Investment Rating - The investment rating for the aviation transportation industry is "Positive" [2]. Core Viewpoints - The industry has maintained a high passenger load factor, and ticket prices have shown a positive trend since October 2025. This is expected to lead to a significant recovery in airline unit revenue. The implementation of measures against "involution" and the "Self-Regulation Convention" is anticipated to reduce malicious low pricing, further supporting ticket price recovery and airline profitability. Additionally, the decline in oil prices is expected to lower costs, enhancing airline earnings potential. Key airlines to focus on include China Southern Airlines, China Eastern Airlines, Air China, Spring Airlines, and Juneyao Airlines [2][13]. Summary by Sections 1. Investment Recommendations - Since the beginning of 2025, the industry has seen sustained high passenger load factors. The supply-demand dynamics indicate a slowdown in capacity growth, with airlines focusing on international routes. The overall passenger turnover has shown steady growth, and ticket prices have been recovering since October, leading to improved airline unit revenue and performance in the fourth quarter [12][13]. 2. Passenger Load Factor and Ticket Prices - The industry has experienced a continued high passenger load factor, with the September 2025 load factor reaching 86.3%, an increase of 2.4 percentage points year-on-year. In October, the combined passenger turnover for six major airlines showed a year-on-year increase of 9.2% [3][21]. - Ticket prices have shown a positive trend since November, with the average domestic ticket price at 850 RMB, down 7.2% year-on-year. However, from October to mid-November, the average ticket price for domestic routes was 738 RMB, reflecting a 0.3% increase year-on-year [4][22]. 3. Oil Prices and Exchange Rates - The average price of aviation fuel remained stable year-on-year, with domestic aviation fuel prices at 5572 RMB/ton in October and 5625 RMB/ton in November, showing minimal change. The exchange rate of the RMB has appreciated since the beginning of 2025, with the USD to RMB exchange rate decreasing by 1.43% from the end of 2024 to mid-November 2025 [4][36]. 4. Airline Capacity and Operations - In October 2025, most airlines reported a year-on-year increase in capacity, with domestic routes showing steady growth. The passenger load factor for domestic routes was notably high, with significant increases in turnover for major airlines. The introduction of new aircraft has also been observed, with Hainan Airlines adding four new aircraft in October, the highest among the six major airlines [5][43].

Economic News - The People's Bank of China and 12 departments issued a plan to enhance financial support for consumption in Beijing, focusing on the automotive sector, especially new energy vehicles, with measures including reasonable loan ratios, terms, and interest rates [1] - The Ministry of Industry and Information Technology released guidelines for building high-standard digital parks, aiming to establish around 200 parks by 2027 and promote digital transformation for industrial enterprises [1] - The State Post Bureau reported that the postal industry generated a revenue of 156.42 billion yuan in October, a year-on-year increase of 7.9%, with express delivery revenue reaching 131.67 billion yuan, up 4.7% [1][4] Company Insights - Xiaomi Group reported an adjusted net profit of 11.311 billion yuan for the third quarter, representing a year-on-year increase of 80.9% [4] - O-film Technology plans to issue shares to acquire a 28.2461% stake in O-film Microelectronics [4] - Tianyi Ma intends to purchase a 98.56% stake in Xingyun Kaiwu for a transaction amount of 1.189 billion yuan [4] Industry Analysis: Agriculture and Animal Husbandry - In October, pig prices showed a slight rebound but lacked sustained support, with average prices for piglets, live pigs, and pork at 25.80 yuan/kg, 12.57 yuan/kg, and 23.41 yuan/kg respectively, reflecting month-on-month declines of 14.19%, 8.95%, and 4.47% [7] - The supply side saw a decrease in the breeding sow inventory, with a reported 40.35 million heads, down 0.70% from the previous month, indicating potential for accelerated capacity reduction due to low prices and policy adjustments [8] - The industry anticipates a gradual acceleration in capacity reduction, with leading companies like Muyuan Foods reducing their breeding sow inventory significantly [9] Industry Analysis: Transportation - The airline industry experienced an overall improvement in supply-demand dynamics, with an increase in passenger load factors in October, reflecting a year-on-year increase of approximately 1.8 percentage points [12][13] - Domestic airlines increased capacity by about 3.6% year-on-year in October, driven by the National Day holiday, which boosted travel demand [13] - International route capacity saw a significant year-on-year increase of approximately 14.3%, although there are concerns about potential oversupply as passenger load factors remained stable [14] Investment Recommendations - The report suggests focusing on leading companies in the pig farming sector, such as Muyuan Foods, which have strong cost advantages and high performance visibility [9] - In the airline sector, the report highlights the importance of maintaining supply control and improving load factors to enhance profitability, recommending attention to major airlines benefiting from these trends [17]

