SHANGHAI, Dec. 11, 2025 (GLOBE NEWSWIRE) -- On December 1, at 11:08 a.m., China Eastern Airlines flight MU9179 touched down smoothly at Lanzhou Zhongchuan International Airport, which sits at an elevation of 1,948.7 meters (6,394 feet). This landing marked the official commencement of regular commercial flights by C919, China's first domestically produced large civil aircraft, on the Shanghai-Lanzhou route. It is also the first time China Eastern Airlines has flow the C919 to a high-altitude airport. A Med ...

Core Viewpoint - The aviation industry is expected to experience a gradual recovery in demand, with domestic market capacity growth remaining slow and international markets benefiting from visa-free policies and corporate expansion, leading to optimistic growth in demand and price trends [1][5]. Group 1: 2025 Review - Global aviation industry growth is slowing, with IATA predicting a 5.8% year-on-year increase in global RPK for 2025, and the Asia-Pacific region leading at 9% [1]. - The average global passenger load factor is expected to reach a record high of 84%, with an estimated EBIT margin of 6.7%, a 0.3 percentage point increase year-on-year [1]. - China's aviation industry showed profitability in the first three quarters of 2025, with international routes recovering faster than domestic ones [2]. Group 2: 2026 Aviation Outlook - Supply-side growth is expected to remain low in 2026, with a record backlog of 17,000 aircraft orders, but delivery rates have not returned to pre-pandemic levels [3][4]. - The utilization rate of aircraft has reached peak levels, limiting the availability of operational aircraft [4]. - Demand for international travel is anticipated to remain strong, driven by visa-free policies and a recovery in business travel [5]. Group 3: Pricing and Capacity - The passenger load factor is nearing its upper limit, which may reduce the willingness of airlines to engage in price wars, supporting a trend of price increases [6]. - The average passenger load factor for the industry is projected to improve, with expectations of continued upward pressure on ticket prices due to reduced competition [6].

（本文图片均由东航江西分公司提供） 今年以来，东航江西分公司陆续组织开展篮球、羽毛球、匹克球、健步走等形式多样的文体活动，有效 增强了团队凝聚力和向心力。此次趣味运动会是分公司持续推动职工关怀、营造健康氛围的又一务实举 措。参赛职工纷纷表示，要把运动场上的活力与拼劲转化为保障航班安全、提升服务品质的工作动力， 以更加饱满的精神状态投入年底各项生产任务，为旅客提供更加美好的出行体验。（编辑：陈虹莹 校 对：许浩存 审核：程凌） 《中国民航报》、中国民航网 记者胡夕姮 报道：12月8日上午，东航江西分公司2025年职工趣味运动会 在南昌昌北机场足球场举行。公司飞行部、运行指挥中心、客舱部、地服部、市场部等10支代表队依次 亮相，在协作与竞技中展现团队风采，凝聚奋进合力。 本次运动会设置了"东西南北跑""五人四足""趣味夹球""无敌风火轮"等一系列兼具趣味性、协作性与竞 技性的比赛项目。赛场上，参赛队员团结协作、奋勇争先；赛场边，加油声、欢呼声此起彼伏，现场气 氛热烈欢快。经过多轮角逐，飞行部、保卫部、江西航食分获团体总分前三名。 ...

Investment Highlights - The report emphasizes a positive outlook for the aviation industry in 2026, driven by a gradual recovery in demand and an expected increase in ticket prices, with domestic market capacity growth remaining slow [6][9] - The investment strategy suggests focusing on major airlines with significant fleet sizes and strong cyclical attributes, such as China Southern Airlines, China Eastern Airlines, and Hainan Airlines, as well as smaller regional airlines like Huaxia Airlines and low-cost carriers like Spring Airlines [6][9] 2025 Aviation Review - Global aviation growth is projected to slow down, with IATA forecasting a 5.8% increase in RPK (Revenue Passenger Kilometers) for 2025, while the Asia-Pacific region is expected to lead with a 9% growth [7][21] - China's aviation industry showed profitability in the first three quarters of 2025, with major airlines like Air China, China Eastern, and China Southern expected to achieve full-year profitability [7][19] - The average passenger load factor in China reached 85.12%, an increase of 1.7 percentage points year-on-year, indicating strong demand recovery [7][39] 2026 Aviation Outlook - The supply-demand balance is expected to improve, with international travel demand benefiting from visa-free policies and corporate expansion abroad, leading to optimistic growth forecasts [6][9] - The report anticipates that 2026 will be a year where the positive cycle of volume and price in the aviation market becomes widely recognized, with a shift in growth engines from domestic to international markets [6][9] - The report highlights that the average ticket prices are expected to rise due to reduced competition and high load factors, with the industry moving away from aggressive price wars [7][49] Supply Side Analysis - The global backlog of aircraft orders has reached a record high of 17,000 units, but delivery rates have not returned to pre-pandemic levels, leading to a supply gap [7][55] - Major aircraft manufacturers like Boeing and Airbus are struggling to meet delivery targets, which may continue to constrain capacity growth in the coming years [7][55] - The report notes that the utilization rates of existing aircraft have reached peak levels, limiting the potential for further supply increases [7][49] Demand Side Analysis - The report indicates that international travel demand is expected to remain strong, particularly due to favorable visa policies and a growing preference for short-haul destinations among Chinese travelers [7][91] - Domestic business travel is projected to recover gradually, while leisure travel demand remains robust, with a notable increase in the number of young and elderly travelers [7][86] - The report highlights that the recovery in inbound tourism is also expected to continue, supported by visa-free entry policies for foreign visitors [7][100]

