Group 1 - The Civil Aviation Administration of China (CAAC) has implemented comprehensive inspections on training institutions for flight dispatchers to enhance safety and compliance with new regulations [1][2] - The inspections focus on the effectiveness of training, technical adaptability, and risk management, ensuring that training content covers essential aviation knowledge, weather analysis, and emergency response [1] - A mixed teaching model combining theory and scenario simulation has been adopted to improve the theoretical foundation and practical decision-making skills of dispatchers [1] Group 2 - Flight dispatchers are identified as key positions for ensuring coordinated operations between ground and air, emphasizing the importance of safety training [2] - Training institutions are encouraged to adhere to regulatory standards while adapting to new technological requirements such as RNP AR and GLS [2] - Recommendations for improvement include maintaining instructor qualifications and reviewing dispatcher training records [2]

Core Viewpoint - Lanzhou Airport is enhancing its first-time passenger services as a key initiative following the transition to the new terminal, aiming for a comprehensive, standardized, and intelligent service system upgrade [1] Group 1: Service Mechanism and Standards - The airport has established a comprehensive service quality standard and operational procedures for first-time passengers, covering all core scenarios from identification to transportation [2] - A detailed service specification has been developed, outlining 38 operational standards across 12 scenarios, ensuring consistent service quality through regular inspections [2] Group 2: Service Enhancement and Collaboration - The airport has improved collaboration with airlines and travel agencies to enhance information sharing and streamline the first-time passenger experience, achieving a 92% identification accuracy for first-time travelers [3] - Specialized counters and dedicated security lanes have been set up to facilitate smoother service, reducing check-in time to an average of 8 minutes and security wait times to under 10 minutes [3] Group 3: Integrated Transportation Services - The airport has strengthened coordination with ground transportation services, providing seamless connections between air and rail travel, with over 10,400 passengers transported since the service upgrade began [4] - A "three-forward" service approach has been implemented to proactively guide first-time passengers through critical travel processes [4] Group 4: Innovative Service Products - The airport has launched various service products tailored to different passenger needs, including special services for returning travelers and rural passengers, benefiting thousands of individuals [5] - A pilot program for an integrated air transport network has been initiated, enhancing the travel experience for connecting passengers with streamlined services [5] Group 5: Seasonal Promotions and Community Engagement - The airport is leveraging peak travel seasons to offer promotional packages that include accommodations and transportation, supporting local tourism initiatives [6] - Since the launch of the "Warmth for First-Time Passengers" initiative in 2019, the airport has served over 56,800 first-time travelers, receiving significant positive feedback and recognition [7]

Investment Rating - The investment rating for the aviation industry is "Positive" [2] Core Viewpoints - The report highlights the ongoing efforts to rectify "involutionary" competition within the industry, which is expected to lead to an improved competitive landscape [2] - Strong demand for travel during the summer season has resulted in high passenger load factors, with a cumulative passenger throughput of 99.864 million from July 1 to July 22, 2025, representing a year-on-year increase of 3.0% [2] - The report indicates a strong certainty of supply contraction due to delays in aircraft deliveries caused by supply chain disruptions, with net growth rates for major airlines remaining below 3% [2] - The decline in oil prices is expected to enhance airline profitability, with aviation kerosene prices decreasing by 10.0% and 17.0% in Q1 and Q2 of 2025 compared to the same periods in 2024 [2] - The report expresses optimism regarding the recovery of seat revenue due to improving supply-demand dynamics, suggesting a focus on major airlines such as Air China, China Southern Airlines, China Eastern Airlines, Spring Airlines, and Juneyao Airlines [2] Summary by Sections - **Industry Competition**: The Civil Aviation Administration of China is leading efforts to optimize route networks and reduce irrational competition, which is expected to improve the industry's structure [2] - **Passenger Demand**: The summer travel season has shown robust demand, with domestic flight load factors reaching 84.3%, an increase of 1.0 percentage points year-on-year [2] - **Supply Constraints**: Major airlines are experiencing limited fleet growth, with net growth rates for several airlines being below 3%, and operational capacity is expected to remain tight [2] - **Oil Price Trends**: The average price of aviation kerosene has decreased significantly, contributing to potential profit increases for airlines [2] - **Profitability Outlook**: The report anticipates that improving seat revenue will lead to greater profitability for airlines, with a recommendation to focus on key players in the industry [2]

