中经记者 郭阳琛 石英婧 上海报道 "锁座"比例均值达38.7% 据悉，江苏省消保委结合调查结果，通报了机票"锁座"服务市场存在的四大问题。一是"锁座"行为普遍 存在，优质座位过度锁定。通报显示，在购票阶段，10家航司经济舱"锁座"比例介于19.9%—62.1%之 间，均值达38.7%。同时，锁定范围高度集中于经济舱前排、靠窗及靠过道等消费者偏好选择的优质座 位。 在江苏省消保委调研的航线中，春秋航空旗下南京—兰州（9C6188）航线"锁座"比例超过60%，深圳航 空旗下深圳—湛江（ZH9327）航线"锁座"比例超过50%；海南航空、东方航空、厦门航空的相关航 线"锁座"比例处于40%—46%的较高区间；吉祥航空相关航线"锁座"比例相对较低，不足20%。 二是解锁机制变相付费，挤压普通消费者权益。锁定的优选座位主要依赖会员积分/里程兑换，但非会 员或偶尔出行的消费者缺乏积分累积渠道，只能被动接受普通座位；部分航司进一步增设付费路径，通 过积分/里程兑换和付费购买座位，实质将"基本座位选择权"拆分为付费服务，变相提高了出行成本。 一直以来，飞机"锁座"及有偿选座服务备受关注。在线选座时，消费者常常会遭遇经济舱前 ...

（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。 ...

国庆中秋长航线需求旺盛，国际线复苏强劲 航空行业 2025 年 10 月数据跟踪 周期/交通运输 本月关注：10 月行业整体需求增速回升，客座率同比显著提升，国庆中秋双节 假期长航线需求旺盛，国际航线复苏强劲。 证券研究报告 | 行业定期报告 2025 年 12 月 05 日 ❑ 风险提示：宏观经济下行、人民币大幅贬值、油价大幅上涨、重大自然灾害 等。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 128 | 2.5 | | 总市值（十亿元） | 3162.2 | 3.0 | | 流通市值（十亿元） | 2949.3 | 3.1 | 行业指数 % 1m 6m 12m 绝对表现 -2.8 5.6 5.4 相对表现 -1.2 -11.9 -10.3 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 Dec/24 Apr/25 Jul/25 Nov/25 (%) 交通运输 沪深300 相关报告 1、《招商交通运输行业周报—油运 旺季景气维持，民航需求增长持续超 预期》2025-11-16 2、《交运行业 2025 年三季报总结— 关 ...

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].

Core Viewpoint - The company, 吉祥航空, is responding to concerns raised by the Jiangsu Consumer Protection Committee regarding the "excessive seat locking" issue and is currently conducting internal evaluations and self-corrections as required by the committee [1] Group 1: Company Response - 吉祥航空 is one of the few airlines that has publicly addressed the "seat locking" rectification issue following the committee's discussions [1] - The company is in the process of reviewing relevant clauses and conducting self-assessments in response to the committee's requirements [1] Group 2: Industry Context - The Jiangsu Consumer Protection Committee has conducted online discussions with over ten airlines regarding the "seat locking" issue, including major carriers such as 东方航空, 南方航空, and 中国国航 [1] - 四川航空 has also indicated that it is progressing with related work in coordination with the committee and will provide follow-up feedback by the agreed date [1]

Core Insights - The aviation and airport sector experienced a decline of 0.34% on December 2, with Huaxia Airlines leading the drop [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Stock Performance - Xiamen Airport (600897) closed at 16.34, up 1.18% with a trading volume of 72,500 shares and a turnover of 119 million yuan [1] - Baiyun Airport (600004) closed at 9.75, up 0.93% with a trading volume of 176,000 shares and a turnover of 171 million yuan [1] - Shenzhen Airport (000089) closed at 6.99, up 0.72% with a trading volume of 108,500 shares and a turnover of 7.56 million yuan [1] - China Eastern Airlines (600115) remained unchanged at 5.12 with a trading volume of 674,100 shares and a turnover of 345 million yuan [1] - Huaxia Airlines (002928) closed at 9.93, down 2.36% with a trading volume of 206,800 shares and a turnover of 207 million yuan [2] Capital Flow - The aviation and airport sector saw a net outflow of 82.29 million yuan from institutional investors and 44.87 million yuan from retail investors, while individual investors had a net inflow of 127 million yuan [2] - Notable capital flows included: - Southern Airlines (600029) had a net inflow of 15.42 million yuan from institutional investors [3] - Spring Airlines (601021) saw a net inflow of 9.77 million yuan from institutional investors [3] - China Eastern Airlines (600115) experienced a net outflow of 5.52 million yuan from institutional investors [3]