（东航供图） "谢谢你们，在我最难的时候，帮我度过难关。" 12月的严寒中，东航MU2294（喀什—西安）航班的廊 桥口，67岁的刘杏军老人紧紧握住地服人员的手，眼眶泛红。一场因突发丧子之痛而起的紧急出行，在 东航机组、服保团队与地服人员的无缝接力中，化作了冬日里最暖的出行记忆。 哭声揪紧了所有人的心。王维騉立即蹲在旅客身边，飞机起飞后第一时间向责任机长蒋经纬说明情 况："老人年纪大了，候机楼路不熟，要是落地后找不着高铁站，肯定更急，能不能请地面派专人全程 帮他？"蒋经纬没有丝毫犹豫，当即通过卫星电话联系地面签派协调。10分钟后"地面保障已就位"的回 复，让王维騉悬着的心落了地。为了让刘先生落地后能"零耽误"，他又逐一对公务舱旅客、经济舱31- 34排旅客温柔解释请老人优先下机。旅客们异口同声"没问题"，让这份温暖在客舱里悄悄蔓延。 几乎在机组联动地面的同时，东航西北分公司服保经理接到了指挥长的紧急通知，服保经理立即核查航 班信息--确认无直飞航班后，安排地服专人接机，帮他买票、指引，绝不让老人多走一步冤枉路。 14:02，航班稳稳落地。舱门刚开启一条缝，地服值班经理便带着地服员王若晨、吴萌春迎了上来，接 过 ...

2025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。 该举措将为往来沪澳两地的旅客提供更加灵活便捷的出行选择。 据悉，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空实际承运的"上海—澳门/澳门— 上海"直飞航班机票的旅客，在行程需要调整时，可在原出票渠道申请将航班签转至另一家承运人执飞 的航班(注：特价票等不可变更客票除外，签转时需依原客票规则办理并补足可能的票价差额)。 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。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。 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 ...

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。（编辑：张薇，校对：张彤，审核：程凌） 据悉，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空实际承运的"上海—澳门/澳门— 上海"直飞航班机票的旅客，在行程需要调整时，可在原出票渠道申请将航班签转至另一家承运人执飞 的航班（特价票等不可变更客票除外，签转时需依原客票规则办理并补足可能的票价差额）。 例如，一位旅客在东航App预定了当天东航17：25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，过去这位旅客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，旅客无需放弃行程，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起飞的澳门航空NX101航班，从 而继续行程。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 ...

中国民航网 通讯员陈雪 报道：12月17日，东航厦门分公司工会举办首届"幸福东航杯"职工匹克球赛。 来自飞行、客舱、保卫、机关等 8支代表队，40余名选手同场竞技，展现厦门分公司职工团结协作、积 极向上的精神风貌，积极促进广大职工健康管理，助力分公司安全生产和高质量发展。 （陈雪 / 摄） 选手们挥拍跑动、精准扣杀，将顽强拼搏的体育精神诠释得淋漓尽致。大家在不懈拼搏、突破自我中展 现风采。攻防转换间，他们灵活跑位，默契配合；胜负角逐中，他们突破自我，凝聚合力。此起彼伏的 呐喊与掌声交织，为赛场注入了源源不断的激情与活力。分公司党委书记韩政也亲自到场助阵，为选手 们加油鼓劲。最终，飞行部一队凭借默契配合和稳定发挥摘得桂冠，工会主席孙震为获奖队伍颁奖。 据悉，厦门分公司工会通过组织篮球、羽毛球、健步行和匹克球等一系列活动，分公司飞行部现仅有6 名飞行员BMI高于28，但均在29以下，职工的健康管理意识得到了大幅提升。后期，厦门分公司工会将 持续放大"体育+健康"乘数效应，将以常态化机制持续为飞行队伍建设和航班安全运行护航。（编辑： 陈虹莹 校对：许浩存 审核：程凌） ...

