Core Viewpoint - The aviation and airport sector experienced a slight increase of 0.09% on October 27, with Xiamen Airport leading the gains. The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1]. Summary by Category Stock Performance - Xiamen Airport (600897) closed at 16.00, up 1.91% with a trading volume of 127,600 shares and a turnover of 204 million yuan - China National Aviation (601111) closed at 8.46, up 1.08% with a trading volume of 532,900 shares - China Southern Airlines (600029) closed at 6.60, up 0.30% with a trading volume of 431,700 shares - Shanghai Airport (600009) remained unchanged at 31.37 with a trading volume of 71,700 shares - Hainan Airlines (600221) closed at 1.68, unchanged with a trading volume of 3,633,800 shares - China Eastern Airlines (600115) closed at 4.83, down 0.41% with a trading volume of 953,200 shares [1][2]. Capital Flow - The aviation and airport sector saw a net outflow of 153 million yuan from institutional investors, while retail investors contributed a net inflow of 107 million yuan [2][3]. - The detailed capital flow for key stocks indicates that: - China Southern Airlines had a net inflow of 29.35 million yuan from institutional investors - Hainan Airlines experienced a net outflow of 19.17 million yuan from institutional investors - Xiamen Airport had a net inflow of 6.56 million yuan from institutional investors [3].

Core Points - Spring Airlines is enhancing ground services at Shanghai Hongqiao and Pudong airports in preparation for the 2025 China International Import Expo, aiming to improve passenger convenience and uphold the service principle of "People's Aviation for People" [1] Group 1: Service Enhancements at Hongqiao Airport - Starting October 28, Spring Airlines has reduced the check-in cut-off time at Hongqiao Airport's T1 terminal from 30 minutes to 25 minutes before flight departure, optimizing multiple service aspects to reduce the risk of missed flights [2] - A dedicated check-in counter for late passengers has been established, staffed with experienced personnel to assist with check-in, baggage drop, and boarding processes [2] - The airport has also improved passenger flow to ensure efficient connections from check-in to boarding [2] Group 2: Night Check-in Service at Pudong Airport - Concurrently, Spring Airlines has launched a night check-in service at Pudong Airport's T2 terminal from 00:00 to 03:00 for domestic flights departing before 09:00, which has served over 2,700 passengers since its trial run began in August [3] - The increase in overnight flights from Southeast Asia and Japan/Korea has led to a significant rise in transfer demand for domestic flights, with one-third of domestic flights departing between 06:00 and 09:00 [3] - The night check-in service allows transfer passengers to check in immediately upon arrival, enhancing their travel experience and alleviating anxiety while waiting [3] - This initiative also helps the airline manage peak ground service pressures and improve on-time performance [3]

Core Viewpoint - Spring Airlines has officially implemented its winter-spring flight schedule, focusing on both domestic and international markets with significant operational expansion [1] Group 1: Flight Operations - The airline plans to execute over 4,000 flights weekly in the new season [1] - Spring Airlines will operate more than 260 flight routes, including the addition of 8 new domestic and international routes [1] - The company is also resuming operations on over 10 popular routes [1]

Portfolio Strategy Research 24 October 2025 | 9:56PM HKT CHINA WEEKLY KICKSTART Markets rebounded 3-4% led by Tech; 4th Plenum largely in line with expectations; We expect Chinese equities to gain ~30% by end-2027 MXCN/CSI300 rebounded 4.0/3.2%, with Tech outperforming (ChiNext/STAR50/HSTECH +8.0%/+7.3%/+5.2%). The 4th Plenum of the CCPCC concluded on Oct 23 and policymakers approved the proposal of the 15th Five-Year Plan. The Plenum highlighted technology, security, and people's livelihood, largely in lin ...

Core Points - The 2025/26 winter-spring flight schedule will be implemented from October 26, 2025, to March 28, 2026, with multiple airlines announcing their flight adjustments [1] - A total of 210 domestic and international airlines plan to operate 119,500 passenger and cargo flights weekly, reflecting a 1.3% increase compared to the same period last year, indicating a stable and positive development trend [3] Group 1: China Southern Airlines (南航) - China Southern Airlines plans to execute approximately 470,000 passenger flights, with new and enhanced domestic and international routes [3] - The airline is focusing on strengthening its route network from hubs like Guangzhou, Beijing Daxing, and Urumqi, with new routes such as Beijing Daxing to Xishuangbanna and increased frequencies on several domestic routes [3] - Internationally, new routes from Guangzhou to Madrid and Darwin will commence, with a 30% year-on-year increase in flights to Australia [3] Group 2: China Eastern Airlines (东航) - From October 30, 2025, China Eastern Airlines will gradually transition its flights in Guangzhou to the T3 terminal, operating approximately 205 flights daily across 104 routes [6][7] - The airline has added 15 new routes and increased frequencies on 12 routes within Guangdong province compared to the previous winter-spring season [6] Group 3: Spring Airlines (春秋航空) - Spring Airlines will increase the frequency of flights from Guangzhou to Bangkok from 7 to 10 per week starting October 28, 2025, to meet rising travel demand [9] - The introduction of a permanent visa exemption policy between China and Thailand from March 1, 2024, is expected to boost tourism and facilitate travel planning for Chinese tourists [9]

