Summary of Conference Call Notes Industry Overview - The focus is on the logistics and transportation industry, particularly the integration of unmanned vehicles and the profitability of airlines [1][2]. Key Points on Unmanned Vehicles - Unmanned vehicle procurement is expected to more than double, leading to cost reductions in the last-mile delivery segment [1]. - Forecasted unmanned vehicle scales for 2024 are as follows: - SF Express: 800 units - ZTO Express: over 1000 units - YTO Express: 500 units - Shentong Express: 200-300 units - By 2025, leading express companies are anticipated to see unmanned vehicle scales double [1]. - The price of the E-series unmanned logistics vehicle from Jiushi Intelligent has dropped to 19,800 yuan, with a monthly subscription service for FSD starting at 1,800 yuan [1]. - Different procurement strategies are being adopted by express companies: - SF Express is utilizing a leasing model for quicker deployment. - The Tongda system is supporting franchisees in procuring unmanned vehicles to reduce costs [1]. - There is an expectation for further opening of road rights, which would enhance cost reductions in last-mile delivery through unmanned vehicles [1]. Key Points on Airline Profitability - The domestic airline revenue management strategy has begun to show effects, with domestic ticket prices experiencing year-on-year growth [3]. - It is projected that the year-on-year decline in seat revenue for listed airlines in Q2 will narrow to 3%-4% [3]. - Due to OPEC+ continuing to increase production unexpectedly from May to July, it is anticipated that airline unit fuel costs will decrease by approximately 18% year-on-year by Q2 2025 [3]. - The correlation between ticket prices and fuel costs suggests that the three major airlines are likely to achieve positive profits in Q2, with private airlines also expected to show year-on-year growth [3]. - There may be a decline in volume and price data following the exam period and the Dragon Boat Festival, which could present a reverse layout opportunity [3]. - Recommendations include: - Juneyao Airlines - Huaxia Airlines - Spring Airlines - Air China H - China Southern Airlines H [3]. Additional Insights - The report emphasizes the importance of monitoring the profitability turning point for airlines and the potential for unmanned vehicles to significantly impact cost structures in logistics [1][3].