Core Viewpoint - China Southern Airlines plans to operate over 2,800 flights on more than 400 moon-viewing routes during the Mid-Autumn Festival from October 4 to 8, 2025, with a special focus on flights during the peak moon-viewing hours on October 6 [1][2]. Domestic Routes - In the North China region, recommended flights include CZ3904 from Chengdu to Beijing, CZ5356 from Hohhot to Shenyang, and CZ5904 from Guilin to Beijing, all designed to offer scenic views of the moon [1]. - For the East China region, flights such as CZ3595 from Guangzhou to Shanghai and CZ6548 from Hangzhou to Shenzhen are highlighted for their expansive views [2]. - In the Central region, the flight CZ3347 from Wuhan to Guangzhou will be operated by the domestically produced C919 aircraft, showcasing urban lights and the moon [2]. - The Western region features flights like CZ6242 from Xining to Guangzhou, which will provide views of the snow-capped mountains against the moonlit sky [2]. International Routes - Selected international moon-viewing flights include CZ6092 from Vientiane to Guangzhou, CZ6011 from Urumqi to Almaty, and CZ8058 from Dubai to Guangzhou, all designed to enhance the moon-viewing experience [5]. - Additional international routes will connect major hubs in Southeast Asia, Japan, South Korea, Central Asia, the Middle East, Europe, the Americas, and Australia, allowing both domestic and international travelers to enjoy the moon [5]. Special Activities - China Southern Airlines will host themed flights on the night of the Mid-Autumn Festival, featuring activities such as riddle guessing, poetry recitation, and handmade lotus lantern crafting [5]. - Passengers are advised on optimal seating arrangements for the best moon-viewing experience, with specific recommendations based on flight direction [5].

国泰海通证券指，重视航空长逻辑，Q3盈利有望实现逆势增长，十一假期出游旺盛，关注公商务恢复 持续性。该行表示，9月公商需求旺盛，十一假期出游旺盛。受益暑运压制性公商需求释放与10月重大 会议致公商需求前移，9月公商需求旺盛且有望创历史同期新高，高客座率推动国内含油票价同比转 正，9月淡季将再次大比例留存燃油成本缩减，助力2025Q3业绩同比增长。考虑国庆中秋连休且拼假效 应明显该行预计十一黄金周出游需求旺盛，航司预期乐观且预售量价良好，建议关注拼假或对临近收仓 票价影响。 三大航集体走高，截至发稿，中国国航（601111）(00753)涨3.23%，报5.75港元；东方航空(00670)涨 3.21%，报3.22港元；南方航空（600029）(01055)涨2.01%，报4.06港元。 消息面上，航旅纵横大数据显示，截至9月26日，2025年国庆中秋假期国内航线机票预订量已突破1019 万张，日均预订量较去年同期增长约6%；出入境航线机票预订量超过169万张，日均预订量较去年同期 增长约12%。 此外，航班管家DAST数据显示，截至9月25日，今年国庆假期预售机票裸票价为819元， 价格较2024年同期上涨9 ...

Core Points - During the "Double Festival" holiday from October 1 to 8, the company expects to serve over 105,000 passengers, averaging more than 10,000 passengers per day [1] - The company plans to operate 1,256 flights during the holiday period, an increase of 86 flights year-on-year, with a flight volume increase of 11.36% from Guiyang [1] - Major destinations for travelers include Shanghai, Beijing, Urumqi, and Sanya, with the company focusing on increasing flight frequency to these popular cities [1] - A peak in passenger flow is anticipated on September 30 due to the "Village Super" event in Rongjiang, with inbound passengers expected to exceed 13,000 [1] - To ensure passenger safety, the company has implemented pre-holiday safety activities, including simulation drills and technical exchanges [1] - The aircraft maintenance department is enhancing management of aircraft and equipment, focusing on preventive maintenance and assessing seasonal risks such as strong winds and thunderstorms [1] - The security management department plans to deploy approximately 310 security personnel to ensure over 1,500 hours of air defense safety [2] - The operations command department has developed detailed production support plans and is collaborating closely with meteorological departments to assess weather risks for flight decision-making [2]

推介会上，南航对新开航线的航班信息，销售优势，开航产品，中转服务等内容向代理人及客户做重点 推介，对南航在多哈的中转衔接服务做场景介绍，并对最新升级的第四季度南航畅行及大兴中转服务做 现场宣传推广。 《中国民航报》、中国民航网 记者许晓泓 通讯员京轩 报道：9月28日，中国南方航空（以下简称"南 航"）举办北京大兴—多哈新开航、德黑兰复航暨产品推介会，标志着南航北京至中东地区国家定期直 飞的客运航线更加丰富。南航相关负责人、北京市文化和旅游局、卡塔尔旅游局及客户嘉宾代表出席推 介会。 目前，南航已开通北京大兴至伦敦、阿姆斯特丹、莫斯科等16条国际及地区直达航线，未来，南航将持 续新开和加密国际及地区航线，构建顺畅便捷的空中丝绸之路，丰富与世界各地互联互通的重要支点， 全面落实打造全方位门户复合型国际航空枢纽的要求，助力让更多旅客乐享美好飞行。（编辑：许浩存 校对：李佳洹 审核：韩磊） （本文图片均由南航提供） 据悉，南航将于10月16日开通北京大兴—多哈直飞航线，新航线由空客A330-300机型执飞，每周3班 （周二、周四、周六执行）。去程航班CZ8059于北京时间零时35分从北京大兴国际机场起飞，多哈当 地 ...

