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]

Core Points - China Eastern Airlines (CEA) inaugurated a new Shanghai-Auckland-Buenos Aires route on December 4, 2025, marking the first direct flight from Shanghai to a major South American city, thus creating a new "southbound corridor" across the Pacific [1][4] - The inaugural flight was operated by a Boeing 777-300ER and carried 282 passengers on a 20,000-kilometer journey, reducing travel time from approximately 30 hours to about 25 hours, setting a record for the world's longest one-way commercial flight [1][2] - The route allows CEA to handle passenger and cargo transfers in Auckland without aircraft change, enhancing trade between China, New Zealand, and Argentina [3][4] Service Enhancements - CEA's new route features a themed aircraft, "National Museum of China," designed in collaboration with the National Museum of China, showcasing motifs from the museum's artifacts [2] - The airline has introduced a Spanish-language hotline to assist travelers, enhancing its international service offerings [2] - Passengers on the inaugural flight enjoyed special beverages and Argentine dishes, highlighting the cultural exchange aspect of the new route [2] Trade and Cultural Exchange - The route facilitates a cold-chain direct delivery channel from Argentina to China, with the return flight carrying 2.1 tonnes of Argentine cherries and 10.5 tonnes of fresh Chilean salmon [4] - The complementary seasons between the Northern and Southern Hemispheres are expected to attract travelers, promoting cultural exchanges between the Asia-Pacific and Latin America [4]

SHANGHAI, Dec. 11, 2025 (GLOBE NEWSWIRE) -- On December 1, at 11:08 a.m., China Eastern Airlines flight MU9179 touched down smoothly at Lanzhou Zhongchuan International Airport, which sits at an elevation of 1,948.7 meters (6,394 feet). This landing marked the official commencement of regular commercial flights by C919, China's first domestically produced large civil aircraft, on the Shanghai-Lanzhou route. It is also the first time China Eastern Airlines has flow the C919 to a high-altitude airport. A Med ...

（本文图片均由东航江西分公司提供） 今年以来，东航江西分公司陆续组织开展篮球、羽毛球、匹克球、健步走等形式多样的文体活动，有效 增强了团队凝聚力和向心力。此次趣味运动会是分公司持续推动职工关怀、营造健康氛围的又一务实举 措。参赛职工纷纷表示，要把运动场上的活力与拼劲转化为保障航班安全、提升服务品质的工作动力， 以更加饱满的精神状态投入年底各项生产任务，为旅客提供更加美好的出行体验。（编辑：陈虹莹 校 对：许浩存 审核：程凌） 《中国民航报》、中国民航网 记者胡夕姮 报道：12月8日上午，东航江西分公司2025年职工趣味运动会 在南昌昌北机场足球场举行。公司飞行部、运行指挥中心、客舱部、地服部、市场部等10支代表队依次 亮相，在协作与竞技中展现团队风采，凝聚奋进合力。 本次运动会设置了"东西南北跑""五人四足""趣味夹球""无敌风火轮"等一系列兼具趣味性、协作性与竞 技性的比赛项目。赛场上，参赛队员团结协作、奋勇争先；赛场边，加油声、欢呼声此起彼伏，现场气 氛热烈欢快。经过多轮角逐，飞行部、保卫部、江西航食分获团体总分前三名。 ...

Core Insights - The international airline market is experiencing intensified competition as airlines prepare for peak travel periods around New Year's, winter holidays, and the Spring Festival [1] Group 1: New Route Developments - China Southern Airlines (CZ377) launched a new route from Guangzhou to Madrid, achieving over 90% seat occupancy on return flights [2] - China Southern Airlines also inaugurated a direct flight from Guangzhou to Darwin, reducing travel time to approximately 6 hours [2] - Eastern Airlines opened a significant new route from Shanghai to Buenos Aires via Auckland, marking the longest single-route flight globally and filling a gap in direct flights to South America [2] - Hainan Airlines announced three new Southeast Asia routes, including Haikou to Kuala Lumpur and Ho Chi Minh City, set to open in December [2][3] - Sichuan Airlines resumed its direct flight from Chengdu to Auckland [3] Group 2: Travel Demand and Booking Trends - Flight ticket bookings for the upcoming New Year holiday have surged, with domestic route bookings exceeding 1.06 million, a year-on-year increase of approximately 45%, and international route bookings surpassing 530,000, up about 15% [4] - Popular outbound destinations for the New Year include Bangkok, Seoul, and Singapore, with long-distance destinations like London and Sydney also in demand [4] - The travel booking platform reported a significant increase in interest for outbound travel products, with overall booking activity rising over 30% compared to the previous year [4] - There is a growing interest in long-haul destinations such as Australia, Turkey, Egypt, and Switzerland, indicating a shift towards more diverse travel options [5] - The expansion of international routes is expected to enhance flight accessibility and meet the increasing demand for travel from China and to China [5]

