中国民航网 通讯员刘思远 报道：2025年冬春航季，新海航航空集团旗下海南航空持续拓展西北地区航 线网络，新开兰州—南充—北海、兰州—南昌航线及兰州—合肥航线。其中，兰州—南充—北海、兰州 —南昌航线每周二、四、六各执行一班往返，兰州—合肥航线每日执行一班往返。这些新航线的开通将 显著提升兰州对周边地区的辐射能力，为旅客冬春出行提供更多便捷与选择。 2025年冬春航季，海南航空在兰州共运营16条国内航线，通达北京、海口、三亚、贵阳、长沙、乌鲁木 齐、深圳等公商务及热门旅游城市，每周计划执行出港航班约86个班次。后续，海南航空将根据市场需 求持续优化运力安排，旅客可通过海南航空官网及APP、微信公众号及小程序、服务热线95339、各直 属售票处及授权代理查询及购票。（编辑：许浩存 校对：陈虹莹 审核：韩磊） （海南航空供图） ...

Core Viewpoint - The article discusses the significant reduction and cancellation of flights between China and Japan due to recent political tensions, affecting travel plans for the upcoming winter and spring seasons [1][2]. Flight Reductions and Cancellations - Starting December 1, 16 Chinese airlines will reduce weekly flights to Japan by 156, with the most significant cuts from Juneyao Airlines, which will decrease its flights from 114 to 79 per week, a reduction of 31% [1]. - China Southern Airlines, Shenzhen Airlines, and Eastern Airlines will also see reductions of 23, 22, and 18 flights per week, respectively [1]. - The cancellation rate for planned flights to Japan is projected to reach 21.6% by November 27, with 12 routes already canceling all flights [1][2]. Impact on Travelers - The reduction in flights coincides with the peak travel season for skiing and hot springs in Japan, leading to potential disruptions for travelers planning winter trips [2]. - Specific routes with high cancellation rates include Tianjin Binhai to Kansai International (65.0%) and Nanjing Lukou to Kansai International (59.4%) [2]. Aircraft Type Adjustments - Airlines are not only reducing flight frequencies but also changing aircraft types to smaller models, such as switching from the Airbus A330-300 to the A321, which has a lower passenger capacity [3]. - Some airlines, like Shandong Airlines and Xiamen Airlines, have not made any adjustments to their Japan routes [3]. Price Increases - Spring Airlines has raised the minimum ticket prices for several routes, with the lowest fare for Shanghai to Okinawa reaching 42,900 JPY (approximately 2,000 CNY) [4]. Summary of Adjustments by Airlines - A detailed table lists various airlines and their specific route adjustments, including reductions in frequency and cancellations, with some airlines maintaining their original schedules [5][6][7].

Core Viewpoint - The Japan-China flight routes are undergoing significant adjustments, with a notable increase in flight cancellations and a decline in passenger volume due to recent travel advisories and market factors [1][4]. Group 1: Flight Cancellations - The cancellation rate for flights to Japan is projected to reach 21.6% on November 27, marking the highest level in a month [1]. - A total of 12 routes have canceled all flights as of November 24, with several routes showing a 100% cancellation rate, including those from Hangzhou, Nanjing, and Yuncheng [3]. - The top routes with high cancellation rates include Tianjin to Kansai International (65.0%) and Nanjing to Kansai International (59.4%) [3]. Group 2: Airline Adjustments - Major Chinese airlines, including Air China, China Eastern, and Spring Airlines, have begun to adjust their services to Japan, with some flights closing reservations [4]. - For instance, China Eastern's Beijing to Osaka route will see 6 out of 14 weekly flights closed for booking starting December 1, 2025 [4]. - The overall flight volume from mainland China to Japan decreased by 471 flights in October compared to September, indicating a significant reduction in travel activity [4]. Group 3: Impact on Tourism and Economy - China is the largest source of tourists for Japan, with 7.487 million Chinese visitors from January to September 2025, representing a 42.7% year-on-year increase [6]. - A reduction in Chinese tourists is expected to directly lower Japan's GDP by 0.36%, resulting in an economic loss of approximately 2.2 trillion yen (about 101.16 billion yuan) [6].

