Core Insights - The report highlights a significant increase in VLCC (Very Large Crude Carrier) freight rates, reaching a new high, driven by a notable decline in Russian oil exports, which has created additional demand for oil transportation from the Middle East to India and China [3][4] - The report suggests a positive outlook for the transportation sector, particularly in shipping and aviation, with recommendations for specific companies such as China Merchants Energy and COSCO Shipping Energy [3][4] - The report emphasizes the importance of monitoring seasonal trends in freight rates, particularly the potential for a "not-so-dull" off-season from December to February [3] Industry Overview - The transportation index has decreased by 5.00%, underperforming the CSI 300 index by 1.23 percentage points, with the express delivery sector showing the smallest decline at -2.75% and the public transport sector experiencing the largest drop at -9.35% [4][11] - The shipping sector has shown mixed performance, with the Baltic Dry Index increasing by 5.67% while the coastal dry bulk freight index fell by 3.47% [4][11] - The report notes that the average freight rate for VLCCs has risen by 5% week-on-week, reaching $126,371 per day, with the Middle East to Far East route hitting a new high of $138,144 per day [3][4] Shipping Sector Insights - The report indicates that the average freight rate for the fourth quarter is approaching $99,000 per day, marking it as one of the highest quarterly averages in history [3] - The decline in Russian oil exports has been significant, dropping from nearly 4 million barrels per day to around 3 million barrels per day, which has increased demand for oil from the Middle East [3][4] - The report also highlights the recovery of chartering activities following the Bahri conference, with shipowners beginning to control capacity due to tightening supply [3] Aviation Sector Insights - The report discusses the unprecedented challenges in the aircraft manufacturing supply chain, with an aging fleet expected to persist over the next 5-10 years, leading to constrained supply [3] - It anticipates a significant improvement in airline profitability as capacity is allocated to international routes, suggesting a potential golden era for airlines [3] - Recommendations include major airlines such as China Eastern Airlines and Spring Airlines, which are expected to benefit from these trends [3] Express Delivery Sector Insights - The express delivery industry is entering a new phase of competition, with three potential scenarios outlined: price recovery leading to utility-like profitability, continued competitive pressure, or higher-level consolidation [3] - Companies such as Shentong Express and YTO Express are highlighted as having strong potential due to their competitive advantages and market positioning [3] High Dividend Stocks in Transportation - The report lists high dividend yield stocks in the transportation sector, including Bohai Ferry with a yield of 8.08% and China Railway with a yield of 3.95% [21] - The focus on high dividend stocks is seen as a stable investment strategy amidst market fluctuations [21]

Core Points - China Southern Airlines has resumed the direct flight route from Urumqi to Osh, which is currently the only direct flight from China to Osh, expanding the air traffic points between China and Kyrgyzstan to two [1][2] - The flight operates on a Boeing 737-800 aircraft, with one flight per week on Saturdays, and a one-way flight time of 2 hours and 30 minutes [1] - The route aims to enhance the travel experience for cross-border passengers, allowing them to connect to 19 major domestic cities in China after arriving in Urumqi [1] Group 1 - The resumption of the Osh route will significantly reduce transportation time and costs for goods between China, Kyrgyzstan, and Uzbekistan, strengthening economic and cultural exchanges [2] - Passengers previously had to transit through Bishkek, which added complexity to travel plans; the new direct route simplifies this process [2] - China Southern Airlines has set up a dedicated service counter at Urumqi Tianshan International Airport to assist passengers with document verification and other travel processes [2] Group 2 - Urumqi Tianshan Airport Customs is promoting "smart customs" initiatives to optimize clearance processes, enhancing efficiency for international travelers [2] - From January to October 2025, Urumqi Tianshan Airport Customs supervised 32 international routes, including 5 new routes and 10 additional flights [2]

Core Viewpoint - Next week, 38 stocks will be unlocked, with a total market value of 21.678 billion yuan based on the latest closing prices [1] Group 1: Stock Unlocking Details - China Southern Airlines will have 804 million shares available for trading next week, primarily from a targeted placement, with an unlock market value of 5.689 billion yuan [1] - Feiling Technology will follow with 22 million shares unlocked, mainly from original shareholders' restricted shares, amounting to an unlock market value of 1.871 billion yuan [1] - In contrast, companies like Huayang Racing, Aotewei, Tiannai Technology, and Aopu Technology will experience relatively low unlocking pressure, with unlock market values of less than 10 million yuan each [1] Group 2: Performance Impact - Generally, companies with poor performance face greater unlocking pressure; among the stocks being unlocked next week, Hongyang, Shuifa Gas, Zhongwang Software, Bio Valley, Jiuqi Software, and Biyiwei reported losses in the first three quarters [1]

