今天分享的是：国际市场快速修复，行业运行稳中提质—2025年航空运输行业回顾及展望 报告共计：11页 2025年航空运输行业运行总结及2026年展望 2025年航空运输行业整体运行稳中提质，国内客货运市场稳步增长，国际业务快速修复，政策引导行业规范发展，企业经营业 绩持续改善，信用风险展望为稳定。 行业发展环境持续优化。2025年我国经济稳中有进，前三季度GDP同比增长5.2%，居民人均可支配收入实际增长5.2%，外贸进 出口同比增长4%，为航空运输业提供坚实支撑。政策层面聚焦运营效益提升与国际市场拓展，修订国际客运航权配置规则，发 布《空中丝绸之路建设发展报告》，推进"一带一路"航空合作，出台航空客运自律公约遏制恶性竞争，冬春航季加大旅游航线 与国际航班运力投放，中印航线全面复航，助力行业高质量发展。 市场运行呈现"国内稳增、国际复苏"态势。2025年前三季度，全行业完成运输总周转量1220.3亿吨公里，同比增长10.3%。客运 方面，旅客周转量达10536.5亿人公里，同比增长8.1%，其中国内航线增长4.2%，国际航线增长23.5%，已超过2019年同期水 平；旅客运输量5.82亿人次，同比增长5.2% ...

Investment Rating - Maintain "Buy" rating for the transportation sector [5] Core Views - The international passenger turnover for October and November 2025 is expected to grow by 12.9% and 14.3% year-on-year compared to the same months in 2019, indicating a recovery in demand [1][2] - The average economy class ticket price for the New Year holiday in 2026 is projected to be 597 RMB, reflecting a 1.1% decrease from 2024 and a 6.7% increase from 2025 [1][2] - The logistics sector is benefiting from explosive growth in overseas e-commerce, with TikTok Shop's GMV in Southeast Asia increasing by 2.7 times during the "12.12" promotion [1][3] Summary by Sections Weekly Insights and Market Review - The transportation sector index rose by 1.37%, underperforming the Shanghai Composite Index by 0.51 percentage points [1][19] - The top three performing sub-sectors were shipping, public transport, and logistics, with increases of 4.70%, 4.65%, and 1.96% respectively [1][19] Air Travel - From January to November 2025, civil aviation passenger turnover reached 12,865.80 billion person-kilometers, a 19.6% increase compared to the same period in 2019 [2][12] - Domestic routes saw a 25.6% increase, while international routes grew by 3.6% [2][12] - The aviation sector is expected to maintain a positive outlook due to low supply growth and recovering demand, with a focus on business travel and international flight recovery [2][12] Shipping and Ports - The oil and dry bulk freight rates are experiencing a decline, with VLCC rates significantly dropping due to seasonal factors and lower-than-expected January loading volumes [3][13] - The dry bulk shipping index continues to fall, with a focus on the impact of new iron ore production and geopolitical developments [3][14] - The LNG transportation market is anticipated to follow a different cycle compared to larger vessels, with new projects in hydrogen production [3][16] Logistics - The logistics sector is focusing on two investment themes: overseas expansion driven by e-commerce growth and internal competition management amid slowing industry growth [3][17] - The express delivery volume showed a modest increase of 1.6% year-on-year in December, indicating a competitive landscape where leading companies are expected to gain market share [3][17]

2月2日-3月13日 新增航线： 时刻优化： 2月2日-3月13日 无锡-揭阳潮汕，每日一班，航班号MU2857，出发时刻14:50到达时刻17:10 揭阳潮汕-无锡,每日一班，航班号MU2858，出发时刻18:00到达时刻20:10 航线优化： 1月26日-3月13日 为满足广大旅客春运期间出行需求，东航江苏公司优化并新增多条航线航班，通过时刻调整、直飞优化、新增航线、加密班次等方式，为旅客提供更高 效、便捷的航空出行选择。 无锡-西双版纳,航班号MU7721，每周一、三、五、日，出发时刻08:00，到达时刻12:40 西双版纳-无锡,航班号MU7722，每周一、三、五、日，出发时刻13:30，到达时刻16:50 春运加班航线： 2月2日-3月13日 无锡-长沙，每周二、四、六，航班号MU7725，出发时刻10:35，到达时刻12:40 长沙-无锡，航班号MU7726，每周二、四、六，出发时刻13:40到达时刻15:30 2月2日-2月27日 无锡-大连，航班号MU9761，每周一、三、五、日，出发时刻19:00到达时刻20:45 大连-无锡,航班号MU9762,每周一、三、五、日，出发时刻21:45到达时 ...

