Core Insights - The sales of flight pass cards during the Double 11 shopping festival have surged, with over 600,000 units sold by November 4, 2023, and nearly 80% of these being cross-border flight passes [1] - Major airlines such as China Southern Airlines, All Nippon Airways, and China Eastern Airlines have seen significant sales, with individual products exceeding 10,000 units sold, and China Southern's single economy class flight pass card surpassing 90,000 units [1] - Cathay Pacific and AirAsia also reported strong performance, with Cathay Pacific's products selling nearly 20,000 units and AirAsia's booking volume increasing over 80% year-on-year [1] Group 1 - The flight pass cards are popular due to their affordability and flexibility, allowing consumers to book flights at lower prices compared to regular bookings [2] - For instance, a round-trip flight from Beijing to Osaka typically costs over 2,000 yuan, while the flight pass card allows booking for only 1,600 yuan, saving over 400 yuan [2] - The high cost-performance ratio and flexibility of flight pass cards have created a robust demand-supply situation, indicating a shift in consumer preferences towards rights-based flight products [2]

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 ...

中新网广州11月11日电 (记者 郭军)中国南方航空与印度靛蓝航空11日在广州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。 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。" 靛蓝航空首席执行官Pieter Elbers表示："我们很高兴与南航携手夯实中印两国之间的连接。我们最近刚 复航加尔各答到广州每天一班的直航，紧接着又新增德里到广州的直达航班。通过合作，旅客将享受无 缝订座的便捷性和双方网络衔接所带来的通达性。"(完)【编辑:惠小东】 南航与印度靛蓝航空签署合作谅解备忘录。南方航空 供图 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。 ...

Core Viewpoint - The collaboration between the ground service departments of Shiyan Wudangshan Airport and China Southern Airlines Hubei Branch aims to enhance safety management and integrate party building with flight support, focusing on the new international route to Seoul [6][9]. Group 1: Party Building and Safety Management - The joint party day activity emphasizes the importance of party building in enhancing international flight support, with a focus on transforming political advantages into governance effectiveness and service capabilities [6][7]. - The meeting highlighted the necessity of adhering to the "two absolute safety" requirements throughout the international flight support process, leveraging grassroots party organizations to strengthen safety and service quality [6][9]. Group 2: Training and Skill Development - A dual-driven model of "training + competition" was established to improve operational capabilities for the Shiyan-Seoul route, including specialized training on customs declarations, international check-in standards, and passenger services [7]. - A skills competition was conducted post-training, assessing both theoretical knowledge and practical skills in key operational areas, which helped in refining practical abilities and accumulating valuable experience for ongoing flight support [7][8]. Group 3: Collaborative Service and Passenger Experience - The "joint party support team" was formed to engage in all aspects of the flight process, ensuring effective communication and coordination, which contributed to a positive passenger experience [8][9]. - The successful launch of the inaugural flight to Seoul was marked by a ceremony, showcasing the integration of party building with operational success and enhancing the connection between the two cities [8][9]. Group 4: Future Initiatives and Goals - Future efforts will focus on improving passenger satisfaction, refining complaint handling mechanisms, and enhancing service capabilities, aiming to create a model for international flight support that emphasizes efficiency and warmth [9].

Core Insights - China Southern Airlines (CSA) Xinjiang branch reported that as of November 9, 2023, the passenger volume in Urumqi is expected to exceed 10 million by 2025, achieving this milestone 15 days earlier than in 2024 [2] - The tourism market in Xinjiang has shown rapid growth, with a 31.12% year-on-year increase in tourist numbers in the first ten months of the year, leading the nation [2] - CSA has enhanced its flight capacity and optimized its network, adding more flights to popular tourist cities and launching new routes to provide diverse travel options [2] - The on-time performance of flights in and out of Urumqi has improved by 9.61% year-on-year, and the minimum transfer time for international to domestic flights has been reduced by 10 minutes [2] - CSA has facilitated 1.147 million transfer passengers in Urumqi this year, marking a 7.64% increase, with significant improvements in hub connectivity [2] Industry Developments - The company aims to continuously optimize its route network to connect domestic and international destinations more densely, enhance transfer efficiency, and provide high-quality service to travelers [3] - CSA is committed to playing a greater hub role in the high-quality development of the Belt and Road Initiative [3]

