责任编辑：栎树 | 代码 | 名称 | 最新价 涨跌幅 v | | --- | --- | --- | | 00753 | 中国国航 | 5.780 3.77% | | 00670 | 中国东方航空股 | 3.220 3.21% | | 01055 | 中国南方航空股 | 4.060 2.01% | | 00357 | 美兰空港 | 10.510 0.67% | 港股航空股普遍上涨，其中，中国国航涨近4%，中国东方航空涨3.2%，中国南方航空涨2%，美兰空港 跟涨。 消息上，中信证券研报指出，2025年国庆中秋假期航空出游需求旺盛，量价或有超预期表现，释放积极 信号。民航"反内卷"工作逐步展开，或从托底价、控时刻、代销监管等方面加强监管，有望对行业价格 形成支撑，建议关注航司业绩弹性。飞机低引进+发动机维修使得有效供给延续低增长，新订单对行业 供给影响或有限，无需过分担忧。四季度行业量价表现或迎拐点，关注淡季布局时机。 ...

智通财经APP获悉，中信证券发布研报称，9月中旬以来民航公商务需求环比改善，高客座率传递至票 价端，根据航班管家，十一预定数据量价双升，淡季关注公商务需求的持续改善。中信证券预计十一假 期日均客运量同比增长6.4%，2025年国庆春秋长假8天，考虑拼假下错峰出行增加将托底客流波谷，期 待4Q25公商务需求改善推动全票价持续正增长。 民航"反内卷"群策群力，关注后续边际变化，潜在抓手包括托底价、控时刻、代销监管等方面。未来3 年供给端强约束明确，考虑上游飞机制造商、尤其发动机产业链恢复进度，即使新签订单2029年之前或 亦难交付。 中信证券主要观点如下： 3Q25航司利润或同比略增，淡季关注因公需求改善，重视航司利润拐点。 暑期民航公商务需求偏弱，航油成本下降贡献利润边际变量，近期公商务需求改善提振航司4Q25亏损 收窄的信心，收益端亦有望成为业绩改善的支撑因素。目前影响公商务需求的负面因素或已充分反应， 9月中旬以来公商务需求改善持续，高客座率反映的需求修复传递至票价端，十一预定数据表现为量价 双升（据航班管家统计，截至9月21日，十一假期国内线平均预售裸票价同比增长7.9%），淡季关注公 商务需求的持续改善 ...

2025.09. 27 本文字数：1508，阅读时长大约3分钟 作者 | 第一财经 陈姗姗 封图 | AI生成 早在7月初，民航局曾召开电视电话会，专题部署民航领域综合整治"内卷式"竞争工作。这次会议上提 到，部分航空公司为争夺市场份额，过度低价，扎堆投放运力，收益水平低，导致我国航空市场尽管保 持增长，但"旺丁不旺财，增收不增利"的现象突出，这是民航"内卷式"竞争的直接表现。 多位航司人士对记者指出，目前在国内航线上，部分航司会在深夜或者周末"偷放"低价票，而一旦下 调票价，就能监测到对方的收客有明显增加，客座率差异明显时，自家也不得不跟进降价。 这也反映了民航"反内卷"相比快递要困难得多。 在快递业，"三通一达"和极兔占据了绝对的市场份额，而在民航业， 65家客运航司正在分食"国内航 线"的蛋糕 ，并且目前还处于国内市场运力过剩，高铁不断分流民航客源的现实环境下。 因此，也有业内人士指出，规范国内航司的退出机制，改变单纯依靠价格的同质化竞争，才是缓解"票 价内卷"之道，毕竟有些航司自疫情开始至今仍在亏损，但竟然没有一家像国外航司一样破产停运。 为此，民航局称要规范市场价格行为，尽快制定完善航空运输价格行为 ...

