Group 1 - The aviation industry is experiencing a surge in international flight openings as companies prepare for the year-end travel peak, with Shenzhen Airlines launching a new route from Shenzhen to Melbourne, marking the 14th international passenger route for Shenzhen Airport this year [1] - Shenzhen Airport has seen a significant increase in passenger traffic, with over 6 million people passing through in the first 11 months of the year, surpassing the total of 5.5 million for the entire previous year, indicating a historical high for the same period [1] - The new international routes are expected to attract more travelers during the upcoming New Year holiday, with the airport's international and regional passenger destinations exceeding 60 [1] Group 2 - Several airlines have recently launched new international routes, including China Southern Airlines with routes to Madrid and Darwin, Hainan Airlines to Ho Chi Minh City, and China Eastern Airlines to Auckland and Buenos Aires, reflecting a strategic move to capitalize on the year-end travel season [2] - Online travel platforms report a 25% year-on-year increase in international flight bookings, with the number of reachable cities globally increasing by 149 compared to the same period last year [2] - There is a notable increase in flight bookings for popular destinations such as Egypt, Spain, and New Zealand, with some routes experiencing a doubling in ticket reservations [2]

中新网重庆12月23日电 (梁钦卿)记者23日从重庆江北国际机场获悉，"渝沪快线"跨航司自愿签转服务22 日正式上线运行。 自12月22日起，乘坐东航、国航、厦航或吉祥航空承运的"重庆江北—上海虹桥"双向航班，且购买经济 舱6折(含)以上舱位(含超级经济舱、公务舱，限同物理舱位等级)的旅客，可在原购票航班当日起飞前， 签转至原航班起飞时间前后4小时(含)内同航段其他参与航司航班。同一客票首次签转免收变更费。 据悉，"渝沪快线"日均计划往返航班量达到32班，预计2025年该航线运输旅客将超过183万人次，在服 务两地人员往来、经济发展、文化交流等方面发挥重要作用。(完) 这一创新服务是由重庆江北国际机场、上海虹桥国际机场联合东航、国航、厦航、吉祥航空共同推出， 旨在进一步提升国内航空快线服务品质，更好满足成渝地区与长三角地区间商务旅客及高频出行人群的 灵活、高效出行需求。 与此前上线的京广、京沪、深沪国内航空快线跨航司签转服务相比，"渝沪快线"首次实现隔离区内、有 托运行李旅客的跨航司签转，进一步拓展了签转服务场景，提高旅客出行选择灵活性，增强航空出行竞 争力。 重庆江北国际机场和上海虹桥国际机场在隔离区内均设 ...

Core Viewpoint - China Eastern Airlines (CEA) is enhancing its collaboration with Hubei Province's cultural and tourism sector through a memorandum aimed at integrating aviation and tourism, reflecting strategic discussions with provincial leaders and promoting regional development [1][7]. Group 1: Company Development - The capital increase and expansion of China Eastern Airlines Wuhan Company, which took place on November 18, 2024, is expected to drive significant growth and operational improvements [1]. - The company has achieved an A rating in its 2024 operational performance assessment, indicating a robust upward trend in its development [2]. - The fleet size of China Eastern Airlines Wuhan has increased to 36 aircraft, following the introduction of two Boeing 737s in March [2]. Group 2: Operational Efficiency - China Eastern Airlines Wuhan has become the largest airline in Central China in terms of fleet size, asset scale, and tax contributions, while also managing the highest operational capacity at Wuhan Tianhe Airport [2]. - The airline operates over 70 domestic and international routes, connecting to more than 60 key cities globally, with an average of over 180 flights executed daily [5]. - By 2025, the company anticipates transporting over 8 million passengers and achieving a total turnover of over 8.7 billion ton-kilometers [2]. Group 3: Strategic Initiatives - The collaboration with Hubei's cultural and tourism department includes eight key areas such as optimizing flight schedules, creating a "super transfer hub," and developing unique travel products [7]. - China Eastern Airlines Wuhan is actively participating in local cultural and tourism events, enhancing its brand recognition and customer engagement through initiatives like the "Cherry Blossom Season" and various promotional activities [9]. - The company aims to establish a comprehensive development blueprint over the next five years, focusing on creating a first-class service standard and enhancing its operational network [9].

