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） ...

中国民航网 通讯员高云洁 报道：12月19日，东航西北分公司飞行部、客舱部、空保部联合组建志愿者 宣讲团，走进西安格兰恩幼儿园开展航空安全知识趣味宣讲活动，为近百名各年龄段小朋友们带来了一 堂别开生面的安全启蒙课。 活动现场气氛热烈，志愿者们各展所长、寓教于乐。空保部的志愿者们化身"安全小老师"，借助趣味图 片通过互动问答，将乘机安全规定转化为易懂知识，引导孩子们动手实操，轻松掌握自我保护小技能。 小朋友们踊跃举手抢答，稚嫩的声音此起彼伏："我知道！不能带小刀上飞机！""乱跑会被机长叔叔说 的！"。飞行部的志愿者们则变身"飞机小博士"，为小朋友们介绍飞机的飞行原理；客舱部乘务员则现 场演示安全带系法、救生衣穿戴步骤，还贴心介绍独自乘机、生日乘机的专属服务。当提到生日乘机还 能收到小蛋糕时，小朋友们瞬间沸腾，纷纷兴奋大喊"我也要在飞机上过生日""我要草莓味的蛋糕"，现 场随即掀起一阵欢乐的小高潮。志愿者们还带领小朋友们一起填写飞行小护照，拥有了专属飞行小护照 的小朋友们开心极了。大家还一起动手折纸飞机，有小朋友举着自己的作品骄傲地喊："我的飞机飞得 最高！"孩子们在趣味互动中加深了对航空知识的理解。 （本文图片 ...

据悉，中国东航是国产大飞机C919的全球首发用户，2022年12月9日接收全球首架C919客机，并于2023 年5月28日成功实现商业首航。截至2025年12月，东航C919机队已累计安全飞行超4万小时，承运旅客 突破245万人次，培养C919飞行员超160人（其中教员机长70人），完成C919飞行培训超10000小时。 来源：中国青年报客户端 全球首台 C919飞行模拟机发布现场。中国东航供图 东航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，可实现高仿真度、多种类科 目的飞行训练，营造更接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，将为东航飞行训练体系的全面升级提供关键支撑，也将进一步筑牢国产大飞机 商业运营的"安全基石"。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。 中国青年报客户端上海12月19日电（中青报·中青网记者 王烨捷）今天，全球首台交付航空公司的国产 大飞机C919飞行模拟机，在东航研发中心启用，这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。 ...

Group 1: Airline Industry - Goldman Sachs forecasts that international demand will rise while supply constraints persist, leading to an expected return on equity (ROE) of 22% for airlines by 2027, surpassing the industry cycle average [1] - Despite risks associated with Japan in the first half of the year, the outlook for airline stocks remains positive, with further upward potential for ticket prices [1] - Preferred stocks include China National Aviation Holding (601111) H-shares (00753) and China Eastern Airlines (600115) A-shares (600115.SH) [1] Group 2: Container Shipping - The firm adopts a more cautious stance on container shipping due to supply recovery, which is expected to compress industry profit margins [1] - New ship orders this year have exceeded expectations, resulting in an order-to-existing capacity ratio of 33% [1] - Potential reopening of the Red Sea may pose additional downside risks, potentially releasing about 10% of effective capacity, which could lead to China COSCO Shipping Holdings (601919) (01919, 601919.SH) entering a cash consumption state [1] Group 3: Oil Tankers - The outlook for oil tankers remains optimistic, with expectations of rising spot freight rates during the sustained upward cycle in 2026 [1] - The oil reserve process in China may take up to a year, longer than the market's three-month expectation, while effective capacity is predicted to grow by only 1% [1] - China COSCO Shipping Energy Transportation (600026) (01138, 600026.SH) is expected to benefit due to its significant exposure to oil tankers and the Chinese import market [1] Group 4: Stock Ratings and Target Prices - China National Aviation (00753): Buy, target price raised from 7.3 to 8.2 HKD [2] - China Eastern Airlines (00670): Buy, target price raised from 3.7 to 5.1 HKD [2] - China Southern Airlines (01055): Buy, target price raised from 4.6 to 5.8 HKD [2] - China COSCO Shipping Energy (01138): Buy, target price raised from 8.8 to 10.8 HKD [2] - China COSCO Shipping Ports (01199): Buy, target price raised from 6 to 6.8 HKD [2] - China Merchants Port (00144): Neutral, target price raised from 14.2 to 15.7 HKD [2] - China COSCO Shipping Holdings (01919): Neutral to Sell, target price lowered from 12.5 to 10.4 HKD [2] - Meilan Airport (00357): Sell, target price raised from 7.6 to 8.4 HKD [2]