12月11日，连续回调的航空股迎来反弹行情，其中，中国南方航空涨2%，中国东方航空、国泰航空涨 1.5%，中国国航涨1.28%。 | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 01055 | 中国南方航空股 | 5.240 | 1.95% | | 00670 | 中国东方航空股 | 4.640 | 1.53% | | 00293 | 国泰航空 | 11.950 | 1.53% | | 00753 | 中国国航 | 6.350 | 1.28% | | 01848 | 中国飞机租赁 | 4.670 | 1.08% | | 02588 | 中银航空租赁 | 72.850 | 0.07% | 港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 消息上，进入12月，国际航线市场竞争悄然升温。截至12月10日，有媒体观察到，东航、南航、海航、 吉祥航空等多家航司新开、加密、复航国际航线，瞄准元旦、寒假及春节出行高峰期，拉开了抢占客流 的序幕。 航旅纵横行业发展部总经理赵楠表示，12月底开始，元旦、寒假、春节叠加形成全年出行高峰，探亲 流、学生流、旅游 ...

中国航空业：前三季度盈利，国际航线恢复较快。2025年1-10月，行业ASK/RPK同比增长6.1%/8.2%， 平均客座率85.12%，同比提升1.7个百分点。分公司看，各航司ASK及RPK同比增长，其中国际航线 ASK和RPK增速远高于国内(三大航国内航线ASK仅增长0%-3%，国际航线ASK增速13%-20%)。2025年 前三季度国航/东航/南航分别实现归母净利润18.70/21.03/23.07亿元，三大航有望实现全年盈利。 2026年航空展望：供需格局持续改善，票价同比提升预期强 供给端，2026年预计供给增速仍然较低。 智通财经APP获悉，中泰证券发布研报称，展望2026年，民航国内市场运力投放增速缓慢不改，需求将 延续温和复苏态势，推动客座率再创新高、票价趋势性上涨;国际市场将受益于免签政策以及企业出海 利好效应持续释放，需求乐观增长或比预期更强，从而带动量价表现持续向好。该行预计2026年将是民 航市场量价正循环效应持续显现并被市场广泛认知的一年;也是增长引擎逐步从国内市场切换到国际市 场，从而推动行业量价上涨的一年。 中泰证券主要观点如下： 2025年回顾：全球增速放缓，中国民航迎头赶上 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 12月11日消息，航空股迎来反弹行情，中国南方航空涨近2%，中国国航、国泰航空涨超1%。 消息上，进入12月，国际航线市场竞争悄然升温。截至12月10日，有媒体观察到，东航、南航、海航、 吉祥航空等多家航司新开、加密、复航国际航线，瞄准元旦、寒假及春节出行高峰期，拉开了抢占客流 的序幕。 国泰海通此前发布研报称，维持航空油运增持评级。该行预计25Q4航空业大幅减亏并全年扭亏，日本 航线波动不改长逻辑，"十五五"机队将维持低增，需求增长将驱动票价与盈利上行且可持续，建议逆向 布局超级周期。油运运价小幅回调仍维持高位，俄乌和谈影响或有限，看好未来景气超预期上升。 责任编辑：郝欣煜 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：郝欣煜 客户端 12月11日消息，航空股迎来反弹行情，中国南方航空涨近2%，中国国航、国泰航空涨超1%。 国泰海通此前发布研报称，维持航空油运增持评级。该行预计25Q4航空业大幅减亏并全年扭亏，日本 航线波动不改长逻辑，"十五五"机队将维持低增，需求增长将驱动票价与盈利上行且可持续，建议逆向 布局超级周期 ...

据悉，中国民用航空华北地区管理局已向BAESL正式颁发维修许可证，这标志着公司已具备开展发动 机深度维修的正式资质。 BAESL相关负责人表示，计划从2026年起逐步承接遄达700、遄达XWB-84及遄达1000等多款发动机的 大修业务，稳步扩大产能，向2034年实现年大修250台发动机的目标迈进。 北京航空发动机维修有限公司(BAESL)为项目运营主体，由中国国际航空股份有限公司与英国罗尔斯- 罗伊斯公司共同出资成立，双方各占股50%。 北京商报讯(记者张茜琦)12月11日，北京商报记者获悉，北京航空发动机维修项目在首都机场临空经济 区天竺综保区正式开业并投入运营。该项目的运营将填补中国内地在以罗尔斯-罗伊斯遄达系列为代表 的高推力航空发动机维修领域的空白，显著提升民航产业链的自主维修保障能力与安全水平。 ...

