Investment Rating - The report maintains a positive investment outlook for the shipping and logistics industry, recommending specific companies such as China Merchants Energy, COSCO Shipping Energy, and others [5][6]. Core Insights - Dry bulk freight rates have exceeded expectations, with the Baltic Dry Index (BDI) reaching a two-year high, indicating strong market conditions [5]. - The report highlights the ongoing increase in new ship prices and the high demand for second-hand vessels, suggesting a potential turning point in the shipbuilding market [5]. - The report emphasizes the resilience of rail freight and highway truck traffic, projecting steady growth in these sectors [5][6]. Summary by Sections Shipping Market - The report notes that VLCC (Very Large Crude Carrier) rates have reached historical highs, with a current average of $122,078 per day, despite a slight week-on-week decline of 3% [5]. - The report indicates that the BDI closed at 2,560 points, reflecting a 12.5% increase week-on-week, driven by strong Capesize performance [5][6]. Air Transport - The report discusses the unprecedented challenges in the aircraft manufacturing supply chain and the aging fleet, predicting significant improvements in airline profitability as demand for international flights increases [5]. Express Delivery - The report outlines three scenarios for the express delivery sector, focusing on potential price recovery and industry consolidation [5]. Rail and Highway - The report provides data showing that national railway freight volume was 81.5 million tons, with a slight week-on-week decline of 0.34%, while highway truck traffic was 56.58 million vehicles, down 2.16% [5][6]. High Dividend Stocks - The report lists high dividend stocks in the transportation sector, including companies like Bohai Ferry and Daqin Railway, with expected dividend yields ranging from 2.96% to 11.89% [21].

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly highlighting the strong performance of dry bulk freight rates and VLCC (Very Large Crude Carrier) rates, while also noting the recent increase in new ship prices for oil and bulk carriers [5][6]. Core Insights - Dry bulk freight rates have exceeded expectations, with the Baltic Dry Index (BDI) reaching 2560 points, a 12.5% increase week-on-week. Capesize rates have surged by 22.7%, marking the highest levels in nearly two years [5][6]. - The VLCC market remains robust, with current charter rates at $57,000 per day, significantly higher than the spot market rate of $140,000 per day. The report suggests that if spot rates decline, charter rates may rise, indicating a potential seasonal trading phase [5]. - Newbuilding prices for oil and bulk carriers have seen consecutive increases over the past three weeks, with second-hand ship prices also reaching new highs, suggesting a turning point in the newbuilding market [5]. - The report emphasizes the importance of monitoring the seasonal decline in freight rates from Christmas to the Spring Festival, which could impact market dynamics [5]. Summary by Sections Shipping Market Performance - The shipping index has shown a decline of 0.47%, underperforming the CSI 300 index, which rose by 1.64%. Among the sub-sectors, the intermediate products and consumer goods supply chain services saw the largest increase of 4.20%, while the airline transportation sector experienced the most significant drop of 2.05% [6][13]. Freight Rates and Trends - The report highlights that the dry bulk freight rates have reached a two-year high, driven by increased shipments from major exporters like Australia and Brazil. The Capesize rates have particularly benefited from tight capacity and favorable weather conditions affecting vessel turnover [5][6]. - The report also notes fluctuations in oil tanker rates, with VLCC rates experiencing a slight decline of 3% week-on-week, while Suezmax rates decreased by 2% [5]. Airline and Logistics Sector - The airline industry is poised for significant improvement due to a combination of rising passenger demand and constrained supply, with recommendations to focus on major airlines such as China Eastern Airlines and China Southern Airlines [5]. - The express delivery sector is entering a new phase of competition, with potential for price recovery and improved profitability, particularly for companies like Shentong Express and YTO Express [5]. Investment Recommendations - The report recommends continued investment in companies such as China Merchants Energy Shipping, COSCO Shipping Energy Transportation, and China Shipbuilding Industry Corporation, while also suggesting a watch on companies like SITC International Holdings and Pacific Basin Shipping [5].

