aviation fuel price reduction to benefit domestic jet fuel price cut of 467 dollars/ton

Air season fast approaching, oil prices lower, valuation repair opportunities. Domestic macroeconomic policy easing expected to raise demand for aviation diablo iii power leveling, particularly business travel demand is expected to recover, July shuyun season about to start, opening of the Olympic Games in London in August, domestic and international routes are expected to shuyun and Olympic Games under the dual stimulation of warmed up. At the same time capacity to inject some control, guest rates and fares will be maintainedA high level. (Click to view the civil airport industry stock list) crude oil prices to fall sharply in the near future, June for Jet fuel price cut of 467 dollars/ton. While oil prices in the second half of last year continued in high shock, impact of oil price on airline performance in the second half of the year will therefore per cent flat or even be reduced. Since the beginning of the Yuan against the dollar were volatile throughout the year see volatileOr to continue. Airlines performance is expected in two or three quarter-by-quarter rebound, fell more sharply narrowed in the 1 quarter. Running from last year in the air transport sector significantly lost market, with valuation basis for repair. We believe that the opportunity to usher in the third quarter of the aviation unit valuation repair opportunity, it is recommended that before the season comes more or less involved in aviation unit, first airline recoverySupplementing larger Air China and China Eastern Airlines. Consolidation again in June prices concern port of trade opportunities. At present shipping market downturn, plate catalyst for lack of substantial increases in the short term, focusing on container transport. CSCL cumulative effects of multiple rounds of price increases since March, per cent from the second quarter company results are expected to be improved. Three quarters is expected to introduce the shipping industry to revive politicalThe policy. Current build process at the end of the shipping industry, but fundamentals should not have even worse, share prices are expected to gradually increase in performance improvement expected next.����Focus on the port plate of events and free trade concept of stimulated trading opportunities. National circulation Conference upcoming, logistics to meet the good. This year good policies for the logistics industry continued to be issued June productVery concerned about the upcoming National Conference on circulation, then see if the policy measures introduced after the meeting exceeded expectations and the extent of positive affect the short-term movements of the logistics sector.����Medium-term trend of logistics industry fundamentals are still good, recommended investors bargain-performance support for stocks. Individual stock recommendations. Air China (601,111), Eastern (600,115), Stored in shares (600,787), o Yang Shu Chang (002245), the investments of the Yangtze River (600,119), China shipping container lines (601,866), the Dalian port (601,880).����Risk: macroeconomic expected weaker market systemic risk, oil prices rose sharply, high-speed shunt, railway reform fell short of expectations. -------------------------The aviation industry: aviation fuel price reduction to benefit domestic jet fuel price cut of 467 dollars/ton: development and Reform Commission issued a notice about cut aviation fuel factory, from June 1, domestic jet fuel ex-factory price cut of 467 Yuan/ton, the adjusted, domestic aviation kerosene prices about7,850 dollars/ton. Domestic airline fuel surcharge standard cut $ 10/person, $ 20/person: starting April 1, 2012, the implementation of domestic routes passenger transportation fuel units charge a standard rate, the comprehensive cost cut of 467 domestic aviation kerosene after Yuan/ton, June 5 on domestic routes the highest charge standardCorresponding downward adjustment, of which 800 km flight from $ 80/person rounded down to $ 70/person, flight above 800 km from 150 yuan/person rounded down to $ 130 per person. Considering the price of jet fuel and domestic airline fuel surcharge reduced positive industry: balance, the domestic airlines fall in oil prices generally reduce industry 2012Between December and China Aviation oil costs about $ 4 billion, the fall in domestic fuel surcharge standard generally reduce industry from 2012 to December earnings of about $ 2.75 billion, that is, the airlines fuel surcharge reduced oil prices and domestic routes to benefit industry. Investment rating: maintain industries "overweight" rating on investment, we believe that the aviation unit in Mong KokSeason rebound opportunities exist, the main logic is: 1) link improvement of certainty, industry profits by quarter; the main impetus to seasonal factors official site, as well as quarter growth rate continued to decline in jet fuel prices, according to the current level of jet fuel prices, to the 3-quarter domestic jet fuel prices have been lower than the first quarter of 2011; 2), now the main aviation unit PBValuation levels in the 1-2 between times, at record lows, historically, only in the aviation industry in the Red cycle, PB valuation only to this level, while domestic aviation industry remains profitable period, even if the economy remains down, main airlines net worth this year and next will improve; 3), according to our study, 2011 China aviation industryMainly because of the decline in performance of freight routes and international routes have fallen sharply, currently visiting rate of global international airline cabin rally signs of stabilisation levels exist, in the case of domestic demand fell sharply, 2013 domestic periodic boom in the aviation industry is expected to improve. Risk: domestic air demand continued to decline, if oil prices continue to rise, international airlinesCable recovery than expected. (US joint)