Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Views - Crude oil freight rates have decreased month-on-month, while container shipping rates on long-distance routes have increased. The China Import Crude Oil Comprehensive Index (CTFI) reported 1632.26 points on October 23, down 8.9% from October 16. The VLCC market remains cautious due to the implementation of special port fees between China and the US, leading to a weak sentiment among shipowners [2][13] - Guangdong Province has released a high-quality development plan for the low-altitude economy, aiming to establish itself as a national leader in this sector. The civil aviation industry has shown steady growth in the first three quarters of 2025, with a total transport turnover of 1220.3 billion ton-kilometers, a year-on-year increase of 10.3% [2][15][16] - In Shenzhen, the monthly delivery volume of autonomous vehicles has surpassed one million, with a year-on-year growth of 12.7% in express delivery volume in September. The postal industry reported a total business income of 152.57 billion yuan in September, up 6.8% year-on-year [2][22][24] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, while container shipping rates on long-distance routes have increased. The CTFI reported a decrease of 8.9% [2][13] - Guangdong's low-altitude economy development plan aims to optimize airspace management and promote low-altitude logistics [15][16] - Shenzhen's autonomous vehicle delivery volume has exceeded one million, with express delivery volume growing by 12.7% [22][24] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index has shown a month-on-month increase of 6.9% [26] - Domestic cargo flights have increased by 3.05% year-on-year, while international flights have risen by 15.86% [32] - The express delivery business volume in September increased by 12.7% year-on-year, with total business income reaching 127.37 billion yuan [50][54] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized Carriers, China Merchants Energy Shipping, and Huamao Logistics [4] - Pay attention to the low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Consider investment opportunities in the highway and railway sectors, recommending companies like Gansu Expressway and Beijing-Shanghai High-Speed Railway [4] - Explore investment opportunities in the express delivery sector, recommending SF Express, Jitu Express, and Yunda Express [4]

