海口美兰国际机场"琼港通"跨航司中转服务上线 中新网海口12月18日电 (王培鑫 李洁丽)12月18日，海南自贸港将启动全岛封关。海口美兰国际机场(下 称"美兰机场")联合美兰出入境边防检查站(下称"美兰边检")、海口美兰机场海关(下称"机场海关")，将 于当日推出"琼港通"跨航司中转服务，为从香港始发且未办理通程业务的中转旅客提供更加便捷、顺畅 的出行体验。 以往，旅客经海口中转时，若前、后航程由不同航空公司承运，往往需要旅客在到达中转地后，自行提 取托运行李，再重新办理乘机手续，流程繁琐、耗时较长。 据介绍，美兰机场"琼港通"跨航司中转服务上线后，从香港飞往海口的旅客抵达后，即便下一程选择的 是不同航空公司的航班，其托运行李也将由美兰机场统一负责中转运输，无需旅客自行提取。旅客只需 在中转值机柜台办理后续航班登机牌，随后在中转厅完成相关查验手续，即可直接前往下一程登机口候 机，实现"行李免提、顺畅中转"。 来源：中国新闻网 编辑：郭晋嘉 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众 ...

Core Insights - The 2025 China International Tourism Trade Fair (CITTF) will be held from December 19 to 21 at the Hainan International Convention and Exhibition Center, marking the first time this national-level international tourism exhibition is hosted in Hainan Free Trade Port [3][4] - The event aims to showcase Hainan as a "World Resort Island" and provide a platform for global tourism exchange, with participation from over 100 countries and regions [6][7] Group 1: Hainan's Showcase - The "Sunshine Hainan Exhibition Area," covering over 12,000 square meters, is a major highlight, designed to reflect Hainan's identity as a free trade port and a world resort [4] - The exhibition area features six themed tourism routes that integrate Hainan's 18 cities and counties, moving from a point-based presentation to a more cohesive narrative [4][5] - Various themed groups within the exhibition, such as "Historical Culture and Theme Park Tour" and "Rainforest Exploration and Ethnic Customs Tour," highlight Hainan's diverse attractions and cultural heritage [5] Group 2: Global Participation - The CITTF will feature international and domestic exhibition areas, with all 34 provinces, autonomous regions, and municipalities in China participating, showcasing its significance as a top platform for global tourism collaboration [6][7] - The international exhibition area will present a microcosm of global tourism, with themed sections for Southeast Asia, Belt and Road countries, and regions from Europe and the Americas, offering unique travel experiences [6][7] - The event will also include cross-industry collaborations, featuring cultural institutions and popular entertainment brands, enhancing the overall visitor experience [7]

从资金流向上来看，当日人民币升值受益板块主力资金净流出7.16亿元，游资资金净流入9596.02万元， 散户资金净流入6.2亿元。人民币升值受益板块个股资金流向见下表： 证券之星消息，12月17日人民币升值受益板块较上一交易日上涨1.86%，南方航空领涨。当日上证指数 报收于3870.28，上涨1.19%。深证成指报收于13224.51，上涨2.4%。人民币升值受益板块个股涨跌见下 表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

证券之星消息，12月17日航空机场板块较上一交易日上涨3.19%，南方航空领涨。当日上证指数报收于 3870.28，上涨1.19%。深证成指报收于13224.51，上涨2.4%。航空机场板块个股涨跌见下表： 从资金流向上来看，当日航空机场板块主力资金净流出1.05亿元，游资资金净流出5714.62万元，散户资 金净流入1.62亿元。航空机场板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Market Performance - The Hong Kong stock market experienced a narrow fluctuation in the morning and a strong rally in the afternoon, with the Hang Seng Index rising by 0.92% to 25,468.78 points, the Hang Seng Tech Index increasing by 1.03% to 5,457.95 points, and the National Enterprises Index up by 0.98% to 8,843.57 points [1] - Major technology stocks mostly rose, with Alibaba up 1.25%, Tencent Holdings up 1.42%, JD Group up 1.26%, and Meituan up 1.81% [1] - The aviation sector showed strong performance, with China Southern Airlines rising over 5%, while financial stocks also saw gains, with China Life Insurance increasing over 4% [1] - The metals sector led the gains, with Tianqi Lithium up nearly 6%, Ganfeng Lithium up over 5%, and Luoyang Molybdenum up over 2% [1] - Semiconductor stocks also rose, with Shanghai Fudan up 4%, Huahong Semiconductor up nearly 3%, and SMIC up over 2% [1] Corporate News - China Energy Construction (03996.HK) announced the official operation of the first phase of the Zhongnengjian Songyuan Hydrogen Energy Industrial Park project [2] - China Pacific Insurance (02601.HK) reported that its cumulative original insurance premium income for the first 11 months reached RMB 250.32 billion, a year-on-year increase of 9.4%, while its property insurance premium income was RMB 187.68 billion, up 0.3% [2] - Hansoh Pharmaceutical (03692.HK) entered into a licensing agreement with Glenmark for Amivantamab, which includes an upfront payment and potential milestone payments exceeding USD 1 billion [2] Financing Activities - Yuexiu Property (00123.HK) secured a term loan financing of HKD 500 million [3] - China Railway Construction (01186.HK) plans to issue company bonds with a total amount not exceeding RMB 4 billion [4] - Genscript Biotech (01672.HK) increased its share buyback fund from a maximum of HKD 300 million to HKD 500 million [5] - Tencent Holdings (00700.HK) repurchased 1.067 million shares for approximately HKD 636 million at prices ranging from HKD 592.5 to HKD 602.5 [6] - Xiaomi Group (01810.HK) repurchased 7.2 million shares for HKD 294 million at prices between HKD 40.36 and HKD 41.00 [7] - Kuaishou Technology (01024.HK) repurchased 1.8231 million shares for HKD 116 million at prices from HKD 63.05 to HKD 64.4 [8] - Geely Automobile (00175.HK) repurchased 299,900 shares for approximately HKD 50.54 million at prices between HKD 16.72 and HKD 17.2 [9] Institutional Insights - According to China Merchants Securities, the recent weakness in the Hong Kong stock market is attributed to southbound capital returning to A-shares due to new public fund benchmark regulations, concerns over IPO financing, and the upcoming peak of stock unlocks [10] - Huatai Securities noted that while the market's downside is manageable, the upside potential has not yet opened up, with market sentiment indicators remaining in a pessimistic range [10] - China Merchants Securities also highlighted that the Hong Kong market has not stabilized after overseas interest rate cuts, primarily due to internal liquidity issues [10]