Core Viewpoint - China Eastern Airlines (CEA) has successfully launched the world's longest one-way route from Shanghai to Buenos Aires via Auckland, marking a significant expansion in its international network and enhancing its global connectivity [2][3]. Group 1: International Route Expansion - CEA has opened 24 new international routes in 2025, achieving 108.2% of its international and regional flight transport volume compared to 2019 [3]. - The airline's global route network now covers 40 countries and regions, with 245 cities and 255 destinations, including 83 international and 6 regional points [3][4]. - CEA has significantly increased flight frequencies to key markets in Europe, the Middle East, and Oceania, with flight volumes to the Middle East reaching 332.6% and to Europe 177.3% of 2019 levels [4]. Group 2: Domestic Route Optimization - CEA is optimizing its domestic route network, focusing on key economic regions such as the Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area [5]. - The airline has established new branches in Northeast China and Xinjiang, expanding its route network and enhancing its service capabilities [5]. Group 3: Domestic Aircraft Development - CEA has commenced regular commercial flights with the domestically produced C919 aircraft, marking a milestone in China's aviation industry [6][7]. - The airline has successfully operated 15 routes with the C919, achieving over 43,000 flight hours and transporting more than 2.45 million passengers with an average load factor exceeding 85% [7][8]. Group 4: Integrated Service Innovations - CEA has launched various service innovations, including pet-friendly flights, upgraded in-flight WiFi, and integrated travel products combining air and cruise services [9][10]. - The airline has developed a comprehensive transportation network, including intermodal services that connect air travel with high-speed rail and bus services, enhancing passenger convenience [10][11]. Group 5: Cultural and Economic Contributions - CEA has partnered with cultural institutions to promote tourism and cultural events, significantly boosting local economies and consumer spending [9][11]. - The airline's initiatives in cultural tourism and integrated services aim to create a vibrant "aviation ecosystem," contributing to the broader economic development [11].

Investment Summary - The transportation industry has shown a significant underperformance compared to the broader market, ranking among the lowest in terms of growth within the Shenwan primary industry indices as of December 8, 2025 [15][16] - The implementation of anti-involution policies has positively impacted the fundamentals of certain segments within the transportation sector, particularly benefiting the aviation and express delivery sectors [26][30] 2026 Outlook - The focus for 2026 remains on sectors benefiting from anti-involution policies and high-certainty stocks, with a long-term impact expected from these policies on stock price movements [5][34] - Key sectors to watch include aviation, express delivery, and regional shipping, while high-dividend and low-debt companies are expected to attract more investor interest in weaker cyclical areas [5][34] Express Delivery Sector - The express delivery industry has seen a recovery in profitability driven by rising single-package prices, with major companies like YTO Express and Shentong Express showing significant improvements [6][35] - The trend of price competition has been curtailed, leading to a decrease in package volume growth as companies focus on maintaining service quality and profitability [6][38] - The competitive strategies among companies have diverged, with YTO and Shentong performing strongly, while Yunda has struggled with profitability and market share [42][53] Aviation Sector - The aviation sector has experienced a notable improvement in performance since Q2 2025, with major airlines reporting increased profitability compared to the previous year [63][64] - The focus for 2026 will be on the transition from high passenger load factors to higher ticket prices, supported by controlled supply and strong demand [69][87] - Major airlines are expected to maintain cautious procurement strategies, with a projected fleet growth of around 5% in 2026 [69][80] Highway Sector - The highway sector has faced significant adjustments in stock prices, leading to a more rational market approach towards high-dividend investments [8][4.1] - Following substantial adjustments, the attractiveness of highway stocks has improved, with a focus on companies with high dividend ratios and low debt levels [8][4.3]

