據。本公告附上上交所公告乃由中國國航根據香港聯合交易所 有限公司證券上市規則（「上市規則」）第13.09條及第13.10B條，以及香港法例第571章證 券及期貨條例第XIVA部項下之內幕消息條文（定義見上市規則）而作出。 隨附上交所公告載列的數據來自本集團內部統計，可能與相關期間定期報告披露的數據 有差異。投資者應注意不恰當信賴或使用以上信息可能造成投資風險。 承董事會命 中國國際航空股份有限公司 聯席公司秘書 肖烽 浩賢 中國北京，二零二五年七月十五日 於本公告日期，本公司的董事為馬崇賢先生、王明遠先生、崔曉峰先 ...

国有三大航没能扭亏，但继续大幅减亏，货运物流和机场上市公司的业绩表现更好。 截至今天，A股多家上市航司和机场披露了2025年上半年的业绩预告，国有三大航依然没能扭亏，但继续大幅减亏。 相比之下，货运物流和机场上市公司的业绩表现更好些，不过也开始面临来自国际贸易不确定性的挑战。 业绩分化 记者梳理各家航司的半年业绩预告发现，国有三大航中国国航（601111.SH），中国东航（600115.SH），南方航空（600029.SH）依然未能扭亏，上半年分 别预计亏损17亿到22亿，12亿到16亿以及13.38亿到17.56亿。 其中，中国东航和中国国航相比去年同期大幅减亏，东航的减亏幅度最大，并且是三大航中亏得最少的；南航比去年同期亏得更多，但公告中透露归属于上 市公司股东的扣除非经常性损益的净利润有较大提升。 民营航司中，华夏航空（002928.SZ）披露了业绩预告，上半年预计归属于上市公司股东的净利润2.2亿-2.9亿元，同比增长741.26%–1,008.93%；海航控股 （600221.SH）则预告扭亏为盈，上半年归属于母公司所有者的净利润4,500万元到6,500万元。 而根据航班管家的统计，上半年我国民航 ...

卫星化学：上半年净利润预增31.32%-53.20% 7月15日晚，卫星化学（002648）发布2025年半年度业绩预告，公司预计上半年实现归属于上市公司股 东的净利润27亿元至31.5亿元，同比增长31.32%-53.20%；预计实现扣除非经常性损益后的净利润28.52 亿元至33.02亿元，同比增长27.65%-47.79%。 资料显示，卫星化学成立于2005年8月，主营业务是(聚)丙烯、丙烯酸及酯、乙二醇、环氧乙烷、环氧 丙烷和聚乙烯等产品的生产和销售。 所属行业：基础化工–化学原料–其他化学原料 中国核建：累计新签合同871.49亿元 7月15日晚，中国核建（601611）发布公告称，截至2025年6月，公司累计实现新签合同871.49亿元，累 计实现营业收入531.84亿元。 资料显示，中国核建成立于2010年12月，主营业务是核电工程建设及工业与民用工程建设。 所属行业：建筑装饰–基础建设–基建市政工程 资料显示，怡球资源成立于2001年3月，主营业务是利用所回收的各种废旧铝资源，进行分选、加工、 熔炼等工序，生产出再生铝合金产品。 所属行业：有色金属–工业金属–铝 光库科技：上半年净利润预增60 ...

中国国际航空股份有限公司 2025年6月主要运营数据公告 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。 2025 年 6 月，中国国际航空股份有限公司（以下简称"本公司"）及所属 子公司（以下简称"本集团"）合并旅客周转量（按收入客公里计）同比上升。 客运运力投入（按可用座位公里计）同比上升 2.5%，旅客周转量同比上升 3.9%。 其中，国内客运运力投入同比下降 0.2%，旅客周转量同比上升 1.4%；国际客运 运力投入同比上升 9.9%，旅客周转量同比上升 11.1%；地区客运运力投入同比 下降 2.2%，旅客周转量同比上升 1.5%。平均客座率 81.1%，同比上升 1.1 个百 分点。其中，国内航线同比上升 1.3 个百分点，国际航线同比上升 0.8 个百分点， 地区航线同比上升 2.8 个百分点。 货运方面，货运运力投入（按可用货运吨公里计）同比上升 3.6%，货邮周 转量（按收入货运吨公里计）同比上升 6.8%。货运载运率为 45.7%，同比上升 1.4 个百分点。 证券代码：601111 股票简称：中国国航 公 ...

