四川航空、山东航空、春秋航空选座页面 解锁机制变相付费，挤压普通消费者权益。锁定的优选座位主要依赖会员积分/里程兑换，但非会员或 偶尔出行的消费者缺乏积分累积渠道，只能被动接受普通座位；部分航司进一步增设付费路径，开放积 分/里程付费购买座位，实质将"基本座位选择权"拆分为付费服务，变相提高出行成本。 此外，信息不透明且解释不合理，侵犯知情权。部分航司选座页面标识模糊，购票时未显著告知锁座规 则与收费标准；客服回应则多显牵强，常以"保障安全""系统默认"等为由，与"高比例锁座、付费即 解"的实际相悖，无法提供合法合理依据。 11月26日，针对由来已久的飞机"锁座"及有偿选座服务等问题，江苏省消保委发布消息称，已于11月21 日线上约谈了东方航空、南方航空、中国国航、海南航空、厦门航空、深圳航空、山东航空、四川航 空、春秋航空、吉祥航空等十家航空公司。 江苏省消保委结合调查结果，通报了机票锁座服务市场存在的四个问题。锁座行为普遍存在，优质座位 过度锁定。10家航司经济舱均存在锁座行为，购票阶段锁座比例介于19.9%—62.1%之间，均值达 38.7%。且锁定范围高度集中于经济舱前排、靠窗及靠过道等消费者偏好的优 ...

针对飞机"锁座"及有偿选座服务等问题，江苏省消保委于近日约谈东方航空、南方航空、中国国航、海 南航空、厦门航空、深圳航空、山东航空、四川航空、春秋航空、吉祥航空等10家航空公司。11月26 日，吉祥航空相关负责人表示，"公司将根据江苏省消保委的要求开展自查自纠和相关条款的梳理工 作，目前公司正进行内部评估。" ...

★ 宏观动态 ★ 《信用修复管理办法》公布：轻微失信信息原则上不予公示 《信用修复管理办法》已经2025年11月19日第25次委务会议审议通过，现予公布，自2026年4月1日起施行。失 信信息按照失信严重程度实行分类管理，原则上划分为"轻微、一般、严重"三类，按照过罚相当原则，分别设 置不同的公示期限，公示期限自司法、行政公务文书认定之日起开始计算。轻微失信信息原则上不予公示；行 业主管部门认为确有必要公示的，公示期最长不超过3个月，且法定责任履行完毕即可申请修复。一般失信信 息的最短公示期为3个月，最长为1年。严重失信信息的最短公示期为1年，最长为3年。最短公示期届满后，信 用主体方可按规定申请信用修复。最长公示期届满后，相关信息自动停止公示。对达到最长公示期但未纠正失 信行为或未完全履行相关义务的，按照行业主管部门有关规定执行。 科技部会同有关部门部署开展学术不端撤稿论文专项整治行动 近日，科技部会同有关部门部署开展学术不端撤稿论文专项整治行动。本次专项整治行动聚焦中国学者在自然 科学领域国际期刊撤稿论文，对涉嫌抄袭剽窃、虚构伪造数据或图像、买卖论文、虚构同行评议专家及评议意 见等行为，将严肃开展调查和处 ...

11月26日，江苏省消费者权益保护委员会（以下简称"江苏省消保委"）发布机票锁座调查报告，通报了 锁座行为普遍存在、优质座位过度锁定，解锁机制变相付费、挤压普通消费者权益等四个方面的问题。 调查数据显示，被调查的10家航司的平均锁座率达到38.7%。值机选座收费是航司推出差异化服务、提 高收益的策略之一，逐步进行选座收费也是国内民航业的趋势之一。如何在保障消费者权益和体验的前 提下提升收益，进一步减少司乘认知矛盾，是航司必须考虑的课题。对此，江苏省消保委也线上约谈上 述10家航空公司，要求航司开展自查自纠，对于协议文本中存在的涉嫌"锁座"的不公平格式条款进行梳 理和修改。 5家航司的锁座比例超40% 江苏省消保委表示，此次调查选取了国内10家主流航司作为调查对象，包括南方航空、东方航空、中国 国航、海南航空、厦门航空、深圳航空、山东航空、四川航空、春秋航空、吉祥航空，通过消费者实际 购票、线上选座的方式，对上述航司的官方购票App进行摸查，重点关注锁座比例、锁座范围、兑换模 式及客服解释口径等内容。 根据江苏省消保委的通报，从锁座比例看，购买阶段所调查的航线锁座比例从19.9%—62.1%不等，均 值达38. ...

