Summary of Key Points from Conference Call Records Industry Overview - **Market Outlook**: The Chinese market remains optimistic despite recent adjustments in major indices such as the Shanghai Composite, ChiNext, and STAR 50. The adjustments are comparable to historical bull market corrections, and panic selling risks have been sufficiently released. Policy catalysts are expected to increase [1][3][4] - **Investment Style Shift**: The market investment style is shifting from a barbell strategy or pure valuation expansion to a quality strategy and urgent investment strategy, driven by a decline in domestic risk-free interest rates and an increase in global liquidity [1][5] Transportation Industry - **Airline Sector**: The airline industry is expected to enter a super cycle of profitability, with rising ticket prices and profit margins over the next two years. This is driven by supply-demand recovery and increasing passenger traffic, with historical highs in passenger load factors and ticket prices observed [1][7][8][11] - **Oil Shipping Sector**: The oil shipping market is benefiting from increased crude oil production and sanctions, leading to rising freight rates. Current rates have reached over $130,000 per day, with strong demand expected to continue into 2026 [1][12][13][14] Chemical Industry - **Market Conditions**: The chemical market is currently in a bottoming phase, with some products like sulfur and PMA seeing significant price increases. The overall chemical price index is at a historical low, indicating potential for future price increases [1][15][16] - **Recommended Companies**: Companies with cost advantages and stable earnings, such as Hualu Hengsheng and Boryung Chemical, are recommended for investment [1][16] Metals Market - **Copper and Aluminum**: The copper and aluminum markets are expected to experience supply-demand mismatches, with emerging technologies driving demand. This is likely to support price increases in the long term [1][19] Gold and Lithium Carbonate - **Gold Market**: The gold market is currently volatile, but there are opportunities to invest in leading gold companies due to recent price corrections. The lithium carbonate market is expected to balance out supply and demand by 2026-2027, driven by increased storage demand [1][20] Steel Industry - **Future Trends**: The steel industry is seeing demand bottoming out, with supply-side reductions due to anti-involution policies. Capital expenditures are expected to decrease significantly in 2026, presenting opportunities for investment in leading steel companies [1][21] Coal Industry - **Long-term Contracts**: The reform of long-term coal contract pricing mechanisms is expected to enhance profitability for coal companies at the bottom of the cycle. The demand for coal is driven by emerging industries such as AI and new energy vehicles [1][24][25][26] Real Estate and Construction - **Market Movements**: The real estate sector is experiencing fluctuations due to policy changes and negative sentiment from declining data. However, there is potential for recovery in 2026-2027, particularly for leading companies [1][29][30][31] Power Generation - **Electricity Demand**: Electricity demand is expected to perform well in 2026, supported by economic growth. However, coal prices are currently high, and long-term contracts will help stabilize prices for northern power plants [1][34] Public Utilities - **Investment Opportunities**: Large state-owned enterprises in northern regions are recommended for investment due to favorable supply-demand dynamics and valuation advantages. The renewable energy sector also presents investment opportunities, although further policy support is needed [1][37]

Core Viewpoint - The long-standing and controversial airline "seat locking" phenomenon is expected to undergo rectification following a special investigation by the Jiangsu Provincial Consumer Protection Committee, which has interviewed ten domestic airlines and requested written responses regarding corrective actions [1][5]. Group 1: Investigation Findings - The Jiangsu Provincial Consumer Protection Committee conducted an investigation into the "seat locking" practices of ten major airlines, revealing that the proportion of locked seats during the purchasing phase ranged from 19.9% to 62.1%, with an average of 38.7% [2][3]. - Notably, Spring Airlines' Nanjing-Lanzhou route had a seat locking rate exceeding 60%, while Shenzhen Airlines' Shenzhen-Zhanjiang route exceeded 50% [2][3]. - Other airlines like Hainan Airlines, Eastern Airlines, and Xiamen Airlines had locking rates between 40% and 46%, while Lucky Air had a relatively low rate of less than 20% [2][3]. Group 2: Reasons for Seat Locking - Airlines provided various justifications for seat locking, including reserving seats for special passengers, ensuring emergency seat availability, and maintaining flight load balance [4]. - The investigation identified common issues with the "seat locking" phenomenon, including a lack of clear communication regarding seat locking rules, vague explanations, differential resource allocation based on membership levels, and unilateral rights granted to airlines [4]. Group 3: Consumer Feedback and Reactions - Consumers expressed dissatisfaction with the differentiation of paid and free seating areas in economy class, indicating that such practices increase travel costs and lead to a frustrating experience [6][10]. - Feedback highlighted that many passengers were unaware of the specific rules regarding seat locking, leading to limited seat choices, especially for families traveling together [10][11]. Group 4: Regulatory Actions and Implications - The Jiangsu Provincial Consumer Protection Committee has mandated that the airlines submit written corrective actions within 15 working days, including self-inspections and revisions of unfair terms related to "seat locking" [5][15]. - Legal experts have commented that the "seat locking" practice infringes on consumer rights and may violate consumer protection laws, suggesting that the committee's actions could serve as a model for regulatory oversight in other regions [15][16].

