Investment Rating - The report maintains an "Accumulate" rating for the transportation industry [5] Core Views - The domestic flight ticket bookings for the New Year period in 2026 exceeded 3.83 million, a year-on-year increase of 28%, while international flight bookings surpassed 740,000, up 14% year-on-year, indicating strong demand [1][2] - The report remains optimistic about the long-term outlook for the aviation sector under the themes of "expanding domestic demand" and "anti-involution" [2][12] - In the oil shipping sector, attention is drawn to the support for freight rates during the off-season and the timing of investments, particularly focusing on China Merchants Energy Shipping and COSCO Shipping Energy [3][15] Summary by Sections Weekly Insights and Market Review - The transportation sector index fell by 0.70% during the week of December 29, 2025, to January 2, 2026, underperforming the Shanghai Composite Index by 0.83 percentage points [18] - The best-performing segments were air transportation and warehousing logistics, with increases of 5.14% and 0.41%, respectively [18][19] Travel - The report highlights the strong recovery in air travel demand, with a focus on the low growth rate of capacity supply and the continuous recovery of demand, which is expected to narrow the supply-demand gap [2][12] Shipping and Ports - Oil shipping rates have continued to decline, with VLCC market rates dropping to $34,158 per day as of December 31 [3][13] - The dry bulk shipping indices have also seen a decline, with the BDI index at 1,882 points on January 2, 2026 [14] - The report emphasizes the importance of monitoring the support for freight rates during the off-season and the potential impact of geopolitical developments on shipping logistics [15] Logistics - The report identifies two main investment themes in the express delivery sector: 1. Expansion into overseas markets, with Jitu Express planning significant investments in new market operations [4][16] 2. The impact of anti-involution on the industry, where the growth rate is slowing due to increased competition and rising prices, leading to a concentration of market share among leading companies [4][17]

【导读】刘绍勇、冯志斌严重违纪违法，被开除党籍 1月4日，中央纪委国家监委官网通报：中国东航（600115）原党组书记、董事长刘绍勇严重违纪违法被开除党籍，原中化集团党组成员、副总经理冯志斌 严重违纪违法被开除党籍。 ● 丧失理想信念，背弃初心使命，对抗组织审查，搞迷信活动；违反中央八项规定精神，违规接受宴请和打高尔夫球活动安排；在职工录用工作中为他人 谋取利益并收受财物； ● 廉洁底线失守，违规收受礼金，利用职权或职务上的影响为亲属从事私募基金等经营活动谋取利益，违规拥有非上市公司股份； ● 毫无纪法底线，将公权力异化为谋取个人私利的工具，大搞权钱交易，利用职务便利为他人在项目承揽、航班管理、飞机租赁等方面谋利，并非法收受 巨额财物。 通报指出，刘绍勇严重违反党的政治纪律、组织纪律、廉洁纪律和生活纪律，构成严重职务违法并涉嫌受贿犯罪，且在党的十八大后不收敛、不收手，性 质严重，影响恶劣，应予严肃处理。 依据《中国共产党纪律处分条例》《中华人民共和国监察法》《中华人民共和国公职人员政务处分法》等有关规定，经中央纪委常委会会议研究并报中共 中央批准，决定给予刘绍勇开除党籍处分；按规定取消其享受的待遇；收缴其违纪 ...

