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。 ...

Core Viewpoint - The issue of "seat locking" and paid seat selection services by airlines has sparked widespread discussion among consumers, with many reporting that desirable seats in economy class are often locked and require additional fees to select [1] Group 1: Investigation Results - The Jiangsu Provincial Consumer Rights Protection Committee conducted a survey of 10 domestic airlines, including China Southern Airlines, Air China, Hainan Airlines, Xiamen Airlines, Shenzhen Airlines, Shandong Airlines, Sichuan Airlines, Eastern Airlines, Spring Airlines, and Juneyao Airlines [1] - The survey revealed that all 10 airlines engage in seat locking practices, with Xiamen Airlines having a seat locking rate as high as 42.5%, while most airlines reported seat locking rates exceeding 30%, and some even surpassing 50% [1] - The Jiangsu Provincial Consumer Rights Protection Committee has issued clear rectification requirements to the 10 airlines regarding the seat locking issue, demanding written reports on corrective actions within 15 working days [1]

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]

Core Viewpoint - The recent practice of airlines locking seats and charging for seat selection has sparked widespread consumer dissatisfaction, with many feeling that their rights to choose seats are being unfairly restricted [1][19]. Group 1: Consumer Feedback - Many consumers, like Ms. Zhang, have experienced locked seats and expressed frustration over the additional costs required to select preferred seats, which they believe should be included with the purchase of an economy class ticket [3][19]. - The investigation revealed that consumers are often required to use points or pay extra fees to unlock desirable seats, which they feel is an unfair practice [11][13]. Group 2: Investigation Findings - The Jiangsu Provincial Consumer Protection Committee conducted an investigation into 10 domestic airlines, finding that all had locked seats in economy class, with the locking rate ranging from 19.9% to 62.1%, averaging 38.7% [4][5]. - The investigation highlighted that the locked seats are primarily located in the front rows and preferred window or aisle positions, limiting consumer choices to less desirable seats [9][11]. Group 3: Airline Justifications - Airlines have provided various justifications for locking seats, such as reserving them for special passengers or maintaining flight balance, but these reasons have been contradicted by the investigation results showing high locking rates [15][16]. - The lack of a unified standard for seat locking across airlines has led to significant discrepancies in how and why seats are locked [16]. Group 4: Legal and Regulatory Concerns - The practice of locking seats has been deemed to infringe upon multiple consumer rights, including the right to know, the right to choose, and the right to fair trade [19][22]. - Experts have pointed out that airlines' failure to clearly communicate seat selection policies and locking criteria violates consumer protection laws [20][22]. Group 5: Regulatory Actions - The Jiangsu Provincial Consumer Protection Committee has called for the 10 airlines to rectify their practices, specifically addressing the excessive locking of seats and the imposition of fees for seat selection [23][24]. - Airlines are required to ensure transparency in their policies, provide equal selection opportunities for all passengers, and respect consumer rights [27][29].

Core Viewpoint - The aviation sector is experiencing a significant rise, driven by strong growth in passenger and cargo transport volumes in October, with expectations for a "super cycle" in Chinese aviation by 2026 [1] Group 1: Stock Performance - China National Aviation (601111) shares rose by 4.27%, reaching HKD 6.6 [1] - China Southern Airlines (600029) shares increased by 2.66%, reaching HKD 5.41 [1] - China Eastern Airlines (00670) shares grew by 2.18%, reaching HKD 4.69 [1] - Capital Airport (00694) shares rose by 1.43%, reaching HKD 2.84 [1] Group 2: Industry Data - In October, China's civil aviation transport scale showed strong growth, with a total transport turnover of 146 billion ton-kilometers [1] - Domestic routes transported 60.845 million passengers, a year-on-year increase of 4.4% [1] - International routes transported 6.99 million passengers, a year-on-year increase of 20.4% [1] - Both international passenger transport and cargo mail transport volumes grew by over 20% year-on-year [1] Group 3: Future Outlook - According to Guotai Junan Securities, the reduction in passenger flow on Japan routes is leading airlines to shift focus, but the long-term logic of an aviation super cycle remains unchanged [1] - The overall performance of airlines is expected to achieve counter-cyclical growth in Q3 2025 despite weaker demand during the summer peak [1] - The industry is projected to significantly reduce losses in Q4 2025, with a full-year turnaround expected in 2025 [1] - The Chinese aviation sector is anticipated to enter a "super cycle," driven by market-driven ticket pricing, steady demand growth, and optimized passenger source structure, leading to an increase in profitability by 2026 [1]

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]

Core Viewpoint - The long-standing and controversial airline "seat locking" phenomenon is expected to undergo rectification following a special investigation by the Jiangsu Provincial Consumer Protection Committee, which has interviewed ten domestic airlines and requested written responses regarding corrective actions [1][5]. Group 1: Investigation Findings - The Jiangsu Provincial Consumer Protection Committee conducted an investigation into the "seat locking" practices of ten major airlines, revealing that the proportion of locked seats during the purchasing phase ranged from 19.9% to 62.1%, with an average of 38.7% [2][3]. - Notably, Spring Airlines' Nanjing-Lanzhou route had a seat locking rate exceeding 60%, while Shenzhen Airlines' Shenzhen-Zhanjiang route exceeded 50% [2][3]. - Other airlines like Hainan Airlines, Eastern Airlines, and Xiamen Airlines had locking rates between 40% and 46%, while Lucky Air had a relatively low rate of less than 20% [2][3]. Group 2: Reasons for Seat Locking - Airlines provided various justifications for seat locking, including reserving seats for special passengers, ensuring emergency seat availability, and maintaining flight load balance [4]. - The investigation identified common issues with the "seat locking" phenomenon, including a lack of clear communication regarding seat locking rules, vague explanations, differential resource allocation based on membership levels, and unilateral rights granted to airlines [4]. Group 3: Consumer Feedback and Reactions - Consumers expressed dissatisfaction with the differentiation of paid and free seating areas in economy class, indicating that such practices increase travel costs and lead to a frustrating experience [6][10]. - Feedback highlighted that many passengers were unaware of the specific rules regarding seat locking, leading to limited seat choices, especially for families traveling together [10][11]. Group 4: Regulatory Actions and Implications - The Jiangsu Provincial Consumer Protection Committee has mandated that the airlines submit written corrective actions within 15 working days, including self-inspections and revisions of unfair terms related to "seat locking" [5][15]. - Legal experts have commented that the "seat locking" practice infringes on consumer rights and may violate consumer protection laws, suggesting that the committee's actions could serve as a model for regulatory oversight in other regions [15][16].