Core Insights - Wuhan's transportation system is set to invest 52.82 billion yuan in 2024, with the transportation, warehousing, and postal sectors expected to grow by 11.4% to reach 115.467 billion yuan, leading the city's economic growth [1] Investment and Economic Growth - The fixed asset investment in Wuhan's transportation system for 2024 is projected at 52.82 billion yuan [1] - The added value of the transportation, warehousing, and postal sectors is expected to reach 115.467 billion yuan, reflecting an 11.4% increase from the previous year [1] Infrastructure Development - The road network is being enhanced with the inclusion of G230 and G348 national highways into the national planning, boosting Wuhan's status as a regional transportation hub [1] - The construction of the Yangtze River Central Shipping Center is accelerating, with 70 new routes established to improve the efficiency of intermodal transport [1][2] Rail and Air Transport Expansion - The China-Europe Railway Express (Wuhan) has added 5 new routes to Belarus, Norway, and Sweden, bringing the total to 57 routes, covering 40 countries and 119 cities [2] - Wuhan Tianhe International Airport has expanded to 114 operational routes, solidifying its position as a key passenger hub in Central China, while the Ezhou Huahu Airport has opened 30 international cargo routes [2][3] Performance Metrics - In 2024, Tianhe Airport is expected to handle 31.4062 million passengers, reclaiming its position as the top airport in Central China [3] - The combined cargo throughput for Tianhe and Huahu airports is projected to reach 1.0383 million tons, ranking first in Central China and fifth nationally [3] - Wuhan Port's cargo throughput is anticipated to reach 142 million tons, with intermodal transport volume at 231,600 TEUs, leading in inland river transport [3]

| | 全球市场 | | 2025年5月(同比变化率,%) | | | | --- | --- | --- | --- | --- | --- | | | 份额占比,% | 收入客公里 | 可用座公里 | 载客率变化率 | 载客率 | | 整体市场 | 100.0 | 5.0 | 5.0 | -0.1 | 83.4 | | 리트웨 | 2.2 | 7.5 | 4.6 | 2.0 | 75.3 | | 亚太 | 33.6 | 9 4 | 7.1 | 1.8 | 83.8 | | 欧洲 | 26.7 | 3.4 | 3 9 | -0.4 | 84.7 | | 拉美 | 5.3 | 8.5 | 9.6 | -0.8 | 82.2 | | 中东 | 94 | 6.2 | 6.7 | -0.4 | 80.7 | | 北美 | 22.9 | -0.5 | 2.0 | -2.1 | 83.4 | 国际客运市场 5月，国际客运需求同比增长6.7%，所有地区均实现增长，但载客率有升有降，整体仅增长了0.2个百分点。除跨大西洋航线同比 增长2.5%外，通往美洲的大多数主要国际航线的客运需求在5月放缓。 亚太航空公司需求同比增长1 ...

Core Viewpoint - U.S. travel stocks have risen, driven by Delta Air Lines' positive earnings outlook indicating a rebound in demand [1] Group 1: Company Insights - Delta Air Lines has provided an optimistic earnings forecast, suggesting a strong recovery in travel demand [1] - The performance of Delta is seen as a bellwether for the broader airline industry, reflecting overall market sentiment [1] Group 2: Industry Trends - The increase in travel stocks signals a potential resurgence in the travel sector as consumer confidence grows [1] - Analysts are closely monitoring the airline industry's recovery trajectory, particularly in light of Delta's performance [1]

Core Points - A China Southern Airlines flight from Beijing to Wuhan experienced a medical emergency when a passenger suffered a severe allergic reaction, prompting an urgent request for priority landing at Wuhan Tianhe Airport [1][2] - The air traffic control in Hubei quickly implemented an emergency response plan, coordinating various departments to ensure the flight could land safely and swiftly, ultimately arriving 13 minutes ahead of schedule [2][3] - The efficient response demonstrated the solid work ethic and professional skills of the air traffic controllers, highlighting the importance of continuous training and preparedness in emergency situations [3] Group 1 - The flight was in a peak departure and arrival period at Wuhan Tianhe Airport, with adverse weather conditions including thunderstorms affecting the area [2] - Air traffic controllers utilized radar to guide the flight visually, avoiding the storm and reducing the flight's holding time by approximately 3-5 minutes, which was critical for the passenger's medical needs [2] - The successful coordination among various departments ensured that medical personnel and an ambulance were ready upon landing, facilitating immediate medical attention for the affected passenger [2][3] Group 2 - The incident underscores the commitment of Hubei air traffic control to prioritize passenger safety and emergency response, adhering to the principle of "people first, life first" [3] - Continuous enhancement of safety awareness and emergency handling capabilities among air traffic controllers is emphasized as a key focus for future operations [3]

达美航空恢复全年业绩指引 盘前大涨10% 金十数据7月10日讯，达美航空(DAL.N)周四预计，本季度及全年利润将好于预期，因为预计航空业根 据需求调整运力的努力将提高定价能力。达美航空盘前涨超10%。达美航空在4月下调了2025全年财务 预期，原因是特朗普贸易战削弱了消费者和企业的信心。公司在Q2财报中表示，预订量目前已趋于稳 定，与去年持平，但定价能力仍然面临压力，尤其是在美国国内市场。公司称，运力合理化预计将在今 年下半年改善收入。公司还将采取成本控制措施来保护利润率。预计第三季度的非燃料运营成本将与去 年同期持平或下降。对于全年，公司预计调整后每股收益为5.25-6.25美元，分析师预期为5.39美元。 ...

