Core Insights - Eastern Airlines is upgrading its "Air Express" Wi-Fi service to provide free Wi-Fi coverage for all classes on domestic flights operated by wide-body aircraft starting from October 11, 2025, marking a new phase in the accessibility of in-flight internet services in China [1] - The upgrade aims to meet passenger demands for free and convenient internet access, allowing travelers in all classes to use Wi-Fi for work, shopping, or entertainment during flights [1] - Eastern Airlines was the first in China to offer Wi-Fi availability throughout the entire flight, including takeoff and landing, as of August 2023, addressing the need for continuous internet access [1] Market Demand and Industry Context - A survey by Inmarsat indicates that in-flight internet has become the third most important factor for passengers when choosing airlines, with nearly 100% of travelers wanting internet access on flights longer than 4 hours [2] - According to Viasat's 2024 global passenger experience survey, 75% of travelers prefer airlines that offer quality Wi-Fi, with this figure rising to 92% in the Chinese market [2] - Despite the growing demand for in-flight internet, the current domestic airline industry primarily employs a tiered payment model for Wi-Fi services, with many airlines offering limited free access only in premium classes [2]

Core Insights - The shipping sector is experiencing a slowdown in oil shipping rates due to reduced holiday shipments, while container shipping rates on long-distance routes are rebounding [3] - Shenzhen has introduced detailed policies to support low-altitude economic development, with international flight routes expected to resume during the 2025 National Day and Mid-Autumn Festival holidays [3] - China's express delivery volume is projected to reach 1.5 trillion packages 37 days earlier than expected in 2025, with YTO Express signing a strategic cooperation agreement with Huizhou City [3] Shipping Sector - The China Import Crude Oil Comprehensive Index (CTFI) was reported at 1407.48 points on October 9, down 26.2% from September 25 [3] - VLCC market activity has cooled significantly post-holiday, with total transaction volumes well below weekly averages [3] - The market for transatlantic and Gulf of Mexico routes has also seen a decline in shipping rates, with a temporary stabilization in rates observed as post-holiday shipping resumes [3] - On October 10, the market rate for shipping from Shanghai to European ports was $1,068 per TEU, up 10.0% from the previous period [3] - Rates for shipping from Shanghai to the West and East coasts of the U.S. were $1,468 per FEU and $2,452 per FEU, reflecting increases of 0.5% and 2.8% respectively [3] Aviation Sector - Shenzhen's transportation bureau has released measures to support the high-quality development of the low-altitude economy, effective from October 9, 2025, to December 31, 2026 [3] - During the 2025 National Day and Mid-Autumn Festival holidays, it is expected that 19.138 million passengers will be transported by civil aviation, with a daily average of 2.392 million, marking a 3.2% year-on-year increase [3] - International airlines are projected to operate over 2,000 international passenger flights daily, a year-on-year increase of 11.1% [3] Logistics and New Transportation Models - As of October 11, 2025, China's express delivery volume is expected to exceed 1.5 trillion packages, achieving this goal 37 days ahead of schedule compared to 2024 [3] - A strategic cooperation agreement was signed between the Huizhou Municipal Government and YTO Express for the construction of a supply chain hub in the Guangdong-Hong Kong-Macao Greater Bay Area [3] Industry Trends - The Baltic Air Freight Index has shown a month-on-month increase but a year-on-year decline [5] - The domestic shipping index has risen, along with dry bulk shipping rates [5] - In August 2025, express delivery volume increased by 12.29% year-on-year, with revenue up by 4.24% [5] - The average number of international flights in the first week of October 2025 was 1,940, a slight decrease of 0.16% month-on-month but an increase of 13.44% year-on-year [5] - From September 29 to October 5, the number of freight trucks on national highways was 44.137 million, a decrease of 27.55% month-on-month [5] Investment Recommendations - Companies in the equipment and manufacturing export chain are recommended for attention, including COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [6] - Opportunities related to transportation demand driven by hydropower station construction in the lower reaches of the Yarlung Tsangpo River are highlighted, with a focus on Sichuan Chengyu, Chongqing Port, and Fulimin Transportation [7] - Investment opportunities in the low-altitude economy are suggested, particularly in CITIC Offshore Helicopter [7] - The highway and railway sectors are also recommended for investment, including Gansu Expressway, Beijing-Shanghai High-Speed Railway, and others [7] - The cruise and ferry sectors are noted for potential investment opportunities, with a focus on Bohai Ferry and Straits Shares [8] - E-commerce and express delivery sectors are highlighted, recommending SF Express, Jitu Express, and Yunda Express [8] - Investment opportunities in the aviation industry are suggested, focusing on Air China, China Southern Airlines, Spring Airlines, and others [8]

