｜2025年7月10日 星期四｜ NO.1中信证券：看好中国铝企的竞争力 每日经济新闻 中信证券研报表示，2023年以来的数个旺季持续验证旅游的高景气，航空尤其受益于长假期的因私出行 需求，客群中因私出行旅客占比提升，强化了旺季市场的弹性。年初以来，各政策持续引导民航业"反 内卷"，5月行业定价政策逐步优化，需求的强势表现或使得各航司对暑运定价更乐观。4月以来国际油 价的大幅下跌叠加国内票价跌幅的收窄，预计二季度大航或实现接近盈亏平衡的利润表现。目前油价波 动已缓解，预计大航2025年三季度或实现50~60亿元利润，创单三季度的历史新高，票价是行业盈利修 复及扩张的最后一环，在紧供给格局延续、因私出游持续景气的背景下，看好未来两年航司的业绩表 现。 NO.3东吴证券：AI驱动无人叉车技术持续发展，智慧物流有望迎来快速发展期 东吴证券研报表示，无人叉车的发展可追溯至自动导引车（AGV）。 AGV技术发展至今已有逾60年的 历史，技术路径已经从磁导式、二维码导航、激光SLAM发展至自主移动（AMR），具备自主路径规 划与动态避障能力，能够实现高阶协同。展望未来，无人叉车将不再是单一设备，而是深度融入智能物 流系统 ...

Core Viewpoint - The report from CITIC Securities indicates that the tourism sector, particularly aviation, has benefited from high demand for personal travel during long holidays, reinforcing market elasticity during peak seasons [1][6]. Group 1: Industry Performance - The aviation industry has seen a significant increase in the proportion of personal travel passengers, which has strengthened the elasticity of the peak season market [1][6]. - Since early 2023, various policies have been guiding the civil aviation industry towards "anti-involution," leading to an optimistic outlook for ticket pricing during the summer travel season [1][6]. - The substantial drop in international oil prices since April, combined with a narrowing decline in domestic ticket prices, is expected to allow major airlines to achieve near breakeven profit in Q2 2023 [1][4][6]. Group 2: Profitability and Cost Management - CITIC Securities forecasts that major airlines could achieve profits of 5 to 6 billion yuan in Q3 2025, marking a historical high for a single third quarter [1][6]. - The implementation of revenue management strategies has begun to show results, with the average price of aviation kerosene decreasing by 16.9% year-on-year, significantly contributing to profitability improvements for airlines in Q2 2025 [2][4]. - The tightening supply situation and the structural changes in demand are expected to drive ticket price elasticity, indicating a potential turning point for airline profitability [2][3]. Group 3: Market Dynamics - The analysis of travel patterns since 2025 suggests that previous operational challenges in the civil aviation sector are being resolved, with improvements in ticket pricing and inbound/outbound demand structures [3]. - The report highlights a shift in consumer behavior towards valuing emotional and experiential aspects of travel, which is expected to sustain demand for tourism [3]. - The introduction of new aircraft is projected to be lower than planned, contributing to a favorable supply-demand dynamic that supports ticket price recovery [3][4].

Group 1 - China Southern Airlines (CSA) will launch direct flights from Wuhan to Moscow starting September 9, allowing passengers to reach the Russian capital in approximately 9 hours [1][3] - The flights will operate every Tuesday and Sunday, with departure times set for 15:10 and return flights at 21:15 [3] - The ticket price for the economy class on the inaugural flight is set at 3,241 yuan, which is lower than the price for connecting flights [3] Group 2 - CSA has made adjustments to both domestic and international routes for the summer travel season, including new direct flights from Wuhan to Altay and Manzhouli [5] - Additional flights have been added to cities such as Harbin, Shenyang, Zhuhai, and Huizhou, enhancing connectivity for travelers [5] - The airline will also increase the frequency of flights to Ho Chi Minh City starting August 1, with flights operating multiple times a week [5]