《中国民航报》、中国民航网 记者钱擘 报道：2025年12月26日，中国东方航空与哈尔滨的百年老字号 马迭尔集团联合打造的"东航带您游尔滨"主题活动启动仪式在万米高空举行，标志着为期65天的冰雪文 旅盛宴正式启动，为旅客打造"从登机到落地"的全链路沉浸式东北冬日体验。 启动仪式当天，MU5631"上海—哈尔滨"航班化身"冰雪主题空中客厅"，机组人员在冰雪特色的飞机客 舱内为每位旅客送上专属暖心礼包，包含马迭尔冰棍、玉米杯、红肠等经典东北风味，让旅客在云端提 前解锁"尔滨"味觉密码。航班现场还为旅客同步开展景区门票抽奖活动。 " 东航带您游尔滨 " 主题活动启动 东航员工迎接旅客登上主题活动启动仪式航班 2025年12月26日至2026年2月28日活动期间，东航将在上海虹桥、浦东等八个机场始发、每天10班飞往 哈尔滨的航班上，标配马迭尔集团提供的特色机上配餐，让旅客在万米高空能品味地道东北风味。活动 还为旅客推出多重专属权益，包括当地热门景区门票、马迭尔旗下餐饮折扣券、东航App的专属活动 等。 东航从各地飞往哈尔滨的多个航班，配上了马迭尔特色餐食 | 航线 | 航班号 | 起降时间 | | --- | --- ...

《中国民航报》、中国民航网 记者路泞 通讯员张佩玉 报道：12月24日上午10时许，从西安飞往广州的 东航MU2325航班巡航至广州区域时，万米高空突发紧急状况。正在驾驶飞机的机长屈强突然接到乘务 长呼叫，报告53C旅客突发身体不适，乘务组已第一时间取用机上氧气瓶，初步监测心跳、血压均在正 常范围。屈强告知乘务长，密切监控旅客的状态，有任何变化及时和驾驶舱沟通。 客舱里，53C座位上的张先生胸闷难忍、呼吸困难，脸色苍白，额角渗出冷汗。乘务员为他打开通风 口、疏散周边旅客腾出空间、递上温水，一边为旅客吸氧，一边持续监测生命体征，同时轻声安抚着旅 客。屈强根据乘务长的报告判断旅客暂无生命危险，但需谨慎处置，当即决定保持巡航高度，先增速尽 快飞往目的地，同时关注航路上可用的机场，以便旅客情况恶化后能第一时间决策备降。副驾驶李玉立 同步评估油量与航线，确认增速飞行完全满足落地余油标准，同时告知管制员，避免非预期的延误。 此刻，手握操纵杆的屈强内心保持着镇定，他既想尽快送旅客落地就医，又需兼顾航班整体安全，反复 确认增速区间在安全阈值内。"旅客生命安全固然重要，但是飞行程序及动作丝毫不能马虎。"副驾驶李 玉立也不敢松懈 ...

Core Points - The opening of Jiaxing Nanhu Airport is scheduled for December 26, 2025, with Eastern Airlines fully supporting the operation [1] - Eastern Airlines operated the first passenger flight to Jiaxing Nanhu Airport, marking the launch of the new airport [1][3] - The first outbound flight from Jiaxing, MU6232, took off at 11:09 AM to Beijing Daxing, achieving a passenger load factor of over 95% [5] Summary by Category - **Airport Opening** - Jiaxing Nanhu Airport will commence operations on December 26, 2025, with Eastern Airlines as the primary carrier for the inaugural flights [1] - **Flight Operations** - The first inbound flight, MU6231, from Beijing Daxing to Jiaxing was executed by an A320neo aircraft, and it was welcomed with a water salute [1][3] - Eastern Airlines plans to launch three additional routes from Jiaxing to Beijing Daxing, Xi'an, and Kunming during the 2025/2026 winter-spring season, aiming for an average of 21 outbound flights per week before the 2026 Spring Festival [5] - **Future Expansion** - In 2026, Eastern Airlines intends to introduce more routes from Jiaxing to cities such as Shenyang, Guiyang, and Tianjin [5]

Core Viewpoint - The aviation and airport sector experienced a 2.8% increase on December 26, with HNA Holding leading the gains, while the overall market indices showed modest increases [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3963.68, up 0.1%, and the Shenzhen Component Index closed at 13603.89, up 0.54% [1]. - HNA Holding's stock price rose by 2.27% to 1.80, with a trading volume of 10.22 million shares and a transaction value of 1.834 billion [1]. - Other notable performers included CITIC Offshore Helicopter, which increased by 1.14%, and Spring Airlines, which saw a slight increase of 0.16% [1]. Group 2: Stock Performance Summary - The table of stock performance shows various companies in the aviation sector, with HNA Holding leading in percentage increase, while several companies like China Eastern Airlines and Shanghai Airport experienced declines [2]. - The overall aviation and airport sector saw a net outflow of 313 million in main funds, while retail investors contributed a net inflow of 340 million [2]. Group 3: Fund Flow Analysis - HNA Holding had a net inflow of 18.76 million from main funds, but a net outflow of 17.27 million from retail investors [3]. - China Eastern Airlines experienced a significant net outflow of 26.35 million from main funds, while retail investors contributed a net inflow of 60.68 million [3]. - The analysis indicates that retail investors are actively participating in the market, contrasting with the outflows from institutional and speculative funds [3].