中国民航网 通讯员张斌、薛琪、曹瀚文、亢煊柠 报道：12月21日是二十四节气中重要的节气冬至，民 间素有"冬至大如年，人间小团圆"的说法，这份团圆期许也蔓延至万米高空。当日，东航西北分公司多 架航班同步开展冬至主题活动，让奔赴团圆或跨越山海的旅客在万米高空邂逅节气之美，感受传统文化 与航空服务交融的暖心魅力。涉及航班包括MU2153西安—上海虹桥、MU2316福州—西安、MU2149西 安—贵阳国内航班，以及MU792悉尼—西安国际航班。 国内航班上，"暖冬知味·云端寻俗"主题活动温情启幕。乘务组化身民俗讲解员详解冬至习俗与常识， 穿插趣味问答并赠送限定文创、窗花剪纸等礼品，不少旅客手持礼品合影，定格这份独属于云端的团圆 记忆。 现场更不乏暖心片段，乘机的小朋友乐乐随祖父母前往西安看望父母，登机时便念叨今天是冬至，想吃 汤圆，这一幕被细心的乘务组看在眼里。飞机平飞后，乘务员主动来到乐乐身边，用"暖冬知味 云端寻 俗"主题手牌为他讲解冬至习俗，小家伙瞬间怯意全消，眼睛亮了起来，听得十分认真，还主动跟乘务 员解释："我不是小馋猫，是妈妈包的汤圆特别好吃！" 稚嫩的话语让客舱里泛起阵阵暖意。 国际航线上，东航西北" ...

Investment Rating - The investment rating for the transportation industry is "Positive" and is maintained [15] Core Insights - The report provides a forward-looking analysis of the transportation industry for Q4 2025, highlighting improvements in passenger demand and operational efficiencies across various sub-sectors [2][6] Aviation - The aviation sector is expected to see marginal demand improvements, with significant reductions in losses anticipated for Q4 2025. Domestic business demand is stabilizing, and international flights continue to perform well despite short-term disruptions from flight cancellations [6][23] Airports - Domestic airport traffic is projected to increase, with international flights also climbing. Revenue is expected to improve as a result of rising passenger volumes and operational efficiencies [7][26] Express Delivery - The express delivery sector is experiencing a slowdown in growth but is improving profitability through price adjustments and a focus on high-value services. The net profit is expected to turn positive in Q4 2025 [8][29] Logistics - The logistics sector is stabilizing at the bottom of its performance cycle, with cross-border logistics showing signs of recovery. However, overall demand remains weak, leading to a slight decline in performance for major supply chain players [9][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different vessel types. While container shipping faces pressure on earnings, oil and bulk shipping are expected to see improvements due to increased demand and operational efficiencies [10][32] Ports - Port operations are expected to benefit from improved handling of bulk goods and stable container throughput, supported by easing trade tensions and increased exports to ASEAN and EU regions [11][38] Highways - The highway sector is projected to see limited growth, with stable profitability expected as truck traffic shows slight improvements compared to the previous year [12][40] Railways - The railway sector is experiencing a split in performance, with passenger transport growth accelerating while freight transport growth is slowing down. The focus on expanding non-coal business is expected to impact profitability negatively [13][42]

证券研究报告 | 行业周报 gszqdatemark 2025 12 21 年 月 日 交通运输 关注元旦航旅出行预定数据与委内瑞拉油轮进展 周观点：航旅纵横大数据显示，截至 12 月 17 日，元旦假期国内、跨境航线 机票预订量同比分别增长 46%、18%；16 日，ICE 布油收 58.84 美元（盘中 最低 58.72 美元），为 5 月来首次。继续看好"扩内需"及"反内卷"下航空 板块中长期景气度，在油汇环境友好环境下航司盈利有望不断改善。基于周期 视角，在制裁趋严、OPEC+增产逐步反馈到出口的背景下，行业周期逻辑渐 明，可关注板块回调中的布局机会，重点关注招商轮船、中远海能 H/A。 行情回顾：本周交通运输板块行业指数上涨 2.04%，跑赢上证指数 2.01 个百 分点（上证指数上涨 0.03%）。从申万交通运输行业三级分类看，涨幅前三名 的板块分别为航空运输、跨境物流、公交，涨幅分别为 6.84%、3.10%、2.82%； 仅公路货运板块下跌，跌幅为-1.76%。 出行：航旅纵横大数据显示，截至 12 月 17 日，元旦假期国内、跨境航线机 票预订量同比分别增长 46%、18%。继续看好"扩内需 ...