Core Insights - China's visa-free policy is significantly boosting travel demand from Europe to China, leading airlines to accelerate the restoration and expansion of direct flight routes [2] - Hainan Airlines has officially launched a direct flight route from Brussels to Chongqing, marking a key development in this trend [2] - The industry views the combination of visa facilitation and route expansion as a positive feedback loop that enhances connectivity between China and Europe [2]

Core Viewpoint - Hainan Airlines, a subsidiary of HNA Group, will officially launch a direct flight route from Hefei to Lanzhou on December 12, 2025, enhancing economic and cultural exchanges between Anhui and Gansu provinces while providing more convenient travel options for passengers [1]. Group 1: Flight Route Details - The Hefei-Lanzhou route will operate one round-trip flight daily, with flight HU7540 departing from Hefei at 11:05 and arriving in Lanzhou at 13:40, and flight HU7539 returning from Lanzhou at 08:00 and arriving in Hefei at 10:15 [1]. - During the 2025 winter-spring season, Hainan Airlines will operate a total of 14 domestic routes from Hefei, Anqing, and Chizhou, connecting to major cities such as Beijing, Haikou, Sanya, Guangzhou, Changchun, Shenyang, and Lanzhou, with approximately 100 outbound flights planned weekly [1]. Group 2: Service Commitment - As the only SKYTRAX five-star airline in mainland China, Hainan Airlines is committed to maintaining safety standards, implementing a "genuine service" philosophy, and continuously upgrading and innovating its products to enhance service quality for passengers [2].

Core Insights - The article highlights the ongoing capital operations of Fang Wei, chairman of Fangda Group, particularly focusing on HNA Holding's recent financial maneuvers and Fangda Group's strategic investments across various industries [2][5][18]. Group 1: Capital Operations - HNA Holding completed a capital increase of 1.635 billion yuan to its subsidiary HNA Technology, maintaining a 68.07% stake post-increase [5]. - HNA Holding also finalized a 799 million yuan acquisition of Tianyu Flight Training, a flight training company, indicating a strategic focus on aviation [5][9]. - Fangda Group's investments include a 2.66 billion yuan increase in Chongqing Fangda Aviation International Headquarters and a 9.58 billion yuan acquisition of a 65% stake in Chongqing Medical University Affiliated Third Hospital [8][17]. Group 2: Business Performance - All five A-share companies under Fangda Group reported profitability in the first three quarters of 2025, with notable performances from Fangda Special Steel and HNA Holding [18][20]. - HNA Holding's net profit reached 2.845 billion yuan, a 30.93% increase year-on-year, recovering from previous significant losses [19][20]. - Fangda Carbon's net profit was 113 million yuan, despite a more than 50% decline, reflecting the pressures of the steel industry's low cycle [18]. Group 3: Fangda Model - The "Fangda Model" is characterized by precise asset acquisition, capital operations, and the introduction of refined management practices, which have proven effective in revitalizing struggling companies [22][23]. - Fang Wei's approach includes maintaining employee stability and morale through financial incentives and a commitment to not reducing staff or salaries [22][23]. - The model's effectiveness is evident in the successful turnaround of previously distressed companies, showcasing its resilience and adaptability in various sectors [22][23].

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates are rising while ocean freight rates are declining. The China Import Crude Oil Comprehensive Index (CTFI) reached 2325.40 points on November 20, up 4.2% from November 13. VLCC market activity remains strong, but overall market activity is expected to decline without actual cargo support [3][14] - Changlong Airlines has initiated its IPO process, and VOLANT has signed a confirmation order for the VE25-100 eVTOL aircraft with a state-owned investment group, with the order amount exceeding 100 million yuan [3][16] - The China-Europe Railway Express has surpassed 3500 trips this year, marking a historical high. A new "passenger-cargo-mail integration" model has been launched in cooperation between Rizhao Public Transport and SF Express [3][22] Summary by Sections Industry Hot Events - Crude oil freight rates are high while ocean freight rates are declining. The Shanghai port export price to Europe was $1367/TEU, down 3.5%, and to the US West and East Coast was $1645/FEU and $2384/FEU, down 9.8% and 8.3% respectively [3][15] - Changlong Airlines is preparing for its IPO, with a focus on expanding its operational capacity and market reach [3][16] - The China-Europe Railway Express has achieved a record of over 3500 trips this year, with a focus on high-value goods transportation [3][23] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased both month-on-month and year-on-year, indicating a positive trend in air freight pricing [4][28] - Domestic express delivery volume increased by 7.90% year-on-year in October 2025, with total express delivery volume reaching 176 billion pieces [4][50] - The national highway freight truck traffic increased by 2.57% week-on-week, indicating a recovery in road logistics [4][18] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the low-altitude economy sector, with recommendations for CITIC Offshore Helicopter [5] - Investment opportunities in the road and rail sectors, recommending companies such as Gansu Expressway and Beijing-Shanghai High-Speed Railway [5]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profit elasticity, and creating favorable competition opportunities in the medium to long term [15] - The shipping market is expected to benefit from the OPEC+ production increase cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market's outlook for Q4 2025 [15] - The shipping market is anticipated to recover, supported by environmental regulations limiting the operation of older fleets and the upcoming production of the West Manganese iron ore by the end of 2025 [15] Summary by Sections Express Logistics - In October 2025, the express delivery industry achieved a business volume of 17.6 billion pieces, a year-on-year increase of 7.9%, with revenue reaching 131.67 billion yuan, up 4.7% year-on-year [4][24] - Major players like YTO, Shentong, and Yunda showed varied growth rates, with YTO's volume increasing by 12.78% and Shentong by 3.97%, while Yunda's volume decreased by 5.11% [4][30] - The industry is transitioning towards high-quality development, with significant improvements in single-ticket revenue due to price increases driven by the de-involution trend [4] Shipping and Ports - VLCC freight rates reached a new high of $136,843 per day, the highest since Q2 2020, driven by tight available capacity and stable inquiry rhythms [8] - The Capesize bulk carrier spot freight rates surpassed $30,000 per day, reflecting a 20% increase over the past week, supported by seasonal demand recovery and strong import demand from China [8] - The BDI index increased by 7.1% to 2225 points, indicating a robust recovery in the bulk shipping market [9] Aviation - In October 2025, civil aviation transported approximately 68 million passengers, a year-on-year increase of 5.8%, and cargo/mail transport reached 917,000 tons, up 13.3% [58] - The overall passenger load factor for major airlines was 86.88%, showing a slight increase from the previous month [62] Road and Rail - From November 10 to November 16, 2025, national freight logistics operated smoothly, with rail freight reaching 81.8 million tons, a 0.17% increase week-on-week [14] - In October 2025, road freight volume was 3.706 billion tons, a year-on-year increase of 0.08% [64] Supply Chain Logistics - The logistics landscape is evolving, with companies like Shenzhen International expected to benefit from the transformation of logistics parks, providing performance elasticity [15] - The industry is witnessing a slowdown in competition, with companies like Debang and Aneng Logistics showing significant profit improvements due to strategic transformations [15]

