Group 1 - Yongtai Technology's wholly-owned subsidiary has received approval for trial production of a lithium battery additive project with an annual capacity of 5,000 tons, set to begin trial production [1] - Mengke Pharmaceutical has decided to terminate its plan to issue shares to a specific entity due to ongoing disagreements among major shareholders, which could impact the company's stable operations [1] - Anhui Construction's subsidiary has been approved to register and issue debt financing tools totaling 15 billion yuan, including 5 billion yuan in short-term financing notes and 10 billion yuan in medium-term notes [2] Group 2 - Koli'er plans to repurchase shares worth between 10 million and 20 million yuan, with a maximum repurchase price of 20.94 yuan per share, to implement an employee stock ownership plan [2] - Xinhua Pharmaceutical has received approval for the production of fumaric acid volnoral raw materials, which are used to treat gastroesophageal reflux disease [3] - Lianhuan Pharmaceutical has received approval for additional specifications of tadalafil tablets, expanding its product offerings for treating erectile dysfunction and benign prostatic hyperplasia [5] Group 3 - Greenland Holdings reported an increase of 1,834 lawsuits with a total amount of 6.587 billion yuan from October 21 to November 13, 2025 [7] - Lianke Technology plans to invest up to 600 million yuan of idle funds in low-risk financial products [8] - Yinglian Co. signed a strategic procurement contract for 5,000 million square meters of composite aluminum foil with a leading new energy technology company [10] Group 4 - China Eastern Airlines reported a 10.58% year-on-year increase in passenger turnover for October, with a capacity increase of 6.84% [12] - China National Airlines reported an 8.7% year-on-year increase in passenger turnover for October, with domestic and international capacity also showing growth [15] - Oupai Home plans to use 320 million yuan of idle funds to purchase structured deposits with expected annual yields between 0.65% and 2.50% [16] Group 5 - Tianwei Food has submitted H-share issuance application materials to the Hong Kong Stock Exchange, which have been accepted by the China Securities Regulatory Commission [18] - Guizhou Aviation plans to establish a subsidiary focused on the research, production, and market expansion of intelligent automotive components, with initial operating funds of 40 million yuan [20] - Daimai Co. plans to invest 100 million yuan to establish a wholly-owned subsidiary in Shanghai focused on robotics technology [22] Group 6 - Founder Securities has received approval to issue company bonds totaling up to 30 billion yuan [24] - Hengrui Medicine has received clinical trial approvals for multiple drugs, indicating ongoing research and development efforts [26] - Zhaojing Pharmaceutical's product ZG006 has received orphan drug designation from the FDA, providing various benefits for its development in the U.S. market [39]

Core Viewpoint - China National Airlines (601111.SH) reported an increase in passenger turnover and capacity for the year 2025, indicating positive growth in both domestic and international operations [1] Passenger Operations - The company's passenger turnover (measured in revenue passenger kilometers) increased by 8.7% year-on-year [1] - Passenger capacity (measured in available seat kilometers) rose by 4.3% year-on-year [1] - Domestic passenger capacity increased by 3.2%, with a corresponding turnover increase of 5.5% [1] - International passenger capacity saw a 7.5% increase, with turnover rising by 17.6% [1] - Regional passenger capacity grew by 0.6%, while turnover increased by 7.7% [1] - The average passenger load factor reached 85.3%, up by 3.4 percentage points year-on-year [1] - Domestic routes experienced a load factor increase of 2.0 percentage points, while international routes saw an increase of 7.0 percentage points, and regional routes increased by 5.0 percentage points [1] Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) decreased by 0.9% year-on-year [1] - Cargo turnover (measured in revenue cargo ton kilometers) increased by 3.1% year-on-year [1] - The cargo load factor was reported at 38.9%, an increase of 1.5 percentage points year-on-year [1]

