Core Viewpoint - China Eastern Airlines (600115.SH) reported an increase in operational metrics for September 2025, indicating growth in passenger and cargo services [1] Group 1: Passenger Operations - The passenger capacity input (measured in available seat kilometers) increased by 3.63% year-on-year [1] - The passenger turnover (measured in revenue passenger kilometers) rose by 8.67% year-on-year [1] - The passenger load factor reached 87.57%, up by 4.06 percentage points year-on-year [1] Group 2: Cargo Operations - The cargo and mail turnover (measured in cargo mail ton kilometers) increased by 10.95% year-on-year [1]

格隆汇10月15日｜中国东航公告，2025年9月客运运力投入同比上升3.63%，旅客周转量同比上升 8.67%，客座率为87.57%，同比上升4.06个百分点。货邮周转量同比上升10.95%。9月国内市场新增及加 密多条航线，国际市场开通及复航多条航线。9月本公司引进4架客机，退出2架，截至9月末合计运营 820架飞机。综合数据方面，收入吨公里同比增长9.18%，综合载运率为76.43%，同比上升4.41个百分 点。 ...

Core Insights - The aviation and airport sector experienced a significant increase of 4.15% on October 15, with Huaxia Airlines leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance Summary - Huaxia Airlines (002928) closed at 10.76, up 10.02% with a trading volume of 355,600 shares and a transaction value of 369 million [1] - China National Aviation (601111) closed at 8.27, up 6.99% with a trading volume of 1,570,800 shares and a transaction value of 1.269 billion [1] - 吉祥航空 (603885) closed at 14.05, up 6.76% with a trading volume of 391,300 shares and a transaction value of 539 million [1] - China Eastern Airlines (600115) closed at 4.39, up 5.78% with a trading volume of 2,425,000 shares and a transaction value of 1.046 billion [1] - China Southern Airlines (600029) closed at 6.30, up 5.18% with a trading volume of 1,435,300 shares and a transaction value of 889 million [1] - Spring Airlines (601021) closed at 53.68, up 2.85% with a trading volume of 107,000 shares and a transaction value of 566 million [1] - HNA Holding (600221) closed at 1.67, up 2.45% with a trading volume of 5,192,500 shares and a transaction value of 859 million [1] - Shenzhen Airport (000089) closed at 7.10, up 1.28% with a trading volume of 141,200 shares and a transaction value of 99.67 million [1] - Shanghai Airport (600009) closed at 31.88, up 0.92% with a trading volume of 91,400 shares and a transaction value of 290 million [1] - Baiyun Airport (600004) closed at 9.60, up 0.63% with a trading volume of 212,200 shares and a transaction value of 203 million [1] Capital Flow Analysis - The aviation and airport sector saw a net inflow of 362 million from institutional investors, while retail investors experienced a net outflow of 206 million [2] - Major stocks like HNA Holding and China Southern Airlines had varying net inflows and outflows from different investor types, indicating mixed investor sentiment [3] - HNA Holding had a net inflow of 11.7 million from institutional investors, while retail investors showed a net outflow of 47.34 million [3]

Market Overview - The A-share market rebounded, with the Shanghai Composite Index rising by 1.22% to close above 3900 points, while the Shenzhen Component Index and the ChiNext Index increased by 1.73% and 2.36% respectively [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 2.07 trillion yuan, a decrease of 503.4 billion yuan compared to the previous trading day [1] Sector Performance - The aviation transportation, innovative drugs, robotics, and charging pile sectors showed strong gains, while sectors such as photolithography and rare earths experienced declines [5][6] - The aviation sector saw significant stock price increases, with Huaxia Airlines reaching the daily limit, and other major airlines like China National Aviation and China Eastern Airlines rising over 5% [7][8] Robotics Sector - The robotics sector experienced a strong afternoon rally, with Zhenghe Industrial hitting the daily limit and achieving a historical high, while other companies like Sanhua Intelligent Control also saw significant gains [9][10] - There are rumors of Tesla placing a $685 million order for linear actuators with Sanhua Intelligent Control, which the company is currently verifying [9] Innovative Pharmaceuticals - The innovative pharmaceutical sector continued its upward trend, with stocks like Guangshengtang and Shutaishen increasing by over 17% and 12% respectively [11] - Anticipation is building for the upcoming European Society for Medical Oncology (ESMO) conference, where significant clinical research results are expected to be announced [11] - In the first eight months of 2025, the number of business development transactions by Chinese innovative pharmaceutical companies reached 83, with a total transaction value of 84.5 billion yuan, marking a 62.81% increase compared to the entire year of 2024 [11]

Group 1 - Eastern Airlines will launch a direct flight route connecting Beijing Daxing International Airport and Muscat International Airport starting from November 30, 2025, marking the first direct flight between the two locations operated by a Chinese airline [1][2] - The new route will operate under flight numbers MU2051/MU2052, utilizing Airbus A330 wide-body aircraft with two flights per week on Wednesdays and Sundays [2] - Ticket sales for the "Beijing Daxing—Muscat" route have commenced, with promotional offers available for travelers purchasing tickets for flights between November 30 and December 10 [2] Group 2 - Muscat, as the capital and largest city of Oman, serves as a significant port and commercial hub in the Middle East, attracting global travelers with its unique cultural landscapes and coastal scenery [3] - The opening of this direct flight is expected to enhance travel efficiency between the two cities, facilitating business cooperation and tourism [3]

上周，美国运输部提议禁止中国航空公司飞越俄罗斯往返美国的航线，并表示飞行时间的减少使美国航 空公司处于不利地位。 (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇10月15日｜美国特朗普政府此前提议禁止中国航空公司使用途经俄罗斯领空的路线往返美国。美 国联合航空敦促将禁令扩大至国泰航空，以及其他以香港为基地的航空公司。 内地主要航空公司促请放弃禁止飞越俄罗斯的计划，称将增加飞行时间、提高机票价格，并可能扰乱一 些航线。东航表示，此举可能会使其部分最重要航线的飞行时间延长2至3个小时，大大增加错过转机的 风险，并增加燃油消耗。国航及南航表示，这项决定将对美国和中国的大量乘客产生不利影响。南航预 计，至少有2800名原定于11月至12月假期高峰期间出行的乘客需要重新订票，这将危及他们的旅行计 划。 ...

