近期航空货运领域动态频频，中亚航空新开航线构建亚欧新通道，东南亚对美空运量技术性反弹彰显市 场韧性，阿提哈德航空推迟 IPO 静待合作价值释放。这三大事件并非孤立存在，而是分别从航线网 络、市场调节、资本战略三个维度，揭示全球航空货运格局的深层变革。 中亚航空破局：亚欧高附加值货运走廊的 "新玩家" 中亚航空上海 - 阿姆斯特丹货运航线的开通，绝非简单的航点增加，而是对传统亚欧航空货运通道的一 次结构性补充。这家以塔什干为核心的航司，在获得中国大陆航线运营权仅 3 个月后，便密集新增上 海、鄂州航点，并快速完成塔什干 - 杭州首航，其扩张速度背后是对亚欧贸易痛点的精准把握。 从网络布局来看，中亚航空已串联起 7 国 9 城的转运网络，将中亚的杜尚别、比什凯克，中东的迪拜双 机场、伊斯坦布尔等关键节点纳入其中，形成了东亚与欧中东市场的高效衔接枢纽。这种布局恰好填补 了传统航线在中亚区域覆盖的空白，为中国与中亚国家的能源、农产品等贸易提供了更直接的空运选 项。 机队配置更凸显其战略定位：8 架 B767 货机（含 7 架客改货）及新增的 B757-200 机型，专注于危险 品、生鲜冷链等高附加值货物运输。这意味着 ...

7月27日凌晨5点23分，一架法国达飞航空货运公司的A330-200F全货机，满载57吨跨境电商货物，从新 疆机场集团乌鲁木齐天山国际机场腾空而起，飞往法国巴黎和西班牙马德里。这标志着乌鲁木齐至巴 黎/马德里定期国际货运航线正式开通，乌鲁木齐国际货运航空枢纽布局再添重要新航点。达飞航空作 为首家进入乌鲁木齐航空市场的法国航空公司，进一步丰富了乌鲁木齐航空货运枢纽的国际合作伙伴网 络。 据悉，新开通的航线中，乌鲁木齐至马德里段每周执行四班，乌鲁木齐至巴黎段每周执行一班。该航线 的开通是乌鲁木齐天山国际机场深度融入全球航空物流体系、新疆机场集团加速推进乌鲁木齐国际货运 航空枢纽建设的关键成果，将为新疆与欧洲之间的经贸往来、文化交流及人员流动构建起更高效便捷的 空中通道。 首航仪式于当日举行。乌鲁木齐市国际陆港区与临空经济区管委会、市发改委、乌鲁木齐地窝堡机场海 关、乌鲁木齐出入境边防检查站、法国达飞航空货运公司、乌鲁木齐国际机场分公司及天翼国际物流公 司相关负责人共同出席，见证这一里程碑时刻。 新疆天翼国际物流有限责任公司副总经理朱丽吐孜·阿扎提拜克介绍："新航线彻底改变了新疆无直飞法 国和西班牙航空货运的历史。 ...

Core Viewpoint - The successful transportation of high-value medical special cargo from Shenyang to Fuzhou marks a significant shift for Shenyang Airport Logistics from passive support to proactive marketing, indicating a historical breakthrough in self-developed cargo sources [1][4]. Group 1: Market Strategy - In the context of global supply chain restructuring, the focus of air cargo competition is shifting towards cargo source dominance [4]. - Shenyang Airport Logistics has established a marketing task force aimed at self-developing cargo sources, targeting high-end manufacturing and fresh cold chain markets [4]. - The company has successfully developed medical special cargo for the Fuzhou direction, completing the entire process of demand exploration and support independently, thus breaking away from traditional agency reliance [4]. Group 2: Operational Tactics - The initial success is attributed to three key operational tactics: 1. Process collaboration: Breaking down departmental barriers to establish real-time information links for seamless execution from demand to delivery [4]. 2. Resource flexible scheduling: Allocating resources based on cargo priority to achieve zero waiting at critical stages, significantly enhancing efficiency [4]. 3. Node lean management: Utilizing professional technology to convert safety requirements into quantifiable standards, thereby strengthening transportation quality [4]. Group 3: Future Outlook - The initial success is just the beginning, as Shenyang Airport Logistics plans to leverage its network of 36 airlines, 222 routes, and 104 operational points to deepen its presence in international core markets [5]. - The company aims to solidify its domestic and Hong Kong markets through innovation and upgrades, expanding its competitive edge and building a scale advantage in self-developed cargo sources [5]. - The achievements in self-developing cargo sources are expected to propel the company from business scale expansion to value creation, contributing to the development of a regional air transport network centered around Shenyang [5].