印航波音787坠机首份调查报告将出炉。 整理 ｜秋夏 点击上方【36氪随声听】，一键收听大公司热门新闻。听完音频记得添加进入 【我的小程序】 中哟！ 印航波音787坠机首份调查报告将出炉，调查聚焦燃油开关操作 全球关注的印度航空AI171航班坠毁事件即将迎来首份官方调查报告。据央视新闻报道，印度航空事故调查局7月8日向印度民 航总局和其他相关部门提交了印度航空波音787-8型客机坠毁事故的初步调查报告。 此前，当地时间6月12日，印度航空一架从艾哈迈达巴德机场飞往伦敦的波音787客机在起飞32秒后坠毁，机上241人遇难，仅 有坐在11A座位的1名乘客生还。据知情人士透露，由印度航空事故调查局主导的初步调查报告预计将于本周五前后公布，调查 已将焦点从机械故障转向发动机燃油控制开关的操作问题。（封面新闻） 周杰伦概念股飞 涨超9成，触 发港股冷静期 机制 7月9日，记者从字节跳动方面获悉，周杰伦已入驻抖音平台。针对市场消息称签约费高达9位数，抖音 方面知情人士回应称系 谣言。记者于上午11时检索"周杰伦JayChou超话"周杰伦账号，粉丝数未过万，半 小时后，周杰伦抖音账号粉丝已过12万。 国家卫健委 叫停阿 尔 ...

Core Viewpoint - Hainan Airlines Holdings Co., Ltd. is experiencing delays in responding to the Shanghai Stock Exchange's inquiry regarding a major asset purchase proposal, with the company requesting extensions to ensure the accuracy and completeness of its responses [1][2]. Group 1 - The company received an inquiry letter from the Shanghai Stock Exchange on June 18, 2025, requiring a written response within 10 trading days [1]. - The company has actively organized relevant parties to address the issues raised in the inquiry letter and has applied for an extension of no more than 5 trading days to provide a complete response [2]. - As of the date of the announcement, the response to the inquiry letter is still being supplemented and improved, leading to another request for an extension of up to 5 trading days [2]. Group 2 - The company emphasizes its commitment to protecting the legitimate rights and interests of all shareholders and will continue to work on providing a timely response [2]. - Investors are encouraged to pay attention to the company's announcements published on the Shanghai Stock Exchange website and designated information disclosure media [2].

Group 1 - The A-share market has seen a significant increase in major asset mergers and acquisitions (M&A), with 104 disclosed projects this year, which is 2.17 times that of the same period last year [1] - The shift in M&A logic from "scale first" to "innovation-driven and ecological synergy" reflects a deeper change in the market, emphasizing the importance of acquiring innovative assets such as data, patents, and production processes [1][2] - The current economic environment reveals limitations in traditional M&A strategies focused on scale, prompting companies to seek core technological breakthroughs and innovative ecosystems to gain competitive advantages [1][3] Group 2 - Companies like Haitan Water Group are leveraging M&A to transition from traditional production to new productive forces, particularly in the photovoltaic silver paste sector [2] - The competition among enterprises has evolved beyond single products to a comprehensive contest of entire industrial chains and innovation ecosystems, driven by intensified product homogeneity and price wars [2] - The trend of innovation-driven and ecological synergy in M&A is expected to create a strong demonstration effect, encouraging more companies to engage in M&A, thereby enhancing the overall technological level and optimizing industrial structure [2][3] Group 3 - The chairman of the China Securities Regulatory Commission highlighted the importance of a financial service system that supports technological innovation and industrial transformation, positioning M&A as a key function in optimizing resource allocation [3] - The transformation of A-share M&A logic is both a spontaneous market evolution and a necessary choice for the capital market to support national strategies, aiming to aggregate innovative elements and upgrade industrial ecosystems [3]

中国青年报客户端讯（中青报·中青网记者 王烨捷）近日，暑运夹杂雷雨高发，给民航系统带来不小的 挑战。受天气因素影响，航班延误的"老大难"问题再次成为暑期出游旅客的出行痛点。记者从中国东航 获悉，该航司为应对这一问题，推出了长延误智能响应、智慧改签中转、航延餐饮革新三大服务体系。 面对长延误的复杂场景，东航从"被动应对"到"主动关怀"。当系统监测到航班延误超阈值时，将触 发"综合解决方案"推送机制，为旅客精准匹配包含改签建议、酒店住宿、接驳交通在内的一站式服务方 案，为旅客后续行程更改提供科学化建议。 来源：中国青年报客户端 等待值机的旅客。中国东航供图 雷雨导致航班延误，东航旅客可以通过手机处理改签事宜。针对已完成线上值机且无托运行李的旅客， 东航在上海虹桥、上海浦东、北京首都、北京大兴、广州、深圳、西安、昆明等机场推出"隔离区自助 改签'随改随走'"服务。 值得一提的是，不仅在地面能改签，在空中也可以实时掌握中转动态信息。通过机上Wi-Fi，旅客扫描 小桌板上的"码上行动"二维码，可以立刻显示出后续航班的中转动态信息，包括转机改签方案、中转柜 台位置等。 此外，航班延误时旅客的就餐问题同样备受关注。针对航班 ...

