| 代码 | 名称 | 最新价 涨跌幅 ^ | | --- | --- | --- | | 00753 | 中国国航 | 6.460 -2.71% | | 01055 | 中国南方航空股 | 5.300 -2.21% | | 00670 | 中国东方航空股 | 4.640 -1.28% | 港股三大航空股集体走低，其中，中国国航跌近3%，中国南方航空跌2.2%，中国东方航空跌1.2%。 消息上，有媒体从网络平台上获悉，12月中国境内到日本的计划航班中，有超过40%航班取消，取消航 班数量超过1900个。11月中之后，赴日旅客量大幅下降。以11月25日为例，当日旅客量比11月15日减少 约23%。东兴证券认为，由于日本航线客流量较大，国际线中日本航线占比较高的相关航司近期或受到 一定冲击。 ...

日本关西国际机场有许多亚洲各国和地区的客机通航 12月在关西国际机场起降的中国方向航班中，预计最多每周177个航班将停飞。即使到2026年1月~3月底，也将平均减少28%。日本关西 地区的消费对访日外国游客的依赖度较高。10月访问大阪府的外国游客中，来自中国大陆最多，占24%…… 日本关西国际机场的运营公司"关西机场（Kansai Airport）"12月1日披露预期称，12月在关西国际机场起降的中国方向航班中，预计最 多每周177个航班将停飞，比原定的计划减少34%。减少的航班数占关西国际航线整体的约1成。据称，即使到2026年1月~3月底，也将平 均减少28%。尤其是在经济方面与中国关系密切的日本关西地区的消费被拉低等的担忧在加剧。 中国国际航空公司运营的关西-上海航线和中国东方航空公司的关西-成都航线等的航班将减少和停飞。关西机场表示，货运航班和日本国 内航空公司的航班尚未出现停飞的情况。 在12月1日举行的记者会上，关西机场社长山谷佳之表示："11月28日以后变动不大，将暂时稳定下来"，但提及对2026年2月春节（中国 农历新年）的影响时表示"目前还不清楚"。关于从今年4月起开通国际航线包机的神户机场 ...

Core Viewpoint - The issue of "seat locking" and paid seat selection services by airlines has sparked widespread discussion among consumers, with many reporting that desirable seats in economy class are often locked and require additional fees to select [1] Group 1: Investigation Results - The Jiangsu Provincial Consumer Rights Protection Committee conducted a survey of 10 domestic airlines, including China Southern Airlines, Air China, Hainan Airlines, Xiamen Airlines, Shenzhen Airlines, Shandong Airlines, Sichuan Airlines, Eastern Airlines, Spring Airlines, and Juneyao Airlines [1] - The survey revealed that all 10 airlines engage in seat locking practices, with Xiamen Airlines having a seat locking rate as high as 42.5%, while most airlines reported seat locking rates exceeding 30%, and some even surpassing 50% [1] - The Jiangsu Provincial Consumer Rights Protection Committee has issued clear rectification requirements to the 10 airlines regarding the seat locking issue, demanding written reports on corrective actions within 15 working days [1]

Core Viewpoint - The recent practice of airlines locking seats and charging for seat selection has sparked widespread consumer dissatisfaction, with many feeling that their rights to choose seats are being unfairly restricted [1][19]. Group 1: Consumer Feedback - Many consumers, like Ms. Zhang, have experienced locked seats and expressed frustration over the additional costs required to select preferred seats, which they believe should be included with the purchase of an economy class ticket [3][19]. - The investigation revealed that consumers are often required to use points or pay extra fees to unlock desirable seats, which they feel is an unfair practice [11][13]. Group 2: Investigation Findings - The Jiangsu Provincial Consumer Protection Committee conducted an investigation into 10 domestic airlines, finding that all had locked seats in economy class, with the locking rate ranging from 19.9% to 62.1%, averaging 38.7% [4][5]. - The investigation highlighted that the locked seats are primarily located in the front rows and preferred window or aisle positions, limiting consumer choices to less desirable seats [9][11]. Group 3: Airline Justifications - Airlines have provided various justifications for locking seats, such as reserving them for special passengers or maintaining flight balance, but these reasons have been contradicted by the investigation results showing high locking rates [15][16]. - The lack of a unified standard for seat locking across airlines has led to significant discrepancies in how and why seats are locked [16]. Group 4: Legal and Regulatory Concerns - The practice of locking seats has been deemed to infringe upon multiple consumer rights, including the right to know, the right to choose, and the right to fair trade [19][22]. - Experts have pointed out that airlines' failure to clearly communicate seat selection policies and locking criteria violates consumer protection laws [20][22]. Group 5: Regulatory Actions - The Jiangsu Provincial Consumer Protection Committee has called for the 10 airlines to rectify their practices, specifically addressing the excessive locking of seats and the imposition of fees for seat selection [23][24]. - Airlines are required to ensure transparency in their policies, provide equal selection opportunities for all passengers, and respect consumer rights [27][29].

