证 券 研 究 报 告 全球航空业需求稳步回暖，供应链约束仍存 海外航空市场25Q3景气度跟踪 证券分析师： 闫海 A0230519010004 罗石 A0230524080012 研究支持： 郑逸欢 A0230124010001 联系人： 郑逸欢 A0230124010001 2025.11.15 海外航空市场25Q3总结 www.swsresearch.com 证券研究报告 2 ◼ 全 球视角： 全球航 空市场 增速趋于 平稳，运力运 量进入常 态化增长 区间。2025年前三季度全球航空旅客周转量（RPK）同 比增长4.8%，其中国际RPK增长6.7%，国内RPK增长1.8%；全行业运力投放（ASK）同比增长4.7%，其中国际ASK增长 6.4%，国内ASK增长1.9%。前三季度整体旅客需求增长略高于运力供给，整体客座率微升至83.5%，同比提升0.1个百分 点。 ◼ 美国市场：需求旺季反弹，跨境区域客流分化。25Q 3美国航空客票销售实现"量价双增"，扭转前两个季度的同比下滑态势。 Q 3国内客运量同比+7.4 %，平均票价同比+4.1%；国际市场客运量同比+5.9%，平均票价同比-2.0 %。25Q3 ...

Key Takeaways DAL expects to restore full flight capacity after the U.S. government shutdown's 43-day disruption.Delta's third-quarter earnings rose 14% year over year, beating estimates on high premium revenues.Lower fuel costs and dividend hikes support DAL, though higher labor expenses pressure non-fuel costs.The longest federal government shutdown in U.S. history finally came to an end after President Donald Trump signed a spending bill. The 43-day shutdown caused financial stress for federal workers wh ...

The ongoing government shutdown has ensnarled US airports just weeks away from the holiday travel season. The shutdown officially ended Wednesday evening amid a House vote. "It's been very disruptive for the last week — when you go in with no notice and you just arbitrarily reduce the amount of flying in the system for all of us, it's incredibly disruptive for our customers," Delta (DAL) CEO Ed Bastian said at Yahoo Finance's Invest event on Thursday. Bastian added, "It's our industry that forces, I gues ...

Delta celebrating 100 years in business and suffice to say a lot has gone on in the 100 years within the aviation industry, within the consumer, within the world. I'm really excited to bring in our next guest here at Yahoo Finance Invest, Delta's longtime CEO, Ed Bash. Ed, good to see you here.Uh, 100 years, mind-blowing thing in corporate America, mind-blowing milestone. What does that mean to you. >> A lot of pride. A lot of pride in our people for getting there.First US airline to reach 100. Uh it's quit ...

Core Insights - Delta Airlines celebrates its 100th anniversary, marking a significant milestone as the first U.S. airline to reach this landmark, reflecting pride in its history and commitment to service [2][40] - The airline industry faces ongoing challenges, including staffing shortages and infrastructure issues exacerbated by government shutdowns, which have caused significant disruptions [4][5][8][10] Company Performance - Delta has reported record revenues this year, recovering from earlier economic uncertainties that affected bookings [18][19] - The airline has been investing heavily in modernizing its fleet, resulting in a younger aircraft age over the past decade [9][24] Customer Experience - Delta is focusing on enhancing the travel experience by investing in premium seating and services, with 50% of new international planes dedicated to premium categories [27][30] - The introduction of free Wi-Fi and partnerships with services like Uber and YouTube TV aims to create a more immersive in-flight experience [24][25] Industry Challenges - The aviation industry is dealing with an aging air traffic control system that has not kept pace with modern technology, leading to inefficiencies [11][12][13] - The recent government shutdown highlighted critical staffing shortages and the need for investment in infrastructure to ensure safety and efficiency [6][8][14] Future Outlook - Delta's leadership emphasizes the importance of resilience and values in navigating crises, aiming to maintain a strong brand reputation and community impact [38][40] - The airline's future growth strategy includes expanding international reach and enhancing customer service, with a focus on being a force for good globally [40][41]

Core Viewpoint - The Eleventh Circuit Court has granted a stay on the U.S. Department of Transportation's order that would have terminated the antitrust immunity for the Joint Cooperation Agreement between Aeroméxico and Delta, allowing the agreement to remain in effect while judicial review is pending [1][2]. Group 1 - Aeroméxico and Delta Air Lines jointly requested the stay from the Eleventh Circuit regarding the DOT's final order issued on September 15, 2025 [1]. - The DOT's termination of antitrust immunity was set to take effect on January 1, 2026, but the stay prevents this from happening until the judicial review is resolved [2].

