Core Viewpoint - Chinese airlines are significantly adjusting their flight services to Japan due to recent provocative remarks from the Japanese Prime Minister, leading to the cancellation of many flight bookings [1]. Group 1: Flight Adjustments by Airlines - Air China will maintain 4 weekly flights from Beijing Capital to Sapporo New Chitose from December 9, 2025, to March 7, 2026, canceling the planned increase to 7 flights [2]. - Flights from Chongqing to Tokyo Narita will reduce from 7 to 4 weekly starting December 1, 2025, using the 737-800 aircraft [4]. - Shanghai Pudong to Fukuoka will see a reduction from 7 to 6 weekly flights from February 3 to March 24, 2026, using the A321 [4]. - Shanghai Pudong to Osaka Kansai will decrease from 21 to 16 weekly flights starting November 30, 2025, using the A321 [5]. - China Eastern Airlines will close bookings for 6 out of 14 weekly flights from Beijing Daxing to Osaka Kansai starting December 1, 2025 [7]. - Several other routes, including those from Chengdu, Nanchang, and Wuhan to Osaka Kansai, will also see reductions in flight frequency or closures of bookings [8][10][11]. Group 2: Impact on Other Airlines - Juneyao Airlines will close bookings for 1 out of 2 daily flights from Beijing Daxing to Osaka Kansai starting November 30, 2025 [14]. - Spring Airlines will close bookings for 1 weekly flight from Dalian to Fukuoka starting November 28, 2025 [20]. - Tianjin Airlines will reduce flights from Tianjin to Osaka Kansai, closing bookings for 4 out of 7 flights starting November 27, 2025 [26]. - Sichuan Airlines has canceled its planned resumption of flights from Chengdu to Sapporo New Chitose, which was set to operate 3 weekly flights starting January 2, 2026 [28]. Group 3: Overall Market Impact - The total number of flights on the Japan routes operated by Juneyao Airlines will be reduced to a maximum of 114 weekly flights (one-way), with approximately 24% of the flights currently not accepting bookings [19].

Core Viewpoint - Chinese airlines are significantly adjusting their flight services to Japan due to recent provocative remarks from the Japanese Prime Minister, leading to a reduction in available flights and closed bookings for many routes [1]. Group 1: Airline Adjustments - China International Airlines has listed flight adjustment information on its Japan website [2]. - China Eastern Airlines and Juneyao Airlines have stopped accepting bookings for approximately 24% of their flights on the Japan routes, which could amount to a maximum of 114 flights per week [3]. - Spring Airlines has canceled planned increases in flight frequency on several routes, including reducing flights from Beijing to Osaka from 21 to 16 per week and from Shanghai to Fukuoka from 7 to 6 per week [4]. Group 2: Specific Route Changes - Various routes have seen specific changes, such as: - Beijing Daxing to Osaka Kansai: 6 out of 14 flights closed for booking starting December 1, 2025 [4]. - Chengdu Tianfu to Osaka Kansai: 4 flights closed for booking starting December 1, 2025 [4]. - Shanghai Pudong to Okinawa: The second daily flight is closed for booking starting December 20, 2025 [7]. - Other routes, such as Tianjin to Osaka Kansai, have seen 4 out of 7 flights closed for booking starting November 27, 2025 [8]. Group 3: Pricing Adjustments - The minimum fare for the Shanghai Pudong to Okinawa route has been adjusted to JPY 25,800 for most dates until February 23 [5]. - Current pricing for the daily flight from Shanghai Pudong to Okinawa shows a minimum fare of JPY 42,960 until December 3, 2025, decreasing to JPY 17,210 from February 24 to March 25, 2026 [7].

Core Insights - Luckin Coffee has partnered with China International Airlines to launch "in-flight coffee tasting theme flights," enhancing the travel experience for passengers [1][2] - The collaboration aims to create a "coffee + travel" synergy, providing customized coffee products specifically designed for in-flight consumption [1] - This partnership allows Luckin Coffee to extend its service from ground to high altitude, targeting frequent business travelers and establishing a comprehensive "full-scenario coffee consumption ecosystem" [2] Group 1 - The partnership includes the launch of themed flights on routes such as Beijing-Xiamen and Chengdu-Beijing, starting from November 21 [1] - Passengers on economy class flights from Beijing to Chengdu, Xiamen, Guangzhou, and Shenzhen can enjoy exclusive coffee beverages during their journey [1] - Customized coffee products, including easy-to-brew coffee sticks, have been developed to meet the unique needs of in-flight service [1] Group 2 - Luckin Coffee operates over 29,000 stores, integrating coffee consumption into various daily scenarios such as commuting, socializing, and office breaks [2] - The collaboration is expected to expand to more flight routes, linking to premium coffee-producing regions globally, including Yunnan and Brazil [2] - This "coffee + travel" model is seen as a new opportunity for further cooperation in the context of cultural and economic exchanges [2]

