Group 1 - The year 2026 marks the beginning of the "15th Five-Year Plan," with strategies focusing on "anti-involution" and "promoting outbound" as key measures to address current economic development bottlenecks and cultivate new growth momentum [2][4] - The aviation industry is expected to see accelerated profit recovery in 2026, with strong performance in 2025 and support from policies aimed at reducing competition and boosting demand [4] - The express delivery industry is identified as a benchmark for "anti-involution," with expected improvements in 2026 as price increases take effect and profits begin to recover [4] Group 2 - Jitu Express is highlighted for its growth potential in Southeast Asia and Latin America, benefiting from a strong partnership with TikTok, leading to a 65% increase in parcel volume in 2025 [3] - Jiayou International is focusing on logistics in Africa, with significant profit contributions expected from coal trade in Mongolia and rapid growth potential in Africa [3] - The shipping industry is experiencing a global shift, with oil transportation seeing high demand due to OPEC+ production increases and sanctions, while dry bulk shipping is anticipated to improve as new mining projects come online [5]

Core Points - The civil aviation recruitment for pilots has been initiated, with universities such as Beihang University, Nanjing University of Aeronautics and Astronautics, and the Civil Aviation Flight University of China announcing their recruitment plans for 2026 [1] - The recruitment process involves high school students applying to specialized flight technology programs, with specific academic requirements including physics and chemistry as elective subjects, and a minimum score threshold in the national college entrance examination [1] - The recruitment is primarily male-only for the participating universities, and candidates must undergo a series of assessments including preliminary checks, medical examinations, and background investigations [1] Summary by Categories Recruitment Process - Civil aviation recruitment is conducted by universities specializing in flight technology, with major airlines like Air China, China Eastern Airlines, and China Southern Airlines participating in joint recruitment efforts [1] - Candidates must pass a series of steps including registration, preliminary selection, medical examination, and background checks, followed by filling out college application forms for early admission [1] Academic Requirements - The universities require candidates to have selected physics and chemistry in their college entrance examination, with a minimum overall score of 60% and specific English language requirements varying by institution [1] - The Civil Aviation University of China is the only institution not currently participating in the 2026 recruitment announcements [1] Candidate Eligibility - The recruitment is exclusively for male candidates at the three participating universities, and those who are not accepted into the pilot training program can still pursue other academic options without affecting their admission to other universities [1][2]

Core Viewpoint - Chinese airlines, including China Southern Airlines, Air China, and China Eastern Airlines, have announced special handling procedures for tickets related to flights to Japan due to recent travel advisories from the Ministry of Foreign Affairs [1][22]. Group 1: China Southern Airlines (CSN) - Applicable tickets include those purchased or exchanged before November 15, 2025, for flights to and from Japan between November 15, 2025, and December 31, 2025 [2]. - Ticket change rules allow for the first change to a flight on the same route without a change fee, with fare differences applicable [2]. - Refunds can be requested without a refund fee within the ticket validity period [3]. Group 2: Air China (CA) - Applicable conditions for tickets include those purchased before November 15, 2025, for flights to specific Japanese cities during the same travel window [7]. - Ticket change rules permit the first change without a fee, but fare differences will apply, and subsequent changes must follow ticket conditions [10]. - Refunds can be processed without a fee for unused segments within the ticket validity period [10]. Group 3: China Eastern Airlines (CES) - Applicable tickets include those issued before November 15, 2025, for flights involving Japan during the specified travel dates [13]. - Ticket change policies allow for one free change if made within three days before or after the original flight [17]. - Refunds for unused segments can be processed without a fee, with conditions applying for previously changed tickets [17].

