▲11月19日，HO1338飞行情况。图源：航旅纵横 航旅纵横显示，吉祥航空HO1338次航班计划于北京时间19日23时45分抵达上海，最终延误6小时15分钟到达。贝壳财经记者注意到，原本执飞19日 HO1338航班的是一架波音787-9宽体机，故障发生后，另一架同型号客机于北京时间20日0时38分从上海浦东机场起飞，1小时35分钟后抵达大阪关西机 场，之后将HO1338次航班的乘客接回上海。 11月20日傍晚，吉祥航空客服向贝壳财经记者证实，该航班因机械故障发生延误。关于具体故障原因，吉祥航空宣传工作人员表示暂无信息可以披露。 新京报贝壳财经记者 俞金旻 11月20日，有多位网友发文称，11月19日的吉祥航空（603885）HO1338次航班延误超6个小时。 | 大阪夫西机场T1 | | 上海浦乐机场T2 | | --- | --- | --- | | 实际起飞 | | 实际到达 | | 04-53 4地 | | 206.00 | | 计划11/19 22:10GMT+9 | | 计划11/19 23:45GMT+8 | | 值机柜台 | 登机口 | 登机方式 餐食 | | 7 G01-Gl | 18 | ...

11月20日傍晚，吉祥航空客服向贝壳财经记者证实，该航班因机械故障发生延误。关于具体故障原因， 吉祥航空宣传工作人员表示，暂无信息可以披露。 （文章来源：新京报） 航旅纵横显示，吉祥航空HO1338次航班计划于北京时间19日23时45分抵达上海，最终延误6小时15分钟 到达。贝壳财经记者注意到，原本执飞19日HO1338航班的是一架波音787-9宽体机，故障发生后，另一 架同型号客机于北京时间20日0时38分从上海浦东机场起飞，1小时35分钟后抵达大阪关西机场，之后将 HO1338次航班的乘客接回上海。 新京报贝壳财经讯（记者俞金旻）11月20日，有多位网友发文称，11月19日的吉祥航空HO1338次航班 延误超6个小时。 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600009 上海机场 | | 4552.55万 | 11.90% | 205.04万 | 0.54% | -4757.60万 | -12.44% | | 600115 中国东航 | | 987.21万 | 2.31% | -2938.99万 | -6.87% | 1951.78万 | 4.56% | | 603885 吉祥航空 | | 956.76万 | 2.64% | 656.16万 | 1.81% | -1612.92万 | -4.45% | | 000089 深圳机场 | | 611.06万 | 10.63% | 83.23万 | 1.45% | -694.29万 | -12.07% | | 600221 海航控股 | | -587.16万 | -0.61% | -1710.33万 | -1.79% | 2297.49万 | 2.40% | | 600004 ...

11月19日，日本大阪飞上海浦东一航班延误超6小时，有乘客在社交媒体发文称一度以为没办法回国 了。20日上午，记者从航司吉祥航空了解到，该航班因机械故障发生延误。（极目新闻） ...

Core Viewpoint - The aviation transportation sector has shown a strong recovery, with private airlines like Juneyao Airlines outperforming state-owned carriers, despite a general trend of "volume increase and price decrease" in the market for 2024 [3][4]. Group 1: Industry Performance - The aviation market in 2024 is characterized by a significant increase in passenger transport volume, reaching historical highs during the peak summer travel season, while airlines have lowered prices to compete with high-speed rail and adapt to market changes [3][5]. - The overall civil aviation industry saw a 6.0% year-on-year increase in passenger volume, with international passenger transport growing by 28.5% [8]. Group 2: Company Performance - Juneyao Airlines reported operating revenue of 17.48 billion yuan for the first three quarters of 2025, remaining stable year-on-year, but total profit and net profit attributable to shareholders decreased by 13.1% and 14.3%, respectively [5]. - In Q3 2025, the company generated revenue of 6.41 billion yuan, a decrease of 1.9% year-on-year, with net profit attributable to shareholders dropping by 25.3% [7]. - The decline in profits is attributed to non-operating costs, particularly due to engine maintenance affecting domestic capacity and increasing related expenses, which is seen as a temporary operational adjustment [8]. Group 3: Strategic Focus - Juneyao Airlines has shifted its strategic focus towards international markets, with a slight decrease in domestic passenger volume by 6.2% to 11.34 million, while international passenger volume surged by 45.9% to 2.10 million in the first half of 2025 [10][11]. - The company optimized its international route network, operating 12,370 international flights and opening new destinations such as Kobe and Kuala Lumpur [11]. - The comprehensive passenger load factor improved to 85.2%, with domestic and international load factors rising to 88.1% and 78.4%, respectively, although revenue per passenger kilometer declined from 0.47 yuan to 0.45 yuan, reflecting the market trend of "price for volume" [11].