Core Viewpoint - The aviation sector in Hong Kong and mainland China is experiencing a positive performance, with significant stock price increases for major airlines, while the industry is also addressing challenges related to competition and profitability [1][5][6]. Group 1: Stock Performance - Hong Kong aviation stocks showed active performance, with China National Aviation rising by 6.25%, China Southern Airlines and China Eastern Airlines increasing by over 3%, and Cathay Pacific rising by 0.17% [1]. - In the A-share market, Huaxia Airlines rose over 4%, while China National Aviation and Juneyao Airlines increased by over 3% [2]. Group 2: Industry Developments - The Civil Aviation Administration of China (CAAC) held a meeting on July 22, 2025, outlining nine requirements to enhance the aviation sector, including the establishment of a unified market and addressing "involution" competition [3][4]. - In the first half of the year, the aviation industry achieved a total transport turnover of 783.5 billion ton-kilometers and a passenger transport volume of 37 million, marking year-on-year growth of 11.4% and 6% respectively [3]. Group 3: Financial Performance of Airlines - Major state-owned airlines are expected to report significant losses for the first half of 2025, with China Eastern Airlines projecting a net loss of 1.2 to 1.6 billion yuan, China Southern Airlines expecting a loss of 1.338 to 1.756 billion yuan, and China National Aviation forecasting a loss of 1.7 to 2.2 billion yuan [6][8]. - In contrast, Huaxia Airlines anticipates a net profit of 220 to 290 million yuan, reflecting a year-on-year increase of 741% to 1009% [9]. Group 4: Market Recovery and Future Outlook - The international flight recovery remains slow, with only 84% of pre-pandemic levels restored by 2024, and 88% by the first half of 2025, impacting the profitability of major state-owned airlines [8][10]. - The aviation industry is projected to benefit from the "anti-involution" policies, which may stabilize ticket prices and improve revenue management strategies, potentially leading to a recovery in profitability [14][15].

2025 年 07 月 22 日 快递持仓占比大幅提升，航运股退 业 研 究 / 行 业 点 行 业 及 产 业 交通运输 评 看好 ——2025Q2 交运行业基金重仓分析 相关研究 证 券 研 究 报 告 证券分析师 范晨轩 A0230525070003 fancx@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 联系人 范晨轩 (8621)23297818× fancx@swsresearch.com 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 行 出基金重仓前十大 - ⚫ 交运内部快递持仓环比大幅提升，航运股退出基金重仓前十大。Q2 交运消费相关的快 递机构持仓大幅提升，航运、铁路运输、港口、高速公路及原材料供应链服务持仓均有 所下降。 ⚫ 2025Q2 交运行业基金配置总市值达到 258 亿元，环比增长 17%，配置总市值在申万 31 个行业中排名第 14 名，环比 Q1 持平。交运行业基金持仓占全部基金重仓持股的 1.97%，环比 Q1 提升 0.32pct。交运行业市值 ...