Core Viewpoint - China National Airlines (601111.SH) announced an increase in passenger turnover and capacity for October 2025, indicating positive growth trends in both domestic and international markets [2] Group 1: Passenger Turnover and Capacity - The company's passenger turnover volume is expected to increase by 8.7% year-on-year [2] - Passenger capacity (measured in available seat kilometers) is projected to rise by 4.3% year-on-year [2] - Domestic passenger capacity is anticipated to grow by 3.2%, with a corresponding 5.5% increase in passenger turnover [2] - International passenger capacity is expected to increase by 7.5%, leading to a 17.6% rise in passenger turnover [2] - Regional passenger capacity is forecasted to grow by 0.6%, with a 7.7% increase in passenger turnover [2] Group 2: Average Load Factor - The average load factor is projected to reach 85.3%, an increase of 3.4 percentage points year-on-year [2] - The load factor for domestic routes is expected to rise by 2.0 percentage points [2] - The load factor for international routes is anticipated to increase by 7.0 percentage points [2] - The load factor for regional routes is projected to grow by 5.0 percentage points [2]

证券代码：601111 股票简称：中国国航 公告编号：2025-057 中国国际航空股份有限公司 2025年10月主要运营数据公告 | 国际航线 | 1,658.2 | 18.0 | 8.4 | 15,557.4 | 15.6 | | --- | --- | --- | --- | --- | --- | | 地区航线 | 431.9 | 8.8 | 15.4 | 4,058.3 | 3.1 | | 5、货物及邮件(吨) | 141,834.8 | 3.1 | 7.4 | 1,262,812.6 | 4.6 | | 其中: 国内航线 | 95,095.3 | 3.9 | 5.5 | 832,786.0 | 3.3 | | 国际航线 | 42,982.6 | 2.1 | 12.3 | 395,875.9 | 8.0 | | 地区航线 | 3,756.9 | -7.4 | 5.3 | 34,150.8 | -2.4 | | 三、载运率 | | | | | | | 8 1、客座利用率(%) | 85.3 | 3.4 | 2.1 | 81.7 | 1.6 | | 其中: 国内航线 | 87.3 | 2.0 | 2.6 ...

2025年10月，本集团共引进4架A320系列飞机和1架B737系列飞机，退出1架A330系列飞机和1架A320系 列飞机。截至2025年10月底，本集团合计运营949架飞机，其中自有飞机417架，融资租赁238架，经营 租赁294架。 货运方面，货运运力投入（按可用货运吨公里计）同比下降0.9%，货邮周转量（按收入货运吨公里 计）同比上升3.1%。货运载运率为38.9%，同比上升1.5个百分点。 2025年10月26日起，国航新增执行杭州-河内航线（每周四班），北京首都-攀枝花航线（每周四班）， 北京首都-西双版纳航线（每周七班），杭州-珠海航线（每周七班），成都天府-武汉-衢州航线（每周 七班），呼和浩特-银川-成都天府航线（每周七班），杭州-呼和浩特-乌兰浩特航线（每周七班）。 格隆汇11月17日丨中国国航(601111.SH)公布，2025年10月，公司及所属子公司（简称"本集团"）合并旅 客周转量（按收入客公里计）同比上升。客运运力投入（按可用座位公里计）同比上升4.3%，旅客周 转量同比上升8.7%。其中，国内客运运力投入同比上升3.2%，旅客周转量同比上升5.5%；国际客运运 力投入同比上升7. ...

Core Insights - China National Airlines (601111) reported an increase in passenger turnover volume (measured in revenue passenger kilometers) for October 2025 compared to the previous year [1] Group 1: Passenger Operations - The company's passenger capacity input (measured in available seat kilometers) increased by 4.3% year-on-year [1] - Overall passenger turnover volume rose by 8.7% year-on-year [1] - Domestic passenger capacity input increased by 3.2%, with a corresponding passenger turnover volume increase of 5.5% [1] - International passenger capacity input saw a 7.5% increase, leading to a 17.6% rise in passenger turnover volume [1] - Regional passenger capacity input grew by 0.6%, with a 7.7% increase in passenger turnover volume [1] - The average passenger load factor reached 85.3%, up by 3.4 percentage points year-on-year [1] - Domestic routes experienced a 2.0 percentage point increase in load factor, while international routes saw a 7.0 percentage point increase, and regional routes increased by 5.0 percentage points [1] Group 2: Cargo Operations - Cargo capacity input (measured in available cargo ton kilometers) decreased by 0.9% year-on-year [1] - Cargo and mail turnover volume (measured in revenue cargo ton kilometers) increased by 3.1% year-on-year [1] - The cargo load factor was reported at 38.9%, which is an increase of 1.5 percentage points year-on-year [1]