Investment Summary - The transportation industry has shown a significant underperformance compared to the broader market, ranking among the lowest in terms of growth within the Shenwan primary industry indices as of December 8, 2025 [15][16] - The implementation of anti-involution policies has positively impacted the fundamentals of certain segments within the transportation sector, particularly benefiting the aviation and express delivery sectors [26][30] 2026 Outlook - The focus for 2026 remains on sectors benefiting from anti-involution policies and high-certainty stocks, with a long-term impact expected from these policies on stock price movements [5][34] - Key sectors to watch include aviation, express delivery, and regional shipping, while high-dividend and low-debt companies are expected to attract more investor interest in weaker cyclical areas [5][34] Express Delivery Sector - The express delivery industry has seen a recovery in profitability driven by rising single-package prices, with major companies like YTO Express and Shentong Express showing significant improvements [6][35] - The trend of price competition has been curtailed, leading to a decrease in package volume growth as companies focus on maintaining service quality and profitability [6][38] - The competitive strategies among companies have diverged, with YTO and Shentong performing strongly, while Yunda has struggled with profitability and market share [42][53] Aviation Sector - The aviation sector has experienced a notable improvement in performance since Q2 2025, with major airlines reporting increased profitability compared to the previous year [63][64] - The focus for 2026 will be on the transition from high passenger load factors to higher ticket prices, supported by controlled supply and strong demand [69][87] - Major airlines are expected to maintain cautious procurement strategies, with a projected fleet growth of around 5% in 2026 [69][80] Highway Sector - The highway sector has faced significant adjustments in stock prices, leading to a more rational market approach towards high-dividend investments [8][4.1] - Following substantial adjustments, the attractiveness of highway stocks has improved, with a focus on companies with high dividend ratios and low debt levels [8][4.3]

Core Insights - The aviation and airport sector saw a rise of 1.14% on December 10, with HNA Holding leading the gains [1] - The Shanghai Composite Index closed at 3900.5, down 0.23%, while the Shenzhen Component Index closed at 13316.42, up 0.29% [1] Stock Performance - HNA Holding (600221) closed at 1.80, up 4.05% with a trading volume of 8.32 million shares [1] - Shanghai Airport (600009) closed at 32.39, up 1.73% with a trading volume of 147,300 shares [1] - Southern Airlines (600029) closed at 6.98, up 1.16% with a trading volume of 258,000 shares [1] - Shenzhen Airport (000089) closed at 6.98, up 1.01% with a trading volume of 88,900 shares [1] - China National Aviation (601111) closed at 8.24, up 0.73% with a trading volume of 306,800 shares [1] - Baiyun Airport (600004) closed at 9.71, up 0.62% with a trading volume of 108,200 shares [1] - Huaxia Airlines (002928) closed at 10.02, up 0.60% with a trading volume of 120,500 shares [1] - Juneyao Airlines (603885) closed at 13.48, up 0.60% with a trading volume of 123,400 shares [1] - China Eastern Airlines (600115) closed at 5.08, up 0.59% with a trading volume of 473,000 shares [1] - CITIC Offshore Helicopter (000099) closed at 20.18, up 0.30% with a trading volume of 56,600 shares [1] Capital Flow - The aviation and airport sector experienced a net outflow of 3.6965 million yuan from institutional investors, while retail investors saw a net inflow of 8.92532 million yuan [2] - The overall capital flow indicates a mixed sentiment among different investor types within the sector [2] Individual Stock Capital Flow - HNA Holding saw a net inflow of 14.2 million yuan from institutional investors, but a significant outflow of 85.3144 million yuan from retail investors [3] - China Eastern Airlines had a net inflow of 23.1458 million yuan from institutional investors, with retail investors also experiencing a net outflow [3] - China National Aviation had a net inflow of 9.8210 million yuan from institutional investors, while retail investors had a net inflow of 660.88 million yuan [3] - Baiyun Airport had a net inflow of 3.9543 million yuan from institutional investors, but retail investors faced a net outflow [3] - Huaxia Airlines had a net inflow of 3.0489 million yuan from institutional investors, with retail investors showing a slight net inflow [3]