Core Points - The Urumqi-Paris/Madrid cargo route has officially opened, with the first flight carrying over 50 tons of cross-border e-commerce goods [1] - The route is scheduled to operate 5 flights per week, with an annual capacity exceeding 15,000 tons [1] - Inbound goods primarily include high-value products such as fresh seafood from France, Iberian ham from Spain, luxury items, and high-end clothing, while outbound goods mainly consist of cross-border e-commerce packages [1] Industry Impact - As of July 25, the international cargo throughput at Urumqi Tianshan International Airport reached 55,000 tons, marking a nearly fourfold year-on-year increase [1] - The airport has established an international cargo route network covering 20 countries across Central Asia, West Asia, Europe, and Africa, enhancing its international hub functionality [1]

Core Viewpoint - The successful launch of the Guangzhou-Luxembourg intercontinental cargo route by China Post marks a significant development in enhancing international logistics capabilities and supports the establishment of a global logistics center in the Guangdong-Hong Kong-Macao Greater Bay Area [4][5]. Group 1: Route Details - The Guangzhou-Luxembourg route is the first direct intercontinental cargo route from Guangzhou Baiyun International Airport and the third route opened by China Post to Luxembourg this year, following Nanjing-Luxembourg and Zhengzhou-Luxembourg [4]. - All three routes have a flight duration of under 13 hours, allowing for same-day delivery of postal goods to Luxembourg, a key logistics hub in Europe, facilitating quick access to major economies like Germany, France, and Belgium [4]. Group 2: Strategic Partnerships - The opening of the Guangzhou-Luxembourg route aligns with a strategic cooperation framework agreement signed between China Post Group and the Guangzhou Municipal Government on June 25, aimed at building a globally competitive international logistics center [5]. - The collaboration between the Guangdong branch of China Post and Guangdong Airport Group focuses on the development of a postal aviation hub in the Greater Bay Area, contributing to the new development pattern of the region [5].

Core Viewpoint - Zhengzhou is emerging as a key logistics hub for cross-border e-commerce in inland China, facilitating global buying and selling [1] Group 1: Logistics Development - On July 17, a B747F freighter operated by Kalitta Air took off from Zhengzhou International Airport, carrying approximately 94 tons of cross-border e-commerce goods to Los Angeles, USA [1] - The flight included various product categories such as clothing, shoes, bags, and home goods [1] - The new route "Zhengzhou-Los Angeles" is set to operate three times a week (Monday, Thursday, and Saturday), enhancing the logistics capacity for foreign trade enterprises [1] Group 2: Strategic Importance - The launch of this route provides an efficient and reliable intercontinental air cargo logistics channel from Central China to the West Coast of North America [1] - This development is expected to strengthen Zhengzhou's position as a logistics hub for cross-border e-commerce and an inland open highland [1] - It plays a significant role in promoting high-level opening up in the central region, serving the national unified market, and supporting the dual circulation construction of domestic and international markets [1]

Core Viewpoint - SF Airlines has launched a new international cargo route from Xi'an to Vientiane using Boeing 757-200 freighters, marking its first flight to Laos and enhancing its capabilities in dangerous goods air transport [1][3]. Group 1: Company Developments - The new route allows for the safe export of over 20 tons of Class 1 dangerous goods, showcasing SF Airlines' commitment to expanding its operational reach in Southeast Asia [1]. - Since its establishment, SF Airlines has focused on building a comprehensive service system for dangerous goods air transport, transitioning the air logistics industry from rapid growth to high-quality development [3]. - SF Airlines has been granted approval for the transportation of all categories of dangerous goods since January 2020, and has invested in hardware, talent, and service processes to enhance its competitive edge in this sector [3]. Group 2: Industry Context - The Civil Aviation Administration of China (CAAC) issued guidelines in 2021 aimed at establishing a safe, efficient, and high-quality public air transport service system for dangerous goods by 2025, with a modern governance system by 2035 [6]. - SF Airlines has successfully completed various dangerous goods transport tasks, including the export of large lithium batteries and the urgent transport of virus strains, demonstrating its operational capabilities [6][7]. - The company plans to continue improving safety management, enhancing personnel training, and developing a more efficient transport network to meet domestic and international demands for dangerous goods air transport [7].