Core Viewpoint - The article discusses the upcoming stock unlocks for 38 companies, with a total unlock market value of 21.678 billion yuan, highlighting the potential impact on stock prices and market sentiment [3]. Group 1: Upcoming Unlocks - Next week, 38 stocks will be unlocked, with a total market value of 21.678 billion yuan based on the latest closing prices [3]. - Among these, China Southern Airlines will have 804 million shares unlocked, with an unlock market value of 5.689 billion yuan [4]. - Filin Kesi will follow with 22 million shares unlocked, representing an unlock market value of 1.871 billion yuan [4]. Group 2: Market Performance - The average stock price of the 38 companies has decreased by 8.22% since November [7]. - Jiuqi Software has the highest price increase, with a rise of 13.74% in November, facing an unlock of 2.4883 million shares valued at 0.022 billion yuan [7]. - Huide Technology has the largest decline, with a drop of 33.96% in November, facing an unlock of 739,800 shares valued at 0.017 billion yuan [7]. Group 3: Institutional Research - Six companies, including Jianqiao Technology and Bojun Technology, have received institutional research in November [7]. - Jianqiao Technology will have 742 million yuan in market value unlocked, with 70 institutional research engagements [7]. - Bojun Technology has seen a significant improvement in operating cash flow, with an increase of over 70 million yuan compared to the previous quarter [7]. Group 4: Performance of Loss-Making Companies - Companies with performance losses, such as Hongyang Sun, Water Development Gas, and Zhongwang Software, face greater unlock pressure [8].

Core Points - The State-owned Assets Supervision and Administration Commission (SASAC) organized a meeting to promote the specialized integration of central enterprises and held a signing ceremony for key projects [1][2] - A total of 17 units participated in the signing of key projects, focusing on areas such as carbon fiber industry cooperation, intelligent driving, industrial internet, and aviation logistics [1] - The specialized integration projects aim to accelerate breakthroughs in key technologies, enhance emerging industries, and promote the high-quality development of key industrial chains [1][2] Summary by Sections - **Project Signings**: The meeting resulted in the signing of key projects between major companies, including Sinopec and Dongfang Electric Group, and China FAW and Zhuoyue Technology [1] - **Focus Areas**: The integration projects are designed to integrate quality resources, promote technological and industrial innovation, and enhance traditional industries [1] - **Strategic Direction**: SASAC emphasized the need for central enterprises to enhance their integration capabilities in strategic emerging industries and to utilize mergers and acquisitions as a means of integration [2] - **Capital Market Utilization**: There is a call for central enterprises to leverage the capital market for integrating non-core but high-potential businesses into main business platforms for mutual benefits [2]

Core Insights - The central enterprises are advancing specialized integration through the signing of 8 specialized integration projects involving 17 entities, including central enterprises, local state-owned enterprises, and private enterprises, focusing on sectors such as new materials, artificial intelligence, inspection and testing, and aviation logistics [1][2] Group 1: Specialized Integration Projects - The signed projects include collaborations such as Sinopec with Dongfang Electric Group, a carbon fiber project in Inner Mongolia, and FAW Group's integration in the intelligent driving sector with Zhuoyue Technology [2] - Other notable projects involve FAW Group and China Minmetals in the battery key materials supply chain, as well as Chinalco and Ansteel in the industrial internet and smart supply chain sectors [2] Group 2: Objectives and Future Directions - The specialized integration aims to accelerate breakthroughs in key core technologies, strengthen strategic emerging industries, and promote the deep integration of technological and industrial innovation [1] - The State-owned Assets Supervision and Administration Commission emphasizes the need for central enterprises to enhance organizational leadership, ensure legal compliance, and strengthen risk management while focusing on improving core functions and competitiveness [2]