信达证券（601059）发布研报称，2025年初至今，行业客座率高位持续，国内外航线出行两旺。淡季不 淡，客座率高位、票价有所回正，该行认为航司单位座收或显著修复。同时，随着"反内卷"措施及《中 国航空运输协会航空客运自律公约》的落实，行业恶意低价现象有望消减，或也能带动票价有所修复， 进一步推动航司单位座收回升。叠加油价下行带来的成本下降，航司盈利或能进一步增长。该行看好航 司座收回升带来的盈利修复弹性。该行予行业看好投资评级。 信达证券主要观点如下： 淡季客座率持续高位、票价略有回落 1)供需：运力增速回升，客座率高位提升。根据民航局公布的2025年10月行业最新数据，2025年10月行 业ASK、RPK同比分别+6.2%、+8.9%，较2019年同期+17.3%、+23.4%，相应客座率达到87.4%，同比 +2.2pct，较2019年同期+4.3pct。 根据六大航司(国航、南航、东航、春秋、吉祥、海航)披露的11月运营数据合计情况看，六家航司11月 ASK、RPK同比分别+7.0%、+10.3%，客座率达到85.6%，同比+2.6pct。其中，国内线/国际及地区线 ASK同比分别+4.2%、+13. ...

Investment Rating - The investment rating for the airline transportation industry is "Positive" [2][7]. Core Insights - The industry has maintained a high passenger load factor during the off-peak season, with both domestic and international travel thriving. The high load factor and slight recovery in ticket prices suggest a significant improvement in airline unit revenue. The implementation of "anti-involution" measures and the self-regulatory agreement by the China Air Transport Association is expected to reduce malicious low pricing, further supporting ticket price recovery and enhancing airline profitability. Additionally, the decline in oil prices is likely to reduce costs, contributing to further profit growth for airlines. Key airlines to focus on include China Southern Airlines, China Eastern Airlines, Air China, Spring Airlines, and Juneyao Airlines [3][13]. Summary by Sections 1. Investment Recommendations - The industry has seen sustained high passenger load factors since early 2025, with both domestic and international routes performing well. The off-peak season is not as weak as expected, with high load factors and a slight recovery in ticket prices, indicating a potential significant recovery in airline unit revenue. The implementation of self-regulatory measures is expected to mitigate low pricing practices, further supporting ticket price recovery and enhancing airline profitability [3][13]. 2. Off-Peak Passenger Load Factor and Ticket Prices 2.1 Supply and Demand - The capacity growth rate has rebounded, leading to an increase in passenger load factors. In October 2025, the industry’s Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) increased by 6.2% and 8.9% year-on-year, respectively, with a load factor of 87.4%, up 2.2 percentage points year-on-year [4][15]. 2.2 Ticket Prices - Ticket prices have weakened in December, with the average domestic ticket price at 839 yuan, down 7.0% year-on-year. The average ticket price for domestic routes, including fuel, was 709 yuan, down 6.2% year-on-year [4][23]. 2.3 Oil Prices and Exchange Rates - The average price of aviation fuel has slightly increased in December, with the domestic aviation fuel price at 6045 yuan per ton, up 3.9% year-on-year. The exchange rate of the Chinese yuan has appreciated against the US dollar, with the exchange rate at 7.0602 yuan per dollar as of December 16, 2025, down 1.78% from the end of 2024 [5][37]. 3. Airline Capacity and Load Factors 3.1 Operational Status - In November, most airlines maintained stable capacity growth, with significant increases in international capacity. The passenger load factors for both domestic and international routes have shown year-on-year improvements, significantly increasing compared to 2019 levels [4][43]. 3.2 Fleet Expansion - In November, Air China and China Southern Airlines each added 7 aircraft, marking the highest net increase among the six major airlines. From January to November, China Southern Airlines, Air China, and China Eastern Airlines saw net increases of 47, 26, and 21 aircraft, respectively [4][7].