2009年2月，刘绍勇任东方航空股份有限公司董事长、东航集团总经理、党组副书记，2016年12月任中 国东方航空集团公司董事长、党组书记，东方航空股份有限公司董事长，2023年10月卸任。 2025年6月，刘绍勇被查。 公开简历显示，刘绍勇，男，汉族，1958年11月出生，河南信阳人，1978年12月参加工作，1977年4月 加入中国共产党，毕业于空军第十四航空学校（现为中国民航飞行学院），清华大学高级管理人员工商 管理硕士，国家特级飞行员。 他曾任中国通用航空公司副总经理，中国民航山西省管理局副局长，中国东方航空股份有限公司山西分 公司总经理，中国民用航空总局飞行标准司司长，中国民用航空总局副局长，中国南方航空集团公司总 经理，中国南方航空股份有限公司董事长等职。 中央纪委国家监委网站1月4日通报，经中共中央批准，中央纪委国家监委对中国东方航空集团有限公司 原党组书记、董事长刘绍勇严重违纪违法问题进行了立案审查调查。 经查，刘绍勇丧失理想信念，背弃初心使命，对抗组织审查，搞迷信活动；违反中央八项规定精神，违 规接受宴请和打高尔夫球活动安排；在职工录用工作中为他人谋取利益并收受财物；廉洁底线失守，违 规收受礼 ...

中央纪委国家监委网站1月4日消息，经中共中央批准，中央纪委国家监委对中国东方航空集团有限公司 原党组书记、董事长刘绍勇严重违纪违法问题进行了立案审查调查。 经查，刘绍勇丧失理想信念，背弃初心使命，对抗组织审查，搞迷信活动；违反中央八项规定精神，违 规接受宴请和打高尔夫球活动安排；在职工录用工作中为他人谋取利益并收受财物；廉洁底线失守，违 规收受礼金，利用职权或职务上的影响为亲属从事私募基金等经营活动谋取利益，违规拥有非上市公司 股份；毫无纪法底线，将公权力异化为谋取个人私利的工具，大搞权钱交易，利用职务便利为他人在项 目承揽、航班管理、飞机租赁等方面谋利，并非法收受巨额财物。 刘绍勇严重违反党的政治纪律、组织纪律、廉洁纪律和生活纪律，构成严重职务违法并涉嫌受贿犯罪， 且在党的十八大后不收敛、不收手，性质严重，影响恶劣，应予严肃处理。依据《中国共产党纪律处分 条例》《中华人民共和国监察法》《中华人民共和国公职人员政务处分法》等有关规定，经中央纪委常 委会会议研究并报中共中央批准，决定给予刘绍勇开除党籍处分；按规定取消其享受的待遇；收缴其违 纪违法所得；将其涉嫌犯罪问题移送检察机关依法审查起诉，所涉财物一并移送。 ...

Investment Rating - The report maintains an "Overweight" rating for the aviation and oil transportation sectors, indicating a positive outlook for both industries [35]. Core Insights - The aviation sector is expected to see robust demand growth, driven by increased travel during the New Year holiday, with significant year-on-year increases in both passenger volume and ticket prices. The report suggests a strategic investment during the off-peak season, anticipating a long-term super cycle [3][4]. - In the oil transportation sector, while seasonal price declines are noted, the report emphasizes the potential for future price increases due to ongoing global oil production growth and limited capacity expansion. It recommends a contrarian investment approach during the off-peak period [3][4]. Summary by Sections Aviation Sector - The report highlights a strong increase in travel demand during the New Year holiday, with a 19% year-on-year increase in overall passenger movement from December 31, 2025, to January 2, 2026. Specifically, civil aviation saw a 13% increase [3][4]. - Domestic ticket prices are estimated to rise by over 10% year-on-year during the holiday period, despite a projected short-term dip in passenger flow post-holiday [3][4]. - The aviation industry is experiencing high load factors while ticket prices remain at historical lows, suggesting a favorable environment for profitability growth driven by demand recovery and market pricing dynamics [3][4]. Oil Transportation Sector - The report notes that the average daily earnings for Very Large Crude Carriers (VLCC) reached $51,000 in 2025, significantly higher than the $36,000 in 2023-2024, driven by improved capacity utilization and increased oil production from the Middle East and South America [3][4]. - Despite a recent decline in freight rates during the traditional off-peak season, the report maintains a positive outlook for future price increases, supported by ongoing global oil production growth and limited fleet expansion [3][4]. - The report suggests monitoring geopolitical developments, particularly in Venezuela, and recommends increasing positions in companies like COSCO Shipping Energy, China Merchants Energy Shipping, and China Shipbuilding Leasing [3][4].

