春秋航空公告称，公司于2025年8月27日启动股份回购，回购期限至2026年8月26日，预计回购3亿元-5 亿元股份用于员工持股计划。因2025年半年度权益分派，回购价格上限由不超65元/股调整为不超64.57 元/股。截至11月28日，公司累计回购744,550股，占总股本0.0761%，回购价格53.99元/股-55.99元/股， 使用资金4075.58万元。 ...

消费者王先生向澎湃公众互动平台"服务湃"投诉称，他原定于11月28日从昆明飞往兰州，然后中转至阿勒泰。但当天从昆明长水机场至兰州中川 机场的东航MU858航班，前序航班因天气原因在吉隆坡迟迟无法起飞，延误至当天下午预计18时才能起飞，导致他第二段航程被迫取消。 不得已，王先生选择退票时，东航云南退改签柜台值班经理告诉他，因东航和第二段行程的春秋航空没有相关协议，退票被收取手续费只能消费 者个人承担。 若因前序航班延误，致使旅客第二段行程被迫取消，最终却需消费者自行承担由此产生的损失，是否合理？这是公众在日常出行中遭遇的共性问 题。 其后，东方航空客服就此事向智通财经解释称，航班是因天气原因导致的延误，可以承担东航的退票手续费用，但其他航司的没办法承担，如果 航班是因公司自身原因造成的变动，可以去反馈损失诉求，确实是因不可抗力因素，就没有办法去承担，这是根据民航局文件去执行的，"涉及飞 行安全，不能强行去飞"。 通过投诉渠道，目前，第三方订票平台已为王先生承担了退票产生的手续费。 王先生的机票订单记录 本文图片均为受访者提供 前序航班延误致第二段行程被迫取消 王先生提供的订票信息显示，他原定于11月28日9时2 ...

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The report highlights an upward trend in crude oil freight rates, with the China Import Crude Oil Index (CTFI) reaching 2520.07 points, an increase of 8.4% from November 20 [3][13] - The postal industry revenue surpassed the telecommunications industry for the first time in history, reaching 1.47 trillion yuan, compared to 1.467 trillion yuan for telecommunications [3][24] - The civil aviation sector showed growth in both passenger and cargo transport volumes in October, with international routes performing particularly well [3][17] Summary by Sections Industry Hot Events - Crude oil freight rates are rising, with the Middle East route seeing a 10.76% increase in rates [13] - Qifly Aviation signed a procurement agreement for 105 eVTOL aircraft with three companies in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on low-altitude logistics [15][16] - The postal industry revenue for January to October 2025 reached 1.47 trillion yuan, marking a significant milestone [24][25] High-Frequency Data Tracking - The Baltic Air Freight Price Index decreased month-on-month but increased year-on-year [26] - Domestic freight flights in October 2025 increased by 0.32% year-on-year, while international flights rose by 11.12% [32] - The express delivery business volume in October 2025 increased by 7.90% year-on-year, with total revenue reaching 131.67 billion yuan [50] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy [5] - Attention to low-altitude economy investment opportunities, particularly in companies like CITIC Offshore Helicopter [5] - Consider investment opportunities in the express delivery sector, recommending SF Express and Jitu Express [5]

Core Viewpoint - The long-standing and controversial airline "seat locking" phenomenon is expected to undergo rectification following a special investigation by the Jiangsu Provincial Consumer Protection Committee, which has interviewed ten domestic airlines and requested written responses regarding corrective actions [1][5]. Group 1: Investigation Findings - The Jiangsu Provincial Consumer Protection Committee conducted an investigation into the "seat locking" practices of ten major airlines, revealing that the proportion of locked seats during the purchasing phase ranged from 19.9% to 62.1%, with an average of 38.7% [2][3]. - Notably, Spring Airlines' Nanjing-Lanzhou route had a seat locking rate exceeding 60%, while Shenzhen Airlines' Shenzhen-Zhanjiang route exceeded 50% [2][3]. - Other airlines like Hainan Airlines, Eastern Airlines, and Xiamen Airlines had locking rates between 40% and 46%, while Lucky Air had a relatively low rate of less than 20% [2][3]. Group 2: Reasons for Seat Locking - Airlines provided various justifications for seat locking, including reserving seats for special passengers, ensuring emergency seat availability, and maintaining flight load balance [4]. - The investigation identified common issues with the "seat locking" phenomenon, including a lack of clear communication regarding seat locking rules, vague explanations, differential resource allocation based on membership levels, and unilateral rights granted to airlines [4]. Group 3: Consumer Feedback and Reactions - Consumers expressed dissatisfaction with the differentiation of paid and free seating areas in economy class, indicating that such practices increase travel costs and lead to a frustrating experience [6][10]. - Feedback highlighted that many passengers were unaware of the specific rules regarding seat locking, leading to limited seat choices, especially for families traveling together [10][11]. Group 4: Regulatory Actions and Implications - The Jiangsu Provincial Consumer Protection Committee has mandated that the airlines submit written corrective actions within 15 working days, including self-inspections and revisions of unfair terms related to "seat locking" [5][15]. - Legal experts have commented that the "seat locking" practice infringes on consumer rights and may violate consumer protection laws, suggesting that the committee's actions could serve as a model for regulatory oversight in other regions [15][16].