消息上，进入12月，国际航线市场竞争悄然升温。截至12月10日，有媒体观察到，东航、南航、海航、 吉祥航空等多家航司新开、加密、复航国际航线，瞄准元旦、寒假及春节出行高峰期，拉开了抢占客流 的序幕。 航旅纵横行业发展部总经理赵楠表示，12月底开始，元旦、寒假、春节叠加形成全年出行高峰，探亲 流、学生流、旅游流高度重合，旅客出行需求预计会集中释放。航司也会根据市场需求增投运力，为旅 客出行提供充足的运力保障。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 01055 | 中国南方航空股 | 5.240 | 1.95% | | 00670 | 中国东方航空股 | 4.640 | 1.53% | | 00293 | 国泰航空 | 11.950 | 1.53% | | 00753 | 中国国航 | 6.350 | 1.28% | | 01848 | 中国飞机租赁 | 4.670 | 1.08% | | 02588 | 中银航空租赁 | 72.850 | 0.07% | 连续回调的航空股以来反弹行情，其中，中国南方航空涨2%，中国东方航空、国泰航空涨1.5% ...

智通财经APP获悉，2025年12月11日，港股上市公司投资日志如下： 九龙建业 类别 公司 新股活动 HASHKEY HLDGS (招股中) 果下科技 (招股中) 京东工业 (上市日) 股东大会召开日 美兰空港 海普瑞 十月稻田 长风药业 香港宽频 第一拖拉机股份 天津创业环保股份 中国国航 挚达科技 升华兰德 分红派息 高升集团控股 （除净日） 颖通控股 （除净日） 颖通控股 （除净日） 互太纺织 （除净日） CHEVALIER INT'L （除净日） 大快活集团 （除净日） TAI CHEUNG HOLD （除净日） 嘉利国际 （除净日） 宾仕国际 （除净日） 太兴置业 （除净日） 景福集团 （派息日） 德永佳集团 （除净日） 鹰美 （派息日） 时计宝 （派息日） （除净日） 股本增发 瀛晟科学 （除权日） ...

Investment Highlights - The report emphasizes a positive outlook for the aviation industry in 2026, driven by a gradual recovery in demand and an expected increase in ticket prices, with domestic market capacity growth remaining slow [6][9] - The investment strategy suggests focusing on major airlines with significant fleet sizes and strong cyclical attributes, such as China Southern Airlines, China Eastern Airlines, and Hainan Airlines, as well as smaller regional airlines like Huaxia Airlines and low-cost carriers like Spring Airlines [6][9] 2025 Aviation Review - Global aviation growth is projected to slow down, with IATA forecasting a 5.8% increase in RPK (Revenue Passenger Kilometers) for 2025, while the Asia-Pacific region is expected to lead with a 9% growth [7][21] - China's aviation industry showed profitability in the first three quarters of 2025, with major airlines like Air China, China Eastern, and China Southern expected to achieve full-year profitability [7][19] - The average passenger load factor in China reached 85.12%, an increase of 1.7 percentage points year-on-year, indicating strong demand recovery [7][39] 2026 Aviation Outlook - The supply-demand balance is expected to improve, with international travel demand benefiting from visa-free policies and corporate expansion abroad, leading to optimistic growth forecasts [6][9] - The report anticipates that 2026 will be a year where the positive cycle of volume and price in the aviation market becomes widely recognized, with a shift in growth engines from domestic to international markets [6][9] - The report highlights that the average ticket prices are expected to rise due to reduced competition and high load factors, with the industry moving away from aggressive price wars [7][49] Supply Side Analysis - The global backlog of aircraft orders has reached a record high of 17,000 units, but delivery rates have not returned to pre-pandemic levels, leading to a supply gap [7][55] - Major aircraft manufacturers like Boeing and Airbus are struggling to meet delivery targets, which may continue to constrain capacity growth in the coming years [7][55] - The report notes that the utilization rates of existing aircraft have reached peak levels, limiting the potential for further supply increases [7][49] Demand Side Analysis - The report indicates that international travel demand is expected to remain strong, particularly due to favorable visa policies and a growing preference for short-haul destinations among Chinese travelers [7][91] - Domestic business travel is projected to recover gradually, while leisure travel demand remains robust, with a notable increase in the number of young and elderly travelers [7][86] - The report highlights that the recovery in inbound tourism is also expected to continue, supported by visa-free entry policies for foreign visitors [7][100]