Core Insights - The international airline market is experiencing intensified competition as airlines prepare for the peak travel season around New Year's, winter holidays, and the Spring Festival [1] Group 1: New Routes and Capacity Expansion - Multiple airlines, including China Eastern Airlines (CEA), China Southern Airlines (CSA), Hainan Airlines, and Juneyao Airlines, have launched, increased, or resumed international routes to capture passenger traffic [1] - CSA's new route from Guangzhou to Madrid has seen a high occupancy rate of over 90% for both outbound and return flights [2] - CSA has also launched a direct flight from Guangzhou to Darwin, reducing travel time to approximately 6 hours, and CEA has opened a significant route from Shanghai to Buenos Aires via Auckland, marking the longest single-route flight and filling a gap in direct flights to South America [4] Group 2: Southeast Asia and Future Plans - Hainan Airlines announced three new Southeast Asia routes, including direct flights from Qionghai to Kuala Lumpur and planned routes from Haikou to Ho Chi Minh City and Hanoi [6] - Juneyao Airlines plans to launch a direct flight from Shanghai to Tawau, Malaysia, in January 2026, enhancing access to popular diving destinations [6] - Sichuan Airlines has resumed its direct flight from Chengdu to Auckland, and CSA will increase its Guangzhou to Sydney flights to four round trips daily during the peak season [6] Group 3: Travel Demand and Booking Trends - Flight ticket bookings for the upcoming New Year holiday have increased significantly, with domestic route bookings exceeding 1.06 million, up approximately 45%, and international route bookings surpassing 530,000, up about 15% [7] - Popular international destinations for the New Year include Bangkok, Seoul, and Singapore, with long-haul destinations like London and Sydney also gaining traction [7] - There is a notable increase in bookings for long-distance flights to Australia, Turkey, Egypt, and Switzerland, indicating a shift in traveler preferences towards more diverse and distant destinations [8] Group 4: Market Outlook - The continuous opening and enhancement of mid- to long-haul international routes are expected to improve flight accessibility and expand the global route network [10] - New routes such as Guangzhou to Darwin and Shanghai to Buenos Aires effectively tap into the long-haul market, catering to the growing demand from Chinese travelers and foreign visitors to China [10]

Core Insights - The aviation and airport sector saw a rise of 1.14% on December 10, with HNA Holding leading the gains [1] - The Shanghai Composite Index closed at 3900.5, down 0.23%, while the Shenzhen Component Index closed at 13316.42, up 0.29% [1] Stock Performance - HNA Holding (600221) closed at 1.80, up 4.05% with a trading volume of 8.32 million shares [1] - Shanghai Airport (600009) closed at 32.39, up 1.73% with a trading volume of 147,300 shares [1] - Southern Airlines (600029) closed at 6.98, up 1.16% with a trading volume of 258,000 shares [1] - Shenzhen Airport (000089) closed at 6.98, up 1.01% with a trading volume of 88,900 shares [1] - China National Aviation (601111) closed at 8.24, up 0.73% with a trading volume of 306,800 shares [1] - Baiyun Airport (600004) closed at 9.71, up 0.62% with a trading volume of 108,200 shares [1] - Huaxia Airlines (002928) closed at 10.02, up 0.60% with a trading volume of 120,500 shares [1] - Juneyao Airlines (603885) closed at 13.48, up 0.60% with a trading volume of 123,400 shares [1] - China Eastern Airlines (600115) closed at 5.08, up 0.59% with a trading volume of 473,000 shares [1] - CITIC Offshore Helicopter (000099) closed at 20.18, up 0.30% with a trading volume of 56,600 shares [1] Capital Flow - The aviation and airport sector experienced a net outflow of 3.6965 million yuan from institutional investors, while retail investors saw a net inflow of 8.92532 million yuan [2] - The overall capital flow indicates a mixed sentiment among different investor types within the sector [2] Individual Stock Capital Flow - HNA Holding saw a net inflow of 14.2 million yuan from institutional investors, but a significant outflow of 85.3144 million yuan from retail investors [3] - China Eastern Airlines had a net inflow of 23.1458 million yuan from institutional investors, with retail investors also experiencing a net outflow [3] - China National Aviation had a net inflow of 9.8210 million yuan from institutional investors, while retail investors had a net inflow of 660.88 million yuan [3] - Baiyun Airport had a net inflow of 3.9543 million yuan from institutional investors, but retail investors faced a net outflow [3] - Huaxia Airlines had a net inflow of 3.0489 million yuan from institutional investors, with retail investors showing a slight net inflow [3]

Market Performance - The aviation and airport sector increased by 0.91% on December 8, with Xiamen Airport leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Stock Performance - Xiamen Airport (600897) saw a significant rise of 10.00%, closing at 18.92 with a trading volume of 176,200 shares and a transaction value of 318 million yuan [1] - China Eastern Airlines (600115) increased by 2.35%, closing at 5.22 with a transaction value of 465 million yuan [1] - Other notable performers include: - 吉祥航空 (603885) up 1.84% to 13.84 [1] - 海航控股 (600221) up 1.13% to 1.79 [1] - 上海机场 (600009) up 1.07% to 32.15 [1] Capital Flow - The aviation and airport sector experienced a net outflow of 1.1847 million yuan from institutional investors, while retail investors saw a net outflow of 113 million yuan [2] - Conversely, speculative funds recorded a net inflow of 11.4 million yuan [2] Individual Stock Capital Flow - Xiamen Airport (600897) had a net inflow of 75.8533 million yuan from institutional investors, but a net outflow of 41.6046 million yuan from retail investors [3] - Shanghai Airport (600009) saw a net inflow of 12.4068 million yuan from institutional investors, with a net outflow of 19.0737 million yuan from retail investors [3] - China Eastern Airlines (600115) experienced a net outflow of 5.7540 million yuan from institutional investors, while speculative funds had a net inflow of 37.2950 million yuan [3]