《中国民航报》、中国民航网 记者郭瑛 报道：12月8日，中国南方航空（以下简称"南航"）与维珍澳大 利亚航空（以下简称"维珍澳航"）在澳大利亚布里斯班正式签署代码共享合作协议。此次合作将有力拓 展南航在大洋洲的航线网络覆盖能力，为中澳两国旅客带来更丰富、便捷与高效的出行体验。 双方代码共享合作计划于2026年初正式上线。届时，旅客搭乘南航航班前往悉尼、墨尔本、布里斯班、 达尔文等枢纽城市后，可高效衔接维珍澳航航线网络，便捷前往澳大利亚、新西兰及瓦努阿图的17个热 门目的地。航线覆盖范围不仅包括麦卡斯尔、汤斯维尔和麦凯等工商业发达的城市，也涵盖黄金海岸、 阳光海岸、凯恩斯和皇后镇等知名度假胜地，同时还包括瓦努阿图的维拉港，可有效满足不同类型旅客 的出行选择。 南航营销管理委员会副主任张东升先生表示："我们很高兴与维珍澳航携手，以高效的方式将南航的网 络辐射至更多的大洋洲通航点。未来，南航与维珍澳航将不断探索国际合作新机遇，为我们的旅客解锁 更多令人向往的目的地。" 维珍澳航首席战略与转型官阿利斯泰尔·哈特利先生表示："我们欣然宣布与南航正式建立合作伙伴关 系，致力为中国旅客打造更为顺畅的澳大利亚臻享之旅。中国作 ...

Group 1 - The core viewpoint of the article highlights a collective decline in airline stocks, with Eastern Airlines down 3.32%, Southern Airlines down 2.6%, and Air China down 1.25% as of the report date [1] - According to the latest monitoring data from Flight Butler DAST, the number of flights from mainland China to Japan reached a new low of 1,006 flights during the 49th week (December 1 to December 7) [1] - The cancellation rate for flights on the China-Japan route is expected to reach 30.4% in mid-December, an increase of 3.6 percentage points compared to the previous reporting period [1] Group 2 - Zhongtai Securities believes that the extension of the free refund and change policy for Japan routes will cause short-term disruptions but will not alter the long-term investment value of the airline industry [1] - Guotai Junan Securities points out that the recent reduction in passenger flow on Japan routes may lead airlines to shift focus to Southeast Asia and domestic markets [1] - The firm anticipates that the airline industry will continue to significantly reduce losses by Q4 2025 and expects a turnaround for the entire year of 2025 [1] Group 3 - The article mentions that the Chinese aviation sector is expected to enter a "super cycle," driven by market-driven ticket pricing, steady demand growth, and an optimized customer base, which will elevate and sustain airline profitability [1]

消息面上，12月8日，根据航班管家DAST最新监测数据，第49周（12月1日至12月7日）中国大陆赴日 航班量1006班次，再创新低。预计12月中日航线航班取消率达30.4%，较上个统计周期（12月1日）增 加3.6个百分点。此前12月5日，以国有"三大航"为代表的多家中国航司公告，将日本航线相关机票的免 费退改政策延长至2026年3月底。 中泰证券（600918）认为，中日航线免费退改政策延长，短期扰动不改航空长期投资价值。国泰海通证 券指出，近期日线客流缩减航司减班，或将转投东南亚与国内等市场。考虑2025年日线表现平淡，预计 对行业整体影响或较为有限，且不改长逻辑。该行预计2025Q4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航司盈利 中枢上升且可持续。 航空股集体走低，截至发稿，东方航空(00670)跌3.32%，报4.66港元；南方航空（600029）(01055)跌 2.6%，报5.24港元；中国国航（601111）(00753)跌1.25%，报6.32港元。 ...

Core Viewpoint - China Southern Airlines (CSA) is enhancing its services and digital platforms to improve passenger experience, coinciding with International Civil Aviation Day [1][2]. Group 1: Innovations and Services - CSA has introduced dual hubs in Guangzhou Baiyun and Beijing Daxing to facilitate easier travel [2]. - The airline launched the "One-Click Boarding" service, breaking traditional check-in limitations [2]. - CSA has fully implemented the digital platform "Southern Airlines e-Travel," allowing passengers to manage their journey seamlessly with a single device [2]. Group 2: Customer Experience - CSA is committed to providing personalized service, including the new "Pets in Cabin" service to cater to special needs [2]. - The airline offers a variety of specialty meals, including "One City, One Flavor" limited dishes and a birthday cake specifically for travelers celebrating their birthdays [2]. - A passenger expressed appreciation for CSA's sense of responsibility as a state-owned enterprise, indicating a positive travel experience that encourages her to choose CSA for future trips [2].

