每经编辑｜张锦河 11月14日，外交部和中国驻日本使领馆就中国公民前往日本发布郑重提醒。15日，国航、南航、东航、川航等多家航司已发出通知，公布了涉及日本航线客 票的特殊处置方案，对于出行日期在12月31日之前且符合相关条件的客票，可予以免费退改处理。 国航在通知中明确，对于在今年11月15日12时（含）前购买或换开产生新票号的国航999开头的客票（包括里程奖励客票）；客票未使用行程涉及旅行日期 为2025年11月15日（含）至2025年12月31日（含）之间东京、大阪、名古屋、福冈、仙台、广岛、札幌、冲绳进出港的国航实际承运航班和挂CA航班号的 代码共享航班；在2025年11月15日0时（含）以后申请客票变更或退票（以取消客票订座时间为准）。在客票有效期内，首次变更免收变更手续费，但需收 取子舱位差价及淡旺季差价，再次变更需依据客票使用条件办理。在客票有效期内，可以办理未使用航段退票，免收退票手续费。 南航表示，对于在今年11月15日12:00（含）前购买或换开的南航784开头的客票，且客票未使用行程涉及旅行日期在2025年11月15日（含）至2025年12月31 日（含）之间的日本进、出港（含经停）南航实 ...

Core Viewpoint - The article discusses the recent advisory from the Chinese Ministry of Foreign Affairs and Chinese embassies in Japan, urging Chinese citizens to avoid traveling to Japan due to safety concerns, which has led to major Chinese airlines offering free ticket changes and refunds for flights to Japan [5][6]. Group 1: Advisory and Airline Responses - The Chinese Ministry of Foreign Affairs has issued a warning regarding the safety of Chinese citizens in Japan, citing an increase in criminal incidents against them [5][6]. - Major Chinese airlines, including Eastern Airlines, Southern Airlines, and Air China, have implemented free ticket change and refund policies for flights to Japan from November 15 to December 31, 2025 [5][6]. - The advisory has sparked significant discussion on social media about the safety of traveling to Japan [7]. Group 2: Travel Trends and Market Impact - Japan was a popular travel destination for Chinese tourists during the recent National Day holiday, with high demand leading to sold-out flights [7]. - Following the holiday, there has been a notable decline in demand for flights to Japan, with ticket prices dropping below 500 yuan, indicating a shift in market dynamics [7]. - The weekly flight volume from mainland China to Japan has decreased significantly, with a reported 14.5% drop compared to the previous week [9]. Group 3: Shift in Travel Preferences - Due to safety concerns in Thailand, there has been a shift in travel demand towards Japan and South Korea, with airlines potentially reallocating capacity from Japan to other routes [9]. - Spring Airlines reported strong demand for South Korea, while the Japanese market has seen an increase in supply, leading to improved demand-supply dynamics [9]. - The Southeast Asian market is gradually recovering as travelers perceive conventional tourism as having no significant risks [9].

（文章来源：新华财经） 新华财经上海11月14日电国际航协消息，中国东方航空公司宣布加入国际航协航班计划数据交互项目 （SDEP）。至此，该计划已涵盖中国四大航空公司——中国国际航空公司、中国东方航空公司、中国 南方航空公司和海南航空公司，标志着该计划在中国市场的推进迈出了重要一步。随着中国四大航空公 司加入航班计划数据交互项目，该项目目前涵盖了中国民航75%以上的运力。 ...

