Core Insights - The Chinese air cargo industry is experiencing significant growth driven by policies aimed at enhancing international air cargo capabilities, ensuring supply chain stability, and reducing logistics costs [2] - The performance of air cargo companies has outpaced passenger transport, with notable increases in fleet size and route networks [2][3] Industry Performance - In the first half of 2025, China's air cargo transport volume reached 4.784 million tons, a year-on-year increase of 14.6%, with international routes showing a remarkable growth of 23.4% [4] - The total number of international cargo routes increased by 58.1% year-on-year, with 117 new routes added, primarily in Asia and Europe [6] Company Developments - China International Cargo Airlines (China Cargo) reported a revenue of 10.935 billion yuan, up 21.92%, and a net profit of 1.240 billion yuan, up 86.15% in the first half of 2025 [3] - SF Airlines, under SF Express, has expanded its fleet to 90 aircraft and launched a new international route connecting Ezhou, Miami, and Shenzhen [5] Fleet Expansion - The demand for air cargo has led to an increase in the number of cargo aircraft, with companies like JD Airlines and SF Airlines actively expanding their fleets and networks [7][8] - The introduction of wide-body freighters, such as the Boeing 777F, is becoming more common among Chinese airlines, enhancing long-haul cargo capabilities [4][9] Aircraft Modification and Manufacturing - The trend of converting retired passenger aircraft into freighters is prevalent, with companies like Shandong Airlines leading in the modification of Boeing 737-800BCF models [8] - Airbus is also expanding its presence in the cargo market by offering conversion services for its A330 and A320 series aircraft in China [9][10]

Core Viewpoint - The Civil Aviation Administration of China (CAAC) is conducting a comprehensive inspection of Golden Eagle Airlines' airworthiness maintenance system, focusing on compliance, new aircraft maintenance readiness, and risk prevention mechanisms [1][4]. Group 1: Inspection and Compliance - The Shanghai Regulatory Bureau has formed a review team to conduct a five-day inspection of Golden Eagle Airlines, assessing the airworthiness maintenance system and the introduction of the Boeing 777F aircraft [1]. - The inspection emphasizes the compliance of system operations, preparation for new aircraft maintenance, and the implementation of dual prevention mechanisms, providing a thorough evaluation of the company's safety management and risk control capabilities [1][4]. Group 2: Fleet Optimization and Aircraft Introduction - Golden Eagle Airlines is in a critical phase of fleet structure optimization and aircraft model iteration, planning to introduce two Boeing 777F freighters within the year and continue the introduction of C919 passenger aircraft [3]. - The company aims to establish a fleet of 29 aircraft by 2032, focusing on a dual operational model of "C919 for passenger transport + Boeing 777 for cargo" [3]. Group 3: Maintenance Capability Enhancement - The company has proactively planned and coordinated with Boeing, leasing parties, and regulatory authorities to address uncertainties such as delays in Boeing 777F deliveries, ensuring seamless integration of new aircraft maintenance support [3]. - Golden Eagle Airlines is advancing a "Maintenance Capability Enhancement Plan," focusing on predictive maintenance and health management (PHM) technologies, with 18 safety innovation projects already implemented [3]. Group 4: Systematic Improvement Recommendations - The review team provided systematic improvement suggestions based on the inspection, focusing on five key areas: talent retention and training, aging aircraft management, new aircraft maintenance capability, quality of technical documentation, and effectiveness of dual prevention mechanisms [4]. - The Shanghai Regulatory Bureau will continue to promote the dual enhancement of the Boeing 777F introduction and maintenance quality, reinforcing regulatory service collaboration to support the safe and stable operation of the company [4].

Core Viewpoint - Boeing is accelerating the delivery of new aircraft to Chinese airlines, marking a significant recovery in its operations in China after a prolonged period of disruptions due to trade tensions and the grounding of the 737 MAX series [2][4][6]. Delivery and Operations - On July 13, Boeing delivered three 737-8 aircraft to Chinese airlines, including Shandong Airlines, China Eastern Airlines, and Xiamen Airlines, indicating a rare occurrence of multiple deliveries in one day [3][4][5]. - The newly delivered 737-8 aircraft, despite being new, have an age of 5.5 years due to previous delivery interruptions [3][5]. - Since the resumption of 737 MAX deliveries to Chinese airlines at the end of 2023, Boeing has been able to transfer aircraft that had been idle for a long time back to China [4][6]. Market Context - Boeing's deliveries to China had previously been severely impacted by the grounding of the 737 MAX series since 2019, with China being one of the last countries to resume operations of this aircraft type [5][6]. - The recent increase in aircraft deliveries is part of a broader recovery trend for Boeing, with a total of 13 new aircraft delivered to Chinese airlines since June [6][8]. Financial Performance - Boeing's overall aircraft delivery numbers have shown significant improvement, with 280 commercial aircraft delivered in the first two quarters of 2025, a 15% increase compared to the previous quarter [8]. - In the second quarter of 2023, Boeing delivered 150 commercial aircraft, including 104 from the 737 series, indicating a strong recovery in production and delivery capabilities [8][9]. New Orders - Boeing secured 427 new orders in the second quarter of 2023, a substantial increase from just 25 orders in the same period of 2024, highlighting a positive trend in demand [8][9]. - In May 2023, Boeing received a significant order of 303 aircraft, including a record 160 wide-body aircraft from Qatar Airways, showcasing strong international demand [9].