Core Points - Eastern Airlines Logistics has successfully passed the International Air Transport Association (IATA) Safety Audit for Ground Operations (ISAGO) certification for the second time since first obtaining it in 2023, enhancing its international market expansion and global competitiveness [1][1][1] Summary by Categories Certification and Standards - ISAGO is a globally recognized safety audit standard established by IATA, aimed at evaluating the ground operation safety management systems of air logistics companies to ensure compliance with international aviation safety standards and industry best practices [1][1] Audit Details - The ISAGO audit for Eastern Airlines Logistics covered 199 clauses across various areas including ground operations, cargo handling, equipment management, personnel training, and safety monitoring [1][1] - The successful audit involved both online assessments at the headquarters level and on-site evaluations at operational sites, with auditors praising the company's professionalism, rigorous approach, and efficient execution during the audit process [1][1]

运输过程中，东航供应链现场保障负责人带队驻扎雪野机场，积极协调机场特种吊装作业团队，确保直 升机吊装过程安全无误；直升机装车后，工作人员结合货物情况，按照标准流程进行绑扎操作，并利用 钢铁卸扣对货物进一步加固，考虑到运输过程中可能出现的天气变化，工作人员提前落实防雨措施，全 方位保障直升机在运输途中的安全，最终顺利完成运输。 此次 EC135直升机的运输，也为东航供应链在精密仪器运输领域积累了更为丰富的实战经验。（编 辑：张薇，校对：李季威，审核：程凌） 此次运输的EC135直升机，机身长12.26米，宽3.3米，高3.81米，内部的仪表、电子设备等部件均属于 精密仪器。接到任务后，东航供应链第一时间为客户量身定制了专属物流解决方案，将螺旋桨拆卸单独 包装，安排与机身一同使用凹版气垫悬浮搬运车进行运输，从而有效解决了沿途震动和限高路障等问 题。 《中国民航报》、中国民航网 记者钱擘 报道：日前，东航物流旗下东航供应链，顺利完成了一架 EC135直升机从山东济南莱芜雪野机场至浙江绍兴鉴湖机场的地面运输保障，专业化、精细化的服务赢 得客户充分肯定。 ...

Core Viewpoint - The dual holiday of National Day and Mid-Autumn Festival has significantly boosted consumer market activity, with air cargo playing a crucial role in ensuring the flow of goods and meeting public demand during this period [1]. Group 1: Industry Insights - The air cargo sector is described as the "aerial artery" for material circulation during the holiday, highlighting its importance in connecting production and sales [1]. - Eastern Airlines Logistics has initiated comprehensive preparations to ensure uninterrupted operations during the holiday, including special inspections and equipment maintenance [3]. - The logistics unit of Eastern Airlines has made extensive preparations to handle the surge in cargo volume, ensuring efficient coordination among various departments [3]. Group 2: Operational Strategies - The flight department of China Cargo Airlines has scientifically allocated crew resources based on flight characteristics to optimize operations [3]. - The operations control center has conducted precise weather trend analyses to enhance flight planning [3]. - The cargo station department is closely monitoring ramp operations to ensure efficiency during peak periods [3].

Core Insights - The dual holiday of National Day and Mid-Autumn Festival has significantly boosted consumer activity, with air cargo playing a crucial role in ensuring the smooth flow of goods during this period [1][2] - Eastern Airlines Logistics has effectively supported the logistics needs by managing a total of 11,347 flights and handling over 40,000 tons of cargo, marking a year-on-year increase of 15.5% in flight numbers and 10% in cargo volume [1] Group 1 - Eastern Airlines Logistics initiated comprehensive preparations ahead of the holidays, including special inspections, equipment maintenance, and optimized scheduling to ensure uninterrupted operations [2] - The company capitalized on the peak cargo season by promoting both freighter and passenger bellyhold operations, with a 52.3% increase in flights operated by China Cargo Airlines during the holiday [2] - Revenue and marginal contribution rates for outbound and inbound flights exceeded 53% year-on-year, with all key performance indicators for passenger bellyhold operations showing significant growth [2] Group 2 - The operational units of Eastern Airlines Logistics prepared extensively for the surge in cargo volume, ensuring efficient coordination across departments [2] - The flight department optimized crew resource allocation based on flight characteristics, while the operations control center analyzed weather trends to enhance flight planning [2] - Ground handling departments focused on critical operations and emergency response capabilities, while branch offices tailored plans to meet customer demands, ensuring smooth operations throughout the holiday [2]

Group 1: Shipping Industry - The implementation of mutual port fees between China and the US is expected to impact over 40% of shipping capacity, with Chinese shipping companies being the most affected [1][20][21] - Different shipping segments will experience varying degrees of impact, with oil and dry bulk sectors facing greater challenges compared to container shipping [1][20] - Short-term price fluctuations may occur due to initial chaos from the new policies, but overall, the impact on freight rates is expected to be limited [1][20] Group 2: Aviation Industry - Domestic passenger flight volumes have decreased slightly post-National Day, but overall traffic remains above 2019 levels, indicating a recovery trend [2][33] - The average domestic ticket price is stable, with a slight year-on-year increase, suggesting a balanced supply-demand dynamic in the aviation market [2][34] - The aviation sector is expected to see continued recovery in profitability as the supply-demand gap narrows, with recommendations to invest in major airlines like China Eastern Airlines and Spring Airlines [2][34] Group 3: Express Delivery Industry - The "anti-involution" policy has led to price increases across approximately 90% of express delivery volumes in China, indicating a shift towards more sustainable competition [2][43][44] - The profitability of express delivery companies is anticipated to improve in the fourth quarter, driven by seasonal demand and the effects of the "anti-involution" measures [2][43][44] - Major express companies like SF Express and ZTO Express are expected to see significant growth in profitability in 2025, with projected earnings growth of 15-20% for SF Express [2][54] Group 4: Logistics Sector - The logistics company DeBang's revenue has shown double-digit growth, but profitability has been under pressure due to increased transportation costs [2][66][67] - The company is focusing on enhancing its service quality and optimizing its product structure to improve margins in the future [2][66][67]