Investment Rating - The report recommends "Buy" for companies in the logistics and aviation sectors, specifically highlighting SF Holding and China Southern Airlines as key investment opportunities [2][3]. Core Insights - The logistics sector is benefiting from price increases due to reduced competition, with a notable rise in express delivery volumes during the peak season [2]. - The aviation sector is experiencing a recovery, with an increase in flight operations and passenger volumes, indicating a positive trend for airline profitability [3]. - The shipping industry shows signs of improvement, particularly in dry bulk transportation, driven by increased cargo demand and adverse weather conditions affecting vessel turnover [4]. Summary by Sections Transportation Sector Market Review - The transportation index decreased by 0.5% during the week of November 22-28, underperforming the Shanghai Composite Index, which rose by 1.6% [12]. Logistics - The express delivery sector saw a total collection volume of approximately 4.126 billion packages, a week-on-week increase of 1.65% but a year-on-year decrease of 6.63% [2]. - The report recommends SF Holding due to its valuation, operational resilience, and improved shareholder returns [2]. Aviation - The average daily flight operations increased by 4.16% year-on-year, with domestic flights up by 2.80% and international flights up by 12.41% [3]. - The report highlights the potential for profit growth in the aviation sector due to supply constraints from manufacturers and improved ticket pricing [3]. - Recommended stocks include China Southern Airlines and Air China [3]. Shipping - The Baltic Dry Index (BDI) rose to 2409 points, reflecting a week-on-week increase of 7.8% and a year-on-year increase of 62.9% [4]. - The report notes that the dry bulk market is experiencing a positive shift, with increased demand for coal and grain shipments [4]. Road and Rail - The report indicates a stable upward trend in the road transport sector, with a year-on-year increase in truck traffic on highways [5]. - The railway sector also shows positive growth, with passenger turnover increasing by 10.14% year-on-year [86].

法国当地时间11月28日，欧盟航空安全局EASA颁布紧急适航指令，要求立即停飞所有的涉及的空客320飞机。 这份紧急适航指令是源自空客向EASA报告相当数量A320系列客机因飞行控制软件易受强烈太阳辐射影响，需要紧急停飞，并 实施现有软件和/或硬件防护方案，确保机队飞行安全。空客方面表示，约有6000架客机受到影响，将进行紧急维修。 有报道称空客将召回6000架A320飞机。但空客中国方面向21世纪经济报道表示此表述不正确，涉及的飞机只需本地进行软件调 整即可。 空客进行的初步技术评估确定受影响的 ELAC 故障可能是促成因素。如果未纠正，此状况在最坏情况下可能导致未指令的升降 舵移动，从而超过飞机的结构能力。为了应对此潜在不安全状况，空客发布了 AOT，提供安装可服役的ELAC的说明。 欧盟EASA适航当局解释称，之所以要求涉及的多款A320飞机紧急停飞，因为一架空客A320飞机最近经历了未指令且有限的俯 冲事件。自动驾驶在整个事件中保持接通，伴随短暂且有限的高度损失，其余飞行正常。 空客11月28日也发布一份声明，解释了一下此事由来，指出空客A320飞机需要紧急更换一种易受太阳辐射影响的飞行控制软 件，强 ...

法国当地时间11月28日，欧盟航空安全局EASA颁布紧急适航指令，要求立即停飞所有的涉及的空客320飞机。 这份紧急适航指令是源自空客向EASA报告相当数量A320系列客机因飞行控制软件易受强烈太阳辐射影响，需要紧急停飞，并 实施现有软件和/或硬件防护方案，确保机队飞行安全。空客方面表示，约有6000架客机受到影响，将进行紧急维修。 有报道称空客将召回6000架A320飞机。但空客中国方面向21世纪经济报道表示此表述不正确，涉及的飞机只需本地进行软件调 整即可。 欧盟EASA适航当局解释称，之所以要求涉及的多款A320飞机紧急停飞，因为一架空客A320飞机最近经历了未指令且有限的俯 冲事件。自动驾驶在整个事件中保持接通，伴随短暂且有限的高度损失，其余飞行正常。 空客进行的初步技术评估确定受影响的ELAC故障可能是促成因素。如果未纠正，此状况在最坏情况下可能导致未指令的升降舵 移动，从而超过飞机的结构能力。为了应对此潜在不安全状况，空客发布了AOT，提供安装可服役的ELAC的说明。 空客11月28日也发布一份声明，解释了一下此事由来，指出空客A320飞机需要紧急更换一种易受太阳辐射影响的飞行控制软 件，强烈的太 ...

