Core Viewpoint - The report from Zhongtai Securities indicates a downward trend in the total flight schedule volume for domestic airlines in the 2025 winter-spring season, both year-on-year and month-on-month, suggesting a potential for price recovery due to supply constraints and high load factors [1][2]. Group 1: Seasonal Overview - The total flight schedule volume for domestic airlines in the 2025 winter-spring season shows a year-on-year decrease of 2% and a month-on-month decrease of 3%, while still being 15% higher than the 2019 winter-spring season [2]. - International flight schedule volume has limited growth, with a 2% increase compared to the 2024 winter-spring season, reaching 75% of the 2019 levels [2]. - The planned schedule volume for domestic airlines in Asia, Europe, Oceania, the Middle East, North America, and Africa has recovered to 79%, 126%, 81%, 171%, 26%, and 267% of the 2019 levels, respectively [2]. Group 2: Domestic Route Dynamics - The overall flight schedule volume is declining, with only five-tier cities showing significant growth, which increased by 4.6% [3]. - The Civil Aviation Administration has limited the release of flight slots in first-tier cities, leading to stable schedule volumes in these areas [3]. - Airlines are likely reducing schedules in less profitable lower-tier cities while increasing flights in five-tier cities, particularly in Xinjiang due to favorable subsidy policies [3][4]. Group 3: Competitive Landscape - Major airlines are reducing their presence in lower-tier markets, which may enhance their revenue quality; for instance, Air China, China Eastern Airlines, and China Southern Airlines have decreased their schedule volumes in lower-tier cities by 3%, 5%, and 4%, respectively [5]. - The proportion of core city flight schedules for major airlines is significant, with Air China at 82%, China Eastern at 80%, and Spring Airlines at 74% [5]. - Huaxia Airlines is increasing its schedule volume by 5.2%, primarily in second and five-tier cities, benefiting from recovery in capacity and subsidies [6]. Group 4: Strategic Investments - Spring Airlines and Hainan Airlines are focusing on increasing their flight schedules in second to five-tier cities, with Spring Airlines showing growth rates of 6.27% to 31.46% across various city tiers [7]. - Hainan Airlines is also increasing its flight schedules in first, second, and five-tier cities, indicating a dual benefit from demand and subsidy policies [7].

Core Insights - The "2025 North Bund International Shipping Forum" in Shanghai focuses on "Collaborative Promotion of Global Shipping Sustainable Development" and features various forums and activities [1] Group 1: Forum Highlights - The forum includes a main forum on international green shipping, an international maritime forum, and an international aviation forum, along with several sub-forums and special events [1] - Key outcomes include the signing of cooperation documents among government departments and the announcement of major collaborative results in green shipping corridors and international aviation hub development [4] Group 2: Shanghai's Strategic Goals - Shanghai aims to leverage national strategies and technological innovation to enhance its role as a world-class shipping hub, focusing on high-end shipping services and green transformation [3] - The city plans to improve shipping infrastructure and services, including enhancing shipping insurance capabilities and establishing a global green fuel supply center [3][4] Group 3: Collaborative Initiatives - Several green shipping corridors have been announced, connecting major Chinese ports with international counterparts, such as the "Shanghai Port-Barcelona Port Digital Green Roll-on/Roll-off Shipping Corridor" [4] - The forum also highlights the launch of the "China Pass Card" by China Eastern Airlines, aimed at enhancing travel experiences for international visitors [7] Group 4: Participation and Impact - The forum is expected to attract around 4,000 participants from over 50 countries, marking its fifth anniversary and emphasizing its growing influence in the international shipping community [7][8] - Various activities, including a global port leaders' luncheon and discussions on green shipping, are set to take place, enhancing professional depth and industry engagement [8]

Core Insights - The "2025 North Bund International Shipping Forum" and "2025 North Bund International Aviation Forum" were held in Shanghai, focusing on sustainable development in global shipping and aviation industries [3][5] - Key themes included collaboration for global aviation's new landscape and the integration of technology in enhancing operational efficiency and sustainability [5][7] Group 1: Forum Highlights - The forums featured speeches from prominent figures, including Shanghai's Vice Mayor and leaders from China Eastern Airlines and Shanghai Airport, emphasizing Shanghai's role in the global aviation hub [5][9] - China Eastern Airlines and Shanghai Airport Group have collaborated for five years to enhance Shanghai's status as China's largest aviation hub [5][9] Group 2: Innovations and Initiatives - The forums showcased innovative projects such as the "China Pass Card," which integrates various exclusive benefits for travelers [7][9] - A focus on "Aviation + Cultural Tourism" was highlighted, with interactive displays demonstrating the latest technological advancements in travel [7][9] Group 3: Key Publications and Results - China Eastern Airlines released its "Global Passenger and Cargo Network Construction" report, while Shanghai Airport introduced the "Hula Hula·Easy Transfer" brand, aimed at enhancing international hub capabilities [9][10] - A joint project on sustainable aviation fuel technology was announced, aiming to overcome traditional refining challenges [10]

