《中国民航报》、中国民航网 记者钱擘 通讯员韩筱、梅莹、潘水花 报道：南航上海分公司日前在 CZ6077"上海浦东—胡志明市"航班上开展"木棉暖冬"传统节气主题航班活动，让冬至传统特色与节气 文化在万米高空传递。 此次航班客舱内，布置了浓厚的节气氛围，主题贴纸错落点缀舱内各处，将冬至的传统韵味与南航的木 棉元素巧妙融合；乘务员身着雅致的冬装旗袍，举手投足间尽显中式美学，成为客舱内靓丽的风景线。 （本文图片均由南航上海分公司提供） 此次主题航班活动，也是南航上海分公司以"航空+传统文化"模式打造特色服务的又一次生动实践。 （编辑：许浩存 校对：陈虹莹 审核：程凌） 为丰富旅客的空中出行体验，此次主题航班精心策划了一系列特色互动活动："数九许愿卡"环节，乘务 组邀请旅客写下冬日期许；"冬至知识问答"环节，乘务组围绕节气由来、民俗传统等趣味问答，传递传 统文化知识；航班餐食也选择了水饺，让旅客品味节气美食的独特魅力；此外，航班特别增设"八段 锦"养生操体验环节，帮助旅客们舒缓旅途疲惫。 ...

因平安夜、圣诞节，港股下午开始休市。受假期影响，港股三大指数上午表现平淡，依旧呈现窄幅震荡 行情，恒生指数盘中曾直线冲高至0.45%，最终收涨0.17%，国企指数微幅上涨0.01%，恒生科技指数涨 0.19%。 盘面上，权重科技股波动不大，快手、网易、腾讯、小米飘红，阿里巴巴、百度小幅下跌；半导体芯片 股走势活跃，据称已经对部分产能实施了涨价，涨幅约为10%，中芯国际一度涨超5%；高盛预计铀价 仍有20%上涨空间，核电股集体上涨，中广核矿业涨幅居前；钢铁股、铝业股、军工股多数呈现上涨行 情。 另一方面，据报明年1月近2200班来往中日航班取消，三大航空股齐跌，中国南方航空公司录得4连跌行 情，影视股、煤炭股、苹果概念股、生物科技股集体弱势。 注：因平安夜、圣诞节，港股今日(24日)下午、周四(25日)、周五(26日)休市，共休市2.5个交易日。(格 隆汇) ...

因平安夜、圣诞节，港股下午开始休市。受假期影响，港股三大指数上午表现平淡，依旧呈现窄幅震荡 行情，恒生指数盘中曾直线冲高至0.45%，最终收涨0.13%，国企指数微幅下跌0.03%，恒生科技指数涨 0.14%。盘面上，权重科技股波动不大，阿里巴巴、美团、小米、京东、百度跌幅在1%以内；半导体芯 片股走势活跃，据称已经对部分产能实施了涨价，涨幅约为10%，中芯国际一度涨超5%；高盛预计铀 价仍有20%上涨空间，核电股集体上涨，中广核矿业涨幅居前；钢铁股、铝业股、军工股多数呈现上涨 行情。另一方面，据报明年1月近2200班来往中日航班取消，三大航空股齐跌，中国南方航空公司录得4 连跌行情，影视股、煤炭股、苹果概念股、生物科技股集体弱势。注：因平安夜、圣诞节，港股今日 (24日)下午、周四(25日)、周五(26日)休市，共休市2.5个交易日。 ...

Core Viewpoint - The appreciation of the Renminbi has positively impacted certain sectors, leading to a 2.37% increase in the Renminbi appreciation beneficiary sector compared to the previous trading day, with China Duty Free Group leading the gains [1]. Market Performance - The Shanghai Composite Index closed at 3917.36, up 0.69% - The Shenzhen Component Index closed at 13332.73, up 1.47% [1]. Top Gainers in Renminbi Appreciation Beneficiary Sector - China Duty Free Group (601888) closed at 91.09, up 10.00% with a trading volume of 887,500 shares and a transaction value of 7.834 billion - Caesar Industry (000796) closed at 7.07, up 9.95% with a trading volume of 1,608,700 shares and a transaction value of 112.5 million - Rongsheng Petrochemical (002493) closed at 10.45, up 6.42% with a trading volume of 635,500 shares and a transaction value of 656 million [1]. Fund Flow Analysis - The Renminbi appreciation beneficiary sector saw a net inflow of 842 million from main funds, while retail funds experienced a net outflow of 227 million [2]. - The main funds' net inflow and outflow for key stocks in the sector indicate varying investor sentiment, with China Duty Free Group receiving a significant net inflow of 7.57 billion [3].

