旅客收到邮件后，立刻给东航客舱经理沈维偕回复了感谢信。信中他动情地表示，乘务组专业细致的空 中服务、默契高效的团队配合，以及这份超出预期的关于上海旅游的延伸服务，不仅让他们重新燃起了 对旅行的期待，更让他们深切感受到了东航乘务员的敬业精神和中国人的热情友善。（编辑：陈虹莹 校对：许浩存 审核：韩磊） 来华游客收到的东航空乘推荐美食攻略与为此回复的致谢邮件（东航供图） 《中国民航报》、中国民航网 记者钱擘 报道：近日，东航收到一封特殊的感谢信，信中表示："感谢东 航为我们夫妇提供的精彩服务，东航乘务组的悉心服务也使得我们的旅程更加愉悦，为东航有这样优秀 的员工点赞。" 这封热情洋溢的信件还得从10月25日说起，在当天的东航 MU250巴塞罗那飞往上海的航班客舱服务过 程中，乘务员注意到一位澳大利亚籍旅客面带焦虑，主动上前沟通后，得知旅客计划与太太一同前往上 海，开启为期五天的中国旅行，但因前段航班延误，导致他们后续出行计划不得不调整，在上海玩的时 间缩短，内心有些遗憾。得知这一情况后，乘务组决定为这对夫妇送上一份特别的惊喜。在航班落地 后，乘务组第一时间整理了一份详尽的上海美食攻略，涵盖了上海各大地标性美食街区 ...

（安徽监管局供图） 此次演练是安徽监管局贯彻落实民航局冬季保障工作要求的具体实践。按照"协同联动、闭环提效"的原 则，监管局一方面加强一线督导检查，重点检查除冰车辆维护、除冰液储备等关键保障资源落实情况， 另一方面推动建立公司、机场、空管等多方数据互通，确保气象预警、航班动态、保障能力等信息实时 共享。 安徽监管局将持续强化冬季运行监管力度，紧紧围绕民航局提出的航班正常率不低于88%、不发生因大 面积延误引发旅客群体性事件等保障目标，深入一线开展除冰雪作业、应急响应等专项督导，及时通报 典型问题并督促整改，以精准监管、高效协同筑牢冬季民航运行安全防线，切实保障旅客出行安全。 （编辑：张薇，校对：李季威，审核：韩磊） 《中国民航报》、中国民航网 记者胡夕姮 通讯员裴波 报道：为深入贯彻落实民航局《2025年冬季民航 运行保障总体方案》部署要求，近日，民航安徽监管局严格履行监管职责，督导辖区东航安徽分公司组 织开展冬季除防冰应急演练，以实战化督导为抓手，扎实推进冬季民航运行保障措施落实，切实保障冬 季航班运行安全。 安徽监管局始终坚持"安全第一、预防为主"的工作方针，将应急演练督导作为冬季保障工作的重中之 重。演 ...

Core Viewpoint - The aviation industry is expected to significantly reduce losses in November, with strong year-on-year growth in commercial demand and rising passenger load factors and domestic ticket prices [1][2]. Group 1: Industry Performance - In October, the aviation industry saw a year-on-year increase in ASK (Available Seat Kilometers) by 6%, RPK (Revenue Passenger Kilometers) by 9%, and passenger volume by 6%, with domestic growth at 4% and international growth at 20% [2]. - The passenger load factor improved by 2.2 percentage points to 87.4%, and domestic ticket prices rose by 3-4% compared to September [2]. - The overall performance of A-share airlines in Q3 2025 showed a counter-cyclical growth, marking the third consecutive year of performance exceeding Q3 2019, indicating a potential upward trend in profitability [1][2]. Group 2: International Routes - The international passenger load factor for September and October is estimated to exceed 80%, matching the peak season, with a year-on-year increase of over 3 percentage points, leading to a significant rise in international ticket prices, particularly for European routes [3]. - The ongoing benefits from visa-free policies and the construction of international transit hubs are expected to enhance long-term profitability for airlines [3]. Group 3: Market Dynamics - The decline in passenger flow on Japanese routes is anticipated to have a limited impact on the industry's profitability during the off-peak season, as the overall contribution of Japanese routes to the airlines' ASK is relatively small [4]. - Domestic trunk routes remain the core profit source for traditional airlines, and the performance of Japanese routes is not expected to alter the long-term growth logic of the aviation industry [4]. Group 4: Future Outlook - The Chinese aviation industry is poised to enter a "super cycle," driven by a significant increase in the profitability baseline as supply and demand recover, with a focus on high-quality networks for traditional airlines [5]. - Strategic investment opportunities are recommended, with a focus on companies like Air China, Juneyao Airlines, China Eastern Airlines, China Southern Airlines, and Spring Airlines [5].