国泰海通发布研报称，三大航预告2025Q2同比大幅减亏，符合该行业绩前瞻。该行预计暑运表现可 期，2025年将实现扭亏。关注"反内卷"政策深化对于航空业短中长三重受益。旺季博弈风险逐步释放， 建议布局航空长逻辑，维持航空增持评级。该行认为中国航空业具长逻辑，"十四五"票价已市场化，且 供给已进入低增时代，需求稳健增长将驱动供需继续向好，将迎盈利中枢上升与持续。旺季博弈风险逐 步释放，建议布局长逻辑。 1)2025年6月26日中国民航局召开专题会议部署综合整治"内卷式"竞争工作。据智通财经，局方强调"内 卷"本质是大量资源投入低效同质化的竞争，部分市场主体为追求短期效益，争夺市场份额，违背经济 运行规律，过度低价，扎堆式投放运力，形成低质量同质化过度竞争;下一步局方将尽快制定完善航空 运输价格行为规则，防止以低于成本价开展恶性竞争。 国泰海通主要观点如下： 2025Q2业绩快报：三大航同比大幅减亏，符合该行业绩前瞻 2)观察预售，7月下半月至8月国内预售票价保持同比上升，反映航司预售策略仍保持积极，未来收舱将 是关键。 3)暑运加班严格受限，而亲子游旺盛，供需预期乐观。同时考虑2024年暑运低基数，该行预计20 ...

Core Viewpoint - The three major airlines in China reported significant losses for the first half of 2025, with noticeable performance differentiation among them. While Air China and China Eastern Airlines managed to reduce their losses, China Southern Airlines faced an increase in losses due to various challenges, including slow recovery of international routes and competitive disadvantages [1][3]. Group 1: Financial Performance - Air China is expected to report a net loss of 17 billion to 22 billion yuan, a reduction of 5.82 billion to 10.82 billion yuan compared to the previous year [2][3]. - China Eastern Airlines anticipates a net loss of 12 billion to 16 billion yuan, reducing losses by 11.68 billion to 15.68 billion yuan year-on-year [2][3]. - China Southern Airlines, however, is projected to incur a net loss of 11.68 billion to 15.68 billion yuan, an increase in losses by 1.1 billion to 5.28 billion yuan compared to the previous year [2][3]. Group 2: Market Conditions - The domestic passenger market is showing signs of steady recovery, but factors such as declining ticket prices and competition from high-speed rail continue to pressure airline revenues [1][6]. - The average ticket price for domestic economy class in the first half of 2025 was 740 yuan, a decrease of 6.9% year-on-year [6][7]. - The competitive landscape is shifting, with high-speed rail increasingly attracting high-end travelers away from airlines, while discounted airfares are drawing ordinary travelers to aviation [7][9]. Group 3: Operational Strategies - The three major airlines are focusing on expanding their routes in 2025, with Air China emphasizing the importance of both domestic and international route growth for profitability [5][10]. - Air China and China Eastern Airlines reported increases in passenger capacity and turnover, with Air China's capacity up by 3.5% and passenger turnover up by 5.5% in the first five months of the year [5][10]. - China Southern Airlines is also working to enhance its business travel market and international routes to mitigate its geographical disadvantages [10][13]. Group 4: Challenges and Outlook - China Southern Airlines faces significant operational challenges due to its geographical position, which has hindered the recovery of its international routes and increased competition in the domestic market [10][12]. - The airline's performance is further impacted by structural changes in passenger demographics and external factors such as international uncertainties and supply chain disruptions [10][12]. - As the critical summer travel season begins, all three airlines must navigate the dual challenges of revenue management and capacity allocation to improve their financial standings [1][13].

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The shipping rates for oil tankers in the Atlantic and Gulf of Mexico have slightly increased, while the container shipping rates for the US routes have rebounded and the European routes remain stable [3][13] - Hefei is building the first national drone-sharing airport network, and Pudong Airport has seen a 23% year-on-year increase in inbound and outbound passengers in the first half of the year [3][16] - Jitu Express reported a 65.9% year-on-year increase in package volume in Southeast Asia for Q2, marking the highest growth rate since its listing [3][24] Industry Dynamics - **Shipping and Ports**: The VLCC market has returned to a supply-demand balance, with overall vessel supply remaining ample. The shipping rate for a 270,000-ton vessel from Ras Tanura to Ningbo was reported at WS49.24, up 2.48% from July 3 [3][14] - **Container Shipping**: The Shanghai port's export rates to Europe and the US have shown slight fluctuations, with rates to the US West and East coasts increasing by 5.0% and 1.2% respectively [3][15] - **Aviation**: The first half of 2025 saw Pudong Airport handle 18.26 million passengers, a 23.44% increase year-on-year, with new international routes contributing to this growth [3][18] - **Logistics**: Jitu Express's package volume in Southeast Asia reached 1.69 billion packages in Q2, with a 65.9% increase year-on-year, while the overall global package volume grew by 23.5% [3][24] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Pay attention to the low-altitude economy investment opportunities, particularly in companies like CITIC Offshore Helicopter [4] - Explore investment opportunities in the highway and railway sectors, recommending companies such as Sichuan Chengyu, Gansu Guangdong Expressway, and Beijing-Shanghai High-Speed Railway [4] - Consider investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Haixia Shares [4] - Monitor e-commerce and express delivery investment opportunities, recommending SF Holding, Jitu Express, and Yunda Express [5] - Look into aviation industry investment opportunities, recommending China National Aviation, China Southern Airlines, Spring Airlines, and others [5]

