Core Viewpoint - China Eastern Airlines has officially resumed flights on the China-India route after a five-year hiatus, marking a significant development in the aviation industry between the two countries [1] Group 1: Company Developments - China Eastern Airlines' flight MU563, carrying 248 passengers, departed from Shanghai Pudong International Airport to Delhi, becoming the first domestic airline to resume passenger flights on this route in 2025 [1] - The route will be operated by an Airbus A330 wide-body aircraft, with flights scheduled three times a week on Wednesdays, Saturdays, and Sundays [1] Group 2: Industry Context - The resumption of direct flights between China and India is part of a broader effort to enhance bilateral relations, as stated by the Chinese Foreign Ministry [1] - India's Indigo Airlines also resumed direct flights from Kolkata to Guangzhou, marking the first direct air link between India and mainland China since 2020 [1]

Core Viewpoint - The resumption of the China-India passenger route by Eastern Airlines marks a significant milestone in the aviation industry, indicating a recovery in international travel and connectivity between the two countries [1][3]. Group 1: Flight Details - Eastern Airlines' flight MU563 from Shanghai Pudong International Airport to Delhi has a passenger load factor exceeding 95% on its inaugural journey [1]. - The route is operated by an Airbus A330 wide-body aircraft, with three weekly flights scheduled on Wednesdays, Saturdays, and Sundays [3]. - The outbound flight departs at 12:50 PM from Shanghai and arrives in Delhi at 5:45 PM local time, with a total flight duration of approximately 8 hours [3]. Group 2: Future Plans - Eastern Airlines plans to adjust the frequency of the route based on market feedback and intends to restore the Kunming to Kolkata route, as well as introduce a new route from Shanghai Pudong to Mumbai [5]. - The airline aims to enhance the connectivity of the China-India route network further [5]. Group 3: Connectivity and Transfer Services - Passengers arriving in China can easily connect to domestic flights to major cities and international routes to destinations in North America, Japan, South Korea, and other regions, thanks to the network established by Eastern Airlines at Pudong Airport [7]. - Delhi's Indira Gandhi International Airport serves as a major aviation hub in India, providing strong transfer capabilities for passengers traveling to various cities in India, as well as to South Asia, the Middle East, and parts of Europe and Africa [7].

Investment Rating - The report maintains a "Recommendation" rating for the transportation industry [3] Core Insights - The transportation industry is experiencing a recovery, with various segments showing potential for growth, particularly in shipping, infrastructure, aviation, and express delivery [7][19][22][20] Shipping - The shipping sector is seeing mixed price movements, with the SCFI for the US East route down 17.2% and the Southeast Asia route up 6.4% [11] - The report highlights the importance of monitoring the price increases in container shipping and the potential recovery in oil tanker rates due to improved US-China trade relations [16][12] Infrastructure - Key metrics indicate a decline in truck traffic and railway cargo, while port throughput has increased significantly, suggesting a shift in market dynamics [17][18] - The report emphasizes the potential for dividend stocks in the infrastructure sector, particularly in ports, which are currently undervalued [19] Aviation - The aviation sector shows a positive trend with a 7.2% year-on-year increase in passenger volume, driven by improved demand and a low base effect [22] - The report suggests that the industry is poised for profitability in 2026, with a focus on valuation recovery and potential investment opportunities in major airlines [22] Express Delivery - The express delivery sector is benefiting from a reduction in price competition, with a notable increase in business volume and revenue [20] - The report indicates that the "anti-involution" policies are helping to stabilize prices and improve profitability in the sector [20] Logistics - The logistics segment is experiencing stable performance, with cross-border air freight prices showing a week-on-week increase [23] - The report notes the importance of monitoring the daily traffic at key ports and the implications for logistics operations [23]

