智通财经记者 薛莎莎 实习生 刘馨潞 花了3129元买机票后，发现其他平台标价仅570元。近日，消费者黄先生向澎湃公众互动平台""反映， 2024年11月16日，他花了3129元在航班管家App购买了北京至厦门的机票，随后他发现，在另一款售票 App上，该机票仅售570元。 8月25日，航班管家的客服人员回应智通财经称，已退消费者2559元，关于订单的其他问题，客服人员 会直接与消费者沟通。 黄先生在 购票后，黄先生在某短视频平台发现，有人反映机票在第三方购票平台存在差价，他使用航旅纵横App 查看了该机票的价格。根据他提供的截图，航旅纵横App显示他所购机票"含税票价"为570元，和他此 前购买支付的费用，差价达到2559元。 黄先生随即向民航局投诉，要求"退一赔三"。根据黄先生提供的投诉调解结果页面截图，2024年12月5 日，航班管家在12326民航服务质量监督平台回复称，"由于客户要求赔付金额过大，无法满足用户要求 退款10806元诉求。我司已将差价2559元补退用户......如客户接受后续致电我司，可申请再退款3129 元。" 航旅纵横 app上显示黄先生的机票含税票价为570元。受访者 供图 随 ...

资料显示，途牛公司是中国领先的在线休闲旅游服务商,可以为消费者提供的跟团和自助等打包旅游产 品,还有丰富的机票、酒店、签证等单项旅游产品。途牛航线覆盖了中国420多个出发城市和全球所有热 门目的地。途牛通过各种线上和线下渠道(包括tuniu.com网站),提供一站式休闲旅游解决方案和令人瞩目 的客户体验,包括3000多名专业客户服务代表、一星期7天24小时呼叫中心、约500家线下零售店和34家 本地自营旅行社,并提供丰富的后续服务和保障。 本文源自：金融界 8月21日，途牛(TOUR)盘中上涨5.22%，截至22:41，报0.806美元/股，成交5.28万美元，总市值9347.09 万美元。 财务数据显示，截至2025年03月31日，途牛收入总额1.18亿人民币，同比增长8.85%；归母净利润-469.8 万人民币，同比减少133.77%。 大事提醒： 8月15日，途牛将于(美东)盘前披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国当 地时间，实际披露日期以公司公告为准）。 作者：行情君 ...

Group 1 - The UK's inflation rate rose to 3.8% in July, the highest level since January 2024, significantly above the Bank of England's target of 2% [1][2] - Major contributors to the inflation increase include rising costs of airfares and food [2] - The Bank of England anticipates inflation may peak at 4% in September, with a gradual decline expected thereafter [2][3] Group 2 - The UK labor market remains tight, contributing upward pressure on prices, with wage growth around 5% complicating the Bank of England's efforts to reduce inflation to its target [3] - The current inflation level in the UK exceeds that of the US, which reported a July inflation rate of 2.7%, and is also higher than the Eurozone, where inflation is expected to remain near the European Central Bank's target of 2% [2]

央视网消息：近期，文娱演出市场可谓热度爆表，但在音乐狂欢的背后，各类购票诈骗陷阱也悄然滋生。公安部网安局发布提示，这几类购票陷阱一定要小 心，避免票务诈骗那些"坑"。 套路一："内部人员"代购 套路三："转票"陷阱 社交软件上的"个人转票"信息，看似诚意满满，实则暗藏玄机。诈骗分子会诱导购票者私下交易，转账后便拉黑，或发送一张无法验证的电子票。 演唱会 车票 机票 应通过正规平台购买 违法犯罪分子通常会冒充售票平台的官方票务人员，以"官方渠道""录入内部票"为借口，诱导购票者在官方平台提交邮箱等个人信息"申请"。提交后，便谎 称"信息已录入成功"，随即发来虚假邀请函链接，诱导购票者扫码购票后，会伪造出票错误的假象，诱骗购票者开启屏幕共享"办理退款"，实际上却是在借 机窥探购票者的银行卡号、支付验证码等敏感信息，一步步套取钱财。 套路二：伪造票务网站App 诈骗分子会仿冒正规票务平台的"双胞胎"网站或App，通过网络广告或社交平台大肆宣扬"限时折扣""内部渠道"。但当购票者支付成功后，他们便以"订单异 常""补交手续费"等借口，让购票者再次转账，最后消失得无影无踪。 民警提示：演唱会、车票、机票，应通过正规平台 ...

