Investment Rating - The report recommends an overweight rating for the transportation industry, indicating an expected increase in performance exceeding the market benchmark by more than 10% over the next 6-12 months [33]. Core Insights - In July, the express delivery industry experienced a year-on-year growth of 15.1%, with a total of 16.4 billion packages delivered [4]. - JD Logistics reported a revenue of 98.5 billion yuan for the first half of 2025, reflecting a year-on-year increase of 14.1% [4]. - The transportation index decreased by 0.51% this week, ranking 25th among 30 primary sub-industries [4]. - The aviation sector showed the highest growth this week, with an increase of 1.60% [4]. Summary by Sections Industry Performance - The express delivery business volume reached 16.4 billion pieces in July, up 15.1% year-on-year, while the revenue was 120.64 billion yuan, an increase of 8.9% [4]. - CCFI index decreased by 0.62% to 1193.34 points, while SCFI index fell by 1.98% to 1460.19 points [4]. Company Performance - JD Logistics achieved a revenue of 51.6 billion yuan in Q2 2025, marking a 16.6% year-on-year increase [4]. - Non-IFRS net profit for JD Logistics in H1 2025 was 3.3 billion yuan, up 7.1% [4]. Investment Recommendations - The report suggests investing in companies such as JD Logistics, Zhongtong Express, YTO Express, Shentong Express, Jitu Express, Spring Airlines, and Sichuan Chengyu [4].

Fleet Information - The company added one Airbus A320neo aircraft this month, bringing the total fleet to 134 Airbus A320 series aircraft by the end of the month [1]. New Routes - The company launched several new routes this month, including: - Shanghai Pudong to Hanoi (operating daily) - Ningbo to Hanoi (operating on days 2, 3, 6, 7) - Ningbo to Zhangjiajie (operating on days 1, 3, 4, 6) - Dalian to Shijiazhuang to Guilin (operating on days 2, 4, 6) - Lanzhou to Zhuhai (operating on days 1, 3, 5, 7) - Nanchang to Xining (operating daily) [1]. Operational Data - The operational data provided is based on internal statistics and may differ from data disclosed in periodic reports due to updates in standard databases for available ton-kilometers and available cargo ton-kilometers [1].

Core Points - The company reported an increase in its fleet size, adding one Airbus A320neo, bringing the total to 134 A320 series aircraft [2] - New routes have been launched, including flights from Pudong to Hanoi and Ningbo to Hanoi, among others [2] - The operational data for the month shows significant growth in capacity and passenger turnover compared to previous periods [2][3] Fleet Situation - The company operates a total of 134 A320 series aircraft, with 90 owned and 39 leased [2] - The breakdown of aircraft types includes 75 A320ceo, 47 A320neo, and 12 A321neo [2] New Routes - New routes added this month include: - Pudong to Hanoi (weekly) - Ningbo to Hanoi (weekly) - Ningbo to Zhangjiajie (weekly) - Dalian to Shijiazhuang to Guilin (weekly) - Lanzhou to Zhuhai (weekly) - Nanchang to Xining (daily) [2] Operational Data - Available ton-kilometers increased to 61,113.64 million ton-kilometers, up 31.68% month-on-month and 20.32% year-on-year [2] - Available seat-kilometers reached 582,269.36 million seat-kilometers, reflecting a 20.57% increase month-on-month and a 10.41% increase year-on-year [2] - Cargo and mail ton-kilometers surged to 8,709.39 million ton-kilometers, a 195.74% increase month-on-month and 161.67% year-on-year [2] Passenger and Cargo Metrics - Total passenger turnover reached 534,860.29 million passenger-kilometers, up 20.23% month-on-month and 8.60% year-on-year [2] - Total cargo turnover was reported at 1,366.15 million ton-kilometers, down 4.25% month-on-month but up 11.43% year-on-year [3] Load Factors - The overall load factor was 77.06%, down 10.37% month-on-month and 8.12% year-on-year [3] - The passenger load factor stood at 91.86%, slightly down by 0.26% month-on-month [3] - The cargo load factor was reported at 15.69%, down 32.76% month-on-month [3]

Core Viewpoint - Spring Airlines (601021.SH) has added one Airbus A320neo aircraft this month, bringing its total operational fleet to 134 Airbus A320 series aircraft by the end of the month [1] Summary by Category Fleet Expansion - The company has increased its fleet with the addition of one Airbus A320neo aircraft this month [1] Route Development - New routes introduced this month include: - Shanghai Pudong to Hanoi (operating daily) - Ningbo to Hanoi (operating on days 2, 3, 6, 7) - Ningbo to Zhangjiajie (operating on days 1, 3, 4, 6) - Dalian to Shijiazhuang to Guilin (operating on days 2, 4, 6) - Lanzhou to Zhuhai (operating on days 1, 3, 5, 7) - Nanchang to Xining (operating daily) [1]

