Investment Rating - The report maintains a "Positive" outlook on the transportation industry, particularly highlighting opportunities in shipping and logistics sectors [4]. Core Insights - The report emphasizes the recovery and growth potential in the shipping market, with specific attention to the rise in VLCC (Very Large Crude Carrier) charter rates and the overall shipping market dynamics [6]. - It identifies key investment opportunities in companies such as China Merchants Energy, COSCO Shipping Energy, and others, while also suggesting a focus on high-dividend stocks in the transportation sector [6][22]. Summary by Sections Shipping Market - VLCC one-year charter rates have increased to $58,000 per day, indicating a strong market demand [6]. - The report notes a 6% week-on-week decline in VLCC rates, averaging $115,290 per day, but anticipates potential increases in the coming weeks due to expected cargo volume growth [6]. - The Baltic Dry Index (BDI) rose by 6.5% to 2,727 points, with Capesize rates reaching a two-year high [6]. Air Transportation - The report highlights a significant opportunity for airlines due to the aging aircraft fleet and increasing passenger demand, predicting a "golden era" for the airline industry [6]. - Recommended stocks include China Eastern Airlines, China Southern Airlines, and others, with a focus on companies that can leverage operational efficiencies and rising demand [6]. Logistics and Express Delivery - The express delivery sector is entering a new phase of competition, with potential for profit recovery and industry consolidation [6]. - Companies like Shentong Express and YTO Express are highlighted as having strong growth potential, particularly in Southeast Asia [6]. Road and Rail Transportation - The report indicates resilience in railway freight volumes and highway truck traffic, with a slight increase in railway cargo to 82.12 million tons, up 0.74% week-on-week [6]. - The highway sector is expected to benefit from high dividend yields and potential market value management catalysts [6].

南航广州至马德里直飞航线近日开通，这是广州地区首条连接伊比利亚半岛的直飞航线，填补了两地直 航空白，从昆明、海口、汕头等地往返马德里的旅客，可在广州白云国际机场实现3小时内双向中转衔 接。南航广州至达尔文直飞航线近日启航，该航线将两地行程缩短至约六小时，为旅客高效抵达澳大利 亚北部提供了全新选择。此外，南航广州-悉尼航线将增至每天四个往返，目前南航已开通广州至悉 尼、布里斯班、墨尔本、珀斯、阿德莱德多条直飞航线，为旅客提供高频次、广覆盖的出行选择。 海航计划于12月15日开通海口—胡志明市直飞航线，该航线的开通将进一步促进中越两国在经贸、人文 等领域的交流与合作；吉祥航空将于2026年1月15日开通上海浦东至马来西亚斗湖直飞航线，首次实现 上海直航世界级潜水胜地仙本那，旅客无需经吉隆坡或亚庇中转即可一步直达。 来源：北京日报客户端 转自：北京日报客户端 正值2025年冬春航季，多家航司近日表示将持续加大运力投入，新开国际航线。 国航预计新开通北京-布鲁塞尔、成都-布鲁塞尔航线，同时持续推动国际及地区航线日均航班量稳步提 升，进一步拓展通达全球的能力。今年以来，国航已新开、复航北京-符拉迪沃斯托克、北京-伊尔库 ...

Core Viewpoint - The Jiangsu Provincial Consumer Rights Protection Committee has raised concerns about the excessive locking of premium seats by airlines, leading to a lack of transparency and unfair practices in the ticketing process [1][3][6] Group 1: Issues Identified - The report identified four main issues in the seat locking service: excessive locking of premium seats, disguised fees for unlocking, lack of transparency, and unfair contractual terms [1][3][4] - The average seat locking rate among the ten airlines surveyed ranges from 19.9% to 62.1%, with an average of 38.7% [1][3] - Specific routes, such as Spring Airlines' Nanjing to Lanzhou, have seat locking rates exceeding 60%, while some airlines like Juneyao Airlines have rates below 20% [3][4] Group 2: Consumer Rights and Regulatory Response - The Jiangsu Provincial Consumer Rights Protection Committee emphasized that consumers have the right to choose suitable seats as part of their basic service rights when purchasing tickets [6][8] - Airlines are required to address the excessive locking of seats and revise unfair contractual terms within 15 working days [1][8] - The upcoming revision of the Civil Aviation Law aims to clarify the obligations of transportation companies regarding consumer rights, although it does not specifically address seat locking practices [7] Group 3: Industry Trends and Financial Implications - Ancillary revenue from paid seat selection has become a significant income source for airlines, with global ancillary revenue expected to exceed $148 billion in 2024 [5] - Traditional airlines are facing pressure from increased passenger traffic but declining ticket prices, leading to a 5.3% growth in ancillary revenue to offset losses from discounted fares [5][9] - The differentiation in business models between low-cost and traditional airlines necessitates a careful balance between enhancing passenger experience and generating ancillary revenue [9]

