每经AI快讯，12月2日，港股三大航空股集体走低，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%。 ...

Core Viewpoint - Ctrip has emerged as one of the most profitable internet companies in China, showcasing a remarkable financial performance in Q3, with a revenue of 18.3 billion yuan and a net profit of 19.9 billion yuan, reflecting a year-on-year growth of 16% and 194% respectively [3][4]. Financial Performance - Ctrip's Q3 revenue reached 18.3 billion yuan, marking a 16% increase year-on-year [3]. - The net profit, including partial investment income, was 19.9 billion yuan, showing a staggering 194% growth compared to the previous year [3]. - In the first three quarters of the year, the entire A-share tourism sector, including airlines and hotels, reported a combined net profit of approximately 19 billion yuan, indicating that Ctrip's profit nearly equals the total profit of China's entire tourism industry [5][6]. Profitability Comparison - Ctrip's profit margins are significantly higher than traditional luxury brands, with a gross margin of 81.68%, surpassing that of Hermes (around 70%) and approaching Kweichow Moutai (91%) [10]. - Ctrip operates as a middleman in the tourism industry, generating substantial profits without owning physical assets like hotel rooms or airplanes [9][12]. Business Model Insights - Ctrip's business model is characterized by low marginal costs, as it primarily functions as a platform that connects consumers with service providers, requiring minimal operational overhead [14][16]. - The company has effectively established itself as a toll collector in the tourism sector, benefiting from the high demand for hotel and scenic area access without the associated operational responsibilities [13][17]. Industry Dynamics - The hotel industry is heavily reliant on Ctrip for customer traffic, with accommodation bookings contributing 44% of Ctrip's revenue, amounting to 8 billion yuan in Q3 [19][20]. - Many hotels face a dilemma: disconnecting from Ctrip leads to a loss of customers, while remaining connected incurs high commission fees, often around 15%, which erodes their already thin profit margins [22][24]. - The hotel sector in China is fragmented, with a low chain rate of 40%, making it difficult for individual hotels to negotiate favorable terms with Ctrip [26]. Market Positioning - In the airline ticket booking sector, Ctrip's commission rates are low due to the strong bargaining power of state-owned airlines, which limits Ctrip's ability to extract high profits [29][31]. - Despite the challenges in the airline sector, Ctrip has diversified its revenue streams through various insurance and service packages, which contribute additional profits [33]. Economic Implications - Ctrip's financial success highlights a concerning trend of wealth concentration among intermediaries, raising questions about the sustainability of such a business model in the long term [36][38]. - The current economic landscape suggests that the focus on platform-based businesses may stifle innovation and real economic growth, as resources are increasingly directed towards profit extraction rather than value creation [41][42].

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。 | 代码 | 名称 | 最新价 涨跌幅 へ | | --- | --- | --- | | 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% | 格隆汇12月2日｜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%。 ...

| 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]

后续，航科院将联合多方技术团队，聚焦GLS的深度应用与融合创新，加快技术成果的转化与推广步 伐。 本次试飞采用我国自主研发并获适航认证的国产地面导航设备，飞行程序由中国民航科学技术研究院独 立设计，实地验证飞行则由中国国际航空公司专业团队执行。从设备、程序到验证飞行，全环节均依托 国内专业技术力量完成，是我国在RNP AR衔接GLS精密进近技术领域拥有完全自主知识产权的集中体 现。 拉萨贡嘎机场地处海拔3500米以上的高高原地区，地形复杂、气象条件多变，长期以来对航班运行安全 和准点率构成严峻挑战。此次成功验证的GLS程序，深度融合了RNP AR路径灵活性与GLS高精度水平 及垂直引导能力，有效突破了传统导航手段在复杂地形与恶劣天气下的局限，首次实现拉萨机场双向精 密进近。这意味着即便在低能见度等不利气象条件下，航班仍可安全、高效地执行精密进近与着陆，显 著提升运行安全裕度与航班正常性。 本次试飞成功，充分验证了GBAS程序及GLS与RNP AR技术融合运行的安全性与可操作性，为我国民 航后续推进GBAS技术应用，以及高高原机场GLS与RNP AR导航技术组合，提供了完整的实践方案与 经验。项目的成功实施，体 ...