记者丨高江虹 编辑丨高梦阳 法国当地时间11月28日，欧盟航空安全局EASA颁布紧急适航指令，要求立即停飞所有的涉及 的空客320飞机。 这份紧急适航指令是源自空客向EASA报告相当数量A320系列客机 因飞行控制软件易受强烈 太阳辐射影响，需要紧急停飞 ，并实施现有软件和/或硬件防护方案，确保机队飞行安全。空 客方面表示，约有6000架客机受到影响，将进行紧急维修。 有报道称空客将召回6000架A320飞机。但空客中国方面向21世纪经济报道表示此表述不 正确，涉及的飞机只需本地进行软件调整即可。 欧盟EASA适航当局解释称，之所以要求涉及的多款A320飞机紧急停飞，因为一架空客A320 飞机最近经历了未指令且有限的俯冲事件 。自动驾驶在整个事件中保持接通，伴随短暂且有 限的高度损失，其余飞行正常。 空客进行的初步技术评估确定受影响的 ELAC 故障可能是促成因素。如果未纠正，此状况在 最坏情况下可能导致未指令的升降舵移动，从而超过飞机的结构能力。为了应对此潜在不安 全状况，空客发布了 AOT，提供安装可服役的ELAC的说明。 空客11月28日也发布一份声明，解释了一下此事由来，指出空客A320飞机需要紧急更 ...

C919从研发到投入使用，是一个艰难的过程。2008年项目启动时，中国的航空工业还处于追赶阶段，许多技术需要从零开始学习。经过十多年的不懈努 力，C919终于在2022年9月底获得了中国民航局的适航证，2023年5月底，东航便将第一架投入了商业运营。 最初，从上海飞往北京、成都等地的航班，乘客对C919的新鲜感让上座率非常高。预计到2025年，东航、南方航空和国航等大型航空公司累计订单将超过 千架，主要用于国内干线运输。C919的大部分零部件，约80%，来自欧美供应商，这也可以看作是一次国际合作。 C919的发动机是由CFM公司提供的LEAP-1C发动机，这款发动机具有稳定的性能和低油耗，极大地提升了飞机的整体表现。2024年上半年，欧洲航空安全 局（EASA）的专家团队还专程来到上海考察，并对飞机的设计给予了积极反馈。大家当时普遍认为，认证应该不会有什么问题，毕竟C919已经飞行了上万 小时，积累了大量数据。 吉勒梅对C919影响力的承认，虽然表面上是对其实力的肯定，但其中也隐含着警惕。中国的航空产业近年来投入巨大，从原材料到组装的产业链都在不断 升级。CJ-1000A发动机的进展就是其中的一个例子，测试数 ...

Investment Rating - The report maintains a positive investment outlook for the shipping and logistics industry, recommending specific companies such as China Merchants Energy, COSCO Shipping Energy, and others [5][6]. Core Insights - Dry bulk freight rates have exceeded expectations, with the Baltic Dry Index (BDI) reaching a two-year high, indicating strong market conditions [5]. - The report highlights the ongoing increase in new ship prices and the high demand for second-hand vessels, suggesting a potential turning point in the shipbuilding market [5]. - The report emphasizes the resilience of rail freight and highway truck traffic, projecting steady growth in these sectors [5][6]. Summary by Sections Shipping Market - The report notes that VLCC (Very Large Crude Carrier) rates have reached historical highs, with a current average of $122,078 per day, despite a slight week-on-week decline of 3% [5]. - The report indicates that the BDI closed at 2,560 points, reflecting a 12.5% increase week-on-week, driven by strong Capesize performance [5][6]. Air Transport - The report discusses the unprecedented challenges in the aircraft manufacturing supply chain and the aging fleet, predicting significant improvements in airline profitability as demand for international flights increases [5]. Express Delivery - The report outlines three scenarios for the express delivery sector, focusing on potential price recovery and industry consolidation [5]. Rail and Highway - The report provides data showing that national railway freight volume was 81.5 million tons, with a slight week-on-week decline of 0.34%, while highway truck traffic was 56.58 million vehicles, down 2.16% [5][6]. High Dividend Stocks - The report lists high dividend stocks in the transportation sector, including companies like Bohai Ferry and Daqin Railway, with expected dividend yields ranging from 2.96% to 11.89% [21].