Core Viewpoint - The article discusses the ongoing capital operations of HNA Holding and its parent company, Fangda Group, highlighting their strategic investments and acquisitions that have led to significant financial recovery and growth in various sectors, particularly aviation and healthcare [3][4][22]. Group 1: Capital Operations - HNA Holding completed a capital increase of 1.635 billion yuan to its subsidiary HNA Technology, maintaining a 68.07% stake [6]. - The company also finalized a 799 million yuan acquisition of Tianyu Flight Training, a flight training enterprise [7]. - HNA Holding has introduced four aircraft in October, bringing its operational fleet to 358, nearing its peak revenue period in 2019 [7]. Group 2: Fangda Group's Strategy - Fangda Group, under Fang Wei's leadership, has been actively involved in capital operations, acquiring undervalued assets and implementing refined management practices [26]. - The group has established a diversified industrial empire with total assets exceeding 400 billion yuan, focusing on five core sectors: carbon, steel, pharmaceuticals, commerce, and aviation [20]. - Fang Wei's approach includes maintaining employee benefits and morale, which has been crucial for stabilizing operations post-acquisition [27]. Group 3: Financial Performance - All five A-share companies under Fangda Group reported profitability in the first three quarters of 2025, with notable performances from Fangda Special Steel and Northeast Pharmaceutical [21][22]. - HNA Holding achieved a net profit of 2.845 billion yuan in the first three quarters of 2025, marking a 30.93% increase year-on-year, indicating a recovery from previous losses [22][23][24]. Group 4: Market Position and Future Outlook - Fang Wei's successful acquisition of HNA Holding positioned him as a key player in the aviation industry, despite initial skepticism due to his lack of background in the sector [19]. - The article raises questions about the sustainability of Fangda Group's diversified asset portfolio and its ability to manage risks associated with such a large empire [28].

转自：新华财经 新华财经北京11月24日电 A股7家上市航空公司2025年三季报均已披露完毕。 新华财经和面包财经研究员梳理公开资料显示，2025年前三季度，南方航空、中国国航、中国东航营收规模超过千亿元。归母净利润方面，7家航司普遍实 现盈利。春秋航空、吉祥航空前三季度归母净利润同比出现下滑。 客座率方面，2025年前三季度，春秋航空、吉祥航空、南方航空客座率居前。 吉祥航空营收同比微降 2025年前三季度，南方航空、中国国航、中国东航营业收入规模均超过千亿元，分别为1376.65亿元、1298.26亿元、1064.14亿元。 | | A股上市航司2025年前三季度 | | | --- | --- | --- | | 证券代码 | 证券简称 | 营业总收入 | | 600029.SH | 南方航空 | 1,376.( | | 601111.SH | 中国国航 | 1,298.2 | | 600115.SH | 中国东航 1,064.1 | | | 600221.SH | 海航控股 | 534.3 | | 601021.SH | 春秋航空 | 167.7. | | ୧୦3885 ટેમ | 吉祥航空 | 17 ...