Core Viewpoint - Global stock markets experienced a decline, while A-shares in the retail and duty-free sectors saw gains, driven by new government policies aimed at boosting consumption and an extended holiday period for the 2026 Spring Festival [1] Group 1: Market Performance - A-shares in the retail and duty-free sectors showed positive performance, with Hainan Airport rising by 6% and China Duty Free Group increasing by 3.71% [1] - The tourism ETF rose by 1%, while the largest food and beverage ETF increased by 0.18% [1] Group 2: Policy Changes - The Ministry of Finance and four other departments issued a notice to enhance duty-free shop policies, increasing the number of duty-free product categories to 47 and expanding domestic product offerings to encourage overseas consumption to return [1] Group 3: Holiday Impact - The official announcement of a nine-day Spring Festival holiday from February 15 to February 23, 2026, led to a doubling in search volume for train and international flight tickets on travel apps within half an hour [1] - The number of pre-booked tickets for the 2026 Spring Festival is projected to increase by 63% year-on-year [1] Group 4: Notable Products - The tourism ETF (562510) rose by 1.59%, with key stocks including China Duty Free, Junting Hotel, Hainan Airport, and Shanghai Airport [1] - The largest food and beverage ETF (515170) increased by 0.18%, with a total scale of 6.164 billion yuan and a year-to-date increase of 5.1 billion shares, primarily consisting of leading liquor stocks like Kweichow Moutai and Wuliangye [1]

Core Viewpoint - The aviation and airport sector experienced a notable increase of 2.36% on November 3, with China Eastern Airlines leading the gains, reflecting positive market sentiment in the industry [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1]. - Key stocks in the aviation sector showed significant gains, with China Eastern Airlines rising by 4.37% to a closing price of 5.01, and Southern Airlines increasing by 4.20% to 6.95 [1]. Group 2: Trading Volume and Capital Flow - The aviation sector saw a total trading volume of 2.11 billion yuan, with China Eastern Airlines contributing 11.12 billion yuan in transaction value [1]. - The sector experienced a net outflow of 70.22 million yuan from institutional investors, while retail investors saw a net inflow of 81.81 million yuan [2]. Group 3: Individual Stock Analysis - China Eastern Airlines led the sector with a closing price of 5.01 and a trading volume of 2.25 million shares [1]. - Hainan Airlines Holdings and China National Aviation Corporation also performed well, with increases of 3.39% and 3.31%, respectively [1]. - Conversely, Xiamen Airport and Spring Airlines saw declines of 1.89% and 0.37%, respectively [2]. Group 4: Detailed Capital Flow - Southern Airlines had a significant net outflow of 67.54 million yuan from speculative funds, while retail investors contributed a net inflow of 51.26 million yuan [3]. - Hainan Airlines Holdings and China National Aviation Corporation also faced net outflows from institutional and speculative funds, but retail investors showed positive net inflows [3].

[Table_Title2] 旅游零售Ⅱ 行业评级: 推荐 证券研究报告|行业点评报告 [Table_Date] 2025 年 11 月 03 日 [Table_Title] 免税消费政策再优化，激发免税消费活力 [Table_Summary] 事件概述: 10 月 30 日，财政部、商务部、文化和旅游部、海关总署、税务总局联合印发《关于完善免税店政策支持提振消 费的通知》，明确自 2025 年 11 月 1 日起实施四项核心政策升级，从国货赋能、品类扩容、审批放权到服务优化 形成组合拳，旨在引导海外消费回流、吸引外籍人员入境消费，为处于结构调整期的免税店行业注入强劲政策 动能。 分析与判断: ► 新政从扩大品类供给、放宽经营权限、便利提货方式等方面提升免税经营灵活性，促进免税购物消费 新政从如下四个方面提升免税经营商经营灵活性，促进免税消费：1）扩大经营品类。《通知》明确，在确保风 险可控的前提下，将手机、微型无人机、运动用品、保健食品、非处方药、宠物食品等便于携带、消费者需求 较高的热销商品纳入经营范围。同时，整合优化口岸出境免税店、口岸进境免税店和市内免税店经营品类清 单；2）放宽审批权限，进一步提高免 ...

