投资建议：短期建议重点关注"反内卷"相关机会，长期看好经营稳健、风险可控且有望 带来稳定收益的价值龙头。推荐顺丰控股、中通快递、圆通速递、申通快递、韵达股份、春 秋航空、中国国航、中远海能、招商轮船、德邦股份、招商南油、京沪高铁。 航运：上周原油运价走强，尤其是VLCC船运费出现大涨，主要由于OPEC+7月下定决 心提速增产后的产量释放，叠加特朗普对印度购买俄罗斯原油征收惩罚性关税事件的刺激， 油运年内的景气度有望于暑期内见底，考虑到当前的供给格局，我们认为运价和股价有望抢 跑，且在当前供给相对偏紧的情况下，需求侧的边际变化有望对运价形成乘数效应推动，继 续推荐中远海能、招商轮船，关注招商南油。集运方面，由于货量边际走弱，美线和欧线的 运价均持续走弱，短期集运的需求或主要取决于中美关税政策，但中长期来看，考虑到当前 欧美的经济表现相对平淡、贸易形势风险仍存、大部分航商的欧线仍在采用好望角航线，且 仍有较多运力会在年内交付，我们预计年内集运企业的盈利能力仍将承压，建议关注中远海 控在弱β下，盈利能力能否维持明显跑赢行业的状态，实现α机会。 航空：暑运旺季已接近尾声，上周整体和国内客运航班量环比有所提升，整体/国 ...

Group 1 - The Hong Kong aviation stocks have strengthened, with China Eastern Airlines and China Southern Airlines rising over 5%, China National Aviation increasing by 3%, and Cathay Pacific up over 1% [1][2] - The China Air Transport Association has recently released a self-discipline convention for air passenger transport, aiming to enhance industry self-regulation and eliminate malicious competition aimed at excluding rivals [1] - According to Cinda Securities, the current short-term increase in industry capacity is significant, while demand is expected to take time to recover. The industry’s passenger load factor remains high, indicating an improving supply-demand relationship, which is likely to drive ticket prices upward [1] Group 2 - The report highlights the expectation of improved supply-demand dynamics during the summer travel peak season, which is anticipated to lead to a recovery in ticket prices. Key airlines to focus on include China National Aviation, China Eastern Airlines, China Southern Airlines, Spring Airlines, and Juneyao Airlines [1]

Group 1 - The core viewpoint of the article highlights a significant increase in Hong Kong airline stocks, with China Eastern Airlines and China Southern Airlines rising over 5%, and Air China increasing by 3% [1] - The Civil Aviation Administration of China has released a self-discipline convention for air transport, aiming to strengthen industry self-regulation and eliminate malicious competition aimed at excluding rivals [1] - According to Cinda Securities, the current short-term increase in industry capacity is substantial, while demand is expected to take time to recover; however, the high passenger load factor indicates an improving supply-demand relationship, which is likely to drive ticket prices upward [1] Group 2 - The article emphasizes the potential for ticket price recovery during the peak summer travel season due to improved supply and demand dynamics [1] - Key airlines to watch include Air China, China Eastern Airlines, China Southern Airlines, Spring Airlines, and Juneyao Airlines, as they are expected to benefit from the anticipated recovery in ticket prices [1] - The latest stock prices and percentage changes for the airlines mentioned are as follows: China Eastern Airlines at 3.120 (up 5.41%), China Southern Airlines at 4.020 (up 5.24%), Air China at 5.560 (up 2.96%), and Cathay Pacific at 10.840 (up 1.12%) [1]

