Core Points - Eastern Airlines Zhejiang Branch conducted a "Filial Piety in Autumn" themed activity on flight MU5694 from Kunming to Hangzhou to celebrate the traditional Chinese festival, Double Ninth Festival [1] - The flight crew presented carefully prepared gifts, including pastries, beverages, and "mugwort health hammers," to elderly passengers, emphasizing the deep cultural significance of filial piety in Chinese society [1][4] Summary by Sections - **Event Description** - The themed flight activity was held on the Double Ninth Festival, a traditional Chinese holiday, with the crew extending sincere wishes for happiness and well-being to passengers [3] - Gifts were distributed to elderly passengers, along with explanations of the health benefits of mugwort, creating a warm and culturally rich atmosphere onboard [3] - **Cultural Integration** - The initiative reflects Eastern Airlines' commitment to integrating traditional culture into flight services, showcasing virtues of respect and care for the elderly [4] - The thoughtful service, including gentle reminders while presenting gifts and attentive care for elderly passengers, positions the airline as a promoter of Chinese traditional culture in the aviation sector [4]

山东分公司机场指挥中心的大屏幕上，航班信息如星河流转。指挥长纪立德像往常一样早早来到大厅， 坐在熟悉的席位前，专注地梳理着每一个航班。这是他在指挥长席位值的最后一个班，明天，他将带着 三十载积淀的智慧与经验，奔赴青岛飞行部开启新的征程。尽管岗位在变，但他那份对蓝天的热爱、对 安全的坚守、对责任的担当，从未改变。有同事问："纪哥，今天是你最后一个班了吧？"他微笑着点点 头："站好最后一班岗，是我的本分。" 时间的脚步悄然迈向上午九点，接班的同事已经陆续到岗。纪立德默默整理着桌面，将值班日志的边角 抚平，理了理缠绕在一起的电话线。这个动作他做过上万次，唯独今天，手在桌面上多停留了几 秒。"纪哥，走吧，去开班后会？"一起值班的班组长在会议室门口叫他。他应了一声，将座椅推回原 （东航山东分公司供图） 位。当被问及此刻的感受，他搓了搓手："说舍得是假的，这些屏幕，这些电话，闭着眼睛都知道在哪 儿。飞行部也是保障航班运行必不可少的一环，换个地方继续干。"他没有说什么豪言壮语，只是把那 份不舍，都藏在了那个回望的眼神里。前方，飞行部的新办公室亮着灯；身后，是他用整个青春守护的 蓝天。这份三十年的坚守，这份站好最后一班岗的职 ...

Investment Rating - The report initiates coverage with a rating of "Buy" for China Eastern Airlines [1][6]. Core Insights - China Eastern Airlines is one of the three major state-owned airlines in China, benefiting from dual core hubs in Beijing and Shanghai. The company is positioned to capitalize on the recovering tourism market, which is expected to drive air travel demand. The report highlights a trend of decreasing growth in the civil aviation fleet size in China, influenced by global supply chain disruptions affecting aircraft manufacturers [1][4][9]. - The average price of aviation kerosene has decreased compared to the previous year, which is anticipated to enhance the company's profitability [4][9]. - The projected revenue for China Eastern Airlines from 2025 to 2027 is estimated at RMB 143.18 billion, RMB 152.11 billion, and RMB 159.50 billion, respectively, with year-on-year growth rates of 8.4%, 6.2%, and 4.9% [6][8]. Summary by Sections Company Overview - China Eastern Airlines, established on June 25, 1988, is a leading state-owned airline in China, with a significant presence in the aviation market. The company operates a modern fleet of 816 aircraft, making it one of the youngest fleets globally [17][23]. - The airline's main business is passenger and cargo transportation, with passenger services accounting for over 90% of total revenue in normal circumstances [24][9]. Financial Performance - In 2024, the total revenue reached RMB 132.12 billion, marking a 16.11% increase year-on-year, and the highest revenue in nearly a decade. The company has shown a recovery trend post-COVID-19, with significant revenue growth in 2023 and 2024 [38][45]. - The net profit attributable to shareholders is projected to be RMB 1.405 billion, RMB 4.528 billion, and RMB 7.055 billion for 2025, 2026, and 2027, respectively [6][8]. Market Dynamics - The Chinese aviation market has seen a 172.8% increase in passenger transport volume over the past 15 years, with a growing trend towards market-based pricing for airfares [53][54]. - The three major airlines (Air China, China Eastern Airlines, and China Southern Airlines) accounted for 62.64% of the total transport turnover in 2024, indicating a consolidated market structure [55][56]. Operational Metrics - In 2024, the available seat kilometers (ASK) were 296.91 billion, reflecting a 21.20% year-on-year increase, while revenue passenger kilometers (RPK) reached 245.89 billion, up 34.89% year-on-year, resulting in a passenger load factor of 82.76% [28][36]. - The cargo segment has shown fluctuations, with available cargo ton kilometers at 9.51 billion and cargo turnover at 3.68 billion in 2024, indicating a recovery in cargo operations [36][40].

