Core Viewpoint - The Jiangsu Consumer Rights Protection Committee has released a report highlighting issues related to seat locking practices by airlines, including widespread locking behavior, excessive locking of premium seats, disguised fees for unlocking, and infringement on consumer rights [1][4]. Group 1: Investigation Findings - The average seat locking rate among the 10 surveyed airlines is 38.7%, with rates ranging from 19.9% to 62.1% [3][4]. - Spring Airlines and Shenzhen Airlines have particularly high locking rates, exceeding 60% and 50% respectively, while Juneyao Airlines has a relatively low rate of under 20% [3][4]. - The investigation focused on the locking ratio, locking range, redemption methods, and customer service explanations [3]. Group 2: Identified Issues - Widespread seat locking practices are prevalent, with premium seats being excessively locked, limiting consumer choices to less desirable seats [4][5]. - The unlocking mechanism often requires payment or points redemption, which disadvantages non-members or infrequent travelers, effectively increasing travel costs [4][5]. - There is a lack of transparency in information provided to consumers, with unclear seat selection rules and inadequate customer service responses [4][5]. Group 3: Recommendations and Actions - The Jiangsu Consumer Rights Protection Committee has urged airlines to conduct self-examinations and rectify unfair terms in their agreements regarding seat locking [1][6]. - Airlines are recommended to ensure a reasonable and balanced distribution of free seat options, limiting paid options to only those necessary for special circumstances [7]. - Continuous monitoring of airlines' compliance with these recommendations will be conducted, with potential follow-up measures if necessary [8].

Core Viewpoint - The Jiangsu Provincial Consumer Protection Committee has raised concerns regarding the long-standing issues of seat locking and paid seat selection services among major Chinese airlines, highlighting the need for reform in these practices to protect consumer rights [1][2][3]. Group 1: Issues Identified - The practice of seat locking is widespread among the ten airlines, with the proportion of locked seats in the economy class ranging from 19.9% to 62.1%, averaging 38.7%, primarily affecting preferred seating areas [1][2]. - Airlines are increasingly using a mechanism that effectively charges consumers for seat selection, particularly disadvantaging non-members or infrequent travelers who lack the means to accumulate points for free seat selection [2]. - There is a lack of transparency in the information provided to consumers regarding seat locking rules and associated fees, with airlines often providing vague explanations that do not align with the high rates of seat locking [2]. Group 2: Required Reforms - The Jiangsu Provincial Consumer Protection Committee has mandated airlines to conduct self-assessments and rectify their seat selection rules within 15 working days, specifically addressing the excessive locking of seats and eliminating disguised paid seat selection models [3][4]. - Airlines are required to ensure a reasonable and balanced distribution of free seat options, retaining only necessary seat locks for special passengers or emergency purposes, while prohibiting the inclusion of standard economy seats in the paid category [3]. - The committee has called for a review and modification of unfair contractual terms related to seat locking, ensuring that consumer rights are not limited and that airlines' responsibilities are clearly defined within a transparent framework [4].

Core Viewpoint - The Jiangsu Consumer Rights Protection Committee has released a report highlighting issues related to seat locking practices by airlines, including widespread seat locking, excessive locking of premium seats, disguised fees for unlocking, and infringement on consumer rights [1][4]. Group 1: Survey Findings - The average seat locking rate among the 10 surveyed airlines is 38.7%, with rates ranging from 19.9% to 62.1% across different routes [2][4]. - Spring Airlines has the highest locking rate at over 60% for the Nanjing-Lanzhou route, while Juneyao Airlines has the lowest at under 20% [2][4]. - The survey included major airlines such as China Southern Airlines, China Eastern Airlines, and Hainan Airlines, focusing on their booking apps to assess seat locking practices [2][4]. Group 2: Identified Issues - The report identifies four main issues: the prevalence of seat locking, excessive locking of desirable seats, disguised fees for unlocking, and lack of transparency in information provided to consumers [4][5]. - Premium seats are predominantly locked, limiting consumer choice to less desirable options, which infringes on consumer rights [4][5]. - Airlines are increasingly charging for seat selection, which can significantly increase travel costs, especially for families seeking adjacent seating [6][8]. Group 3: Recommendations and Actions - The Jiangsu Consumer Rights Protection Committee has urged airlines to conduct self-inspections and rectify unfair terms in their agreements regarding seat locking [6][7]. - Airlines are recommended to ensure a reasonable distribution of free seat options and to eliminate disguised fees associated with seat selection [6][7]. - Continuous monitoring of airlines' compliance with these recommendations will be conducted by the Jiangsu Consumer Rights Protection Committee [8].