近期国内和国际航空市场的表现如何？ 自 2025 年 9 月以来，国内航空市场表现出显著的票价上涨趋势。9 月份，国 内燃油票价同比上升约 2 个百分点，这一趋势在 10 月份继续延续，涨幅进一 步扩大至 3 个百分点以上。11 月份，尽管换季通常会带来短期低谷，但需求依 然保持强劲增长，客座率同比上升 2-3 个百分点，票价也同比上升 1-2 个百分 点。这一系列数据表明，自 9 月至 11 月期间，国内航油票价连续三个月实现 同比上涨。 国际市场方面，从 2025 年 9 月开始也表现良好。暑运结束后国际 客座率并未像往年一样回落，而是维持在 80%左右，与暑运水平接近，并较去 年同期明显上升。这种高客座率推动了国际航线票价的上涨，其涨幅甚至超过 了国内航线。特别是欧洲航线需求增长显著，这与免签政策效应密切相关，不 仅提升了入境旅游需求，还通过大型航空公司在首都和浦东等枢纽的战略布局， 航空业未来两年的核心逻辑是国内干线市场票价市场化完成后的供需恢 复。干线票价中枢上升将推动整个行业盈利中枢上升，提供业绩估值双 重空间。 建议把握当前逆向布局时机，看好未来两年行业长逻辑演绎。供需恢复 将驱动票价与盈利中枢 ...

Market Overview - The Hong Kong stock market opened higher in December, closing up 0.67% despite underlying concerns [1] - President Trump has indicated he has chosen a candidate for the next Federal Reserve chair, aiming for interest rate cuts, which is perceived positively by the market [1] - Silver prices reached a historic high, with spot silver surpassing $57 per ounce, indicating strong demand in precious metals [1] Commodity Prices - Copper prices hit a record high of $11,210.5 per ton on the London Metal Exchange, with predictions of further increases due to supply constraints [2] - Comex copper prices rose to $532.55 per pound, reflecting a bullish outlook for copper [2] AI and Technology Developments - ByteDance launched a preview version of its Doubao mobile assistant, enhancing its AI capabilities to perform complex tasks across applications [3] - Huawei's AI chatbot "Smart Huan Huan" sold out immediately after launch, indicating strong market interest in AI-driven products [3] Consumer Electronics - Apple's first foldable phone, iPhone Fold, is reportedly in the engineering verification and pre-production phase, expected to launch by the end of next year, positively impacting related suppliers [4] Music Industry Trends - NetEase Cloud Music introduced an "AI songwriting" feature, tapping into the growing market for generative AI in music, projected to reach $4.2 billion by 2024 [5] Travel and Tourism - The announcement of visa-free travel for Chinese citizens to Russia is expected to boost tourism, with significant increases in flight searches and hotel bookings [6] - Airlines such as Air China and China Southern Airlines are likely to benefit from this surge in travel demand [6] Shipping and Trade - The Baltic Dry Index (BDI) has seen a continuous rise, indicating a recovery in the dry bulk shipping market, with positive implications for shipping stocks [7] - French President Macron's visit to China is anticipated to enhance trade relations, further supporting the shipping sector [7] Automotive Industry - China National Heavy Duty Truck Group reported strong sales and revenue growth in the first ten months of the year, particularly in the new energy truck segment [8] - The company is expected to benefit from favorable policies and increasing domestic and export demand [10]

Core Viewpoint - The successful flight test of the Airbus A319neo at Lhasa Gonggar International Airport marks a significant advancement in the application of GBAS navigation technology in high-altitude airports, integrating RNP AR procedures with GLS precision approach technology for the first time globally [1][2]. Group 1: Flight Test Achievements - The flight test was conducted on November 21, 2025, and represents the first verification of GBAS navigation technology at a high-altitude airport in China [1]. - This test achieved the first-ever dual precision approach capability at Lhasa Airport, enhancing operational safety and flight efficiency in complex high-altitude environments [1][2]. Group 2: Technical Innovations - The test utilized domestically developed ground navigation equipment that has received airworthiness certification, showcasing China's complete intellectual property rights in the integration of RNP AR and GLS technologies [2]. - The GLS program effectively combines the flexibility of RNP AR paths with the high precision and vertical guidance capabilities of GLS, overcoming limitations of traditional navigation methods in challenging terrains and adverse weather conditions [2]. Group 3: Future Developments - Following the successful test, the Civil Aviation Science and Technology Institute plans to collaborate with multiple technical teams to focus on the deep application and innovative integration of GLS technology, accelerating the transformation and promotion of technological achievements [3].