近期，飞机"锁座"及有偿选座服务引发热议，不少消费者反映，在线选座时经济舱前排、靠窗、靠过道 等较为便利舒适的座位常被单独锁定，要么无法选择，要么需额外付费或用积分兑换。这一行为无异于 是航司变相增加收益的手段，损害了消费者合法权益。江苏省消保委近期针对机票锁座开展了专项调 查，于今天（11月26日）公布了调查结果。 一是确保信息透明，清晰、完整、及时地向消费者告知座位分布与收费政策； 二是保障规则公平，确保购买同等票价旅客享有平等的选座机会； 三是尊重选择自主，充分保障消费者的知情权与选择权，杜绝变相强制消费。 同时，江苏省消保委就飞机票锁座问题的整改工作，向各航司提出两点明确要求，并于15个工作日内将 整改情况以书面形式进行提交。 此次调查选取了国内10家航司作为调查对象，包括东方航空、南方航空、中国国航、海南航空、厦门航 空、深圳航空、山东航空、四川航空、春秋航空、吉祥航空，通过消费者实际购票、线上选座的方式， 对上述航司的官方购票App进行了摸查，重点关注锁座比例、锁座范围、兑换模式及客服解释口径等内 容。为厘清行业经营边界，推动消费者合法权益得到切实保障，江苏省消保委线上约谈上述十家航空公 司。会上 ...

Core Insights - The appreciation of the Renminbi has positively impacted certain sectors, with the Renminbi appreciation benefiting stocks rising by 0.54% compared to the previous trading day [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Summary of Benefiting Stocks - China Eastern Airlines (600115) led the gainers with a closing price of 5.06, up 2.43%, with a trading volume of 1.2588 million shares and a turnover of 634 million yuan [1] - Other notable gainers include: - Pinwo Food (300892) at 34.70, up 2.18%, with a turnover of 172 million yuan [1] - Liangxing Paper (002067) at 5.51, up 1.85%, with a turnover of 4.98 million yuan [1] - Tongling Nonferrous Metals (000630) at 5.04, up 1.00%, with a turnover of 1.074 billion yuan [1] - China National Aviation (601111) at 8.08, up 0.25%, with a turnover of 716 million yuan [1] Capital Flow Analysis - The Renminbi appreciation benefiting sector saw a net inflow of 94.82 million yuan from main funds, while speculative funds had a net inflow of 248 million yuan, and retail investors experienced a net outflow of 342 million yuan [2] - Key stocks in terms of capital flow include: - China National Duty-Free (601888) with a main fund net inflow of 2.30 billion yuan and a retail net outflow of 3.19 billion yuan [3] - Tongling Nonferrous Metals (000630) with a main fund net inflow of 94.99 million yuan and a retail net outflow of 60.20 million yuan [3] - Rongsheng Petrochemical (002493) with a main fund net inflow of 13.96 million yuan and a retail net outflow of 14.28 million yuan [3]

Core Insights - The aviation and airport sector saw a rise of 0.78% on November 26, with China Eastern Airlines leading the gains [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Stock Performance - China Eastern Airlines (600115) closed at 5.06, up 2.43% with a trading volume of 1.2588 million shares and a turnover of 634 million yuan [1] - Xiamen Airport (600897) experienced a decline of 1.73%, closing at 15.89 with a trading volume of 43,400 shares [2] - The overall performance of the aviation sector stocks varied, with some stocks like China Eastern Airlines and Spring Airlines showing positive growth, while others like Xiamen Airport and China Southern Airlines had minor declines [1][2] Capital Flow - The aviation and airport sector experienced a net outflow of 291 million yuan from institutional investors, while retail investors saw a net inflow of 132 million yuan [2] - The capital flow data indicates that retail investors were more active in the sector, with significant net inflows compared to the outflows from institutional investors [2][3] Individual Stock Capital Flow - Shanghai Airport (600009) had a net inflow of 23.84 million yuan from institutional investors, while it faced a net outflow of 40.87 million yuan from retail investors [3] - China Eastern Airlines (600115) saw a net outflow of 31.86 million yuan from institutional investors, indicating a shift in investor sentiment [3] - The data highlights the varying levels of investor interest across different stocks within the aviation sector, with some stocks attracting more retail investment while facing institutional selling pressure [3]

