Core Points - The new "Flying Joy" VIP upgrade campaign has been launched by the Golden Pigeon Club under the HNA Group, allowing members to quickly upgrade to VIP status by flying designated routes [1][2] - The campaign runs from now until December 31, requiring members to complete six flights on specified domestic routes to qualify for the upgrade [2][3] Group 1 - The campaign covers popular domestic cities including Haikou, Sanya, Boao, Xi'an, Chongqing, Chengdu, Changsha, Taiyuan, and Dalian [2] - Members can upgrade to Golden Card status by flying with any of the 11 member airlines of HNA Group, which includes Hainan Airlines, Capital Airlines, Tianjin Airlines, and Xiamen Airlines [2][3] - Golden Card members will enjoy various benefits such as preferred seating, free upgrades, access to VIP lounges, additional baggage allowance, priority baggage handling, priority boarding, and no change fees, enhancing their travel experience [2][3] Group 2 - Since 2025, the Golden Pigeon Club has been enhancing member services and benefits, introducing various promotional activities to increase member value [3] - The "Flying Joy" campaign is part of a broader strategy to focus on member needs and create more value for them [3] - The campaign is timely, coinciding with the peak travel season in autumn and winter, encouraging members to participate for a more efficient and comfortable travel experience [3]

Core Viewpoint - Hainan Airlines has received a new Airbus A330 aircraft, enhancing its fleet and expanding its international route network, particularly focusing on Europe, Oceania, and the Middle East [1][3]. Aircraft Specifications - The new Airbus A330 features a total of 301 seats, including 24 business class and 277 economy class seats, designed for passenger comfort with a 1-2-1 staggered layout in business class and a seat pitch of 30-34 inches in economy class [2]. - The aircraft incorporates domestically produced economy class seats, marking the first inclusion of such seats in mainstream wide-body aircraft [2]. Operational Enhancements - The new A330 has a maximum range increase of 700 nautical miles compared to its predecessor, allowing for more flexible route planning and capacity allocation [3]. - Hainan Airlines plans to deploy the new aircraft on approximately 15 key long-haul routes, enhancing its "Air Silk Road" network and improving connections between international and domestic routes [3]. Environmental and Economic Efficiency - The aircraft is equipped with the new Rolls-Royce Trent 7000 engines, which improve fuel efficiency by over 10% and reduce carbon emissions, aligning with Hainan Airlines' sustainability goals [3]. - The A330 is certified to use up to 50% sustainable aviation fuel (SAF), with future potential for 100% SAF usage, significantly lowering its carbon footprint [3]. Carbon Emission Management - Hainan Airlines has implemented a comprehensive carbon emission management network, achieving a reduction of over 3.27 million tons of CO2 emissions, equivalent to the annual absorption of approximately 120,000 acres of forest [4]. Route Network and Market Focus - Shanghai is a key market for Hainan Airlines, with a focus on developing premium routes and increasing the proportion of wide-body aircraft in its operations [4]. - The airline maintains stable operations on the Shanghai-Brussels route, facilitating trade and cultural exchanges between the two regions [4]. Customer Experience Enhancements - Hainan Airlines has launched a new VIP lounge at Shanghai Pudong Airport in collaboration with InterContinental Hotels, designed to enhance passenger experience with a focus on comfort and luxury [5].

Core Points - HNA Holding's stock price decreased by 2.19% to 1.79 CNY per share, with a total market capitalization of 77.356 billion CNY as of November 12 [1] - The company has seen a year-to-date stock price increase of 5.29%, but a decline of 4.28% over the last five trading days [1] - HNA Holding's main business revenue composition includes passenger transport and other services (87.52%), supplementary services (8.12%), and air cargo and excess baggage (4.36%) [1] Financial Performance - For the period from January to September 2025, HNA Holding achieved operating revenue of 53.438 billion CNY, representing a year-on-year growth of 3.30% [2] - The net profit attributable to the parent company for the same period was 2.845 billion CNY, showing a significant year-on-year increase of 30.93% [2] Shareholder Information - As of September 30, 2025, HNA Holding had 559,600 shareholders, a decrease of 4.09% from the previous period [2] - The company has cumulatively distributed 3.424 billion CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] - Hong Kong Central Clearing Limited is the eighth largest circulating shareholder, holding 558 million shares as a new shareholder [3]

