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].

11月7日以来，辽宁省代表团陆续来到沈阳桃仙国际机场前往广州。南航提前收集相关信息和需求，并预留座位，提前打好登机牌。地面服务方 面，设立十五运会和残特奥会专属值机区域和值机柜台，为团队托运行李拴挂优先行李牌，十五运会和残特奥会专属标识牌。在行李托运环节， 运动员行李单独分拣摆放、单独装入拖斗，最后单独装机，并放置在靠近货舱门口位置，便于航班到达目的地后第一时间交给团队旅客。 新华网沈阳11月11日电 第十五届全国运动会开幕以来，辽宁省代表团的各参赛队伍正陆续启程奔赴赛场。南航北方分公司组建联合保障专项组， 确保辽宁省代表团出行安全、高效、便捷。 自今年8月起，南航与辽宁省体育局、辽宁省体育事业发展中心商议专项服务保障工作事宜，详细了解辽宁各参赛队需求，制定了《2025年全运会 辽宁省代表团服务保障方案》。通过积极协调航班运行，确保航班时刻稳定、运力充足，明确了票务保障、预留座位、协助特殊行李托运、安排 快速安检以及优先登机等一系列细致入微的服务保障流程。 在沈阳桃仙国际机场，辽宁省代表团正在托运行李，准备登机前往广州。受访单位供图 ...

Group 1: Solar and Energy Stocks - Solar stocks showed recovery with New Special Energy (01799) up 4.99%, Flat Glass (06865) up 3.25%, Xinyi Solar (00968) up 3.75%, and GCL-Poly Energy (03800) up 2.27%. The China Photovoltaic Industry Association stated that rumors about a polysilicon storage platform were false, aiming to malign the industry [1][2] - Energy storage concept stocks rose against the trend, with Longpan Technology (02465) up 17.09%, Ruipu Lanjun (00666) up 15.2%, and Zhongxin Innovation (03931) up 9.22%. Lithium hexafluorophosphate prices have surged, with some market quotes reaching 150,000 yuan/ton, doubling since mid-October [1] Group 2: Oil and Gas Stocks - Oil stocks collectively declined, with CNOOC (00883) down 3.14%, CNOOC Services (02883) down 2.98%, PetroChina (00857) down 2.09%, and Sinopec (00386) down 1.79%. OPEC's monthly report indicated a slight oversupply in the oil market by 2026, contrasting previous predictions of sustained demand [2] Group 3: Steel and Mining Stocks - Steel stocks saw a midday surge, with Maanshan Iron & Steel (00323) up 7.09%, Ansteel (00347) up 2.26%, and Chongqing Iron & Steel (01053) up 2.13%. The Simandou project in Guinea, which has the potential to become the fifth-largest mine globally, has commenced production [2] Group 4: Airline and Transportation Stocks - Southern Airlines (01055) rose over 3.9% after reporting a 2.2% year-on-year increase in revenue for the first three quarters of 2025 [2] Group 5: Biotechnology and Pharmaceuticals - Gilead Sciences (01672) increased over 5.7% as it announced the clinical development of new drugs ASC36 and ASC35 [3] - Zai Lab (02509) rose over 8.4% after announcing plans for continued related transactions for the commercialization of QX001S from 2026 to 2028 [4] Group 6: Gold Stocks - Gold stocks collectively rose, with China Gold International (02099) up 5.99%, Jihai Resources (02489) up 7.3%, and Lingbao Gold (03330) up 4.47%. Gold prices have surpassed $4,100 and are testing the $4,200 resistance level [4] Group 7: US Market Movements - Major tech stocks in the US fell, with Meta Platforms (META.US) down over 2.8%, Tesla (TSLA.US) down over 2%, and Amazon (AMZN.US) down over 1.9% [5] - Eli Lilly (LLY.US) rose 2.95%, reaching a historical high, after announcing a deal to lower GLP-1 drug prices to $245 per month, potentially opening a new market of 30 million people [5] - The US airline service sector saw gains, with United Airlines (UAL.US) up 5.29% and American Airlines (AAL.US) up 3.62%, as the government is expected to reopen soon [5] Group 8: Nuclear Energy Stocks - US nuclear energy stocks rose, with Oklo (OKLO.US) up 6.67% as the government plans to finance new nuclear power plants to meet the energy demands of AI development [6] Group 9: Company-Specific Developments - On Holding (ONON.US) surged over 17.9% after reporting Q3 net sales of 794.4 million Swiss francs, exceeding market expectations [7] - AMD (AMD.US) rose 9% as it projected a 35% annual growth rate in revenue over the next three to five years, driven by AI chip demand [7]

