Investment Rating - The report recommends "Buy" for companies in the logistics and aviation sectors, specifically highlighting SF Holding and China Southern Airlines as key investment opportunities [2][3]. Core Insights - The logistics sector is benefiting from price increases due to reduced competition, with a notable rise in express delivery volumes during the peak season [2]. - The aviation sector is experiencing a recovery, with an increase in flight operations and passenger volumes, indicating a positive trend for airline profitability [3]. - The shipping industry shows signs of improvement, particularly in dry bulk transportation, driven by increased cargo demand and adverse weather conditions affecting vessel turnover [4]. Summary by Sections Transportation Sector Market Review - The transportation index decreased by 0.5% during the week of November 22-28, underperforming the Shanghai Composite Index, which rose by 1.6% [12]. Logistics - The express delivery sector saw a total collection volume of approximately 4.126 billion packages, a week-on-week increase of 1.65% but a year-on-year decrease of 6.63% [2]. - The report recommends SF Holding due to its valuation, operational resilience, and improved shareholder returns [2]. Aviation - The average daily flight operations increased by 4.16% year-on-year, with domestic flights up by 2.80% and international flights up by 12.41% [3]. - The report highlights the potential for profit growth in the aviation sector due to supply constraints from manufacturers and improved ticket pricing [3]. - Recommended stocks include China Southern Airlines and Air China [3]. Shipping - The Baltic Dry Index (BDI) rose to 2409 points, reflecting a week-on-week increase of 7.8% and a year-on-year increase of 62.9% [4]. - The report notes that the dry bulk market is experiencing a positive shift, with increased demand for coal and grain shipments [4]. Road and Rail - The report indicates a stable upward trend in the road transport sector, with a year-on-year increase in truck traffic on highways [5]. - The railway sector also shows positive growth, with passenger turnover increasing by 10.14% year-on-year [86].

Group 1 - The introduction of "snow holidays" in various regions, such as Jilin and Xinjiang, aims to promote winter tourism and encourage family participation in winter sports and activities [1][2][3] - Jilin Province has designated a "snow holiday" from December 3 to 7, 2025, allowing all students in compulsory education to take time off, while also encouraging parents to take paid leave to engage in winter activities with their children [1][2] - The implementation of "snow holidays" is part of a broader trend to reduce academic pressure on students and promote their overall development, similar to previously established "autumn holidays" in other regions [2][3] Group 2 - The Ministry of Commerce and other departments have emphasized the need to optimize student holiday arrangements to stimulate service consumption, suggesting adjustments to the academic calendar based on local climate and conditions [3] - Experts believe that the introduction of "snow holidays" can help cultivate the winter tourism market, making off-peak seasons more vibrant and sustainable for the tourism industry [3] - Data from Southern Airlines indicates a significant increase in flight bookings in regions with "snow holidays," with a year-on-year growth of 51% in Urumqi and 99% in the Altay region, highlighting the potential for youth travelers to become a key demographic in seasonal travel [4]

Core Viewpoint - Airbus announced the immediate recall of approximately 6,000 A320 series jets for maintenance due to potential issues with flight control systems caused by strong solar radiation [1][3][4] Group 1: Company Impact - Airbus's stock price slightly increased to €204.45, with a year-to-date rise of over 40%, and a total market capitalization exceeding €160 billion (approximately ¥1.3 trillion) [1] - The recall affects a significant portion of the global A320 fleet, which includes around 11,300 operational aircraft, with 6,440 being the core A320 model [1][4] - Major airlines operating A320 series jets include American Airlines, Delta Air Lines, JetBlue Airways, and United Airlines, alongside significant customers in China, Europe, and India [1] Group 2: Domestic Airline Distribution - As of November 2025, Chinese airlines operate a total of 2,015 A320 series aircraft, accounting for 48.3% of the total civil aviation fleet in China [1] - China Eastern Airlines has the largest fleet of A320 series with 395 aircraft, followed by China Southern Airlines with 349, and Air China with 216 [2][3] Group 3: Technical Details and Challenges - The issue requires a software version update for most affected aircraft, with an estimated maintenance time of about 2 hours per aircraft [4] - The European Union Aviation Safety Agency (EASA) issued an emergency directive, which must be evaluated and approved by the Civil Aviation Administration of China (CAAC) before domestic airlines can proceed with repairs [4] - The recall is one of the largest in Airbus's 55-year history, potentially impacting over half of the global A320 fleet and causing disruptions during peak travel periods [4][5]

