每经AI快讯，中国国航（SH 601111，收盘价：7.86元）10月10日晚间发布公告称，中国国际航空股份 有限公司收到董事长马崇贤先生辞呈，因工作调整，马崇贤先生不再担任公司执行董事和董事长职务， 同时亦不再担任董事会战略和投资委员会主任、提名委员会主任、航空安全委员会委员职务。该辞任即 日起生效。同日，公司召开第七届董事会第八次会议，审议并通过《关于选举刘铁祥先生为董事长的议 案》，选举刘铁祥先生为公司董事长，同时担任董事会战略和投资委员会主任、提名委员会主任、航空 安全委员会委员职务。 2025年1至6月份，中国国航的营业收入构成为：航空客运占比90.64%，其他占比4.93%，航空货运及邮 运占比4.43%。 （记者 王晓波） 截至发稿，中国国航市值为1371亿元。 每经头条（nbdtoutiao）——天水麻辣烫、淄博烧烤、荣昌卤鹅⋯⋯"泼天流量"退去后，这些城市怎么 样了？ ...

国际客运需求方面，8月亚太航空公司需求同比增长9.8%。运力同比增长9.5%，载客率85.1%，同比增 长0.2个百分点。该地区需求增长主要得益于中国和日本的需求强劲（分别增长11.8%和12%）；欧洲航 空公司需求同比增长5.3%，运力同比增长5.3%，载客率持平；北美航空公司需求同比增长1.8%，运力 同比增长2.6%，载客率87.5%，同比下降0.6个百分点，北美国际载客率连续四个月同比下降。 货运方面，8月全球航空货运总需求按照货运吨公里（CTK）计算，同比增长4.1%，其中国际需求增长 5.1%。航空货运运力（可用货运吨公里，ACTK）同比增长3.7%，其中国际运力增长5.5%。 新华财经上海10月9日电（记者 王鹤）国际航空运输协会（IATA）9日发布数据显示， 2025年8月全球 航空客运总需求（按照RPK收入客公里计算）同比增长4.6%。总运力（按照ASK可用座公里计算）同 比增长4.5%。8月载客率86.0%，同比上升0.1个百分点，创该月历史新高。 8月全球国际客运需求同比增长6.6%，运力同比增长6.5%，载客率85.8%，同比上升0.1个百分点，载客 率创历史新高；国内需求同比2024 ...

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2025 年 09 月 29 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 联系人 板块表现： 国庆中秋假期出行有望迎来景气 投资评级： 看好（维持） —交通运输行业周报（2025 年 9 月 22 日-2025 年 9 月 28 日） 投资要点： 一、行业动态跟踪 快递物流： 1）"通达兔"快递企业宣布上调上海市电商快递价格，全国快递涨价区域已达 93%。 根据东方网， 9 月 22 日极兔、中通、圆通、申通、韵达宣布上调上海地区快递收 件价格，电商件单票价格上涨 0.2-0. ...

Group 1 - The core viewpoint of the news is that China National Aviation Holdings Company (Air China) has experienced a decline in stock price and significant net outflow of funds, indicating potential investor concerns [1][2]. - As of September 24, Air China's stock price dropped by 2.05% to 7.65 CNY per share, with a total market capitalization of 133.48 billion CNY [1]. - Year-to-date, Air China's stock has decreased by 3.29%, with a 5.44% drop over the last five trading days [2]. Group 2 - Air China's main business revenue composition includes 90.64% from passenger air transport, 4.93% from other services, and 4.43% from cargo and mail transport [2]. - As of June 30, 2025, Air China reported operating revenue of 80.76 billion CNY, a year-on-year increase of 1.56%, while the net profit attributable to shareholders was -1.81 billion CNY, reflecting a year-on-year growth of 35.11% [2]. - The company has not distributed any dividends in the past three years, with a total payout of 13.32 billion CNY since its A-share listing [3]. Group 3 - As of June 30, 2025, the number of shareholders for Air China decreased by 14.55% to 129,200, with an average of 0 circulating shares per shareholder [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 279 million shares, an increase of 35.08 million shares from the previous period [3]. - The company is classified under the transportation industry, specifically in the aviation sector, and is part of various concept sectors including civil aviation and large-cap stocks [2].