Investment Rating - The report maintains a positive outlook on cyclical sectors, indicating that quality dividend stocks still have upward potential [1]. Core Insights - The transportation industry showed stable performance in the first three quarters of 2025, with infrastructure sector key stocks meeting expectations, shipping stocks recovering, and express delivery volumes and prices increasing due to anti-involution policies [1][7]. - The report emphasizes the importance of monitoring cyclical sector fundamentals and highlights the potential for further gains in quality dividend stocks [1][7]. Summary by Sections Overview of the Transportation Sector - The overall performance of the transportation industry from the beginning of 2025 to November 10 showed an increase of 8.5%, underperforming compared to the Shanghai and Shenzhen 300 index, which rose by 31.6% [11]. - The logistics sector benefited from anti-involution policies, while infrastructure sectors like highways and railways experienced declines [11]. Highway Sector - In the first three quarters of 2025, highway passenger transport decreased by 2.6% year-on-year, while freight transport increased by 4.1% [16]. - The performance of listed companies varied, with some showing stable toll revenue while others faced declines due to network adjustments and acquisitions [16][17]. Port Sector - National port cargo throughput reached 1.357 billion tons, a year-on-year increase of 4.6%, with container throughput growing by 6.3% [18]. - Key companies like China Merchants Port and Qingdao Port maintained stable performance, while Tangshan Port showed significant recovery in Q3 [18][19]. Railway Sector - Railway passenger volume grew by 6% year-on-year, while freight volume increased by 2.8% [22]. - The report anticipates continued growth in passenger transport, driven by new projects, although freight transport may face challenges due to economic conditions [22]. Shipping Sector - The shipping sector experienced a decline in container shipping rates in the first three quarters, but Q3 showed signs of recovery [25]. - The report forecasts improved performance for oil tanker companies in Q4 and 2026 due to favorable market conditions [28]. Express Delivery Sector - The express delivery industry saw a 17.2% increase in business volume in the first three quarters, although average prices fell by 7.1% [30]. - The report predicts a return to price increases in Q4, driven by anti-involution policies, with overall profitability expected to improve [31]. Logistics Supply Chain Sector - Cross-border air transport demand remained resilient, with a 6.4% year-on-year increase in cross-border e-commerce imports and exports [32]. - The report suggests that contract logistics volumes are expected to stabilize as economic conditions improve [33]. Aviation Sector - The aviation industry reported a 9.1% year-on-year increase in passenger turnover, with domestic routes showing a 4.2% increase [35]. - The report anticipates a significant reduction in losses for the industry in Q4, with a potential for profit recovery in 2026 [36]. Airport Sector - The airport sector experienced a 4.4% year-on-year increase in passenger throughput, with significant growth in international travel [38]. - The report highlights the ongoing recovery in airport operations and profitability due to increased passenger volumes and improved cost management [38].

Core Viewpoint - The Hong Kong aviation stocks continue to rise, with China Eastern Airlines hitting a new high, indicating positive market sentiment in the aviation sector [1] Group 1: Company Performance - China Eastern Airlines saw an increase of over 4% in early trading, reaching a new phase high [1] - China Southern Airlines is up by 1.5% [1] - Air China has increased by 1% [1] - Cathay Pacific is also experiencing a rise [1]

Group 1 - The core viewpoint of the article highlights a bullish trend in the Hong Kong aviation sector, with significant stock price increases for major airlines such as China Eastern Airlines and China Southern Airlines, indicating a potential super cycle in the aviation industry [1] - Cathay Pacific's research report maintains a bullish outlook on aviation fuel transportation, predicting that the industry will experience record high profitability in Q4, driven by high passenger load factors and low ticket prices [1] - The report suggests that the recent seasonal transition has had a weaker impact than in previous years, with business travel remaining active and supporting a year-on-year increase in both volume and price [1] Group 2 - The article mentions that the U.S. government is likely to end its shutdown, with President Trump stating that all air traffic controllers must return to work immediately, which could positively impact the aviation sector [1] - The stock performance of various airlines is noted, with China Eastern Airlines up 4.56%, China Southern Airlines up 1.54%, and Air China up 1.08%, reflecting strong market sentiment [1] - The MACD golden cross signal formation indicates a positive trend for these stocks, suggesting continued upward momentum in the aviation sector [1]

Core Insights - As of November 10, a total of 108 stocks reached their 52-week highs, with notable performers including Taijin Holdings (08321), OKURA HOLDINGS (01655), and Hejia Holdings (00704) achieving high rates of 125.00%, 84.90%, and 53.57% respectively [1] Summary by Category 52-Week Highs - Taijin Holdings (08321) closed at 0.620 with a peak price of 0.900, marking a 125.00% increase - OKURA HOLDINGS (01655) reached a closing price of 0.280 and a high of 0.355, reflecting an 84.90% rise - Hejia Holdings (00704) had a closing price of 0.345 and a peak of 0.430, showing a 53.57% increase - Other notable stocks include Sanhe Chemical (00301) with a 41.67% increase and Aide New Energy (02623) with a 36.25% rise [1] 52-Week Lows - Wangshan Wangshui-B (02630) recorded a closing price of 52.850 and a low of 51.000, resulting in a -21.84% decrease - Eight Horses Tea (06980) had a closing price of 52.850 and a low of 51.100, reflecting a -10.98% decline - New Enjoy Times (08519) reached a low of 0.270, marking a -10.00% drop - Other significant declines include Jiujiang Bank (06190) at -8.99% and Kun Group (00924) at -6.98% [3][4]