Core Viewpoint - The resumption of the Shanghai-Hangzhou flight by China Eastern Airlines aims to facilitate international transit passengers, despite concerns regarding its competitiveness against high-speed rail options [1][2]. Group 1: Flight Resumption Details - Starting from November 15, China Eastern Airlines will operate one daily round-trip flight between Shanghai and Hangzhou, with specific departure and arrival times [1]. - The flight was previously operational in 2024 but was suspended for various reasons [1]. Group 2: Pricing and Travel Time Comparison - The economy class ticket price for the flight is approximately 230 yuan, with additional fees bringing the total to around 290 yuan, while high-speed rail tickets range from 70 to 87 yuan [1]. - The fastest high-speed train takes about 45 minutes, compared to the flight's planned duration of 50 minutes [1]. Group 3: Passenger Perspectives - Some passengers believe that the flight is not a viable option due to time, cost, and uncertainty factors, preferring high-speed rail instead [1]. - Others argue that the flight is beneficial for international transit passengers, as it simplifies the connection process between airports [1]. Group 4: Strategic Purpose of the Route - The introduction of this route is part of a broader strategy to enhance international transit options and improve the efficiency of Pudong Airport as a hub [1]. - China Eastern Airlines currently operates several connecting flights in the Yangtze River Delta region to facilitate travel to Pudong Airport [1]. Group 5: Baggage Handling and Ticketing - Passengers using the connecting flights can enjoy "one-ticket" travel and direct baggage handling, provided they purchase a connecting ticket that includes multiple flight segments [2]. - The requirement for baggage handling is that the flights must be on the same ticket and in the correct travel order [2].

Core Viewpoint - China Eastern Airlines' stock price has experienced fluctuations, with a recent decline of 2.07% and a year-to-date increase of 18.50% [1] Financial Performance - For the first half of 2025, China Eastern Airlines reported operating revenue of 66.822 billion yuan, a year-on-year increase of 4.09%, while the net profit attributable to shareholders was -1.431 billion yuan, reflecting a year-on-year growth of 48.30% [2] Stock Market Activity - As of October 29, the stock price was 4.74 yuan per share, with a total market capitalization of 105.661 billion yuan. The trading volume was 326 million yuan, with a turnover rate of 0.40% [1] - The net outflow of main funds was 50.959 million yuan, with large orders accounting for 23.48% of purchases and 31.48% of sales [1] Shareholder Information - As of June 30, 2025, the number of shareholders was 155,100, a decrease of 11.06% from the previous period [2] - The top ten circulating shareholders include China Securities Finance Corporation, holding 430 million shares, and Hong Kong Central Clearing Limited, holding 300 million shares, which increased by 55.219 million shares from the previous period [3] Dividend Information - China Eastern Airlines has cumulatively distributed 3.296 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]

Core Insights - Eastern Airlines held a winter-spring season promotion conference on October 28, discussing international route expansion and service product upgrades to seize new market opportunities for the upcoming season [1][2] - The airline plans to launch several international routes, including the resumption of the Shanghai-Delhi route on November 9, the inaugural Beijing Daxing-Muscat route on November 30, and the Shanghai-Auckland-Buenos Aires route on December 4, marking a strategic upgrade to a global route network [1][2] Group 1 - Eastern Airlines is actively integrating into the Yangtze River Delta's development process by establishing an "Eastern Airlines Air-Rail Intermodal Transfer Service Center" at Shanghai Hongqiao Station to facilitate efficient passenger transfers [2] - The airline is introducing multi-modal transport products, including air-bus, air-rail, air-air, and air-water intermodal services, allowing passengers to purchase tickets in one go for convenient travel [2] - Future plans include launching a "Yangtze River Delta Smooth Travel Zone" that offers door-to-door luggage service and parking, enhancing the travel experience with seamless transfers [2] Group 2 - The conference featured active participation from channel merchants, travel agencies, and customer representatives, with special presentations from the Argentine Consulate in Shanghai, New Zealand Tourism Board, and Abu Dhabi Department of Culture and Tourism [2]