Core Viewpoint - The aviation and airport sector experienced a decline of 2.05% on November 21, with Hainan Airlines leading the drop, while the Shanghai Composite Index fell by 2.45% and the Shenzhen Component Index decreased by 3.41% [1] Market Performance - The closing prices and percentage changes for key stocks in the aviation and airport sector are as follows: - Hainan Airlines: 1.69, -4.52% - Xiamen Airport: 15.85, -3.94% - CITIC Offshore Helicopter: 19.77, -3.09% - Shenzhen Airport: 6.95, -2.39% - China Southern Airlines: 7.08, -1.67% - China Eastern Airlines: 5.18, -1.52% [1] Capital Flow - The aviation and airport sector saw a net outflow of 571 million yuan from institutional investors, while retail investors contributed a net inflow of 430 million yuan [1] - The detailed capital flow for selected stocks indicates: - China Eastern Airlines: -55.71 million yuan from institutional investors, +34.46 million yuan from retail investors - Xiamen Airport: -19.70 million yuan from institutional investors, +25.76 million yuan from retail investors [2]

Core Insights - The report highlights a significant increase in electricity consumption in October, with a total of 857.2 billion kWh, representing a year-on-year growth of 10.4% [2] - The Chinese smartphone market experienced a notable recovery in October, with overall sales increasing by 8% year-on-year, driven by strong performances from brands like Apple and Xiaomi [5] - The airline industry showed positive trends in October, with an increase in passenger load factors and capacity deployment, indicating a favorable supply-demand relationship [7][8] Electricity Consumption - In October, the total electricity consumption reached 857.2 billion kWh, with the first industry consuming 12 billion kWh (up 13.2%), the second industry 568.8 billion kWh (up 6.2%), and the third industry 160.9 billion kWh (up 17.1%) [2] - Cumulative electricity consumption from January to October was 8,624.6 billion kWh, reflecting a year-on-year increase of 5.1% [2] Smartphone Market - The smartphone market in China saw a significant uptick in October, with Apple leading the market with a 37% year-on-year increase in sales, capturing a 25% market share [5] - Xiaomi ranked second for the first time in over a decade, with a 7% increase in sales, attributed to its diverse product offerings [5] - OPPO also contributed to market growth with a 19% increase in sales, while other brands like vivo and Honor experienced minor fluctuations [5] Airline Industry - Domestic airline capacity increased by approximately 3.6% year-on-year in October, with a corresponding rise in passenger load factors by about 1.8 percentage points [8] - International airline capacity saw a year-on-year increase of 14.3%, with a slight rise in load factors, indicating a healthy demand despite some overcapacity risks [9] - The report notes that the recent travel advisories may impact demand for certain international routes, particularly to Japan [10][11] Financial Sector - The report indicates a continued decline in social financing growth, with a year-on-year increase of 8.5% as of October, reflecting a slowdown in credit demand [14][15] - The total new RMB loans in October amounted to 220 billion, with a year-on-year decrease of 280 billion, highlighting a weak credit environment [16] - The M1 growth rate decreased to 6.2%, while M2 grew by 8.2%, indicating a trend towards "de-banking" in the financial sector [18]

Core Viewpoint - Airline stocks experienced a significant decline, particularly after the Chinese Foreign Ministry advised citizens to avoid traveling to Japan, leading to major airlines offering free ticket changes for flights to Japan until December 31 [1] Group 1: Stock Performance - China Eastern Airlines (00670) fell by 4.93%, trading at HKD 4.63 [1] - China Southern Airlines (600029) (01055) decreased by 4.38%, trading at HKD 5.24 [1] - Capital Airport (00694) dropped by 2.42%, trading at HKD 2.82 [1] - Air China (601111) (00753) declined by 1.82%, trading at HKD 6.47 [1] Group 2: Market Impact - The advisory against travel to Japan is expected to impact airlines with significant passenger volumes on Japan routes, as these routes represent a substantial portion of international flights [1] - Dongxing Securities noted that airlines with a high proportion of Japan routes may face certain challenges due to the travel advisory [1] - Huatai Securities indicated that while there may be short-term fluctuations in the China-Japan routes, the overall impact is manageable, estimating that as of October 2025, the China-Japan routes accounted for 2.8% of the overall Available Seat Kilometers (ASK) in China [1]