2025.11. 29 本文字数：916，阅读时长大约2分钟 作者 | 第一财 经 陈姗姗 当地时间28日，空中客车公司表示，约6000架空客A320系列飞机需要紧急更换一种易受太阳辐射影 响的飞行控制软件。 更换软件源于10月底美国捷蓝航空的一架飞机发生的一起事故，空客表示，在对该事故进行分析 后，于28日通知所有使用该软件的客户"立即停止飞行"。 分析结果显示，强烈的太阳辐射可能会损坏飞行控制所需的关键数据。目前，美国的航空公司已经对 大量空客A320飞机进行软件升级，美国FAA表示，美国有545架飞机受到影响。澳大利亚捷星航空、 新西兰航空公司、日本全日空航空、哥伦比亚航空公司等航司也宣布，由于航空公司对全球超过 6000架A320系列客机实施紧急维修，部分由A320机型执飞的航班已被迫停飞，或者出现一些延误。 比如越南航空宣布已收到空客公司与越南民航局（CAAV）联合发出的强制性技术指令，要求对其空 客A320和A321飞机进行软件更新。更新工作持续到11月29日凌晨，每架飞机更新时间约一小时。 据记者了解，目前全球在役的空客320系列飞机约11300架，6000架需要紧急更换软件，意味着全球 超过一 ...

在国内，有空客飞机的一些航司今天也在紧急排查，主要是安装了某一型号的特定版本的软件，从而造成今天和明天部分航班延误或取消。 欧洲航空安全局（EASA）发布了紧急适航指令，要求对A320系列飞机的相关软件进行更新替换。 一位行业内人士对记者分析，所谓"受太阳辐射影响"是指航空业最担心的粒子反效，数字时代芯片在太阳粒子照射攻击会产生0/1的反转，造成数据错乱。 而针对上述问题的软件"更换"，实际上是要换回到前一个版本，工作量大约1-2小时。大多数飞机软件降级就能解决，只有少部分老旧飞机需要换硬件，可 能短期内影响适航运力。 比如越南航空宣布已收到空客公司与越南民航局（CAAV）联合发出的强制性技术指令，要求对其空客A320和A321飞机进行软件更新。更新工作持续到11 月29日凌晨，每架飞机更新时间约一小时。 据记者了解，目前全球在役的空客320系列飞机约11300架，6000架需要紧急更换软件，意味着全球超过一半的空客320在役机队受到影响。 分析结果显示，强烈的太阳辐射可能会损坏飞行控制所需的关键数据。目前，美国的航空公司已经对大量空客A320飞机进行软件升级，美国FAA表示，美 国有545架飞机受到影响。澳 ...

当地时间28日，空中客车公司表示，约6000架空客A320系列飞机需要紧急更换一种易受太阳辐射影响的飞行控制软件。 更换软件源于10月底美国捷蓝航空的一架飞机发生的一起事故，空客表示，在对该事故进行分析后，于28日通知所有使用该软件的客户"立即停止飞行"。 据记者了解，目前全球在役的空客320系列飞机约11300架，6000架需要紧急更换软件，意味着全球超过一半的空客320在役机队受到影响。 在国内，有空客飞机的一些航司今天也在紧急排查，主要是安装了某一型号的特定版本的软件，从而造成今天和明天部分航班延误或取消。 根据航班管家DAST数据，截至2025年11月末，国内空客A320系列机队共2015架（A320CEO 1178架；A320NEO 837架），占民航客机总量的48.3%，机队分 布于24家航司中。 分析结果显示，强烈的太阳辐射可能会损坏飞行控制所需的关键数据。目前，美国的航空公司已经对大量空客A320飞机进行软件升级，美国FAA表示，美 国有545架飞机受到影响。澳大利亚捷星航空、新西兰航空公司、日本全日空航空、哥伦比亚航空公司等航司也宣布，由于航空公司对全球超过6000架A320 系列客机实施紧 ...

