On September 6th, GLG's research report pointed out that the three major airlines recorded losses in the first half of the year. China Southern Airlines had the lowest loss guidance, while Air China and China Eastern Airlines had losses in the middle range of guidance. The bank expects that the three major airlines in mainland China will turn profitable in the third quarter under the weak fuel prices, but excess supply will continue to be a medium-term challenge, which is not conducive to the repair of airlines' balance sheets. The bank maintains a "sell" rating on the industry and prefers China Southern Airlines. After the stock price fell, GLG upgraded China Southern Airlines' rating to "buy" with a target price of HK$3; downgraded Air China's rating to "hold" due to weak operating data this year and involvement in more US routes, with a target price of HK$3.5; and maintains a "hold" rating on China Eastern Airlines, with a target price of HK$1.8.