Core Insights - The recent increase in ticket cancellations for flights to Japan is attributed to a combination of seasonal factors and a new free cancellation policy implemented by multiple domestic airlines in response to government advisories [1][2][3] - The overall demand for travel to Japan has significantly decreased, with a reported drop of 54.3 million ticket orders since November 15, indicating over 500,000 cancellations [2] - Airlines are adjusting their flight schedules by canceling flights to Japan and reallocating capacity to destinations with higher demand, such as Southeast Asia and domestic warm-weather locations [3][5] Group 1: Ticket Cancellations and Policies - Several domestic airlines have announced free cancellation and rescheduling policies for flights to Japan, effective until December 31, 2025, following government advisories urging caution for travel to Japan [2] - Spring Airlines Japan has become the first Japanese airline to offer free cancellation for tickets purchased before November 15, 2025, for flights between November 15 and December 31, 2025 [2] Group 2: Market Trends and Adjustments - The average passenger load factor for flights to Japan has decreased, with a reported drop of 12.3 percentage points on November 18 compared to the previous week [2][3] - The number of weekly flights from mainland China to Japan has been declining, with a total of 1,189 flights recorded in the 45th week of the year, representing an 82.9% recovery rate compared to the same week in 2019 [3] - There is a notable shift in traveler preferences, with increased interest in warm-weather destinations such as Hainan, Yunnan, and Southeast Asia, as evidenced by a 13% year-on-year increase in domestic flight bookings to these regions [5]

Core Points - The Civil Aviation Administration of Jiangsu Province conducted a licensing review for Spring Airlines' aircraft painting capabilities, focusing on compliance with regulations and operational readiness [1][2] - The review included verification of documentation, on-site practical checks, and assessments of key personnel, ensuring that the company's new capabilities align with regulatory requirements [1][2] Group 1 - Spring Airlines' subsidiary in Yangzhou has established a painting facility that utilizes an advanced closed negative pressure collection system for efficient waste gas capture [2] - The integrated treatment system includes proprietary technology featuring multi-stage dry filters, zeolite wheel adsorption, and catalytic combustion, ensuring energy efficiency and zero secondary pollution [2] - The review team acknowledged the company's achievements in meticulous process control and intelligent support for materials, while also outlining three key requirements for the safe implementation of new capabilities [2] Group 2 - The first requirement emphasizes the need for compliance in resource management, including calibration and maintenance of facilities throughout their lifecycle [2] - The second requirement focuses on enhancing process supervision mechanisms, particularly monitoring risks associated with painting operations [2] - The third requirement calls for the development of tailored training programs for key personnel, ensuring their qualifications meet operational demands [2]

Investment Rating - The investment rating for the airline industry is "Overweight" indicating a positive outlook for the sector [2][5]. Core Insights - The October National Day holiday has driven an increase in travel demand, with passenger transport volume reaching approximately 68.41 million, a year-on-year growth of 6.7% compared to 2024 [2]. - Domestic capacity increased by 2.1% year-on-year, while domestic passenger flow grew by 4.5% [2]. - The average aircraft utilization rate in October was 7.99 hours per day, reflecting a 1.4% increase year-on-year [2]. - Airlines are increasing capacity, with passenger turnover growth outpacing capacity growth. For instance, China Eastern Airlines and China Southern Airlines both saw a 7% increase in ASK (Available Seat Kilometers) compared to 2024 [2][3]. - The international market has shown recovery, with international flights reaching approximately 60,000, recovering to 90% of the levels seen in 2019 [2]. - The report highlights a significant increase in international capacity for airlines like China Eastern Airlines and Spring Airlines, with year-on-year ASK growth of 14% and 153% respectively compared to 2019 [2][3]. - The report suggests that the airline industry is at a turning point, with potential for significant improvement in airline profitability due to rising demand and constrained supply [2]. Summary by Sections Domestic Market - Overall demand growth is outpacing capacity growth, with Spring Airlines showing significant increases in both capacity and volume [2]. - ASK and RPK for major airlines like China Southern and China Eastern have shown positive growth compared to 2024 and 2019 [3]. International Market - Major airlines have exceeded 2019 levels in international operations, with significant year-on-year growth in ASK and RPK for airlines like China Eastern and Spring Airlines [2][3]. Regional Market - Capacity and volume recovery is uneven across regions, with China Southern and China Eastern showing strong recovery compared to 2019 [2][3]. Investment Analysis - The report emphasizes the unprecedented challenges in the aircraft manufacturing chain and the aging fleet, predicting a continued supply constraint over the next 5-10 years [2]. - The report recommends focusing on the airline sector, highlighting strong supply logic and elastic demand, with specific recommendations for airlines such as China Eastern, China Southern, and Spring Airlines [2][5].

