这也是中国东航首次开通在中东的第五航权货运航线。该货运航线每周计划执行三班，全程航行时 间约为17小时，均采用波音B777F机型全货机执飞，主要运输国际快件、电商包裹、普货等多元化货 物。首个航班为东航物流所属中货航CK251全货机航班，于今天2时30分从上海浦东国际机场起飞，经 沙特阿拉伯利雅得国际机场中转后，飞抵匈牙利布达佩斯国际机场。 2024年7月，东航就开通了"上海—布达佩斯货运航线"，此次正式增设利雅得国际中转航点，让航 线得以延伸，构建起连接中国、中东与欧洲市场的境外经贸新通道。据介绍，利雅得地处亚、欧、非三 大洲交会地带，选择在此设立中转点，使东航的物流服务能够覆盖中东地区，并借此将服务网络快速延 伸至非洲重点市场。根据第五航权规则，东航能够在利雅得进行货源组织、卸货载货等中转操作，这一 权限许可将为航线运营带来效率提升、成本优化、收益增加等多重优势。 记者 王力 昨天，中国东航旗下东航物流宣布开通"上海—利雅得—布达佩斯"全货机新航线。 ...

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [15] Core Insights - The transportation industry shows signs of recovery with various segments experiencing different levels of performance, driven by factors such as fuel cost reduction, normalization of travel demand, and strategic adjustments by companies [2][41] Summary by Sections Aviation - In Q3 2025, listed airlines saw significant improvement in fuel costs, leading to a notable divergence in profitability among carriers. The international growth rate outpaced domestic, with a 19% increase in available seat kilometers (ASK) and a 22% increase in revenue passenger kilometers (RPK) compared to the same period in 2019 [6][23] - The average fuel price decreased by 11% year-on-year, contributing to improved profitability for airlines like China Eastern and Southern, while others faced challenges due to maintenance issues [31][37] Airports - Listed airport companies benefited from the normalization of travel, with gradual increases in passenger flow and stable costs leading to improved profitability. For instance, Shanghai Airport reported a 52.5% year-on-year increase in net profit for Q3 2025 [7][45][47] Express Delivery - The express delivery sector saw improvements in franchise profitability, while direct operations faced pressure due to increased strategic investments aimed at solidifying core business foundations. The overall market trend indicated a "weak volume, stable price" scenario [8][49] Cross-Border Logistics - Cross-border logistics continued to face external pressures, with significant declines in shipping prices due to geopolitical factors. However, cargo airlines maintained relatively stable profits due to fleet expansions [9][10] Bulk Supply Chain - Despite weak domestic demand, the implementation of "anti-involution" policies since July has led to improved operational efficiency and profitability for leading supply chain companies [10] Maritime Transport - The maritime sector showed signs of recovery, with oil and bulk shipping profitability improving. Container shipping, while still under pressure, showed better-than-expected performance due to seasonal demand and easing trade tensions [11][12] Ports - Port operations benefited from increased imports of bulk commodities, leading to year-on-year growth in performance, particularly in dry bulk and container segments [12][45] Highways - The highway sector experienced a recovery in traffic volume in Q3 2025, resulting in positive year-on-year profit growth for major listed companies [13] Railways - Railway passenger and freight demand showed slight growth, with companies diversifying into non-coal freight and logistics services to enhance profitability [14]

Wind数据显示，2020至2024年，中国国航、中国东航、南方航空累计亏损超2000亿元，而2025年前三 季度三家航司均实现盈利，标志着行业复苏进入拐点。其中，南方航空以23.07亿元归母净利润领跑三 大航，同比增长17.40%；中国东航实现21.03亿元归母净利润，同比扭亏；中国国航实现18.70亿元归母 净利润，同比增幅达37.31%。 国际航线成为三大航盈利的核心驱动力。营运数据显示，前三季度三大航国际航线旅客周转量涨幅均显 著高于国内航线：中国国航国际与国内航线旅客周转量同比涨幅分别为14.9%和1.2%；中国东航该指标 分别为24.16%和6.08%；南方航空则为19.54%和4.10%。其中，南方航空国际业务表现突出，其国际客 座率与座公里收入已超过2019年疫情前水平。 【深圳商报讯】（记者 陈发清）10月31日，国内主要上市航空公司完成前三季度业绩发布。根据业绩 报告，在经历5年连续亏损后，国航、东航、南航于今年前三季度实现集体扭亏为盈，行业复苏态势进 一步巩固。 上市航企中，海航控股以28.45亿元的归母净利润登顶行业盈利榜，同比增幅达30.93%。 ...

