Domestic Flight Schedule - Domestic airlines' average daily flight schedule for winter 2025 is 15,439 flights, a decrease of 1.8% compared to 2024 and an increase of 20% compared to 2019[4] - Total average daily flight schedule for domestic airlines is 16,911 flights, down 1.6% from 2024 and up 15% from 2019[4] - The average daily flight schedule for international flights is 1,276, an increase of 1.8% from 2024 but a decrease of 19% from 2019[4] International and Regional Flight Recovery - International flight schedules are recovering to 81% of 2019 levels, with domestic airlines' international flights averaging 1,472, maintaining the same recovery rate as 2024[6] - Flights to Australia, North America, Southeast Asia, and Europe are recovering to 79%, 25%, 77%, and 129% of 2019 levels respectively[6] - The average daily flight schedule for international and regional flights is 2,403, recovering to 77% of 2019 levels[52] Investment Insights - The aviation sector is expected to see significant improvements in profitability, driven by strong supply logic and elastic demand[6] - Recommended stocks include China Eastern Airlines, Spring Airlines, China National Aviation, and others, with a focus on the aviation sector's recovery potential[6] - Risks include fluctuations in oil prices, economic growth not meeting expectations, and aviation safety incidents[6]

AI基金万家国企动力混合A（019336）披露2025年中期报告，上半年基金利润1094.68万元，加权平均基金份额本期利润0.1083元。报告期内，基金净值增长 率为12.09%，截至上半年末，基金规模为9008.94万元。 截至9月2日，万家国企动力混合A近三个月复权单位净值增长率为22.68%，位于同类可比基金37/82；近半年复权单位净值增长率为30.79%，位于同类可比 基金22/82；近一年复权单位净值增长率为34.16%，位于同类可比基金32/80。 通过所选区间该基金净值增长率分位图，可以观察该基金与同类基金业绩比较情况。图为坐标原点到区间内某时点的净值增长率在同类基金中的分位数。 该基金属于偏股混合型基金，长期投资于周期股票。截至9月2日，单位净值为1.182元。基金经理是叶勇，目前管理6只基金近一年均为正收益。其中，截至 8月29日，万家北交所慧选两年定期开放混合A近一年复权单位净值增长率最高，达170.72%；截至9月2日，万家双引擎灵活配置混合A最低，为29.8%。 基金管理人在中期报告中表示，在都有供给侧逻辑的情况下，在行业选择中重点看需求侧逻辑的强弱。优先选择需求刚性、经历数年下行 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - The fiscal policy increase in 2025 is expected to support infrastructure investment growth of over 5% [2][3] - The report emphasizes the importance of monitoring the conversion pace of physical workloads in the infrastructure industry chain and investment opportunities in high-prosperity regions, such as Sichuan Road and Bridge [1][3] - The report suggests focusing on cyclical trends in infrastructure and real estate, with particular attention to leading companies in steel structures and chemical engineering [1] Summary by Sections Fiscal Policy and Infrastructure Investment - The government work report indicates a continued implementation of proactive fiscal policies, with a fiscal deficit target of 5.66 trillion yuan for 2025, an increase of 1.6 trillion yuan year-on-year [13] - The total public budget expenditure is projected to be 29.7 trillion yuan, with a year-on-year increase of 1.2 trillion yuan [13] - The report estimates that the increase in fiscal deficit will contribute approximately 3,000 billion yuan to infrastructure funding [20][21] Market Performance Review - The construction index rose by 0.37% during the week of March 3-7, with the Shanghai and Shenzhen 300 index increasing by 0.10% [28] - Notable stock performances included Hainan Huatie (+28.4%), Zhenghe Ecology (+23.6%), and Saiwei Intelligent (+18.9%) [28] Investment Recommendations - Focus on the conversion pace of physical workloads in infrastructure, particularly in high-demand sectors such as water conservancy, railways, and aviation [33] - Recommended stocks include Sichuan Road and Bridge, China Communications Construction, and China Railway Construction, among others [33][34] - Attention should also be given to cyclical engineering sectors, particularly in steel structures and coal chemical projects [34] - The report highlights potential investment opportunities in low-altitude economy, overseas expansion, and small-cap transformation themes [35]