Core Insights - The aviation and airport sector saw a slight increase of 0.27% on November 11, with Juneyao Airlines leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Juneyao Airlines (603885) closed at 14.26, up 1.57% with a trading volume of 255,900 shares and a transaction value of 363 million yuan [1] - Xiamen Airport (600897) experienced a decline of 2.26%, closing at 16.85 with a trading volume of 87,700 shares and a transaction value of 148 million yuan [2] - China Eastern Airlines (600115) closed at 5.29, up 0.57% with a trading volume of 1,272,100 shares and a transaction value of 670 million yuan [2] Capital Flow - The aviation and airport sector experienced a net outflow of 132 million yuan from institutional investors, while retail investors saw a net inflow of 1.29 billion yuan [2][3] - China Eastern Airlines had a net inflow of 71.39 million yuan from institutional investors, but a net outflow of 39.65 million yuan from retail investors [3] - Xiamen Airport saw a net outflow of 12.81 million yuan from institutional investors, while retail investors contributed a net inflow of 12.27 million yuan [3]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates have decreased, and long-distance shipping rates have also declined. The China Import Crude Oil Composite Index (CTFI) reported 2037.91 points on November 6, down 16.0% from October 30. The VLCC market is seeing a gradual entry of cargoes for late November, with a balanced supply of available vessels [3][14] - The Yufeng Future M1 aircraft has received over 2 billion yuan in orders, with 200 units ordered from domestic and international clients. The International Air Transport Association (IATA) has added the Chinese yuan as a settlement currency, expected to be operational by December 2025 [3][16][17] - China Post and COSCO Shipping have signed a strategic cooperation agreement, and ZTO Express has launched four new logistics hubs to enhance service efficiency during peak seasons [3][24][25] Industry High-Frequency Data Tracking - **Air Cargo**: The Baltic Air Freight Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was 5366.00 points, down 2.3% year-on-year but up 7.1% month-on-month [26] - **Shipping Ports**: The SCFI index reported 1495.10 points, down 3.59% week-on-week and down 35.88% year-on-year. The CCFI index was 1058.17 points, up 3.60% week-on-week but down 23.78% year-on-year [36] - **Express Logistics**: In September 2025, express delivery volume increased by 12.70% year-on-year, with revenue rising by 7.20%. Cumulative express delivery volume for the first nine months of 2025 reached 1450.8 billion pieces, up 17.20% year-on-year [48] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics. Attention is also drawn to Eastern Airlines Logistics and China Foreign Trade [5] - Opportunities in low-altitude economy investments are highlighted, recommending CITIC Offshore Helicopter [5] - Investment opportunities in the highway and railway sectors are suggested, recommending Ganyue Expressway, Beijing-Shanghai High-Speed Railway, and others [5] - The report also suggests investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Straits Shares [5]

Core Insights - The eighth China International Import Expo (CIIE) is witnessing a significant increase in trade activities, with over 700 trade sub-groups and a professional audience registration reaching 449,500 [1] - Major signing events are taking place, with nearly 200 buyers and exhibitors reaching intended cooperation agreements [1] - The event is facilitating international trade relationships, as evidenced by successful partnerships between Chinese and foreign companies [2] Group 1: Trade Activities - A total of 43 trade delegations and over 700 trade sub-groups are participating in the expo, indicating strong international interest [1] - The signing area has hosted over 70 concentrated signing activities, showcasing the active engagement of buyers and sellers [1] - China Eastern Airlines signed 19 procurement agreements with suppliers from 9 countries, totaling $1.211 billion, marking a significant achievement for central enterprises [1] Group 2: International Cooperation - The Southern Airlines Group achieved a signing amount exceeding $2 billion, setting a new high in the past six years [2] - E-commerce platforms are evolving into "buying groups," with Meituan Health signing agreements with seven global pharmaceutical companies [2] - Schneider Electric showcased multiple original Chinese innovations and signed agreements with over 40 key clients across various industries [2] Group 3: Sector-Specific Developments - The Brazilian pavilion highlighted the growing agricultural cooperation between Brazil and China, with significant investments from both sides [1] - A Ningxia wine company secured its first direct order from a Portuguese cork factory, demonstrating the expanding trade relationships [1] - Novo Nordisk, a Danish biopharmaceutical company, presented 13 innovative drugs and announced several important collaborations at the expo [2]

Group 1 - The core point of the news is that China Southern Airlines experienced a stock price increase of 5.16%, reaching 7.34 CNY per share, with a total market capitalization of 1330.08 billion CNY [1] - The company was established on March 25, 1995, and listed on July 25, 2003, with its main business involving domestic and approved international air passenger, cargo, mail, and baggage transportation, as well as general aviation services [1] - The revenue composition of the company is as follows: 86.42% from passenger and related services, 10.52% from cargo and mail services, and 3.06% from other supplementary services [1] Group 2 - From the perspective of fund holdings, one fund under Western Li De has a significant position in China Southern Airlines, with the Western Li De New Power Mixed A fund reducing its holdings by 41.57 thousand shares, now holding 88.59 thousand shares, which represents 6.66% of the fund's net value [2] - The fund has a total scale of 17.99 million CNY and has experienced a loss of 0.23% this year, ranking 8056 out of 8219 in its category, and a loss of 15.87% over the past year, ranking 8094 out of 8125 [2]

本次赛事紧紧围绕辽沈地区运行特点，突出冬季运行难点问题，融合A320机型特征，组委会在赛事科 目上选择了冰雪、低能见、大风、低温严寒等气象环境，又根据行业热点问题增加了鸟击、跑道侵入、 机内失火和典型机械故障等紧急情况，着重考察选手在特定环境以及突发故障时的处置、机组间的协作 配合、遵守手册及规章的行为，更为重要的是考察选手在各种压力下利用知识解决问题化解风险的运行 能力。大赛共历时20余天，经过两轮理论测试和两轮模拟机操作评选出了最终结果。 在赛后的总结表彰会上，组委会监察员对本次大赛情况进行了通报，对选手比赛情况进行了讲评，对各 航司训练和运行提出了专业建议。来自南航、深航和春秋航空的总部公司领导依次走上讲台，高度赞扬 了本次赛事，对东北局和辽宁监管局所做工作表示感谢，并表示希望通过局方搭建的平台实现进一步企 业与企业之间的交流合作。辽宁监管局对本次大赛主办承办及参赛单位表示了感谢，对辖区飞行员提出 了亲切期望和工作要求。在颁奖环节，东北局和辽宁监管局领导分别对表现突出的选手和单位进行了表 彰和颁奖。 中国民航大学朝阳飞行学院和辽宁锐翔飞培主要领导和部分飞行教员、学员现场观摩了本次大赛。（供 稿：辽宁监管 ...