Summary of the Investor Presentation on HK/China Transportation Industry Overview - **Industry Focus**: The presentation covers the transportation sector in Hong Kong and China, specifically focusing on airlines, shipping, and express delivery [1][6]. Airlines - **Market Outlook**: The outlook for Chinese airlines remains bullish, driven by a supply-driven upcycle. Business demand is gradually recovering, with summer weaknesses fading [2][73]. - **Pricing Dynamics**: There is a closing pricing inflection due to continuous improvements in Passenger Load Factor (PLF) and a consensus among airlines against anti-involution practices [2][69]. - **Key Picks**: - Top pick: Air China-H (0753.HK) - Other recommendations: China Eastern Airlines-H (0670.HK), China Southern Airlines-H (1055.HK), Spring Airlines (601021.SS) [2][73]. - **Performance Metrics**: - 3Q25 total Revenue Passenger Kilometers (RPK) grew by 6.3% YoY, reaching +23% compared to 2019 levels [12][14]. - Domestic PLF improved to 89.4% in October, up by 4.1 percentage points YoY [28][69]. - Business route passenger growth recovered to 5.9% in October from approximately 3% during the summer [24][69]. Shipping - **Geopolitical Influences**: Geopolitical dynamics are significant factors affecting the shipping industry. VLCC (Very Large Crude Carrier) rates have reached new highs due to increased demand for "legitimate tankers" [3][80]. - **Tanker Market**: The tanker upcycle is expected to continue, with limited VLCC deliveries until the second half of 2026 [80][84]. - **Container Shipping Outlook**: The outlook for container shipping remains uncertain due to oversupply and disruptions from global trade frictions. The container ship orderbook/fleet ratio is at 32%, indicating high supply pressure [3][115][118]. Express Delivery - **Market Trends**: The express delivery industry is experiencing decelerated volume growth, with smaller players losing market share amid anti-involution initiatives. Leading players are consolidating and acquiring a majority of segment profits [4][125][127]. - **Key Players**: ZTO (ZTO.N) and YTO (600233.SS) are highlighted as market share leaders, while concerns remain for smaller players like Yunda (002120.SZ) due to sustained profit pressure [9][130]. Additional Insights - **Inbound Travel Recovery**: International demand growth for airlines remains robust, with total international capacity recovering to approximately 85% of 2019 levels, and that operated by Chinese airlines reaching about 105% [29][31]. - **Profitability Metrics**: The correlation between load factors and margins suggests that improved PLFs will support higher profitability for airlines [70][72]. - **Market Consolidation**: The express delivery market is consolidating, with leading players benefiting from anti-involution measures, while smaller players struggle to maintain market share [125][127]. This summary encapsulates the key insights and metrics from the investor presentation, providing a comprehensive overview of the current state and outlook of the transportation sector in Hong Kong and China.

航空 - 重磅专家交流：中日航线扰动下国际航线现状及展 望 20251116 摘要 受日本事件影响，春秋航空和吉祥航空受冲击较大，因其日本航线运力 占比分别约为 40%和 20%，而三大航司占比均低于 10%，影响相对可 控。短期内免费退票政策影响有限，长期签证持有者可灵活调整出行计 划。 中日航线宽体机主要用于东京、大阪及季节性札幌，占比约 20%。减少 班次时，宽体机可转投北美、澳洲、中东等长程或新开航线，或通过合 并班次、窄体机替代等方式调整运营。 航空公司面对需求下降时，会迅速调整运力，如减少班次、大换小、小 并班等。团队游取消对客座率影响显著，航空公司会相应调整机型或班 次。 日本线路票价前三季度波动大，四季度通过减投运力等措施稳定票价， 预售状况良好。未来 45 天内，根据市场需求调整运力匹配，可维持票 价稳定和合理客座率。 Q&A 当前中日航线的现状如何？近期的外交部提醒和航空公司政策对市场有何影响？ 目前，中日航线在整体国际航线中的占比相对较小。三大航空公司（东航、南 航和国航）中，只有东航在日本航线上投入超过 10%的运力，而南航和国航分 别不足 10%和 8%左右。因此，尽管近期出现了免费 ...

据领事直通车官微，今年以来，日本社会治安不靖，针对中国公民违法犯罪案件多发，发生多起在日中国公民遇袭事件，部分案件迄未侦破，中国公民在日 本安全环境持续恶化。近日，日本领导人公然发表涉台露骨挑衅言论，严重恶化中日人员交流氛围，给在日中国公民人身和生命安全带来重大风险。外交部 和中国驻日本使领馆郑重提醒中国公民近期避免前往日本，已在日中国公民密切关注当地治安形势，提高安全防范意识，加强自我保护。如遇紧急情况，请 及时报警并联系驻日使领馆寻求协助。 14日，外交部发言人林剑主持例行记者会。法新社记者提问称，欧盟成员国已经同意取消对小包裹的免税政策，主要是针对廉价的中国商品涌入欧盟，外交 部对此有何评论？"具体问题建议你向中方的主管部门了解。"林剑对此表示，我们希望欧盟方面能够坚持市场经济原则，为包括中国企业在内的各国企业提 供公平、透明、非歧视的营商环境。 河南新乡市人民检察院依法对释永信批准逮捕 欧盟成员国已经同意取消对小包裹的免税政策 外交部回应 宏观•要闻 商务部新闻发言人就荷经济大臣卡雷曼斯就安世半导体问题表态答记者问 希望荷方带着建设性方案来 商务部新闻发言人就荷经济大臣卡雷曼斯就安世半导体问题表态答记 ...

