《中国民航报》、中国民航网 记者李佳为 通讯员王建勇 报道：随着第七届海南岛国际电影节的临近， 南航作为电影节长期战略合作伙伴及指定航空承运商，于近日对"海南岛国际电影节号"彩绘飞机开展了 系统性深度维修保障工作，以最高标准确保航班安全运行，为全球影人及旅客提供舒适出行服务，持续 助力海南自贸港文化品牌建设。 为确保彩绘飞机始终处于最佳适航状态，南航工程技术分公司三亚基地组织核心工程师团队，对飞机外 表涂装、发动机核心部件、起落架系统、辅助动力装置等关键部位进行了全方位检查，全面排除潜在隐 患，确保飞机运行绝对安全。 目前，"海南岛国际电影节号"彩绘飞机已完成全面"体检"。南航将持续加大在海南地区的运力投入，拓 展国际航线网络，深化"航空+文化"产业协同。通过精细化航班调度和全流程服务升级，以实际行动护 航第七届海南岛国际电影节顺利举办，展现央企社会责任，为海南自贸港建设注入航空动能。（编辑： 李佳洹 校对：许浩存 审核：程凌） （本文图片均由南航提供） ...

消息上，有媒体从网络平台上获悉，12月中国境内到日本的计划航班中，有超过40%航班取消，取消航 班数量超过1900个。11月中之后，赴日旅客量大幅下降。以11月25日为例，当日旅客量比11月15日减少 约23%。东兴证券认为，由于日本航线客流量较大，国际线中日本航线占比较高的相关航司近期或受到 一定冲击。 | 代码 | 名称 | 最新价 涨跌幅 へ | | --- | --- | --- | | 00753 | 中国国航 | 6.460 -2.71% | | 01055 | 中国南方航空股 | 5.300 -2.21% | | 00670 | 中国东方航空股 | 4.640 -1.28% | 格隆汇12月2日｜港股三大航空股集体走低，其中，中国国航跌近3%，中国南方航空跌2.2%，中国东方 航空跌1.2%。 ...

B CB f ini H 一马德里航线 12月2a · 盛大启航 南航 L * t and f 4.8 12 l gi liz ] # | | 2 据了解，该航线由波音787客机执飞，每周三班，周二、四、六执行。去程CZ377于北京时间10:50从广州起飞，当地时间18:30抵达马德里，飞行时间约14小 时；回程CZ378于马德里当地时间20:30起飞，北京时间次日16:40抵达广州，飞行时间约13小时。 北京商报讯(记者关子辰牛清妍)12月2日，北京商报记者从南航获悉，当日上午，南航在广州白云国际机场举办广州—马德里首航仪式，标志着广州—马德 里直飞航线正式开通。 ...

据央视新闻，近段时间，飞机"锁座"以及有偿选座服务引发广泛热议，不少消费者反映，在线选座时， 经济舱前排、靠窗、靠过道等较为便利、舒适的座位常被单独锁定，要想选择则需要额外付费。 针对旅客反映航班"锁座"的问题，江苏省消费者权益保护委员会选取了国内10家航空公司进行调查，包 括南方航空、中国国航、海南航空、厦门航空、深圳航空、山东航空、四川航空、东方航空、春秋航 空、吉祥航空，并于近日（11月26日）公布了调查结果。 （文章来源：21世纪经济报道） 结果发现，这10家航空公司的经济舱均存在锁座行为，厦门航司航班锁座率高达42.5%，大多数航空公 司锁座比例达到30%以上，部分在50%以上。目前，江苏省消费者权益保护委员会已就飞机票锁座问 题，向10家航空公司提出明确整改要求，并要求其在15个工作日内提交书面整改情况。 ...

Core Viewpoint - Shenzhen Airport has officially entered the "three-runway era" with the successful operation of its third runway on November 29, marking a significant milestone for the airport's capacity and operational efficiency [1] Group 1: Operational Milestones - The third runway at Shenzhen Airport was officially put into operation on November 29 [1] - The first flight to take off from the new runway was Shenzhen Airlines flight ZH9103 at 10:08 AM, followed by China Southern Airlines flight CZ3590 landing at 10:13 AM, making it the first landing on the new runway [1] Group 2: Industry Implications - The introduction of the third runway is expected to enhance the overall capacity and efficiency of Shenzhen Airport, positioning it for increased air traffic and improved service [1]

近段时间，飞机"锁座"以及有偿选座服务引发广泛热议，不少消费者反映，在线选座时，经济舱前排、靠窗、靠过道等较为便利、舒适的座位常被单独锁 定，要想选择则需要额外付费。对此，消费者是怎么看的呢？ 记者在采访中发现，不少消费者都遭遇过飞机"锁座"的情况。张女士告诉记者，如果没有足够的积分，要想兑换心仪的座位就需要花钱购买积分，对此，张 女士算了一笔账。 消费者 张女士：我在它的App上看到，它显示的是10个积分两块钱。按照这个兑换，第一排需要2000积分，换算下来需要额外加400元，对于我来说是不公 平的。我既然购买了经济舱机票，我应该拥有去选择座位的权利。 江苏省消保委已对10家航司展开调查 针对旅客反映航班"锁座"的问题，江苏省消费者权益保护委员会选取了国内10家航空公司进行调查，包括南方航空、中国国航、海南航空、厦门航空、深圳 航空、山东航空、四川航空、东方航空、春秋航空、吉祥航空，并于近日（11月26日）公布了调查结果。 此次调查通过实际购票体验等方式，重点核查这10家航空公司在经济舱的锁座比例、锁座范围、兑换模式等内容，结果发现，这10家航空公司的经济舱均存 在锁座行为，购票阶段锁座比例介于19.9%到 ...

