Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, indicating a positive outlook for investment opportunities in the sector [4]. Core Insights - The aviation industry is experiencing a recovery, with domestic passenger load factors showing a year-on-year increase. International supply and demand are accelerating [1]. - The overall supply-demand balance is better than in 2019 and 2024, with structural improvements in demand, particularly in business travel and cross-border needs [4]. - Supply constraints are strengthening due to maintenance backlogs and low growth in new aircraft introductions, indicating a potential turning point in the "supply-demand-price" dynamic [4]. Summary by Sections Domestic Operations - In November, the ASK (Available Seat Kilometers) growth rates were led by Spring Airlines (15.6%), followed by China Southern Airlines (8.7%) and China Eastern Airlines (6.5%). The RPK (Revenue Passenger Kilometers) growth was also highest for Spring Airlines (18.0%) [1]. - Cumulative data from January to November shows Spring Airlines leading in both ASK (12.0%) and RPK (12.0%) growth rates [1]. International Operations - For international routes in November, the highest ASK growth was recorded by Juneyao Airlines (26.8%), while RPK growth was led by Juneyao Airlines (38.4%) [2]. - Cumulative data from January to November indicates Juneyao Airlines also leads in ASK (41.5%) and RPK (48.3%) growth rates [2]. Regional Operations - In November, Spring Airlines had the highest ASK growth (20.5%) for regional routes, while RPK growth was also led by Spring Airlines (26.4%) [2]. - Cumulative data shows China Southern Airlines leading in ASK growth (2.8%) and China National Airlines leading in RPK growth (4.7%) [2]. Passenger Load Factor - In November, Spring Airlines had the highest passenger load factor at 92.3%, with a year-on-year increase of 1.9 percentage points [3]. - Cumulative data from January to November shows Spring Airlines maintaining a load factor of 91.5%, unchanged from the previous year [3]. Fleet Growth - As of November 2025, the five listed airlines collectively added 17 aircraft, with a year-on-year fleet increase of 4.0% [3].

Investment Rating - The industry investment rating is "Buy" [2] Core Views - The industry is experiencing a robust supply and demand growth, with November data showing a year-on-year increase in both supply and demand. The passenger load factor has improved, particularly in domestic routes, which have seen a significant increase compared to 2019 levels. In November, the total supply and demand for six listed airlines increased by 7.1% and 10.3% year-on-year, respectively, reaching 110.4% and 116.7% of the levels seen in the same period of 2019. The passenger load factor rose by 2.5 percentage points to 85.6%, which is 4.6 percentage points higher than in November 2019 [6][6][6]. Summary by Sections Supply and Demand Dynamics - In November, domestic routes saw supply and demand increase by 4.2% and 6.8% year-on-year, respectively, achieving 113.3% and 118.2% of the levels from 2019. The passenger load factor for domestic routes improved by 2.1 percentage points to 86.6%, which is 3.6 percentage points higher than in 2019. International routes experienced a more significant increase, with supply and demand rising by 15.0% and 20.7% year-on-year, reaching 104.8% and 113.5% of 2019 levels. The passenger load factor for international routes increased by 3.9 percentage points to 83.4%, which is 6.4 percentage points higher than in 2019 [6][6]. Airline Performance - Performance among airlines varied, with Spring Airlines and Eastern Airlines leading in passenger load factors. In November, the three major airlines reported a year-on-year increase in supply and demand of 6.7% and 10.3%, respectively, continuing their recovery trend. Domestic routes for these airlines have returned to 111.6% and 116.6% of 2019 levels. Eastern Airlines had the highest passenger load factor, increasing by 3.0 percentage points to 87.4%, while China National Airlines showed the fastest recovery, with a 3.9 percentage point increase to 83.3% [6][6]. External Factors - External events continue to disrupt demand, particularly on the China-Japan route, which is experiencing short-term weakness. However, the long-term recovery trend for international routes remains intact. Recent policy changes have extended the free cancellation and modification policy for flights on this route until March 28, 2026. Despite the current challenges, the demand for international flights is expected to recover in the medium to long term, supported by resilient ticket prices [6][6].