《中国民航报》、中国民航网 记者李季威 通讯员唐啸啸 报道：自2025年10月26日起，新海航航空集团 旗下海南航空正式执行冬春航季航班计划。新航季中，海南航空在深圳新增3条国内航线，加密部分热 门航线航班频次，并增加宽体机投放。同时，针对5条深圳往返欧洲的滑雪航线推出滑雪装备额外免费 行李额度，进一步丰富旅客出行选择，提升乘机体验。 国内网络再加密，便捷"双向流动" 换季后，海南航空新增深圳始发3条国内联程航线，分别为深圳—青岛—哈尔滨、深圳—武汉—沈阳、 深圳—宁波—长春，为广大旅客冬日出行提供更丰富的选择，便捷旅客"温暖南下"与"冰雪北上"的双向 流动。此外，部分热门航线也同步加密频次，深圳—郑州由每日2班增至每日4班；深圳—上海浦东由每 日3班增至每日4班；深圳—杭州由每日4班增至每日5班，进一步满足旅客多元出行需求。 欧洲航线推福利，滑雪出行更轻松 随着滑雪季来临，海南航空特别为搭乘深圳往返米兰、维也纳、布达佩斯、罗马、布鲁塞尔5条欧洲航 线的旅客提供额外1件免费滑雪装备托运额度，不占用原有免费托运行李额，切实解决滑雪爱好者的装 备携带难题。新航季，海南航空在深圳共运营11条直飞国际航线，除上述5个 ...

Core Insights - The average stock price in the A-share market is 13.96 yuan, with 21 stocks priced below 2 yuan, the lowest being *ST Yuan Cheng at 0.58 yuan [1][1][1] Low-Priced Stocks Overview - Among the low-priced stocks, 9 are ST stocks, accounting for 42.86% of those priced below 2 yuan [1][1] - The stocks with the highest daily gains include Yabo Co., ST Zhongzhu, and Chongqing Steel, with increases of 4.81%, 2.06%, and 1.91% respectively [1][1] - The stocks with the largest declines are *ST Suwu, Yongtai Energy, and HNA Holding, with decreases of 1.02%, 0.61%, and 0.54% respectively [1][1] Low-Priced Stocks Ranking - The table lists various low-priced stocks along with their latest closing prices, daily change percentages, turnover rates, price-to-book ratios, and industries, highlighting the performance of these stocks in the market [1][1][1]

Core Insights - The aviation and airport sector saw a slight increase of 0.27% on November 11, with Juneyao Airlines leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Juneyao Airlines (603885) closed at 14.26, up 1.57% with a trading volume of 255,900 shares and a transaction value of 363 million yuan [1] - Xiamen Airport (600897) experienced a decline of 2.26%, closing at 16.85 with a trading volume of 87,700 shares and a transaction value of 148 million yuan [2] - China Eastern Airlines (600115) closed at 5.29, up 0.57% with a trading volume of 1,272,100 shares and a transaction value of 670 million yuan [2] Capital Flow - The aviation and airport sector experienced a net outflow of 132 million yuan from institutional investors, while retail investors saw a net inflow of 1.29 billion yuan [2][3] - China Eastern Airlines had a net inflow of 71.39 million yuan from institutional investors, but a net outflow of 39.65 million yuan from retail investors [3] - Xiamen Airport saw a net outflow of 12.81 million yuan from institutional investors, while retail investors contributed a net inflow of 12.27 million yuan [3]

Group 1 - The Hainan Free Trade Zone concept declined by 1.33%, ranking among the top declines in concept sectors as of the market close on November 11 [1] - Within the Hainan Free Trade Zone sector, notable declines were observed in Jinpan Technology, Haixia Shares, and Hainan Airlines, while seven stocks experienced price increases, with Xunlong Holdings, Hainan Ruize, and Shennong Seed Industry leading the gains at 5.99%, 2.03%, and 0.96% respectively [1][2] - The Hainan Free Trade Zone sector saw a net outflow of 1.329 billion yuan in principal funds, with 22 stocks experiencing net outflows, and nine stocks seeing outflows exceeding 50 million yuan [2] Group 2 - The top net outflow stocks in the Hainan Free Trade Zone included Jinpan Technology with a net outflow of 288.45 million yuan, followed by Haima Automobile, Haixia Shares, and Hainan Airlines with net outflows of 201.44 million yuan, 152.72 million yuan, and 74.06 million yuan respectively [2][3] - Conversely, the stocks with the highest net inflows included Xunlong Holdings, Caesar Travel, and *ST Yedao, with net inflows of 40.82 million yuan, 12.67 million yuan, and 0.48 million yuan respectively [2][3]