（王潇雨 摄影） 根据东航方面发布的信息显示，中方首条恢复的中印航线将从11月9日起每周周三、六、日执行。东航 方面为这条航线安排了空客A330-200宽体客机执飞。 在东航方面看来，德里作为印度政治、经济与文化中心，与中国在经贸、科技、教育及旅游等多个领域 合作密切。东航恢复此航线，标志着东航中印航线全面重启，为两国人员往来与经贸合作注入新动力。 同时，依托东航浦东枢纽提供便捷的联程中转服务，旅客可轻松往返于中国内地各大城市与德里之间， 并可衔接至北美、日韩及欧洲等多个国际目的地。 东航在2019年时曾经运营着上海与德里以及昆明和加尔各答两条中印直飞航线，均为每日班。2019年中 国和印度年航空旅客量达到125万人次，两国之间的航空客运规模虽然相比其他很多国家和地区的市场 规模并不突出，但一直处在增长态势中。根据航空数据分析机构发布的数据显示，最高峰时两国之间直 飞航线达到9条，月均航班量最高达到540个班次。 除了东航之外，将率先恢复加尔各答与广州航线的靛蓝航空尚未开飞便再次宣布增班。而新增的德里- 广州航线也并非新增航线，在2020年之前由中国南方航空股份有限公司运营，此番靛蓝航空"接棒"，也 是其首次 ...

Core Insights - The "2025 North Bund International Shipping Forum" focuses on promoting global shipping sustainable development through collaboration [2] - The forum includes various sessions such as the main forum on international green shipping, international maritime and aviation forums, and multiple sub-forums and activities [2] Group 1: Aviation Industry Developments - The 2025 North Bund International Aviation Forum, themed "Innovation Leads, Smart Chain Future," gathered nearly 300 representatives from the global aviation sector to discuss new trends and paths in aviation development [2] - China Eastern Airlines released its "Global Passenger and Cargo Network Construction" report, while Shanghai Airport introduced its "Hulao Hulao·Easy Transfer" brand [2][11] - The Shanghai Municipal Science and Technology Commission, Shanghai Airport, and East China Normal University jointly announced a project on key technologies and pilot verification for sustainable aviation fuel [2][13] Group 2: Strategic Goals and Innovations - Shanghai aims to enhance its international aviation hub status by focusing on innovation, technology empowerment, and digital green transformation to achieve high-quality development in air transport [4] - The aviation industry is moving towards a new era characterized by digitalization, intelligence, and sustainability, with a focus on collaborative and innovative practices [6] - China Eastern Airlines and Shanghai Airport are committed to driving high-quality development through innovation and technology integration, aiming to enhance connectivity and industry collaboration [5] Group 3: Key Achievements and Future Plans - China Eastern Airlines plans to open 23 new medium and long-haul international routes by 2024, connecting 21 countries along the Belt and Road Initiative, and aims to become the leading airline in terms of international destinations [12] - Shanghai Airport has achieved historical highs in hub scale and transfer functions, with plans to further enhance its comprehensive international aviation hub capabilities [5] - The "China Pass Card" was launched to provide exclusive benefits for inbound travelers, aiming to create a trillion-level inbound consumption ecosystem [7] Group 4: Industry Metrics and Future Outlook - The 2025 China Transport Airport Development Index, released by the China Civil Airport Association, shows a total score of 113.40, a 13.4% increase from 2019, indicating significant improvements across various dimensions [14] - The sustainable aviation fuel project aims to provide innovative technological support for achieving carbon neutrality goals by overcoming traditional production challenges [13]