Core Points - The opening of Jiaxing Nanhu Airport marks a significant milestone for Eastern Airlines, as it becomes the first airline to operate flights from the new airport [1][4] - The inaugural flight MU6231 from Beijing Daxing International Airport to Jiaxing Nanhu Airport had a passenger load factor exceeding 90%, indicating strong demand for the new route [4] - Eastern Airlines plans to expand its operations from Jiaxing Nanhu Airport, with three additional routes to Beijing Daxing, Xi'an, and Kunming expected to launch by the winter season of 2025, aiming for an average of 21 outbound flights per week by the 2026 Spring Festival [4] Summary by Category Company Operations - Eastern Airlines executed both the first inbound and outbound flights at Jiaxing Nanhu Airport, showcasing its commitment to the new location [4] - The first outbound flight MU6232 to Beijing Daxing had a passenger load factor exceeding 95%, reflecting high interest in the new service [4] Industry Impact - The launch of Jiaxing Nanhu Airport and the associated routes is expected to enhance connectivity in the region, potentially boosting local tourism and business travel [1][4] - The introduction of five initial passenger routes signifies a strategic expansion for Eastern Airlines in the competitive aviation market [4]

都说民航是"看天吃饭"的行业，航司能不能赚钱，就和天气一样难预测。 行业的整体盈利有多薄？国际航协 （IATA）有个令人咋舌的比喻：苹果公司卖一个iPhone手机壳，都 比航空公司运一名客人赚得多——后者平均利润只有7.9美元。 薄利是全球航空业的共同现实，而对于刚走出多年亏损阴影的中国航司巨头来说，挑战显得尤其严峻。 2020年至2024年，国航、东航和南航累计亏损高达2064亿元。直到今年三季度末，三大航才终于"咸鱼 翻身"，前三季度合计盈利62.8亿元。 但全年下来能否盈利？仍然存在变数。 环球旅讯特约评论员高思伟指出，今年前三季度的整体盈利，很大程度上依赖第三季度的强劲表现，其 实是"用Q3旺势，填平Q1和Q2的亏损"。 2025年暑运期间，全国民航平均客座率达到约84.8%的高位，反映出旺季国内出行需求强劲。 在这一背 景下，国内航线的市场定价能力有所修复，高峰时段主要干线的票价也呈现一定支撑。 也正因为如此，三季度的盈利更像一次"结构性修复"，而非单点运气。 其中，国内市场的作用并不在于创造高利润率，而在于通过高客座率和规模化运行，在旺季阶段形成了 可留存的现金流与利润基础。 真正的考验，集中在第 ...

Core Viewpoint - The opening of Jiaxing Nanhu Airport marks the establishment of a new airport in the Yangtze River Delta, focusing on both passenger and cargo transport, with a primary emphasis on cargo operations [5][6]. Group 1: Airport Operations - Eastern Airlines, Southern Airlines, and Changlong Airlines have commenced operations at Jiaxing Nanhu Airport, with initial flights to cities including Guangzhou, Shenzhen, Chengdu, and Changchun [1][5]. - The airport features a terminal area of 25,900 square meters and has a flight area classification of 4E, with 56 parking positions, of which 33 are dedicated to cargo [5]. Group 2: Cargo Focus - Jiaxing Nanhu Airport is positioned as a professional air cargo hub, with a planned annual passenger throughput of 1.8 million and a cargo throughput of 1.1 million tons [5]. - YTO Express is expected to play a significant role in the airport's cargo operations, having established a global logistics hub at the airport and collaborating with the Jiaxing government to develop surrounding logistics infrastructure [5][6]. Group 3: Regional Connectivity - The airport's strategic location allows for a one-hour connection to major cities in the Yangtze River Delta, enhancing regional logistics and transportation efficiency [6][8]. - The airport is designed to support a multi-modal transport system, facilitating access to international markets within 10 hours [6]. Group 4: Comparison with Suzhou - Suzhou, despite its economic prominence, lacks its own airport, with ongoing discussions and planning since 2018 failing to yield results, while other airports in the region are advancing [10][11]. - The development of Jiaxing Nanhu Airport may alleviate some of the transportation pressures in the region, as it provides an alternative for Suzhou residents [8][10].