Group 1: Shipping Industry - The oil shipping market is expected to see a recovery in rates due to OPEC+'s decision to increase production, with VLCC freight rates experiencing significant increases [1][21] - The current supply situation is relatively tight, and any marginal changes in demand could have a multiplier effect on freight rates, leading to recommendations for COSCO Shipping Energy and China Merchants Energy [1][21] - The container shipping sector is facing pressure on profitability due to weakening cargo volumes and ongoing trade risks, with a recommendation to monitor COSCO Shipping Holdings for potential alpha opportunities [1][25] Group 2: Aviation Industry - The domestic passenger flight volume has shown a slight increase, with overall and domestic flight volumes up by 0.6% and 0.5% respectively compared to the previous week, indicating a recovery trend [2][36] - The average ticket price for domestic routes has decreased by 8.7% year-on-year, while the passenger load factor has improved slightly, suggesting a mixed performance in the aviation sector [2][36] - Investment recommendations include China Southern Airlines, China Eastern Airlines, and Spring Airlines, as the aviation sector is expected to benefit from economic recovery [2][45] Group 3: Express Delivery Industry - The "anti-involution" policy initiated on July 1 aims to reduce competition in the express delivery sector, with price increases already observed in regions like Zhejiang and Guangdong [3][53] - The policy is expected to lead to improved profitability and service quality in the express delivery industry, with a focus on monitoring the execution and sustainability of price increases [3][54] - Recommendations include SF Express, ZTO Express, YTO Express, and Shentong Express, as these companies are likely to benefit from the policy changes and market dynamics [3][66] Group 4: Logistics Sector - The logistics sector is facing challenges due to external economic pressures and internal strategy adjustments, with companies like DeBang Logistics experiencing significant profit declines [79] - Eastern Airlines Logistics is highlighted as a leader in the air cargo market, benefiting from a strong market share and operational efficiencies [79][80] - Investment focus should be on companies that can adapt to the changing market conditions and maintain competitive advantages [79][80]

Group 1 - The China Air Transport Association has released a self-regulatory convention for air passenger transport, emphasizing the need for industry self-discipline and prohibiting malicious competition aimed at excluding rivals [1] - The convention also calls for enhanced supervision of airline sales networks and agents, banning practices such as bundled sales and hidden charges [1] Group 2 - According to the "2024 Civil Aviation Industry Development Statistical Bulletin," China's civil aviation industry achieved a total transport turnover of 148.517 billion ton-kilometers in 2024, marking a year-on-year increase of 25.0%, with both passenger and cargo transport turnover exceeding 2019 levels [3] - Analysis from United Ratings indicates strong demand in the air passenger market for 2024, with domestic routes supporting the market and international passenger transport continuing to recover rapidly [3] - Despite increased capacity investment and soft demand for business travel, some airlines have not yet returned to profitability due to various factors including exchange rate fluctuations [3] - According to Xinda Securities, the industry has maintained high seat occupancy rates since early 2025, with low growth in domestic route capacity and a focus on increasing international routes [3] - The airline fleet's net growth rate is below 3%, leading to a relatively tight supply, while domestic route turnover has shown steady growth and international route turnover has significantly increased, nearly recovering to 2019 levels [3] - Xinda Securities also notes that while short-term capacity investment is high and demand needs time to recover, the sustained high occupancy rates indicate an improving supply-demand relationship, which is expected to drive ticket prices up [3] - The report suggests focusing on airlines such as Air China, China Eastern Airlines, China Southern Airlines, Spring Airlines, and Juneyao Airlines due to anticipated improvements in supply and demand during the peak summer travel season [3]

Core Viewpoint - Hainan Airlines is enhancing its pet cabin service on international flights, starting from August 15, to gain a competitive edge in the market, following the trend set by other major airlines in China [1][5]. Group 1: Service Details - From August 15, passengers on Hainan Airlines' Beijing-Bangkok flights can apply to bring small pets (cats and dogs) into the cabin, with limited spots available on each flight [1]. - Passengers must meet specific application criteria, including being an adult and providing necessary documentation such as health certificates and vaccination proof for their pets [1][2]. - Unlike domestic flights where passengers can bring two pets, international flights allow only one pet per passenger [2]. Group 2: Industry Trends - The pet cabin service has become a significant strategy for airlines to attract travelers and increase revenue, with several airlines, including China Southern Airlines, also upgrading their pet services this year [3]. - The overall travel market is experiencing a resurgence, with domestic passenger numbers exceeding 60.34 million in July, marking a new high, and international passenger numbers growing by approximately 10% [3]. Group 3: Competitive Landscape - The introduction and enhancement of pet cabin services are seen as effective measures for airlines to differentiate themselves in a highly competitive market [4]. - Airlines are targeting pet owners, who are generally willing to pay a premium for enhanced services, thus optimizing their customer base and reducing seat loss [4].

