Core Viewpoint - China Eastern Airlines (600115.SH) announced an increase in passenger capacity and turnover for November 2025, indicating positive growth trends in the airline industry [1] Group 1: Passenger Operations - The passenger capacity input (measured in available seat kilometers) for November 2025 is expected to rise by 6.51% year-on-year [1] - The passenger turnover (measured in revenue passenger kilometers) is projected to increase by 10.35% year-on-year [1] - The passenger load factor stands at 87.37%, reflecting a year-on-year increase of 3.04 percentage points [1] Group 2: Cargo Operations - The cargo and mail turnover (measured in cargo mail ton kilometers) is anticipated to grow by 13.30% year-on-year for November 2025 [1]

人民财讯12月15日电，中国东航（600115）12月15日公告，公司2025年11月客运运力投入(按可用座公 里计)同比上升6.51%；旅客周转量(按客运人公里计)同比上升10.35%；客座率为87.37%，同比上升3.04 个百分点。2025年11月货邮周转量(按货邮载运吨公里计)同比上升13.30%。 ...

智通财经APP讯，中国东航(600115.SH)发布公告，公司2025年11月客运运力投入(按可用座公里计)同比 上升6.51%;旅客周转量(按客运人公里计)同比上升10.35%;客座率为87.37%，同比上升3.04个百分点。 2025年11月货邮周转量(按货邮载运吨公里计)同比上升13.30%。 ...

本次培训邀请复旦大学新闻学院黄芝晓教授与东航党组宣传部、新闻中心资深专家共同授课，围绕"学 习习近平文化思想""提升宣传工作水平""全媒体时代舆情管理"以及"融媒体传播与新闻写作技巧"四大 主题展开系统教学。培训采用"理论讲授+案例解析+情景模拟"三位一体教学模式，着力提升了参与人 员的思想理论素养、舆情研判处置能力、全媒体传播策略思维和新闻写作创新水平。 （奚啸麒 / 摄） 《中国民航报》、中国民航网 记者胡夕姮 通讯员奚啸麒 报道：12月12日，东航数科、运控中心、服管 部、客舱部、综管部/采管部在上海工人文化宫联合举办2025年度东航企业文化暨宣传培训班。来自上 述单位的72名宣传骨干参加培训，旨在进一步提升企业文化宣传工作水平，强化全媒体时代下的宣传与 舆情管理能力。 参训学员表示，将把培训所学的新理念、新方法与实际工作紧密结合，以更专业的素养和更积极的状态 投身企业文化宣传工作，为传播东航品牌、推动公司高质量发展贡献更大力量。（编辑：陈虹莹 校 对：许浩存 审核：程凌） ...

Core Insights - The newly launched direct flight route between China and Argentina has successfully completed its first week of operations, marking a significant milestone in enhancing trade and cultural exchanges between the two regions [1][2]. Group 1: Operational Efficiency - The new route, operated by China Eastern Airlines, connects Shanghai to Buenos Aires via Auckland, reducing travel time from nearly 30 hours to approximately 25 hours, thus improving travel efficiency [2]. - The first flight recorded a high passenger load factor of 96%, indicating strong market interest, which has now shifted from initial curiosity to practical business planning [2]. Group 2: Logistics and Trade Opportunities - The inaugural return flight transported 2.1 tons of Argentine cherries and 10.5 tons of Chilean salmon, showcasing the potential for high-value logistics along this route [3]. - Subsequent flights have seen a 70% increase in cargo volume compared to the inaugural flight, with significant growth in e-commerce goods and precision instruments [3]. - The direct flight has enabled Argentine exporters to view Shanghai as a logistics hub for accessing the broader Asian market, enhancing their export capabilities [3]. Group 3: Collaborative Potential - The opening of this route is seen as a starting point for deeper cooperation, with plans for over 50 coordinated routes between China Eastern Airlines and Aerolineas Argentinas [5]. - The direct flight is expected to boost tourism from China to Argentina, particularly during the Southern Hemisphere's summer, creating new opportunities for the tourism industry [5]. - The route is positioned as a multi-dimensional bridge that fosters personnel exchanges, trade reciprocity, and cultural understanding, with the potential for further integration into global aviation and economic systems [5].

Group 1 - The core viewpoint of the news is that China Eastern Airlines has shown a slight increase in stock price and trading volume, indicating potential investor interest despite low financing levels [1] - On December 12, China Eastern Airlines' stock rose by 1.99%, with a trading volume of 449 million yuan, and a net financing purchase of 627,600 yuan [1] - The financing balance of China Eastern Airlines is 339 million yuan, which is low at 0.38% of the circulating market value, below the 10th percentile level over the past year [1] Group 2 - China Eastern Airlines reported a total revenue of 106.41 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 3.73% [2] - The net profit attributable to shareholders for the same period was 2.103 billion yuan, showing a significant year-on-year increase of 1623.91% [2] - The company has not distributed any dividends in the past three years, with a cumulative payout of 3.296 billion yuan since its A-share listing [3] Group 3 - As of September 30, 2025, the number of shareholders in China Eastern Airlines decreased by 3.37% to 149,900 [2] - The top ten circulating shareholders include China Securities Finance Corporation, holding 430 million shares, and Hong Kong Central Clearing Limited, holding 295 million shares, with the latter reducing its holdings by 5.4524 million shares [3]

