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].

作为电子信息质量领域的唯一国家一级协会，中电质协本次开展全国案例征集，旨在贯彻落实《质量强 国建设纲要》及工信部2025年相关文件要求，树立行业创新标杆，推动用户体验理念与方法在实体经济 中的深度融合与落地应用。 东航"数字人+多智能体"项目能够在激烈竞争中胜出，彰显了东航在前沿科技与旅客服务结合方面的领 先探索与实效成果。该项目以"设计思维"为核心，构建数字人与多智能体协同的智慧航空服务体系，聚 焦行程规划、机票服务和中转保障等场景，实现全旅程数字化服务升级。 《中国民航报》、中国民航网 记者钱擘 报道：10月16日，由中国电子质量管理协会、用户体验联盟 （UXACN）主办的第十三届中国用户体验大会在海口隆重召开。《中国东航"数字人+多智能体"智慧 航空服务体系的构建与应用》，入选"2025年度用户体验创新典型案例"，是本年度民航领域唯一入选项 目。 此项目实现了在模式上，构建了国内领先的"数字人+多智能体"协同体系；在技术上，融合形成"能说、 会想、可执行"的智能服务链；在战略路径上，通过"开源大模型+企业级大模型平台"方案兼顾成本、安 全与自主可控。未来，该项目可拓展至更多应用领域，推动公共服务从"功能 ...

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].

每经AI快讯，港股三大航再度上扬，截至发稿，东方航空(00670.HK)涨3.95%，报3.68港元；南方航空 (01055.HK)涨2.05%，报4.49港元；中国国航(00753.HK)涨1.02%，报5.96港元。 ...

Core Viewpoint - The three major Chinese airlines have seen a rise in stock prices, driven by positive operational data for September, indicating a recovery in the aviation sector [1] Group 1: Airline Performance - Eastern Airlines (00670) increased by 3.95% to HKD 3.68, Southern Airlines (01055) rose by 2.05% to HKD 4.49, and Air China (00753) gained 1.02% to HKD 5.96 [1] - In September, Southern Airlines' passenger capacity increased by 4.43% year-on-year, and passenger turnover rose by 5.25% [1] - Eastern Airlines reported a 3.63% year-on-year increase in passenger capacity and an 8.67% rise in passenger turnover for September [1] - Air China experienced a 5.6% year-on-year increase in passenger turnover, with an average seat occupancy rate of 83.2%, up 3.5 percentage points year-on-year [1] Group 2: Industry Outlook - Guosheng Securities is optimistic about the long-term improvement in the aviation sector, citing low supply growth and ongoing demand recovery, which is expected to narrow the supply-demand gap [1] - The firm anticipates continuous ticket price recovery and improving profitability for airlines due to lower oil prices and the implementation of "anti-involution" policies [1] - Shenwan Hongyuan believes that the aviation industry is at a turning point, with airlines likely to experience significant improvements in profitability, potentially entering a golden era [1]

国盛证券指出，看好航空板块中长期景气提升。该行认为，供给低增速、需求持续恢复，供需缺口缩小 叠加油价中枢下移及"反内卷"政策推进，静待票价持续修复、航司盈利不断改善。申万宏源表示，站在 当前行业变化的拐点来临之际，航空公司效益有望迎来显著提升，航空公司有望迎来黄金时代。 智通财经APP获悉，三大航再度上扬，截至发稿，东方航空(00670)涨3.95%，报3.68港元；南方航空 (01055)涨2.05%，报4.49港元；中国国航(00753)涨1.02%，报5.96港元。 消息面上，近日，多家航空公司发布9月运营数据。数据显示，三大航司的客运运力投入、旅客周转 量、客座率等客运主要运营数据同比均呈上升态势。9月，南方航空客运运力投入同比上升4.43%；旅 客周转量同比上升5.25%。中国东航9月客运运力投入同比上升3.63%；旅客周转量同比上升8.67%。中 国国航9月旅客周转量同比上升5.6%，平均客座率83.2%，同比上升3.5个百分点。 ...

| 代码 | 名称 | 最新价 涨跌幅 v | | --- | --- | --- | | 00670 | 中国东方航空股 | 3.630 2.54% | | 01055 | 中国南方航空股 | 4.480 1.82% | | 00753 | 中国国航 | 5.940 0.68% | 此外据悉，2025年冬春航季将于10月26日启动，多家航空公司已公布新增航线计划，例如华夏航空新增 5条航线，中国国航新开3条航线。这为行业带来新的增长预期。(格隆汇) 消息上，10月15日晚，多家航空公司发布9月运营数据。数据显示，三大航司的客运运力投入、旅客周 转量、客座率等客运主要运营数据同比均呈上升态势。华泰证券认为票价同比转正有望在4Q延续，同 时油价下跌有望降低航司成本压力，共同改善航司盈利，并催化板块关注度。 港股三大航空股继续上涨行情，其中，中国东方航空涨2.5%，3日连涨超15%，中国南方航空涨近2%， 中国国航涨约1%。 ...