Core Points - Spring Airlines officially implements its winter-spring flight schedule starting October 26, with over 4,000 weekly flights and more than 260 routes, including 8 new domestic and international routes, and the resumption of over 10 popular routes to optimize its network and meet diverse travel demands [1] Domestic Routes - The airline will open 7 new domestic routes, enhancing accessibility to popular tourist destinations such as Altay in Xinjiang and Dali in Yunnan, while strengthening air connections between North China, Northeast China, the Yangtze River Delta, and Southwest regions [1] International and Regional Routes - New international routes include Shanghai Pudong to Kuala Lumpur, Malaysia (starting November 28, 2025), and the resumption of routes to Kaohsiung, Taiwan (February 1, 2026) and Sabah, Malaysia (January 28, 2026), providing travelers with more outbound options [1] Service Innovations - To enhance the ticket purchasing experience, Spring Airlines has launched a new member discount of 30 yuan for the first ticket purchase and continues its "Ticket Defense War" campaign until November 14, promoting official channel bookings for a more transparent consumer environment [2] Pet-Friendly Services - The airline has expanded its "pet-friendly" route network, offering "pets in cabin" services in 6 cities, covering 11 routes, with a focus on the "Travel with Pets" product that provides two seat spaces for each pet, allowing for a companionable travel experience [2] Operational Efficiency and Service Quality - Spring Airlines aims to maintain safety standards while expanding its route network, optimizing service processes, and enhancing passenger rights protection, contributing to high-quality development in civil aviation and improving the travel experience for passengers [2]

Core Points - Spring Airlines officially launched its winter flight schedule starting October 26, with over 4,000 weekly flights and more than 260 routes [1] - The airline has added 8 new domestic and international routes and restored over 10 popular routes [1] Domestic Routes - Spring Airlines will open 7 new domestic routes, enhancing connectivity to popular tourist destinations like Altay in Xinjiang [1] - The new routes include: Dalian-Yantai, Shanghai Hongqiao-Lanzhou-Altay, Chengdu Tianfu-Altay, Shanghai Pudong-Lanzhou-Hotan, Shanghai Hongqiao-Dali, Shanghai Pudong-Shijiazhuang-Zhangjiakou, and Shenyang-Dongying-Fuzhou [1] - The new routes optimize air connections between North China, Northeast China, the Yangtze River Delta, and Southwest regions [1] International Routes - The airline will introduce a new international route from Shanghai Pudong to Kuala Lumpur starting November 28, 2025, providing more options for travelers to Southeast Asia [1] - Spring Airlines will also resume several routes including Shanghai Hongqiao-Sanya, Tianjin-Sanya, Shenyang-Ningbo-Sanya, Lanzhou-Beihai, Shanghai Hongqiao-Taiyuan, Ningbo-Baishan, and Chengdu Tianfu-Urumqi [1] - The airline plans to increase the frequency of multiple routes in the new season [1] Pet-Friendly Services - Spring Airlines is expanding its "pet-friendly" route network, now offering "pets in the cabin" service in cities including Shanghai, Harbin, Lanzhou, Shijiazhuang, Nanchang, and Urumqi [2] - The service allows each pet to occupy two seats, promoting a companion-style travel experience [2]