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - The report highlights a slowdown in holiday shipments and a decline in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded [3][14] - Shenzhen has introduced detailed policies to support low-altitude economic development, and international flight routes have resumed during the 2025 National Day and Mid-Autumn Festival holidays [3][16] - China's express delivery volume reached 150 billion packages ahead of schedule, with strategic cooperation agreements signed between YTO Express and Huizhou [3][23] Summary by Sections Industry Hotspot Events - Holiday shipments have slowed, leading to a drop in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded. The China Import Crude Oil Comprehensive Index (CTFI) was reported at 1407.48 points, down 26.2% from September 25 [3][14] - Shenzhen's transportation bureau released measures to support low-altitude economic development, effective from October 9, 2025, to December 31, 2026. During the holiday, civil aviation transported 19.138 million passengers, with an average of 2.392 million passengers per day, a year-on-year increase of 3.2% [3][16][18] - As of October 11, 2025, China's express delivery volume surpassed 150 billion packages, achieving this goal 37 days ahead of schedule compared to 2024. A strategic cooperation agreement was signed between the Huizhou government and YTO Express [3][23][24] Industry High-Frequency 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 reported at 4621.00 points, down 5.3% year-on-year but up 1.3% month-on-month [28] - In September 2025, domestic cargo flights increased by 3.05% year-on-year, while international flights rose by 15.86% year-on-year [33] - The SCFI index for container shipping was reported at 1160.42 points, up 4.12% week-on-week but down 43.74% year-on-year [40] Investment Recommendations - The report suggests focusing on the equipment and manufacturing industrial product export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - It also highlights investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [4] - The report advises attention to the road and rail sector, recommending companies like Gansu Expressway, Beijing-Shanghai High-Speed Railway, and Anhui Expressway [4][5]

Core Insights - Hohhot Airport achieved a record passenger throughput of 299,000 in September 2025, marking the highest monthly figure since its opening, indicating strong development momentum [1] - The airport's flight operation efficiency improved significantly, with a departure seat occupancy rate of 90.8%, an increase of 5.1 percentage points year-on-year, reflecting a robust market demand [1] Group 1: Operational Performance - In September, Hohhot Airport operated 36 domestic routes and 3 international and regional routes, collaborating with 25 airlines and covering 34 cities, providing strong aviation support for local economic and tourism development [1] - The airport successfully maintained several popular seasonal routes, including those operated by Air China and Spring Airlines, effectively bridging the gap between peak and off-peak travel seasons [1]

这个十一，坐飞机的和不坐飞机的都沉默了。 作为2025年最后一个假期、也是全年最长节假日，长达八天的"超级黄金周"极大的激发了旅行需求。但在选择哪一种出行方式上，却让人犯了难。 2023年和2024年国庆，机票价格大跳水，"没出发就已亏了数千元"让不少旅客心有余悸。但今年，机票价格却"涨疯了"。 根据航班管家数据，截至9月28日，2025年国庆假期预售机票价格，即裸票价为804元，同比2024年736元上涨9.2%。 | 截至9月28日均价 | 指标 | | | VS同周期 | | | --- | --- | --- | --- | --- | --- | | 2019年 | 裸票价 817 | 2024年 736 | 2025年 804 | 25VS24 9.2% | 25VS19 -1.6% 数据来源: 航班管家DAST | | 2025年国庆假期预售机票价格监测及同比 | | | | | | 现实是，今年国庆黄金周国内机票尽管出现上涨，但远没有到盈亏平衡点，民航业仍困在了以价换量、旺丁不旺财的收益困境。 不过，在这之中也有一个例外——春秋航空(601021.SH)，这家以"低票价、高效率"著称的廉航，却 ...