达美航空(DAL.N)恢复全年业绩指引，预计调整后每股收益在5.25美元至6.25美元之间。 ...

7月9日，以香港为基地的大湾区航空，再度传出管理层人事变动。 大湾区航空网站介绍，侯伟于今年6月获委任为大湾区航空副主席，并于7月兼任行政总裁，以接替早前辞去行政总裁一职的吴秀兰。此外，该公司也委任 香港资深艺人曾志伟为董事局成员。 大湾区航空发言人表示，欢迎侯伟及曾志伟加入该公司，并衷心感谢吴秀兰一直以来的贡献。 大湾区航空网站董事会成员介绍栏目显示，吴秀兰和2022年6月至2024年3月兼任行政总裁的许汉忠仍是公司董事。 据大湾区航空官网，侯伟于1990年毕业于北京语言大学，获汉语言文学学士学位。 他于1994年加入中国民航总局国际合作司，先后在外事处及双边处服务。2000年，他出任国际航空协会北亚办事处经理，负责该会产品和服务部在北亚区 的商业化运作。2005至2018年期间，他曾先后任职海航股份及首都航空，担任市场部副总经理、总经理、市场总监、市场副总裁、总裁等要职，对海航股 份的市场经营，特别是国际化航线开拓及经营方面拥有丰富的实践经验，在航空业有一定深度的理解和人脉。 侯伟在2018至2023年期间，曾出任香港航空董事长。他曾带领香港航空顺利完成债务重组，并取得盈利。在此期间，他进行了一系列架构重 ...

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [5] Core Views - Geopolitical events have caused significant fluctuations in oil shipping rates in H1 2025, with a notable increase in rates due to sanctions and geopolitical tensions [1] - OPEC+ is expected to boost oil shipping demand in H2 2025 through increased production, despite weak global oil consumption growth [2] - The transportation sector is experiencing mixed performance, with shipping and port sub-sectors showing positive trends while aviation and express delivery face challenges [3] Summary by Sections 1. Industry Overview - In H1 2025, geopolitical events led to a sharp rise in oil shipping rates, particularly in January due to U.S. sanctions on Russian oil tankers, followed by a high demand for compliant oil transport [1] - The BDTI index reached 984 points by June 30, 2025, up 15.4% year-to-date, while the BDTI TD3C-TCE reported a daily rate of $29,300, an increase of 37.0% [1] 2. Oil Shipping - OPEC+ plans to increase production by 548,000 barrels per day in August 2025, which is expected to support oil shipping demand despite a downward revision in global oil consumption growth forecasts [2] - The IEA predicts a global oil supply increase of 1.8 million barrels per day in 2025, with non-OPEC+ countries contributing 1.4 million barrels and OPEC+ 400,000 barrels [2] 3. Sector Performance - The transportation sector's performance over the past five trading days showed the Shanghai Composite Index up by 1.40%, while the transportation sector index fell by 0.3% [3] - The shipping sub-sector led gains with a 1.91% increase, while aviation faced a decline of 2.74% [3] 4. Investment Recommendations - The report suggests focusing on state-owned enterprises in the transportation sector, particularly in highways, railways, and ports, due to their high dividend yields and value [4] - It also highlights the potential for recovery in oil shipping and container shipping, recommending companies like COSCO Shipping and China Merchants Energy [4] 5. Key Company Earnings Forecasts - The report includes earnings forecasts and valuations for key companies in the transportation sector, indicating a positive outlook for those involved in oil and container shipping [78]

航空中期策略：航空供给低增时代，需求驱动票价上行 20250708 摘要 中国航空业或迎超级周期，油价定价逻辑转变及 OPEC+策略调整致油 价下降，为航司提供利润空间。市场关注点应从短期油价、汇率转向航 空业长期增长逻辑，以把握 A 股和 H 股的投资机会。 2017-2019 年中国航空业客座率虽高，但净利率偏低，主因票价未市 场化及机队增速过快。十四五期间，票价市场化改革加速，航司放缓机 队增速，旨在提升盈利能力。 当前航空业挑战在于供需恢复慢于预期，国际运力回流国内市场影响供 需平衡。但票价市场化和机队增速放缓有望驱动超级周期，未来一到两 年内存在战略性投资机会。 2024 年航司策略从票价优先转向客座率优先，但激进策略导致全年减 亏低于预期。展望 2025 年，行业供给将进入低增速时代，需求端好于 预期，盈利能力有望逐步恢复。 未来两年，航空业供给增速放缓具可持续性，航司资本开支意愿下降是 主导因素。中国特有的空域时刻瓶颈长期存在，促使航司降低资本开支 意愿。 Q&A 2025 年航空行业的中期策略有哪些关键点？ 2025 年航空行业的中期策略主要包括四个关键点。首先，我们认为航空行业 已经进入票价 ...

Group 1 - United Airlines will resume flights to Tel Aviv, Israel on July 21 [1]