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly recommending stocks such as China Shipbuilding, China Power, and Sumec [4]. Core Insights - The report highlights the launch of the first shipping industry index fund on December 19, 2025, and notes a continued increase in second-hand ship prices, with a 5-year-old VLCC price rising by $2 million to $120 million [4]. - Seasonal fluctuations are observed in freight rates, with oil and bulk carrier second-hand prices increasing. The report recommends stocks like COSCO Shipping and China Merchants Energy [4]. - The report anticipates a significant improvement in airline profitability due to supply constraints and increasing passenger demand, recommending stocks such as China Eastern Airlines and Spring Airlines [4]. Summary by Sections Shipping Industry - The second-hand ship price index increased by 0.38% to 194.32 points, with a recommendation for COSCO Shipping and China Merchants Energy [4]. - VLCC freight rates decreased by 11% to $101,623 per day, while Suezmax rates increased by 9% to $78,107 per day [4]. Airline Sector - The report indicates that the global aircraft manufacturing chain is facing unprecedented challenges, with an aging fleet and supply constraints expected to continue [4]. - Airlines are projected to experience significant profitability improvements, with recommendations for stocks such as China Eastern Airlines and China Southern Airlines [4]. Logistics and Express Delivery - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined for industry performance [4]. - Recommended stocks include Shentong Express and Yunda Holdings, with a focus on companies benefiting from Southeast Asian e-commerce growth [4]. Rail and Road Transport - Rail freight volume and highway truck traffic are expected to maintain steady growth, with data showing a slight decrease in freight volume [4]. - The report suggests that traditional high-dividend investment themes and potential value management catalysts will be key investment lines through 2025 [4].

Investment Rating - The report maintains a rating of "Buy" for several key companies in the aviation and logistics sectors, including China Southern Airlines, Spring Airlines, and SF Express [2]. Core Insights - The aviation sector is expected to benefit from multiple catalysts, including the recovery of passenger demand and improved ticket pricing due to high load factors and regulatory support [4][6]. - The logistics and express delivery industry is experiencing a divergence in growth rates, with a focus on improving operational quality through policies aimed at reducing "involution" and the adoption of automation technologies [6][7]. Summary by Sections Aviation Sector - The report highlights the positive impact of the national strategy to expand domestic demand, which is expected to drive up airline stock prices. For instance, companies like China Eastern Airlines and China Southern Airlines saw stock increases of 12.48% and 13.60%, respectively [4]. - Key metrics for airlines from December 15 to December 19 include average daily flights and aircraft utilization rates, with notable year-on-year increases in flight numbers for several airlines [4]. - The report emphasizes the long-term growth potential of the aviation sector, driven by a combination of recovering demand, regulatory support for pricing, and a gradual recovery in aircraft utilization rates [6]. Logistics and Express Delivery - The express delivery sector is witnessing a mixed trend in volume and pricing, with November data showing a year-on-year increase in delivery volumes for some companies while others face declines [6]. - The report notes that the integration of Danbird Logistics into Shentong Express is expected to enhance scale and operational efficiency [6]. - The "anti-involution" policy is anticipated to improve profitability across the express delivery industry, with a focus on enhancing service quality and pricing strategies [6][7]. Infrastructure - The report suggests that the infrastructure sector, particularly highways, remains stable with consistent cash dividends and ongoing expansion projects [6]. - Data from December 8 to December 14 indicates a slight decline in freight traffic on highways and railways, but overall port throughput showed a year-on-year increase [6]. Shipping and Trade - The shipping sector is experiencing fluctuations in freight rates, with oil shipping showing strength while dry bulk rates are declining. The report suggests that geopolitical factors may reshape global shipping dynamics [7]. - The report recommends monitoring companies in the shipping sector for potential investment opportunities, particularly those positioned to benefit from seasonal demand increases [7].

转自：安徽日报 12月19日下午，一架中国东航空客A320型客机 飞抵蚌埠滕湖机场，开启蚌埠滕湖机场验证试飞任务。 12月19日下午，一架中国东航空客A320型客机飞抵蚌埠滕湖机场，开启蚌埠滕湖机场验证试飞任务。此次验证试飞任务的成功为机场开航投运奠定了坚实 基础，标志着蚌埠滕湖机场已基本具备民航飞机通航条件。 蚌埠滕湖机场作为国家及安徽民航"十四五"重点项目，通航后将完善安徽"一枢十支"机场布局与华东机场群节点建设，搭建起联通全国主要经济区的空中通 道，满足千万级服务人群的航空出行需求，丰富区域民航服务维度，为皖北民航网络加密、长三角世界级机场群建设注入新动能。（范柏文） 12月19日拍摄的蚌埠滕湖机场航站楼外景。 12月19日拍摄的蚌埠滕湖机场航站楼内景。 12月19日拍摄的蚌埠滕湖机场航站楼内景。 12月19日拍摄的蚌埠滕湖机场航站楼内景。 12月19日下午，一架中国东航空客A320型客机飞抵蚌埠滕湖机场，开启蚌埠滕湖机场验证试飞任务。 编辑：马萌伟 ...

12月19日，一架中国东航空客A320型客机飞抵蚌埠滕湖机场，开启蚌埠滕湖机场验证试飞任务。此次 验证试飞任务的成功为机场开航投运奠定了坚实基础，标志着蚌埠滕湖机场已基本具备民航飞机通航条 件。 据市场星报 ...