Core Viewpoint - The civil aviation industry in China is experiencing record-high transportation volumes, but faces significant financial losses and increasing competition pressures, prompting the introduction of self-regulatory measures to combat "involution" in the market [1][5][12]. Group 1: Transportation Volume and Growth - In July, China's civil aviation industry achieved a historical high with a total transportation turnover of 148 billion ton-kilometers, a passenger volume of 71.82 million, and cargo mail volume of 867,000 tons, representing year-on-year growth of 8.6%, 3.9%, and 15.3% respectively [1][6][7]. - Domestic passenger transport reached 64.73 million, up 2.7% year-on-year, while international routes saw a 15.7% increase with 7.09 million passengers [6]. - Cargo transport also showed strong growth, with domestic routes handling 479,000 tons (up 10.8%) and international routes 388,000 tons (up 21.5%) [7]. Group 2: Financial Performance of Major Airlines - The three major airlines reported losses exceeding 40 billion yuan in the first half of the year, with Air China expecting a net loss of 1.7 to 2.2 billion yuan, China Eastern Airlines projecting a loss of 1.2 to 1.6 billion yuan, and China Southern Airlines estimating a loss of 1.338 to 1.756 billion yuan [5][10]. - Factors contributing to these losses include market supply imbalances, changes in passenger demographics, competition from high-speed rail, and increased international uncertainties [10]. Group 3: Price Trends and Market Dynamics - Despite the peak travel season, average ticket prices in July fell by 8.8% year-on-year, indicating weak price performance [11]. - The industry anticipates a potential reduction in supply and a gradual increase in demand as the economy recovers, which may support price increases in the future [11]. Group 4: Regulatory Measures and Industry Response - The China Air Transport Association released a self-regulatory charter aimed at addressing "involution" in the industry, emphasizing adherence to market rules and anti-competitive practices [1][12][14]. - The charter seeks to curb malicious competition, such as predatory pricing and false advertising, and aims to enhance the overall market order [1][12]. - Experts suggest that the charter's implementation could help stabilize the market and improve the industry's long-term competitiveness [14]. Group 5: Recommendations for Market Expansion - To avoid "involution," experts recommend expanding international routes to meet the growing demand for business travel and cross-border tourism, which could enhance the global market share of Chinese airlines [15][16]. - Proper allocation of capacity between trunk and regional flights is essential to prevent competition that undermines pricing and service quality [16]. - A coordinated development strategy between high-speed rail and civil aviation is necessary to optimize the transportation system and mitigate price wars [16].

Investment Rating - The report maintains a "Buy" recommendation for several airlines, including China National Aviation, China Eastern Airlines, Southern Airlines, Spring Airlines, Juneyao Airlines, and Huaxia Airlines, indicating a positive outlook for these companies [5]. Core Insights - The aviation demand growth rate has slowed down year-on-year in July 2025, with the overall capacity growth limited. The six listed airlines in A-shares reported a year-on-year increase of 5.0% in Available Seat Kilometers (ASK) and 5.5% in Revenue Passenger Kilometers (RPK), with an overall load factor of 83.7%, up 0.4 percentage points [1][11]. - The industry is experiencing a price decline, with both domestic and international ticket prices dropping. The domestic economy class ticket prices fell by 7.4% year-on-year, while international ticket prices decreased by 16% [2][12]. - The international routes have recovered to 2019 levels, with ASK and RPK increasing by 12.5% and 12.7% year-on-year, respectively, indicating a strong recovery trend in international travel [1][16]. Summary by Sections Section 1: Demand and Supply Dynamics - In July 2025, the domestic aviation demand growth rate remained flat compared to June, with domestic ASK and RPK increasing by 3.1% and 2.3%, respectively, and a load factor of 85.0% [1][11]. - The international routes showed a significant recovery, with a year-on-year increase in ASK and RPK, reflecting a strong demand recovery driven by policy changes and market needs [16][19]. Section 2: Pricing Trends - The industry is characterized by a price-for-volume strategy, with high aircraft utilization and load factors not translating into revenue growth. The average aircraft utilization remained at 8.8 hours, unchanged from the previous year [2][12]. - The report highlights a significant drop in ticket prices, with domestic economy class prices down by 7.4% and international prices down by 16% year-on-year, indicating a challenging pricing environment [2][12]. Section 3: Fleet Expansion - The fleet of the six listed airlines increased by 0.3% month-on-month in July 2025, with a total of 3,315 aircraft managed. The report notes that the airlines are gradually receiving new Boeing aircraft, contributing to fleet growth [3][24]. - The report details the specific aircraft additions, including 12 narrow-body aircraft, primarily from the A320 series and B737 MAX, indicating a focus on modernizing the fleet [3][24][26]. Section 4: Investment Recommendations - The report suggests monitoring the recovery of business travel demand, as any marginal improvement could provide a basis for price increases in the fourth quarter, enhancing investor sentiment in the sector [4]. - The report emphasizes the importance of seasonal demand fluctuations and suggests that airlines like Huaxia Airlines, Juneyao Airlines, and Spring Airlines could benefit from improved business travel conditions [4].