Core Viewpoint - Airline stocks experienced a significant decline, particularly after the Chinese Foreign Ministry advised citizens to avoid traveling to Japan, leading to major airlines offering free ticket changes for flights to Japan until December 31 [1] Group 1: Stock Performance - China Eastern Airlines (00670) fell by 4.93%, trading at HKD 4.63 [1] - China Southern Airlines (600029) (01055) decreased by 4.38%, trading at HKD 5.24 [1] - Capital Airport (00694) dropped by 2.42%, trading at HKD 2.82 [1] - Air China (601111) (00753) declined by 1.82%, trading at HKD 6.47 [1] Group 2: Market Impact - The advisory against travel to Japan is expected to impact airlines with significant passenger volumes on Japan routes, as these routes represent a substantial portion of international flights [1] - Dongxing Securities noted that airlines with a high proportion of Japan routes may face certain challenges due to the travel advisory [1] - Huatai Securities indicated that while there may be short-term fluctuations in the China-Japan routes, the overall impact is manageable, estimating that as of October 2025, the China-Japan routes accounted for 2.8% of the overall Available Seat Kilometers (ASK) in China [1]

為確定符合資格出席臨時股東會及於會上投票的H股股份持有人，本公司將於2025年12月4 日（星期四）至2025年12月12日（星期五）（包括首尾兩日）暫停辦理H股股份持有人過戶 登記手續。為符合資格出席臨時股東會，所有H股過戶文件連同有關股票須於2025年12月3 日（星期三）下午4時30分前送達本公司香港股份過戶登記處香港中央證券登記有限公司， 地址為香港灣仔皇后大道東183號合和中心17樓1712-1716號鋪，以進行登記。 承董事會命 中國南方航空股份有限公司 聯席公司秘書 陳威華及劉巍 中華人民共和國，廣州 2025年11月20日 於本公告日期，董事包括執行董事馬須倫及韓文勝 ; 及獨立非執行董事何超瓊、郭為、張俊 生及祝海平。 1 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1055） 暫停辦理股份過戶登記手續 中國南方航空股份有限公司（「本公司」）將於2025年12月12日（星期 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 1 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1055） 承董事會命 中國南方航空股份有限公司 聯席公司秘書 陳威華及劉巍 中華人民共和國，廣州 2025年11月20日 於本公告日期，董事包括執行董事馬須倫及韓文勝 ; 及獨立非執行董事何超瓊、郭為、張俊 生及祝海平。 暫停辦理股份過戶登記手續 中國南方航空股份有限公司（「本公司」）將於2025年12月12日（星期五）舉行2025年第一 次臨時股東會（「臨時股東會」）。一份載有將於臨時股東會上提呈的決議案詳情之通函， 連同臨時股東會通知，將在適當時候寄發予股東。 為確定符合資格出席臨時股東會及於會上投票的H股股份持有人，本公司將於2025年12月4 日（星期四）至2025年12月12日（星期五）（包括首尾兩日）暫停辦理H股股份持有人過戶 登記手續。為符合資格出席臨時股東會，所有H股過戶文件連同有關股票須於2025年12月3 日（星期三）下午 ...

Core Viewpoint - The aviation and airport sector experienced a decline of 0.8% on November 20, with China Southern Airlines leading the losses. The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1]. Summary by Category Stock Performance - The following stocks in the aviation and airport sector showed notable performance: - Hainan Airlines (600221) closed at 1.77, up 0.57% with a trading volume of 5.3774 million shares and a transaction value of 9.57 billion yuan [1]. - China Eastern Airlines (600115) closed at 5.26, down 0.38% with a trading volume of 808.6 thousand shares and a transaction value of 4.28 billion yuan [2]. - Xiamen Airport (600897) closed at 16.50, down 0.96% with a trading volume of 69.3 thousand shares and a transaction value of 1.14 billion yuan [2]. Capital Flow - The aviation and airport sector saw a net outflow of 123 million yuan from institutional investors, while retail investors contributed a net inflow of 162 million yuan [2]. - The capital flow for specific stocks included: - Shanghai Airport (600009) had a net inflow of 45.5255 million yuan from institutional investors, but a net outflow of 47.5760 million yuan from retail investors [3]. - Hainan Airlines (600221) experienced a net outflow of 5.8716 million yuan from institutional investors, while retail investors had a net inflow of 22.9749 million yuan [3].