2025.12. 09 入境英国须知:中国公民入境英国时,要随身携带有效护照、. 预订提醒:持商务、旅游等短期签证的旅客或免签的旅客建议. 经济舱 公务 |头等舱¥13699起 ¥1 489 +¥48延误安心包 ✔ 托运行李 1x23kg,手提行李 1x8kg > ! 全程仅部分税费可退,改期费1000元起 > √舱位权益:可选座 提供餐食 > 订 本文字数：631，阅读时长大约1分钟 12月8日，有网友发现12月9日从上海浦东飞往伦敦的航班出现100元低价票。 12月9日，记者查询携程平台发现，12月9日当天有多趟上海浦东至伦敦的航班，如果仅看单程直 飞，当日只有东方航空的航班，机票含税价格为6619元起。而涉及中转的国航、国泰、阿联酋等航 司航班，票价在2千到3千元。当日南航从浦东起飞、经停武汉飞往伦敦的含税票价为1489元起，进 一步点击预订详情后会显示，成人票基础票价为100元，税费为1389元，总价1489元，应该就是网 友所说的100元低价票。 上海 - 伦敦 (英国) 低价提醒 电子 单程 |12-09 周二|总时长23h55m 1 出行提醒 > 22:05 PVG 上海 浦东国际机场 T2 1 ...

Core Viewpoint - China Southern Airlines (CSA) has signed a code-sharing agreement with Virgin Australia Airlines, which will enhance CSA's route network coverage in Oceania [2] Group 1: Code-Sharing Agreement - The code-sharing cooperation is set to officially launch in early 2026 [2] - Passengers traveling on CSA flights to major cities such as Sydney, Melbourne, Brisbane, and Darwin will have efficient connections to Virgin Australia's network, reaching 17 popular destinations in Australia, New Zealand, and Vanuatu [2] Group 2: Route Network Expansion - The route coverage includes not only major commercial cities like Newcastle, Townsville, and Mackay but also well-known tourist destinations such as the Gold Coast, Sunshine Coast, Cairns, and Queenstown, as well as Vanuatu's Port Vila [2] - CSA currently operates seven main routes between Guangzhou and cities including Sydney, Melbourne, Brisbane, Perth, Adelaide, Darwin, and Shenzhen to Sydney, with a peak weekly flight volume of 77 flights [2] - The partnership with Virgin Australia will further strengthen CSA's route network in Oceania, providing passengers with more convenient transfer options, a wider range of flight choices, and more flexible travel combinations [2]

Market Performance - The aviation and airport sector increased by 0.91% on December 8, with Xiamen Airport leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Stock Performance - Xiamen Airport (600897) saw a significant rise of 10.00%, closing at 18.92 with a trading volume of 176,200 shares and a transaction value of 318 million yuan [1] - China Eastern Airlines (600115) increased by 2.35%, closing at 5.22 with a transaction value of 465 million yuan [1] - Other notable performers include: - 吉祥航空 (603885) up 1.84% to 13.84 [1] - 海航控股 (600221) up 1.13% to 1.79 [1] - 上海机场 (600009) up 1.07% to 32.15 [1] Capital Flow - The aviation and airport sector experienced a net outflow of 1.1847 million yuan from institutional investors, while retail investors saw a net outflow of 113 million yuan [2] - Conversely, speculative funds recorded a net inflow of 11.4 million yuan [2] Individual Stock Capital Flow - Xiamen Airport (600897) had a net inflow of 75.8533 million yuan from institutional investors, but a net outflow of 41.6046 million yuan from retail investors [3] - Shanghai Airport (600009) saw a net inflow of 12.4068 million yuan from institutional investors, with a net outflow of 19.0737 million yuan from retail investors [3] - China Eastern Airlines (600115) experienced a net outflow of 5.7540 million yuan from institutional investors, while speculative funds had a net inflow of 37.2950 million yuan [3]