Core Viewpoint - China Eastern Airlines has announced the provision of free Wi-Fi service in all economy class seats on its wide-body aircraft for domestic "Air Express" flights, breaking the convention of exclusive Wi-Fi access for premium cabin passengers in the domestic airline industry [1] Group 1: Company Strategy - The decision to offer free Wi-Fi is part of a dual strategic layout aimed at addressing competitive focus and the airline's operational challenges, as China Eastern Airlines has faced significant profit pressure, projecting a net loss of 4.798 billion yuan for 2024 [1] - The airline's customer satisfaction has been surpassed by competitors, leading to a loss of business travelers, which directly impacts core revenue [1] - During a trial period for free Wi-Fi on international routes in 2024, the airline saw a 40% increase in new frequent flyer members, demonstrating the effectiveness of the "service for traffic" strategy [1] Group 2: Industry Trends - Internationally, more airlines are moving towards offering free in-flight Wi-Fi services, with examples including Cathay Pacific and Southwest Airlines, indicating a potential shift in industry standards [2] - The cost of retrofitting aircraft with Wi-Fi is significant, ranging from 3 million to 4 million yuan per aircraft, with annual operating costs between 300,000 to 500,000 yuan, where satellite data fees account for over 60% of costs [2] - Industry experts believe that as retrofit costs decrease and additional revenue streams from Wi-Fi become substantial, free Wi-Fi could become a mainstream choice in the industry [3]

10月11日，东方航空正式宣布旗下所有宽体机执飞的国内"空中快线"全面开放经济舱全舱位免费Wi-Fi服务。 这一举措打破了国内航司Wi-Fi"高端舱位专属"的惯例。未来，免费Wi-Fi能否升级为行业标配？ 此前，东航免费Wi-Fi服务仅限国内"空中快线"航班的头等舱、公务舱、超级经济舱及指定经济舱舱位。 东航此次免费举措并非偶然，而是精准卡位竞争焦点与自身经营困境的双重战略布局。从自身经营看，东航 近年面临显著盈利压力：2024年全年净利润亏损47.98亿元，归母净利润亏损42.26亿元，销售净利率低 至-3.63%，同时2023年上半年客户满意度被竞争对手反超，商务客流失直接冲击核心收益。而客舱Wi-Fi已被 验证是破局关键——2024年东航国际航线免费Wi-Fi试点期间，常旅客新增量环比增长40%，"服务换流量"的 逻辑成效显著。 东航这一举措将打破国内航司Wi-Fi"高端舱位专属"的惯例。目前，国航、南航等仍维持"会员免费+普通旅客 付费"模式。例如，南航10小时国际航班全流量浏览单次收费达200元左右。 不过国际上，已经有越来越多航空公司将机上Wi-Fi变为免费服务项目。比如全机队已配备Wi-Fi的国 ...

