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]

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 Points - Hainan Airlines will officially implement its 2025-2026 winter-spring flight schedule starting from October 26, 2025, optimizing its route network in Northeast China to better meet the travel demands of winter tourism and warm winter vacations [1] Group 1: Domestic Route Expansion - Hainan Airlines has added 8 new domestic routes in key hub cities such as Harbin, Dalian, Shenyang, and Changchun, including routes like Harbin-Wuhan-Xishuangbanna and Harbin-Jinan-Guangzhou, catering to the "migrant bird" winter travel demand [2] - The total number of domestic routes operated by Hainan Airlines in Northeast China will reach 57, connecting 69 cities nationwide with a weekly flight volume of 344 flights [2] Group 2: International Route Development - The launch of the Changchun-Haikou-Singapore route will further satisfy the international travel needs of passengers from Northeast China [2] Group 3: Service and Product Offerings - Hainan Airlines has enhanced its flight frequency to popular winter tourist destinations such as Hainan and Yunnan, with some routes now operating multiple flights daily, improving travel flexibility and convenience [2] - The airline has introduced various products like "Haitian Unlimited" transfer services, premium economy class, and upgrade vouchers to meet the differentiated needs of business and leisure travelers [2] Group 4: Customer Advisory - Passengers are advised to check flight schedules, departure airports, terminals, and check-in counters before traveling, especially for international flights, to avoid any disruptions [3] - Hainan Airlines emphasizes its commitment to safety and service quality, aiming to provide a secure, comfortable, and convenient travel experience for all passengers [3]

海航控股所属申万行业为：交通运输-航空机场-航空运输。所属概念板块包括：海南自贸区、民用航 空、低价、雄安新区、MSCI中国等。 截至6月30日，海航控股股东户数58.35万，较上期减少5.71%；人均流通股0股，较上期增加0.00%。 2025年1月-6月，海航控股实现营业收入330.83亿元，同比增长4.22%；归母净利润5694.50万元，同比增 长108.95%。 分红方面，海航控股A股上市后累计派现34.24亿元。近三年，累计派现0.00元。 10月28日，海航控股盘中上涨2.38%，截至09:44，报1.72元/股，成交2.53亿元，换手率0.45%，总市值 743.31亿元。 资金流向方面，主力资金净流入3842.24万元，特大单买入8004.01万元，占比31.58%，卖出5496.73万 元，占比21.68%；大单买入6891.59万元，占比27.19%，卖出5556.63万元，占比21.92%。 海航控股今年以来股价涨1.18%，近5个交易日跌1.15%，近20日涨4.88%，近60日涨11.69%。 今年以来海航控股已经1次登上龙虎榜，最近一次登上龙虎榜为7月24日，当日龙虎榜净买入1. ...

Core Insights - China Southern Airlines Logistics officially implemented its winter-spring flight schedule on October 26, ensuring smooth operations and handling over 1,000 tons of cargo on the first day, laying a solid foundation for the new season's service guarantee [1][3]. Group 1: Domestic Operations - The company has launched a direct round-trip flight from Shanghai Pudong to Altay, Xinjiang, to meet local market demands, facilitating the transportation of specialty products and supporting the winter tourism economy [3]. - The logistics center is enhancing its capabilities by strengthening the operational framework and providing tailored logistics solutions, ensuring efficient handling of seasonal demands [4]. Group 2: International Operations - To address the rising cargo demand in Southeast Asia, the company has increased the frequency of flights from Shanghai Pudong to Ho Chi Minh City, adding a new weekly flight on Thursday nights [3]. - The company plans to add 13 cargo flights in November to key international routes, including Chicago, Frankfurt, and Amsterdam, to meet the demands of the traditional peak season [4]. Group 3: Logistics Infrastructure - The logistics center is advancing the layout of core node freight stations, such as in Suzhou, to enhance operational efficiency and reduce logistics costs through upgraded transportation and security functions [4]. - The company is committed to providing end-to-end logistics services, utilizing a comprehensive ground operation system and temperature-controlled logistics solutions to ensure timely delivery of goods [4].

Summary of Key Points Core Viewpoint - The average stock price of A-shares is 13.94 yuan, with 26 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.38 yuan [1][2] Group 1: Market Performance - As of October 27, the Shanghai Composite Index closed at 3996.94 points, with a notable presence of low-priced stocks in the market [1] - Among the low-priced stocks, 5 stocks increased in price, with Rongsheng Development, Chongqing Steel, and Shandong Steel showing gains of 1.23%, 0.66%, and 0.61% respectively [1] - Conversely, 14 stocks declined, with *ST Yuan Cheng, *ST Yun Wang, and *ST Su Wu experiencing the largest drops of 5.00%, 4.98%, and 4.72% respectively [1] Group 2: Low-Priced Stocks Overview - There are 26 stocks priced below 2 yuan, with 11 of them classified as ST stocks, representing 42.31% of the low-priced stocks [1] - The lowest priced stock is *ST Gao Hong at 0.38 yuan, followed by *ST Yuan Cheng at 0.95 yuan and *ST Su Wu at 1.01 yuan [1] - The table of low-priced stocks includes various sectors such as telecommunications, construction decoration, and pharmaceuticals, indicating a diverse industry representation among low-priced stocks [1][2]