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly highlighting the strong performance of dry bulk freight rates and VLCC (Very Large Crude Carrier) rates, while also noting the recent increase in new ship prices for oil and bulk carriers [5][6]. Core Insights - Dry bulk freight rates have exceeded expectations, with the Baltic Dry Index (BDI) reaching 2560 points, a 12.5% increase week-on-week. Capesize rates have surged by 22.7%, marking the highest levels in nearly two years [5][6]. - The VLCC market remains robust, with current charter rates at $57,000 per day, significantly higher than the spot market rate of $140,000 per day. The report suggests that if spot rates decline, charter rates may rise, indicating a potential seasonal trading phase [5]. - Newbuilding prices for oil and bulk carriers have seen consecutive increases over the past three weeks, with second-hand ship prices also reaching new highs, suggesting a turning point in the newbuilding market [5]. - The report emphasizes the importance of monitoring the seasonal decline in freight rates from Christmas to the Spring Festival, which could impact market dynamics [5]. Summary by Sections Shipping Market Performance - The shipping index has shown a decline of 0.47%, underperforming the CSI 300 index, which rose by 1.64%. Among the sub-sectors, the intermediate products and consumer goods supply chain services saw the largest increase of 4.20%, while the airline transportation sector experienced the most significant drop of 2.05% [6][13]. Freight Rates and Trends - The report highlights that the dry bulk freight rates have reached a two-year high, driven by increased shipments from major exporters like Australia and Brazil. The Capesize rates have particularly benefited from tight capacity and favorable weather conditions affecting vessel turnover [5][6]. - The report also notes fluctuations in oil tanker rates, with VLCC rates experiencing a slight decline of 3% week-on-week, while Suezmax rates decreased by 2% [5]. Airline and Logistics Sector - The airline industry is poised for significant improvement due to a combination of rising passenger demand and constrained supply, with recommendations to focus on major airlines such as China Eastern Airlines and China Southern Airlines [5]. - The express delivery sector is entering a new phase of competition, with potential for price recovery and improved profitability, particularly for companies like Shentong Express and YTO Express [5]. Investment Recommendations - The report recommends continued investment in companies such as China Merchants Energy Shipping, COSCO Shipping Energy Transportation, and China Shipbuilding Industry Corporation, while also suggesting a watch on companies like SITC International Holdings and Pacific Basin Shipping [5].

Core Viewpoint - The European Union Aviation Safety Agency (EASA) issued an emergency airworthiness directive requiring the immediate grounding of all affected Airbus A320 aircraft due to concerns over flight control software vulnerability to strong solar radiation [1][4]. Summary by Sections Emergency Airworthiness Directive - EASA's directive was prompted by Airbus reporting that a significant number of A320 series aircraft were affected by flight control software that could be compromised by intense solar radiation, necessitating urgent grounding and implementation of existing software and/or hardware protective measures to ensure fleet safety [1][4]. Technical Assessment and Background - A recent incident involving a JetBlue A320-200 aircraft, which experienced an uncommanded and limited dive, raised alarms. The automatic pilot remained engaged during the event, leading to a brief altitude loss before normal flight resumed. Initial technical assessments by Airbus indicated that a fault in the Elevator and Aileron Control (ELAC) system could be a contributing factor [4][6]. - Airbus confirmed that the A320 aircraft requires urgent replacement of a flight control software susceptible to solar radiation, which could damage critical data necessary for flight control. Airbus proactively contacted aviation authorities to implement preventive measures [4][6]. Impact on Airlines - Reports suggested that Airbus would recall over 6,000 A320 aircraft globally. However, Airbus China clarified that this statement was inaccurate, as the software update could be performed locally without sending the aircraft back to Airbus headquarters in France [1][6]. - As of the end of November 2025, China has a total of 2,015 A320 aircraft, representing 48.3% of the total civil aviation fleet, distributed among 24 airlines [6][7]. - Industry experts indicated that while there would be some impact on operations, the majority of aircraft could resolve the issue through software updates, with minimal aircraft requiring software replacement. The software upgrade process is estimated to take about two hours [7].