Market Overview - The Hong Kong stock market experienced a rebound on December 17, with the Hang Seng Index rising by 0.22% to 25,291.4 points, the Hang Seng Tech Index increasing by 0.02% to 5,403.74 points, and the National Enterprises Index up by 0.27% to 8,781.76 points, while the Red Chip Index fell by 0.11% to 4,055.42 points [1] Company News - China Energy Construction (03996.HK) announced the official production commencement of the first phase of the Zhongnengjian Songyuan Hydrogen Energy Industrial Park project [2] - China Coal Energy (01898.HK) reported a total coal sales volume of approximately 234 million tons for the first 11 months, a year-on-year decrease of 8.7%, with November sales at 21.74 million tons, down 15.7% year-on-year [2] - China Pacific Insurance (02601.HK) disclosed that its cumulative original insurance premium income for Pacific Life reached RMB 250.32 billion, a year-on-year increase of 9.4%, while Pacific Property's premium income was RMB 187.68 billion, up 0.3% year-on-year [2] - Hansoh Pharmaceutical (03692.HK) entered into a licensing agreement with Glenmark for Amivantamab, which includes an upfront payment and potential milestone payments exceeding USD 1 billion, along with tiered royalties on net sales in the licensed territory [2] Financing Activities - Yuexiu Property (00123.HK) secured a term loan financing of HKD 500 million [3] - China Railway Construction (01186.HK) plans to issue up to HKD 4 billion of perpetual corporate bonds [4] - Genscript Biotech (01672.HK) increased its share buyback fund from a maximum of HKD 300 million to HKD 500 million [5] - Tencent Holdings (00700.HK) repurchased 1.067 million shares for approximately HKD 636 million at prices ranging from HKD 592.5 to HKD 602.5 [6] - Xiaomi Group (01810.HK) repurchased 7.2 million shares for approximately HKD 294 million at prices between HKD 40.36 and HKD 41.00 [7] - Kuaishou Technology (01024.HK) repurchased 1.8231 million shares for approximately HKD 116 million at prices from HKD 63.05 to HKD 64.4 [8] - Geely Automobile (00175.HK) repurchased 299,900 shares for approximately HKD 50.54 million at prices between HKD 16.72 and HKD 17.2 [9] Institutional Insights - CMB International noted that the recent weakness in the Hong Kong stock market is attributed to southbound capital returning to A-shares due to new public fund benchmark regulations, concerns over IPO financing, and a peak in lock-up expirations, while the market has potential for a year-end recovery [10] - Ping An International observed that the market sentiment index for Hong Kong stocks has been volatile since November, influenced by fluctuating expectations of U.S. interest rate cuts and corrections in the U.S. AI sector, with the forward P/E ratio of the Hang Seng Index at 12.7 times, down 5% from its yearly peak [10] - CMB Securities indicated that the Hong Kong market has not stabilized post U.S. rate cuts, primarily due to internal liquidity issues, including the implementation of new public fund regulations and significant demand for capital [10]

交运ETF(159662)紧密跟踪国证交通运输行业指数，国证细分行业指数将沪深北交易所证券根据国证行 业分类标准的二、三、四级行业进行划分，用以反映各细分行业上市公司的整体特征，进一步丰富指数 化投资标的，满足市场投资管理的需求。指数前十大权重股分别为京沪高铁、顺丰控股、中远海控、大 秦铁路、中国东航、上海机场、中国国航、南方航空、海机场、圆通速递。 交运ETF(159662)，场外联接(A类：019886；C类：019887)。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 航空市场需求持续回暖，国际航线恢复势头良好。华源证券认为，当前航空供需关系优化趋势明确，中 期受飞机制造商及上游供应商产能制约，供给增速放缓将推动票价提升，航司利润弹性有望释放。同 时，中韩放宽团体旅游签证及中国对外籍游客简化入境手续等政策将刺激入境需求增长。多地机场国际 旅客量大幅上升，白云机场国际旅客同比增19.01%，深圳机场同比增长23%，青岛机场同比增25.5%。 中信证券指出，民航机队产能释放受新增飞机低引进、发动机检修、航材备件等因素制约，旺季机队产 能利用率愈发临近极限状态，近期公商务需求持续复 ...

Group 1 - The aviation stocks experienced a significant increase, with Southern Airlines rising over 6% [1] - China Eastern Airlines and Huaxia Airlines both saw an increase of over 5% [1] - Juneyao Airlines reported a rise of over 4% [1]