Core Points - Rolls-Royce has established the Beijing Aircraft Engine Services Limited (BAESL), marking a significant advancement in Sino-British cooperation in high-end aircraft engine maintenance [1][2] - BAESL is a joint venture between China International Airlines and Rolls-Royce, with each holding a 50% stake [2] - The facility covers approximately 59,000 square meters and is equipped with advanced maintenance technology, including leading-edge CNC grinding and fluorescent detection equipment [2] Company Overview - BAESL aims to start overhauling the Trent 700 engine by 2026, with an initial target of servicing 8 engines in the first year [4] - By 2034, BAESL plans to achieve an annual overhaul capacity of 250 engines, creating 800 to 1,000 high-end technical jobs in the local area [4] - Rolls-Royce currently provides power for over 500 commercial aircraft in China, with the Trent series engines accounting for about 20% of global deliveries [2] Industry Context - The establishment of BAESL is seen as a response to the growing demand for reliable and efficient maintenance support for aircraft fleets in China [2][4] - The local government's supportive business environment has been a crucial factor in the rapid establishment of BAESL, which took only three years from planning to opening [4] - The partnership between China International Airlines and Rolls-Royce was formalized in a cooperation agreement signed in 2022 [4]

Core Viewpoint - Beijing Aviation Engine Services Limited (BAESL), the first joint venture engine maintenance company in mainland China, officially opened on December 10, 2023, in the Capital Airport Economic Zone, marking a significant step in enhancing the aircraft maintenance industry chain in China [1] Group 1: Company Overview - BAESL is jointly funded by Air China and Rolls-Royce, with each holding a 50% stake, serving as the operational entity for the Beijing aviation engine maintenance project [1] - Rolls-Royce is a leading global manufacturer of aircraft engines, with its Trent series engines widely used in the global wide-body fleet, accounting for approximately 20% of the total global deliveries in China [1] Group 2: Future Plans and Capacity - Starting in 2026, BAESL plans to gradually undertake major repairs for several engine models, including the Trent 700, Trent XWB-84, and Trent 1000, with a goal to steadily expand its capacity [1] - By 2034, BAESL aims to achieve an annual overhaul capacity of 250 engines, which will create between 800 to 1,000 high-end technical jobs [1] Group 3: Regulatory Approval - The Civil Aviation Administration of China (CAAC) North China Regional Administration awarded BAESL a maintenance license (CCAR-145) during the opening ceremony [1]

Investment Summary - The transportation industry has shown a significant underperformance compared to the broader market, ranking among the lowest in terms of growth within the Shenwan primary industry indices as of December 8, 2025 [15][16] - The implementation of anti-involution policies has positively impacted the fundamentals of certain segments within the transportation sector, particularly benefiting the aviation and express delivery sectors [26][30] 2026 Outlook - The focus for 2026 remains on sectors benefiting from anti-involution policies and high-certainty stocks, with a long-term impact expected from these policies on stock price movements [5][34] - Key sectors to watch include aviation, express delivery, and regional shipping, while high-dividend and low-debt companies are expected to attract more investor interest in weaker cyclical areas [5][34] Express Delivery Sector - The express delivery industry has seen a recovery in profitability driven by rising single-package prices, with major companies like YTO Express and Shentong Express showing significant improvements [6][35] - The trend of price competition has been curtailed, leading to a decrease in package volume growth as companies focus on maintaining service quality and profitability [6][38] - The competitive strategies among companies have diverged, with YTO and Shentong performing strongly, while Yunda has struggled with profitability and market share [42][53] Aviation Sector - The aviation sector has experienced a notable improvement in performance since Q2 2025, with major airlines reporting increased profitability compared to the previous year [63][64] - The focus for 2026 will be on the transition from high passenger load factors to higher ticket prices, supported by controlled supply and strong demand [69][87] - Major airlines are expected to maintain cautious procurement strategies, with a projected fleet growth of around 5% in 2026 [69][80] Highway Sector - The highway sector has faced significant adjustments in stock prices, leading to a more rational market approach towards high-dividend investments [8][4.1] - Following substantial adjustments, the attractiveness of highway stocks has improved, with a focus on companies with high dividend ratios and low debt levels [8][4.3]