中日航线正迎来大规模调整。南都N视频记者11月24日从航班管家获悉，据监测，未来一周赴日计划航班取消率在11月27日达到21.6%，为1 个月以来最高值。从计划航班来看，由于计划航班量较低，截至今日（11月24日）10点已有12条航线取消所有航班。 11月14日，外交部领事司发布消息提醒中国公民近期避免前往日本。此后，国航、东航、南航、海航、四川航空、春秋航空等航司陆续发 布涉日航线客票特殊处理公告，符合条件可以办理免费退改。南都此前报道，据AeroRoutes网站，中国多家航空公司当周开始逐步调整对 日航班服务，部分航班关闭预订： 例如：东航"北京大兴-大阪关西"航线自2025年12月1日起，14班中有6班关闭预订。春秋航空"大连-福冈"航线自2025年11月28日起，每周1 班关闭预订（该航线冬季仅于11月25日执行1班）。国航"北京首都-札幌新千岁"航线2025年12月9日至2026年3月7日，维持每周4班，原计 划增至每周7班已取消，等等。 根据航班管家DAST发布的监测信息，中日航线上主要承运航司有23家，国内航司17家，东航承运航班量占国内航司份额超两成，国航紧随 其后，占17.32%。受民航换季 ...

自今年8月起，来自上海、西北、北京、云南、江苏、武汉等9家运行单位的379名签派员们参与了本次 角逐，展现出扎实的签派放行监控知识技能。本次赛事还专门邀请了12名局方委任代表、检查员、专家 担任裁判，确保赛事的高标准和权威性。大赛共设置必答题、情景题、抢答题三个模块，涉及签派放 行、运行监控、性能、情报等理论知识。必答题和抢答题环节主要考察签派人员的理论基础和相关专业 知识；情景题环节聚焦签派员在空中处置、禁航分析、系统运用等方面，通过"学起来、练起来、比起 来、赛起来"，激励签派员在专业技能上精益求精、不断进步。经过为期两天紧张激烈、严谨细致的角 逐，最终有6名业务精湛、表现卓越的签派员脱颖而出，分别荣获本次竞赛的一、二、三等奖，中国民 航工会经审委主任马晖还为排名前三的签派员授予了"全国民航技术能手"的荣誉称号；全签派条线随机 抽取4名签派员组成的"幸运星"参赛队荣获第二届中国东航飞行签派员职业技能竞赛团体赛第一，上海 运控一队荣获第二，西北运控队、北京运控队并列第三。 探索安全本源，精益运行提升。据悉，东航运控中心自2021年以来，持续开展"强三基、提能力"专项行 动，通过"每日练、月月考、年年赛"的形 ...