Core Viewpoint - The Trump administration's proposal to ban Chinese airlines from flying over Russian airspace on flights to and from the U.S. has raised significant concerns within the Chinese and U.S. aviation industries [1][5]. Group 1: Impact on Airlines - Seven Chinese airlines, including Air China and China Eastern Airlines, have jointly requested the U.S. Department of Transportation (DOT) for more time to assess the impact of the proposed ban on their operations, arguing that it would disrupt travel plans for passengers [1][4]. - The proposed ban could lead to increased flight times and fuel costs for Chinese airlines, with an example indicating that a Beijing-New York flight might require an additional two hours of flying time, resulting in increased fuel expenses of several hundred thousand dollars [7]. Group 2: Regulatory Context - The U.S. DOT has set an unusually short two-day period for airlines to respond to the proposed ban, which has been criticized by Chinese airlines as insufficient for a thorough evaluation [1][5]. - The final decision on the ban could be implemented as early as November of this year, amidst escalating tensions between the U.S. and China over various economic issues [5][7]. Group 3: Public and Expert Reactions - Chinese officials have criticized the U.S. for imposing restrictions on Chinese airlines, suggesting that such actions are detrimental to bilateral relations and the interests of consumers [7]. - Many American commenters on the DOT's public review page have expressed concerns about the negative impacts of the ban, including longer flight times, reduced travel options, increased ticket prices, and adverse environmental effects [7][9].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The current demand in the e-commerce express delivery sector is resilient, and the "anti-involution" trend is driving up express delivery prices, releasing profit elasticity for companies. Long-term positive competition opportunities are expected in the e-commerce express delivery sector. Companies like SF Express and JD Logistics are likely to benefit from cyclical recovery and ongoing cost reductions, with potential for both performance and valuation increases [13] - In the shipping sector, the outlook for crude oil transportation is favorable due to the OPEC+ production increase cycle and the Federal Reserve's interest rate cuts. The geopolitical uncertainties in the Middle East may enhance VLCC freight rate elasticity. The shipping market is expected to improve significantly in Q4 2025, with recommendations to focus on companies like China Merchants Energy Shipping and COSCO Shipping Energy [13] - The shipbuilding sector is in the early stages of a green renewal cycle, with shipping market conditions and green renewal progress being the core demand drivers. Despite a decline in new ship orders, shipyards remain busy. Factors constraining new ship market activities are expected to ease or improve, suggesting a potential profit realization period for shipbuilding companies [14] Summary by Sections Express Delivery - The express delivery industry is experiencing a significant increase in business volume, with a year-on-year growth of 12.3% in the number of packages delivered [24] - Major companies like YTO Express and SF Express are showing strong growth in business volume, with SF Express achieving a remarkable 34.8% year-on-year increase [26] Shipping - The current week saw a slight increase in the Clarkson comprehensive freight rate to $28,977 per day, while the BDI index decreased by 4.3% to 1,941 points [44] - The crude oil transportation index (BDTI) decreased by 2.5% to 1,084 points, indicating a slight downturn in the market [44] Aviation - In August 2025, global air passenger demand grew by 4.6%, with a load factor of 86.0%, marking a historical high for the month [10] - The overall passenger transport volume for civil aviation reached approximately 75 million, reflecting a year-on-year increase of 3.3% [55] Logistics - The logistics sector is seeing a positive trend, with companies like Debon Logistics and Aneng Logistics showing significant improvements in profitability due to strategic transformations and ecosystem optimizations [15] Ports - The total cargo throughput at Chinese ports reached 272.175 million tons, with a week-on-week increase of 4.69% [71] - Container throughput also saw an increase of 8.84%, indicating a robust performance in the port sector [71]

Core Insights - The outbound travel market in China is experiencing a "peak-shifting" trend following the National Day and Mid-Autumn Festival holidays, with average prices for international flights and hotels dropping by approximately 20% from the holiday period [1][3] - There is a notable shift in traveler preferences towards less conventional destinations, with Southern Europe and Central Asia emerging as popular choices [1][5] Price Trends - Average prices for outbound flights and hotels from October 11 to 31 have decreased by about 20% compared to the holiday period [3] - Specific flight prices have seen significant reductions, such as the Beijing to Singapore route dropping from 4719 yuan to 869 yuan, a decrease of 82% [3] - Other routes, including Beijing to Osaka and Kuala Lumpur, also experienced price drops exceeding 80% [3] Airline Promotions - Several airlines have launched promotional campaigns targeting off-peak travelers, including Japan Airlines' "Buy One Get One Free" offer and discounts on flights to Singapore [4] - China Southern Airlines plans to introduce an "International Flight Purchase Festival" with discounts on various routes [4] Growth in Long-Distance Travel - There has been a significant increase in bookings for long-distance travel products, with overall outbound travel numbers up by 110% year-on-year and total transaction value (GMV) increasing by 73% [5] - Destinations such as North America and Southern Europe have seen the most substantial growth in traveler numbers, with North America experiencing a 200% increase [5] Car Rental Market - The average car rental volume for self-driving trips abroad increased by 20.8% from October 8 to 11, with popular destinations including Italy and Australia [6] Trends in Group Travel - There is a growing trend towards smaller group sizes and deeper travel experiences, with group sizes decreasing from 30-40 to around 10-20 participants [7] - Travel agencies are responding to this demand by offering longer and more immersive travel experiences, with products extending beyond 10 days [7] Popularity of Cruise Travel - Cruise travel has become a favored option for off-peak travel, with various cruise products, including Southeast Asia and European long-distance cruises, gaining popularity [7]