Group 1: Solar and Energy Stocks - Solar stocks showed recovery with New Special Energy (01799) up 4.99%, Flat Glass (06865) up 3.25%, Xinyi Solar (00968) up 3.75%, and GCL-Poly Energy (03800) up 2.27%. The China Photovoltaic Industry Association stated that rumors about a polysilicon storage platform were false, aiming to malign the industry [1][2] - Energy storage concept stocks rose against the trend, with Longpan Technology (02465) up 17.09%, Ruipu Lanjun (00666) up 15.2%, and Zhongxin Innovation (03931) up 9.22%. Lithium hexafluorophosphate prices have surged, with some market quotes reaching 150,000 yuan/ton, doubling since mid-October [1] Group 2: Oil and Gas Stocks - Oil stocks collectively declined, with CNOOC (00883) down 3.14%, CNOOC Services (02883) down 2.98%, PetroChina (00857) down 2.09%, and Sinopec (00386) down 1.79%. OPEC's monthly report indicated a slight oversupply in the oil market by 2026, contrasting previous predictions of sustained demand [2] Group 3: Steel and Mining Stocks - Steel stocks saw a midday surge, with Maanshan Iron & Steel (00323) up 7.09%, Ansteel (00347) up 2.26%, and Chongqing Iron & Steel (01053) up 2.13%. The Simandou project in Guinea, which has the potential to become the fifth-largest mine globally, has commenced production [2] Group 4: Airline and Transportation Stocks - Southern Airlines (01055) rose over 3.9% after reporting a 2.2% year-on-year increase in revenue for the first three quarters of 2025 [2] Group 5: Biotechnology and Pharmaceuticals - Gilead Sciences (01672) increased over 5.7% as it announced the clinical development of new drugs ASC36 and ASC35 [3] - Zai Lab (02509) rose over 8.4% after announcing plans for continued related transactions for the commercialization of QX001S from 2026 to 2028 [4] Group 6: Gold Stocks - Gold stocks collectively rose, with China Gold International (02099) up 5.99%, Jihai Resources (02489) up 7.3%, and Lingbao Gold (03330) up 4.47%. Gold prices have surpassed $4,100 and are testing the $4,200 resistance level [4] Group 7: US Market Movements - Major tech stocks in the US fell, with Meta Platforms (META.US) down over 2.8%, Tesla (TSLA.US) down over 2%, and Amazon (AMZN.US) down over 1.9% [5] - Eli Lilly (LLY.US) rose 2.95%, reaching a historical high, after announcing a deal to lower GLP-1 drug prices to $245 per month, potentially opening a new market of 30 million people [5] - The US airline service sector saw gains, with United Airlines (UAL.US) up 5.29% and American Airlines (AAL.US) up 3.62%, as the government is expected to reopen soon [5] Group 8: Nuclear Energy Stocks - US nuclear energy stocks rose, with Oklo (OKLO.US) up 6.67% as the government plans to finance new nuclear power plants to meet the energy demands of AI development [6] Group 9: Company-Specific Developments - On Holding (ONON.US) surged over 17.9% after reporting Q3 net sales of 794.4 million Swiss francs, exceeding market expectations [7] - AMD (AMD.US) rose 9% as it projected a 35% annual growth rate in revenue over the next three to five years, driven by AI chip demand [7]

A US appeals court temporarily halted an order from the Trump administration directing Delta and Aeromexico to dissolve their transborder joint venture https://t.co/Jt6ARvWm37 ...

Delta Chief Executive Ed Bastian didn't mince words in describing how airlines became a bargaining chip during shutdown negotiations. ...

I'm here with the man of the moment, CEO Ed Bastian, CEO of Delta on the 100th centennial celebration here at the New York Stock Exchange. It's also a wonderful day, not just because of that, Ed, and welcome. It's also there seems to be a light at the end of the tunnel.How relieved are you about what's going on in Washington, D. C. Or more importantly, I'm I'm glad we got to our 100th centennial and so proud of our people.First U.S. airline to reach 100 years of age. But, yeah, we're hoping that the boat co ...