Group 1 - Japanese Prime Minister Fumio Kishida's remarks regarding Taiwan have led to escalating diplomatic tensions between China and Japan, resulting in significant cancellations of flights and a downturn in tourism [1][4][5] - Chinese airlines are set to cancel over 900 flights to Japan in December, which is three times the number reported two days prior, affecting approximately 15.6 million seats [1][2] - Major Japanese airports, particularly Kansai International Airport, are experiencing the most significant impact, with 626 inbound flights canceled, including numerous flights from major Chinese cities [1][2] Group 2 - The price of round-trip tickets from Kansai to Shanghai has dropped significantly, from approximately 20,000 yen (130 USD) last year to about 8,500 yen this year [2] - There is uncertainty regarding future flight cancellations, with estimates suggesting that 10% to 20% of the nearly 300 weekly flights from Narita to mainland China may be affected [2] - Japanese industries are expressing concern over the potential decline in Chinese tourists, with reports of over 1,000 cancellations at a hotel in Aichi Prefecture during a specific period [2][4] Group 3 - The ongoing diplomatic dispute has led to the suspension of youth exchange programs between China and Japan, which typically see increased activity during November and December [4][5] - Several performances by Japanese artists in China have been canceled as a direct consequence of the diplomatic tensions [4][5] - The Chinese government has issued warnings to its citizens regarding travel to Japan, reflecting the deteriorating relations [4][6]

Core Insights - The aviation and airport sector experienced a slight increase of 0.26% on November 28, with Xiamen Airport leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Stock Performance - Xiamen Airport (600897) closed at 16.26, up 3.17% with a trading volume of 54,400 shares and a transaction value of 87.63 million yuan [1] - Hainan Airlines (600221) closed at 1.73, up 2.37% with a trading volume of 4.72 million shares and a transaction value of 806 million yuan [1] - Shenzhen Airport (000089) closed at 6.94, up 0.58% with a trading volume of 99,880 shares and a transaction value of 68.31 million yuan [1] - China Eastern Airlines (600115) closed at 5.04, down 0.20% with a trading volume of 639,300 shares and a transaction value of 323 million yuan [1][2] Capital Flow - The aviation and airport sector saw a net outflow of 72.81 million yuan from institutional investors, while retail investors contributed a net inflow of 103 million yuan [2] - The detailed capital flow indicates that Hainan Airlines had a net inflow of 96.67 million yuan from institutional investors, while retail investors had a net outflow of 51.95 million yuan [3] - Xiamen Airport experienced a net outflow of 1.69 million yuan from institutional investors, but a net inflow of 4.48 million yuan from retail investors [3]

聚势启航：政企学研共筑协同创新平台 在活动中，青岛胶东航空交通研究院与青岛航空培训中心完成合作计划书签署，并共同为"青岛上合航 空交通研究院科教共创中心"揭牌，宣告该协同创新平台正式启动运行。 青岛胶东临空经济示范区管委会产业发展部一部部长法雪在致辞中表示，共创中心的成立是服务国 家"产教融合"战略、对接"上合示范区"与"一带一路"倡议的关键举措。她强调，面对航空产业数字化智 能化转型，共创中心构建的"培训+科技+孵化"三位一体模式，将成为融合创新链、产业链与人才链的 重要抓手，为区域航空产业升级与东北亚人才高地建设提供坚实支撑。 中国民航网 通讯员余鑫 报道：11月26日，青岛航空培训中心高朋满座、嘉宾云集，"青岛上合航空交通 研究院科教共创中心"签约揭牌仪式暨ICAO TPP（国际民航组织航空培训升级计划）资质揭牌典礼举 行。 活动由青岛航空培训中心主办。在民航青岛监管局、青岛胶东临空经济示范区管委会等单位，以及上海 交通大学、复旦大学、同济大学、南京航空航天大学等高校和航空企业的共同见证下，共创中心签约揭 牌、TPP国际资质揭牌。随后，上海交通大学航空航天学院院长刘付成作专题分享，来自行业及高校的 专家 ...