Core Viewpoint - The article discusses the release of the "Self-Regulatory Agreement for Air Passenger Transport" by the China Air Transport Association, which aims to enhance safety, service quality, operational efficiency, and market regulation in the domestic aviation industry while ensuring fair competition and consumer rights [3]. Group 1: Key Provisions of the Agreement - The agreement emphasizes strict adherence to pricing laws and anti-unfair competition laws to eliminate malicious competition practices such as below-cost dumping and false advertising [5]. - It addresses the issue of "price wars" in domestic routes, where airlines engage in excessive low pricing to gain short-term profits, leading to a situation where the industry grows but profitability does not [6][7]. - The agreement mandates increased supervision of airline sales networks and agents to ensure compliance with published pricing and service conditions, prohibiting unauthorized sales practices [8]. Group 2: Industry Context and Reactions - The Civil Aviation Administration of China has initiated measures to combat "involution" in the aviation sector, which refers to excessive competition leading to unsustainable pricing strategies [9]. - Major airlines have begun to promote the "Civil Aviation Version of 12306," a direct sales platform that offers transparent pricing and aligns with airline rules, as part of the effort to counteract involution [11]. - Despite these efforts, the average economy class ticket price in the first half of 2025 remains lower than both the previous year and pre-pandemic levels, indicating ongoing challenges in the market [11].

Core Viewpoint - The "Self-Discipline Convention for Air Passenger Transport" aims to enhance safety, service quality, operational efficiency, and market regulation in the domestic aviation industry while ensuring fair competition and protecting the rights of consumers and operators [1][5]. Group 1: Pricing and Competition Regulations - The convention emphasizes strict adherence to pricing laws and anti-unfair competition laws to eliminate malicious competition practices such as below-cost dumping and false advertising [2][4]. - The issue of "below-cost dumping" is highlighted as a significant concern in the domestic aviation market, where price wars have led to a situation where revenue growth does not translate into profit [3][6]. Group 2: OTA and Sales Practices - Online Travel Agencies (OTAs) are identified as major platforms for ticket sales, but they often engage in practices like price markups and bundled sales, leading to discrepancies between actual prices paid by consumers and advertised prices [3][4]. - The convention mandates enhanced supervision of OTAs and ticket agents to ensure compliance with airline pricing, conditions of use, and refund policies, prohibiting unauthorized sales practices [4][5]. Group 3: Credit Evaluation and Compliance - A credit evaluation mechanism for OTA operators and ticket agents is to be established, along with a system for agent registration and public disclosure [5]. - The China Air Transport Association will regularly assess compliance with the convention, providing guidance and corrective measures for violations [5]. Group 4: Industry Trends and Future Directions - The introduction of the "Civil Aviation Version of 12306" aims to provide a transparent and direct sales platform for tickets, supported by regulatory authorities [6]. - Despite ongoing price declines in the industry, there is a call for airlines to address overcapacity and homogeneous competition to alleviate pricing pressures and meet diverse consumer needs [6].

Group 1 - The U.S. President Trump signed an executive order establishing "reciprocal tariffs" on multiple countries, with rates ranging from 10% to 41% [2] - The U.S. has suspended the tax exemption policy for small packages, affecting many parcels from China, prompting a response from the Chinese Foreign Ministry urging fair competition [3] - The Chinese Ministry of Commerce stated it will conduct regulatory reviews regarding the sale of ports by CK Hutchison Holdings to protect market competition [5] Group 2 - The manufacturing PMI in China fell to 49.3 in July, a decrease of 0.4 percentage points from the previous month, indicating a slight contraction in manufacturing activity [7] - The National Development and Reform Commission emphasized the need for high-quality urban renewal and the integration of rural populations into urban areas [8] - The National Health Commission released a new treatment plan for Chikungunya fever, aiming to improve medical care standards [9] Group 3 - The National Medical Insurance Administration supports the clinical application and pricing of new technologies, including brain-machine interfaces [10] - Beijing reported 44 deaths and 9 missing persons due to severe flooding, highlighting the impact of extreme weather on urban infrastructure [11] - Beijing's government announced 15 measures to enhance the fertility support policy, including the establishment of a birth subsidy system [12] Group 4 - JD.com announced a voluntary public acquisition offer for CECONOMY at €4.6 per share, marking a significant investment in the European market [24] - Domestic airlines collectively supported the launch of the "Civil Aviation Official Direct Sales Platform," indicating a shift towards reducing competition pressures in the industry [23] - Institutional investors showed significant buying interest in Industrial Fulian, with a net purchase of approximately 1.5 billion yuan [26]