国泰海通证券发布研报称，日本线客流缩减航司转投，不改航空超级周期长逻辑。该行指出，2025第三 季度航司整体业绩在暑运公商需求走弱压力下实现逆势增长，预计2025第四季度行业将继续大幅减亏， 2025年将实现全年扭亏。中国航空将开启"超级周期"，考虑票价市场化，需求稳健增长与客源结构优化 将驱动2026年航司盈利中枢开启上升。 航空股再度走高，截至发稿，中国国航（601111）(00753)涨4.27%，报6.6港元；南方航空（600029） (01055)涨2.66%，报5.41港元；东方航空(00670)涨2.18%，报4.69港元；首都机场(00694)涨1.43%，报 2.84港元。 消息面上，据民航局数据，10月，我国民航运输规模增势良好，共完成运输总周转量146亿吨公里，国 际航线旅客运输量、货邮运输量同比增速均超过20%。客运方面，10月国内航线完成旅客运输量6084.5 万人次，同比增长4.4%；国际航线完成旅客运输量699万人次，同比增长20.4%。 ...

Group 1 - The tourism sector stocks have shown strong performance, with China Duty Free Group rising over 6%, and Songcheng Performance, China Southern Airlines, and Air China each increasing by over 2% [1] - The tourism ETF, which tracks the CSI Tourism Theme Index, has also risen by more than 2% due to market influences [1] Group 2 - The CSI Tourism Theme Index includes no more than 50 listed companies involved in various aspects of the tourism industry, such as accommodation, sightseeing, shopping, entertainment, and travel services, reflecting the overall performance of tourism-related stocks [2] - From a supply perspective, all segments of the tourism industry, including scenic spots, hotels, travel agencies, and retail, are experiencing a comprehensive recovery [2] - The government continues to implement policies to support the tourism industry, focusing on regulating industry development, enhancing the supply of quality tourism products and services, optimizing infrastructure investment, improving transportation services, and broadening financing channels [2] - The upcoming New Year and extended Spring Festival holidays, along with the rising popularity of winter tourism and the introduction of duty-free and visa-free policies, have significantly boosted interest in the tourism sector recently [2]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The report highlights an upward trend in crude oil freight rates, with the China Import Crude Oil Index (CTFI) reaching 2520.07 points, an increase of 8.4% from November 20 [3][13] - The postal industry revenue surpassed the telecommunications industry for the first time in history, reaching 1.47 trillion yuan, compared to 1.467 trillion yuan for telecommunications [3][24] - The civil aviation sector showed growth in both passenger and cargo transport volumes in October, with international routes performing particularly well [3][17] Summary by Sections Industry Hot Events - Crude oil freight rates are rising, with the Middle East route seeing a 10.76% increase in rates [13] - Qifly Aviation signed a procurement agreement for 105 eVTOL aircraft with three companies in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on low-altitude logistics [15][16] - The postal industry revenue for January to October 2025 reached 1.47 trillion yuan, marking a significant milestone [24][25] High-Frequency Data Tracking - The Baltic Air Freight Price Index decreased month-on-month but increased year-on-year [26] - Domestic freight flights in October 2025 increased by 0.32% year-on-year, while international flights rose by 11.12% [32] - The express delivery business volume in October 2025 increased by 7.90% year-on-year, with total revenue reaching 131.67 billion yuan [50] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy [5] - Attention to low-altitude economy investment opportunities, particularly in companies like CITIC Offshore Helicopter [5] - Consider investment opportunities in the express delivery sector, recommending SF Express and Jitu Express [5]

Group 1: Metal Sector - Huaxi Nonferrous is expected to see net profit growth from CNY 6.58 billion in 2024 to CNY 11.40 billion in 2026, with a PE ratio decreasing from 37.28 to 21.52[10] - The company has a projected capacity increase to 0.6 million tons of tin and 1 million tons of antimony by 2027, benefiting from resource consolidation trends in Guangxi[12] Group 2: Construction Materials - Huaxin Cement's net profit is forecasted to rise from CNY 24.16 billion in 2024 to CNY 36.73 billion in 2026, with a PE ratio dropping from 17.21 to 11.32[10] - The company has diversified its growth strategy, focusing on overseas markets and stabilizing its aggregate business[28] Group 3: Transportation - ZTO Express is projected to achieve net profits of CNY 88.17 billion in 2024, increasing to CNY 104.11 billion by 2026, with a PE ratio improving from 13.39 to 11.34[10] - The "anti-involution" measures in the express delivery sector have led to a recovery in profitability, with significant improvements in average ticket prices since August 2025[33] Group 4: Energy Sector - ChuanTou Energy's net profit is expected to grow from CNY 45.08 billion in 2024 to CNY 52.59 billion in 2026, with a PE ratio decreasing from 15.93 to 13.65[10] - The company benefits from its stake in Yalong River Hydropower, which contributes significantly to its earnings[73] Group 5: Chemical Sector - Yara International's net profit is projected to increase from CNY 9.50 billion in 2024 to CNY 39.34 billion in 2026, with a PE ratio decreasing from 42.50 to 10.27[10] - The company is positioned as a leader in overseas potash mining, with significant reserves in Laos[49]