Group 1 - The core transaction of Juneyao Airlines on December 15 involved two block trades totaling 43.68 million shares, with a transaction value of 544 million yuan, at a price of 12.45 yuan, representing a discount of 9.12% compared to the closing price [2][3] - The closing price of Juneyao Airlines on the same day was 13.70 yuan, reflecting an increase of 1.18%, with a turnover rate of 0.78% and a total transaction amount of 232 million yuan, while there was a net outflow of 15.75 million yuan in main funds [2][3] - Over the past five days, the stock has seen a cumulative decline of 1.01%, with a total net outflow of funds amounting to 17.58 million yuan [2][3] Group 2 - The latest margin financing balance for Juneyao Airlines is 65.59 million yuan, which has decreased by 11.68 million yuan over the past five days, representing a decline of 15.12% [3] - Juneyao Airlines was established on March 23, 2006, with a registered capital of 21.84 billion yuan [3]

Core Viewpoint - On December 15, several A-share listed companies disclosed their share repurchase and reduction plans, indicating varying levels of confidence among management and shareholders in their respective companies [1][4]. Summary of Buyback Situations - Rongchang Bio plans to repurchase shares worth between 20 million to 40 million yuan [5]. - Digital Video intends to buy back shares valued at 80 million to 120 million yuan [5]. - AVIC Heavy Machinery's directors and senior management plan to increase their holdings in the company [5]. Summary of Reduction Situations - Baoming Technology's directors and supervisors plan to reduce their holdings by no more than 0.0469% [6]. - Shifeng Culture's shareholder Cai Junquan and his concerted parties intend to reduce their holdings by no more than 3% [6]. - Shengong Co., Ltd. shareholders Wenzhou Jingli and Xujie Investment plan to reduce their holdings by no more than 1.98% [6]. - Demai Chemical's shareholder Chang Lianrong plans to reduce by no more than 3% [6]. - Hualong Aluminum's shareholder You Xiaohua plans to reduce by no more than 2.17% [6]. - Zhangjiang Hi-Tech's controlling shareholder has completed a reduction of 1% of the company's shares [6]. - Jixiang Airlines' shareholder Dongfang Chuantou plans to reduce by no more than 1% [6]. - Decai Co., Ltd.'s shareholder Cheng Gao Century plans to reduce by no more than 3% [6]. - Fujian Cement reduced its holdings by 280,200 shares on December 15 [6]. - Kehua Holdings' shareholder Zhang Yu plans to reduce by no more than 3% [6]. - Western Gold's shareholder Yang Shengrong reduced his holdings by 14.0725 million shares from November 10 to December 15 [6].

证券日报网讯 12月15日晚间，吉祥航空发布公告称，自2019年以来，上海均瑶（集团）有限公司及公 司通过股权及业务纽带与东方航空产业投资有限公司（简称"东航产投"）母公司中国东方航空集团有限 公司及关联公司中国东方航空股份有限公司达成了长期战略合作伙伴关系。截至本公告披露日，东航产 投持有吉祥航空股份281，470，926股，占公司总股本的12.89%。因自身业务安排及需要，股东东航产 投拟在本公告披露日起15个交易日后的3个月内，通过集中竞价交易方式减持公司股份数量合计不超过 21，840，052股，合计减持不超过公司总股本的1%。 （编辑 任世碧） ...

Group 1 - Unicom Guowei has established a Central Research Institute focusing on the development of edge AI chips for applications in autonomous driving, embodied robots, and low-altitude flying vehicles [2] - The research will also include new types of storage devices based on two-dimensional materials and high-performance special sensor chips [2] - Aerospace Electronics plans to increase its investment in Aerospace Long March Rocket Technology Co., Ltd. by 728 million yuan, maintaining the existing shareholding structure [3] Group 2 - Aerospace Rainbow successfully completed the first flight test of its self-developed Rainbow-7 high-altitude, high-speed, long-endurance drone, achieving all preset parameters [4] - The project is still in the research and testing phase, with further rigorous testing and validation required before mass production [4] Group 3 - Changchun High-tech's subsidiary signed an exclusive licensing agreement for the GenSci098 injection project, potentially earning up to 1.365 billion USD in milestone payments [5] - The agreement includes an initial payment of 120 million USD and additional milestone payments related to development and commercialization [5] Group 4 - TCL Technology plans to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan, increasing its ownership from 84.2105% to 94.9761% [26] - This acquisition aims to enhance TCL's competitiveness and profitability in the semiconductor display industry [26] Group 5 - Zhongmin Resources announced the successful ignition of its Tsumeb smelting plant's multi-metal comprehensive recycling project, with an annual processing capacity of 80,000 tons [11] - The project will produce various products, including germanium ingots and zinc ingots, with a design capacity of 33 tons/year for germanium [11] Group 6 - Xinhua Insurance reported a 16% year-on-year increase in original insurance premium income, totaling 188.85 billion yuan from January to November 2025 [43] - This growth reflects the company's strong performance in the insurance market [43]