Core Insights - The aviation and airport sector experienced a slight increase of 0.26% on November 28, with Xiamen Airport leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Stock Performance - Xiamen Airport (600897) closed at 16.26, up 3.17% with a trading volume of 54,400 shares and a transaction value of 87.63 million yuan [1] - Hainan Airlines (600221) closed at 1.73, up 2.37% with a trading volume of 4.72 million shares and a transaction value of 806 million yuan [1] - Shenzhen Airport (000089) closed at 6.94, up 0.58% with a trading volume of 99,880 shares and a transaction value of 68.31 million yuan [1] - China Eastern Airlines (600115) closed at 5.04, down 0.20% with a trading volume of 639,300 shares and a transaction value of 323 million yuan [1][2] Capital Flow - The aviation and airport sector saw a net outflow of 72.81 million yuan from institutional investors, while retail investors contributed a net inflow of 103 million yuan [2] - The detailed capital flow indicates that Hainan Airlines had a net inflow of 96.67 million yuan from institutional investors, while retail investors had a net outflow of 51.95 million yuan [3] - Xiamen Airport experienced a net outflow of 1.69 million yuan from institutional investors, but a net inflow of 4.48 million yuan from retail investors [3]

新华财经乌鲁木齐11月28日电（记者郝玉）12月1日至5日，新疆乌鲁木齐市、阿勒泰地区等地的中小学 生将迎来"雪假"，预计带动新一轮冰雪旅游热潮。为应对此次集中出行，新疆铁路、民航等部门提前部 署，通过加开列车、加密航线、优化服务等多项举措，全力保障冰雪旅游出行需求。 今年"雪假"期间，伊犁哈萨克自治州、昌吉回族自治州等地配套推出主题线路与冰雪赛事，将与交 通"硬支撑"形成合力，共同提升游客的出行体验与消费品质。 （文章来源：新华财经） 中国铁路乌鲁木齐局集团有限公司介绍，针对"雪假"期间探亲、研学等客流的显著增长，计划对伊宁、 奎屯等8个方向加开119列临时旅客列车。此外，乌鲁木齐至伊宁、喀什、奎屯等方向的普速旅客列车也 将同步增开，进一步织密铁路网络。 提升运力的同时，铁路部门也着力优化旅客服务体验。一方面，专设人员对接研学团体票务办理，提供 专列开行、专属通道、专属候车区等精细化服务；另一方面，持续推进"天山雪莲"服务品牌建设，提升 客运服务品质。截至目前，新疆铁路部门已受理"雪假"期间研学团体3批次千余人。 航空方面同样迎来出行高峰。南方航空统计，11月29日至12月7日期间，乌鲁木齐、阿勒泰始发航班 ...

Core Viewpoint - The event "2025 Domestic Civil Aircraft Innovation Youth Forum" held in Nanchang aims to foster collaboration and innovation among young professionals in the domestic civil aviation sector, emphasizing the theme of "Youth Intelligence Manufacturing" [1]. Group 1: Event Overview - The forum was co-hosted by China Eastern Airlines and COMAC, gathering nearly a hundred young representatives from various aviation organizations to discuss the future of domestic civil aviation [1][3]. - Leaders from national civil aviation organizations encouraged youth to take on responsibilities in the operation of domestic civil aircraft [3]. Group 2: Discussions and Contributions - Young representatives engaged in discussions on topics such as talent development, operational innovation, and brand building, contributing practical ideas for optimizing domestic civil aircraft operations [7]. - The event included a site visit to Hongdu Group, where participants learned about technological innovation and industry advancements, reinforcing their commitment to ensuring the safe operation of domestic civil aircraft [10]. Group 3: Individual Contributions - 彭焕春 from COMAC highlighted breakthroughs in digital transformation, achieving a 95% efficiency in business processing and a 90% efficiency in route issue resolution through self-developed platforms [12]. - 王铭逸 from China Eastern Airlines shared experiences related to the C919 aircraft, expressing pride in contributing to national aviation safety and innovation [14]. - 王玉坤 from AVIC discussed the growth of the C919 fleet from 1 to 6 aircraft, emphasizing a rigorous safety management system [16]. - 李华锋 from China Southern Airlines introduced the "Tianji" flight planning system, achieving 100% operational performance in the first month of C919 commercial operations [18]. - 蒋雯君 from China Eastern Airlines presented the development plan for the C909 fleet in Jiangxi, which has expanded to 9 aircraft and covers 13 routes, enhancing regional visibility [20]. Group 4: Future Directions - The event concluded with the passing of the alliance's rotating chairmanship to AVIC, indicating ongoing collaboration and commitment among aviation youth to contribute to the domestic civil aircraft sector [20].

