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].

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].

Core Points - The stock price of Juneyao Airlines fell by 2.02% on November 18, trading at 14.04 CNY per share with a market capitalization of 30.663 billion CNY [1] - The company reported a year-to-date stock price increase of 3.22%, with a 1.54% decline over the last five trading days [1] - Juneyao Airlines' main business revenue composition includes 94.98% from passenger transport, 3.75% from cargo transport, and 1.27% from other sources [1] Financial Performance - For the period from January to September 2025, Juneyao Airlines achieved an operating revenue of 17.48 billion CNY, a slight decrease of 0.06% year-on-year [2] - The net profit attributable to shareholders for the same period was 1.089 billion CNY, reflecting a year-on-year decrease of 14.28% [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 24,200, with an average of 90,121 circulating shares per shareholder, a decrease of 2.72% [2] - The company has distributed a total of 2.35 billion CNY in dividends since its A-share listing, with 565 million CNY distributed over the past three years [3] - Notable shareholders include Industrial Bank Convertible Bond and Guangfa Value Leading Mixed Fund, with new entries from Southern CSI 500 ETF [3]

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]

证券日报网讯吉祥航空（603885）11月17日在互动平台回答投资者提问时表示，截至2025年9月30日， 公司股东总数为24，234户。 ...

此外，春秋航空（601021.SH）、海航控股（600221.SH）、吉祥航空（603885.SH）、 厦门航空、四川航空、深圳航空和山东航空7家航司均发布了涉日本航线免费退改政策。据 《中国经营报》记者统计，截至发稿，已有10家航司发布赴日航班退改政策。 日本一直是中国游客出境最重要的目的地之一，近日中国外交部发布提醒中国公民近期避免 前往日本后，多家航司发布涉日本机票免费退改政策。 中国外交部11月14日在其官方网站发布提醒称，今年以来，日本社会治安不靖，针对中国 公民违法犯罪案件多发，发生多起在日中国公民遇袭事件，部分案件迄未侦破，中国公民在 日本安全环境持续恶化。近日，日本领导人公然发表涉台露骨挑衅言论，严重恶化中日人员 交流氛围，给在日中国公民人身和生命安全带来重大风险。 上述提醒发出后，中国各大航空公司陆续推出退改政策。 中国国际航空公司（以下简称"中国国航"，601111.SH）11月15日发布方案显示，对于 11月15日12时（含）前购买或换开产生新票号的国航999开头的客票且客票未使用行程涉 及旅行日期为2025年11月15日（含）至2025年12月31日（含）之间东京、大阪、名古 图说：1 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The inbound tourism market is expected to grow significantly, driven by the expansion of visa-free policies, with a projected 52% year-on-year increase in visa-free foreign visitors from January to September 2025 [1]. - The company's revenue for Q1-Q3 2025 was 17.48 billion yuan, showing a slight year-on-year decline, with a net profit of 1.09 billion yuan, down 14% [2]. - The company is expected to benefit from high return on equity (ROE) and increased international capacity, with a projected ROE of 15.28% for 2026 [3]. Financial Data and Forecasts - Revenue is forecasted to grow from 20.1 billion yuan in 2023 to 27.9 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 11.56% [5][10]. - The net profit attributable to the parent company is expected to increase from 751.3 million yuan in 2023 to 2.35 billion yuan in 2027, reflecting a significant growth trajectory [5][10]. - The company's earnings per share (EPS) is projected to rise from 0.34 yuan in 2023 to 1.08 yuan in 2027 [5][10].

证券代码：603885 证券简称：吉祥航空 公告编号：临2025-079 上海吉祥航空股份有限公司 关于召开2025年第三季度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 上海吉祥航空股份有限公司（以下简称"公司"）已于2025年10月31日发布 公司2025年第三季度报告，为便于广大投资者更全面深入地了解公司2025年第三 季度经营成果、财务状况，公司计划于2025年11月25日（星期二）13:00-14:00 举行2025年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对2025年第三季度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 1 会议召开时间：2025年11月25日（星期二）13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roads ...