证券代码：601021 证券简称：春秋航空 公告编号：2025-064 2、若发生对公司股票交易价格产生重大影响的重大事项或公司董事会决定终 止本次回购方案等事项，存在回购方案无法按计划实施的风险； 春秋航空股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 相关股东是否存在减持计划：经问询，截至《春秋航空关于以集中竞价交易方 式回购股份的预案》（以下简称"《回购预案》"）披露日，公司控股股东及其一致 行动人、实际控制人及其一致行动人、董事、高级管理人员在未来 3 个月、未来 6 个月不存在减持公司股票的计划。若上述主体后续有增减持股份计划，公司将严 格遵守相关法律法规的规定及时履行信息披露义务。 ● 相关风险提示： 1、公司股票交易价格持续超出回购方案披露的价格上限，导致回购方案无法 按计划实施的风险； ● 回购股份金额：回购资金总额不低于人民币 30,000 万元（含，下同），不超过人 民币 50,000 万元（含，下同）。 ● 回购股份资金来源 ...

格隆汇11月18日｜春秋航空公告称，公司拟以集中竞价交易方式回购股份，资金总额不低于3亿元、不 超5亿元，用于员工持股计划。回购价格不超64.57元/股，按此测算，回购股份数量约464.61-774.35万 股，占总股本0.47%-0.79%。资金源于自有和自筹，兴业银行上海分行承诺提供最高4.5亿元专项贷款。 2025年5-6月，春秋包机等三股东合计减持0.8%股份。截至《回购预案》披露日，相关主体在回购期无 增减持计划。回购存在交易价超上限等风险。 ...

Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, indicating an expectation of growth exceeding the benchmark index by more than 5% in the next 3-6 months [4][60]. Core Insights - The aviation industry is experiencing a positive turning point, with passenger load factors reaching their highest levels of the year and ticket prices showing a year-on-year increase of 8.9% [4][3]. - The supply-demand dynamics are more favorable than in 2019 and 2024, with structural improvements in demand, particularly in business travel and cross-border travel [4]. - The report highlights the constraints on supply due to maintenance backlogs and low growth in new aircraft introductions, reinforcing the supply-side constraints [4]. Summary by Sections October Data Analysis - In October, the ASK (Available Seat Kilometers) growth rates were led by Spring Airlines at 16.5%, followed by China Southern Airlines at 7.5% and China Eastern Airlines at 6.8% [1]. - The RPK (Revenue Passenger Kilometers) growth rates for October were also led by Spring Airlines at 20.1%, with China Eastern Airlines at 10.6% and China Southern Airlines at 8.8% [1]. - Cumulatively from January to October, Spring Airlines again led with ASK growth of 11.7% and RPK growth of 11.4% [1]. Passenger Load Factor - In October, the passenger load factors were highest for Spring Airlines at 93.2%, followed by China Southern Airlines at 87.9% and China Eastern Airlines at 87.5% [3]. - Year-to-date, Spring Airlines maintained a load factor of 91.5%, slightly down by 0.2% year-on-year, while China Southern Airlines improved by 1.5% to 85.9% [3]. Fleet Size - As of October 2025, the five listed airlines collectively added 7 aircraft, with a year-on-year fleet size increase of 3.5% [3][15]. Pricing Trends - The Consumer Price Index (CPI) in October showed a year-on-year increase of 0.2%, with air ticket prices rising by 8.9% [3]. Investment Recommendations - The report emphasizes a positive outlook for investments in major airlines such as Air China, China Southern Airlines, and China Eastern Airlines, highlighting their potential for elasticity in performance [4]. - It also recommends focusing on low-cost carriers like Spring Airlines and regional leaders like Huaxia Airlines, which are expected to reach sustainable operational turning points [4].