Group 1: Horizon Robotics (09660) - Horizon Robotics has experienced a significant decline, with a recent high of 11.32 HKD and a low of 8.03 HKD, closing at 8.33 HKD today. Investors remain optimistic about the stock's potential to break through 11.32 HKD [1] - Currently, there are no related warrants available in the market, only two call options with substantial out-of-the-money margins. Investors may need to wait for more closely priced products to be issued [1] - If investors are optimistic about the stock, they should consider monitoring the stock itself rather than relying on warrants, which may decline significantly if the stock does not rise or remains stagnant [1] Group 2: China Southern Airlines (01055) - China Southern Airlines has shown a strong upward trend, but trading volume has started to weaken, indicating potential fatigue in the stock's performance [2] - Investors are still optimistic, believing the stock could reach 6 HKD or even 6.3 HKD, although the immediate resistance level is around 5.43 HKD [2] - There are limited warrant products available for this stock, with one at an exercise price of 4.88 HKD and another upcoming at 6.66 HKD, making investor choices quite limited [4] Group 3: GCL-Poly Energy (03800) - GCL-Poly Energy's stock price has not performed well, dropping to a low of 1.25 HKD and closing at 1.32 HKD, with significant trading volume during the decline [4] - Despite the downturn, investors remain confident that the stock could rebound above 1.5 HKD, needing to first break the resistance at 1.45 HKD [4] - There are several warrant options available, with some having favorable terms, including three products expiring in March with exercise prices around 1.68 HKD to 1.69 HKD [7] Group 4: China Duty Free Group (01880) - China Duty Free Group's stock has shown volatility, recently reaching a high before closing at 78.9 HKD, with some investors still seeing potential for upward movement [8] - There are multiple warrant options available at exercise prices around 79 HKD and 80 HKD, with one product showing a leverage advantage of 3.5 times and a low implied volatility of 64.8% [8] - The market for warrants related to this stock is competitive, with various products available, indicating a healthy interest from issuers despite the stock being less frequently mentioned [8]

南方航空（600029）(01055)再涨超5%，截至发稿，涨4.54%，报5.53港元，成交额1.26亿港元。 信达证券（601059）发布研报称，三季度暑运期间，公司单位客收及座收跌幅控制得当，客座率高位提 升，业绩取得亮眼表现。四季度初期国庆假期出行需求旺盛，十月份行业票价明显改善，公商务出行同 比或能明显好转，看好公司座收回升。叠加油价下行及人民币汇率走强等因素，公司全年业绩有望转 盈，看好未来利润弹性增长。 消息面上，南方航空发布2025年三季报。2025年前三季度，公司实现营业收入1377亿元，同比增长 2.2%；实现归母净利23.07亿元，同比增长17.4%。单看第三季度，公司营收514亿元，同比增长3.0%， 归母净利38.4亿元，同比增长20.3%。 ...

信达证券发布研报称，三季度暑运期间，公司单位客收及座收跌幅控制得当，客座率高位提升，业绩取 得亮眼表现。四季度初期国庆假期出行需求旺盛，十月份行业票价明显改善，公商务出行同比或能明显 好转，看好公司座收回升。叠加油价下行及人民币汇率走强等因素，公司全年业绩有望转盈，看好未来 利润弹性增长。 智通财经APP获悉，南方航空(01055)再涨超5%，截至发稿，涨4.54%，报5.53港元，成交额1.26亿港 元。 消息面上，南方航空发布2025年三季报。2025年前三季度，公司实现营业收入1377亿元，同比增长 2.2%；实现归母净利23.07亿元，同比增长17.4%。单看第三季度，公司营收514亿元，同比增长3.0%， 归母净利38.4亿元，同比增长20.3%。 ...