Group 1 - The core point of the article is the introduction of a new boarding policy by China Southern Airlines, allowing passengers to board flights with only 15 minutes before departure, significantly reducing the traditional check-in time requirement [1][3] - This new service, named "Instant Boarding," is a first in the domestic civil aviation industry, breaking the common practice of closing check-in counters 30 to 40 minutes before flight departure [3][5] - The policy aims to provide convenience for travelers with sudden travel needs, such as last-minute changes or frequent business trips, thereby enhancing the overall travel experience [3][5] Group 2 - For passengers with checked luggage, the check-in time remains 30 minutes before departure, with options for luggage delivery services available [5] - The initiative has sparked discussions on social media, with many users expressing support and suggesting that it should be implemented at more airports [5][7] - The civil aviation industry is currently in a recovery phase, with major airlines reporting significant reductions in losses, indicating a competitive environment against other transportation modes like high-speed rail [7][9] Group 3 - Other airports and airlines are also beginning to shorten their check-in times, reflecting a broader industry trend towards improving travel convenience [7][9] - Recent announcements from various airports have indicated a shift in check-in cut-off times, with some reducing it from 40 minutes to as little as 30 minutes before departure [9]

来源：金融界 经营范围含航空运营支持服务;航空运输设备销售;智能无人飞行器制造;智能无人飞行器销售;园区管理 服务;信息系统集成服务;技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广;卫星通信服 务;气象信息服务;人工智能行业应用系统集成服务;信息咨询服务（不含许可类信息咨询服务）;信息技 术咨询服务;企业管理咨询;工程技术服务（规划管理、勘察、设计、监理除外）;工程管理服务;科技中 介服务;人工智能公共服务平台技术咨询服务;新材料技术推广服务;教育咨询服务（不含涉许可审批的教 育培训活动）;业务培训（不含教育培训、职业技能培训等需取得许可的培训）（除依法须经批准的项 目外，自主开展法律法规未禁止、未限制的经营活动）许可项目：通用航空服务;民用航空维修人员培 训;飞行训练;民用航空器零部件设计和生产;检验检测服务;特种设备安装改造修理;城市配送运输服务 （不含危险货物）;民用航空器维修;民用航空器驾驶员培训;民用航空器（发动机、螺旋桨）生产;建设 工程施工（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以批准文件或许 可证件为准） 企业名称河北通航低空飞行服务保障有限公司法定代表 ...

时隔一年，大湾区航空再次更换CEO。 官网信息显示， 香港航空前董事长侯伟于今年6月出任大湾区航空副主席， 7月兼CEO，取代去年4月刚 获晋升的前CEO吴秀兰。 同时，大湾区航空还委任 TVB电视广播总经理曾志伟为 董事会成员。 走走停停 资料显示，吴秀兰2023年6月加入大湾区航空担任营运总裁，并于2024年4月接任CEO。大湾区航空表 示，吴秀兰因有其他发展而辞去CEO一职。 目前，吴秀兰和其上一任CEO许汉忠，仍为公司董事。 这家大湾区最年轻的航司，在过去两年里有不小的波澜。 今年初，大湾区航空取消了2月至3月期间共128班往返 泰国、韩国、日本及中国台湾的航班，影响旅客 达5,500人。 面对监管部门的询问，公司承认"内部沟通不足"，未充分考虑大量客户查询所带来的应对压力，导致航 班编排失误。 运营端的不稳定，也体现在航线频繁起落的节奏之中。 从5月中旬起，大湾区航空将 德岛—香港航线由每周3班减至2班。而到了9月，该公司将彻底停办米子 和德岛两条航线。 对此，大湾区航空日本地区负责人解释称： 5、6月份米子航线的载客率仅为 43.3%，预计6月更低至 40%，始终处于盈亏平衡点之下，预判未来亦难改 ...