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]

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [3][5]. Core Views - The express delivery sector is expected to see performance recovery due to the "anti-involution" policies, while the mutual port fees imposed by China and the U.S. are likely to drive shipping rates upward [1][2]. - The shipping industry is facing mixed impacts from the U.S. port fee measures, with over 40% of shipping capacity affected by U.S. fees, while the impact on Chinese shipping capacity is significantly lower [1][20]. - The aviation sector is projected to experience a gradual recovery in ticket prices and profitability as the domestic passenger market continues to optimize supply and demand dynamics [2][34]. - The express delivery industry is witnessing a significant price increase across major production areas, with expectations for this trend to continue through the end of the year [2][43]. Shipping Sector Summary - The implementation of mutual port fees between China and the U.S. is expected to create short-term price volatility, particularly affecting oil and dry bulk shipping more than container shipping [1][20]. - The oil shipping rates have shown a significant increase recently, with VLCC shipping rates rising due to concerns over port congestion and supply chain efficiency [1][20]. - The overall impact of the mutual port fees on shipping rates is limited, but initial chaos from policy implementation may lead to fluctuations [20][21]. Aviation Sector Summary - Domestic passenger flight volumes have decreased slightly post-holiday, but overall traffic remains above 2019 levels [2][33]. - The average domestic ticket price has remained stable, with a slight year-on-year increase [2][34]. - The aviation market is expected to see continued improvement in profitability as supply-demand gaps narrow [34]. Express Delivery Sector Summary - The "anti-involution" policy has led to price increases across approximately 90% of the express delivery volume in China, with expectations for sustained price stability [2][43]. - The report highlights the potential for improved profitability in the express delivery sector during the fourth quarter due to seasonal demand [2][43]. - Major express companies are expected to benefit from the "anti-involution" policies, with specific recommendations for companies like SF Express and ZTO Express [5][54]. Key Company Ratings and Predictions - COSCO Shipping Energy: Outperform, 2025E PE of 12.2 [6]. - SF Express: Outperform, 2025E PE of 17.4, with expected growth of 15-20% in 2026 [6][54]. - ZTO Express: Outperform, with a focus on long-term value and stable returns [5][54].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 920351 | や米濃海 | 26.91 | 3.42% | 3.51万 | 9391.45万 | | 603836 | 海程邦达 | 14.03 | 3.01% | 4.67万 | 6455.94万 | | 600180 | 瑞茂通 | 4.66 | 2.42% | 32.86万 | 1.53亿 | | 603967 | 中创物流 | 11.77 | 2.08% | 6.89万 | 8008.53万 | | 300240 | 飞力达 | 7.92 | 0.64% | 12.81万 | 1.00亿 | | 002769 | 普路通 | 8.80 | 0.57% | 8.18万 | 7019.35万 | | 600153 | 建发股份 | 10.26 | 0.29% | 22.86万 | 2.33亿 | | 300013 | 新宁物流 | 4.30 | 0.23% | 38.91万 | 1.64亿 | | 603813 | *ST原尚 | 24.0 ...

Core Insights - Flower Lake Airport has achieved a record cargo and mail throughput of over 14,000 tons from October 1 to 8, marking a 7.7% year-on-year increase [1] - The airport has opened its first direct cargo flight route to Spain, enhancing the linkage between Hubei and the European light textile industry [1] - The airport has established an air corridor connecting 17 Belt and Road countries and 49 international cities, significantly boosting Hubei's foreign trade [1][2] Group 1: Cargo Volume and Growth - In the first nine months of the year, Flower Lake Airport completed a cargo and mail throughput of over 1.08 million tons, a 58% year-on-year increase, with international cargo volume exceeding 360,000 tons, up 138% [1][3] - The airport's cargo flight volume reached 27,600 flights, ranking fourth in the country, just behind Hong Kong, Shanghai Pudong, and Shenzhen Bao'an airports [1][2] Group 2: Route Expansion - This year, Flower Lake Airport has opened 18 new international cargo routes, including to Paris and Bangalore, and has increased the frequency of 6 existing routes [2] - The airport has developed a domestic cargo route network with 59 routes covering 54 destinations, achieving full provincial administrative coverage [2] Group 3: International Trade and E-commerce - The airport has facilitated an average of 68 tons of e-commerce exports daily, with a total of 16,000 tons of cross-border e-commerce goods exported from January to August [3] - Flower Lake Airport has become a crucial hub for international trade, with 92 cargo airlines and 21,000 enterprises engaged in trade, covering over 170 countries and regions [2][4] Group 4: Infrastructure and Services - The airport's new international cargo terminal allows for seamless operations, including collection, customs clearance, and security checks [3] - A new logistics hub project is underway, expected to enhance the airport's annual cargo capacity to 170,000 tons by early 2026 [3] Group 5: Economic Impact and Industry Development - Flower Lake Airport has attracted significant industrial projects, with 225 projects worth over 100 million yuan established in the vicinity [4] - The airport is positioned as a key gateway for Chinese manufacturing to reach global markets, with a focus on enhancing the import and export of goods [5]