Group 1: Meituan's Health Initiative - Meituan has launched a "Health Double Eleven" campaign featuring special medical foods and health supplements, responding to a nearly 40% increase in related search volume on its platform [1] - The campaign includes products like Ejiao and bird's nest, along with special medical foods such as Ai Er Shu and Tai Min Shu, and offers significant discount coupons to users [1] - Users purchasing special medical foods can join a community for exclusive nutritionist consultations and additional discounts [1] Group 2: Qingdao Beer Financial Performance - Qingdao Beer reported a third-quarter net profit of 1.37 billion yuan, representing a year-on-year increase of 1.62% [2] - The company's revenue for the third quarter was 8.876 billion yuan, showing a slight decline of 0.17% compared to the previous year [2] Group 3: Changchun High-tech's Clinical Trial Approval - Changchun High-tech's subsidiary, GenSci, received approval for the clinical trial application of GenSci098 injection, which has potential for treating diffuse toxic goiter [3] - This approval is expected to facilitate the clinical development of the product for the target population [3] Group 4: Kingsoft Office Financial Performance - Kingsoft Office reported a third-quarter net profit of 431 million yuan, marking a year-on-year increase of 35.42% [4] - The company's revenue for the third quarter was 1.521 billion yuan, reflecting a growth of 25.33% year-on-year [4] Group 5: Foreign Exchange and Trade Statistics - In the first three quarters, China's foreign exchange receipts and payments reached 11.6 trillion USD, setting a record for the same period [5] - The foreign exchange market transaction volume is projected to grow by 37% in 2024 compared to 2020, with foreign exchange receipts increasing by 64% over the same period [5] Group 6: Three Squirrels Financial Performance - Three Squirrels reported a third-quarter net profit of 22.27 million yuan, which is a significant decline of 56.79% year-on-year [6] - The company's revenue for the third quarter was 2.281 billion yuan, showing an increase of 8.91% compared to the previous year [6] Group 7: Hengrui Medicine Financial Performance - Hengrui Medicine's third-quarter revenue was 7.427 billion yuan, reflecting a year-on-year growth of 12.72% [6] - The net profit for the third quarter was 1.301 billion yuan, which is a 9.53% increase year-on-year [6] Group 8: Anta Sports Retail Performance - Anta Sports reported low single-digit growth in retail sales for its Anta and FILA brands in the third quarter [9] - Other brands under the company achieved a significant retail sales growth of 45-50% year-on-year [9] Group 9: National Airlines Aircraft Purchase - National Airlines announced plans to purchase six A350F cargo aircraft from Airbus, with an option for four additional aircraft [10] - The total value of the aircraft, based on the January 2024 catalog price, is approximately 4.65 billion USD per unit, with potential discounts negotiated [10] Group 10: Investment and Financing Activities - Guoyi Quantum has completed a new round of strategic financing led by Hefei Xingtai Capital, aimed at enhancing its R&D capabilities in quantum computing and related fields [10] - Song Yang has replaced Shao Jingping as the head of JD Retail's marketing center, following Shao's departure for personal reasons [7] Group 11: New Product Launch by Meituan - Meituan's LongCat team has released and open-sourced the LongCat-Video video generation model, achieving state-of-the-art results in video generation tasks [10] - The model aims to enhance capabilities in various applications, including autonomous driving and interactive business scenarios [10] Group 12: Regulatory Changes in Foreign Investment - The China Securities Regulatory Commission has introduced a green channel and simplified processes for foreign institutional investors, including sovereign funds and pension funds [11]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [4][10][12]. Core Views - The transportation sector is experiencing a recovery in passenger and freight volumes, driven by the resumption of domestic and international travel, as well as a rebound in logistics demand [8][12]. - The report highlights the positive impact of government policies aimed at stimulating domestic demand, which is expected to further enhance the performance of airlines and logistics companies [12][9]. Summary by Sections Industry Performance Review - From October 20 to October 25, 2025, the transportation sector recorded a cumulative increase of +0.72%, ranking 24th among 31 SW primary industries, while the CSI 300 index rose by +3.24% [16][18]. - Sub-sectors within transportation showed varied performance, with public transport (+4.81%) and warehousing logistics (+2.88%) leading the gains, while shipping experienced a decline of -1.28% [18][19]. Aviation and Airports - In September 2025, major listed airlines in China showed significant recovery in domestic Available Seat Kilometers (ASK) compared to 2019, with China Southern Airlines at 116.42% and Spring Airlines at 176.49% [27]. - Major airports also reported recovery in passenger throughput, with Baiyun Airport and Shanghai Airport achieving recovery rates of 115.74% and 125.22% for domestic passengers, respectively [35]. Shipping and Ports - As of October 24, 2025, the Shanghai Containerized Freight Index (SCFI) was at 1403.46 points, reflecting a week-on-week increase of +7.11% but a year-on-year decrease of -35.78% [39]. - The China Containerized Freight Index (CCFI) reported a value of 992.74 points, with a week-on-week increase of +2.02% and a year-on-year decrease of -27.35% [39]. Road and Rail - In September 2025, railway passenger volume reached 341 million, showing a slight year-on-year decrease of -0.24%, while freight volume increased by +4.24% to 4.45 million tons [64]. - Road transport saw a significant decline in passenger volume, down -43.82% year-on-year, while freight volume increased by +5.20% to 38.91 million tons [70]. Express Delivery - The express delivery sector achieved a revenue of 127.37 billion yuan in September 2025, marking a year-on-year increase of +7.20%, with business volume rising by +12.70% to 16.88 billion parcels [12].

Core Viewpoint - The aviation and airport sector experienced a slight increase of 0.09% on October 27, with Xiamen Airport leading the gains. The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1]. Summary by Category Stock Performance - Xiamen Airport (600897) closed at 16.00, up 1.91% with a trading volume of 127,600 shares and a turnover of 204 million yuan - China National Aviation (601111) closed at 8.46, up 1.08% with a trading volume of 532,900 shares - China Southern Airlines (600029) closed at 6.60, up 0.30% with a trading volume of 431,700 shares - Shanghai Airport (600009) remained unchanged at 31.37 with a trading volume of 71,700 shares - Hainan Airlines (600221) closed at 1.68, unchanged with a trading volume of 3,633,800 shares - China Eastern Airlines (600115) closed at 4.83, down 0.41% with a trading volume of 953,200 shares [1][2]. Capital Flow - The aviation and airport sector saw a net outflow of 153 million yuan from institutional investors, while retail investors contributed a net inflow of 107 million yuan [2][3]. - The detailed capital flow for key stocks indicates that: - China Southern Airlines had a net inflow of 29.35 million yuan from institutional investors - Hainan Airlines experienced a net outflow of 19.17 million yuan from institutional investors - Xiamen Airport had a net inflow of 6.56 million yuan from institutional investors [3].