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]

【深圳商报讯】（记者 陈发清）10月31日，国内6家主要上市机场完成前三季度业绩发布。数据显示， 在民航运输业稳步复苏的背景下，行业呈现营收普涨。以上海机场、白云机场为代表的头部枢纽依托国 际航线复苏与非航业务优势实现盈利增长，深圳机场凭借区域活力保持稳健增长，营收增速领跑。 上海机场以绝对优势领跑行业，前三季度实现营业收入97.14亿元，同比增长5.69%；归母净利润16.34 亿元，同比增长35.98%，营收与盈利规模均遥遥领先。 白云机场前三季度营业收入56.97亿元，同比增长7.48%；归母净利润10.96亿元，同比激增64.06%，增 速在六大机场中位居前列。尤其是第三季度净利润3.46亿元，同比增长50.24%，延续了上半年的增长势 头。 深圳机场以10.80%的营收增速位居六大机场首位，前三季度实现营业收入38.39亿元，归母净利润4.68 亿元，同比增长43.21%，营收与净利润规模均位列行业第三。特别是深圳机场第三跑道竣工验收与T2 航站区开工建设，将为长期产能释放奠定基础。 ...

移民管理警察在浦东机场航站楼的服务站为外籍进博来宾提供通关咨询服务（杨夏杰/摄 为落实进博会"越办越好"的总要求，今年，上海机场边检站团委紧扣"进博文明志愿服务第一站"定位，以"服务进博、赋能城市"为使命，主动牵头联动浦东机场海关、机场航站区管理部、机场 据悉，上海机场边检站联合浦东国际机场航站区管理部在浦东国际机场T1、T2 航站楼国际联检区域内，共同设置两个进博文明志愿服务站，与机场进博会专用服务中心"连点为线"，形成一张覆 在为进博来宾提供高效通关的基础上，志愿者们还会推出特色服务，"通关+问询"由上海机场边检"百人外语志愿服务队"民警轮流值守，提供英语、日语、韩语、德语等13种语言的通关咨询，实 转自：中国民航网 《中国民航报》、中国民航网 记者钱擘通讯员杨夏杰、李宇航 报道：11月2日，上海机场边检站等8家单位在浦东国际机场多个点位共同启动进博文明志愿服务站点，为来沪参展、观展进博会 ...

据悉，上海机场边检站联合浦东国际机场航站区管理部在浦东国际机场T1、T2 航站楼国际联检区域 内，共同设置两个进博文明志愿服务站，与机场进博会专用服务中心"连点为线"，形成一张覆盖入境通 关全流程的服务网络。11月2日至11月10日期间，联盟内8家单位的青年志愿者会共同入驻站点及中心开 展进博服务。 《中国民航报》、中国民航网 记者钱擘 通讯员杨夏杰、李宇航 报道：11月2日，上海机场边检站等8家 单位在浦东国际机场多个点位共同启动进博文明志愿服务站点，为来沪参展、观展进博会的中外旅客提 供涵盖通关咨询、出行、急救、失物招领等在内的一站式"通关+"志愿服务。 为落实进博会"越办越好"的总要求，今年，上海机场边检站团委紧扣"进博文明志愿服务第一站"定位， 以"服务进博、赋能城市"为使命，主动牵头联动浦东机场海关、机场航站区管理部、机场公安候机楼派 出所、机场安检、消防急救保障部、香雪海贸易公司以及强生交通其他7家单位的团组织，组建"青年志 愿服务联盟"，将原本分散的口岸相关服务保障力量整合，推动进博文明志愿服务从"单点零散保 障"向"一站式集成"跨越。 移民管理警察在浦东机场航站楼的服务站为外籍进博来宾提供通关 ...