刘绍勇严重违反党的政治纪律、组织纪律、廉洁纪律和生活纪律，构成严重职务违法并涉嫌受贿犯罪， 且在党的十八大后不收敛、不收手，性质严重，影响恶劣，应予严肃处理。依据《中国共产党纪律处分 条例》《中华人民共和国监察法》《中华人民共和国公职人员政务处分法》等有关规定，经中央纪委常 委会会议研究并报中共中央批准，决定给予刘绍勇开除党籍处分；按规定取消其享受的待遇；收缴其违 纪违法所得；将其涉嫌犯罪问题移送检察机关依法审查起诉，所涉财物一并移送。 经查，刘绍勇丧失理想信念，背弃初心使命，对抗组织审查，搞迷信活动；违反中央八项规定精神，违 规接受宴请和打高尔夫球活动安排；在职工录用工作中为他人谋取利益并收受财物；廉洁底线失守，违 规收受礼金，利用职权或职务上的影响为亲属从事私募基金等经营活动谋取利益，违规拥有非上市公司 股份；毫无纪法底线，将公权力异化为谋取个人私利的工具，大搞权钱交易，利用职务便利为他人在项 目承揽、航班管理、飞机租赁等方面谋利，并非法收受巨额财物。 中央纪委国家监委网站讯 经中共中央批准，中央纪委国家监委对中国东方航空集团有限公司原党 组书记、董事长刘绍勇严重违纪违法问题进行了立案审查调查。 ...

Core Viewpoint - Eastern Airlines Yunnan Company successfully completed its production and operational tasks for the year 2025, marking the beginning of a new journey in 2026, while adhering to the strategic goals set forth in the "14th Five-Year Plan" [3] Group 1: Operational Performance - In 2025, Eastern Airlines Yunnan executed 149 flight routes, including 26 international and regional routes, and 123 domestic routes, serving 96 destinations [3] - The company invested a total of 239.3 billion seat-kilometers from January to November 2025, representing a year-on-year increase of 7.1%, with a passenger load factor of 84.5% [3] - The airline transported nearly 900 million pieces of luggage and over 16.6 million passengers throughout the year [3] Group 2: Strategic Initiatives - Eastern Airlines Yunnan focused on regional cooperation and cultural exchange, collaborating with events like the China Outdoor Sports Industry Conference and the Tengchong Scientist Forum to enhance brand marketing and product promotion [3] - The company optimized its "ticket+" ecosystem to support the high-quality development of Yunnan's cultural tourism [3] Group 3: Social Responsibility and Community Engagement - The company demonstrated its commitment to social responsibility through various initiatives, including emergency transport for organ donations and support for local communities [4][5] - Eastern Airlines Yunnan invested over 140,000 yuan in aid for the Shangri-La area, with a total consumption assistance amounting to 2.55 million yuan throughout the year [5] Group 4: Digital Transformation and Safety Management - The company accelerated its digital transformation by developing the "QACVR Artificial Intelligence Analysis System," integrating multiple data sources to enhance risk management [5] - It also improved safety management capabilities through the construction of a safety data analysis platform, supporting standardized and intelligent safety management [5] Group 5: Future Outlook - Looking ahead to 2026, Eastern Airlines Yunnan aims to continue implementing the spirit of the 20th Central Committee's Fourth Plenary Session, focusing on becoming a core operator of the Kunming International Aviation Hub and contributing to local economic and social development [6]

(中国东航) 据中国东航（600115）披露，2025年东航全年全球飞行超280万小时，同比增长5.4%；执行航班105.1万 架次，同比增长2.2%；旅客运输量达1.5亿人次，同比增长6.7%。 ...