Core Viewpoint - The cancellation of flights from mainland China to Japan has reached significant levels, with over 2,195 flights canceled in January 2026, resulting in a cancellation rate of 40.4% [2][5]. Flight Cancellations - A total of 46 routes between China and Japan will have all flights canceled in the next two weeks, leading to a 100% cancellation rate for these routes [2][3]. - Major cities affected include Shanghai, Nanjing, and Chengdu, with Shanghai's two airports (Pudong and Hongqiao) having 14 routes completely canceled, making it the city with the highest number of cancellations [4][5]. Impact on Tourism and Economy - The cancellations are expected to affect over 440,000 travelers, with a peak in refund requests anticipated until the end of December [5]. - The tourism industry in Japan, particularly in Osaka and Kyoto, is experiencing severe impacts, with local businesses reporting significant drops in revenue due to the absence of Chinese tourists [5][9]. - In Osaka, a tourism company noted that 30% to 40% of its customers were Chinese tourists, and the cancellations have led to a 30% decrease in sales [9][12]. - In Kyoto, a restaurant reported that about 60% of its Chinese customer bookings were canceled, resulting in over half of its revenue being affected [15][16]. Broader Economic Effects - The decline in Chinese tourists is causing a ripple effect across the entire tourism supply chain in Kyoto, impacting shops, hotels, and restaurants [13][15]. - Local businesses are expressing concerns about the sustainability of their operations due to fixed costs that continue despite reduced revenue from tourism [12][16].

Summary of Key Points from the Conference Call Industry Overview - The report discusses the performance of the MXCN and CSI300 indices, which lost 1.6% and 0.3% respectively during the week. [1] - Economic data for November broadly missed expectations, particularly in retail sales, which grew by only 1.3% year-over-year. [1] - Fixed Asset Investment (FAI) showed a significant contraction of 10.7% year-over-year. [1] Core Insights and Arguments - President Xi emphasized the importance of expanding domestic demand as a strategic move for economic growth. [1] - The Hainan Free Trade Port has launched island-wide customs clearance operations, increasing the number of duty-free items to over 6000. [1] - The National Development and Reform Commission (NDRC) noted a slowing investment trend since 2025 and called for targeted measures to boost effective investment. [1] - The State Administration for Market Regulation (SAMR) highlighted the need for a unified national market to enhance fair competition and improve antitrust compliance among platform companies. [1] Economic Indicators - The report indicates a double-digit year-over-year contraction in FAI, which is concerning for future economic growth. [1] - Retail sales growth of 1.3% year-over-year is significantly below market expectations, indicating weak consumer demand. [1] Additional Important Information - The report mentions that the China Kickstart publication will resume in the new year, wishing readers a happy holiday season. [1] - The report also includes insights into the performance of various sectors, with materials and financials showing positive performance, while real estate and IT sectors lagged. [9] - The forward price-to-earnings ratios for MXCN and CSI300 are noted to be 12.5x and 14.1x respectively, with expected EPS growth of 4% and 13% for 2025 and 2026. [10] - The report suggests that widespread AI adoption could boost corporate earnings in China by 3% annually over the next decade. [20] Conclusion - The overall economic outlook appears cautious, with significant challenges in consumer spending and investment. The emphasis on domestic demand and regulatory improvements indicates a strategic pivot towards stabilizing and stimulating the economy.

Core Viewpoint - China Southern Airlines' stock price has shown a significant increase this year, with a year-to-date rise of 16.18% and a 25.46% increase over the past 60 days, despite a recent decline of 2.08% on December 22 [1] Group 1: Stock Performance - As of December 22, the stock price was reported at 7.54 CNY per share, with a trading volume of 198 million CNY and a turnover rate of 0.19%, leading to a total market capitalization of 136.63 billion CNY [1] - The stock has experienced a 8.18% increase over the last 5 trading days and an 8.49% increase over the last 20 trading days [1] Group 2: Financial Performance - For the period from January to September 2025, China Southern Airlines achieved a revenue of 137.67 billion CNY, reflecting a year-on-year growth of 2.23%, and a net profit attributable to shareholders of 2.31 billion CNY, which is a 17.40% increase compared to the previous year [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 4.76% to 133,300, with an average of 0 circulating shares per shareholder [2] - The company has distributed a total of 6.63 billion CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 4.32 million shares to 586 million shares, while China Securities Finance Corporation maintained its holdings at 320 million shares [3]