航旅直通车-上海机场介绍，2025年10月26日至2026年3月28日，上海机场将执行2025年冬春航季航班计 划。新航季中，上海机场日均计划执行航班2419架次（其中，浦东机场1643架次、虹桥机场776架 次）。日均计划执行国际、港澳台航班766架次（其中，浦东机场720架次、虹桥机场46架次），同比增 长5%。日均计划执行国内航班（不含港澳台地区）1653架次（其中，浦东机场923架次、虹桥机场730 架次）。 ...

Core Insights - The domestic aviation industry is experiencing a steady recovery, with major listed airports reporting significant revenue growth in the first three quarters of the year [1][4] - Leading airports like Shanghai and Baiyun are benefiting from the recovery of international routes and strong non-aeronautical business, resulting in substantial profit increases [2][3] Financial Performance of Major Airports - Shanghai Airport reported a revenue of 9.714 billion yuan, a year-on-year increase of 5.69%, and a net profit of 1.634 billion yuan, up 35.98% [2] - Baiyun Airport achieved a revenue of 5.697 billion yuan, growing 7.48%, with a net profit of 1.096 billion yuan, which surged 64.06% [2] - Shenzhen Airport led the growth with a revenue increase of 10.80%, totaling 3.839 billion yuan, and a net profit of 468 million yuan, up 43.21% [3] Regional Airport Performance - Shenzhen Airport's international passenger throughput saw a significant increase of 13% in the third quarter, outperforming domestic routes [3] - Xiamen Airport maintained stable growth with a revenue of 1.523 billion yuan, a 7.21% increase, and a net profit of 384 million yuan, up 3.53% [3] Challenges Faced by Some Airports - Capital Airport reported a revenue of 4.205 billion yuan, a modest increase of 2.33%, but incurred a net loss of 239 million yuan [4] - Hainan Airport experienced a decline in net profit from 212 million yuan to 64 million yuan, despite a revenue increase to 3.280 billion yuan, reflecting a 69.77% drop in profitability [4] Overall Industry Performance - The total revenue of the six major listed airports reached 28.258 billion yuan, a year-on-year growth of 5.49%, while the combined net profit was 3.407 billion yuan, up 44.6% [4]

Core Insights - The 2025 North Bund International Aviation Forum was held in Shanghai, focusing on innovation and intelligence in the aviation industry [1][3] - Nearly 300 leaders and experts from various sectors gathered to discuss emerging trends and strategies [3][4] Industry Developments - China Eastern Airlines introduced its Global Passenger and Cargo Network Development Report during the forum [3] - Shanghai Airport Authority launched a new transfer service brand, "Shanghai to the World, Seamless Transfers" [3] - The Science and Technology Commission of Shanghai Municipality, Shanghai Airport Authority, and East China Normal University presented outcomes related to Sustainable Aviation Fuel (SAF) [3] - The China Civil Airports Association released the CCAA·2025 China Transport Airport Development Index [3] Technological Integration - Experts analyzed global aviation network development from both "physical chain" and "technology chain" perspectives [4] - China Eastern Airlines showcased AI integration in aviation services, including a digital visualization of its "Air Silk Road" network and the launch of AI digital assistants [5] New Business Models - The "Aviation+" initiative was discussed, focusing on integrating aviation with culture, tourism, and other sectors [4] - China Eastern Airlines introduced the "China Pass," offering exclusive benefits for passengers, enhancing inbound tourism spending [6] Cultural Initiatives - A cultural collection titled "Pulse of the Silk Road, Symphony of Airways" was presented, blending aviation with cultural heritage [7] Flight Experience Enhancements - China Eastern Airlines rolled out a themed experience on nearly 400 flights, showcasing Shanghai's culture [8] Strategic Growth - China Eastern Airlines has launched 23 new international routes since 2024, connecting to 21 "Belt and Road" partner countries [9] - The airline facilitated 8.358 million international transfer passengers in 2024, with a 26.8% year-on-year increase in the first half of 2025 [10]