证券之星消息，11月25日航空机场板块较上一交易日下跌1.84%，华夏航空领跌。当日上证指数报收于 3870.02，上涨0.87%。深证成指报收于12777.31，上涨1.53%。航空机场板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600897 | 厦门空港 | 16.17 | 3.26% | 6.05万 | 9713.69万 | | 600221 | 海航控股 | 69T | 1.20% | 400.90万 | 6.75亿 | | 600009 | 上海机场 | 31.55 | 0.03% | - 14.33万 | 4.53亿 | | 000089 | 深圳机场 | 6.92 | -0.14% | 17.13万 | 1.19亿 | | 600004 | 白云机场 | 9.60 | -0.31% | 16.52万 | 1.59亿 | | 000099 | 中信海直 | 20.35 | -0.54% | 8.70万 | 1.78亿 | | 601021 | 春秋航空 | ...

（文/观察者网 张志峰） 一面是低空经济产业以腾飞姿态频频见诸报端，另一面是受限于续航、安全、合规等因素，国内商业化 落地进展缓慢。宁德时代生态企业峰飞航空科技这次将目光投向水面。 11月22日，昆山淀山湖畔的湖面起降演示，为低空经济与海洋经济的融合写下了关键注脚——峰飞航空 科技发布全球首个海空一体低空经济解决方案，将零碳水上机场与eVTOL（电动垂直起降飞行器）的 协同模式正式推向市场。 在观察者网看来，相较于通勤、文旅等场景，该方案的首创性和实用性在能源运维场景表现得更为直 观。 58分钟跨海配送，改写能源运维规则 "在能源运维领域，我们不是在做一架更快的直升机，而是在做一套更聪明的运维网络。"峰飞航空高级 副总裁谢嘉直指核心。他介绍称，海上风电和油气平台由于距离海岸线远，天气复杂多变、作业窗口 短，运维工程师和关键零部件的每一次上船或上机，都要付出高昂的时间和成本。"有了海空一体节点 和eVTOL，我们可以把它压缩至1-2小时；随着规模化运营，单次运维成本显著下降。" 南海惠州19-3石油平台的运维人员至今记得8月3日那次特殊的"快递服务"：峰飞航空2吨级eVTOL"凯瑞 鸥"装载着新鲜水果与紧急药品 ...

交通运输 | 证券研究报告 — 行业周报 2025 年 11 月 24 日 强于大市 交通运输行业周报 原油运价高位上行，长龙航空启动 IPO 航运方面，原油运价高位上行，远洋航线运价下行。航空方面，长龙航空启 动 IPO，VOLANT 沃兰特与自贡国投签署 VE25-100 天行的确认订单。物 流与交通新业态方面，中欧班列中通道年内通行量首次突破 3500 列， 日照公 交与顺丰携手开启"客货邮融合"新模式。 核心观点 ①原油运价高位上行，远洋航线运价下行。11 月 20 日，上海航运交易 所发布的中国进口原油综合指数（CTFI）报 2325.40 点，较 11 月 13 日 上涨 4.2%。本周 VLCC 市场中东航线 12 月上旬货盘基本收尾，周初市 场延续上周末的强势行情，中东航线出现集中放货，带动情绪快速升 温，成交运价在基本面的支撑与市场情绪推动下持续保持高位。临近周 末，市场整体活跃度有所下滑。目前，绝大部分 11 月底 12 月初工作窗 口的货盘已经完成，后续整体船位相对充足，若无实际货量支撑，市场 情绪或将有所降温。欧线方面，本周运输需求缺乏进一步增长的动能， 即期市场订舱价格出现回落。11 ...

Core Viewpoint - The aviation and airport sector experienced a decline of 0.8% on November 20, with China Southern Airlines leading the losses. The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1]. Summary by Category Stock Performance - The following stocks in the aviation and airport sector showed notable performance: - Hainan Airlines (600221) closed at 1.77, up 0.57% with a trading volume of 5.3774 million shares and a transaction value of 9.57 billion yuan [1]. - China Eastern Airlines (600115) closed at 5.26, down 0.38% with a trading volume of 808.6 thousand shares and a transaction value of 4.28 billion yuan [2]. - Xiamen Airport (600897) closed at 16.50, down 0.96% with a trading volume of 69.3 thousand shares and a transaction value of 1.14 billion yuan [2]. Capital Flow - The aviation and airport sector saw a net outflow of 123 million yuan from institutional investors, while retail investors contributed a net inflow of 162 million yuan [2]. - The capital flow for specific stocks included: - Shanghai Airport (600009) had a net inflow of 45.5255 million yuan from institutional investors, but a net outflow of 47.5760 million yuan from retail investors [3]. - Hainan Airlines (600221) experienced a net outflow of 5.8716 million yuan from institutional investors, while retail investors had a net inflow of 22.9749 million yuan [3].