Investment Rating - The report recommends investment in companies such as China Shipping, COSCO Shipping Energy, and China Shipbuilding Industry Corporation, highlighting a historical opportunity for the shipping sector due to a reversal of negative factors [23]. Core Views - The transportation industry index increased by 0.72%, underperforming the CSI 300 index by 2.52 percentage points, with the shipping sector showing the smallest decline at -1.28% [4][11]. - The report emphasizes that the shipping sector is experiencing a historical opportunity as negative influences such as policies, exchange rates, and ship prices have shifted to positive impacts [23]. - The VLCC freight rates have stabilized around $80,000 per day, with potential upward adjustments in rental rates expected due to market dynamics [24]. Summary by Sections 1. Industry Performance - The transportation index rose by 0.72%, while the shipping sector saw a decline of -1.28% [4][11]. - The coastal dry bulk freight index in China increased by 3.83%, and the Shanghai export container freight index rose by 7.11% [4]. 2. Sub-industry Insights - The report highlights that the shipping sector is at a historical low in terms of market value orders, with a potential recovery to historical averages of 1-3 times [23]. - The report notes that the oil tanker market is influenced by various factors, including geopolitical tensions and sanctions, which may affect freight rates [24]. 3. High Dividend Stocks - The report lists high dividend stocks in the transportation sector, including Bohai Ferry with a TTM dividend yield of 8.09% and Zhonggu Logistics with a yield of 10.88% [21][22]. 4. Market Trends - The report indicates that the shipping market is experiencing a shift with freight rates stabilizing and potential increases in rental rates, driven by supply and demand dynamics [23][24]. - The report also mentions that the dry bulk market is seeing fluctuations due to seasonal demand and geopolitical factors affecting trade [25][26].

Investment Rating - The report maintains a positive outlook on the shipping sector, highlighting a shift from expectation-driven to reality-driven stock price movements, with sufficient safety margins around current valuations [5][6]. Core Insights - The shipping sector is experiencing a historical opportunity as three negative factors (policy, exchange rates, and ship prices) have reversed to positively impact the market. The Clarksons second-hand ship price index is steadily breaking through 2024 highs, indicating an approaching inflection point for new ship prices [5][6]. - The report recommends specific companies such as China Merchants Energy Shipping and COSCO Shipping Energy, while also suggesting to monitor Haitong Development and Pacific Shipping [5]. - The report emphasizes the potential for significant upward revisions in global oil shipping profitability forecasts and reset costs, with current charter rates around $50,000 per day expected to rise [5][6]. Summary by Sections Shipping Market Overview - VLCC rates stabilized at high levels around $80,000 per day, despite an 8% week-on-week decline to $78,862 per day. The overall market remains calm, with charterers attempting to suppress rates through private deals [5][6]. - The report notes a 5% week-on-week decline in Suezmax rates to $65,724 per day, while Aframax rates increased by 14% to $56,567 per day, indicating mixed market conditions [5][6]. Air Transportation - The report highlights unprecedented challenges in the aircraft manufacturing supply chain, with an aging global fleet expected to constrain supply over the next 5-10 years. This situation is anticipated to lead to significant improvements in airline profitability as demand for international flights increases [5][6]. Express Delivery - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined: price stabilization leading to profit recovery, continued competitive pressure in certain regions, and potential for higher-level mergers and acquisitions [5][6]. Rail and Road Transportation - Rail freight volume and highway truck traffic are showing resilience, with national railway freight reaching 80.32 million tons, a 2.33% week-on-week increase, and highway truck traffic increasing by 24.72% [5][6]. High Dividend Stocks in Transportation - The report lists high dividend stocks in the transportation sector, including Bohai Ferry with a dividend yield of 8.09% and Zhonggu Logistics at 10.88%, indicating strong potential for income generation [5][6].

以下文章来源于江宁知府 ，作者印闲生 江宁知府 . 你将已经踏上旧时的归途 本文来自微信公众号： 江宁知府 ，作者：印闲生，题图来自：AI生成 美国交通部则在其拟议的命令中表示：" （中国航班使用俄罗斯领空） 已成为一个重要的竞争因 素，对美国航空公司造成严重不利影响，需尽可能消除美国和中国航空公司之间的竞争差距。" 早在2023年5月，俄罗斯领空问题就成为中美复航谈判的焦点，美方同意中国航空公司增加两国间航 班数量，但前提是新航班不得飞越俄罗斯。 2024年，中美达成协议，双方航空公司原则上共可运营每周100班定期客运航班，中方50班，美方50 班。 截至目前，中方的六家航司早已把每周50个航班飞满，而美国航司尚未用满额度，采取了一种"软对 抗"的方式。 飞过美国的朋友一般都清楚，北京、上海到美国西海岸城市 （西雅图、旧金山、洛杉矶） 的航线通 常是走北太平洋，即日本→阿留申群岛，不太受俄罗斯关闭领空限制。 但飞美国东海岸城市 （纽约、华盛顿、波士顿） 则是向北经西伯利亚、北极和加拿大，这样的航线 最短、最经济。 现在俄罗斯领空对欧美航空公司关闭，导致它们只能绕道、减少载客或被迫在阿拉斯加安克雷奇加 油，相 ...