Core Viewpoint - The report from Zhongyin Securities highlights a recovery in domestic CPI and PPI, alongside a continued interest rate cut cycle by the Federal Reserve, suggesting potential investment opportunities in the transportation sector, particularly in aviation and express delivery, as well as in oil and bulk commodity supply chains [1][2][3]. Group 1: Macro and Industry Analysis - Domestic CPI and PPI indices are showing signs of recovery, while the Federal Reserve remains in a rate-cutting cycle [2][3]. - The express delivery industry is experiencing a narrowing of price declines due to ongoing "anti-involution" efforts, with average express delivery prices stabilizing [3][4]. - In aviation, ticket prices have shown significant recovery, with the average domestic ticket price in October 2025 reaching 809 yuan, a year-on-year increase of 7.6% [3][4]. Group 2: Investment Opportunities - Two main investment themes are identified: 1. Opportunities in aviation and express delivery driven by "anti-involution" and price recovery in the domestic market [2][6]. 2. Investment prospects in oil and bulk commodity supply chains during the Federal Reserve's rate-cutting cycle [2][5]. - Recommended companies in the express delivery sector include Jitu Express, Yunda Holdings, and SF Holdings, while in aviation, China National Airlines and China Eastern Airlines are highlighted [6]. Group 3: Bulk Commodity and Shipping Insights - Oil shipping rates have been rising, with OPEC's average crude oil production increasing by 3.4% year-on-year, and significant growth in imports from Brazil [5]. - The bulk shipping sector is benefiting from increased iron ore shipments from Brazil and Australia, with the BDI index showing upward trends [5]. - Major commodity supply chains are entering a replenishment phase, with improvements in the performance of companies like Xiamen Xiangyu [5].

Core Viewpoint - The report from Zhongyin Securities highlights a recovery in domestic CPI and PPI indices, alongside the ongoing interest rate cuts by the Federal Reserve, suggesting potential investment opportunities in the transportation sector, particularly in aviation and express delivery, as well as in oil and bulk commodity supply chains [1][2][3]. Group 1: Macro and Industry Analysis - Domestic CPI and PPI indices are showing signs of recovery, while the Federal Reserve remains in a rate-cutting cycle [2][3]. - The express delivery industry is experiencing a narrowing of price declines due to the ongoing "anti-involution" trend, with a notable improvement in air ticket prices and rising shipping rates in oil and bulk transport [1][2][3]. - The average price of express delivery per ticket in October 2025 was 7.48 yuan, reflecting a year-on-year decline of 3.00%, which is an improvement from the previous month's decline of 4.91% [3][4]. Group 2: Investment Opportunities - Two main investment themes are identified: 1. Opportunities in aviation and express delivery driven by the "anti-involution" trend and price recovery in the domestic market [2][6]. 2. Investment prospects in oil and bulk commodity supply chains during the Federal Reserve's rate-cutting cycle [2][6]. - Recommended companies in the express delivery sector include Jitu Express, Yunda Holdings, and SF Express, while in aviation, China Eastern Airlines and China Southern Airlines are highlighted [6]. Group 3: Sector-Specific Insights - The express delivery sector's growth rate has slowed, with a cumulative year-on-year growth of 16.10% from January to October 2025, and a single-digit growth in October [4]. - The average price of domestic air tickets in October 2025 was 809 yuan, showing a year-on-year increase of 7.6%, marking the best monthly performance of the year [3][4]. - In the oil transport sector, OPEC's average crude oil production from January to November was 27,484 thousand barrels per day, a year-on-year increase of 3.4% [5]. Group 4: Bulk Commodity Supply Chain - The bulk commodity supply chain is entering a replenishment cycle, with significant increases in iron ore shipments from Brazil and Australia, leading to a rise in the BDI freight index [5]. - Major commodity prices are showing signs of recovery, with companies like Xiamen Xiangyu reporting improved performance in the first three quarters [5].