Market Overview - The market experienced fluctuations with a trading volume of 1.33 trillion, slightly down by approximately 100 billion from the previous trading day, with over half of the sectors showing gains, particularly in banking, pharmaceuticals, and transportation, while military, computing, machinery, and electronics sectors faced declines [1] - The positive developments in trade negotiations have been quickly reflected in the market, although the absolute tariff levels remain high, indicating ongoing uncertainties in future negotiations [1] - Despite the high opening and subsequent decline, the potential for continued upward movement in the market remains significant, as the trade war and its dynamics may be long-term, with the recent rebound reflecting the market's recognition of these factors [1] Sector Performance - The photovoltaic sector saw some gains but experienced a pullback, driven by rumors of production cuts and supply preservation in the silicon material industry, which have not been officially confirmed, suggesting that this sector may only offer short-term trading opportunities until a significant improvement in the industry fundamentals is observed [2] - The military sector's short-term adjustments have not altered its main position in the market, with the logic for mid-term valuation restructuring becoming stronger [3] Fund Flow - On May 13, the net outflow of funds from the Shanghai Stock Exchange was 6.58 billion, while the Shenzhen Stock Exchange saw a net outflow of 96.72 billion. The sectors with the highest inflows included large state-owned banks, photovoltaic equipment, and joint-stock banks, while the sectors with the largest outflows were military electronics, consumer electronics, and semiconductors [5] Industry Dynamics - The release of the "Precision Denitrification Technology for Magnesium Smelting Industry" marks a global innovation, filling a gap in China's magnesium smelting industry regarding flue gas denitrification technology, with the potential to reduce nitrogen oxide emissions by approximately 10,000 tons annually, achieving a 70% reduction in emissions [11] - The Civil Aviation Administration of China is focusing on optimizing domestic transfer services and enhancing the quality of international route operations, aiming to boost market consumption vitality in the civil aviation sector [12] - Sichuan Province has introduced policies to support the development of low-altitude economy, providing financial support of up to 30% for projects related to large drones, eVTOLs, and flying cars, with a maximum funding limit of 20 million [13] Fund Dynamics - The private equity market is showing signs of recovery, with the number of billion-level private equity firms reaching 87, an increase of 3 since the end of March, driven by a gradual recovery in the issuance market [14] - The Shenzhen Semiconductor and Integrated Circuit Industry Investment Fund has been established with a total scale of 5 billion, primarily investing in key projects and leading enterprises in Shenzhen's semiconductor industry [15][16]

央视网消息：今年以来，我国国际航线网络不断完善。截至目前，通航国家数量已达到79个，国际航班量和旅客量进一步增 加。与此同时，随着出入境等利好政策的不断加持，我国入境游迎来爆发式增长。 我国通航国家达79个 国际航线不断拓展 除了北上广深等机场外，部分支线机场的国际航线也在不断增加，让更多有支线机场的城市受到国际游客的青睐，也进一步推 升了当地的旅游收入。3月，大理机场开通往返胡志明市航线；4月，黄山机场开通往返韩国釜山航线。越来越多的外籍游客选择"打 飞的"到中国不同的城市看山看海，从"过境游"延伸为"深度游"。在湖南张家界协和乡的一家民宿客栈，10多位境外游客正惬意地享 受中国土家菜肴，来自波兰的游客维亚德雷克一家已经在客栈住了3天。 今年2月，张家界新开马来西亚槟城直飞航线，3月新开马来西亚沙巴直飞航线。数据显示，今年以来，张家界荷花国际机场国 际旅客吞吐量达15.2万人次，同比增长7.64%。 民航局数据显示，截至目前，中外航司执行国际客运航班周均达6428班，比去年同期增长25.4%。我国与共建"一带一路"国家间 航班量份额也稳步提高，目前，航班量占比达到约72%。此外，今年以来，我国国际航线网络不 ...

