后续，东航计划在未来三年内逐步完成所有物理SIM卡槽iPad设备的替换工作，实现eSIM在EFB设备上 的全覆盖。（编辑：许浩存 校对：李佳洹 审核：程凌） 《中国民航报》、中国民航网 记者钱擘 报道：近日，基于eSIM技术及运营商协议租赁保障的电子飞行 包（EFB）设备（下文简称：eSIM租赁EFB设备），在东航正式启动交付工作。东航由此成为国内率先 规模化部署eSIM租赁EFB设备的航司。 ESIM（嵌入式SIM卡）是一种直接嵌入设备硬件中的虚拟SIM技术，无需物理插卡即可通过远程编程实 现运营商切换和网络连接，该技术的逐步普及和应用是通讯领域正在出现的新趋势。为配合此次新技术 的推广应用，东航运管部、飞行部、运控中心、综管部和东航数科成立联合工作组，统筹推进技术适 配、流程再造与制度建设，同步制定出台基于eSIM租赁EFB设备的全流程管理程序，进一步明确飞行 员实名注册、设备绑定、权限发放等关键环节操作规范。 此次eSIM租赁EFB设备的成功投用，将有力保障东航EFB系统持续符合适航规章要求，支撑机组安全、 高效、智能飞行，同时为全行业应对eSIM时代技术变革提供了可复制、可推广的"东航方案"。 ...

Core Viewpoint - China Eastern Airlines has announced the sale of tickets for the China-India route, with the Shanghai-Delhi route resuming operations after five years starting from November 9, operating three flights per week using Airbus A330 aircraft [1] Summary by Relevant Sections - The Indian Embassy in China announced during the National Day holiday that both countries have reached a consensus on restoring direct flights between designated points in China and India, which is expected to be completed by the end of October 2025 [1]

Core Points - Eastern Airlines will launch a new route from Shanghai to Delhi starting November 9, utilizing the Airbus A330-200 aircraft, with flights scheduled three times a week [1][4] - This route is significant for enhancing the strategic air connection between China and India, facilitating increased personnel exchanges and economic cooperation [4] - The A330-200 model offers excellent long-range performance and a comfortable cabin environment, equipped with advanced in-flight Wi-Fi services to meet diverse passenger needs [4] Summary by Category Route Details - The flight MU563 departs from Shanghai Pudong Airport at 12:50 and arrives in Delhi at 17:45 local time, while the return flight MU564 leaves Delhi at 19:55 and arrives in Shanghai at 04:10 the next day [1] Strategic Importance - The Shanghai-Delhi route is one of the most strategically significant air passages between China and India, linking major political, economic, and cultural centers [4] - The resumption of this route is expected to inject new momentum into bilateral exchanges in trade, technology, education, and tourism [4] Operational Expansion - Eastern Airlines aims to fill gaps in direct flights from key cities like Shanghai to markets in the Middle East, North Africa, Central Asia, and South Asia [4] - The airline is set to launch additional international routes, including a new service from Beijing Daxing to Muscat, Oman, on November 30 [4] - Eastern Airlines has become the largest international passenger carrier in China, contributing to Shanghai's status as the nation's busiest air transport hub [4]

Core Viewpoint - China Eastern Airlines will launch a new route from Shanghai to Delhi starting November 9, utilizing Airbus A330-200 aircraft, with flights scheduled three times a week [1] Group 1: Flight Details - The outbound flight MU563 will depart from Shanghai Pudong Airport at 12:50 PM and arrive at Indira Gandhi International Airport in Delhi at 5:45 PM local time [1] - The return flight MU564 will leave Delhi at 7:55 PM and arrive back in Shanghai at 4:10 AM the following day local time [1] - Tickets for this new route are currently available for purchase [1]

Core Viewpoint - China Eastern Airlines has announced the sale of tickets for the Shanghai-Delhi route, which will resume operations on November 9 after a five-year hiatus, with three flights per week operated by Airbus A330 [1] Summary by Relevant Sections - **Route Resumption** - The Shanghai-Delhi route will resume with three weekly flights starting November 9, operated by Airbus A330 [1] - **Bilateral Agreement** - During the National Day holiday, the Indian Embassy in China announced that both countries have reached a consensus to restore direct flights connecting designated points between China and India by the end of October 2025 [1]

