Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [13] Core Insights - The transportation industry is expected to see improvements in profitability across various sub-sectors in Q3 2025, driven by domestic demand recovery and resilient international demand [2][6][7][8][9][10][11][12] Summary by Sub-Sector Aviation - The aviation sector is experiencing subdued demand but is benefiting from reduced costs, leading to an overall improvement in profitability for Q3 2025. The international flight recovery remains strong, and oil prices have significantly decreased [6][19][24] Airports - Domestic airport traffic is recovering, with international flights also increasing. Revenue is expected to improve steadily, with key airports benefiting from both domestic and international demand growth [2][6][24][26] Express Delivery - The "anti-involution" policy is driving price increases in the express delivery sector, leading to improved profitability for e-commerce deliveries. However, operational costs are temporarily pressuring profit margins [2][6][28][30] Logistics - The logistics sector is stabilizing, with major players expected to see profit growth due to improved supply chain performance and resilient cross-border logistics profitability [2][6][7][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different shipping types. While container shipping faces challenges, oil tanker profits are improving due to favorable market conditions [2][6][8][33][37] Ports - Port operations are expected to see improved profitability in bulk cargo handling, while container throughput remains resilient despite external pressures [2][6][9][39] Highways - Highway traffic is relatively stable, with a slight increase in profitability anticipated for Q3 2025, supported by steady freight and passenger traffic [2][10][41] Railways - Railway passenger and freight volumes are showing mixed trends, with a focus on opportunities arising from high-speed rail transformations. Overall, passenger transport is expected to grow, while freight transport is improving [2][11][43][44]

作为连接我国两大核心经济圈的骨干空中通道，"深圳宝安=上海虹桥"航线是深圳机场频次最高、旅客 运输量最大的航线。据统计，今年1-8月，"深圳宝安=上海虹桥"航线累计运输旅客已超400万人次。 "深圳宝安=上海虹桥"是继"北京大兴=广州白云""上海虹桥=北京首都"后，第三条推出跨航司自愿签转 服务的国内航空快线。值得一提的是，深沪快线跨航司签转服务首次将合作航司规模拓展至4家，进一 步拓展了服务的覆盖范围，激发了航班运力潜能。 据介绍，该服务适用于东方航空、南方航空、深圳航空或吉祥航空实际承运的"深圳宝安=上海虹桥"双 向航班经济舱六折（含）以上（含超级经济舱、公务舱，限同物理舱位等级签转）舱位的旅客，可免变 更费签转至原购票航班起飞时间前后4小时（含）内同航段其他航司航班，其中八折（含）以上舱位旅 客还可享受免补差价权益，真正实现"随到随走"。旅客在无行李托运或未托运行李的前提下，可在原购 票航班当日、航班起飞前在机场隔离区外人工柜台办理跨航司自愿签转。具体签转政策细则、柜台分布 等信息，旅客可通过航空公司、机场官方渠道进行咨询。 服务覆盖4家航司 【深圳商报讯】（记者 陈发清 通讯员 刘韶滨 童茜）为加快打 ...

Core Points - China Southern Airlines (CSA) launched the "Vibrant Bay Area" themed aircraft on September 19, 2023, marking its official operation with a flight from Guangzhou Baiyun International Airport to Beijing Daxing Airport [1] - The "Vibrant Bay Area" aircraft is part of a collaboration with the 15th National Games Organizing Committee, featuring two specially painted aircraft: the Airbus A350 and the COMAC C919 [3] - The aircraft's design incorporates elements such as the Hong Kong-Zhuhai-Macao Bridge and mascots from the 15th National Games, symbolizing the connection of the Greater Bay Area to the world [4] Company Initiatives - CSA has introduced a series of exclusive travel services for athletes and spectators, including the "All Sports Participation Package," "Athlete Card," and "Bay Area Viewing Pass" [5] - The airline has committed to operating over 300 themed flights for the 15th National Games, enhancing the travel experience for attendees [5] - The cabin decor of the "Vibrant Bay Area" aircraft reflects a deep integration with the event's theme, featuring a new Chinese style and auspicious symbols [4]