Core Insights - The aviation and airport sector experienced a slight increase of 0.26% on November 28, with Xiamen Airport leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Stock Performance - Xiamen Airport (600897) closed at 16.26, up 3.17% with a trading volume of 54,400 shares and a transaction value of 87.63 million yuan [1] - Hainan Airlines (600221) closed at 1.73, up 2.37% with a trading volume of 4.72 million shares and a transaction value of 806 million yuan [1] - Shenzhen Airport (000089) closed at 6.94, up 0.58% with a trading volume of 99,880 shares and a transaction value of 68.31 million yuan [1] - China Eastern Airlines (600115) closed at 5.04, down 0.20% with a trading volume of 639,300 shares and a transaction value of 323 million yuan [1][2] Capital Flow - The aviation and airport sector saw a net outflow of 72.81 million yuan from institutional investors, while retail investors contributed a net inflow of 103 million yuan [2] - The detailed capital flow indicates that Hainan Airlines had a net inflow of 96.67 million yuan from institutional investors, while retail investors had a net outflow of 51.95 million yuan [3] - Xiamen Airport experienced a net outflow of 1.69 million yuan from institutional investors, but a net inflow of 4.48 million yuan from retail investors [3]

Core Viewpoint - The Jiangsu Consumer Protection Committee has raised concerns regarding the practice of "seat locking" by ten major airlines, highlighting issues of transparency and fairness in the selection of seats during the ticket purchasing process [1][2]. Group 1: Issues Identified - The investigation revealed four main problems with seat locking, including excessive locking of premium seats, disguised fees for unlocking seats, and a lack of transparency in the information provided to consumers [1]. - The average seat locking rate among the ten airlines surveyed was found to be 38.7%, with rates ranging from 19.9% to 62.1% for economy class [1]. Group 2: Reasons for Seat Locking - Airlines lock seats for several reasons, including the need for paid selection or mileage redemption, service assurance, and balancing passenger load [2][4]. - Some airlines do not clearly indicate whether locked seats are unavailable due to airline restrictions or prior selection by other passengers, leading to confusion among consumers [2]. Group 3: Historical Context and Compliance - The practice of charging for seat selection began around 2014, following trends set by international airlines, with many domestic airlines now implementing similar fee structures [5][6]. - Current practices of seat selection fees and baggage fees have been reported to relevant civil aviation authorities and are considered compliant with regulations, reflecting a shift towards diversified service offerings in the airline industry [6]. Group 4: Consumer Recommendations - Consumers suggest that airlines should clearly present seat selection options and associated costs at the time of booking to enhance transparency and consumer choice [7]. - Industry experts recommend that at least half of the seats should remain available for free selection, particularly those that are window or aisle seats, to meet basic passenger needs [7].