Core Viewpoint - Spring Airlines has shown positive growth in various operational metrics for August 2025, particularly in international passenger traffic and available ton-kilometers, indicating a strong recovery and expansion in its operations [2][3]. Group 1: Stock Performance - As of September 19, 2025, Spring Airlines' stock closed at 54.14 yuan, up 1.86% from the previous week [1]. - The stock reached a high of 55.13 yuan and a low of 52.3 yuan during the week [1]. - The company's current market capitalization is 52.967 billion yuan, ranking 6th in the aviation sector and 316th among all A-shares [1]. Group 2: Operational Data - In August 2025, Spring Airlines did not add any new aircraft or routes, maintaining a fleet of 134 Airbus A320 series aircraft [2][3]. - The available ton-kilometers for August was 61,891.23 million ton-kilometers, representing a year-on-year increase of 22.17%, with international growth at 39.83% [2][3]. - Passenger turnover for August was 553,449.76 million passenger-kilometers, up 12.23% year-on-year, with international passenger turnover increasing by 26.31% [2][3]. - Total passenger numbers reached 319.805 thousand, reflecting a year-on-year growth of 13.50%, with international passenger numbers growing by 36.66% [2][3]. - The overall load factor was 78.21%, down 6.82 percentage points year-on-year, while the passenger load factor was 93.87%, up 0.17 percentage points [2]. - The cargo and mail load factor was 16.06%, showing a year-on-year decrease of 21.94% [2].

Core Viewpoint - Spring Airlines' stock price has shown fluctuations, with a year-to-date decline of 4.33% but a recent increase of 2.33% over the last five trading days, indicating potential recovery trends in the short term [2]. Financial Performance - For the first half of 2025, Spring Airlines reported a revenue of 10.304 billion yuan, representing a year-on-year growth of 4.35%. However, the net profit attributable to shareholders decreased by 14.11% to 1.169 billion yuan [2]. - Cumulatively, since its A-share listing, Spring Airlines has distributed a total of 2.412 billion yuan in dividends, with 1.482 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Spring Airlines was 21,000, a decrease of 7.43% from the previous period. The average number of circulating shares per person increased by 8.02% to 46,551 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 22.713 million shares, an increase of 545,500 shares from the previous period. Other notable shareholders include Huatai-PB CSI 300 ETF and ICBC Convertible Bond [3]. Market Activity - On September 19, Spring Airlines' stock rose by 2.03%, reaching a price of 54.39 yuan per share, with a trading volume of 351 million yuan and a turnover rate of 0.67%. The total market capitalization stood at 53.212 billion yuan [1]. - The net outflow of main funds was 471,900 yuan, while large orders saw a buy-in of 59.263 million yuan and a sell-out of 64.169 million yuan, indicating mixed investor sentiment [1].

中国国航所属申万行业为：交通运输-航空机场-航空运输。所属概念板块包括：民用航空、融资融券、 MSCI中国、H股、大盘等。 截至6月30日，中国国航股东户数12.92万，较上期减少14.55%；人均流通股0股，较上期增加0.00%。 2025年1月-6月，中国国航实现营业收入807.57亿元，同比增长1.56%；归母净利润-18.06亿元，同比增 长35.11%。 9月18日，中国国航盘中下跌2.10%，截至10:27，报7.92元/股，成交1.87亿元，换手率0.20%，总市值 1381.91亿元。 资金流向方面，主力资金净流出2595.66万元，特大单买入2196.46万元，占比11.77%，卖出3961.21万 元，占比21.22%；大单买入3684.78万元，占比19.74%，卖出4515.68万元，占比24.20%。 中国国航今年以来股价涨0.13%，近5个交易日涨2.59%，近20日涨5.32%，近60日涨0.13%。 资料显示，中国国际航空股份有限公司位于北京天竺空港经济开发区天柱路30号,香港国际机场东辉路 12号中航大厦5楼，成立日期2006年3月27日，上市日期2006年8月18日，公司主 ...

