相关事件 港股三大航空股拉升上扬，其中，中国东方航空涨近7%，中国国航涨5%，中国南方航空涨超3%。 消 息上，华泰证券发研报指，9月民航需求好转，带动票价同比回暖。根据航班管家的数据，第36-39周 (9/1-9/28)国内经济舱含油均价同增1.5%(暑运期间为-6.5%)。另外中秋国庆假期民航旅客量虽由于错 峰、天气和日均口径等因素影响，同增3.3%，相比"五一"假期的11.8%有所放缓，不过含油平均票价同 比提升0.3%，表现较为稳健。 往后展望，考虑供给增速低位、行业反内卷、基数较低，我们认为行业 收益水平的回暖有望在4Q延续，并且中长期行业景气有望持续改善。机场公司非航营收增速普遍低于 流量增速，仍需挖掘流量变现能力。中期需关注机场资本开支周期及其对盈利的冲击。(格隆汇) 中国东方航空股份(00670.HK)8月旅客周转量(按客运人公里计)同比上升8.72% 中国东方航空股份 (00670.HK)拟9月12日召开"中国东航、东航物流2025年度中期联合业绩说明会" 中国南方航空股份 (01055.HK)"南航转债"拟10月15日付息 中国南方航空股份(01055.HK)8月旅客周转量同比上升5.97 ...

责任编辑：栎树 往后展望，考虑供给增速低位、行业反内卷、基数较低，我们认为行业收益水平的回暖有望在4Q延 续，并且中长期行业景气有望持续改善。机场公司非航营收增速普遍低于流量增速，仍需挖掘流量变现 能力。中期需关注机场资本开支周期及其对盈利的冲击。 | 代码 | 名称 | 最新价 涨跌幅 v | | --- | --- | --- | | 00670 | 中国东方航空股 | 3.340 6.71% | | 00753 | 中国国航 | 5.690 4.98% | | 01055 | 中国南方航空股 | 4.140 3.24% | 10月15日，港股三大航空股拉升上扬，其中，中国东方航空涨近7%，中国国航涨5%，中国南方航空涨 超3%。 消息上，华泰证券发研报指，9月民航需求好转，带动票价同比回暖。根据航班管家的数据，第36-39周 （9/1-9/28）国内经济舱含油均价同增1.5%（暑运期间为-6.5%）。另外中秋国庆假期民航旅客量虽由于 错峰、天气和日均口径等因素影响，同增3.3%，相比"五一"假期的11.8%有所放缓，不过含油平均票价 同比提升0.3%，表现较为稳健。 ...

Investment Rating - The report maintains an "Overweight" rating for the aviation transportation industry [1] Core Viewpoints - The aviation sector is expected to see a bottoming out of its economic cycle, with potential improvements in demand and pricing as the supply growth remains low [5][8] - Despite a decline in ticket prices during the peak summer season, there are signs of recovery in business travel demand, which may lead to better pricing in the near future [5][8] Summary by Sections Investment Recommendations - China National Aviation (601111 CH): Buy, Target Price: 9.25 CNY [4] - China Eastern Airlines (600115 CH): Buy, Target Price: 4.80 CNY [4] - China Southern Airlines (600029 CH): Buy, Target Price: 7.35 CNY [4] - Spring Airlines (601021 CH): Buy, Target Price: 67.80 CNY [4] - 吉祥航空 (603885 CH): Buy, Target Price: 16.25 CNY [4] - 华夏航空 (002928 CH): Buy, Target Price: 13.65 CNY [4] - Cathay Pacific (293 HK): Buy, Target Price: 13.20 HKD [4] Industry Performance - In August, the three major airlines and Spring Airlines saw a 5.0% increase in available seat kilometers (ASK) and a 5.8% increase in revenue passenger kilometers (RPK), leading to an overall passenger load factor increase of 0.6 percentage points to 86.8% [5][11] - Domestic ticket prices showed a year-on-year decline of 6.5% during the peak summer season, but there was a 2.5% increase in ticket prices in early September [5][8] Company-Specific Insights - China National Aviation reported a revenue of 80.757 billion CNY in the first half of 2025, a 1.6% increase year-on-year, with a net loss of 1.806 billion CNY, narrowing by 35.1% [23] - China Eastern Airlines achieved a revenue of 66.822 billion CNY in the first half of 2025, a 4.1% increase year-on-year, with a net loss of 1.592 billion CNY, narrowing by 42.5% [23] - China Southern Airlines reported a revenue of 86.291 billion CNY in the first half of 2025, a 1.8% increase year-on-year, with a net loss of 1.533 billion CNY, which is a 24.8% increase in loss year-on-year [24] - Spring Airlines reported a revenue of 10.304 billion CNY in the first half of 2025, a 4.3% increase year-on-year, with a net profit of 1.169 billion CNY, a 14.1% decrease year-on-year [24] - 吉祥航空 reported a revenue of 11.067 billion CNY in the first half of 2025, a 1.0% increase year-on-year, with a net profit of 0.505 billion CNY, a 3.3% increase year-on-year [24] - 华夏航空 reported a revenue of 3.610 billion CNY in the first half of 2025, a 12.4% increase year-on-year, with a net profit of 0.251 billion CNY, an increase of 859.0% year-on-year [24] - Cathay Pacific reported a revenue of 54.309 billion HKD in the first half of 2025, a 9.5% increase year-on-year, with a net profit of 3.651 billion HKD, a 1.1% increase year-on-year [24]

Core Viewpoint - The company reported a narrowing net loss in 1H25, with revenue showing slight growth, indicating potential recovery in the industry despite ongoing challenges [1][4]. Financial Performance - In 1H25, the company achieved revenue of 80.757 billion yuan, a year-on-year increase of 1.6%, while the net loss attributable to shareholders was 1.806 billion yuan, a reduction of 35.1% compared to the previous year [1][4]. - For 2Q25, revenue reached 40.734 billion yuan, reflecting a 3.2% year-on-year growth, with a net profit of 238 million yuan, a significant turnaround from a net loss of 1.108 billion yuan in 2Q24 [1][2][3]. Operational Metrics - The company maintained stable supply growth in 2Q25, with ASK (Available Seat Kilometers) and RPK (Revenue Passenger Kilometers) increasing by 4.1% and 7.0% respectively, and passenger load factor improved by 2.2 percentage points to 81.2% [2]. - Domestic routes returned to positive growth with a 1.1% increase, while international ASK growth reached 12.4%, recovering to 93% of 1Q19 levels [2]. Cost and Profitability - The average price of aviation fuel decreased by 17% year-on-year in 2Q25, leading to a 4.4% reduction in unit cost per seat kilometer and a gross margin increase of 3.6 percentage points to 5.4% [3]. - The company recorded an investment income of 660 million yuan in 2Q25, a 13.4% increase, primarily from contributions by Cathay Pacific [3]. Future Outlook - The company plans to inject up to 8.16 billion yuan into Shenzhen Airlines, which is expected to enhance its capital structure and competitive position [4]. - Profit forecasts for 2025-2027 have been revised downwards due to weak domestic ticket prices, with projected net profits of 771 million yuan, 5.246 billion yuan, and 7.965 billion yuan respectively [5].