Inflation Data - In July, the U.S. CPI year-on-year growth was 2.7%, unchanged from June and below the market expectation of 2.8%[6] - Core CPI rose to 3.1% year-on-year, up from 2.9% in June, slightly exceeding market expectations of 3.0%[6] - Month-on-month CPI growth fell by 0.1 percentage points to 0.2%, aligning with market expectations, while core CPI increased to 0.3%[6] Core Goods and Services - Core goods inflation was supported by a rebound in transportation goods, particularly used cars, which saw a month-on-month increase of 1.2 percentage points to 0.5%[10] - Tariff-sensitive goods experienced a slowdown in growth, with furniture, clothing, and leisure goods showing reduced month-on-month growth rates compared to June[11] - Core services inflation was driven by strong performance in medical services and transportation, with the airline ticket component rising by 4.1 percentage points to 4.0%[15] Federal Reserve Outlook - The July CPI data reinforced market expectations for a Federal Reserve rate cut in September, with a 94% probability of a 25 basis point cut[22] - The market anticipates three rate cuts in 2025, with expected cuts in September, October, and December[22] - Concerns remain regarding the persistence of core service inflation, which may complicate the Fed's decision-making process regarding consecutive rate cuts[24] Risks and Considerations - The transmission of tariffs to core goods inflation remains slow, influenced by factors such as consumer demand and corporate pricing strategies[23] - The labor market's stability and upcoming employment data will be critical in shaping future Fed policy decisions[24] - Risks include potential concerns over the Fed's independence and the possibility of a stronger-than-expected labor market[25]

Core Insights - Monthly commodity price forecast indicates oil prices in a fluctuating range, while copper and gold prices are expected to trend upwards [2] Domestic Demand - New housing and passenger vehicle sales growth rates have declined, while second-hand housing sales have rebounded; consumer electronics sales prices in August have shown a year-on-year decline [2] - In August, new housing sales saw a year-on-year decline, while second-hand housing sales increased but prices fell; the high base and hot weather contributed to a decrease in passenger vehicle sales growth, with retail sales declining and wholesale sales recovering [2] - Movie box office revenue and attendance have decreased but remain at historically high levels; tourism consumption continues to rise, with hotel occupancy rates increasing and revenue per available room up compared to last year [2] External Demand - The extension of the US-China tariff exemption for three months has been announced, while shipping volumes from China to the US continue to decline [3] - Overall exports are weakening, with a drop in CCFI shipping rates and a significant decrease in container throughput; however, the number of departing ships has increased [3] Production - The effects of capacity reduction are yet to be seen, with manufacturing employment reaching a new low [4] - Recent steel production has decreased due to maintenance and iron water transfer, while the profitability of sample steel mills has slightly declined but remains acceptable [4] - The average daily coal consumption of six major power generation groups has significantly increased, driving up coal prices [5] - The manufacturing employment index has increased month-on-month but shows a year-on-year decline, reaching a historical low [6] Prices - Tariff exemptions have suppressed gold prices; domestic rebar prices have increased, while cement and thermal coal prices continue to rise, and glass prices have decreased [6]

Group 1 - Tuniu's stock opened at $0.85 per share on August 15, with a market capitalization of approximately $98.58 million [1] - For the fiscal year ending March 31, 2025, Tuniu reported total revenue of 118 million RMB, reflecting a year-on-year growth of 8.85%, while the net profit attributable to shareholders was -4.698 million RMB, a decrease of 133.77% compared to the previous year [1] Group 2 - Tuniu is a leading online leisure travel service provider in China, offering packaged travel products for both group and independent travelers, as well as a variety of individual travel products such as flights, hotels, and visas [2] - The company covers over 420 departure cities in China and all major global destinations, providing a one-stop leisure travel solution through various online and offline channels, including its website tuniu.com [2] - Tuniu boasts a customer service team of over 3,000 representatives, a 24/7 call center, approximately 500 offline retail stores, and 34 self-operated local travel agencies, ensuring comprehensive follow-up services and guarantees [2]

Domestic Demand - New housing and passenger car sales growth has declined, while second-hand housing sales have rebounded[2] - In August, new housing sales saw a year-on-year decline of 8%, while second-hand housing sales volume increased, but prices fell[2] - Retail sales of home appliances in August showed a downward trend in year-on-year growth[2] External Demand - The extension of tariff exemptions between China and the U.S. for three months has led to a continued decline in shipping volumes from China to the U.S.[2] - Overall exports are weakening, with the China Containerized Freight Index (CCFI) showing a decrease in shipping rates and a significant drop in container throughput[2] Production - Manufacturing employment index has reached a historical low, with a year-on-year decline continuing[2] - Steel production has decreased due to maintenance and operational adjustments, while rebar prices have started to rise[2] Prices - Tariff exemptions have suppressed gold prices, while domestic rebar prices have increased, and cement and coal prices continue to rise[2] - The geopolitical situation and rising U.S. commercial crude oil inventories have put downward pressure on oil prices[2] Risks - Potential policy changes and economic recovery not meeting expectations pose risks to the forecasts[2]