（文章来源：证券日报） 证券日报网讯 12月5日，吉祥航空在互动平台回答投资者提问时表示，实际贷款金额视回购实施进度及 市场情况调整，最终以回购期满实际使用金额为准；具体利率等条款以正式签订的贷款协议及银行政策 为准。 ...

从吉祥航空获悉，吉祥航空将于2026年1月15日正式开通上海浦东至马来西亚斗湖的直飞航线，首次实 现从上海直航抵达世界级潜水胜地仙本那。旅客无需再经吉隆坡或亚庇中转，可一步直达目的地。 ...

Investment Rating - The industry rating is maintained as "Recommended" [3] Core Insights - The overall demand growth in the aviation industry has rebounded, with significant increases in passenger load factors and strong recovery in international routes during the National Day and Mid-Autumn Festival holidays [1] - The aviation sector is experiencing continuous improvement in volume and pricing data, driven by low base effects and increasing demand [7] - The report highlights the importance of addressing "involution" in the industry to enhance competition and market efficiency [7] Industry Overview - As of October 2025, the total passenger turnover in civil aviation reached 123 billion passenger-kilometers, representing a year-on-year increase of 23.4% compared to 2019 and 8.9% compared to 2024 [7][24] - Domestic routes accounted for 924 billion passenger-kilometers, with a year-on-year increase of 27.2% compared to 2019 and 5.7% compared to 2024 [7][24] - International and regional routes saw a turnover of 306 billion passenger-kilometers, with increases of 13.1% compared to 2019 and 19.7% compared to 2024 [7][24] - The available seat kilometers (ASK) in civil aviation reached 1,407 billion, up 17.3% from 2019 and 6.2% from 2024 [7][24] Airline Performance - In October 2025, major airlines showed varied performance, with China Southern Airlines, Air China, and Eastern Airlines reporting year-on-year increases in RPK (Revenue Passenger Kilometers) of 8.8%, 8.7%, and 10.6% respectively [49][51][52] - The overall passenger load factor for the industry was 87.4%, an increase of 4.3 percentage points compared to 2019 [24][53] - The report recommends focusing on specific airlines such as China National Aviation, China Southern Airlines, and Spring Airlines for potential investment opportunities [7] Cargo Transport Data - In October 2025, the number of international and regional cargo flights reached 14,220, reflecting a year-on-year increase of 10.4% [92] - The theoretical cargo capacity for these flights was 10.2 billion tons, with a month-on-month increase of 4.1% [92] Price Trends - Domestic ticket prices increased by 3.7% year-on-year, while the base ticket price rose by 5.5% [24] - The average outbound air freight price index from Shanghai was reported at 4,705 points, with a month-on-month increase of 3.8% but a year-on-year decrease of 5.5% [92]

据了解，新航线计划每周运营三班，班期为每周二、四、六。去程航班HO1361于14:50从上海浦东起飞，20:00抵达斗湖；返程航班HO1362于21:00自斗湖起 飞，次日2:00返回上海浦东。该航线将采用空客A320neo客机执飞，设有公务舱与经济舱。 北京商报讯（记者 关子辰 牛清妍）12 月 5 日，北京商报记者从吉祥航空获悉，吉祥航空将于2026年1月15日正式开通上海浦东至马来西亚斗湖的直飞航 线，首次实现从上海直航抵达世界级潜水胜地仙本那，旅客无需再经吉隆坡或亚庇中转。 ...

