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]

据江苏省消保委消息，近期，飞机"锁座"及有偿选座服务引发热议。为厘清行业经营边界，推动消费者 合法权益得到切实保障，江苏省消保委于11月21日线上约谈东方航空、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、吉祥航空等十家航空公司。会上，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：一是锁座行为普遍存在，优质座位过 度锁定；二是解锁机制变相付费，挤压普通消费者权益；三是信息不透明且解释不合理，侵犯知情权； 四是协议文本存在不公平格式条款，权利义务设置不对等。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。 （文章来源：第一财经） ...

为厘清行业经营边界，推动消费者合法权益得到切实保障，江苏省消保委于11月21日线上约谈东方航 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 空等十家航空公司。江苏省消保委表示，航空运输具有公共服务属性，消费者购买机票后，即与航空公 司建立了航空运输合同关系，依法享有包括选择合适座位在内的基本服务权利。当前部分航空公司将本 属常规服务范围的座位通过锁定方式进行收费的做法，涉嫌侵害消费者的公平交易权与自主选择权。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。 ...

每经AI快讯，港股航空股涨幅居前。截至发稿，东方航空(00670.HK)涨5.1%，报4.53港元；中国国航 (00753.HK)涨4.52%，报6.47港元；南方航空(01055.HK)涨3.36%，报5.22港元。 ...

中泰证券（600918）发布研报称，Q3航空板块油汇利好下成本下降，南航、东航归母净利润略超预 期。该行指出，航企有较多外币负债且多以美元负债为主，若人民币汇率走弱，可能会使航企产生较大 金额的汇兑损益，从而影响当期利润；航油成本是航空公司的大项成本之一，油价大幅上升将增加航司 的燃油成本，进而影响经营业绩。 消息面上，11月25日，人民币汇率刷新逾1年来高位，在岸、离岸人民币对美元汇率双双收复7.09关 口。业内认为，后续美元指数上行空间有限，人民币走势则将稳中偏强。此外，俄乌停战预期上升，油 价走弱。 航空股涨幅居前，截至发稿，东方航空(00670)涨5.1%，报4.53港元；中国国航（601111）(00753)涨 4.52%，报6.47港元；南方航空（600029）(01055)涨3.36%，报5.22港元。 ...

Core Viewpoint - The aviation sector is experiencing significant stock price increases, driven by favorable currency exchange rates and oil price trends [1] Group 1: Stock Performance - Eastern Airlines (00670) rose by 5.1%, trading at HKD 4.53 [1] - Air China (00753) increased by 4.52%, reaching HKD 6.47 [1] - Southern Airlines (01055) saw a rise of 3.36%, priced at HKD 5.22 [1] Group 2: Currency and Oil Price Impact - On November 25, the RMB exchange rate hit a new high in over a year, with both onshore and offshore RMB against the USD recovering above 7.09 [1] - Industry experts believe that the upward potential for the USD index is limited, while the RMB is expected to remain stable and slightly strong [1] - Expectations of a ceasefire in the Russia-Ukraine conflict have led to weaker oil prices [1] Group 3: Financial Analysis - According to a report from Zhongtai Securities, the Q3 aviation sector benefited from lower oil and exchange costs, with Southern Airlines and Eastern Airlines' net profits slightly exceeding expectations [1] - The report highlights that airlines have significant foreign currency liabilities, primarily in USD, and a weaker RMB could lead to substantial exchange losses, impacting current profits [1] - Fuel costs are a major expense for airlines, and a significant rise in oil prices would increase fuel costs, thereby affecting operational performance [1]