2025.12. 01 本文字数：877，阅读时长大约2分钟 作者 | 第一财经 陈姗姗 据央视新闻报道，根据俄罗斯总统普京签署的命令，自即日起至2026年9月14日（含）止，中国公 民可免签证以旅游和商务目的前往俄罗斯，免签天数为30天。 飞猪数据显示，政策公布不到一小时，平台上前往俄罗斯的机票搜索量环比前一天激增超8倍，预订 量环比前一天亦大增近5倍。去哪儿平台上的俄罗斯相关机票搜索量也瞬时激增。 免签政策对航空公司来说也是好消息，据记者了解，相比其他欧美航线，目前的中俄航线早已满血恢 复，航班量超过了疫情前的水平。 根据航班管家DAST数据，2025年10月中俄往返航班量2096班次，同比2024年增长24.2%，同比 2019年增长6.1%。10月通航航班量TOP3航线分别为上海浦东-谢列梅捷沃（207班次）、北京大 兴-谢列梅捷沃（169班次）、北京首都-谢列梅捷沃（124班次）。 执飞的航司中，俄罗斯航空的航班量最多（554班次），其次是东航（320班次）和西伯利亚航空 （179班次）。 不少国内航司也在大幅增班俄罗斯。航班管家数据显示，同比2019年的中俄往返航班量，成都航空 增班超2倍，海航、 ...

目前的中俄航线早已满血恢复，航班量超过了疫情前的水平。 据央视新闻报道，根据俄罗斯总统普京签署的命令，自即日起至2026年9月14日（含）止，中国公民可免签证以旅游和商务目的前往俄罗斯，免签天数为30 天。 飞猪数据显示，政策公布不到一小时，平台上前往俄罗斯的机票搜索量环比前一天激增超8倍，预订量环比前一天亦大增近5倍。去哪儿平台上的俄罗斯相关 机票搜索量也瞬时激增。 免签政策对航空公司来说也是好消息，据记者了解，相比其他欧美航线，目前的中俄航线早已满血恢复，航班量超过了疫情前的水平。 根据航班管家DAST数据，2025年10月中俄往返航班量2096班次，同比2024年增长24.2%，同比2019年增长6.1%。10月通航航班量TOP3航线分别为上海浦东- 谢列梅捷沃（207班次）、北京大兴-谢列梅捷沃（169班次）、北京首都-谢列梅捷沃（124班次）。 执飞的航司中，俄罗斯航空的航班量最多（554班次），其次是东航（320班次）和西伯利亚航空（179班次）。 不少国内航司也在大幅增班俄罗斯。航班管家数据显示，同比2019年的中俄往返航班量，成都航空增班超2倍，海航、国航、东航增班均超1倍。 在此之前，俄罗斯 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and ongoing cost reductions, presenting dual upside potential in performance and valuation [14] - In the shipping sector, the outlook for crude oil transportation is favorable due to the OPEC+ production increase and the Federal Reserve's interest rate cuts. The market for VLCC (Very Large Crude Carrier) is expected to see significant improvement in Q4 2025 [14] - The shipbuilding sector is in the early stages of a green renewal cycle, with shipping market conditions and green upgrade progress being key demand drivers. Despite a decline in new ship orders, shipyards remain busy, and the market is expected to improve in the second half of 2025 [14] - The aviation sector shows signs of a long-term bullish trend, with stable demand growth and tightening supply. Companies like China Eastern Airlines and Hainan Airlines are recommended for early positioning [14] Summary by Sections Express Delivery - The express delivery industry is seeing a significant increase in demand, with a year-on-year growth of 7.9% in business volume and 4.7% in revenue as of October 2025 [24] - Major players like YTO Express and SF Express are expanding their market shares and improving service capabilities, with SF Express showing a 26.26% increase in business volume [31][24] Shipping - The VLCC daily earnings reached $120,248 in November 2025, a year-on-year increase of 270.9%, marking the best performance for November since 2004 [6] - The BDI (Baltic Dry Index) surpassed 2500 points, indicating a strong demand for bulk shipping, driven by increased shipments from Australian miners and adverse weather affecting port operations in North China [7] Aviation - In October 2025, civil aviation in China recorded a passenger transport volume of 67.83 million, a year-on-year increase of 5.8%, and cargo transport volume of 91.7 thousand tons, up 13.4% [10] - Approximately 6000 Airbus A320 aircraft require urgent software updates due to safety concerns, which may impact operational efficiency [10] Port Operations - From November 17 to November 23, 2025, China's port cargo throughput was 26,401 million tons, a decrease of 0.62% week-on-week, while container throughput increased by 5.39% [72]