《中国民航报》、中国民航网 记者胡夕姮报道：12 月 5 日，吉祥航空宣布将于2026年1月15日正式开通 上海浦东至马来西亚⽃湖的直飞航线，首次实现从上海直航抵达世界级潜水胜地仙本那。该航线开通 后，旅客无需再经吉隆坡或亚庇中转，可一步直达目的地。配合马来西亚对华免签政策，华东地区旅客 可轻松开启"说走就走"的海岛假期。 新航线计划每周运营三班，班期为每周⼆、四、六。去程航班HO1361于14:50从上海浦东起飞，20:00抵 达⽃湖；返程航班HO1362于21:00⾃⽃湖起飞，次日02:00返回上海浦东。该航线将采⽤节能环保的空客 A320neo客机执飞，设有公务舱与经济舱，在提升乘机舒适度的同时践⾏绿⾊飞⾏理念。 （本⽂图⽚均由吉祥航空提供） ⽃湖是前往仙本那的主要⻔户，从⽃湖机场乘⻋约一⼩时即可抵达。仙本那以清澈⻅底的蓝⾊海水、丰 富的海洋⽣态和迷⼈的海岛景观闻名于世，被誉为全球潜水爱好者向往的"海底天堂"。直飞航线的开 通，将有⼒推动该地区冬季旅游市场，为中国旅客提供暖冬出⾏新选择。 近年来，吉祥航空持续拓展东南亚航线网络，此前已开通上海至槟城、吉隆坡的直飞航线，累计承运旅 客近16万⼈次。⽃湖航线 ...

Market Overview - On December 4, the Shanghai Composite Index fell by 0.06%, with the total margin financing balance reaching 24,838.69 billion yuan, an increase of 1.277 billion yuan compared to the previous trading day [1] - The Shanghai stock market's margin financing balance was 12,593.54 billion yuan, up by 604 million yuan, while the Shenzhen market's balance was 12,169.99 billion yuan, increasing by 682 million yuan [1] Industry Analysis - Among the industries tracked by Shenwan, 16 sectors saw an increase in financing balance, with the mechanical equipment sector leading with an increase of 806 million yuan, followed by household appliances and food & beverage sectors, which increased by 773 million yuan and 698 million yuan respectively [1] Individual Stock Performance - A total of 1,812 stocks experienced an increase in financing balance, accounting for 48.31% of the market, with 198 stocks seeing an increase of over 5% [1] - The stock with the largest increase in financing balance was Xiangyang Bearing, which saw a balance of 213 million yuan, up by 71.38%, although its stock price fell by 1.45% [1] - Other notable stocks with significant increases in financing balance included Gokong Technology and Tender Shares, with increases of 62.76% and 59.62% respectively [1] Top Gainers and Losers - Among the top 20 stocks with the largest increase in financing balance, the average price increase was 3.53%, with Gokong Technology, Sanxie Electric, and Tender Shares leading with gains of 19.99%, 17.59%, and 13.62% respectively [2] - Conversely, the stocks with the largest declines included Galaxy Electronics, Junting Hotel, and Taipeng Intelligent, with declines of 8.28%, 4.59%, and 2.18% respectively [2] Margin Financing Declines - In contrast, 1,936 stocks saw a decrease in financing balance, with 125 stocks experiencing a decline of over 5% [4] - The stock with the largest decrease was Green Heng Technology, with a financing balance of 9.852 million yuan, down by 37.04% [5] - Other stocks with significant declines included 吉祥航空 (Ji Xiang Airlines) and 明阳科技 (Ming Yang Technology), with decreases of 35.22% and 28.16% respectively [5]

Core Viewpoint - The excessive "seat locking" behavior by airlines is identified as a practice that limits consumer choice and increases passenger costs, which has been highlighted in a recent consumer survey report by the Jiangsu Provincial Consumer Protection Committee [1][3][12]. Group 1: Seat Locking Practices - A survey of 10 major domestic airlines revealed that the proportion of locked seats in economy class ranges from 19.9% to 62.1%, with an average of 38.7% [1][8]. - Airlines typically restrict access to preferred seats (such as those in the front row, window, and aisle) while only offering less desirable seats for free selection, effectively forcing consumers to pay for better options [1][8][12]. - The practice of locking seats is often justified by airlines as necessary for safety and special service needs, but the extent of seat locking suggests it has become a revenue-generating service [3][10]. Group 2: Consumer Rights and Complaints - Many consumers express frustration over the inability to select preferred seats without incurring additional costs, which they believe undermines their rights as ticket holders [4][5]. - The lack of transparency regarding the criteria for seat locking and the absence of clear communication about free selection options violate consumer rights, including the right to know and the right to fair trading [10][12]. - The Jiangsu Provincial Consumer Protection Committee has initiated discussions with the airlines and expects them to address consumer complaints and ensure equal seat selection opportunities for all passengers [3][12]. Group 3: Regulatory Response - The Jiangsu Provincial Consumer Protection Committee has mandated that the airlines submit written rectification plans within 15 working days to address the issues related to seat locking [12]. - Continuous monitoring of the airlines' compliance with the rectification requirements will be conducted by the consumer protection authority [12].