入境游火爆推高民航国际客运市场需求 国际航线网络持续扩容给来自全球各地的人们提供了便利的新选择，再加上出入境等利好政策的不断加持，今年以来，中国入境游迎来爆 发式增长。在上海浦东国际机场，今年的外籍入境旅客就达160余万人次，同比增长近50%。除"北上广深"等机场外，部分支线机场的国际航 线也在不断增加， 进一步推升了当地的旅游收入。 在午后的上海浦东机场，记者见到了来自德国的霍格夫妇，他们刚刚从德国飞抵上海。 同样来自欧洲的阿劳拉也热情地给记者讲述她的旅行计划。 央视网消息：中国民航局消息，今年以来，中国民航国际客运航线网络不断拓展，通航国家数量达到79个，国际航班量和旅客量进一步增 加。 民航局数据显示，今年1—4月，中外航司执行国际客运航班周均达6428班，比去年同期增长25.4%。其中中方航司执飞4470班，比去年同 期增长31.4%；外方航司执飞1958班，比去年同期增长13.6%。我国与共建"一带一路"国家间航班量份额稳步提高，目前航班量占比达到约 72%。 此外，今年以来，我国国际航线网络不断完善，通航国家数量达到79个，国际航班通达性进一步提升。 今年以来，我国国际航线网络持续完善，航班量和旅 ...

美国联邦储备委员会7日结束为期两天的货币政策会议后宣布，将联邦基金利率目标区间维持在4.25%至 4.50%之间不变。这是继1月和3月会议以来，美联储连续第三次选择按兵不动。 | | 0.50% | | | 0.25% | 0.25% | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | MAY 2024 | Federal Reserve Interest Rate Decisions JUNE | JULY | SEPT | NOV | DEC | 2025 | MARCH | MAY | △美国全国广播公司报道截图 自3月以来，总统不断施压美联储降息，甚至一度威胁要为此解雇不愿意降息的美联储主席鲍威尔。虽然 特朗普后来改口称无此打算，但仍抱怨鲍威尔死脑筋。 △路透社报道：美国总统特朗普5月4日表示，他不会在 2026 年 5 月鲍威尔任期结束前解除其职务，但形 容这位央行行长"完全僵化"，并再次呼吁美联储降低利率。 美国财长贝森特5日接受美媒采访时称，本届美国政府的主要目标之一就是把利率降到十年来的最低水 平。 为了应对40年 ...

Summary of Conference Call Records Industry and Company Involved - **Industry**: Civil Aviation - **Company**: Spring Airlines (春秋航空) Key Points and Arguments 1. **Profit Recovery**: The company has shown a recovery in single aircraft profit margins, with figures reaching 19.05 million in 2023 and 18.18 million in 2024, approaching the pre-pandemic level of approximately 20 million in 2019, which was significantly higher than comparable companies in the industry [1][2][3] 2. **Revenue and Profit Performance**: In Q1 2025, the company reported revenue of 5.317 billion, a year-on-year increase of 2.88%, while net profit was 677 million, reflecting a year-on-year decrease of 16.39% [2][3] 3. **Future Profit Potential**: The company anticipates that with the upward trend in the industry and continuous efficiency improvements from its low-cost model, single aircraft profit margins are expected to surpass the 2019 levels in the future [2][3] 4. **Shareholder Returns**: The company has committed to a dividend policy for 2024-2026, ensuring that at least 30% of profits will be distributed to shareholders. For 2024, the total cash dividend is projected to be 798 million (including tax), with a share buyback amounting to 66.86 million, totaling 864 million, which represents 38.03% of the net profit attributable to the parent company for 2024 [2][3] Other Important but Possibly Overlooked Content 1. **Comparison with Peers**: The company’s single aircraft profit levels are highlighted as being superior to those of its peers, indicating a competitive advantage in the market [1][2] 2. **Market Outlook**: The overall industry outlook is positive, suggesting a recovery trajectory that could benefit the company significantly [1][2] 3. **Investment in Efficiency**: The focus on low-cost operational efficiency is a critical factor in the company's strategy to enhance profitability moving forward [2][3]

