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 ...

记者 王力 东航相关负责人介绍，此次接收的飞行模拟机，是目前C919机型最先进的全动飞行模拟机，具有 视觉逼真度、虚拟计算能力，可实现高仿真度、多种类科目的飞行训练，营造几近真实的模拟飞行效 果。模拟机投入使用后，有效填补了航空公司在C919机型训练装备领域的空白。东航将总结反馈模拟 机实际运行情况，形成"运营—训练—研发"的良性循环，为C919机型的持续改进、迭代升级贡献力 量。 昨天，全球首台交付航空公司的国产大飞机C919飞行模拟机，在东航研发中心正式启用，标志着 东航在国产大飞机运行保障能力建设上迈出关键一步。 ...

来源：上海发布 这是两家航司首次推出全渠道自愿签转服务，能实现客票自由变更执飞日期和班次(客票有效期内均可 变更)，帮助有变更出行需求的旅客守住重要行程。 例如，旅客小李在东航APP预定了东航17:25分从浦东机场飞往澳门机场的MU9991航班，但出发途中遇 到特殊情况晚到机场。由于该航班是东航当天最后一班，小李只能放弃当天行程或退票重买，选择十分 有限。新服务上线后，小李无需放弃行程，只需拨打东航95530服务热线提交变更申请，按规定支付相 应手续费及可能的票价差额，就能便捷签转至同天20:45分起飞的澳门航空NX101航班，从而继续行 程。 目前，东上航每周执行上海—澳门往返航班78班，澳门航空每周执行56班。双方已基于该航线现有的运 营规模，建立了相应的服务保障流程与合作机制。未来，双方将持续关注航线运行情况，不断优化服务 流程，为旅客提供更为便捷高效的出行体验。 转自：北京日报客户端 中国东方航空公司介绍，今年是澳门回归祖国26周年，中国东方航空与澳门航空在上海—澳门航线上推 出航班互相签转服务，为往来沪澳两地的旅客提供更加灵活便捷的出行选择。 此次双方推出的"互相签转服务"，是指购买了东上航或澳门航 ...

中国民航网讯：12月19日10：45分，国产大型客机C919执飞的MU9805成都天府—厦门航班顺利抵达厦 门高崎国际机场。自即日起，东航每日两班C919机型执飞厦门—天府航线，为闽川两地公商务、文旅 及中转旅客提供更多选择，标志着国产大飞机在厦门航线的运营迈入了新的常态化阶段。 根据东航的航班计划，在高峰时段，备受旅客青睐的"厦沪快线"也将有3班由C919执飞，为往来于厦门 与上海之间的旅客提供更多选择。同时，为了进一步完善航线网络布局，东航还安排了福州—合肥、泉 州—合肥航线各1班由国产支线客机C909执飞，以满足不同旅客的出行需求。届时，东航厦门分公司辖 区内高峰期国产大飞机进出港航班将达到14班，形成了一道亮丽的"国产大飞机风景线"。 此次C919执飞厦门—成都航线，为旅客提供了更加多元化的出行选择。后续，东航厦门分公司将继续 深耕区域枢纽功能，持续优化航线网络与保障流程，为旅客提供更加优质的出行体验。（编辑：张薇， 校对：张彤，审核：程凌） ...