Core Viewpoint - China Eastern Airlines experienced a 5.19% increase in stock price on December 17, with a trading volume of 1.189 billion yuan, indicating positive market sentiment towards the company [1]. Financing Summary - On December 17, China Eastern Airlines had a financing buy-in amount of 41.99 million yuan, with a net financing purchase of 14.28 million yuan after accounting for repayments [1]. - The total financing and securities balance for China Eastern Airlines reached 319 million yuan, with the financing balance at 313 million yuan, representing 0.32% of the circulating market value, which is below the 10th percentile level over the past year, indicating a low financing level [1]. - In terms of securities lending, the company repaid 59,000 shares and sold 185,500 shares on December 17, with a selling amount of 1.0536 million yuan, while the securities lending balance stood at 5.6658 million yuan, exceeding the 90th percentile level over the past year, indicating a high level of securities lending [1]. Company Profile - China Eastern Airlines, established on April 14, 1995, and listed on November 5, 1997, is headquartered in Shanghai and primarily engages in passenger and cargo transportation, general aviation, aircraft maintenance, and related services [2]. - The company's revenue composition includes 92.50% from passenger services, 3.86% from cargo services, 1.74% from ticket refund fees, 1.28% from other services, and 0.62% from ground services [2]. - As of September 30, 2025, the company reported a total revenue of 106.414 billion yuan, reflecting a year-on-year growth of 3.73%, and a net profit attributable to shareholders of 2.103 billion yuan, marking a significant increase of 1623.91% year-on-year [2]. Dividend and Shareholding Information - Since its A-share listing, China Eastern Airlines has distributed a total of 3.296 billion yuan in dividends, with no dividends paid in the last three years [3]. - As of September 30, 2025, the top ten circulating shareholders included China Securities Finance Corporation with 430 million shares and Hong Kong Central Clearing Limited with 295 million shares, the latter having decreased its holdings by 5.4524 million shares compared to the previous period [3].

中国东航凭借在治理体系优化、绿色转型实践、社会责任履行等方面的卓越表现，荣获"可持续卓越治 理奖"。 2025年，中国东航凭借在治理体系优化、绿色转型实践、社会责任履行等方面的卓越表现，荣获"可持 续卓越治理奖"。这不仅是对中国东航长期践行ESG理念、深入推进可持续发展的高度认可，也彰显了 其作为民航国家队和主力军，以高质量治理引领行业绿色转型所贡献的坚实力量。 筑牢治理根基：以体系化建设护航可持续发展 卓越治理是企业可持续发展的核心引擎，也是中国东航获此殊荣的关键支撑。公司始终将健全治理体系 作为根本，构建了自上而下、协同高效的ESG管理架构。中国东航董事会下设航空安全与环境委员会， 统筹规划环境、社会及治理领域的战略与实施路径，将ESG理念全面融入战略规划、经营管理和风险管 理全过程。中国东航通过完善制度体系、细化考核标准，推动可持续发展工作规范化、标准化；依托季 度跟踪、专项督导等机制，确保各项任务落地见效。中国东航坚持信息披露透明化，定期发布可持续发 展报告，以详实数据和案例展现成效，主动接受社会监督，以高度责任感提升治理公信力，为行业ESG 治理提供了可复制的范例。 引领绿色转型：构建全链条低碳发展 ...

Investment Rating - The investment rating for the airline transportation industry is "Positive" [2][7]. Core Insights - The industry has maintained a high passenger load factor during the off-peak season, with both domestic and international travel thriving. The high load factor and slight recovery in ticket prices suggest a significant improvement in airline unit revenue. The implementation of "anti-involution" measures and the self-regulatory agreement by the China Air Transport Association is expected to reduce malicious low pricing, further supporting ticket price recovery and enhancing airline profitability. Additionally, the decline in oil prices is likely to reduce costs, contributing to further profit growth for airlines. Key airlines to focus on include China Southern Airlines, China Eastern Airlines, Air China, Spring Airlines, and Juneyao Airlines [3][13]. Summary by Sections 1. Investment Recommendations - The industry has seen sustained high passenger load factors since early 2025, with both domestic and international routes performing well. The off-peak season is not as weak as expected, with high load factors and a slight recovery in ticket prices, indicating a potential significant recovery in airline unit revenue. The implementation of self-regulatory measures is expected to mitigate low pricing practices, further supporting ticket price recovery and enhancing airline profitability [3][13]. 2. Off-Peak Passenger Load Factor and Ticket Prices 2.1 Supply and Demand - The capacity growth rate has rebounded, leading to an increase in passenger load factors. In October 2025, the industry’s Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) increased by 6.2% and 8.9% year-on-year, respectively, with a load factor of 87.4%, up 2.2 percentage points year-on-year [4][15]. 2.2 Ticket Prices - Ticket prices have weakened in December, with the average domestic ticket price at 839 yuan, down 7.0% year-on-year. The average ticket price for domestic routes, including fuel, was 709 yuan, down 6.2% year-on-year [4][23]. 2.3 Oil Prices and Exchange Rates - The average price of aviation fuel has slightly increased in December, with the domestic aviation fuel price at 6045 yuan per ton, up 3.9% year-on-year. The exchange rate of the Chinese yuan has appreciated against the US dollar, with the exchange rate at 7.0602 yuan per dollar as of December 16, 2025, down 1.78% from the end of 2024 [5][37]. 3. Airline Capacity and Load Factors 3.1 Operational Status - In November, most airlines maintained stable capacity growth, with significant increases in international capacity. The passenger load factors for both domestic and international routes have shown year-on-year improvements, significantly increasing compared to 2019 levels [4][43]. 3.2 Fleet Expansion - In November, Air China and China Southern Airlines each added 7 aircraft, marking the highest net increase among the six major airlines. From January to November, China Southern Airlines, Air China, and China Eastern Airlines saw net increases of 47, 26, and 21 aircraft, respectively [4][7].