Core Viewpoint - The aviation and airport sector experienced a slight increase of 0.09% on October 27, with Xiamen Airport leading the gains. The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1]. Summary by Category Stock Performance - Xiamen Airport (600897) closed at 16.00, up 1.91% with a trading volume of 127,600 shares and a turnover of 204 million yuan - China National Aviation (601111) closed at 8.46, up 1.08% with a trading volume of 532,900 shares - China Southern Airlines (600029) closed at 6.60, up 0.30% with a trading volume of 431,700 shares - Shanghai Airport (600009) remained unchanged at 31.37 with a trading volume of 71,700 shares - Hainan Airlines (600221) closed at 1.68, unchanged with a trading volume of 3,633,800 shares - China Eastern Airlines (600115) closed at 4.83, down 0.41% with a trading volume of 953,200 shares [1][2]. Capital Flow - The aviation and airport sector saw a net outflow of 153 million yuan from institutional investors, while retail investors contributed a net inflow of 107 million yuan [2][3]. - The detailed capital flow for key stocks indicates that: - China Southern Airlines had a net inflow of 29.35 million yuan from institutional investors - Hainan Airlines experienced a net outflow of 19.17 million yuan from institutional investors - Xiamen Airport had a net inflow of 6.56 million yuan from institutional investors [3].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry shows resilient demand, with a year-on-year growth of 12.7% in September, indicating a steady expansion of the market [4][25] - The logistics sector is witnessing technological advancements, with JD Logistics planning to procure 3 million robots and 100,000 unmanned vehicles over the next five years, which may enhance supply chain efficiency [5] - The shipping market is expected to benefit from geopolitical factors and trade negotiations, potentially increasing demand for oil transportation and bulk shipping [6][10] - The aviation sector is experiencing growth, with a 10.8% increase in international flight volumes for the upcoming winter-spring season, reflecting a recovery in air travel [10][12] Summary by Sections Express Delivery - In September 2025, the express delivery business volume reached 16.88 billion pieces, a 12.7% year-on-year increase, with revenue of 127.37 billion yuan, up 7.2% [4][25] - Major players like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost control, with significant growth potential [14] Shipping and Ports - The VLCC market may benefit from U.S. sanctions on Russian oil, potentially increasing long-distance shipping demand [6] - The shipping market is expected to see a recovery driven by environmental regulations and geopolitical stability, with recommendations to focus on companies like China Shipping and COSCO [14][15] Aviation - The aviation industry is projected to maintain steady growth, with a 10.3% increase in total transport turnover and a 5.2% rise in passenger transport volume in the first three quarters of 2025 [10] - Airbus has opened a new A320 assembly line in Tianjin, marking a significant milestone in Sino-European cooperation [9] Road and Rail - National logistics operations are running smoothly, with rail freight increasing by 2.33% and highway freight truck traffic rising by 24.72% [13] - Strategic partnerships in the highway sector are being formed to enhance service offerings and operational efficiency [13] Overall Market Performance - From October 20 to October 24, 2025, the transportation sector index increased by 1.12%, underperforming the Shanghai Composite Index, which rose by 2.88% [20][23]

Core Points - The new winter-spring flight schedule for 2025-2026 in China's civil aviation will officially start on October 26, lasting for 154 days until March 28, 2026, with a total of 11.95 million flights planned weekly, representing a 1.3% increase compared to the same period last year [1] Domestic Flight Plans - Domestic airlines are focusing on increasing capacity for winter tourism routes, with Air China planning to open four new routes and increase flights on over 40 existing routes, resulting in a 15% year-on-year increase in flight frequency [3] - Eastern Airlines is launching 38 new domestic routes, particularly targeting popular winter tourism areas, while Southern Airlines is enhancing its network from major hubs like Guangzhou and Beijing Daxing [3] - A total of 59 airlines are expected to operate 98,000 domestic flights weekly, remaining stable compared to last year [3] International Flight Plans - Internationally, 191 airlines are set to operate 21,427 flights weekly, marking a 10.8% increase year-on-year, with services to 83 countries [5] - Air China is increasing flights on 17 routes and launching a new route to Hanoi, while Southern Airlines is opening new routes to Darwin and Madrid [5][6] - Beijing's two airports plan to add multiple international routes, with the capital airport executing an average of 166 international flights daily [6][8] Industry Developments - The international route network is expanding, with major hubs like Beijing, Shanghai, and Guangzhou accounting for 52.1% of international passenger flights, an increase of 8.6 percentage points year-on-year [8] - The volume of passenger flights to countries involved in the "Belt and Road" initiative has reached 73.5%, with significant growth in routes to Latin America and Africa [8]

Core Viewpoint - The third CATA Aviation Conference will be held from October 24 to 26, 2025, in Beijing, focusing on the theme of "Safety Protection, Dual-Wing Flight, and Innovation-Driven Integrated Development" [1] Group 1: Conference Overview - The conference will follow the "one conference, one exhibition" model, featuring an opening ceremony, industry forums, and professional exhibitions aimed at creating a high-end platform for industry exchange, cooperation, and sharing [1] - Important meetings during the conference include a seminar on the ideological and political work of flight personnel and a sales agent meeting [1] Group 2: Company Participation - Hainan Airlines' CFO Li Dudu delivered a speech titled "Embracing Digital Transformation to Empower High-Quality Development of Private Airlines" at the financial forum of the CATA Aviation Conference [1] - Hainan Airlines' Safety Director Liu Yongde gave a keynote speech on "Building Soul with 'Big Service' and Establishing Position with 'Eight Qualities'" during the ideological and political work seminar [1] - Su Pengyu, the team manager of Hainan Airlines' Boeing 737 fleet, participated in a roundtable discussion on the practical work of civil aviation pilots' ideological and political education [1] Group 3: Cultural Presentation - The "Haitian Xiangyun Group" showcased the company's brand and international charm through a vibrant cultural display at the CATA Aviation Conference [6] - A song titled "Praise Hainan" celebrated the achievements of Hainan Free Trade Port with an inspiring melody, reflecting deep appreciation for national policies [6] - A meticulously arranged guzheng performance accompanied by tea art blended Eastern elegance with Hainan Airlines' refined service, highlighting the pursuit of quality experience and cultural heritage [5][6]