中国三大航空公司4月航空运输量较2019年高出19%，3月为高出15%

Sheila Kahyaoglu * | Equity Analyst+1 (212) 336-7216 | sheila.kahyaoglu@jefferies.comGreg Konrad, CFA * | Equity Analyst+1 (212) 284-2391 | gkonrad@jefferies.comKyle Wenclawiak * | Equity Associate+1 (212) 323-7671 | kwenclawiak@jefferies.com Parked Fleet in China Down at 6.2% in May.The overall parked passenger regional/NB/WB fleet inChina has been fairly stable in the 7-9% range since the onset of the pandemic, although it spikedto 24% in March and April 2020 on COVID lockdowns. After falling to 10.0% in July 2022, the parkedfleet gradually stepped up to reach 14.6% in November 2022, before falling back to 10.8% of thefleet in December 2022. In 2023, the parked fleet continued to creep down from 7.6% in January,exiting the year at 5.5%. The parked fleet has stayed below the LT average, but has crept up slightly,standing at 6.2% in May 2025.Exhibit 5 - China Parked Fleet Trending at 6.2% in May vs. 7-9% Normalized Range.2443438749556734063393206.7%9.5%24.1%26.5%18.7%11.3%9.5%8.9%05001,0001,5002,0002,5003,0003,5004,0004,500Dec-19Jan-20Feb-20Mar-20Apr-20May-20Jun-20China Total Passenger Aircraft Installed BaseSource: Cirium®, Jefferies estimates. Note: Includes Passenger Regional, N/B, W/BPlease see important disclosure information on pages 3 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. 308292 296286287324315296272279275 264326327 344375434352360923931792552384404460539565417296289262236209161143 150 183193211 217 194 206 2308.6%8.1%8.2%7.9%7.8%8.8%8.6%8.1%7.4%7.5%7.4%7.1%8.7%8.7%9.1%9.9%11.4%9.2%9.4%24.0%24.2%20.6%14.3%10.0%10.4%11.9%13.9%14.5%10.7%7.6%7.4%6.7%6.0%5.3%4.1%3.7%3.8%4.7%4.9%5.4%Jul-20Aug-20Sep-20Oct-20Nov-20Dec-20Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23Apr-23May-23Jun-23Jul-23Aug-23Sep-23In StorageIn ServiceParked Fleet (%) Company Valuation/RisksAir China-HValuation: 1.7x forward P/B, which is mid-cycle +1sd. Upside risks: International ticket prices remaining high despite capacity increasing. Downsiderisks: Weakening currency.China Eastern Air-HValuation: 1.5x forward P/B, which is mid-cycle +1sd. Upside risks: International ticket prices remaining high despite capacity increasing. Downsiderisks: Weakening currency.China Southern Air-HValuation: 1.5x forward P/B, which is mid-cycle +1sd. Upside risks: International ticket prices remaining high despite capacity increasing. Downsiderisks: Weakening currency.Analyst Certification:I, Sheila Kahyaoglu, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Greg Konrad, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Kyle Wenclawiak, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overal