南都讯 记者钟丽婷 11月25日，广州白云机场举办了2025年第三季度业绩说明会。截至2025年9月30日， 白云机场实现营业收入56.97亿元、归属于上市公司股东净利润10.96亿元，较上年同期分别增长 7.48%、64.06%。 从十五运会倒计时100天（8月1日）起，南航广州枢纽累计护航涉赛航班2225班次，服务涉赛人员10190 人次，其中11月21日，单日最高峰保障近1000名涉赛旅客返程。在深圳，南航累计保障涉赛航班1225班 次，安全运送涉赛人员4035人次。作为粤港澳大湾区的重要服务窗口，南航持续强化区域协同保障能 力，依托广州、深圳、珠海等大湾区主要航点，优化全流程服务环节，助力区域体育文化交流与融合发 展。 今年10月30日广州白云机场T3航站楼正式启用。白云机场迈入"五条跑道+三座航站楼"运行时代，并 从"单一机场"迈向"空铁一体枢纽，为世界级机场群建设注入强劲动力，也为广州打造全方位门户复合 型国际航空枢纽按下"加速键"。 2025年以来，白云机场牢牢把握市场机遇，紧密联动航空公司，优化航线网络布局，聚焦高质量发展， 提升运行效率与服务品质，国际航线的恢复势头尤为显著。公司营业收入与盈 ...

Core Viewpoint - The recent practice of airlines locking seats and charging for seat selection has raised consumer concerns, as it is seen as a way for airlines to increase revenue at the expense of consumer rights [1][2]. Group 1: Investigation Findings - A special investigation by Jiangsu Consumer Council targeted 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]. Group 2: Consumer Rights Violations - The unlocking mechanism for preferred seats often requires payment through membership points or miles, disadvantaging non-members or occasional travelers who lack accumulation channels [2]. - Airlines have introduced additional paid options for unlocking seats, effectively splitting the basic seat selection rights into paid services, increasing travel costs for consumers [2]. - Information regarding seat locking rules and fees is often unclear, violating consumers' right to know, with customer service responses being inadequate and contradictory [2]. Group 3: Recommendations for Airlines - Airlines are urged to ensure transparency by clearly informing consumers about seat distribution and pricing policies [3]. - Fairness in rules must be maintained, ensuring equal seat selection opportunities for all passengers at the same fare [3]. - Airlines should respect consumer autonomy by safeguarding their right to choose and preventing disguised compulsory consumption [3]. Group 4: Required Actions - Airlines must conduct self-assessments to address excessive seat locking and eliminate disguised paid seat selection models, ensuring a reasonable and balanced distribution of free seat options [3][4]. - Unfair clauses in agreements related to seat locking should be reviewed and amended to avoid limiting consumer rights or increasing consumer responsibilities unfairly [4].

据江苏省消保委消息，近期，飞机"锁座"及有偿选座服务引发热议。为厘清行业经营边界，推动消费者 合法权益得到切实保障，江苏省消保委于11月21日线上约谈东方航空、南方航空、中国国航、海南航 空、厦门航空、深圳航空、山东航空、四川航空、春秋航空、吉祥航空等十家航空公司。会上，江苏省 消保委结合调查结果，通报了机票锁座服务市场存在的四个问题：一是锁座行为普遍存在，优质座位过 度锁定；二是解锁机制变相付费，挤压普通消费者权益；三是信息不透明且解释不合理，侵犯知情权； 四是协议文本存在不公平格式条款，权利义务设置不对等。江苏省消保委就飞机票锁座问题的整改工 作，向各航司提出两点明确要求，并于15个工作日内将整改情况以书面形式进行提交。 （文章来源：第一财经） ...

中泰证券（600918）发布研报称，Q3航空板块油汇利好下成本下降，南航、东航归母净利润略超预 期。该行指出，航企有较多外币负债且多以美元负债为主，若人民币汇率走弱，可能会使航企产生较大 金额的汇兑损益，从而影响当期利润；航油成本是航空公司的大项成本之一，油价大幅上升将增加航司 的燃油成本，进而影响经营业绩。 消息面上，11月25日，人民币汇率刷新逾1年来高位，在岸、离岸人民币对美元汇率双双收复7.09关 口。业内认为，后续美元指数上行空间有限，人民币走势则将稳中偏强。此外，俄乌停战预期上升，油 价走弱。 航空股涨幅居前，截至发稿，东方航空(00670)涨5.1%，报4.53港元；中国国航（601111）(00753)涨 4.52%，报6.47港元；南方航空（600029）(01055)涨3.36%，报5.22港元。 ...