Core Insights - The aviation and airport sector saw a rise of 0.61% on October 28, with Xiamen Airport leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Xiamen Airport (600897) closed at 17.60, up 10.00% with a trading volume of 132,700 shares and a transaction value of 229 million yuan [1] - Southern Airlines (600029) closed at 6.70, up 1.52% with a trading volume of 927,600 shares and a transaction value of 626 million yuan [1] - Other notable performances include: - Hainan Airlines (600221) up 0.60% to 1.69 [1] - China Eastern Airlines (600115) up 0.21% to 4.84 [1] Capital Flow - The aviation and airport sector experienced a net inflow of 22.1 million yuan from institutional investors, while retail investors saw a net inflow of 42.8 million yuan [2] - However, speculative funds recorded a net outflow of 64.9 million yuan [2] Individual Stock Capital Flow - Xiamen Airport had a net inflow of 45.72 million yuan from institutional investors, but a net outflow of 20.31 million yuan from speculative funds [3] - Shenzhen Airport saw a net inflow of 16.57 million yuan from institutional investors, with a net outflow of 5.96 million yuan from speculative funds [3] - China Eastern Airlines experienced a net outflow of 9.82 million yuan from institutional investors, while retail investors contributed a net inflow of 5.52 million yuan [3]

Core Points - China Eastern Airlines held a meeting to convey and study the spirit of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China, emphasizing the importance of the meeting in advancing towards the second centenary goal [2][3] - The meeting highlighted the significance of Xi Jinping's speeches and the resolutions passed during the plenary session, which provide fundamental guidance for the company's future work and strategic direction [2][3] Summary by Sections Meeting Objectives - The meeting aimed to deeply understand and accurately grasp the rich connotations and core essence of the Fourth Plenary Session, focusing on the importance of the "14th Five-Year Plan" period and its strategic priorities [3][4] Key Requirements for Implementation - A call for immediate action to promote the learning and implementation of the plenary session's spirit across all levels of the company, integrating it with the study of Xi Jinping's important discourses on state-owned enterprise reform and development [4] - A scientific approach to planning the "14th Five-Year Plan," ensuring alignment with the tasks outlined in the plenary session's resolutions and refining the overall development strategy for the next five years [4] - A commitment to advancing strict party governance and enhancing the political ecosystem within the company, focusing on reducing bureaucratic burdens and promoting a clean political environment [4] - An emphasis on achieving the annual reform and development goals by integrating the learning of the plenary session's spirit with Xi Jinping's important directives, ensuring the company's role in building a modern industrial system and a new development pattern [4]

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Views - Crude oil freight rates have decreased month-on-month, while container shipping rates on long-distance routes have increased. The China Import Crude Oil Comprehensive Index (CTFI) reported 1632.26 points on October 23, down 8.9% from October 16. The VLCC market remains cautious due to the implementation of special port fees between China and the US, leading to a weak sentiment among shipowners [2][13] - Guangdong Province has released a high-quality development plan for the low-altitude economy, aiming to establish itself as a national leader in this sector. The civil aviation industry has shown steady growth in the first three quarters of 2025, with a total transport turnover of 1220.3 billion ton-kilometers, a year-on-year increase of 10.3% [2][15][16] - In Shenzhen, the monthly delivery volume of autonomous vehicles has surpassed one million, with a year-on-year growth of 12.7% in express delivery volume in September. The postal industry reported a total business income of 152.57 billion yuan in September, up 6.8% year-on-year [2][22][24] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, while container shipping rates on long-distance routes have increased. The CTFI reported a decrease of 8.9% [2][13] - Guangdong's low-altitude economy development plan aims to optimize airspace management and promote low-altitude logistics [15][16] - Shenzhen's autonomous vehicle delivery volume has exceeded one million, with express delivery volume growing by 12.7% [22][24] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index has shown a month-on-month increase of 6.9% [26] - Domestic cargo flights have increased by 3.05% year-on-year, while international flights have risen by 15.86% [32] - The express delivery business volume in September increased by 12.7% year-on-year, with total business income reaching 127.37 billion yuan [50][54] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized Carriers, China Merchants Energy Shipping, and Huamao Logistics [4] - Pay attention to the low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Consider investment opportunities in the highway and railway sectors, recommending companies like Gansu Expressway and Beijing-Shanghai High-Speed Railway [4] - Explore investment opportunities in the express delivery sector, recommending SF Express, Jitu Express, and Yunda Express [4]

Core Viewpoint - The article highlights the innovative contributions of Qiu Xueqing, a departure controller at Eastern Airlines Jiangsu Company, who combines her dual skills in aviation operations and programming to enhance flight operation efficiency and safety [1][6]. Group 1: Professional Skills and Innovation - Qiu Xueqing has redefined the flight guarantee model by leveraging her dual skills in aviation and programming, despite her academic background in finance [3][6]. - She developed an automated program that integrates flight cutoff times with the Civil Aviation Information Network's Eterm system, significantly improving operational accuracy and reducing workload for controllers [4][5]. Group 2: Work Ethic and Learning Culture - Qiu's dedication is evident as she often works late into the night to solve complex problems, documenting her breakthroughs in a unique manner [5]. - The team environment encourages continuous learning, with colleagues pursuing various educational goals, reflecting a strong culture of self-improvement and skill enhancement [5][6].