Core Viewpoint - The practice of "seat locking" by airlines, which requires passengers to pay extra fees or use mileage points to unlock preferred seating after purchasing tickets, has drawn widespread criticism from travelers and industry experts [1][5][13]. Group 1: Issues with Seat Locking - Airlines have been locking a significant number of seats, with reports indicating that only 40% of seats on certain flights are available for online selection, and only 14% of those are free [4][16]. - The majority of locked seats are in less desirable locations, forcing passengers to pay additional fees for better seating options [1][4]. - This practice is seen as a way for airlines to increase revenue at the expense of consumer rights, potentially violating various consumer protection laws [5][17]. Group 2: Historical Context and Regulatory Actions - The introduction of online seat selection began in 2009, initially providing convenience to passengers, but has since evolved into a revenue-generating scheme through paid seat selection [6][7]. - The practice of charging for seat selection was first noted in low-cost airlines abroad and has since become a common practice among domestic airlines in China [7][11]. - Regulatory bodies have previously penalized airlines for similar practices, with a notable case in 2016 where China United Airlines was fined for charging seat selection fees [9][10]. Group 3: Recent Developments and Consumer Protection - Recently, ten airlines were summoned for discussions regarding their seat locking practices, with a focus on protecting consumer rights and ensuring fair access to seating options [13][19]. - The Jiangsu Consumer Protection Committee highlighted four main issues with the current seat locking practices, including excessive locking of quality seats and lack of transparency in pricing [16][18]. - Airlines are required to submit corrective action reports within 15 working days to address these issues, or they may face further regulatory measures [19].

Summary of Key Points from Conference Call Records Industry Overview - **Transportation Industry**: The report focuses on the transportation sector, particularly the aviation and shipping industries, with a positive outlook for 2026 [1][2][3]. Core Insights and Arguments Aviation Industry - **Optimistic Outlook**: The aviation sector is expected to perform well in 2026, with passenger load factors reaching historical highs (e.g., 87% for major airlines like China Southern and China Eastern, and over 90% for Spring Airlines) [3][4]. - **Profit Potential**: A 10% increase in ticket prices for airlines with revenues around 100 billion can lead to a profit increase of approximately 10 billion [1][3]. - **Supply Chain Constraints**: The global aircraft supply chain is anticipated to remain tight due to limited participants in the manufacturing market and challenges in scaling production [4]. - **Demand Drivers**: Increased consumer policies and travel demand are expected to significantly boost service consumption, particularly in cultural and tourism sectors [4]. Shipping Industry - **Market Segments to Watch**: Focus on cruise, bulk cargo, and container shipping markets, with cruise rates exceeding $100,000 per day, driven by oil production cycles and sanctions [5][6]. - **Capacity Constraints**: The shipping industry faces limited capacity growth due to low order backlogs since 2022, leading to a strong growth outlook [5][6]. - **Oil Tanker Market**: High percentage of aging vessels (20 years or older) necessitates increased scrapping, with every $10,000 rise in rates potentially adding over 1 billion in profits for companies like COSCO Shipping Energy [8]. - **Dry Bulk Market**: The Simandou iron ore project is expected to significantly increase transportation demand, with production projected to reach 20 million tons by 2026 and 80 million tons by 2028 [8]. Dividend Assets - **Return Expectations**: Dividend assets are projected to revert to mean returns around 10% in 2026, driven by 5% earnings growth and a 4-5% dividend yield [9][10]. - **Highway Sector Stability**: The highway sector is expected to maintain stable operations, with dividend yields projected between 4.5-5% for companies like Sichuan Chengyu and Shandong Highway, and potentially over 6% for Hong Kong-listed firms [10]. Port Sector - **Strategic Importance**: Ports are highlighted as strategic global assets, with companies like China Merchants Port showing upward momentum due to their current undervaluation [11]. Express Delivery Industry - **Market Adjustments**: The express delivery sector, particularly the Tongda system, is positioned for growth following adjustments and the "anti-involution" policy, which is expected to enhance industry quality and profitability [12]. Additional Important Insights - **Investment Recommendations**: Key companies to watch include major airlines (Air China, China Eastern, China Southern), and shipping firms like COSCO Shipping and China Merchants Energy, as well as express delivery leaders like YTO Express and ZTO Express [6][12]. - **Overall Investment Focus**: The report emphasizes the importance of sectors with upward performance potential, such as aviation, shipping, and express delivery, alongside dividend assets that are expected to recover in the economic recovery context [13].