Group 1 - Chengdu's Tianfu International Airport and Shuangliu International Airport reported significant cargo throughput growth in the first half of the year, with Tianfu reaching 216,200 tons (up 24.43%) and Shuangliu at 355,600 tons (up 21.68%) [1] - Chengdu's air cargo throughput accounted for over 50% of the Southwest region's total, reinforcing its status as a "million-ton level" air cargo city and reflecting the optimization of international logistics channels and industrial upgrades [1] - In the first five months, Sichuan's foreign trade reached 430.52 billion yuan (up 7.5%), with Chengdu contributing over 350 billion yuan (up 10.4%), accounting for 81.7% of the province's total [2] Group 2 - Chengdu has opened multiple international cargo routes this year, including direct flights to destinations like Doha, Delhi, and Amsterdam, enhancing its international air cargo market [2][4] - The opening of new routes, such as the direct flight to East Midlands in the UK, facilitates the transport of automotive parts and fresh produce, supporting Chengdu's strategic development as a western trade hub [4] - Chengdu currently operates over 80 international and regional cargo routes, the highest in China's central and western regions, establishing an efficient international air transport network [4] Group 3 - Chengdu Customs has significantly improved the efficiency of fruit imports, with over 90% of imported fruits being transshipped within two hours of arrival [5][7] - The "import airside internal transfer" optimization model has reduced transfer times by 5 hours and lowered handling costs by approximately 0.5 yuan per kilogram for companies [7] - The rapid development of air cargo in Chengdu reflects the growth of high-end manufacturing, electronic information, biomedicine, and cross-border e-commerce industries [8]

Core Insights - Global air freight demand increased by 2.2% year-on-year in May 2024, with international demand growing by 3.0% [1] - Air freight capacity also saw a year-on-year increase of 2.0% in May 2024, with international capacity rising by 2.6% [1] Industry Performance - The resilience of the air freight industry is highlighted despite a 10.7% decline in cargo volume from Asia to North America due to changes in U.S. tariff policies [1] - Global industrial production grew by 2.6% year-on-year in April 2025, while air freight volume surged by 6.8%, outpacing global trade growth of 3.8% [1] - In May 2025, jet fuel prices decreased by 18.8% year-on-year and 4.3% month-on-month [1] Regional Analysis - Asia-Pacific airlines experienced the highest growth in air freight demand at 8.3% year-on-year in May 2024, with capacity increasing by 5.7% [1] - North American airlines saw a decline in air freight demand by 5.8% year-on-year, marking the slowest growth among all regions, with capacity down by 3.2% [2] - European airlines reported a 1.6% increase in air freight demand and a 1.5% rise in capacity [2] - Middle Eastern airlines experienced a 3.6% growth in demand and a 4.2% increase in capacity [2] - Latin American airlines had a 3.1% increase in demand and a 3.5% rise in capacity [2] - African airlines faced a 2.1% decline in demand, while capacity grew by 2.7% [2]

Core Viewpoint - The focus of the market is shifting towards performance, with many listed companies announcing significant profit increases for the first half of 2024, indicating a positive trend in earnings expectations [1][2]. Performance Highlights - Chipong Micro (芯朋微) expects a net profit increase of approximately 104% year-on-year for the first half of 2025, with projected revenue of around 630 million yuan, a 38% increase [4][5]. - Guohuo Airlines (国货航) anticipates a net profit of 1.18675 billion to 1.26675 billion yuan, reflecting a year-on-year growth of 78.13% to 90.14% [6]. - Daotong Technology (道通科技) projects a net profit of 460 million to 490 million yuan, representing a year-on-year increase of 19% to 26.76% [6]. Market Reactions - Following the announcements of performance increases, many A-share companies experienced significant stock price surges, with some stocks hitting the daily limit up [8]. - A total of 53 A-share companies have released performance forecasts for the first half of 2024, with 17 companies expecting net profit increases exceeding 90% [2][8]. Sector Insights - The semiconductor and technology sectors are highlighted as key areas of focus, with expectations of continued growth driven by AI innovations and strong performance in TMT (Technology, Media, and Telecommunications) sectors [10][11]. - The overall industrial output value in the TMT manufacturing sector is maintaining a growth rate of over 10%, indicating robust sector performance [10]. Strategic Focus - Companies are advised to concentrate on sectors with high earnings certainty, such as overseas computing, gaming, military, and exports, as these are expected to be major sources of excess returns in July [11][12].