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - Crude oil freight rates have declined from high levels, with mixed changes in ocean freight rates. The China Import Crude Oil Composite Index (CTFI) was reported at 2321.90 points on December 4, down 7.9% from November 27. The VLCC market has seen transactions at major loading ports, with shipowners trying to maintain price levels despite a cooling market [3][14] - China Eastern Airlines has launched the world's longest one-way flight route from Shanghai to Buenos Aires, reducing travel time by over 4 hours. Additionally, a ton-class eVTOL was included in urban firefighting drills for the first time [3][16] - In November, China's express delivery volume exceeded 180 billion items for the first time, marking a new record. The first full schedule China-Europe freight train departed from Shijiazhuang [3][24] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, with the Middle East route showing a 9.76% drop. The Shanghai port's export rates to Europe and the US have also seen declines of 0.3%, 5.0%, and 4.7% respectively [14][15] - The launch of the longest flight route by China Eastern Airlines connects Shanghai to Buenos Aires, significantly shortening travel time [16][17] - The express delivery volume in China reached a record high of 180 billion items in November, reflecting strong economic vitality [24][26] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was reported at 5721.00 points, up 2.4% year-on-year [28] - Domestic freight flight numbers decreased by 2.03% year-on-year in November, while international flights increased by 14.88% [30] - The SCFI index for container shipping was reported at 1397.63 points, down 0.39% week-on-week and down 38.06% year-on-year [37] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the transportation demand increase driven by hydropower station construction in the Yarlung Tsangpo River downstream [5] - Investment opportunities in low-altitude economy trends, recommending CITIC Offshore Helicopter [5] - Opportunities in the highway and railway sectors, recommending Gansu Expressway, Beijing-Shanghai High-Speed Railway, and others [5] - Investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Haixia Shares [5] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [5] - Opportunities in the aviation sector, recommending Air China, China Southern Airlines, and others [5]

（文章来源：中国新闻网） 南航广州至悉尼直飞航班。南方航空供图 2024年，南航广州至悉尼航线实际承运旅客近41.2万人次，位居所有中澳航线旅客承运量之首。 南航始终致力于完善澳洲市场航线网络。目前，南航已开通广州至悉尼、布里斯班、墨尔本、珀斯、阿 德莱德多条直飞航线，并于12月3日新开广州至达尔文直飞航线，为中国游客探索澳大利亚北领地提供 了又一便捷通道。(完) 中新网广州12月7日电 (记者郭军)据中国南方航空7日通报，南航广州至悉尼航线将于2025年12月13日至 2026年2月24日期间首次增班至每天四个往返。 中国南方航空和澳大利亚新南威尔士州旅游局为庆祝"南航直飞悉尼25周年"而特别策划的主题航班6日 从广州启航。作为连接中国华南地区与澳大利亚新南威尔士州的重要空中桥梁，该航线在促进中澳经 贸、旅游与人文往来等方面起着重要作用。目前，南航广州至悉尼航线稳定保持淡、平季每天两班，旺 季每天三班。 ...

Investment Rating - The report maintains a positive outlook on the transportation industry, with specific recommendations for companies such as China Shipping, COSCO Shipping Energy, and others in the shipping sector [6][4]. Core Insights - The report highlights the recovery in shipping rates, particularly for VLCCs, which have seen a rise in one-year charter rates to $58,000 per day. It suggests that investors should capitalize on seasonal fluctuations in freight rates [6][4]. - The report emphasizes the strong performance of the road freight sector, which has shown a significant increase of 6.90% in the latest week, outperforming other sub-sectors [7][8]. - The aviation sector is expected to experience a golden era due to rising passenger volumes and constrained supply, with recommendations for several airlines including China Eastern Airlines and Spring Airlines [6][4]. Summary by Sections Shipping - VLCC average rates reached $115,290 per day, despite a 6% week-on-week decline. The market remains tight, with expectations of increased cargo volumes leading to potential rate increases [6][4]. - The report notes a 2% increase in second-hand bulk carrier prices and a slight uptick in new ship prices, indicating a potential turning point in the market [6][4]. Road Freight - The road freight sector has shown resilience, with a reported increase in freight volume of 0.74% week-on-week, indicating steady growth [7][8]. - The report identifies Dragon Boat Holdings as a standout performer in the road freight sector, with a significant weekly gain of 40.2% [13]. Aviation - The report anticipates a significant improvement in airline profitability due to increased international travel and a historical high in passenger load factors [6][4]. - Recommendations include major airlines such as China Southern Airlines and Cathay Pacific, which are expected to benefit from these trends [6][4]. Express Delivery - The express delivery sector is entering a new phase of competition, with expectations of price stabilization and profit recovery. Companies like YTO Express and ZTO Express are highlighted as key players [6][4]. Rail and Highway - Rail freight and highway truck traffic are projected to maintain steady growth, with the report noting a slight decrease in highway truck traffic of 0.24% week-on-week [6][4]. - The report suggests that high-dividend investment strategies in the highway sector remain attractive [6][4].