Domestic Flight Schedule - Domestic airlines' average daily flight schedule for winter 2025 is 15,439 flights, a decrease of 1.8% compared to 2024 and an increase of 20% compared to 2019[4] - Total average daily flight schedule for domestic airlines is 16,911 flights, down 1.6% from 2024 and up 15% from 2019[4] - The average daily flight schedule for international flights is 1,276, an increase of 1.8% from 2024 but a decrease of 19% from 2019[4] International and Regional Flight Recovery - International flight schedules are recovering to 81% of 2019 levels, with domestic airlines' international flights averaging 1,472, maintaining the same recovery rate as 2024[6] - Flights to Australia, North America, Southeast Asia, and Europe are recovering to 79%, 25%, 77%, and 129% of 2019 levels respectively[6] - The average daily flight schedule for international and regional flights is 2,403, recovering to 77% of 2019 levels[52] Investment Insights - The aviation sector is expected to see significant improvements in profitability, driven by strong supply logic and elastic demand[6] - Recommended stocks include China Eastern Airlines, Spring Airlines, China National Aviation, and others, with a focus on the aviation sector's recovery potential[6] - Risks include fluctuations in oil prices, economic growth not meeting expectations, and aviation safety incidents[6]

Core Insights - The aviation and airport sector saw a slight increase of 0.31% on October 14, with China Eastern Airlines leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - China Eastern Airlines (600115) closed at 4.15, up 1.22% with a trading volume of 1.0534 million shares and a transaction value of 436 million [1] - Xiamen Airport (600897) closed at 14.56, up 1.04% with a trading volume of 19,800 shares [1] - Baiyun Airport (600004) closed at 9.54, up 0.85% with a trading volume of 179,400 shares [1] - HNA Holding (600221) closed at 1.63, up 0.62% with a trading volume of 5.3673 million shares [1] - Spring Airlines (601021) closed at 52.19, up 0.35% with a trading volume of 42,000 shares [1] Capital Flow - The aviation and airport sector experienced a net outflow of 54.71 million from institutional investors, while retail investors saw a net inflow of 97.49 million [2][3] - Major stocks like China Eastern Airlines and HNA Holding had mixed capital flows, with significant outflows from institutional and speculative investors [3]

Core Insights - Eastern Airlines Zhejiang Branch is optimizing its flight network in Zhejiang, covering 12 countries and regions with 46 operational points, and plans to operate over 900 flights weekly after the seasonal transition [1] Group 1: Domestic Flights - The company is aligning its flight offerings with the winter tourism demands of Zhejiang tourists, introducing special routes for "warm winter" and "ice and snow" tourism [2] - New direct flights include "Hangzhou-Urumqi" with daily service, "Hangzhou-Jieyang Chaoshan" with 3 weekly flights, and "Ningbo-Xishuangbanna" with 5 weekly flights [2] - The company is also restoring flights such as "Ningbo-Nanning" with 6 weekly flights and "Ningbo-Huizhou" with 3 weekly flights, enhancing connectivity for popular destinations [2] Group 2: International and Regional Flights - With Southeast Asian countries like Malaysia, Singapore, and Thailand offering visa-free entry for Chinese citizens, there is an increase in demand for Southeast Asia travel from Zhejiang tourists [3] - The airline continues to operate routes such as "Hangzhou-Kuala Lumpur" with daily flights and "Hangzhou-Singapore" with 4 weekly flights, while increasing "Ningbo-Singapore" to 4 weekly flights [3] - The company aims to enhance the travel experience by connecting major airports with popular tourist destinations, facilitating resource sharing and visitor exchanges [3]

Core Insights - Eastern Airlines is upgrading its "Air Express" Wi-Fi service to provide free Wi-Fi coverage for all classes on domestic flights operated by wide-body aircraft starting from October 11, 2025, marking a new phase in the accessibility of in-flight internet services in China [1] - The upgrade aims to meet passenger demands for free and convenient internet access, allowing travelers in all classes to use Wi-Fi for work, shopping, or entertainment during flights [1] - Eastern Airlines was the first in China to offer Wi-Fi availability throughout the entire flight, including takeoff and landing, as of August 2023, addressing the need for continuous internet access [1] Market Demand and Industry Context - A survey by Inmarsat indicates that in-flight internet has become the third most important factor for passengers when choosing airlines, with nearly 100% of travelers wanting internet access on flights longer than 4 hours [2] - According to Viasat's 2024 global passenger experience survey, 75% of travelers prefer airlines that offer quality Wi-Fi, with this figure rising to 92% in the Chinese market [2] - Despite the growing demand for in-flight internet, the current domestic airline industry primarily employs a tiered payment model for Wi-Fi services, with many airlines offering limited free access only in premium classes [2]