Core Viewpoint - The public's willingness to travel is increasing as the National Day and Mid-Autumn Festival approach, prompting airlines to enhance their flight offerings to meet demand [1] Group 1: Flight Operations - From October 1 to October 8, the airline plans to operate a total of 826 flights in and out of Xi'an, averaging about 103 flights per day, with a total seat capacity of 154,000 [1] - Popular routes from Xi'an to Guangzhou, Shenzhen, and Sanya are seeing a rise in booking volumes, with several routes expected to exceed a 90% passenger load factor [1] Group 2: Capacity Optimization - The airline is optimizing its capacity layout for the Xi'an to Guangzhou route by increasing the deployment of wide-body aircraft, and further intensifying the frequency of wide-body aircraft on the Xi'an to Shenzhen route, achieving an average of 4 wide-body flights per day on the Xi'an to Guangzhou and Shenzhen routes [1] Group 3: Customer Service Enhancements - In response to the rising travel demand, the airline will dynamically adjust its capacity and optimize service details, providing guidance services for special passengers such as the elderly and unaccompanied children at Xi'an Xianyang International Airport [1]

从资金流向上来看，当日航空机场板块主力资金净流出1.01亿元，游资资金净流入2149.35万元，散户资 金净流入7973.09万元。航空机场板块个股资金流向见下表： 证券之星消息，9月29日航空机场板块较上一交易日下跌0.04%，南方航空领跌。当日上证指数报收于 3862.53，上涨0.9%。深证成指报收于13479.43，上涨2.05%。航空机场板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002928 | 华夏航空 | 9.92 | 1.85% | 16.33万 | | 1.60亿 | | 600004 | 白云机场 | 9.47 | 0.74% | 16.71万 | | · 1.57 乙 | | 600009 | 上海机场 | 31.89 | 0.73% | 12.14万 | | 3.84亿 | | 600221 | 海航控股 | 1.60 | 0.63% | 359.41万 | | 5.68亿 | | 000089 | 深圳机场 | 6.98 | ...

Core Viewpoints - The shipping industry is experiencing high volatility in crude oil freight rates while container shipping rates on long-distance routes are declining [3] - The first hybrid tilt-rotor unmanned aerial vehicle (eVTOL) model has been accepted for application by the Southwest Civil Aviation Administration, and a collaboration between Saudi Arabia and Ehang is set to launch autonomous flying vehicles and air taxi services [3] - China's first national standard for logistics enterprise digitization has been officially released, and the "parallel port" logistics model has achieved a throughput of over 76,000 tons in its first year of operation [3] Shipping Industry - As of September 25, the China Import Crude Oil Comprehensive Index (CTFI) was reported at 1908.03 points, a decrease of 3.4% from September 18 [3] - The VLCC market in the Middle East is seeing a slowdown in cargo availability, while the Atlantic and Gulf routes remain relatively calm [3] - The shipping rates from Shanghai to Europe and the U.S. have decreased, with rates to Europe at $971/TEU (down 7.7%) and to the U.S. West and East coasts at $1460/FEU (down 10.8%) and $2385/FEU (down 6.7%) respectively [3] Aviation Industry - The first hybrid tilt-rotor eVTOL model application has been accepted, marking a significant milestone in China's aviation sector [3] - Saudi Arabia's Front End and Cluster2Airports are collaborating with Ehang to introduce autonomous flying vehicles and air taxi services [3] Logistics and New Transportation Models - The national standard for logistics enterprise digitization was released on September 26, focusing on general requirements [3] - The "parallel port" logistics model has been operational for one year, achieving a throughput of 76.61 million tons and 37,000 standard containers [3] Investment Recommendations - Companies in the equipment and manufacturing export chain are recommended for attention, including COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [6] - Opportunities related to the construction of hydropower stations in the Yarlung Tsangpo River downstream are highlighted, with a focus on Sichuan Chengyu, Chongqing Port, and Fulmin Transportation [6] - The low-altitude economy and highway-railway sectors are also suggested for investment, with specific companies recommended for consideration [7]