Group 1 - The stock price of Juneyao Airlines (603885) closed at 13.19 yuan on September 16, 2025, with an increase of 0.76% and a turnover rate of 0.84% [1] - On September 16, the net outflow of main funds was 18.46 million yuan, accounting for 7.64% of the total transaction amount, while retail investors had a net inflow of 8.42 million yuan, representing 3.48% of the total transaction amount [1][3] Group 2 - In August 2025, Juneyao Airlines reported a year-on-year decrease of 2.66% in passenger capacity (ASK), with domestic, international, and regional routes changing by -6.77%, 13.68%, and -54.18% respectively [1] - The passenger turnover (RPK) decreased by 1.91% year-on-year, with domestic, international, and regional routes changing by -7.06%, 20.44%, and -52.31% respectively [1] - The passenger load factor increased by 0.69 percentage points year-on-year to 88.96% [1][3] - Available ton kilometers (ATK) grew by 0.59% year-on-year, while revenue ton kilometers (RTK) increased by 1.10% [1] - Cargo and mail transport volume increased by 13.42% year-on-year [1] - As of August 31, 2025, the company operated a total of 130 aircraft, including 93 A320 series and 10 Boeing 787 series, with its subsidiary operating 27 Boeing 737 series aircraft [1]

Group 1 - The core stock price of Juneyao Airlines (603885) closed at 13.09 yuan on September 15, 2025, with a slight increase of 0.31% and a turnover rate of 0.86% [1] - On September 15, the net outflow of main funds was 43.92 million yuan, accounting for 17.91% of the total transaction amount, while retail investors saw a net inflow of 53.02 million yuan, representing 21.62% of the total [1][3] Group 2 - In August 2025, Juneyao Airlines reported a year-on-year decrease of 2.66% in passenger capacity (ASK), with domestic routes down 6.77% and international routes up 13.68% [1] - The passenger turnover (RPK) decreased by 1.91% year-on-year, with domestic routes down 7.06% and international routes up 20.44% [1] - The passenger load factor increased by 0.69 percentage points year-on-year to 88.96% [1][3] - The available ton-kilometers (ATK) increased by 0.59% year-on-year, while revenue ton-kilometers (RTK) grew by 1.10% [1] - Cargo and mail transport volume increased by 13.42% year-on-year, indicating significant growth in international passenger and cargo routes [1]

Group 1 - The stock price of Juneyao Airlines (603885) closed at 13.09 yuan on September 15, 2025, with a market capitalization of 28.589 billion yuan, reflecting a 0.31% increase from the previous trading day [1] - The stock opened at 13.03 yuan, reached a high of 13.18 yuan, and a low of 12.95 yuan, with a trading volume of 245 million yuan and a turnover rate of 0.86% [1] Group 2 - In August 2025, Juneyao Airlines reported a 2.66% year-on-year decrease in passenger capacity (ASK), with domestic, international, and regional routes changing by -6.77%, 13.68%, and -54.18% respectively [2] - The passenger turnover (RPK) decreased by 1.91% year-on-year, with domestic, international, and regional routes changing by -7.06%, 20.44%, and -52.31% respectively [2] - The passenger load factor was 88.96%, an increase of 0.69 percentage points year-on-year [2] - Available ton kilometers (ATK) increased by 0.59% year-on-year, while revenue ton kilometers (RTK) grew by 1.10% year-on-year [2] - Cargo and mail transport volume increased by 13.42% year-on-year [2] - The company did not introduce or retire any aircraft in August 2025, operating a total of 130 aircraft, including 93 A320 series and 10 Boeing 787 series, along with 27 Boeing 737 series operated by its subsidiary [2]