Market Performance - On August 15, the aviation and airport sector rose by 1.7%, with China Eastern Airlines leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Stock Performance - China Eastern Airlines (600115) closed at 4.01, up 4.16% with a trading volume of 1.8955 million shares and a turnover of 750 million yuan [1] - Other notable performers included CITIC Offshore Helicopter (000099) at 23.58, up 3.19%, and Xiamen Airport (600897) at 14.79, up 0.48% [1][2] Capital Flow - The aviation and airport sector saw a net inflow of 193 million yuan from institutional investors, while retail investors experienced a net outflow of 60.53 million yuan [2][3] - Major stocks like China Eastern Airlines and Southern Airlines had varying capital flows, with China Eastern Airlines seeing a net inflow of 1.76 million yuan from institutional investors [3]

证券代码：601021 证券简称：春秋航空 公告编号：2025-040 春秋航空股份有限公司 2025 年 7 月份主要运营数据公告 截止本月末，公司共运营 134 架空客 A320 系列飞机。 | 机型 | 自购 | 经营租赁 | 融资租赁 | 小计 | | --- | --- | --- | --- | --- | | A320ceo | 45 | 25 | 5 | 75 | | A320neo | 34 | 13 | 0 | 47 | | A321neo | 11 | 1 | 0 | 12 | | 合计 | 90 | 39 | 5 | 134 | 二、本月主要新增航线情况 本月新增航线：浦东=河内（周 123456）、宁波=河内（周 2367）、宁波=张 家界（周 1346）、大连=石家庄=桂林（周 246）、兰州=珠海（周 1357）、南昌= 西宁（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 | | --- | --- | --- | --- | --- | --- | --- | | 运力 | | | | | | | | 可用吨公里数 ...

Core Insights - The company reported a year-on-year increase in passenger volume of 9.3% in July [1] - The mail and cargo volume also saw a year-on-year growth of 10.5% [1] Company Performance - The increase in passenger volume indicates a positive trend in demand for air travel [1] - The growth in mail and cargo volume suggests an expanding logistics and freight operation [1]

Core Viewpoint - Spring Airlines (601021.SH) has added one Airbus A320neo aircraft this month, bringing the total operational fleet to 134 Airbus A320 series aircraft by the end of this month [1] Company Developments - The company has introduced new flight routes this month, including: - Shanghai Pudong to Hanoi (operating daily) - Ningbo to Hanoi (operating on days 2, 3, 6, 7) - Ningbo to Zhangjiajie (operating on days 1, 3, 4, 6) - Dalian to Shijiazhuang to Guilin (operating on days 2, 4, 6) - Lanzhou to Zhuhai (operating on days 1, 3, 5, 7) - Nanchang to Xining (operating daily) [1]

Core Insights - Hainan Airlines will launch a pet cabin service on the Beijing-Bangkok international route starting August 15, reflecting the competitive landscape in the domestic aviation industry regarding pet transport services [1] - The introduction of pet cabin services by various airlines since 2025 has become a key strategy to attract high-net-worth customers [2] - Low-cost carriers are also entering the pet transport market, offering unique services to cater to pet owners [3] - International airlines have different service models for pet cabin transport, with specific requirements and fees [4] - The introduction and upgrade of pet cabin services are seen as effective means for the civil aviation industry to address homogenization and expand revenue [4] Company Developments - Hainan Airlines is the first domestic airline to offer international pet cabin services, allowing small cats and dogs in the cabin with specific health documentation and a "first come, first served" quota system [1] - The airline has expanded its pet cabin service to 35 domestic airports and has introduced a dual model of "regular service + charter customization" [1] - Eastern Airlines has added 16 new pet-exclusive routes, increasing its total to 17, while Southern Airlines has enhanced its service capacity by increasing the number of pets allowed per flight [2] - Low-cost carriers like Spring Airlines and Juneyao Airlines are also launching pet-friendly services, with Spring Airlines offering a "pet-friendly three-seat area" [3] Industry Trends - The pet cabin service has become a significant trend among domestic airlines, with various carriers implementing different policies regarding pet transport [2][3] - Airlines are differentiating their services through pricing strategies, with traditional carriers charging between 1288-1500 yuan per segment, while Spring Airlines offers a lower starting price of 999 yuan [3] - The willingness of pet owners to pay a premium for pet services presents an opportunity for airlines to optimize their customer base [4] - The pet service sector is driving the extension of the industry chain, with airlines exploring partnerships for pet insurance and travel packages [4]

Core Viewpoint - Starting from August 15, Hainan Airlines has officially launched a pet cabin service on its Beijing-Bangkok international route, becoming the first airline in mainland China to offer this service on international and regional flights [1] Group 1: Hainan Airlines' Pet Cabin Service - Hainan Airlines allows passengers to carry small pets (domesticated cats and dogs) in the cabin on the Beijing-Bangkok route, with the service currently available only in economy class [1] - The number of pets allowed in the cabin per flight is limited and will be allocated on a "first come, first served" basis [1] - Passengers must meet specific application conditions, including being an adult and not belonging to special assistance groups, and must provide various documents such as health certificates and vaccination proof for their pets [1] Group 2: Industry Trends - The demand for traveling with pets has increased this year, prompting several domestic airlines to launch or upgrade their pet cabin services [1] - China Southern Airlines has also enhanced its pet cabin service, increasing the number of pets allowed per flight from 2 to 4 and removing restrictions on short-nosed breeds [1] - Other airlines, including China Eastern Airlines, Juneyao Airlines, and Spring Airlines, have initiated pilot programs for pet cabin services, with China Eastern adding 16 dedicated pet routes [1]