Core Insights - The aviation and airport sector experienced a decline of 0.62% on November 19, with Xiamen Airport leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - Spring Airlines (601021) closed at 56.05, up 1.95% with a trading volume of 97,300 shares and a transaction value of 54.5 million [1] - China National Aviation (601111) closed at 8.77, up 0.69% with a trading volume of 682,100 shares and a transaction value of 601 million [1] - Xiamen Airport (600897) closed at 16.66, down 3.25% with a trading volume of 96,500 shares and a transaction value of 162 million [2] Capital Flow - The aviation and airport sector saw a net outflow of 274 million from institutional investors and 175 million from retail investors, while retail investors had a net inflow of 449 million [2] - Major stocks like Spring Airlines and China National Aviation experienced mixed capital flows, with Spring Airlines seeing a net inflow of 42.9 million from institutional investors [3] Individual Stock Analysis - Xiamen Airport had a significant net outflow of 21.74 million from institutional investors, while retail investors contributed a net inflow of 28.31 million [3] - China Eastern Airlines (600115) faced a net outflow of 4.71 million from institutional investors but saw a net inflow of 51.1 million from retail investors [3]

Core Viewpoint - The company's stock price volatility is influenced by multiple complex factors including macroeconomic environment, industry policies, market sentiment, sector rotation, and short-term capital flows [2] Group 1: Company Management and Investor Relations - The company places high importance on market value management and investor returns, establishing a systematic mechanism to enhance these efforts [2] - The company has completed cash dividends for the fiscal year 2024 and for the first half of 2025, indicating a commitment to increasing dividend frequency and proportion [2] Group 2: Business Development - In addition to traditional business operations, the company is actively exploring opportunities in the low-altitude economy, including helicopter tourism, short-distance transportation, and drone services [2] - The company aims to discover more possibilities within the low-altitude economy sector [2]

格隆汇11月18日丨中信海直(000099.SZ)在互动平台表示，公司暂未与小鹏汇天开展合作。 ...

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]

Core Viewpoint - The financing activities of CITIC Haineng (000099) indicate a positive sentiment among investors, with a net buying trend observed over the past three trading days, suggesting a bullish market outlook [1][4]. Financing Summary - On November 13, 2025, CITIC Haineng had a financing buy-in of 22.21 million yuan and a financing repayment of 19.76 million yuan, resulting in a net financing buy of 2.45 million yuan, with a financing balance of 753 million yuan [1]. - The net financing buy for the last three trading days totaled 15.93 million yuan [1]. - The financing balance on November 13 represented 4.54% of the circulating market value [2]. Margin Trading Summary - On November 13, 2025, there were 2,400 shares sold short, with no shares repaid, resulting in a net short sale of 2,400 shares and a remaining short balance of 80,000 shares [3]. - Over the past 20 trading days, there were 12 days with net short sales [3]. Overall Margin Balance - The total margin balance on November 13 was 755 million yuan, reflecting an increase of 2.5 million yuan or 0.33% from the previous day [4]. - The margin balance has shown fluctuations, with a notable increase of 9.76 million yuan on November 12, 2025, indicating varying investor sentiment [4].

Core Viewpoint - The aviation and airport sector experienced a rise of 1.24% on November 13, with Huaxia Airlines leading the gains, while the overall market indices also showed positive performance [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4029.5, up 0.73%, and the Shenzhen Component Index closed at 13476.52, up 1.78% [1]. - Key stocks in the aviation and airport sector showed varying degrees of increase, with Huaxia Airlines rising by 3.19% to a closing price of 12.30 [1]. Group 2: Stock Performance - The following stocks in the aviation and airport sector had notable performances: - Huaxia Airlines: 12.30, +3.19%, volume 287,000 [1] - Xiamen Airport: 17.22, +2.32%, volume 141,500 [1] - Shanghai Airport: 34.55, +1.74%, volume 264,200 [1] - Spring Airlines: 59.82, +1.54%, volume 55,700 [1] - China National Aviation: 8.85, +1.26%, volume 560,500 [1] - Baiyun Airport: 10.33, +1.18%, volume 250,100 [1] - China Eastern Airlines: 5.32, +1.14%, volume 1,091,200 [1] - Southern Airlines: 7.32, +1.10%, volume 456,700 [1] - HNA Holding: 1.87, +1.08%, volume 7,282,400 [1] - Juneyao Airlines: 14.75, +0.55%, volume 216,000 [1]. Group 3: Capital Flow - The aviation and airport sector saw a net outflow of 46.93 million yuan from institutional investors and a net outflow of 104 million yuan from speculative funds, while retail investors contributed a net inflow of 151 million yuan [2]. - Detailed capital flow for specific stocks indicated that: - China Eastern Airlines had a net inflow of 62.69 million yuan from institutional investors [3]. - HNA Holding experienced a net outflow of 31.68 million yuan from speculative funds [3]. - Retail investors showed a net inflow of 22.73 million yuan into Juneyao Airlines [3].