中新网天津11月10日电 (记者 贾天勇)9日，为纪念"两航起义"76周年，传承弘扬爱国主义精神，"翼展爱 国光辉载旗荣耀北飞——国航C919重飞'两航起义'北飞光辉航程"系列主题活动在天津举行。此次活动 通过国航C919重飞"两航起义"航线主题航班和天津"两航起义"展馆首展"空地联动"，追溯新中国民航事 业的开端，致敬"两航起义"的爱国壮举，礼赞中国民航事业的先驱者与奠基人，生动呈现了新时代民航 建设的跨越式发展。 由原先张 贵庄机场候机楼改建而成的两航起义展馆外景。记者 贾天勇 摄 飞机到达后不久，由天津张贵庄老候机楼改建而成的"两航起义"展馆进行首展启幕，来自中国民用航空 局、天津市政府、国务院国资委、香港爱国主义教育工作小组、香港民航处、香港"两航"联谊会、香港 民航工会、中航集团及媒体代表等180人共同参加首展。中国航空集团有限公司党组书记刘铁祥，香港 爱国主义教育工作小组成员邝美云，香港民航处处长廖志勇，中国民用航空局总飞行师熊杰等嘉宾致 辞。仪式上播放了"两航起义"历史短片，多位两航起义亲历者的后代捐赠了珍贵历史物件，两位年近百 岁的起义亲历者王惠德先生、丁裕康先生亲临现场，深情回望那段峥嵘岁月 ...

Core Points - The event commemorated the 76th anniversary of the "Two Airlines Uprising" with a special flight from Hong Kong to Tianjin using the C919 aircraft [1] - The flight, CA104, took off from Hong Kong International Airport at 13:19 and landed at Tianjin Binhai International Airport at 16:01, successfully completing the mission [1] - The "Two Airlines Uprising" is a significant historical event in China's aviation history, where over 2,000 employees led by Liu Jingyi and Chen Zhuolin returned 12 aircraft to the new China in 1949 [1] Company and Industry Summary - The C919 aircraft is part of China's efforts to enhance its aviation capabilities and commemorate historical events [1] - The event highlights the importance of national pride and historical legacy in the development of China's civil aviation sector [1] - The "Two Airlines Uprising" is recognized as a pivotal moment in the history of the People's Liberation War and the establishment of civil aviation in China [1]

Group 1: Airline Sector - Major domestic airlines in China, including China Eastern Airlines, Air China, and China Southern Airlines, reported revenue growth and profitability for the third quarter of 2025, supported by summer travel and foreign exchange gains [1] - China Eastern Airlines (00670) rose by 4.65%, Air China (00753) increased by 6.31%, and China Southern Airlines (01055) gained 4.85% in early trading [1] Group 2: Infrastructure and Construction - China Liansu (02128) saw a rise of over 5.5% following the announcement of plans to construct and renovate over 700,000 kilometers of underground pipelines, with an investment demand exceeding 5 trillion yuan during the 14th Five-Year Plan [1] Group 3: Consumer Goods and Retail - Pop Mart (09992) surged over 6.64% as a report indicated a 245-250% increase in overall revenue for the third quarter of 2025, with domestic revenue growing by 185-190% and overseas revenue by 365-370% [1] - Wei Long (09985) increased by over 6.8% due to a Goldman Sachs report highlighting a favorable risk-reward profile after a 30% price correction since April [4] Group 4: Renewable Energy and Technology - Aidi New Energy (02623) rose by over 13.67% after announcing a change in control, with PIH becoming the new controlling shareholder [2] - Global energy storage battery shipments reached 428 GWh in the first nine months of 2025, marking a significant year-on-year increase of 90.7%, benefiting companies like Ruipu Lanjun (00666), which saw a nearly 8% rise [2] Group 5: Pharmaceuticals - Gilead Sciences-B (01672) increased by over 6.98% after being included in the MSCI Global Small Cap Index, effective November 24 [2] - Zhaoke Ophthalmology-B (06622) rose over 10.3% following a distribution agreement with a leading Indonesian pharmaceutical company for its innovative eye treatment [3] Group 6: Metals and Mining - Century Aluminum (CENX.US) reported a revenue of $632.2 million for Q3 2025, a 17.3% year-on-year increase, primarily driven by price increases in the Midwest [5] - Rare earth stocks saw significant gains, with MP Materials rising over 12.8% [5] Group 7: Technology and E-commerce - Airbnb (ABNB.US) reported Q3 2025 revenue of approximately $4.1 billion, a 10% year-on-year increase, with net profit around $1.4 billion [7] - Akamai (AKAM.US) saw a 14.71% increase after reporting a non-GAAP EPS of $1.86, exceeding market expectations [7]