在圆桌会议等环节，与会嘉宾围绕产业未来发展的创新模式、专业化人才培养等议题深入研讨。 会上，海南农垦物业管理有限公司、海南省养老康养产业协会和天津宏舜联合物业管理服务集团有 限公司三方签订了《海南养老家政合作框架协议》。主办方还以此次大会为契机，发布《旅居康养基地 评价标准》。与此同时，全国养老康养旅居产品交易会同步开启，集中展示来自全国各地的优质养老康 养产品、医养服务项目、旅居线路及配套服务资源。 海南日报三亚12月21日电(海南日报全媒体记者 刘杰 陈苡琪)12月20日，2025海南国际养老康养旅 居产业大会在三亚启幕，政府主管部门、行业协会、行业领军企业及专家学者汇聚一堂，共探新时代背 景下康养旅居产业发展新路径，携手共促康养旅居产业高质量发展。 大会上，来自南航集团、北京康养集团等企业代表以及北京师范大学等多所高校的专家学者，聚 焦"拥抱银发经济新浪潮，共创康养旅居新未来""金融赋能银发经济"等热点话题分别进行主旨演讲，全 方位分享康养旅居产业的前沿经验。 ...

Investment Rating - The investment rating for the transportation industry is "Positive" and is maintained [15] Core Insights - The report provides a forward-looking analysis of the transportation industry for Q4 2025, highlighting improvements in passenger demand and operational efficiencies across various sub-sectors [2][6] Aviation - The aviation sector is expected to see marginal demand improvements, with significant reductions in losses anticipated for Q4 2025. Domestic business demand is stabilizing, and international flights continue to perform well despite short-term disruptions from flight cancellations [6][23] Airports - Domestic airport traffic is projected to increase, with international flights also climbing. Revenue is expected to improve as a result of rising passenger volumes and operational efficiencies [7][26] Express Delivery - The express delivery sector is experiencing a slowdown in growth but is improving profitability through price adjustments and a focus on high-value services. The net profit is expected to turn positive in Q4 2025 [8][29] Logistics - The logistics sector is stabilizing at the bottom of its performance cycle, with cross-border logistics showing signs of recovery. However, overall demand remains weak, leading to a slight decline in performance for major supply chain players [9][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different vessel types. While container shipping faces pressure on earnings, oil and bulk shipping are expected to see improvements due to increased demand and operational efficiencies [10][32] Ports - Port operations are expected to benefit from improved handling of bulk goods and stable container throughput, supported by easing trade tensions and increased exports to ASEAN and EU regions [11][38] Highways - The highway sector is projected to see limited growth, with stable profitability expected as truck traffic shows slight improvements compared to the previous year [12][40] Railways - The railway sector is experiencing a split in performance, with passenger transport growth accelerating while freight transport growth is slowing down. The focus on expanding non-coal business is expected to impact profitability negatively [13][42]

证券研究报告 | 行业周报 gszqdatemark 2025 12 21 年 月 日 交通运输 关注元旦航旅出行预定数据与委内瑞拉油轮进展 周观点：航旅纵横大数据显示，截至 12 月 17 日，元旦假期国内、跨境航线 机票预订量同比分别增长 46%、18%；16 日，ICE 布油收 58.84 美元（盘中 最低 58.72 美元），为 5 月来首次。继续看好"扩内需"及"反内卷"下航空 板块中长期景气度，在油汇环境友好环境下航司盈利有望不断改善。基于周期 视角，在制裁趋严、OPEC+增产逐步反馈到出口的背景下，行业周期逻辑渐 明，可关注板块回调中的布局机会，重点关注招商轮船、中远海能 H/A。 行情回顾：本周交通运输板块行业指数上涨 2.04%，跑赢上证指数 2.01 个百 分点（上证指数上涨 0.03%）。从申万交通运输行业三级分类看，涨幅前三名 的板块分别为航空运输、跨境物流、公交，涨幅分别为 6.84%、3.10%、2.82%； 仅公路货运板块下跌，跌幅为-1.76%。 出行：航旅纵横大数据显示，截至 12 月 17 日，元旦假期国内、跨境航线机 票预订量同比分别增长 46%、18%。继续看好"扩内需 ...