Group 1: Aviation Industry - The aviation sector is expected to enter a super cycle, driven by high passenger load factors and low ticket prices, with demand growth anticipated to boost profitability by 2026 [1] - Recent public and business demand has shown recovery, with ticket prices increasing year-on-year due to the release of suppressed demand from the summer season [1] - The State-owned Assets Supervision and Administration Commission emphasized the need for state-owned enterprises to resist "involution" competition, which may enhance revenue management and profitability in the aviation sector [1] Group 2: Oil Transportation - Oil transportation rates remain high, with the VLCC TCE maintaining around $120,000, driven by increased global oil production and limited effective supply due to aging tankers [2] - The outlook for oil transportation is positive, with expectations of demand growth exceeding forecasts, despite potential short-term impacts from seasonal fluctuations [2] - The U.S. has intensified sanctions on shadow fleets, which may further support the upward trend in oil transportation rates [2] Group 3: Airport Duty-Free - Shanghai Airport has announced a new duty-free contract model, shifting to a fixed fee plus actual sales commission, which may stabilize or enhance duty-free revenue [3] - The introduction of competition between domestic and international duty-free operators is expected to drive sales growth and improve pricing competitiveness [3] - The new contract structure and competitive environment are likely to incentivize duty-free operators, potentially leading to increased operational enthusiasm [3]

Core Insights - The launch of the direct flight route between China and Argentina marks a significant development in enhancing trade and cultural exchanges, with the route being recognized as the longest commercial flight globally [1][5]. Group 1: Flight Operations and Market Response - The new route operated by China Eastern Airlines connects Shanghai, Auckland, and Buenos Aires, reducing travel time from nearly 30 hours to approximately 25 hours, thus improving travel efficiency [2]. - The inaugural flight achieved a remarkable 96% seat occupancy, indicating strong market interest, which has now shifted from initial excitement to practical business planning [2]. - Increased inquiries from South American business professionals for market visits and exhibitions in China have been noted, highlighting the route's role in facilitating business interactions [2]. Group 2: Logistics and Supply Chain Benefits - The first return flight transported 2.1 tons of cherries from Argentina and 10.5 tons of Chilean salmon, showcasing the route's potential for high-value logistics [3]. - Subsequent flights have seen a 70% increase in cargo volume compared to the inaugural flight, with significant growth in e-commerce goods and precision instruments [3]. - The direct flight has enabled Argentine exporters to view Shanghai as a logistics hub for accessing the broader Asian market, enhancing supply chain reliability and reducing product loss risks [3]. Group 3: Broader Economic and Cultural Implications - The opening of the route is seen as a starting point for deeper cooperation, with plans for over 50 coordinated routes between China Eastern Airlines and Aerolineas Argentinas [4]. - The direct flight is expected to boost tourism from China to Argentina, particularly during the Southern Hemisphere's summer, providing new opportunities for the tourism industry [5]. - The route is positioned as a bridge for promoting personnel exchanges, trade reciprocity, and cultural understanding, with expectations for increased flight frequency and collaborative efforts [5].

来源：新浪证券-红岸工作室 机构持仓方面，截止2025年9月30日，中国东航十大流通股东中，中国证券金融股份有限公司位居第八 大流通股东，持股4.30亿股，持股数量较上期不变。香港中央结算有限公司位居第十大流通股东，持股 2.95亿股，相比上期减少545.24万股。 12月11日，中国东航跌0.98%，成交额2.70亿元。两融数据显示，当日中国东航获融资买入额1437.35万 元，融资偿还1009.40万元，融资净买入427.96万元。截至12月11日，中国东航融资融券余额合计3.38亿 元。 融资方面，中国东航当日融资买入1437.35万元。当前融资余额3.34亿元，占流通市值的0.39%，融资余 额低于近一年10%分位水平，处于低位。 截至9月30日，中国东航股东户数14.99万，较上期减少3.37%；人均流通股0股，较上期增加0.00%。 2025年1月-9月，中国东航实现营业收入1064.14亿元，同比增长3.73%；归母净利润21.03亿元，同比增 长1623.91%。 分红方面，中国东航A股上市后累计派现32.96亿元。近三年，累计派现0.00元。 融券方面，中国东航12月11日融券偿还6.97万 ...

Core Points - China Eastern Airlines has launched the first direct flight route between China and Argentina, with the inaugural MU745 flight arriving in Buenos Aires on December 4, marking a significant milestone in air travel between the two countries [1][2] - The flight, which connects Shanghai to Buenos Aires via Auckland, has set a new record for the longest single-route flight in the world, covering over 20,000 kilometers and taking nearly 26 hours [1] - The new route is expected to operate twice a week, enhancing trade and cultural exchanges between China, New Zealand, and Argentina [1][2] Group 1 - The direct flight has already transported over 1,000 passengers within its first week of operation [1] - The route allows for cargo transport, with the first return flight carrying over 2 tons of Argentine cherries and more than 10 tons of fresh Chilean salmon to China [1] - The opening of this route is anticipated to significantly boost regional trade and cultural interactions, as stated by the general manager of Ezeiza International Airport [1] Group 2 - The new air corridor connects Northeast Asia, Oceania, and South America, responding to the growing economic ties between China and Latin American countries [2] - The Chinese ambassador to Argentina emphasized that the new route symbolizes the friendship and connection between China, Argentina, and New Zealand [2]