Core Viewpoint - Airline stocks experienced a significant decline, particularly after the Chinese Foreign Ministry advised citizens to avoid traveling to Japan, leading to major airlines offering free ticket changes for flights to Japan until December 31 [1] Group 1: Stock Performance - China Eastern Airlines (00670) fell by 4.93%, trading at HKD 4.63 [1] - China Southern Airlines (01055) decreased by 4.38%, trading at HKD 5.24 [1] - Capital Airport (00694) dropped by 2.42%, trading at HKD 2.82 [1] - Air China (00753) declined by 1.82%, trading at HKD 6.47 [1] Group 2: Market Impact - Major airlines announced free ticket changes for flights to Japan due to the advisory, which is expected to impact airlines with significant passenger volumes on Japan routes [1] - Dongxing Securities noted that airlines with a high proportion of international flights to Japan may face considerable pressure [1] - Huatai Securities indicated that while there may be short-term fluctuations in the China-Japan routes, the overall impact is manageable, estimating that as of October 2025, the China-Japan routes accounted for 2.8% of the overall ASK (Available Seat Kilometers) in China [1]

广发证券发布研报称，据10月六家上市航司主要运营数据公告，六家上市航司10月总供给与总需求同比 各增加6.4%/9.2%，约为19年同期的113.2%/119.5%；客座率同比提升2.2个百分点至87.1%，较19年同期 提升4.6个百分点。三大航10月供需同比各增加6.2%/9.3%，延续修复节奏。其中国内线供需分别恢复至 19年同期的120.0%/126.5%。此外，受外部事件影响，中日航线需求受挫，对航司国际线短期需求构成 一定压力，但整体需求具备韧性，中长期复苏趋势不改，叠加票价弹性显现。 外交部领事司于11月14日晚提醒中国公民近期避免前往日本，随后多家主要航司宣布12月31日前日本航 线客票可免费退改。11月以来，中日航班量已出现明显下滑，第45周(11.03-11.09)航班量恢复率(较2019 年同期)为82.9%，环比第40周下降14.5%。 广发证券主要观点如下： 10月全行业供需双旺，客座率同比提升至高位，其中国内线增幅持续拉大，国际线全面超过2019年水平 从航司受影响程度看，春秋航空(中日航线ASK占比11.3%)和吉祥航空（603885）(9.9%)敞口最大，国 航、东航、南航占比 ...

Group 1: Macro Economic Outlook - The global economy is expected to operate smoothly in 2025, with convergence between the US and non-US economies, while asset bubbles and differentiation coexist [8] - The AI sector is anticipated to drive a "rigid bubble" narrative, reflecting strong expectations against weak realities, with risk assets and safe-haven assets moving upward together [8][9] - The macroeconomic foundation for the AI bubble includes stable global economic conditions, a low probability of a hard landing for the US economy, and a favorable liquidity environment due to ongoing interest rate cuts [8][11] Group 2: Hong Kong Stock Market Strategy - The Hang Seng Index has seen a 29.15% increase in the first ten months of the year, indicating a bull market driven by valuation expansion and upward revisions in earnings expectations [12] - The potential return for the Hang Seng Index in a neutral scenario is approximately 22.92%, with an optimistic scenario reaching 33.83% [12][13] - The structural changes in the Hong Kong market, including the increasing representation of technology and new economy sectors, suggest a systemic elevation in valuations [12] Group 3: Transportation Sector Investment Strategy - The investment focus for the transportation sector in 2026 will center on four main lines: long-cycle shipping and aviation, resource products in conjunction with the Belt and Road Initiative, technology-enabled new tracks, and high-dividend asset value reassessment [14][15] - The shipping sector is expected to experience a long-term upward cycle driven by supply constraints and inflation elasticity, with key stocks identified for investment [15][18] - The aviation sector is also projected to improve due to supply-side constraints and increased demand, with specific airlines highlighted as investment opportunities [15][18]

Core Points - The winter-spring flight schedule for China's civil aviation will be implemented from October 26, 2025, to March 28, 2026, with 210 domestic and international airlines planning to operate 119,500 flights weekly, representing a 1.3% increase compared to the same period last year [1] Group 1 - Airlines are enhancing services for passengers with mobility difficulties by providing wheelchair assistance [1] - Passengers can apply for wheelchair services through various channels, including the airline's official website, app, customer service hotline, and ticket counters, with a requirement to book at least one day in advance before 4 PM [1] - Three types of wheelchair services are available: ground wheelchairs for self-boarding, boarding wheelchairs for those needing assistance, and in-flight wheelchairs for passengers with no independent mobility [1] Group 2 - Passengers needing to bring their own wheelchairs are advised to carry medical proof on the day of travel for verification during check-in and boarding [2] - Passengers using wheelchairs will be allowed to board before regular passengers, with crew members assisting them in seating and managing their belongings [2] - Upon disembarking, passengers in wheelchairs can leave the aircraft at staggered times, with crew members providing guidance until they are handed over to ground staff [2]