Core Viewpoint - The aviation industry is expected to experience a significant supply-demand reversal in 2026, transitioning into a state of supply shortage, with an anticipated passenger load factor reaching 87% [2][40][44] Supply - The effective supply will remain tight in 2026, with an expected ASK growth rate of 2.7%. Boeing and Airbus are recovering production capacity slowly, currently at about 70% of pre-pandemic levels, and global supply chain issues, particularly with engine quality, persist [4][18] - The delivery volume from COMAC is expected to decline significantly in 2025 due to global supply chain disruptions and geopolitical tensions, limiting the short-term impact of domestic aircraft on industry capacity [7][20] - Engine issues are affecting the availability of aircraft, with an increase in grounded planes expected in 2026 due to technical and quality problems with mainstream engines [9][11] Demand - Demand remains resilient, with an expected growth rate of about 5% in 2026, constrained by supply limitations. The return of business travelers is expected to support this growth [22][36] - The domestic aviation demand growth rate is still higher than that of rail, indicating strong resilience and some irreplaceable demand for air travel [25][30] Ticket Prices - Ticket prices are projected to increase moderately in 2026, approaching 2019 levels, with seasonal fluctuations expected. The price increase in the off-peak season may exceed that of the peak season due to tighter supply [45][48]

Core Insights - Sustainable Aviation Fuel (SAF) is positioned as a key solution for reducing carbon emissions in the aviation sector, driven by both policy and market forces amid increasing pressure for carbon reduction [1][2] - The International Air Transport Association (IATA) forecasts that SAF production will reach 1.9 million tons (2.4 billion liters) by 2025, nearly doubling from 1 million tons in 2024, but growth may slow to 2.4 million tons in 2026 [1] - Despite the expected increase, SAF will only account for 0.6% of total aviation fuel consumption in 2025, with an additional fuel cost of $3.6 billion due to SAF price premiums [1][2] Industry Challenges - The price of SAF is currently twice that of fossil fuel aviation fuel, and in some mandated markets, it can be up to five times higher, which is a significant barrier to adoption [1] - The fragmented policy framework in Europe is hindering market growth and investment in SAF production, necessitating urgent corrective measures from regulatory bodies [2][3] - Many airlines are reassessing their SAF usage targets, as current production levels are insufficient to meet previously set goals, particularly the commitment to achieve a 10% SAF usage by 2030 [3] Market Outlook - The aviation industry is recognized as one of the most challenging sectors for emissions reduction, with expectations for explosive growth in SAF demand driven by policy initiatives [3] - The supply-demand gap for SAF is projected to exceed 26 million tons between 2030 and 2035, with the market size potentially reaching hundreds of billions of yuan based on current pricing [3] - China has initiated SAF verification flights, with state-owned airlines beginning to incorporate SAF into their operations, while Europe remains the most proactive in SAF deployment [3]

手机号 15769519125 2025 年 中国航空货运行业市 场研究报告 主编：雷静兰 编辑：郭宇昂 商业合作： collaboration@shuoyuanconsulting.com 1 / 25 1 行业概述 1.1 行业定义与范围 1.1.1 航空货运的定义 航空货运是指利用各类航空运输工具，如货运飞机、客机腹舱等，将货物从一 个地点安全、迅速地运送到另一个地点的专业物流活动。相比传统的陆运和海 运，航空货运以其运输速度快、服务高效、覆盖范围广泛等显著优势，成为满 足现代社会对时效性和安全性要求的重要物流方式。航空货运主要承担高价值 商品、紧急物资、易腐易损品以及体积较小但重量较轻的货物运输任务，例如 电子产品、医药制品、生鲜食品、贵重金属及重要文件等。航空货运不仅仅局 限于货物的空中运输，还包括货物的全流程管理和配套服务。这些服务涵盖货 物的装卸操作、仓储管理、分拣分配、包装加固、报关报检、运输保险及最后 一公里配送等环节，确保货物在运输过程中的安全性和完整性。同时，现代航 空货运广泛应用信息化管理系统，如货物跟踪追踪、电子单证、智能仓储和大 数据分析，以提升运营效率和客户体验。作为现代物流体系 ...

证券之星消息，12月8日人民币升值受益板块较上一交易日上涨0.14%，凯撒旅业领涨。当日上证指数报 收于3924.08，上涨0.54%。深证成指报收于13329.99，上涨1.39%。人民币升值受益板块个股涨跌见下 表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000796 | 凯撒旋业 | 7.09 | 5.19% | 120.18万 | 8.44亿 | | 000825 | 太钢不锈 | 4.56 | 4.35% | 141.10万 | 6.39亿 | | 600115 | 中国东航 | 5.22 | 2.35% | 90.57万 | 4.65亿 | | 605090 | 九丰能源 | 33.34 | 1.46% | 13.27万 | 4.50亿 | | 601888 | 中国中免 | 82.11 | 1.35% | 31.27万 | 25.64亿 | | 300892 | 品屋食品 | 33.30 | 1.06% | 2.94万 | 9739.97万 | | 601111 | 中国 ...