Core Viewpoint - The investment strategy involves reallocating funds into the Guangfa Value Leading Mixed Fund, which focuses on sectors with potential for recovery, particularly in tourism and aviation, despite recent market downturns [1]. Fund Reallocation - The reallocation targets the Guangfa Value Leading Mixed Fund, which is characterized as a fund focused on the "airline + OTA platform" sector, effectively functioning like an index ETF while being actively managed [1]. - The rationale for this reallocation is to take profits from funds that have appreciated significantly and invest in those with lower growth, aiming to control portfolio drawdowns [1]. Sector Analysis - **Aviation Sector**: - The aviation industry faces challenges due to a decline in business travel and reduced consumer spending, impacting passenger numbers [5]. - Factors such as currency exchange rates, fuel costs, and aircraft supply are seen as favorable for the aviation sector, with a potential for recovery if consumer demand improves [6][12]. - Recent data indicates a strong willingness among consumers to travel, with domestic travel during the recent holiday period reaching 888 million trips, a 16% increase year-on-year [12]. - **Tourism Sector**: - The tourism sector is divided into four sub-sectors: duty-free (China Duty-Free Group and Shanghai Airport), attractions (Songcheng Performance and Overseas Chinese Town), airlines (Eastern Airlines, Southern Airlines, Air China, Spring Airlines), and hotels (Jinjiang and Shouqi) [4]. - The duty-free segment is struggling with declining consumer purchasing power, leading to reduced profit margins [4]. - The attractions sector is volatile, with visitor numbers fluctuating significantly, impacting financial stability for many companies [4]. - The hotel industry is facing intense competition, with new entrants emerging post-pandemic, leading to continued market saturation [4]. Investment Outlook - The aviation and duty-free sectors are viewed as having potential investment value, contingent on a recovery in consumer spending [5]. - The overall sentiment suggests that while the tourism and hotel sectors may present risks, the aviation sector could see significant upside if consumer demand is stimulated through effective policy measures [12].

Core Insights - The 13th China User Experience Conference was held in Haikou, showcasing the importance of user experience in various industries [1] - China Eastern Airlines' "Digital Human + Multi-Agent" smart aviation service system was recognized as a typical case of user experience innovation for 2025, being the only project in the civil aviation sector to receive this honor [1] Group 1: Project Overview - The project integrates a "Digital Human + Multi-Agent" collaborative system, positioning it as a leading model in China [2] - It combines technologies to create an intelligent service chain that is capable of speaking, thinking, and executing tasks [2] Group 2: Strategic Implications - The strategic approach involves an "open-source large model + enterprise-level large model platform" that balances cost, security, and autonomy [2] - The project has the potential to expand into more application areas, facilitating a shift in public services from a "functional" to a "companion" model, thereby supporting high-quality development for more enterprises [2]

Investment Rating - The industry investment rating is "Positive" [6] Core Insights - The overall passenger load factor in September remained high, with significant year-on-year improvements in international routes [1][4] - Domestic capacity growth was modest at approximately 2.2% year-on-year, while there was a notable decrease of about 15.7% compared to August [2][16] - The implementation of the self-discipline convention by the China Air Transport Association is expected to help stabilize the market and improve profitability [5] Summary by Sections 1. Industry Overview - The passenger load factor for listed airlines increased by approximately 2.1 percentage points year-on-year, while it decreased by 1.0 percentage point compared to August [3][34] - Eastern Airlines showed the most aggressive improvement in load factor, with a year-on-year increase of 3.3% in September [48] 2. Domestic Route Capacity - Domestic airlines maintained a low growth rate in capacity, with a year-on-year increase of about 2.2% and a month-on-month decrease of approximately 15.7% [2][16] - The competitive landscape is shifting towards lower price segments, necessitating cost efficiency improvements for airlines [2][18] 3. Domestic Route Load Factor - The overall load factor for domestic routes remained high, with a year-on-year increase of about 2.1 percentage points [34][42] - Major airlines like Eastern Airlines and Air China reported significant year-on-year load factor improvements of 3.3% and 3.0%, respectively [48][39] 4. International Route Capacity - International route capacity for listed airlines increased by approximately 9.4% year-on-year, while it decreased by about 9.5% compared to August [4][54] - The load factor for international routes improved by approximately 3.5 percentage points year-on-year, indicating a strong recovery compared to last year [4][60] 5. Airport Throughput - Major airports such as Shanghai, Beijing, and Shenzhen reported year-on-year growth in international passenger throughput of 19%, 13%, and 15%, respectively [68][74] - Overall, international passenger throughput growth rates are stabilizing as the industry moves into the latter half of the year [68][72]