Group 1 - During the "May Day" holiday, tourist attractions in Liaoning experienced a significant increase in visitor numbers, with a year-on-year growth of 28.19% [1] - The total number of travelers arriving in Liaoning reached 3.679 million, marking an 8.2% increase compared to the previous year [1] - The overall operational passenger volume for transportation in the province was 9.862 million, reflecting a 4% year-on-year increase [1] Group 2 - The number of travelers using public transportation showed varied trends, with road passenger numbers decreasing by 4.4% to 2.824 million, while railway passenger numbers increased by 6.9% to 2.86 million [1] - Air travel also saw growth, with 317,000 passengers departing from airports, a 10.3% increase, and 331,000 arriving, a 6.5% increase [1] - Waterway transport recorded 182,000 passengers departing, up 9.1%, and 168,000 arriving, up 7.4% [1] Group 3 - Private cars remained the most popular choice for travel during the holiday, with highway exit traffic reaching 7.787 million vehicles, a rise of 8.7% [2] - The number of flights in the province increased slightly, with 4,431 takeoffs and landings, a 0.6% increase [2] - Safety measures were emphasized, with 14 supervisory teams conducting inspections and identifying 7,776 safety issues, of which 6,920 were addressed immediately [2] Group 4 - The number of foreign visitors entering Liaoning during the holiday surged, with a 125% year-on-year increase, and visa-free tourists increased by 625% [3] - To manage the influx of travelers, the border inspection station implemented measures such as optimizing entry procedures and establishing visa-free processing areas [3] - The province is focused on enhancing its immigration management policies to facilitate better international exchanges and improve the quality of border openings [3]

Core Insights - The aviation industry in China experienced a significant increase in passenger volume and flight operations during the "May Day" holiday, with a total of 11.15 million passengers transported, marking a 55.4% increase compared to 2019 and an 11.8% increase compared to 2024 [1] - The average price of domestic economy class tickets during the holiday was approximately 779 yuan, reflecting a 0.4% increase from 2019 and a 5.3% increase from 2024, indicating a shift in pricing dynamics despite high demand [1] Domestic Aviation Performance - The Civil Aviation Administration of China (CAAC) reported that the average passenger load factor reached 85% during the holiday, up 1.5 percentage points from 2019 and 4.4 percentage points from 2024 [4] - Daily flight operations averaged 18,148 flights, recovering to 112.8% of the 2019 levels, with domestic passenger flights reaching 69,000 [4] - Significant growth was observed in passenger traffic at regional airports, with some locations experiencing over 100% year-on-year increases in throughput [4] Travel Trends and Consumer Behavior - The trend of "combining holidays" led to a surge in interest for long-distance travel to less popular destinations, with booking volumes for certain areas like Xinjiang and Tibet increasing by over 100% compared to last year [5] - Younger travelers (ages 19-22) showed a 60% increase in purchasing their first flight tickets, while older travelers (ages 60-80) also saw a 40% increase in similar purchases [5] International Travel Dynamics - International travel also saw a notable uptick, with outbound flight bookings increasing by over 30% and inbound bookings surging by 130% [7] - Popular international destinations included Japan, South Korea, and Vietnam, with significant growth in bookings from Australia and Canada [6][7] - Despite the growth in international travel, many routes have not fully recovered to pre-pandemic levels, with some routes still below 70% of 2019 capacity [7][10] Future Outlook - The CAAC plans to continue promoting international flight increases, focusing on both traditional and emerging markets to enhance service and connectivity [10]