Core Viewpoint - The launch of the voluntary transfer service for domestic flights between Shenzhen Bao'an Airport and Shanghai Hongqiao Airport aims to enhance the travel experience for passengers by allowing flexible flight changes among different airlines [1] Group 1: Service Details - The "Shenzhen-Shanghai Express" transfer service is a collaboration between Shenzhen Bao'an Airport, Shanghai Hongqiao Airport, and four airlines: China Eastern Airlines, China Southern Airlines, Shenzhen Airlines, and Juneyao Airlines [1] - Passengers holding economy class tickets (60% off or above) on flights operated by the aforementioned airlines can transfer to other flights on the same route within 4 hours before or after the original flight departure time without incurring change fees [1] - Passengers with tickets priced at 80% off or above are also eligible for a waiver of fare differences when transferring [1] Group 2: Transfer Process - Passengers without checked baggage can process the voluntary transfer at designated service counters outside the airport isolation area on the day of the original flight before departure [1] - Detailed policies regarding the transfer service and counter locations can be obtained through official channels of the airlines and airports [1]

Core Insights - The aviation and airport sector saw a slight increase of 0.24% on September 19, with Huaxia Airlines leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Huaxia Airlines (002928) closed at 9.80, up 2.40% with a trading volume of 180,100 shares and a transaction value of 174 million [1] - Xiamen Airport (600897) closed at 14.69, up 1.80% with a trading volume of 34,500 shares and a transaction value of 49.97 million [1] - China Eastern Airlines (600115) closed at 4.07, up 0.74% with a trading volume of 1,130,800 shares and a transaction value of 457 million [1] Capital Flow - The aviation and airport sector experienced a net outflow of 242 million from institutional investors, while retail investors saw a net inflow of 213 million [2] - The net inflow from speculative funds was 29.57 million [2] Individual Stock Capital Flow - Shanghai Airport (600009) had a net inflow of 19.13 million from institutional investors, while retail investors had a net outflow of 1.09 million [3] - Huaxia Airlines (002928) saw a net inflow of 4.48 million from institutional investors and a net outflow of 8.98 million from retail investors [3] - China Southern Airlines (600029) experienced a net outflow of 2.13 million from institutional investors, with a net inflow of 3.73 million from speculative funds [3]

来源： 东航集团网站 据东航集团网站消息， 9月19日，中国东方航空集团有限公司召开领导班子（扩大）会议。 受中央组织部领导委托，中央组织部有关干部局负责同志宣布了党中央关于中国东方航空集 团有限公司总经理任职的决定： 高飞同志任 中国东方航空集团有限公司董事、总经理、党组副书记， 免去其中国南方航空集 团有限公司董事、党组副书记职务。相关职务任免，按有关法律和章程的规定办理。 2025年3月，高飞出任中国南方航空集团有限公司董事、党组副书记，至此番履新东航。 高飞。图源：南航官网 原任中国东方航空集团有限公司董事、总经理、党组副书记的刘铁祥，已于今年8月调任中国 航空集团有限公司董事长、党组书记。 据官网介绍，中国东方航空集团有限公司总部位于上海，是中国三大国有骨干航空运输集团之 一，是首家实现航空客运和航空物流两项核心主业"双上市"的国有大型航空运输集团。 公开资料显示，高飞出生于1976年8月，长期在南航集团工作，曾任南航集团安全监察部总 经理，南方航空股份有限公司飞行总队总队长、党委副书记，南航集团副总经理、党组成员， 南方航空股份有限公司副总经理、党委委员等职。 ...

中新社广州9月19日电 (记者 郭军)中国南方航空(以下简称"南航")首架十五运会主题彩绘客机"活力湾区 号"19日14时12分从广州白云国际机场起飞，搭载309名乘客飞往北京大兴机场，标志着首架主题彩绘客 机正式投入运营。 作为第十五届全国运动会和全国第十二届残疾人运动会暨第九届特殊奥林匹克运动会(简称"十五运会") 的官方指定航空服务合作伙伴，南航联合全运会组委会打造了"活力湾区号"和"大美湾区号"两架主题彩 绘客机，机型分别为空客A350客机和中国商飞C919客机。 据悉，此次投入运营的"活力湾区号"历时17天完成全身"彩绘新衣"，以"活力湾区 跃动世界"为主题，突 破性运用电影错位视觉手法，呈现大湾区连接全球、美美与共的壮阔图景。以蓝、粉、黄等色彩串联， 融合港珠澳大桥、十五运会吉祥物"喜洋洋"和"乐融融"、海鸥及木棉花等元素。 "活力湾区号"的客舱内饰同步焕新，每一处装饰都与十五运会主题深度融合。 9月19日， 广东广州，首架十五运会主题彩绘客机"活力湾区号"正式投入运营。图为该彩绘飞机客舱内景。中新社 记者 陈骥旻 摄 首航当天，广州白云国际机场设置首航专属柜台，为运动健儿、赛事官员及观赛旅客提供 ...