Core Points - The successful test flight of Hohhot Morin Dawa International Airport marks the transition from construction to operational readiness for Inner Mongolia's first 4F airport [1][3] Group 1: Test Flight Details - The test flight was conducted by Air China and lasted for 500 minutes, confirming that the airport's flight procedures, operational standards, communication navigation, runway conditions, and taxiway markings meet industry standards [3] - This test flight is a critical milestone before the airport's official acceptance in the new airport construction industry [3] Group 2: Airport Specifications - Hohhot Morin Dawa International Airport began construction in July 2020, designed to accommodate a passenger throughput of 28 million by 2030, a cargo throughput of 320,000 tons, and 244,000 aircraft movements [4] - The airport features a terminal building covering 320,000 square meters and two parallel runways spaced 2 kilometers apart, capable of handling large aircraft such as the Airbus A380, significantly enhancing regional transportation capacity [4][5]

此前，上市航司陆续披露了2025年10月份主要运营数据，多家上市航司今年10月份旅客周转量以及货邮 周转量同比上行。 以中国国际航空股份有限公司(以下简称"中国国航（601111）")为例，今年10月份，其客运运力投入(按 可用座位公里计)同比上升4.3%，旅客周转量同比上升8.7%；平均客座率85.3%，同比上升3.4个百分 点。货运方面，今年10月份，中国国航货运运力投入(按可用货运吨公里计)同比下降0.9%，货邮周转量 (按收入货运吨公里计)同比上升3.1%；货运载运率为38.9%，同比上升1.5个百分点。 华泰证券股份有限公司发布的研报显示，今年10月份，航空票价改善趋势延续。考虑到供给增速低位、 行业反内卷、基数较低等因素，行业收益水平的回暖有望延续，催化板块关注度和预期，行业中长期景 气度有望持续改善。 11月25日，《证券日报》记者从中国民航局了解到，今年10月份，我国民航运输规模增势良好，共完成 运输总周转量146.0亿吨公里、旅客运输量6783.5万人次、货邮运输量91.7万吨，同比分别增长10.8%、 5.8%、13.4%。国际航线旅客运输量、货邮运输量同比增速均超过20%，货邮运输量月度 ...

Core Points - The successful test flight of Hohhot Shengle International Airport marks the transition from construction to operational readiness for Inner Mongolia's first 4F-level airport [1][6] - The test flight, conducted by Air China, lasted 500 minutes and confirmed that all operational standards and indicators met industry requirements [4] Group 1 - The airport construction began in July 2020 and is designed to accommodate a passenger throughput of 28 million by 2030, with a cargo capacity of 320,000 tons and 244,000 aircraft movements [6] - The terminal building covers an area of 320,000 square meters and features two parallel runways spaced 2 kilometers apart, capable of handling large aircraft such as the Airbus A380 [6] - The successful test flight significantly enhances the regional comprehensive transportation service capacity [6]

Core Insights - Recent controversial remarks by Japanese leaders regarding Taiwan have led to warnings from the Chinese government for citizens to avoid traveling to Japan, resulting in significant cancellations of travel bookings [1] - Chinese tourists are a crucial market for Japan's tourism industry, with projections indicating that in 2024, Japan will receive approximately 36.9 million international visitors, including 6 million from China, accounting for 16.4% of the total [1][2] - The decline in Chinese tourists poses a challenge for Japan's tourism sector, as their spending power and consumption patterns are significantly higher than those of tourists from other countries [1] Group 1 - The cancellation rate for trips to Japan has exceeded 50%, with some travel agencies reporting up to 70% cancellations on specific days [1] - Major airlines, including China International Airlines and Eastern Airlines, are offering free ticket refunds and changes for flights to Japan [1] - The impact of these cancellations is being felt across key retail areas in Japan, including duty-free shops and major department stores [1] Group 2 - Alternative tourist sources such as South Korea (25.1% of visitors) and Taiwan (17.5%) may help fill the gap, but their lower spending per capita compared to Chinese tourists limits their effectiveness [2] - Tourists from Hong Kong (7.8%) may partially compensate for high-end retail losses, but their limited population and flight capacity restrict their overall impact [2] - Long-haul markets like the United States (7.5%) and Australia (2.6%) could provide some support, but their consumption patterns and travel constraints hinder their ability to replace the spending power of Chinese tourists [2]