Core Viewpoint - China Southern Airlines is launching its shortest intercontinental route, with a direct flight from Guangzhou to Darwin, starting on December 3 [1] Group 1 - The new route aims to enhance connectivity between China and Australia, catering to both business and tourism sectors [1] - This flight will significantly reduce travel time for passengers, making it a competitive option for travelers [1] - The introduction of this route reflects the airline's strategy to expand its international network and improve service offerings [1]

飞机"锁座"及有偿选座服务问题近日引发社会广泛关注。江苏省消费者权益保护委员会（以下简称"江 苏省消保委"）一纸调查，直指航司"锁座"乱象，将国内10家主流航空公司推到了风口浪尖。 11月21日，江苏省消保委线上约谈了东方航空、南方航空（600029）、中国国航（601111）等10家主流 航空公司。11月26日，通过公众号发布有关调查结果，详细列举了机票锁座服务市场中存在的诸多问 题，亮明对"锁座"现象长期存在的"零容忍"态度，并要求各公司在15个工作日内将整改情况以书面形式 提交。 专家认为，航司"锁座"行为锁的不仅是座位，还有旅客的知情权和公平交易权。"付费选座"等霸王条款 还可能涉嫌违反《消费者权益保护法》，侵害旅客的自主选择权，属于典型变相收费行为，让旅客暗吃 了不少"哑巴亏"。长此以往，"锁座"行为最终损害的是旅客对航司服务的信任，不利于航空服务业的高 质量发展。 近四成座位被锁 所谓飞机"锁座"，是指航司将经济舱前排、靠窗、靠过道等较为便利舒适的座位单独锁定，要么无法选 择，要么需额外付费或用积分兑换。从范围来看，锁定范围高度集中于经济舱前排、靠窗及靠过道等消 费者偏好的优质座位，仅开放中间区域 ...

汇丰发布研报称，近日多部门提醒中国公民近期谨慎赴日，另据报中国航空公司收到要求，削减日本航 班的措施将维持至明年3月底。汇丰认为这将对航空公司的盈利构成直接风险。自疫情以来，中国至日 本航线一直是航空公司的高利润航线，而延长航班削减的措施涵盖了最具利润的农历新年假期。 消息面上，11月24日，航班管家DAST数据显示，截至11月24日10点，已有12条中日航线取消所有航 班，涉及名古屋、福冈、札幌、大阪等地。监测数据显示，未来一周赴日计划航班取消率将在11月27日 达到21.6%，为1个月以来最高值。11月26日，中国驻日本大使馆发文，再次提醒中国公民注意人身安 全。 航空股再度走低，截至发稿，东方航空(00670)跌4.56%，报4.4港元；南方航空（600029）(01055)跌 2.33%，报5.02港元；中国国航（601111）(00753)跌2.33%，报6.3港元。 ...

Core Viewpoint - The recent practice of airlines locking seats and charging for seat selection has raised consumer concerns, as it is perceived as a means for airlines to increase revenue at the expense of consumer rights [1][2]. Group 1: Investigation Findings - A special investigation by Jiangsu Consumer Council focused on 10 domestic airlines, revealing that seat locking is prevalent, with the proportion of locked seats in economy class ranging from 19.9% to 62.1%, averaging 38.7% [1][2]. - The locked seats are primarily desirable ones, such as those in the front row, window, and aisle, limiting consumer choice to less favorable options [1][2]. - The investigation identified four main issues: widespread seat locking, disguised payment mechanisms, lack of transparency, and unfair contractual terms [2]. Group 2: Consumer Rights and Responsibilities - Airlines are legally responsible for protecting consumer rights and must ensure transparency in seat distribution and pricing policies [3]. - Airlines should provide equal seat selection opportunities for all passengers at the same fare and respect consumer autonomy in choosing seats [3]. Group 3: Required Actions from Airlines - Jiangsu Consumer Council has mandated airlines to conduct self-assessments and rectify their seat selection rules, particularly addressing excessive locking and disguised payment models [4]. - Airlines must revise unfair contractual terms that limit consumer rights and ensure that their policies are clear and transparent [4]. Group 4: Industry Response - Representatives from Southern Airlines and Lucky Air acknowledged the situation and stated they are evaluating the requirements set by Jiangsu Consumer Council [5]. - Experts have pointed out that while some seat locking for safety or special needs is acceptable, excessive locking for profit could violate consumer rights [5][6].