Core Viewpoint - As of the end of Q2 2025, fund manager Zou Wei manages four funds, with the best-performing fund being Yuanxin Yongfeng Huili LOF (501051), which experienced a net value decline of 0.79% in the quarter [1]. Fund Performance Summary - Yuanxin Yongfeng Huili LOF has a scale of 1.59 billion yuan and an annualized return of 7.42%, with a quarterly decline of 0.79% [2]. - Yuanxin Yongfeng Xinyan A has a scale of 6.47 billion yuan, an annualized return of 3.88%, and a quarterly decline of 1.04% [2]. - Yuanxin Yongfeng Xinyan C has a scale of 0.62 billion yuan, an annualized return of 3.42%, and a quarterly decline of 1.14% [2]. - Yuanxin Yongfeng Selected Return Mixed (006564) has a scale of 0.52 billion yuan, an annualized return of 6.44%, and a quarterly decline of 1.90% [2]. - Zou Wei's management of Yuanxin Yongfeng Selected Return Mixed has yielded a cumulative return of 46.37% with an average annualized return of 6.54% [2]. Stock Trading Cases - Notable stock trading cases include: - Ningde Times: Bought in Q2 2020, held for 5 years, with an estimated return of 234.42% and a company performance growth of 808.86% [3][5]. - Wanhuah Chemical: Bought in Q3 2019, held for 4 years and 1 quarter, with an estimated return of 88.17% and a company performance growth of 157.69% [6]. - Ping An Bank: Bought in Q1 2021, held for 1 year and 2 quarters, with an estimated return of -38.52% despite a company performance growth of 25.26% [7]. Stock Performance Analysis - The performance of stocks held by Zou Wei shows a mix of high returns and losses, indicating a strategic approach to stock selection and timing [3][4][5][6][7].

Core Viewpoint - The AI Fund Guolian An Hongli Mixed (257040) reported a profit of 1.1299 million yuan for Q2 2025, with a weighted average profit per fund share of 0.0174 yuan, indicating a net value growth rate of 1.49% during the period [3][14]. Fund Performance - As of July 18, the fund's unit net value was 1.172 yuan, with a fund size of 74.3336 million yuan [3][14]. - The fund's performance over the past three months showed a cumulative net value growth rate of 2.62%, ranking 590 out of 615 comparable funds [3]. - Over the past six months, the fund's net value growth rate was 0.43%, ranking 582 out of 615 [3]. - The one-year net value growth rate was 12.15%, ranking 396 out of 584 [3]. - The three-year net value growth rate was 19.30%, ranking 19 out of 324 [3]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years was 0.4649, ranking 15 out of 319 comparable funds [8]. - The maximum drawdown over the past three years was 18.31%, with a ranking of 318 out of 322 [10]. - The highest stock position was recorded at 93.33% in Q1 2019, while the lowest was 59.67% in mid-2019, with an average stock position of 73.32% over the past three years compared to the industry average of 83.27% [13]. Investment Strategy - The fund manager indicated a continued differentiation within the dividend sector, with banks performing relatively well. The fund is underweight in the banking and coal sectors while being overweight in the transportation sector, with balanced allocations in other industries [3]. - The fund aims to focus on industries and stocks with low market attention but potential for profit growth, seeking to provide stable and reasonable long-term returns for fund holders [3]. Holdings Concentration - The fund has a high concentration in its holdings, with the top ten stocks consistently exceeding 60% over the past two years. As of Q2 2025, the top ten holdings included China National Aviation, Juneyao Airlines, Spring Airlines, Goldwind Technology, Southern Airlines, China Eastern Airlines, CICC, EVE Energy, YTO Express, and Chongqing Beer [17].

Core Viewpoint - The AI Fund Taiping Reform Dividend Selection (005270) reported a profit of 3.3479 million yuan for Q2 2025, with a weighted average profit per fund share of 0.0326 yuan, and a net asset value growth rate of 2.54% during the period [2]. Fund Performance - As of July 18, the fund's unit net value was 1.336 yuan, with a recent three-month net value growth rate of 6.81%, ranking 618 out of 880 comparable funds [3]. - The fund's six-month net value growth rate was 9.51%, ranking 367 out of 880, while the one-year growth rate was 25.87%, ranking 206 out of 880 [3]. - Over the past three years, the fund's net value growth rate was -4.21%, ranking 319 out of 871 [3]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years was 0.2757, ranking 173 out of 875 comparable funds [8]. - The maximum drawdown over the past three years was 39.69%, with the highest quarterly drawdown occurring in Q1 2024 at 20.49% [10]. Investment Strategy - The fund maintained an average stock position of 84.63% over the past three years, compared to a comparable average of 80.43% [13]. - The fund reached its highest stock position of 92.14% by the end of Q3 2024, with a minimum of 56.78% at the end of Q1 2019 [13]. Fund Holdings - As of the end of Q2 2025, the top ten holdings of the fund included Ningde Times, Spring Airlines, Jinzhai Food, Oppein Home, Xiamen Tungsten, Shenzhou Taiyue, Baoli Food, Sungrow Power Supply, Huace Film & Television, and Sanqi Interactive Entertainment [18]. Fund Size - The fund's size was reported to be 135 million yuan as of the end of Q2 2025 [15].