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates are rising while ocean freight rates are declining. The China Import Crude Oil Comprehensive Index (CTFI) reached 2325.40 points on November 20, up 4.2% from November 13. VLCC market activity remains strong, but overall market activity is expected to decline without actual cargo support [3][14] - Changlong Airlines has initiated its IPO process, and VOLANT has signed a confirmation order for the VE25-100 eVTOL aircraft with a state-owned investment group, with the order amount exceeding 100 million yuan [3][16] - The China-Europe Railway Express has surpassed 3500 trips this year, marking a historical high. A new "passenger-cargo-mail integration" model has been launched in cooperation between Rizhao Public Transport and SF Express [3][22] Summary by Sections Industry Hot Events - Crude oil freight rates are high while ocean freight rates are declining. The Shanghai port export price to Europe was $1367/TEU, down 3.5%, and to the US West and East Coast was $1645/FEU and $2384/FEU, down 9.8% and 8.3% respectively [3][15] - Changlong Airlines is preparing for its IPO, with a focus on expanding its operational capacity and market reach [3][16] - The China-Europe Railway Express has achieved a record of over 3500 trips this year, with a focus on high-value goods transportation [3][23] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased both month-on-month and year-on-year, indicating a positive trend in air freight pricing [4][28] - Domestic express delivery volume increased by 7.90% year-on-year in October 2025, with total express delivery volume reaching 176 billion pieces [4][50] - The national highway freight truck traffic increased by 2.57% week-on-week, indicating a recovery in road logistics [4][18] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the low-altitude economy sector, with recommendations for CITIC Offshore Helicopter [5] - Investment opportunities in the road and rail sectors, recommending companies such as Gansu Expressway and Beijing-Shanghai High-Speed Railway [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 "de-involution" trend driving up express prices, enhancing corporate profit elasticity, and creating favorable competition opportunities in the medium to long term [15] - The shipping market is expected to benefit from the OPEC+ production increase cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market's outlook for Q4 2025 [15] - The shipping market is anticipated to recover, supported by environmental regulations limiting the operation of older fleets and the upcoming production of the West Manganese iron ore by the end of 2025 [15] Summary by Sections Express Logistics - In October 2025, the express delivery industry achieved a business volume of 17.6 billion pieces, a year-on-year increase of 7.9%, with revenue reaching 131.67 billion yuan, up 4.7% year-on-year [4][24] - Major players like YTO, Shentong, and Yunda showed varied growth rates, with YTO's volume increasing by 12.78% and Shentong by 3.97%, while Yunda's volume decreased by 5.11% [4][30] - The industry is transitioning towards high-quality development, with significant improvements in single-ticket revenue due to price increases driven by the de-involution trend [4] Shipping and Ports - VLCC freight rates reached a new high of $136,843 per day, the highest since Q2 2020, driven by tight available capacity and stable inquiry rhythms [8] - The Capesize bulk carrier spot freight rates surpassed $30,000 per day, reflecting a 20% increase over the past week, supported by seasonal demand recovery and strong import demand from China [8] - The BDI index increased by 7.1% to 2225 points, indicating a robust recovery in the bulk shipping market [9] Aviation - In October 2025, civil aviation transported approximately 68 million passengers, a year-on-year increase of 5.8%, and cargo/mail transport reached 917,000 tons, up 13.3% [58] - The overall passenger load factor for major airlines was 86.88%, showing a slight increase from the previous month [62] Road and Rail - From November 10 to November 16, 2025, national freight logistics operated smoothly, with rail freight reaching 81.8 million tons, a 0.17% increase week-on-week [14] - In October 2025, road freight volume was 3.706 billion tons, a year-on-year increase of 0.08% [64] Supply Chain Logistics - The logistics landscape is evolving, with companies like Shenzhen International expected to benefit from the transformation of logistics parks, providing performance elasticity [15] - The industry is witnessing a slowdown in competition, with companies like Debang and Aneng Logistics showing significant profit improvements due to strategic transformations [15]

转自：新华财经 新华财经北京11月24日电 A股7家上市航空公司2025年三季报均已披露完毕。 新华财经和面包财经研究员梳理公开资料显示，2025年前三季度，南方航空、中国国航、中国东航营收规模超过千亿元。归母净利润方面，7家航司普遍实 现盈利。春秋航空、吉祥航空前三季度归母净利润同比出现下滑。 客座率方面，2025年前三季度，春秋航空、吉祥航空、南方航空客座率居前。 吉祥航空营收同比微降 2025年前三季度，南方航空、中国国航、中国东航营业收入规模均超过千亿元，分别为1376.65亿元、1298.26亿元、1064.14亿元。 | | A股上市航司2025年前三季度 | | | --- | --- | --- | | 证券代码 | 证券简称 | 营业总收入 | | 600029.SH | 南方航空 | 1,376.( | | 601111.SH | 中国国航 | 1,298.2 | | 600115.SH | 中国东航 1,064.1 | | | 600221.SH | 海航控股 | 534.3 | | 601021.SH | 春秋航空 | 167.7. | | ୧୦3885 ટેમ | 吉祥航空 | 17 ...