Core Viewpoint - The resumption of passenger flights between China and India marks a significant development in the aviation industry, with China Eastern Airlines being the first domestic airline to restart this route after a five-year hiatus [1] Group 1: Flight Resumption Details - China Eastern Airlines' flight MU563 took off on November 9, 2023, from Shanghai Pudong International Airport to Delhi, carrying 248 passengers [1] - The route will be operated using an Airbus A330 wide-body aircraft, with flights scheduled three times a week on Wednesdays, Saturdays, and Sundays [1]

#中印客运航班正式复航#【正式复航 国内航司执飞的首趟中印客运航班今天开飞】今天（9日）13:02 分，东航MU563航班搭载248名旅客从上海浦东国际机场飞赴印度德里，这也是时隔5年，国内航司执 飞的首趟中印客运航班，标志着国内航司正式复航"中印航线"。首航去程航班客座率突破95%。（央 视） 未来,东航还将根据市场反馈情况适时加密航线,同时计划恢复昆 明至加尔各答、新开上海浦东至孟买航线,进一步织密中印间航线 网络。 此外,依托东航在浦东机场构建的航线网络和提供的便捷中转服 务,旅客乘机抵达中国后,可轻松衔接飞赴中国各大城市的中转航 班,也可以衔接国际/地区航线,前往北美、日韩等国际目的地。另 一方面,德里英迪拉·甘地国际机场作为印度主要的航空枢纽,也具 备较强的中转能力。由此出发,旅客不仅可以便捷抵达印度各大城 市,还能轻松衔接至南亚、中东及部分欧洲和非洲目的地。 (总台央视记者 曹丹 肖冰毅) ...

据央视新闻消息，今天(9日)13:02分，东航MU563航班搭载248名旅客从上海浦东国际机场飞赴印度德 里，这也是时隔5年，国内航司执飞的首趟中印客运航班，标志着国内航司正式复航"中印航线"。首航 去程航班客座率突破95%。 据悉，此次复航的东航"上海浦东—德里"航线，由空客A330宽体客机执飞，每周三班，逢周三、周 六、周日执行。去程航班号为MU563，12:50从上海浦东国际机场起飞，当地时间17:45抵达德里英迪拉. 甘地国际机场；回程航班号为MU564，印度当地时间19:55起飞，次日04:10抵达上海浦东国际机场，飞 行全程约8小时。 来源央视新闻 未来，东航还将根据市场反馈情况适时加密航线，同时计划恢复昆明至加尔各答、新开上海浦东至孟买 航线，进一步织密中印间航线网络。 此外，依托东航在浦东机场构建的航线网络和提供的便捷中转服务，旅客乘机抵达中国后，可轻松衔接 飞赴中国各大城市的中转航班，也可以衔接国际/地区航线，前往北美、日韩等国际目的地。另一方 面，德里英迪拉.甘地国际机场作为印度主要的航空枢纽，也具备较强的中转能力。由此出发，旅客不 仅可以便捷抵达印度各大城市，还能轻松衔接至南亚、中东及部 ...

Core Points - Eastern Airlines has officially resumed its China-India route after a five-year hiatus, becoming the first domestic airline to restart passenger flights on this route by 2025 [1] Summary by Categories Flight Details - The resumed route is from Shanghai Pudong International Airport to Delhi, operated by an Airbus A330 wide-body aircraft, with three flights per week on Wednesdays, Saturdays, and Sundays [1] - The outbound flight MU563 departs Shanghai at 12:50 and arrives in Delhi at 17:45 local time, while the return flight MU564 departs Delhi at 19:55 and arrives in Shanghai at 04:10 the next day, with a total flight duration of approximately 8 hours [1] Market Response - The inaugural flight's passenger load factor exceeded 95%, indicating strong demand for the route [1] - Eastern Airlines plans to adjust the frequency of flights based on market feedback and is also considering resuming the Kunming to Kolkata route and launching a new route from Shanghai Pudong to Mumbai [1]