Market Overview - The Shanghai Composite Index closed at 3875.26 points, above the five-day moving average, with a change of 0.29% [1] - The total trading volume of A-shares reached 1,723.17 billion yuan [1] Stocks Performance - A total of 1,389 A-shares have surpassed the five-day moving average, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Mingguan New Materials (15.93%) - Tianyi New Materials (15.92%) - Liande Equipment (15.78%) [1] - Other stocks with smaller deviation rates that just crossed the five-day moving average include: - Beikang Technology - Spring Airlines - High-Explosive Mining [1] Notable Stocks - The top three stocks with the highest daily gains are: - Mingguan New Materials: +20.03% with a turnover rate of 10.50% [1] - Tianyi New Materials: +20.04% with a turnover rate of 12.35% [1] - Liande Equipment: +20.01% with a turnover rate of 19.65% [1] - Other significant gainers include: - Huazhi Technology: +20.00% [1] - Penghui Energy: +14.64% [1]

飞机"锁座"及有偿选座服务问题近日引发社会广泛关注。江苏省消费者权益保护委员会（以下简称"江 苏省消保委"）一纸调查，直指航司"锁座"乱象，将国内10家主流航空公司推到了风口浪尖。 11月21日，江苏省消保委线上约谈了东方航空、南方航空（600029）、中国国航（601111）等10家主流 航空公司。11月26日，通过公众号发布有关调查结果，详细列举了机票锁座服务市场中存在的诸多问 题，亮明对"锁座"现象长期存在的"零容忍"态度，并要求各公司在15个工作日内将整改情况以书面形式 提交。 专家认为，航司"锁座"行为锁的不仅是座位，还有旅客的知情权和公平交易权。"付费选座"等霸王条款 还可能涉嫌违反《消费者权益保护法》，侵害旅客的自主选择权，属于典型变相收费行为，让旅客暗吃 了不少"哑巴亏"。长此以往，"锁座"行为最终损害的是旅客对航司服务的信任，不利于航空服务业的高 质量发展。 近四成座位被锁 所谓飞机"锁座"，是指航司将经济舱前排、靠窗、靠过道等较为便利舒适的座位单独锁定，要么无法选 择，要么需额外付费或用积分兑换。从范围来看，锁定范围高度集中于经济舱前排、靠窗及靠过道等消 费者偏好的优质座位，仅开放中间区域 ...

Group 1 - Over 20 positive announcements were released by companies listed on the Shanghai Stock Exchange as of November 23, indicating a trend of share buybacks and operational improvements [1] - China Petroleum & Chemical Corporation (Sinopec) completed its share buyback plan, repurchasing 89.35 million shares for approximately 500 million yuan, with a significant portion occurring in November [2] - Several companies, including Spring Airlines and Hongta Securities, have also announced their share buyback progress, with amounts reaching 400 million yuan and 120 million yuan respectively [2] Group 2 - At least 14 companies on the Sci-Tech Innovation Board reported buyback progress and positive contract orders, showcasing a commitment to shareholder value [3] - JinkoSolar announced the mass production of its Tiger Neo 3.0 solar module, achieving a production efficiency of over 24.8% and a power output of up to 670W, with significant orders signed [3] - Shanshi Network Technology reported progress in the development of its ASIC security chip, which has successfully passed internal testing and is entering the mass production phase, with market sales expected to begin in Q1 2026 [4][5]

近期，飞机"锁座"及有偿选座服务引发热议，不少消费者反映，在线选座时经济舱前排、靠窗、靠过道等较为便利舒适的座位常被单独锁定，要么无法选 择，要么需额外付费或用积分兑换。这一行为无异于是航司变相增加收益的手段，损害了消费者合法权益。江苏省消保委近期针对机票锁座开展了专项调 查，于今天（11月26日）公布了调查结果。 此次调查选取了国内10家航司作为调查对象，包括东方航空、南方航空、中国国航、海南航空、厦门航空、深圳航空、山东航空、四川航空、春秋航空、 吉祥航空，通过消费者实际购票、线上选座的方式，对上述航司的官方购票App进行了摸查，重点关注锁座比例、锁座范围、兑换模式及客服解释口径等 内容。为厘清行业经营边界，推动消费者合法权益得到切实保障，江苏省消保委线上约谈上述十家航空公司。会上，江苏省消保委结合调查结果，通报了 机票锁座服务市场存在的四个问题： 一是锁座行为普遍存在，优质座位过度锁定。10家航司经济舱均存在锁座行为，购票阶段锁座比例介于19.9%～62.1%之间，均值达38.7%。且锁定范围高 度集中于经济舱前排、靠窗及靠过道等消费者偏好的优质座位，仅开放中间区域、机尾等舒适度较差的座位供免费选择，限 ...