Core Insights - China Southern Airlines (CSA) has achieved a significant milestone by transporting over 10 million passengers at Urumqi Airport by November 9, 2025, which is 15 days ahead of the target set for 2024 [1] Group 1: Growth in Tourism and Operations - The Xinjiang tourism market has experienced rapid growth, with a 31.12% year-on-year increase in tourist numbers in the first ten months of the year, leading the nation [3] - As the largest base airline in Xinjiang, CSA has expanded its capacity and optimized its network, increasing flights to popular tourist cities such as Shenzhen, Kunming, Guiyang, Hong Kong, and Tbilisi during the summer travel season [3] Group 2: Winter-Spring Flight Plans - For the winter-spring season, CSA plans to operate 100 routes, connecting 68 cities with an average of 230 flights per day [4] - The airline has improved transfer services, enhancing the efficiency of connections at Urumqi, with a 9.61% increase in on-time performance for flights and a 10-minute reduction in the shortest transfer time for international to domestic connections compared to last year [4] Group 3: Enhanced Passenger Services - CSA has introduced the "Warm Companion" service for special passenger groups, including unaccompanied minors and wheelchair travelers, providing tailored support throughout their journey [5] - The airline has upgraded its smart services, allowing for one-stop baggage handling at self-service check-in, thereby improving efficiency and passenger experience [5]

Group 1 - The core point of the article is the launch of a direct flight route by China Southern Airlines (CZ6859) from Altay to Shanghai, enhancing connectivity and travel options for passengers [1] - The flight takes approximately 5 hours and operates three times a week, with specific departure and arrival times outlined [1] - This new route is part of a broader strategy by China Southern Airlines to expand its network, having opened a total of 9 routes in the Altay region this winter, connecting to major cities like Beijing, Guangzhou, and Wuhan [4] Group 2 - The Altay region is recognized as the "origin of human skiing," boasting a rich history and resources related to winter sports [4] - China Southern Airlines is integrating aviation with the cultural tourism industry by offering promotional activities such as "free skiing with a ticket" and "worry-free skiing in Xinjiang," which combine flight tickets, skiing, and hotel resources for a comprehensive travel experience [4] - Passengers flying with China Southern Airlines this winter can enjoy discounts on skiing or sightseeing by presenting their boarding passes at designated locations [4]

Core Viewpoint - The arrival of the new snow season has led to an increase in travel demand in the Altay region, prompting Southern Airlines to launch nine new routes to enhance its ice and snow travel network [1]. Group 1: Travel Demand and Airline Response - Southern Airlines has reported a nearly 4% year-on-year increase in passenger volume in the Altay region for October [1]. - The airline has introduced a direct flight route from Altay City to Shanghai Pudong, connecting Altay City with six other cities including Beijing, Guangzhou, and Wuhan [1]. - Southern Airlines continues to operate flights from Urumqi to Altay, Fuyun, and Kanas, promoting the integration of air travel with ice and snow tourism [1]. Group 2: Tourism Initiatives - Altay boasts a rich skiing culture and abundant ice and snow resources, making it an attractive destination for winter sports [1]. - Southern Airlines is actively promoting the integration of aviation and cultural tourism by launching initiatives such as "free skiing with a ticket" and "worry-free snow in Xinjiang," which combine flight tickets, skiing, and accommodation [1]. - These initiatives aim to create a more convenient and enriching one-stop ice and snow tourism experience for travelers [1].

当天，中国南方航空还与印度靛蓝航空签署合作谅解备忘录。该备忘录立足于中印航空市场发展机遇，旨在深化双方合作关系，探索广泛的合作领域，以满 足中印两国日益增长的旅客出行和货物运输需求。 根据备忘录，南航与靛蓝航空将积极推进在联运、代码共享、常旅客、货运等领域的深入合作，通过优势互补与资源共享，为中印两国的旅客提供更加丰富 多样的出行产品以及更加顺畅便捷的无缝衔接体验。 南航集团总经理韩文胜表示："南航非常重视印度市场的发展潜力。通过与靛蓝航空的合作，我们将进一步发挥彼此优势，为旅客提供更加丰富的出行选 择，为中印两国的经贸往来与航空交流注入新动力。" 南都讯 记者钟丽婷 11月11日，靛蓝航空6E1702航班从广州白云机场顺利启航，广州与德里直飞航线焕新通航。这是继恢复广州加尔各答航线后，印度靛蓝 航空开通的德里与广州之间的每日直达航班。至此，广州到印度恢复至每日两个航班。 上月，靛蓝航空已恢复加尔各答至广州的航班，成为首家重启中印直飞航线的印度航司。本次开通的新航线由A320neo客机执飞，为旅客提供经济实惠、便 捷舒适的出行体验。 新航线更是将印度首都及区域重要航空枢纽德里，与中国华南地区主要的商业和制造业 ...