Economic Growth - Uzbekistan's GDP is projected to grow by 7.7% in 2025, an increase of 1 percentage point from 6.7% in 2024, marking the highest growth rate since 2021 [1] Inflation and Income - The inflation rate is expected to decrease from 9.8% to 7.3%, while the growth rate of real household income is anticipated to decline from 11.7% to 9.2% [1] Population and Employment - The resident population of Uzbekistan is projected to increase by nearly 700,000, surpassing 38.23 million [1] Industrial and Sector Performance - Industrial output growth is expected to slightly rise from 6.5% to 6.8%, with the construction sector showing significant performance, growing by 14.2% [1] - Agriculture, forestry, and fishing are projected to grow by 4.4%, while retail services are expected to increase by 14.7% [1] Trade and Transportation - Foreign trade volume is expected to grow by 20.7%, with exports increasing by 24% and imports by 18.5% [1] - Freight turnover is projected to grow by 1.9%, while passenger turnover is expected to increase by 5.8% [1] - Retail sales are anticipated to grow by 11.2% [1]

Core Viewpoint - China National Airlines (601111.SH) reported an increase in passenger turnover and capacity for December 2025, indicating positive growth trends in both domestic and international markets [1] Group 1: Passenger Operations - The group's passenger turnover (measured in revenue passenger kilometers) increased by 10.0% year-on-year [1] - Passenger capacity (measured in available seat kilometers) rose by 4.0% year-on-year [1] - Domestic passenger capacity increased by 4.2%, with a corresponding turnover increase of 10.6% [1] - International passenger capacity grew by 4.1%, while turnover rose by 9.1% [1] - Regional passenger capacity decreased by 0.7%, but turnover increased by 4.1% [1] - The average passenger load factor reached 82.2%, up by 4.5 percentage points year-on-year [1] - Domestic routes saw a load factor increase of 4.9 percentage points, international routes increased by 3.6 percentage points, and regional routes rose by 3.4 percentage points [1] Group 2: Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) decreased by 1.9% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) increased by 5.3% year-on-year [1] - The cargo load factor was 39.2%, up by 2.7 percentage points year-on-year [1]

Core Viewpoint - China Southern Airlines (600029.SH) reported an increase in passenger capacity and turnover for December 2025, indicating growth in both domestic and international markets, despite a slight decline in overall passenger load factor [1] Passenger Operations - Passenger capacity (measured in available seat kilometers) is expected to rise by 11.89% year-on-year, with domestic, regional, and international segments increasing by 6.81%, 2.80%, and 25.76% respectively [1] - Passenger turnover (measured in revenue passenger kilometers) is projected to grow by 11.20% year-on-year, with domestic, regional, and international segments increasing by 6.88%, 5.72%, and 22.77% respectively [1] - The passenger load factor stands at 84.05%, reflecting a year-on-year decrease of 0.53 percentage points, with domestic and regional segments showing slight increases of 0.05 and 2.16 percentage points, while the international segment decreased by 2.03 percentage points [1] Cargo Operations - Cargo capacity (measured in available ton kilometers) is anticipated to increase by 19.28% year-on-year [1] - Cargo turnover (measured in revenue ton kilometers) is expected to rise by 10.86% year-on-year [1] - The cargo load factor is reported at 51.95%, which is a year-on-year decline of 3.95 percentage points [1]

Core Insights - The company reported an increase in passenger turnover volume (measured in revenue passenger kilometers) for July 2025 compared to the previous year [1] - The overall capacity input for passenger transport (measured in available seat kilometers) rose by 2.3% year-on-year, while passenger turnover volume increased by 2.2% [1] Domestic Operations - Domestic passenger capacity input decreased by 0.4% year-on-year, with passenger turnover volume also declining by 0.2% [1] - The average load factor for domestic routes increased by 0.1 percentage points year-on-year [1] International Operations - International passenger capacity input saw a significant increase of 10.3% year-on-year, with passenger turnover volume rising by 9.7% [1] - The average load factor for international routes decreased by 0.4 percentage points year-on-year [1] Regional Operations - Regional passenger capacity input declined by 3.9% year-on-year, with passenger turnover volume down by 3.4% [1] - The average load factor for regional routes increased by 0.3 percentage points year-on-year [1] Cargo Operations - Cargo capacity input (measured in available cargo ton kilometers) increased by 3.3% year-on-year, while cargo turnover volume (measured in revenue cargo ton kilometers) rose by 7.9% [1] - The cargo load factor was reported at 42.9%, an increase of 1.8 percentage points year-on-year [1] Fleet Update - In July 2025, the group introduced one C919 aircraft, one A320 series aircraft, and one B737 series aircraft, while retiring two A330 series aircraft [1] - As of the end of July 2025, the group operated a total of 935 aircraft, including 417 owned, 224 under finance leases, and 294 under operating leases [1]

Core Insights - In June 2025, Estonia's railway freight volume was 450,000 tons, representing a 15% year-on-year decline after three consecutive months of growth in March, April, and May [1] - The freight turnover in June was 4,127 million ton-kilometers, showing a year-on-year decrease of 21.1% [1] - For the first half of the year, the cumulative railway freight volume reached 3,739,000 tons, down 2.6% year-on-year, while the freight turnover was 31,402.7 million ton-kilometers, reflecting a 6.8% year-on-year decline [1]