假日消费是观测经济活力的重要窗口期，我们对五一假期消费数据简评如下。 一、出行：人员流动活跃，民航量价齐升 据交通运输部，今年五一假期期间（5月1日至5月5日），全社会跨区域人员流动量达14.66亿人次，日均超2.9 亿人次，同比增长7.9%，较2019年同期增长23.7%，超出节前预期。分出行方式看： 1）与2024年同期相比，各类出行方式的客运量实现平稳增长。 五一假期，水运/民航/铁路/非营业性小客车/营 业性公路客运量分别同比增长23.8%/11.8%/10.8%/8.1%/4.4%，水路表现相对突出。 2）与2019年同期相比，自驾出行仍是主力。 高速公路及普通国省道非营业性小客车人员出行量较2019年同期 增长超50%，在人员流动总量中占比接近八成，自驾出行延续高热度。营业性运输中，铁路、民航表现较好， 客流较2019年同期分别增长36.6%、24.2%；公路和水运恢复程度较低。 图1：五一期间各类出行方式累计客运量相比2024/2019年同期的增速 注 ： 公路- 非营业 性 包 含 高 速 公 路 及 普 通国省道非营业性小客车 3）民航市场从量升价跌到量价齐升。 从量上看， 据航班管家数据， ...

129万人次！"五一"假期成都民航旅客吞吐量再创新高 金十数据5月6日讯，从四川省机场集团获悉，今年"五一"假期，成都国际航空枢纽完成运输起降8549架 次、旅客吞吐量129万人次、货邮吞吐量1.3万吨，较2024年同期分别增长6.3%、7.3%、12.3%。其中， 国际地区航班649架次、旅客吞吐量8.6万人次、货邮吞吐量0.6万吨，较2024年同期分别增长10.4%、 16.6%、16.3%，国际地区旅客吞吐量恢复至2019年同期的88.4%。 （央视新闻） ...

Market Performance - On the last trading day before the holiday, the Shanghai Composite Index experienced a slight decline of 0.23%, closing at 3279.03 points, while the Shenzhen Component Index rose by 0.51% to 9899.82 points, and the ChiNext Index increased by 0.83% to 1948.03 points. The North Stock 50 Index saw a significant rise of 2.96% [1] - The total trading volume across the Shanghai, Shenzhen, and North exchanges reached 119.33 billion yuan, an increase of over 150 billion yuan compared to the previous day [1] - Sectors such as insurance, electricity, banking, and liquor saw collective declines, while automotive, home appliances, and semiconductor sectors experienced gains [1] Investment Opportunities - Guohai Securities anticipates a structural market in May following the tariff impacts in April, suggesting that small-cap growth and technology sectors may outperform, with a focus on computer, media, and military industries [1] - The Ministry of Transport reported a 5.8% year-on-year increase in cross-regional personnel flow during the first three days of the May Day holiday, indicating strong travel demand [2] - The service consumption sector is expected to receive policy support, with recommendations to focus on the service sector for investment [2] Aviation Sector Outlook - The National Cultural and Tourism Administration predicts domestic tourism during the May Day holiday could exceed 350 million trips, a year-on-year increase of over 15% [3] - The aviation sector is expected to perform well, with historical high utilization rates and a projected average ticket price decline of no more than 5% during the holiday [3] Water Price Reform - Guangzhou's water price reform will take effect on June 1, with residential water prices increasing by 29% and non-residential prices by 27%, aimed at alleviating cost pressures on water supply companies [4] - The reform is expected to catalyze similar adjustments in other cities, improving the long-term returns of the domestic water supply industry [4] Data Infrastructure Investment - The National Data Bureau announced increased central government funding for long-term data infrastructure projects, aiming to enhance the national data infrastructure framework [7] Satellite Communication Regulations - New regulations for direct satellite service management will take effect on June 1, 2025, promoting the integration of satellite communication with ground mobile communication and encouraging applications in various fields [8] Retail and Consumption Trends - During the May Day holiday, key retail and catering enterprises reported a 6.3% year-on-year increase in sales, with significant growth in the automotive and home appliance sectors [9] - The sales of home appliances, automobiles, and communication equipment saw year-on-year increases of 15.5%, 13.7%, and 10.5%, respectively [9] Gold Investment Demand - The World Gold Council reported a 1% year-on-year increase in global gold demand in Q1 2025, with investment demand surging by 170% to 552 tons, the highest quarterly level since Q1 2022 [10] M&A Activity - Midea Group announced the successful acquisition of Teka Group, which is expected to enhance Teka's global competitiveness and support its market position in Europe and Latin America [13]