本文字数：616，阅读时长大约1分钟 高飞。图源：南航官网 2025.09. 19 作者 | 长安街知事 据东航集团网站消息， 9月19日，中国东方航空集团有限公司召开领导班子（扩大）会议。受中央 组织部领导委托，中央组织部有关干部局负责同志宣布了党中央关于中国东方航空集团有限公司总经 理任职的决定： 高飞同志任 中国东方航空集团有限公司董事、总经理、党组副书记， 免去其中国南方航空集团有限 公司董事、党组副书记职务。相关职务任免，按有关法律和章程的规定办理。 据官网介绍，中国东方航空集团有限公司总部位于上海，是中国三大国有骨干航空运输集团之一，是 首家实现航空客运和航空物流两项核心主业"双上市"的国有大型航空运输集团。 微信编辑 | 苏小 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 罗永浩回应西贝道歉信 公开资料显示，高飞出生于1976年8月，长期在南航集团工 ...

Group 1 - The 15th National Games will take place from November 9 to 21, 2025, marking the first time the event is co-hosted by Guangdong, Hong Kong, and Macau, and the first time Hong Kong and Macau are involved in hosting the National Games [3] - The "Vibrant Bay Area" themed aircraft, which is an Airbus A350, has been launched to promote the event, showcasing a design that includes nearly 50 colors and elements such as the Hong Kong-Zhuhai-Macao Bridge and the mascots of the Games [8] - The inaugural flight of the "Vibrant Bay Area" aircraft took off from Guangzhou Baiyun International Airport, carrying 309 passengers to Beijing Daxing Airport, and will operate on multiple routes including Guangzhou to Shanghai Pudong and Shenzhen to Beijing Daxing [8] Group 2 - The Guangdong organizing committee has also created a second themed aircraft named "Beautiful Bay Area," which is a domestically produced C919 aircraft [3] - The theme of the "Vibrant Bay Area" aircraft is "Vibrant Bay Area, Dynamic World," symbolizing the connection of the Greater Bay Area to the world [8] - A dedicated check-in counter was set up at Guangzhou Baiyun International Airport for the inaugural flight, providing one-stop services for athletes, officials, and spectators [8]

据中国东方航空网站消息，2025年9月19日，中国东方航空集团有限公司召开领导班子（扩大）会议。 受中央组织部领导委托，中央组织部有关干部局负责同志宣布了党中央关于中国东方航空集团有限公司 总经理任职的决定：高飞同志任中国东方航空集团有限公司董事、总经理、党组副书记，免去其中国南 方航空（600029）集团有限公司董事、党组副书记职务。相关职务任免，按有关法律和章程的规定办 理。 2023年1月，高飞任中国南方航空集团有限公司副总经理，2025年5月任中国南方航空集团有限公司董 事、党组副书记，至此番履新。 今年8月19日消息，原任中国东方航空集团有限公司总经理刘铁祥已任中国航空集团有限公司董事长、 党组书记。 据介绍，中国东方航空集团有限公司（简称"中国东航（600115）"），总部位于上海，是中国三大国有 骨干航空运输集团之一，东航是国产大飞机C919全球首发用户，也是目前C919机队规模最大、商业通 航航点最多的航司。 公开简历显示，高飞，男，1976年8月生，北京航空航天大学飞行学院飞行技术专业毕业，中山大学岭 南学院工商管理专业工商管理硕士，美国麻省理工学院管理学研究专业理学硕士，中共党员，1998 ...