Core Points - The new winter-spring flight schedule for 2025-2026 in China's civil aviation will officially start on October 26, lasting for 154 days until March 28, 2026, with a total of 11.95 million flights planned weekly, representing a 1.3% increase compared to the same period last year [1] Domestic Flight Plans - Domestic airlines are focusing on increasing capacity for winter tourism routes, with Air China planning to open four new routes and increase flights on over 40 existing routes, resulting in a 15% year-on-year increase in flight frequency [3] - Eastern Airlines is launching 38 new domestic routes, particularly targeting popular winter tourism areas, while Southern Airlines is enhancing its network from major hubs like Guangzhou and Beijing Daxing [3] - A total of 59 airlines are expected to operate 98,000 domestic flights weekly, remaining stable compared to last year [3] International Flight Plans - Internationally, 191 airlines are set to operate 21,427 flights weekly, marking a 10.8% increase year-on-year, with services to 83 countries [5] - Air China is increasing flights on 17 routes and launching a new route to Hanoi, while Southern Airlines is opening new routes to Darwin and Madrid [5][6] - Beijing's two airports plan to add multiple international routes, with the capital airport executing an average of 166 international flights daily [6][8] Industry Developments - The international route network is expanding, with major hubs like Beijing, Shanghai, and Guangzhou accounting for 52.1% of international passenger flights, an increase of 8.6 percentage points year-on-year [8] - The volume of passenger flights to countries involved in the "Belt and Road" initiative has reached 73.5%, with significant growth in routes to Latin America and Africa [8]

Core Points - Guangzhou Baiyun Airport's T3 terminal officially opened on October 30, 2023, with Eastern Airlines, Shanghai Airlines, China United Airlines, Juneyao Airlines, and Okay Airlines being the first to operate from this terminal [1][3][4] - Eastern Airlines' international flights will temporarily remain at T1 terminal [3][4] - Passengers traveling with the aforementioned airlines from October 30 onwards should pay attention to flight information and allow sufficient time for check-in, as the cutoff time for domestic departures from T3 is 40 minutes before the flight [3][4] Airline Operations - The specific flights operating from T3 on the opening day include various routes from Guangzhou to major cities such as Beijing, Lanzhou, and Shanghai, among others [4][5] - Starting from October 31, all domestic flights of the listed airlines will be moved to T3, while Eastern Airlines' international flights will continue to operate from T1 [4][5] Transportation and Facilities - T3 terminal features a multi-modal transportation center with two parking garages (P11 and P12) providing approximately 2,800 parking spaces, with 1,800 spaces available upon opening [5][6] - The airport is connected to major roads, including the Second Airport Expressway and Yingbin Avenue, facilitating quick access to the city and surrounding areas [5][6] - Passengers can utilize various transportation options, including self-driving, ride-hailing, taxis, intercity trains, and airport buses to reach T3 [5][7][15] Shuttle Services - A free shuttle bus service operates 24/7 between T1, T2, and T3 terminals, with specific pick-up points at each terminal [17][19] - The intercity train service will also connect T3 with other major locations, enhancing accessibility for travelers [15][20] Passenger Guidance - Travelers are advised to confirm the terminal information on their flight itinerary and utilize navigation services provided by platforms like Gaode, Baidu, and Tencent for easy travel planning [21][23] - For any inquiries, passengers can approach information counters or seek assistance from on-site staff [23]

广州白云机场今日发布公告称，白云机场T3航站楼10月30日正式启用，东方航空、上海航空、中国联 合航空、吉祥航空、奥凯航空将首批入驻。 其中，东航国际航班暂时保留在T1航站楼运营。凡购买上述5家航空公司10月30日及以后时间国内进出 港航班机票的旅客，请留意航班信息。白云机场T3航站楼所有国内出港航班截载时间为起飞前40分 钟，从T3航站楼乘机出发的旅客请预留充足时间办理乘机手续；到达旅客请结合航班落地时间提前规 划出行安排。 首批进驻航空公司10月30日在T3航站楼运营的具体航班为： | 序号 | 执飞航司 | 航班号 | 航线 | 计划起飞 | 计划到达 | 航班类型 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 东方航空 | NU6308 | 广州-北京大兴 | 14:45 | 17:50 | T3出港 | | 2 | 东方航空 | MU2219 | 兰州-广州 | 13:50 | 17:00 | T3进港 | | 3 | 东方航空 | MU6734 | 大同-武汉-广州 | 16:05 | 17:55 | T3进港 | | 4 | 东方航空 | ...