《中国民航报》、中国民航网 记者冯智君 通讯员张娜、张宇 报道：11月10日，宜昌三峡机场正式开通 大连—宜昌—曼谷素万那普航线，这是宜昌航空口岸扩大开放后首次开通直飞泰国最大机场——素万那 普机场的航线。该航线由海南航空执飞，于每周一、三、五、七执行，本次共有141名旅客乘坐首班航 班飞往泰国曼谷。作为东南亚重要的航空枢纽，素万那普机场的联通将为宜昌及周边地区旅客提供更高 效、舒适的国际出行体验，进一步强化宜昌与国际城市的航空联系，为旅客出行带来更多便捷。 为保障新航线顺利开通，宜昌三峡机场积极牵头组织海南航空及海关、边检等保障单位召开航班保障协 调会，围绕航班起降衔接、旅客通关流程、行李转运保障等关键环节进行深入沟通对接。宜昌海关、宜 昌三峡机场边检站持续推进宜昌三峡机场航空口岸信息化体系建设，通过优化通关服务流程、提升便利 化水平，为航班高效运行提供全面保障。（编辑：张彤 校对：张薇 审核：韩磊） （三峡机场供图） 新航线具体航班信息如下：HU7943航班，08时30分从大连起飞，11时00分抵达宜昌；12时10分从宜昌 起飞，当地时间14时35分抵达曼谷素万那普机场。HU7944航班，当地时间15时3 ...

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates have decreased, and long-distance shipping rates have also declined. The China Import Crude Oil Composite Index (CTFI) reported 2037.91 points on November 6, down 16.0% from October 30. The VLCC market is seeing a gradual entry of cargoes for late November, with a balanced supply of available vessels [3][14] - The Yufeng Future M1 aircraft has received over 2 billion yuan in orders, with 200 units ordered from domestic and international clients. The International Air Transport Association (IATA) has added the Chinese yuan as a settlement currency, expected to be operational by December 2025 [3][16][17] - China Post and COSCO Shipping have signed a strategic cooperation agreement, and ZTO Express has launched four new logistics hubs to enhance service efficiency during peak seasons [3][24][25] Industry High-Frequency Data Tracking - **Air Cargo**: The Baltic Air Freight Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was 5366.00 points, down 2.3% year-on-year but up 7.1% month-on-month [26] - **Shipping Ports**: The SCFI index reported 1495.10 points, down 3.59% week-on-week and down 35.88% year-on-year. The CCFI index was 1058.17 points, up 3.60% week-on-week but down 23.78% year-on-year [36] - **Express Logistics**: In September 2025, express delivery volume increased by 12.70% year-on-year, with revenue rising by 7.20%. Cumulative express delivery volume for the first nine months of 2025 reached 1450.8 billion pieces, up 17.20% year-on-year [48] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics. Attention is also drawn to Eastern Airlines Logistics and China Foreign Trade [5] - Opportunities in low-altitude economy investments are highlighted, recommending CITIC Offshore Helicopter [5] - Investment opportunities in the highway and railway sectors are suggested, recommending Ganyue Expressway, Beijing-Shanghai High-Speed Railway, and others [5] - The report also suggests investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Straits Shares [5]

Core Viewpoint - HNA Group's stock price has shown significant growth this year, with a 10% increase year-to-date and notable gains over various trading periods, indicating positive market sentiment and potential investment opportunities [1][2]. Financial Performance - For the period from January to September 2025, HNA Group reported a revenue of 53.438 billion yuan, reflecting a year-on-year growth of 3.30%. The net profit attributable to shareholders was 2.845 billion yuan, marking a substantial increase of 30.93% [2]. - The company has cumulatively distributed 3.424 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Stock Market Activity - On November 10, HNA Group's stock rose by 2.19%, reaching 1.87 yuan per share, with a trading volume of 872 million yuan and a turnover rate of 1.44%. The total market capitalization stood at 80.813 billion yuan [1]. - The stock has seen a net inflow of 70.5532 million yuan from major funds, with significant buying activity from large orders [1]. Shareholder Information - As of September 30, 2025, HNA Group had 559,600 shareholders, a decrease of 4.09% from the previous period. The average circulating shares per person remained at 0 [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited emerged as the eighth largest shareholder, acquiring 558 million shares as a new investor [3].