Group 1: Company Analysis - 长光华芯 - The company has shown rapid revenue growth, with Q1 2025 revenue reaching 94.28 million, and a significant reduction in net loss to 7.5 million [3][4] - The updated profit forecast for 2025-2027 indicates net profits of 28 million, 99 million, and 208 million respectively, with a target price set at 70.86 yuan based on a PE of 60.05x for 2027 [3][4] - The company has successfully launched three key products in the optical communication sector, which are expected to contribute significantly to revenue growth in the context of increasing demand from AI data centers [4] Group 2: Industry Analysis - Transportation - The central government's emphasis on "anti-involution" is expected to promote deeper industry reforms, benefiting sectors such as aviation, express delivery, and bulk supply chain operations [5][6] - The aviation sector is anticipated to improve revenue management strategies, which will help mitigate excessive price competition and enhance profitability [7] - The express delivery industry is likely to see a more favorable competitive environment due to regulatory measures against "involution," which may lead to the concentration of market share among leading firms [8] Group 3: Industry Analysis - Renewable Energy - The solar energy sector is experiencing positive momentum due to new policies aimed at increasing renewable energy consumption, with silicon material prices on the rise [31][32] - The wind energy sector is expected to maintain strong installation growth, supported by long project cycles and increasing demand for offshore wind projects [35][37] - The digital transformation of the energy sector is accelerating, driven by government initiatives to enhance the integration of information technology and energy industries [38]

Summary of Conference Call Records Industry Overview - The conference call discusses the impact of anti-involution policies on the transportation industry, specifically focusing on the aviation, express delivery, and bulk supply chain sectors [1][2][24]. Key Points on Aviation Industry - The aviation industry faces challenges such as inefficient resource allocation, severe homogenization of competition, and excessive low-price competition, leading to high passenger load but low profitability [3][4]. - The Civil Aviation Administration of China (CAAC) has initiated measures to regulate pricing behaviors and prevent predatory pricing, aiming to enhance overall market order and profitability [4][10]. - The anti-involution policy is expected to reduce extreme low pricing in the short term, improve airline revenue management in the medium term, and promote rational capacity planning for sustainable industry development in the long term [1][11][24]. - The aviation industry is projected to see a recovery in profitability over the next two years, with market dynamics improving as ticket prices become more market-driven and fleet growth slows [5][12]. - By the second half of 2024, the aviation industry is expected to achieve record-high passenger load factors, although excessive price competition may hinder the speed of recovery [6][8]. - Airlines such as Air China, Juneyao Airlines, China Southern Airlines, Spring Airlines, and China Eastern Airlines are recommended as investment targets due to their strong positions in the market [13][24]. Key Points on Express Delivery Industry - The express delivery sector has experienced a decline in revenue per shipment due to scale effects and healthy competition, but there is a need to strictly control malicious price wars [14][15]. - The anti-involution policy aims to stabilize the market and improve service quality by regulating competition [2][20]. - The industry has seen a shift towards natural concentration and the rise of leading companies, despite challenges posed by price wars [14][19]. - The National Postal Administration has emphasized the need for enhanced regulation to prevent below-cost competition, ensuring the stability of the express delivery network [16][20]. Key Points on Bulk Supply Chain Operations - The bulk supply chain sector is sensitive to macroeconomic fluctuations, with recent volatility in commodity prices affecting profitability [21][22]. - The anti-involution policy is expected to stabilize commodity prices, which could improve the profitability of supply chain companies [21][22]. - Traditional bulk traders are transitioning to providing financial services, reducing reliance on price differentials, which helps mitigate risks associated with commodity price fluctuations [22]. - The market concentration in the bulk supply chain industry is low, with leading companies expected to gain market share as the industry recovers [23][24]. - Investment opportunities are highlighted in companies like Jianfa Co., Xiamen Xiangyu, Xiamen Guomao, and Zhejiang Zhongtuo, as they are well-positioned to benefit from the anti-involution policies [23][24]. Additional Insights - The anti-involution policies are seen as a long-term strategy to ensure healthy competition across the transportation industry, promoting sustainable growth and profitability [2][12][24]. - The focus on improving revenue management and reducing excessive competition is crucial for the future stability and growth of the aviation and express delivery sectors [10][11][20].