Market Overview - The expectation for a Federal Reserve interest rate cut in December has significantly increased, leading to a rise in Hong Kong stocks, with the Hang Seng Index briefly surpassing 26,000 points. The index closed up 0.69% at 25,894.55 points, with a total turnover of HKD 231.49 billion [1] - The Hang Seng Tech Index rose by 1.2%, indicating a positive sentiment in the technology sector [1] Blue Chip Performance - Xiaomi Group-W (01810) saw a notable increase of 4.35%, closing at HKD 40.34, contributing 47.94 points to the Hang Seng Index. Founder Lei Jun invested over HKD 100 million to purchase 2.6 million shares, raising his stake to 23.26% [2] - Other blue-chip stocks like Baidu Group-SW (09888) and Alibaba Health (00241) also performed well, with increases of 4.56% and 4.36% respectively [2] Sector Highlights - Major technology stocks experienced gains, with Baidu and Xiaomi both rising over 4%. AI applications and computing power sectors were particularly active, with Bilibili rising over 5% [3] - Lithium stocks saw a surge, with Tianqi Lithium (002466) increasing by 4.81% and Ganfeng Lithium (01772) rising by 3.46%. The chairman of Tianqi Lithium indicated that global lithium demand is expected to reach 2 million tons by 2026, achieving a balance between supply and demand [4] - Gold stocks generally rose, with Chifeng Jilong Gold Mining (06693) up 4.86% and Zijin Mining (02899) up 1.78%. The probability of a 25 basis point rate cut by the Federal Reserve in December is currently at 81% [5] Flight Cancellations Impact - There has been a significant increase in flight cancellations from China to Japan, with a 56% rise compared to the previous month. This has led to a decrease in ticket bookings by approximately 29% [6] Notable Stock Movements - Longpan Technology (02465) surged by 22.89% after announcing a sales agreement worth over HKD 45 billion for lithium iron phosphate materials [7] - Hesai Technology (02525) rose by 13.43% following the launch of a new high-performance smart control chip [7] - Changfei Optical Fiber (06869) increased by 12.74%, driven by advancements in AI computing power [9] - Shandong Xinhua Pharmaceutical (00719) saw a rise of 7.24% due to increased demand for flu medications during the flu season [10]

Core Viewpoint - The aviation and airport sector experienced a decline of 1.84% on November 25, with Huaxia Airlines leading the drop. In contrast, the Shanghai Composite Index rose by 0.87% and the Shenzhen Component Index increased by 1.53% [1]. Group 1: Market Performance - The aviation and airport sector saw a net inflow of 105 million yuan from institutional investors, while retail investors contributed a net inflow of 141 million yuan. However, speculative funds experienced a net outflow of 246 million yuan [2][3]. - Key stocks in the aviation sector showed varied performance, with Xiamen Airport rising by 3.26% to close at 16.17 yuan, while Huaxia Airlines fell by 3.93% to 10.50 yuan [1][2]. Group 2: Individual Stock Analysis - Major stocks such as China Eastern Airlines and China National Aviation Corporation saw declines of 3.89% and 3.01%, respectively, indicating a broader trend of negative performance within the sector [2][3]. - The trading volume for China Eastern Airlines reached 2.06 million shares, with a transaction value of 1.028 billion yuan, highlighting significant trading activity despite the stock's decline [2].

Core Viewpoint - China Southern Airlines has successfully implemented a dual-city collaborative aircraft engine replacement operation, enhancing its maintenance capabilities and supporting the construction of the Hainan Free Trade Port [1][2] Group 1: Operational Efficiency - The engine replacement work at Haikou and Sanya bases was completed efficiently, reducing the conventional aircraft downtime during troubleshooting [1] - The operation involved two specialized maintenance teams working together across regions, showcasing the effectiveness of the company's "Four Modernizations" reform [1][2] Group 2: Technical and Process Improvements - The engine replacement process is likened to a "heart transplant" for aircraft, requiring precise adaptation of over 30,000 components, which demands high technical standards and process control [1] - The integration of resources and unified scheduling between the two bases has improved the rapid response capability for complex maintenance tasks [2] Group 3: Strategic Impact - The collaborative maintenance not only ensured the safety and efficiency of air transport but also contributed to the development of Hainan as an international aviation hub [2]