Market Overview - The Hong Kong stock market experienced a slight increase, with the Hang Seng Index rising 0.13% to close at 25,928.08 points, while the total trading volume reached 2,070.78 million HKD [1] - Short-term risk factors for the Hong Kong market are decreasing, but a catalyst is needed for a confirmed rebound. The current position is considered attractive for medium to long-term investment [1] Blue Chip Performance - Meituan-W (03690) led the blue-chip stocks, rising 5.65% to 103.8 HKD, contributing 47.97 points to the Hang Seng Index. Alibaba's CFO indicated a significant reduction in investment for Taobao Flash Sales in the upcoming quarter, suggesting a "temporary truce" [2] - Other notable blue-chip movements include ZTO Express-W (02057) up 4.24%, Shenzhou International (02313) up 3.2%, while Chow Tai Fook (01929) fell 6.1% [2] Sector Performance Technology Sector - The technology sector showed mixed results, with Meituan rising over 5%, while Alibaba fell nearly 2% post-earnings, exacerbating e-commerce concerns. Tencent also saw a decline of 0.88% [3] Paper Industry - The paper industry stocks performed well, with Nine Dragons Paper (02689) up 5% and Lee & Man Paper (02314) up 4.88%. Several major paper companies announced price adjustments for various paper types, with increases ranging from 50 to 200 CNY per ton [3] Aviation Sector - Airline stocks rebounded, with China Eastern Airlines (00670) up 6.96% and Air China (00753) up 4.2%. The strengthening of the RMB and expectations of reduced oil prices contributed to this rebound [4] Innovative Pharmaceuticals - The innovative pharmaceutical sector showed strong performance, with Hengrui Medicine (01276) up 4.55% and Kangfang Bio (09926) up 3.97%. Analysts remain optimistic about the sector's fundamentals and growth potential [5] Consumer Sector - Consumer stocks were active, with Miniso (09896) up 2.64% and Pop Mart (09992) up 2.2%. The government has introduced a plan to enhance consumer goods supply and demand, aiming for significant improvements by 2027 [6] Notable Stock Movements - Yao Cai Securities Financial (01428) rose 5.73% after extending its acquisition offer deadline with Ant Group [7] - Changfei Optical Fiber (06869) increased by 4.77%, benefiting from negotiations with Meta and Google regarding data center chip usage [8] - Pony.ai (02026) saw a 4.37% increase, reporting significant revenue growth and profitability in its Robotaxi business [9] - Chow Tai Fook (01929) fell 6.1% post-earnings, reporting a slight decrease in revenue but a marginal increase in profit [10]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant discrepancies between H-shares and A-shares [1][2][3] Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with an AH premium rate of 831.03%, followed by Sinopec Oilfield Service (01033) at 267.57% and Hongye Futures (03678) at 266.67% [1][2] - Other notable stocks with high premium rates include Zhejiang Shibao (01057) at 263.21% and Fudan Zhangjiang (01349) at 237.83% [2] Group 2: Bottom AH Premium Rates - The stocks with the lowest AH premium rates include Ningde Times (03750) at -4.42%, China Merchants Bank (03968) at -1.39%, and Hengrui Medicine (01276) at 1.55% [1][2] - Additional stocks with low premium rates are WuXi AppTec (02359) at 5.00% and Weichai Power (02338) at 6.47% [2] Group 3: Top Deviation Values - The highest deviation values are seen in China Shipbuilding Defense (00317) at 27.44%, Shandong Xinhua Pharmaceutical (00719) at 22.88%, and Guanghetong (00638) at 22.39% [1][3] - Other stocks with significant deviation values include Nanjing Panda Electronics (00553) at 16.09% and Vanke Enterprises (02202) at 15.80% [3] Group 4: Bottom Deviation Values - Northeast Electric (00042) has the lowest deviation value at -25.74%, followed by Longpan Technology (02465) at -16.99% and Air China (00753) at -13.49% [1][3] - Additional stocks with low deviation values include Jiangsu Ninghu Expressway (00177) at -12.27% and China Life (02628) at -11.52% [3]

Market Overview - Hong Kong stock market indices continued to rebound, driven by easing geopolitical tensions and expectations of a Federal Reserve rate cut[9] - The Hang Seng Index closed at 25,895, up 0.69% for the day and 29.09% year-to-date[3] - Major tech stocks performed well, with Baidu Group rising 4.56% and Xiaomi Group increasing by 4.35%[9] Sector Performance - New consumption concept stocks saw overall gains, with Cha Bai Dao up over 3% and Gu Ming up over 2%[9] - Battery and lithium mining stocks were strong, with Tianqi Lithium up 4.81% and Ganfeng Lithium up 3.46%[9] - Precious and non-ferrous metal stocks generally rose, supported by increased expectations for a Fed rate cut, with Chifeng Jilong Gold up 4.86%[9] U.S. Market Insights - U.S. stock indices closed higher, with the market assessing the Fed's rate cut prospects and developments in the AI sector[9] - The probability of a 25 basis point rate cut at the December meeting is approximately 82% according to the CME FedWatch Tool[9] - Kevin Hassett is viewed as a leading candidate for the next Fed chair, which could lead to a more aggressive rate cut policy[9] Japanese Market Dynamics - The Nikkei 225 index saw minimal movement, closing up 0.07%, with SoftBank Group dropping nearly 10%[13] - Concerns over foreign investment risks and competition in the AI sector are impacting market sentiment[13] Chinese Concept Stocks - The Nasdaq Golden Dragon China Index rose 0.35%, with notable gains in stocks like Hesai up 10.98% and Bawang Tea up 6.69%[10]