Core Insights - The company reported an increase in consolidated passenger turnover (measured in revenue passenger kilometers) for October 2025 compared to the previous year [1] Passenger Capacity and Turnover - Passenger capacity input (measured in available seat kilometers) increased by 4.3% year-on-year, while passenger turnover rose by 8.7% [1] - Domestic passenger capacity input grew by 3.2%, with passenger turnover increasing by 5.5% [1] - International passenger capacity input saw a rise of 7.5%, leading to a 17.6% increase in passenger turnover [1] - Regional passenger capacity input increased by 0.6%, with passenger turnover up by 7.7% [1] - The average passenger load factor reached 85.3%, an increase of 3.4 percentage points year-on-year [1] - Domestic routes experienced a load factor increase of 2.0 percentage points, while international routes saw a rise of 7.0 percentage points, and regional routes increased by 5.0 percentage points [1] Cargo Capacity and Turnover - Cargo capacity input (measured in available cargo ton kilometers) decreased by 0.9% year-on-year, while cargo mail turnover (measured in revenue cargo ton kilometers) increased by 3.1% [1] - The cargo load factor was reported at 38.9%, which is an increase of 1.5 percentage points compared to the previous year [1]

Market Overview - The aviation and airport sector experienced a decline of 0.89% on November 17, with Spring Airlines leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Xiamen Airport (600897) saw a closing price of 18.14, with an increase of 3.66% and a trading volume of 207,300 shares, totaling a transaction value of 371 million yuan [1] - China Eastern Airlines (600115) closed at 5.35, up 2.10%, with a trading volume of 1,842,700 shares, amounting to 966 million yuan [1] - Southern Airlines (600029) closed at 7.27, up 0.69%, with a trading volume of 776,900 shares [1] - Spring Airlines (601021) led the decline with a closing price of 56.20, down 5.04%, and a trading volume of 139,000 shares, totaling 787 million yuan [2] Capital Flow - The aviation and airport sector saw a net outflow of 178 million yuan from institutional investors and 131 million yuan from retail investors, while retail investors had a net inflow of 309 million yuan [2] - Southern Airlines had a net inflow of 38.50 million yuan from institutional investors, while Spring Airlines experienced a net outflow of 78.21 million yuan from institutional investors [3] - Xiamen Airport had a net inflow of 17.88 million yuan from institutional investors, while China Eastern Airlines had a net inflow of 24.59 million yuan [3]