长沙晚报掌上长沙9月29日讯（全媒体记者 吴鑫矾 通讯员 杨敏 舒科 易婧莹）29日，记者从南航湖南分 公司获悉，为迎接国庆中秋双节叠加的出行高峰，满足广大旅客探亲、旅游的多元需求，南航湖南分公 司全力优化在湘航线网络布局，加大运力投放，陆续加密多条热门航线班次，重点覆盖上海、成都、银 川、北海等旅游及商务热门目的地。据悉，10月1日至8日，南航计划在长沙执行进出港航班共计1208班 次，日均进出港航班量达151班次，提供座位数约2.6万个，全力保障假期旅客顺畅出行。 今年中秋与国庆相连形成8天长假，南航结合航向与时刻，为旅客云端赏月推荐了以下航班：CZ5049 （长沙至吉隆坡）、CZ6083（长沙至新加坡）、CZ3163（长沙至北京）、CZ6958（长沙至乌鲁木 齐）、CZ6612（长沙至大连）、CZ5174（长沙至三亚）、CZ5133（长沙至成都天府），以及CZ6930 （哈尔滨至长沙）、CZ6379（沈阳至长沙）、CZ3970（上海浦东至长沙）等航班（具体以实际执飞情 况及天气为准）。为提升赏月体验，南航贴心提示选座技巧：由南向北或由西向东飞行的航班，建议选 择右侧靠窗座位；由北向南或由东向西飞行，则左 ...

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates are fluctuating at high levels while container shipping rates on long-distance routes are declining [3][14] - The first hybrid tilt-rotor unmanned aerial vehicle (eVTOL) model has been accepted for certification by the Southwest Regional Administration of Civil Aviation of China, and a collaboration between Saudi Arabia and Ehang is planned to launch autonomous aerial vehicles and air taxi services [3][16] - China's first national standard for logistics enterprise digitization has been officially released, and the "Parallel Port" logistics model has achieved a cargo throughput of over 760,000 tons in its first year of operation [3][24] Summary by Sections 1. Industry Hot Events - Crude oil freight rates are experiencing high volatility, with the China Import Crude Oil Composite Index (CTFI) reported at 1908.03 points, down 3.4% from September 18 [3][14] - Container shipping rates are declining, with the Shanghai port export rate to Europe at $971/TEU, down 7.7%, and to the US West and East coasts at $1460/FEU and $2385/FEU, down 10.8% and 6.7% respectively [3][15] - The DF600 unmanned aerial vehicle has received certification acceptance, marking a significant step in the eVTOL sector [3][16] - The "Parallel Port" logistics model has successfully handled 760,000 tons of cargo, significantly improving logistics efficiency [3][25] 2. Industry High-Frequency Data Tracking - Air cargo prices remain stable, with the Shanghai outbound air freight price index at 4516.00 points, down 6.6% year-on-year [4][26] - Domestic freight volumes for August 2025 increased by 12.29% year-on-year, with total express delivery volume reaching 16.15 billion pieces [4][50] - The shipping market shows a mixed trend, with the Baltic Dry Index (BDI) at 2259 points, up 2.54% week-on-week [4][44] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized, 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 area, recommending Sichuan Chengyu, Chongqing Port, and Fulimin Transportation [5] - Opportunities in the low-altitude economy sector, recommending CITIC Offshore Helicopter [5] - Investment opportunities in the highway and railway sectors, recommending Gansu Guangdong Expressway, Beijing-Shanghai High-Speed Railway, and others [5] - The cruise and water ferry sector is highlighted, recommending Bohai Ferry and Straits Shares [5] - E-commerce and express delivery investment opportunities are recommended, including SF Express, Jitu Express, and Yunda Shares [5] - Opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, Spring Airlines, and others [5]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry is experiencing resilient demand, with a shift towards "quality over quantity" leading to price increases, which will enhance corporate profitability. Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost reduction [4][13] - The shipping sector is anticipated to benefit from the OPEC+ production cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market expected in Q4 2025 [13] - The aviation industry is projected to see long-term demand growth due to macroeconomic recovery, with short-term ticket booking data indicating a rebound [13] Summary by Sections Express Delivery - The express delivery sector is witnessing a significant price increase, with over 90% of regions in China experiencing price hikes, which is expected to improve profitability for companies [4] - Key companies to watch include YTO Express, Shentong Express, Zhongtong Express, and SF Express, all of which are positioned to benefit from the industry's positive trends [13] Shipping and Shipbuilding - The shipping sector is expected to see a cyclical recovery, particularly in oil transportation due to OPEC+ production increases and geopolitical uncertainties enhancing VLCC rate elasticity [13] - The shipbuilding market is in a green transition phase, with new orders expected to improve as market conditions stabilize [13] Aviation - The aviation sector is experiencing low supply growth with increasing demand, leading to a favorable long-term outlook. Companies like China Southern Airlines and Air China are highlighted for their potential [13][14] Logistics and Ports - The logistics sector is seeing a positive trend with companies like Shenzhen International and Debon Logistics expected to benefit from improved competition and operational efficiencies [13] - Port operations are stable, with a focus on cash flow and growth potential in hub ports like China Merchants Port and Qingdao Port [13]