Core Insights - The report highlights a significant increase in VLCC (Very Large Crude Carrier) freight rates, reaching a new high, driven by a notable decline in Russian oil exports, which has created additional demand for oil transportation from the Middle East to India and China [3][4] - The report suggests a positive outlook for the transportation sector, particularly in shipping and aviation, with recommendations for specific companies such as China Merchants Energy and COSCO Shipping Energy [3][4] - The report emphasizes the importance of monitoring seasonal trends in freight rates, particularly the potential for a "not-so-dull" off-season from December to February [3] Industry Overview - The transportation index has decreased by 5.00%, underperforming the CSI 300 index by 1.23 percentage points, with the express delivery sector showing the smallest decline at -2.75% and the public transport sector experiencing the largest drop at -9.35% [4][11] - The shipping sector has shown mixed performance, with the Baltic Dry Index increasing by 5.67% while the coastal dry bulk freight index fell by 3.47% [4][11] - The report notes that the average freight rate for VLCCs has risen by 5% week-on-week, reaching $126,371 per day, with the Middle East to Far East route hitting a new high of $138,144 per day [3][4] Shipping Sector Insights - The report indicates that the average freight rate for the fourth quarter is approaching $99,000 per day, marking it as one of the highest quarterly averages in history [3] - The decline in Russian oil exports has been significant, dropping from nearly 4 million barrels per day to around 3 million barrels per day, which has increased demand for oil from the Middle East [3][4] - The report also highlights the recovery of chartering activities following the Bahri conference, with shipowners beginning to control capacity due to tightening supply [3] Aviation Sector Insights - The report discusses the unprecedented challenges in the aircraft manufacturing supply chain, with an aging fleet expected to persist over the next 5-10 years, leading to constrained supply [3] - It anticipates a significant improvement in airline profitability as capacity is allocated to international routes, suggesting a potential golden era for airlines [3] - Recommendations include major airlines such as China Eastern Airlines and Spring Airlines, which are expected to benefit from these trends [3] Express Delivery Sector Insights - The express delivery industry is entering a new phase of competition, with three potential scenarios outlined: price recovery leading to utility-like profitability, continued competitive pressure, or higher-level consolidation [3] - Companies such as Shentong Express and YTO Express are highlighted as having strong potential due to their competitive advantages and market positioning [3] High Dividend Stocks in Transportation - The report lists high dividend yield stocks in the transportation sector, including Bohai Ferry with a yield of 8.08% and China Railway with a yield of 3.95% [21] - The focus on high dividend stocks is seen as a stable investment strategy amidst market fluctuations [21]

Core Points - The article highlights the unique winter-themed flight activities organized by Eastern Airlines Northwest Branch, integrating traditional Chinese solar terms culture into the flying experience [1][4] - The event, themed "Little Snow Flutters, Warm Flight as Scheduled," aims to create a warm and memorable journey for passengers during the winter season [1][4] Group 1 - The flight crew prepared a series of special experiences related to the "Little Snow" solar term, including handmade ginkgo leaf bookmarks with blessings for health [4] - Warm beverages such as red tea and latte were served, with cup sleeves conveying greetings that enhance the travel experience [4] - The crew also shared health tips related to the "Little Snow" season, focusing on warmth and nourishment, which passengers found informative and valuable [4] Group 2 - The cabin was decorated with creative leaf art, and passengers participated in activities with solar term blessing cards, transforming the cabin into a cultural hub [4] - This initiative revitalizes the traditional 24 solar terms culture at high altitudes, providing a unique cultural experience for travelers [4]