Core Viewpoint - The aviation industry is experiencing a continuous digestion of existing supply, with aircraft utilization rates exceeding 2019 levels during peak season, indicating a potential slowdown in supply growth in the future. The significant increase in international routes and limited domestic capacity growth suggest an optimization of the domestic competitive landscape, with high passenger load factors likely to improve ticket prices. Favorable oil prices and exchange rates are expected to lead to a "not-so-slow" trend in Q4, with a significant reduction in losses anticipated for the aviation industry by Q4 2025 and a release of profit elasticity in 2026 [1]. Group 1: Flight and Passenger Volume - Flight and passenger volume growth: In Q3 2025, overall, domestic, international, and regional flight volumes increased by 3%/2%/12%/7% year-on-year, while overall, domestic, international, and regional passenger volumes grew by 3.90%/2.84%/15.31%/-2.37% year-on-year [1]. - Airlines' capacity deployment: Except for Juneyao Airlines, overall capacity investment increased, focusing on international routes. In Q3 2025, ASK (Available Seat Kilometers) for major airlines showed year-on-year growth of 1.9%/5.7%/6.0%/4.4%/14.1%/-1.4% [2]. - Passenger turnover growth outpaced available seat kilometers growth, with load factors remaining high. In Q3 2025, passenger turnover for major airlines increased by 3.6%/6.2%/8.9%/4.2%/14.0%/-0.4% year-on-year, with industry load factors for July to September averaging 84.5%/87.5%/86.3%, up 0.5/0.6/2.4 percentage points year-on-year [2]. Group 2: Revenue and Cost Analysis - Revenue growth driven by capacity increase and passenger volume: In Q3 2025, total operating revenue for major airlines grew by 0.9%/3.0%/3.1%/1.8%/6.0%/-1.9% year-on-year [3]. - Decrease in oil prices alleviated fuel costs, while capacity investment diluted fixed costs, although variable costs increased. In Q3 2025, operating costs for major airlines increased by 0.07%/1.63%/1.51%/-1.43%/8.74%/-0.46% year-on-year [3]. - Revenue per available seat kilometer decreased, but the decline in costs was generally greater than the decline in revenue. In Q3 2025, revenue per available seat kilometer for major airlines decreased by 1.03%/2.55%/2.72%/2.41%/7.09%/0.47%/5.28%, while costs decreased by 1.84%/3.86%/4.26%/5.54%/4.70%/8.21% [3]. Group 3: Profitability and Market Outlook - Favorable oil prices and exchange rates positively impacted net profits. In Q3 2025, the average price of aviation kerosene was 5593 RMB/ton, down 11.05% year-on-year, and the USD/CNY exchange rate decreased by 0.74%, affecting net profits of major airlines [4]. - Slightly better-than-expected net profits for China Southern Airlines and China Eastern Airlines. In Q3 2025, net profits for major airlines were 36.76/38.40/35.34/27.88/11.67/5.84/3.69 billion RMB, with year-on-year growth rates of -11.31%/+20.26%/34.37%/-0.75%/-6.17%/-25.29%/+31.60% [4]. Group 4: Investment Recommendations - Investment themes include performance elasticity from ticket price increases, recommending major airlines with larger fleets and strong cyclical attributes, as well as Hainan Airlines benefiting from policy advantages and Juneyao Airlines with optimal route networks among private carriers [5]. - Emphasis on the certainty of operational performance, recommending airlines with stable subsidies like China Express Airlines and those with clear cost advantages and neutral exchange rate exposure like Spring Airlines [5].

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [4]. Core Views - The transportation sector has shown a cumulative increase of 1.83% from November 10 to November 15, 2025, outperforming the Shanghai Composite Index, which decreased by 1.08% [14][15]. - The recovery rates for domestic and international passenger traffic in major airlines and airports have significantly improved compared to 2019 levels, indicating a positive trend in the aviation sector [24][32]. - The shipping and logistics sectors are experiencing mixed performance, with container shipping indices showing a decline year-on-year, while oil and product tanker indices have increased significantly [36][47]. Summary by Sections Industry Performance Overview - The transportation industry ranked 13th among 31 sectors with a cumulative increase of 1.83% during the week [14]. - Sub-sectors such as ports (+7.44%) and airports (+5.28%) performed particularly well, while cross-border logistics (-1.37%) and road freight (-0.68%) faced declines [15][23]. Aviation and Airports - Major airlines in China have seen recovery rates for domestic Available Seat Kilometers (ASK) in September 2025 reach as high as 176.49% compared to the same month in 2019 [24]. - Key airports like Baiyun, Shanghai, and Capital have also shown strong recovery in passenger throughput, with rates of 125.22% and 115.87% for international traffic [32]. Shipping and Ports - The Shanghai Containerized Freight Index (SCFI) has decreased by 35.55% year-on-year, while the China Containerized Freight Index (CCFI) has shown a 23.97% decline [36]. - The CCFI for the East America route reported a decrease of 18.31% year-on-year, while the Mediterranean route saw a decline of 28.56% [36]. Road and Rail - Rail passenger turnover increased by 0.4% year-on-year, while freight volume rose by 4.24% [61]. - Road passenger traffic decreased by 3.82%, but freight volume increased by 5.20% [67]. Logistics and Express Delivery - The express delivery sector achieved a revenue of 127.37 billion yuan in September 2025, marking a 7.20% increase year-on-year [10]. - The industry is witnessing a shift towards smaller packages driven by e-commerce, with a notable increase in business volume [8]. Investment Recommendations - The report suggests focusing on airlines such as China National Aviation (601111.SH), Southern Airlines (600029.SH), and logistics companies like Huamao Logistics (603128.SH) for potential investment opportunities [9][10].