Investment Rating - The report maintains an "Overweight" rating for the airline transportation industry [1] Core Viewpoints - The improvement in industry conditions is expected to lead to an increase in ticket prices, supported by higher passenger load factors and operational efficiency [7][8] - The three major airlines (Air China, China Eastern Airlines, and China Southern Airlines) have shown strong performance in passenger load factors, reaching historical highs for domestic routes [5] - The overall industry supply growth is projected to slow down, which may further support price increases in the future [7] Summary by Sections Industry Overview - The airline industry is experiencing a recovery, with a notable increase in passenger load factors and operational metrics [5][8] - The average aircraft utilization rate has improved, contributing to a more favorable supply-demand balance [7] Company Recommendations - **Spring Airlines (601021 CH)**: Target price of 75.50, rated "Buy" due to its leading position in the low-cost segment and expected revenue growth [4][26] - **China National Aviation (753 HK)**: Target price of 7.90, rated "Buy" as it is expected to benefit from improved industry conditions and operational efficiencies [4][26] - **China Southern Airlines (600029 CH)**: Target price of 8.70, rated "Buy" based on anticipated revenue recovery and cost management [4][26] - **China Eastern Airlines (600115 CH)**: Target price of 6.35, rated "Buy" due to strong passenger load factors and cost reduction expectations [4][26] - **Juneyao Airlines (603885 CH)**: Target price of 16.20, rated "Buy" as it is expected to recover from operational challenges and benefit from improved pricing [4][26] Performance Metrics - In October 2025, the three major airlines reported a 6.2% increase in available seat kilometers (ASK) and an 86.9% passenger load factor, reflecting strong demand recovery [5][10] - Spring Airlines achieved a 93.2% passenger load factor, with significant growth in both domestic and international routes [6][10] - The overall industry is expected to see a continued upward trend in ticket prices, supported by improved load factors and operational efficiencies [8][10]

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - Crude oil freight rates initially declined but then increased, with a divergence in container shipping rates on long-distance routes. The China Import Crude Oil Composite Index (CTFI) rose to 2231.96 points, up 9.5% from November 6 [2][13] - Volant Aviation completed a multi-hundred million yuan Series B financing round, and the C919 aircraft made its debut at the Dubai Airshow [2][15] - Jitu Express reported over 100 million packages on "Double Eleven," marking a 9% year-on-year increase, with an average daily package volume of 94.59 million during the peak season [2][23] Summary by Sections Industry Hot Events - Crude oil freight rates fluctuated, with the CTFI at 2231.96 points, a 9.5% increase from November 6. The VLCC market is optimistic about future rates due to tight vessel availability [2][13] - Volant Aviation's Series B financing was led by Huaying Capital, with existing shareholders also increasing their investments. The C919 aircraft is set to showcase its capabilities at the 2025 Dubai Airshow [2][15] - Jitu Express achieved a record-breaking package volume during "Double Eleven," with a total of 1.3938 billion packages collected nationwide from October 21 to November 11, reflecting a 17.8% increase in daily average volume [2][25] High-Frequency Dynamic Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was 5356.00 points, down 2.5% year-on-year [27][28] - Domestic freight flights increased by 0.32% year-on-year, while international flights rose by 11.12% [28] - The SCFI index reported a decrease of 2.92% week-on-week, while the CCFI index increased by 3.39% week-on-week [35] Investment Recommendations - Focus on the equipment and manufacturing industrial products export chain, recommending companies like COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to the transportation demand increase driven by the construction of hydropower stations in the Yarlung Tsangpo River downstream [4] - Investment opportunities in the low-altitude economy, with a recommendation for CITIC Offshore Helicopter [4] - Recommendations for highway and railway sectors, including Gansu Expressway and Beijing-Shanghai High-Speed Railway [4] - Opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Straits Shares [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, and Spring Airlines [4]