Core Insights - The aviation and airport sector experienced a decline of 0.62% on November 19, with Xiamen Airport leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - Spring Airlines (601021) closed at 56.05, up 1.95% with a trading volume of 97,300 shares and a transaction value of 54.5 million [1] - China National Aviation (601111) closed at 8.77, up 0.69% with a trading volume of 682,100 shares and a transaction value of 601 million [1] - Xiamen Airport (600897) closed at 16.66, down 3.25% with a trading volume of 96,500 shares and a transaction value of 162 million [2] Capital Flow - The aviation and airport sector saw a net outflow of 274 million from institutional investors and 175 million from retail investors, while retail investors had a net inflow of 449 million [2] - Major stocks like Spring Airlines and China National Aviation experienced mixed capital flows, with Spring Airlines seeing a net inflow of 42.9 million from institutional investors [3] Individual Stock Analysis - Xiamen Airport had a significant net outflow of 21.74 million from institutional investors, while retail investors contributed a net inflow of 28.31 million [3] - China Eastern Airlines (600115) faced a net outflow of 4.71 million from institutional investors but saw a net inflow of 51.1 million from retail investors [3]

Core Viewpoint - The overall passenger load factor of listed airlines in October improved by approximately 1.8 percentage points year-on-year and month-on-month, indicating a positive trend in the industry supply-demand relationship [2][3]. Group 1: Domestic Routes - In October, the capacity deployment for domestic routes by listed companies increased by about 3.6% year-on-year and 5.6% month-on-month, driven by the 8-day National Day holiday [3]. - The overall passenger load factor for listed companies in October rose by approximately 1.8 percentage points compared to the same month last year and also increased by 1.8 percentage points from September [3]. - Airlines such as China Southern, China Eastern, and Hainan Airlines achieved passenger load factors exceeding 89%, while Spring Airlines and Juneyao Airlines surpassed 90% [3]. - The passenger load factors for China Eastern and Air China improved by over 2% year-on-year, with all six listed airlines showing year-on-year increases [3]. - October saw the highest passenger load factors of the year for China Southern, Air China, and Spring Airlines, while China Eastern, Hainan Airlines, and Juneyao Airlines were slightly below the peak levels of August [3]. Group 2: International Routes - The capacity deployment for international routes by listed airlines increased by approximately 14.3% year-on-year and 6.7% month-on-month in October [3]. - The passenger load factor for international routes improved by 4.0 percentage points year-on-year and by about 0.1 percentage points month-on-month [3]. - Except for Air China, all other airlines saw their capacity deployment for international routes grow by over 15% year-on-year, with Hainan Airlines experiencing an increase of over 25% due to a low base last year [4]. - The data indicates a potential oversupply in international routes, as the airline with the most significant capacity increase, China Eastern, saw a decrease in passenger load factor by about 2 percentage points month-on-month [4]. Group 3: Industry Policy Changes - A recent travel advisory issued by the Ministry of Foreign Affairs regarding travel to Japan may impact demand for related routes in the coming months [5]. - Multiple airlines have announced special handling plans for tickets related to Japan routes, allowing free cancellations or changes for eligible tickets before December 31 [5]. Group 4: Investment Recommendations - The publication of the "Self-Regulation Convention for Air Passenger Transport" by the China Air Transport Association in August has laid the foundation for reducing market chaos and improving revenue levels [6]. - The ongoing efforts to combat excessive competition in the industry are expected to accelerate the process of industry rebalancing, significantly benefiting overall profitability [6]. - Large airlines are anticipated to benefit more from these changes, suggesting a focus on these companies for investment opportunities [6].

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]

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].