随着三季度财报相继发布，三大航2025年前三季业绩面貌也随之清晰：合计盈利62.8亿元，实现了自 2023年减亏以来，首次在前三季度整体扭亏为盈。在营收仅微增的情况下，净利润的显著提升直接得益 于市场需求回暖、国际航线拓展及油价成本下降。更深层次看，航司通过精细化运营管理持续增效。面 对四季度，业内票价保持稳定，三大航正通过加码热门冰雪与避寒航线、新开国际航线等举措，全力向 全年盈利目标冲刺。 反超的东航 财报数据显示，今年前三季度，国航、东航和南航的净利润分别为18.7亿元、21.03亿元和23.07亿元。 三季度单季盈利的亮眼表现是此次三大航同时盈利的关键。 根据财报数据，三季度国航净利润为36.76亿元，同比虽然下降11.31%，但其单季盈利也覆盖了一季度 的亏损。三季度东航净利润为35.34亿元，同比增长34.37%；南航净利润为38.4亿元，同比增长 20.26%。 对于净利润同比下降的原因，中国国航董事会秘书肖烽在国航三季度业绩说明会互动交流板块表示，剔 除非经常性损益后，公司1—9月利润总额同比增利14.37亿元，归属于母公司的净利润同比增利12.12亿 元。三季度汇兑收益大幅减少。 整体来看， ...

此次利用第五航权将利雅得增设为新航点，体现了东航对中东枢纽价值的战略考量。利雅得地处亚、 欧、非三大洲交汇地带，不仅是中东地区的政治与经济中心，也是辐射非洲市场的重要门户。选择在此 设立中转点，使东航的物流服务能够覆盖中东地区，并借此将服务网络快速延伸至非洲重点市场。同时 根据第五航权规则，东航能够在利雅得进行货源组织、卸货载货等中转操作，这一权限许可将为航线运 营带来效率提升、成本优化、收益增加等多重优势。 航仪式上合影。中新网记者 殷立勤 摄 2025年适逢中国与沙特建交35周年，中沙双方在数字经济、绿色发展、人工智能、电动汽车、金融等新 兴领域合作亮点频现，带动航空物流需求持续增长，此次新增的利雅得站点精准契合了这一增长趋势。 该货运航线每周计划执行三班，全程航行时间约为17小时，均采用波音B777F全货机机型执飞，主要运 输国际快件、电商包裹、普货等多元化货物，航线的延伸将进一步增强区域间商品流通效率，推动贸易 往来更加便捷与活跃。 中新网上海11月2日电 (记者 殷立勤)在11月2日举办的"上海—利雅得—布达佩斯全货机新航线暨空运产 品推介会"上，记者获悉，中国东航旗下东航物流所属中货航CK251全 ...

北京商报讯（记者 关子辰 牛清妍）11月2日，北京商报记者从"上海一利雅得一布达佩斯全货机新航线 暨空运产品推介会"获悉，中国东航旗下东航物流所属中货航CK251全货机航班，将于11月3日凌晨2:30 从上海浦东国际机场起飞，经沙特阿拉伯利雅得国际机场中转后，飞抵匈牙利布达佩斯国际机场。东航 曾于2024年7月开通上海—布达佩斯货运航线，此次新航线的开通标志着东航在上海—布达佩斯货运航 线上正式增设利雅得国际中转航点，也标志着东航成功开通在中东的第五航权货运航线。 该货运航线每周计划执行三班，全程航行时间约为17小时，采用波音B777F机型全货机执飞，主要运输 国际快件、电商包裹、普货等多元化货物，航线的延伸将进一步提高区域间商品流通效率。 据了解，利雅得地处亚、欧、非三大洲交汇地带，不仅是中东地区的政治与经济中心，也是辐射非洲市 场的重要门户。东航选择将利雅得设为中转点，使其物流服务能覆盖中东地区并借此将服务网络快速延 伸至非洲重点市场。同时，根据第五航权规则，东航能够在利雅得进行货源组织、卸货载货等中转操 作，这一权限许可将为航线运营带来效率提升、成本优化、收益增加等多重优势。 ...