Core Points - Qingdao Airport launched the "Qingyi Fei Please Medical Flight" promotional event to provide special flight discounts for healthcare workers, in collaboration with 11 airlines [1][4] - The event aims to honor healthcare professionals by offering exclusive travel benefits and showcasing new domestic and international routes for the upcoming 2025/26 winter-spring season [1][4] - Airlines are providing various travel perks, including free ticket lotteries, exclusive discounted fares, round-trip packages, and high-value membership cards, along with priority check-in and additional luggage allowances [1][3] Airline Industry Developments - The event highlighted new and enhanced flight routes, particularly to popular winter tourism destinations and southern cities, catering to the travel needs of healthcare workers [1][3] - Feedback from healthcare professionals indicates a positive reception towards new routes, such as those to Southeast Asia, enhancing short getaway options [3] - Qingdao Airport plans to expand the "Qingyi Fei" series of public welfare activities to more community settings, aiming to improve accessibility and convenience of air travel for local citizens [4]

商报讯(记者朱慧丽)明天起，全国民航进入冬航季。记者昨天从杭州机场了解到，阿联酋航空最新机型 空客A350客机将在本航季起正式执飞迪拜往返杭州每日航班，杭州也将成为首个由阿联酋航空A350执 飞的中国内地客运航点。 据悉，新航季杭州机场每周安排客运航班6345架次，其中国内航班5770架次、国际及地区航班575架 次，在全国民航冬航季航班总量同比下降的背景下，航班架次逆势增长1.1%，增幅居前十机场第一梯 队。 国际航线方面，换季后覆盖四大洲20个国家及地区，27家国内外航空公司每周营运客运航班超280班， 直飞30余条国际及地区航线，其中中亚、东南亚、日韩、欧洲等传统市场稳中有进，香港、首尔、大阪 等方向最为热门，每周出港分别达62班、24班、19班。 换季首日，国航将新开杭州往返河内航线。去程航班CA707，杭州出港时间23:00；回程航班CA708， 河内当地出港时间02:50。计划每周二、四、五、日执飞。 本航季通航城市计划新增巴中、邢台、金昌等。其中长龙航空计划执飞杭州至巴中航线，航班号为 GJ8507，杭州出港时间06:30，计划每周二、四、六执飞；吉祥航空（603885）计划执飞杭州至邢台航 线 ...

Group 1 - The core point of the news is that 吉祥航空 will implement its 2025 winter flight schedule starting from October 26, optimizing its route network and adding new domestic and international routes [1] - 吉祥航空 is focusing on enhancing routes related to the "Belt and Road" initiative, increasing capacity in Central and Northern China [1] - New international routes include daily flights from Shanghai to Bali, Kuala Lumpur, and Penang, as well as increased frequency for flights to Bangkok, Phuket, Hanoi, and Ho Chi Minh City [1] - In Europe, the Shanghai to Manchester route will be increased to daily flights during peak travel periods [1] - For Japan and South Korea, the frequency of flights to Nagoya, Sapporo, and Jeju will also be significantly increased, with some periods achieving daily operations [1] - Domestic routes will see the addition of the Shanghai Pudong to Yueyang to Chengdu Tianfu route, operating four times a week, enhancing travel efficiency between East, Central, and Southwest regions [1] - Popular winter tourism routes to Changbai Mountain and Harbin will be resumed, along with warm destination routes from Nanjing to Zhuhai, Sanya, Xishuangbanna, and Kunming [1] Group 2 - 吉祥航空's low-cost subsidiary, 九元航空, will resume the Guangzhou to Osaka route and introduce new international routes from Haikou to Penang and Kuching [2] - Domestic routes for 九元航空 will include new destinations such as Chizhou, Hanzhong, and Changzhou [2]