Group 1 - Muxi Co., Ltd. will list its common stock on the Sci-Tech Innovation Board on December 17, 2025 [1] - Xinghua New Materials signed a strategic cooperation agreement with Guoteng Company to collaborate in the quantum technology field [2] - TCL Technology's subsidiary plans to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 60.45 billion RMB [3] Group 2 - Jingjia Micro's subsidiary has completed key stages of its edge AI SoC chip, marking a significant project breakthrough [4] - Cambricon plans to use 2.778 billion RMB of its capital reserve to offset losses [5] - Bojun Technology's subsidiary intends to invest 600 million RMB in an automotive lightweight component production base in Chongqing [6] Group 3 - Longqi Technology plans to invest approximately 1.5 billion RMB to build an AI + smart terminal digital benchmark factory in Nanchang [7] - Taili Technology signed a strategic cooperation framework agreement with Jinan University to establish an advanced functional materials research institute with an investment of 100 million RMB [8][9] - Pengding Holdings plans to invest a total of 4.297 billion RMB in a production facility in Thailand by 2026 [10] Group 4 - China Metallurgical Group reported a new contract amount of 958.13 billion RMB from January to November 2025, a decrease of 8.6% year-on-year [16] - 吉祥航空 reported an 8.92% year-on-year increase in passenger turnover in November 2025 [17] - Hainan Airport's passenger throughput reached 2.0909 million in November 2025, a year-on-year increase of 8.16% [20] Group 5 - Xinhua Insurance reported a cumulative original insurance premium income of 188.85 billion RMB from January to November 2025, a year-on-year increase of 16% [21] - Huafeng Aluminum's controlling shareholder plans to reduce its stake by up to 2.17% [22] - Digital Vision plans to repurchase shares worth 80 million to 120 million RMB [23]

Core Viewpoint - The announcement from the company indicates a mixed performance in passenger capacity and turnover for November 2025, with notable increases in international routes but declines in domestic and regional routes [1] Group 1: Capacity and Turnover - The company's passenger capacity input (measured in available seat kilometers) increased by 6.05% year-on-year, with domestic, international, and regional route contributions showing changes of -0.46%, 26.84%, and -27.66% respectively [1] - The passenger turnover (measured in revenue passenger kilometers) rose by 8.92% year-on-year, with domestic, international, and regional route changes of 0.81%, 38.35%, and -24.26% respectively [1] - The seat load factor reached 85.39%, an increase of 2.25% year-on-year, with domestic, international, and regional route changes of 1.10%, 6.76%, and 3.81% respectively [1] Group 2: Month-on-Month Changes - The company's domestic passenger capacity input decreased by 7.23% month-on-month, while domestic passenger turnover fell by 10.32% month-on-month, and the domestic route seat load factor declined by 3.00% [1] - The international passenger capacity input decreased by 8.00% month-on-month, with international passenger turnover down by 6.97% month-on-month, although the international route seat load factor increased by 0.90% [1]

智通财经APP讯，吉祥航空(603885.SH)发布公告，因自身业务安排及需要，股东东航产投拟在公告披 露日起15个交易日后的3个月内，通过集中竞价交易方式减持公司股份数量合计不超过2184万股，合计 减持不超过公司总股本的1%。 ...

北京商报讯(记者关子辰牛清妍)12月15日，吉祥航空（603885）发布月度运营数据，11月客运运力投入 (按可用座位公里计)同比上升6.05%；旅客周转量(按收入客公里计)同比上升8.92%；客座率为85.39%， 同比上升2.25%。 ...