中国东航公告2025 年第三季度业绩。公司2025 年第三季度实现营业收入395.92 亿元，同比+3.14%；归 母净利润35.34 亿元，同比+34.37%，扣非后归母净利润31.64 亿元，同比+30.21%。公司2025 年前三季 度实现营业收入1064.14 亿元，同比+3.73%；归母净利润21.03 亿元，扣非后归母净利润14.05 亿元，扭 亏为盈。业绩超预期。 机队规模：根据公司公告，截止2025 年三季度，公司总机队规模达到820 架，同比19年同期增加 16.15%，同比24 年同期增加3.80%。 运营数据：公司深化推进枢纽建设，"三飞"战略持续落地见效，积极抢抓暑运市场机遇，重点加密欧 美、日韩、北非等国际航线，运输总周转量、旅客运输量及客座率同比全面提升，同时公司持续深化各 项精细化成本管控措施，公司盈利水平显著改善。公司Q3 整体ASK 同比24 年+6.02%，整体RPK 同比 24 年+8.95%，客座率同比24 年+2.41 pct。 国内市场——公司运量增长高于运力，国内客座率进一步提升。2025Q3 国内ASK 同比24 年+3.36%； 国内RPK 同比24 年+6. ...

Core Insights - The company reported a significant increase in net profit for Q3 2025, with a year-on-year growth of 34%, exceeding previous expectations [1] - The company achieved a total revenue of 1,064 billion yuan in the first three quarters of 2025, reflecting a 3.7% year-on-year increase [1] Revenue Analysis - In Q3 2025, the company generated revenue of 396 billion yuan, up 3.1% year-on-year, with a net profit of 35.3 billion yuan, marking a 34% increase compared to the same period last year [1] - The decline in passenger revenue was attributed to falling ticket prices, with unit revenue per RPK at 0.538 yuan, down 5.3% year-on-year [2] - The unit cost of revenue per ASK decreased to 0.403 yuan, a 4.3% year-on-year decline, primarily due to lower oil prices [2] Capacity and Performance Metrics - The company’s fleet size reached 820 aircraft by the end of Q3 2025, with a net increase of 16 aircraft in the first three quarters [1] - The passenger load factor for Q3 was 86.9%, an increase of 2.3 percentage points year-on-year [1] - International routes saw a 13% increase in ASK and an 84.3% load factor, while domestic routes had a 3% increase in ASK with an 88.2% load factor [1] Industry Outlook - The supply-demand relationship in the industry is improving, with expectations for a strong Q4 despite seasonal trends, as ticket prices have been rising since September [2] - The company anticipates that supply chain constraints will continue to limit industry supply, which may enhance profitability in the long term [2] Profit Forecast and Investment Recommendation - The company’s projected net profits for 2025, 2026, and 2027 are 9.5 billion yuan, 36.1 billion yuan, and 79.5 billion yuan, respectively, maintaining a "buy" rating [3]

Wind数据显示，2020至2024年，中国国航、中国东航、南方航空累计亏损超2000亿元，而2025年前三 季度三家航司均实现盈利，标志着行业复苏进入关键拐点。其中，南方航空以23.07亿元归母净利润领 跑三大航，同比增长17.40%；中国东航实现21.03亿元归母净利润，同比成功扭亏；中国国航则录得 18.70亿元归母净利润，同比增幅达37.31%。 深圳商报·读创客户端记者 陈发清 10月31日，国内主要上市航空公司全部完成今年前三季度业绩发布，根据业绩报告，在经历五年连续亏 损后，国航、东航、南航于前三季度实现集体扭亏为盈，行业复苏态势进一步巩固。民营航司阵营中， 海航控股以28.45亿元归母净利润登顶行业盈利榜，同比增幅达30.93%，成为前三季度"最赚钱航司"。 三大航终结五年亏损，国际航线成增长核心 业绩下滑与国内市场"量增价跌"的竞争格局密切相关。飞友科技CADAS数据显示，2025年1-9月国内平 均票价同比下降8.5%，即便在七八月暑运旺季，票价同比仍分别下滑8.7%和7.3%。全服务航司下沉竞 争进一步挤压民营航司空间，三大航在部分航线将票价压至与低成本航司接近水平，同时保留行李托 运、 ...

Core Points - Eastern Airlines has shortened the check-in deadline for domestic flights at Nanchang Changbei International Airport to 25 minutes before departure for passengers without checked luggage, effective from November 1 [1] - This change follows a previous reduction in the check-in time from 40 minutes to 30 minutes in April of this year [3] Group 1: Operational Efficiency - Eastern Airlines Jiangxi Branch is continuously optimizing ground service processes and enhancing operational efficiency at Nanchang Changbei International Airport [2][3] - The reduction in check-in time is a critical measure to ensure the safety and punctuality of flights, as it allows for the completion of essential tasks such as baggage loading, passenger information verification, and flight data reporting [3] Group 2: Service Innovation - The company aims to provide more time for passengers by streamlining internal processes and enhancing collaboration among various roles [3] - Eastern Airlines Jiangxi Branch is committed to ongoing service innovation through refined and differentiated offerings to improve the travel experience for passengers [3]