Core Insights - The 2025 North Bund International Shipping Forum opened on October 19 in Shanghai, focusing on "Collaborative Promotion of Global Shipping Sustainable Development" [1] - Key presentations included China Eastern Airlines' "Building a Global Aviation Corridor," Shanghai Airport's "Creating the 'Shanghai to Shanghai' International Aviation Hub Brand," and East China Air Traffic Management Bureau's "Building an Integrated Platform for Runway Operation Safety" [1] Group 1 - The year 2025 marks the completion of the "14th Five-Year Plan," with Shanghai's International Shipping Center transitioning from "basically completed" to "fully completed," maintaining a top-three global ranking [3] - Significant developments in aviation infrastructure include the expansion of Pudong International Airport and the construction of the Shanghai East Station, aiming to create a large integrated transportation hub [3] - In 2024, Shanghai Airport is expected to achieve regular flights to 48 countries with 291 passenger and cargo routes, with cargo throughput ranking second globally [3] Group 2 - In the first nine months of this year, Shanghai's two airports recorded 627,900 flight takeoffs and landings, 100 million passengers, and 3.2869 million tons of cargo, reflecting year-on-year increases of 4.39%, 8.04%, and 6.72% respectively [3] - The afternoon session of the forum featured the "Innovation Leads the Way, Smart Chain Future—Technology Empowering the Global Aviation New Landscape" theme, co-hosted by China Eastern Airlines and Shanghai Airport for the fifth consecutive year [3]

《中国民航报》、中国民航网 记者钱擘 实习生葛畅 报道：10月19日，2025北外滩国际航空论坛在沪举 行。论坛以"创新领航 智链未来——科技赋能全球航空新格局"为主题，在上海世界会客厅举办，中国 东航与上海机场已连续5年携手承办这一盛会，论坛汇聚近300名全球航空领域的政企代表、专家学者， 共同探讨新时代航空发展新趋势、新路径。 北外滩国际航空论坛现场 东航团队保障论坛 2025北外滩国际航空论坛是2025北外滩国际航运论坛的重要组成部分。论坛上，中国东航发布《全球客 货运航网建设》成果，上海机场发布《中转品牌"沪来沪往·适易中转"》成果，上海市科委、上海机 场、华东师范大学联合发布《可持续航空燃料关键技术与中试验证项目》成果，中国民用机场协会发布 《2025中国运输机场指数》成果。 东航《全球客货运航网建设》成果指出，东航始终将自身发展深度融入上海国际航空枢纽建设，助力浦 东机场实现全国最大的旅客吞吐量、实现中国民航最高的货邮吞吐量。在航网建设上，东航2024年以来 新开23条中远程国际航线，通达共建"一带一路"国家21个、通航点36个。今年年底首开上海—新西兰— 阿根廷航线后，东航将实现自中国境内通航六 ...

Group 1 - The 2025 North Bund International Aviation Forum was held in Shanghai, focusing on innovation and technology in the global aviation landscape, with nearly 300 representatives from the aviation sector attending [1][2] - China Eastern Airlines announced the launch of 23 new medium and long-haul international routes since 2024, connecting 21 countries along the Belt and Road Initiative and 36 destinations [2] - By the end of this year, China Eastern Airlines will open a new route from Shanghai to New Zealand and Argentina, positioning itself as the leading airline in terms of international destinations in China [2] Group 2 - The 2025 China Transportation Airport Development Index, released by the China Civil Airports Association, scored 113.40, a 13.4% increase from the 2019 baseline, marking a historical high [2] - The index indicates comprehensive improvements in safety, accessibility, convenience, service, sustainability, and contribution across six dimensions for Chinese transportation airports [2] - The report highlights three major trends: accelerated digital transformation, systematic promotion of green development, and deepening collaborative frameworks within the aviation sector [2]

Group 1 - China Eastern Airlines and Royal Air Maroc signed a memorandum of understanding in Shanghai on October 18, marking a new milestone in their strategic cooperation to enhance air transport links between China and Africa [1][2] - The agreement includes a special revenue-sharing arrangement and the establishment of a code-sharing partnership, aimed at integrating route resources and providing travelers with more options and flexibility for intercontinental travel [2] - China Eastern Airlines has been increasing flight frequency between China and Morocco, with Shanghai Airlines set to launch a new route from Shanghai to Casablanca via Marseille starting January 19, 2025, operating three flights per week [2] Group 2 - Royal Air Maroc will resume its first direct flight route from Casablanca to Beijing on January 20, 2025, operating three flights per week, facilitating travel between the two countries [2] - The collaboration leverages China Eastern Airlines' strong base in Shanghai and Royal Air Maroc's influence across Africa, indicating a highly complementary route network and promising cooperation prospects [2] - The strategic partnership is expected to boost tourism flows between China and Morocco, providing transportation support for deeper economic and trade exchanges between Asia and Africa [2]

Core Points - Eastern Airlines announced the resumption of the Shanghai-Delhi route, which will operate three flights per week starting from November 9, marking the first time in five years that this route has been active [1] - The route will be serviced by an Airbus A330 aircraft [1] - During the National Day period, the Indian Embassy in China stated that both countries have reached a consensus to restore direct flights connecting designated points between China and India by the end of October 2025 [1]