Core Insights - The civil aviation industry is experiencing a strong recovery driven by local market growth and globalization, despite challenges from the pandemic, de-globalization trends, and geopolitical conflicts [2] - The China International Import Expo (CIIE) serves as a platform for Chinese aviation companies to establish partnerships and sign procurement agreements with global partners, enhancing cooperation within the industry [2] Cooperation and Agreements - During the 8th CIIE, the aviation sector emerged as a major player, with Shanghai P&W signing a procurement order exceeding $100 million for V2500 engine parts with IAE, marking the first deal of the expo [3] - China Eastern Airlines (CEA) signed 19 procurement agreements with suppliers from 9 countries, totaling $1.211 billion, focusing on high-tech products essential for aviation operations [4] - Honeywell announced a partnership with CEA for material procurement and maintenance, emphasizing the importance of timely material reserves for fleet operations [4][5] - Airbus secured a deal with China Southern Airlines to install the HBCplus in-flight connectivity system on 30 A350 aircraft, marking a significant step in enhancing service offerings in the Chinese market [5][6] Market Trends and Projections - The global aviation service market in China is projected to surpass North America and Europe, growing from $23 billion in 2024 to $61 billion by 2043 [6] - GE Aviation signed multiple agreements during the expo, with total orders nearing $2.1 billion, reflecting strong demand for aviation services and components [6] Industry Challenges - The aviation industry faces ongoing supply chain crises, which are expected to impact operations for several years, leading to increased costs and extended use of older aircraft [8][9] - The International Air Transport Association (IATA) highlighted that supply chain bottlenecks are delaying the production of new aircraft and parts, necessitating a reevaluation of fleet plans by airlines [8] - The rising costs and supply chain challenges are limiting airlines' ability to meet growing passenger demand, with a projected 10.4% increase in demand for 2024 [8][9] Strategic Responses - Companies are focusing on enhancing operational efficiency and reducing costs to improve performance amidst ongoing challenges [9] - Airbus's support services are crucial for operators, providing comprehensive material support and logistics services to enhance operational efficiency [9] - GE Aviation is increasing investment in its Suzhou facility to boost production capabilities, with an investment of $8.5 million planned for 2024-2025 [10]

Q3 业绩超预期增长，免签助力国际战略 中国东航(600115) ——中国东航 2025 年三季报点评报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 岳鑫(分析师) | 0755-23976758 | yuexin@gtht.com | S0880514030006 | | | | 陈亦凡(研究助理) | 0755-23976151 | chenyifan2@gtht.com | S0880124070025 | [Table_Target] 目标价格(元): | 5.94 | 本报告导读： 2025Q3 公司在公商走弱压力下实现盈利逆势大增，展现未来盈利上行潜力。公司积 极增投国际并搭建国际枢纽网络，国际盈利改善有望提升长期盈利能力。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- ...

Core Insights - Honeywell has signed multiple cooperation agreements with Chinese companies during the 8th China International Import Expo held in Shanghai, focusing on aviation materials procurement and maintenance [1][3]. Group 1: Cooperation with China Eastern Airlines - China Eastern Airlines and Honeywell have established a partnership in the field of aviation materials procurement and maintenance, with plans to explore further collaboration in materials distribution [1][3]. - The agreements include a stable and timely aviation materials supply plan from Honeywell to ensure the continuous and stable operation of China Eastern Airlines' fleet [3]. - Honeywell will assist China Eastern Airlines in reducing operational costs and shortening repair cycles through a long-term materials maintenance agreement, supporting the airline's sustainable development goals [3]. Group 2: Partnership with China Aviation Supplies Group - Honeywell has also signed multiple procurement and distribution cooperation agreements with China Aviation Supplies Group during the expo [5]. - The agreements include the provision of advanced products such as Auxiliary Power Units (APU) and avionics equipment to China Aviation Supplies [5]. - China Aviation Supplies has obtained conditional exclusive distribution rights for Honeywell's HGT750[C] Auxiliary Power Units and related Line Replaceable Units (LRUs) as part of a previous agreement [5].