《中国民航报》、中国民航网 记者钱擘 报道：12月16日，东航广东分公司青年志愿者们的身影亮相白 云机场T3，服务动身返程的29支本届残特奥会运动团队、278名运动员，而在返程航线通达的目的地， 东航员工同样积极服务残特奥会运动员们的归途。 指尖的温度：在细节里看见尊重 此次残特奥会航班运输保障期间，东航青年志愿者与广州市志愿者在安检内外共同配合，积极联动白云 机场T3航站楼国内值机、安检等各部门，统筹协调现场服务资源。 东航志愿者联动广州市的志愿者，积极协助乘坐大巴抵达白云T3的运动员团队搬运行李；联系机场加 开专属值机柜台，缓解团队密集出发的保障压力；当运动员团队办理完值机托运后，志愿者领队提前致 电T3安检值班报送团队信息，提醒安检预开专属安检通道，确保涉赛人员迅速通过安检。 航班起飞后，东航广东分公司志愿者领队又专程与东航西北分公司联系对接，请求落地后安排地服人员 专人引导。下午，航班顺利抵达西安咸阳机场，该名运动员在目的地东航地服人员的引领下，被妥善引 导至到达出口。 东航广东分公司志愿者服务参赛残特奥会运动员（东航广东分公司供图） 残特奥会云南队运动员在东航员工接力护送下，顺利抵达西安咸阳机场（东 ...

Core Viewpoint - Spring Airlines is suspending several routes between Japan and China due to market impacts and low passenger load factors, particularly following diplomatic tensions and natural disasters affecting travel sentiment [2][4][14]. Route Suspensions - Spring Airlines will suspend the route between Saga Airport and Shanghai Pudong International Airport starting December 22, with previous reductions in frequency from four to two flights per week [2][4]. - The route from Okayama Airport to Shanghai will be suspended from December 16 to March 28, 2026, with all flights operated by China Eastern Airlines [5][7]. - The Toyama-Shanghai route will also see a suspension from January 3 to March 28, 2026, with a total of 37 round trips canceled due to market issues [8][10]. - The Shizuoka-Shanghai route will be suspended from January 2026 until late March, with a significant impact expected on local businesses due to the high proportion of Chinese tourists [14]. Passenger Load Factors - The load factor for the Saga-Shanghai route dropped from over 90% to around 40% following a travel advisory from the Chinese government and subsequent earthquake alerts in Japan [4]. - The Okayama-Shanghai route had an average load factor of 82.4% in November, but the future operational plans remain uncertain [7]. - The Shizuoka route had a load factor of 67% in October, indicating a decline in demand [14]. Economic Impact - The economic impact of the Shizuoka route is significant, with an estimated economic effect of 35.4 billion yen for the fiscal year 2024, a 30% increase from 2023 [14].

交运ETF(159662)紧密跟踪国证交通运输行业指数，国证细分行业指数将沪深北交易所证券根据国证行 业分类标准的二、三、四级行业进行划分，用以反映各细分行业上市公司的整体特征，进一步丰富指数 化投资标的，满足市场投资管理的需求。指数前十大权重股分别为京沪高铁、顺丰控股、中远海控、大 秦铁路、中国东航、上海机场、中国国航、南方航空、海机场、圆通速递。 交运ETF(159662)，场外联接(A类：019886；C类：019887)。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 航空市场需求持续回暖，国际航线恢复势头良好。华源证券认为，当前航空供需关系优化趋势明确，中 期受飞机制造商及上游供应商产能制约，供给增速放缓将推动票价提升，航司利润弹性有望释放。同 时，中韩放宽团体旅游签证及中国对外籍游客简化入境手续等政策将刺激入境需求增长。多地机场国际 旅客量大幅上升，白云机场国际旅客同比增19.01%，深圳机场同比增长23%，青岛机场同比增25.5%。 中信证券指出，民航机队产能释放受新增飞机低引进、发动机检修、航材备件等因素制约，旺季机队产 能利用率愈发临近极限状态，近期公商务需求持续复 ...