据海南航空介绍，8月15日起，搭乘海南航空北京往返曼谷国际航班的旅客，可申请携带符合条件的小 型宠物（仅限家庭驯养的猫、犬）进入客舱，与爱宠共享温馨的跨境飞行旅程。不过，每个航班客舱内 可运输的宠物数量有限，海南航空将遵循"先到先得"的原则进行分配。 北京商报记者注意到，海南航空对宠物进客舱服务设定了明确的申请条件。申请旅客需为成年人，且不 属于无陪旅客、病残旅客或孕妇等需要特殊协助的旅客群体；申请旅客需准备并提交《动物卫生证 明》、宠物疫苗注射证明、宠物身份标识、入境文件，并填写运输协议书。 值得注意的是，与国内航线不同，旅客申请国际及地区航线宠物进客舱服务需提前办理宠物身份标识、 入境文件等手续，并且每名旅客最多仅限带1只宠物进入客舱（国内航班最多可同时携带两只宠物）。 事实上，这并非海南航空宠物进客舱服务在今年暑期的首次升级。海南航空曾在7月28日就推出过"一人 两宠"服务，旅客可在符合相关规定的前提下，同时携带两只宠物进入客舱。 8月14日，海南航空宣布将于8月15日起在北京—曼谷国际航班上推出宠物进客舱服务。继三周前推出国 内航线"一人两宠"服务后，海南航空在暑运高峰进一步升级宠物进客舱服务，意图在 ...

证券之星消息，8月14日航空机场板块较上一交易日下跌0.89%，华夏航空领跌。当日上证指数报收于 3666.44，下跌0.46%。深证成指报收于11451.43，下跌0.87%。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) | | --- | --- | --- | --- | --- | --- | | 002928 | 华夏航空 | 8.75 | -2.99% | 21.23万 | 1.87亿 | | 600221 | 海航控股 | 1.48 | -2.63% | 340.24万 | 5.09亿 | | 000099 | 中信海直 | 22.85 | -2.56% | 27.52万 | 6.35亿 | | 603885 | 吉祥航空 | 12.55 | -1.41% | 17.58万 | 2.21亿 | | 601021 | 春秋航空 | 52.30 | -1.04% | 5.12万 | 2.69 Z | | 000089 | 深圳机场 | 7.18 | -0.97% | 11.51万 | 8316.22万 | | 601111 | 中国国航 ...

一条关于空姐的新闻，冲上了热搜——多家航空公司已修改制服准则，允许女性乘务员在执行航班时穿平底鞋。 湖南航空被认为是首家完全取消高跟鞋要求的国内航空公司，除此之外，春秋航空吉祥航空等，也陆续推出了平底鞋取代高跟鞋的机舱服务条例。 短短几行规定，立刻引发大量讨论。网友评价到：这是职业装标准的一次松绑；也有人感叹，这是让脚「放了个假」。 高跟鞋和空姐的形象绑定了很多年，它象征着优雅、专业和职业仪态。但在长时间站立、走动、搬运行李的工作中，高跟鞋也意味着额外的身体负担。过 去，这种不适常常被默默接受，因为它被认为是职业的一部分。 如今，当空姐可以选择更舒适的鞋履走进机舱，这个变化背后的意义，早已不止是一双鞋的更换。它背后折射的更是职场审美和职业标准的调整——舒适 和健康开始被放到和外形同等重要的位置。 在互联网公司，很早就习惯了体恤牛仔运动鞋的休闲打扮；而早在2017年，国企就有政策推出，不得强制女性员工穿高跟鞋，并鼓励选择低于2.54 cm鞋 跟作为职场穿着。 对于更多职业女性来说，「不穿高跟鞋」是一次重新定义「职场自我」的机会：站得稳、走得远，在每一步里保持自在。 高跟鞋退出机舱，也正在退出白领职场 或许很快， ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 002928 | 华夏航空 | 9.02 | 4.04% | | 36.87万 | 3.28亿 | | 603885 | 吉祥航空 | 12.73 | 1.43% | | 23.07万 | 2.93亿 | | 000099 | 中信海直 | 23.45 | 0.64% | | 27.27万 | 6.38亿 | | 601111 | 中国国航 | 7.33 | 0.55% | | 77.45万 | 5.67亿 | | 600115 | 中国东航 | 3.87 | 0.52% | | 73.55万 | 2.84亿 | | 000089 | 深圳机场 | 7.25 | 0.42% | | 10.87万 | 7856.87万 | | 600029 | 南方航空 | 5.76 | 0.35% | | 63.31万 | 3.64亿 | | 601021 | 春秋航空 | 52.85 | 0.28% | | 2.71万 | 1.43亿 | | 6 ...