《中国民航报》、中国民航网 记者胡夕姮 报道：7月18日，随着9C7118次航班轻盈降落在上海虹桥机 场的跑道上，春秋航空资深乘务教员尤玉菡以优雅从容的姿态，完成了职业生涯的最后一次飞行任务。 在春秋航空开航二十周年的历史性时刻，这位拥有三十年民航生涯的"蓝天园丁"正式荣休。她用"零投 诉、零差错"的完美服务记录，为中国民航业树立了难以逾越的标杆。其亲手培育的33名乘务员，如今 已如星辰般闪耀在春秋航空各个重要岗位，有的成为客舱部骨干，有的已跻身公司管理层，成为保障公 司持续安全、优质运营的重要支撑，续写着她"安全至上、服务为本"的职业精神。 在春秋航空发展壮大的关键阶段，尤玉菡凭借丰富的实践经验和前瞻视野，在管理岗位上推动客舱部运 营的规范化与专业化升级。作为资深检查员和乘务教员，她将精湛的客舱技能、深入骨髓的安全理念和 以客为尊的服务哲学倾囊相授，以严苛标准守护航班品质底线。在她职业生涯的收官航班上，与昔日弟 子同舱执飞的温馨画面，成为"云端传承"的生动注脚。 （本文图片均由春秋航空供图） 当银鹰划过虹桥的暮色，尤玉菡的职业生涯画上圆满句号。作为民航安全的践行者、客舱体系的奠基 者、专业人才的培育者，她的 ...

Core Viewpoint - The HSBC Jintrust Consumer Dividend Stock Fund (540009) reported a profit of 2.0889 million yuan for Q2 2025, with a weighted average profit per fund share of 0.0084 yuan, and a net value growth rate of 0.97% during the period [3]. Fund Performance - As of the end of Q2 2025, the fund's scale was 196 million yuan [15]. - The fund's unit net value was 0.798 yuan as of July 18 [3]. - Over the past three months, the fund's adjusted unit net value growth rate was 0.15%, ranking 23 out of 41 comparable funds [3]. - Over the past six months, the adjusted unit net value growth rate was 3.38%, ranking 26 out of 41 comparable funds [3]. - Over the past year, the adjusted unit net value growth rate was 18.72%, ranking 9 out of 41 comparable funds [3]. - Over the past three years, the adjusted unit net value growth rate was -10.47%, ranking 11 out of 37 comparable funds [3]. Risk Metrics - The fund's Sharpe ratio over the past three years was -0.0217, ranking 13 out of 37 comparable funds [8]. - The maximum drawdown over the past three years was 30.23%, ranking 31 out of 37 comparable funds [10]. - The largest single-quarter drawdown occurred in Q1 2022, at 23.74% [10]. Investment Strategy - The fund maintained an average stock position of 88.87% over the past three years, compared to the industry average of 87.68% [13]. - The fund's highest stock position was 93.2% at the end of Q3 2019, while the lowest was 81.25% at the end of Q1 2025 [13]. - The fund's management indicated a focus on resilient stocks and adjustments in positions based on mid-term growth potential and certainty, with increased allocations in the agricultural sector during Q2 [3]. Holdings Concentration - As of the end of Q2 2025, the fund had a high concentration in its top ten holdings, which included Hai Da Group, Gree Electric Appliances, SF Holding, Muyuan Foods, Wens Foodstuff Group, HLA Corp, Spring Airlines, Yonghui Superstores, Ximai Food, and Sun Paper [18].