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]

Core Viewpoint - The report from CITIC Securities indicates a strong growth in civil aviation passenger traffic, with expectations for a robust summer travel season in 2025, driven by increased travel demand and favorable government policies [1] Group 1: Travel Demand and Performance - The Ministry of Culture and Tourism anticipates domestic tourism to exceed 350 million trips during the "May Day" holiday, representing a year-on-year growth of over 15% [1] - In the first three days of the holiday, inter-regional travel increased by 4.9%, with civil aviation and railways showing year-on-year growth of 12.5% and 10.5% respectively, surpassing pre-holiday expectations [1] Group 2: Aviation Utilization and Pricing - The utilization rate of aircraft reached historical highs during the holiday, with narrow-body aircraft utilization on May 1 increasing by 0.7 hours compared to 2019 [1] - Due to supply constraints and optimized airline revenue strategies, ticket prices are expected to remain stable, with an anticipated average fare decline of no more than 5% year-on-year [1] Group 3: International Travel and Supply Constraints - The report highlights a "two-way warming" in cross-border travel, with the recovery rate of international flights reaching 91% in the first three days of the holiday [1] - Boeing delivery disruptions are expected to further limit supply increases, with a projected net fleet growth rate of only 1% to 2% in 2025, alongside a downward trend in oil prices providing strong support for airline performance [1]