Core Insights - The aviation industry is experiencing a steady increase in flight execution volume and passenger load factors, indicating a recovery in demand and potential for profitability improvement [1][2][5] Flight Volume and Passenger Load Factors - As of October 14, 2025, the daily flight execution volume in civil aviation is 15,539 flights, a 3.73% increase from 14,980 flights in the same period of 2024 [1][2] - Passenger load factors for July to September 2025 are 84.5%, 87.5%, and 85.8%, all exceeding the levels from the same period in 2019 [1][2] - The average passenger load factor for the three major airlines in September 2025 is 85.7%, up 5 percentage points from 2019 [2] Ticket Price Recovery - The average domestic economy class ticket price in September 2025 is 697 yuan, a 0.6% increase year-on-year, and a recovery from a 5% decrease compared to September 2019 [2] - During the National Day and Mid-Autumn Festival holiday, the average domestic economy class ticket price is 849 yuan, reflecting a 0.3% increase year-on-year and a recovery from a 1.4% decrease compared to the same holiday in 2019 [2] International and Domestic Flight Growth - The average daily execution volume of international flights and flights to Hong Kong, Macau, and Taiwan is 2,154 flights, a significant increase of 16.70% year-on-year [3] - Domestic flight execution volume averages 13,885 flights per day, a 1.91% increase year-on-year [3] - By June 2025, international flight volumes have recovered to 88% of the levels seen in the same period of 2019 [3] Supply Constraints and Future Outlook - Global aircraft manufacturers are facing significant supply chain disruptions, leading to a slowdown in aircraft deliveries, with Boeing and Airbus expected to deliver 348 and 766 aircraft in 2024, respectively [4] - The expansion of aviation capacity is expected to remain constrained due to regulatory challenges and the aging fleet [4] Oil Price Trends and Competitive Landscape - International oil prices have been on a downward trend in 2025, which is beneficial for airline profitability due to reduced fuel costs [5] - The "anti-involution" policy initiated in June 2025 aims to address the issue of continuously declining ticket prices, with expectations for price recovery in the aviation sector [5] Investment Recommendations - The combination of low supply growth, recovering demand, and decreasing oil prices suggests a favorable environment for ticket price recovery and airline profitability [6] - Continuous monitoring of demand recovery, particularly in business travel and international flight resumption, is advised [6] - Recommended stocks for investment include Huaxia Airlines, Air China, China Eastern Airlines, China Southern Airlines, Juneyao Airlines, and Spring Airlines [6]

Core Viewpoint - The Chinese shipping industry has demonstrated strong resilience and vitality over the past year, achieving new results in high-quality development amidst complex environments [3]. Shipping Economic Performance - The maritime connectivity of China has maintained the world's highest ranking for 19 consecutive years, with the international shipping volume expected to account for 31.3% of global shipping volume in 2024. The port cargo throughput and container throughput have ranked first globally for several years [4]. - In the first eight months of this year, the national waterway freight volume reached 6.56 billion tons, a year-on-year increase of 3.8%. The total cargo throughput at ports was 12.03 billion tons, up 4.4%, and container throughput was approximately 23 million TEUs, increasing by 6.3% [4]. Shipping Infrastructure Development - Major waterway infrastructure projects are advancing, with the construction progress of the Xiaoyangshan North Container Terminal exceeding 50% and the Pinglu Canal over 80% [5]. - In the first eight months, national waterway construction investment reached 143.27 billion yuan, a year-on-year increase of 3.6%, providing strong support for domestic demand expansion and stable growth [5]. Smart Port Construction - China has built 60 automated terminals, leading global smart port construction. The national electronic navigation chart has surpassed 10,000 kilometers in published mileage [7]. - The use of shore power for vessels has become normalized, with annual usage expected to exceed 200 million kilowatt-hours [7]. Regulatory and Policy Framework - The revision of the "International Shipping Regulations" provides a solid legal guarantee for national maritime safety and development. A comprehensive policy system for high-quality inland waterway shipping development has been established [8]. International Cooperation - China has signed maritime agreements with Kuwait and has reached 70 countries and regions for bilateral and multilateral maritime agreements. The Shanghai International Shipping Center ranks among the top three globally [9]. Shanghai International Shipping Center Development - The Shanghai International Shipping Center has transitioned from "basically completed" to "fully completed" during the 14th Five-Year Plan, maintaining a top-three global ranking [10]. Port and Airport Development - Shanghai Port's container throughput is expected to reach 51.506 million TEUs in 2024, maintaining its position as the world's largest port for 15 consecutive years [12]. - In the first nine months, Shanghai's airport handled 1 billion passengers and 3.2869 million tons of cargo, with respective year-on-year growth of 8.04% and 6.72% [12]. Cruise Port Development - The first domestically produced large cruise ship, "Aida·Magic City," will commence commercial operations in January 2024. In the first nine months, Shanghai's cruise port received 225 international cruise calls, with passenger throughput increasing by nearly 45% [13]. Shipping Service Enhancement - Shanghai has established a multi-level, full-chain temporary arbitration system for maritime disputes, filling a domestic gap. The first foreign-related maritime temporary arbitration case was adjudicated in Shanghai in August 2024 [14]. Green and Smart Shipping Transition - Shanghai Port's LNG refueling capacity is increasing, and it has become one of the few ports globally capable of both LNG and methanol refueling. The Shanghai International Shipping Carbon Footprint Labeling Association has been established [15]. - The Yangshan Deepwater Port's fully automated terminal is now operational, and a digital trade platform has been launched [15][16]. 2025 North Bund International Shipping Forum - The forum, co-hosted by the Ministry of Transport and the Shanghai Municipal Government, will take place from October 19 to 21, 2025, focusing on global shipping sustainable development [17][19]. - The forum will include various sub-forums and activities, with an expected attendance of 4,000 participants from over 50 countries and regions [19].