Group 1: Impact on Airlines - Multiple Chinese airlines, including Air China, China Southern Airlines, and China Eastern Airlines, have announced special policies for ticket refunds and changes for flights to Japan due to safety concerns raised by the Chinese government [1][4][5] - As of November 16, 10 airlines have implemented refund and change policies for flights to Japan, reflecting a significant operational adjustment in response to the current geopolitical climate [6][2] - The weekly flight volume from mainland China to Japan has seen a substantial decline, with a recovery rate of 82.9% compared to the same period in 2019, marking a 14.5% decrease from the previous week [1][6] Group 2: Market Trends - The number of flights between mainland China and Japan has been decreasing for four consecutive weeks, indicating a potential long-term impact on the travel market [6][7] - Chinese tourists have been the largest group of foreign visitors to Japan, with a notable increase in travel numbers earlier this year, but the current situation may hinder future growth [7] Group 3: Geopolitical Context - The Chinese Ministry of Foreign Affairs has issued warnings regarding the deteriorating safety environment for Chinese citizens in Japan, citing multiple incidents of violence against Chinese nationals [2][4] - Recent provocative statements by Japanese leaders regarding Taiwan have further strained Sino-Japanese relations, potentially affecting tourism and travel between the two countries [8][9]

Group 1 - Japan has been a major outbound destination for Chinese tourists, but recent advisories from the Chinese Ministry of Foreign Affairs and the Ministry of Culture and Tourism have led to a significant decline in flight volumes to Japan [1][6] - As of the 45th week of the year (November 3-9), the weekly flight volume between mainland China and Japan was 1,189 flights, with a recovery rate of 82.9% compared to the same period in 2019, marking a 14.5% decrease from the previous week [1][6] - Ten airlines have announced special policies for ticket refunds and changes for flights to Japan, allowing free cancellations and modifications for tickets purchased before November 15, 2023, for travel dates until December 31, 2025 [4][5] Group 2 - Chinese airlines account for approximately 80% of the flight volume on the China-Japan route, with the top five airlines (China Eastern Airlines, Air China, Spring Airlines, China Southern Airlines, and Juneyao Airlines) holding about 77% of the total capacity [6] - The number of flights from mainland China to Japan has been declining for four consecutive weeks since the end of the summer travel season, with flight numbers dropping from 1,223 to 1,189 during this period [6] - The inbound tourism market from mainland China to Japan is expected to be affected, as data from the Japan National Tourism Organization shows that in September 2025, the number of foreign tourists entering Japan was 3.267 million, a year-on-year increase of 13.7% [6]

Group 1: Government Initiatives and Policies - The State Council, led by Premier Li Qiang, emphasizes the importance of integrating "two重" construction into the "十四五" planning, focusing on strategic and forward-looking requirements to enhance supply-demand balance and promote consumption upgrades [1] - The State Council issued measures to further promote private investment, including encouraging private capital participation in key sectors like railways and nuclear power, and supporting private enterprises in major technological tasks [2] - The National Development and Reform Commission (NDRC) reported that 83 infrastructure REITs projects have been issued, expected to drive new project investments exceeding 1 trillion yuan [3] Group 2: Economic Indicators and Trends - In the first ten months of 2025, the industrial added value in China increased by 6.1% year-on-year, while fixed asset investment decreased by 1.7% [5] - The total retail sales of consumer goods in October reached 46,291 billion yuan, showing a year-on-year growth of 2.9% [5] - The People's Bank of China reported that the broad money supply (M2) reached 335.13 trillion yuan, growing by 8.2% year-on-year as of the end of October [4] Group 3: Sector-Specific Developments - The NDRC is promoting the digital transformation of the logistics industry, aiming to reduce logistics costs through the application of technologies like IoT and big data [3] - The Chinese automotive industry saw a significant increase in new energy vehicle sales, which accounted for 51.6% of total new car sales in October, marking a year-on-year growth of 21.1% [7] - The Ministry of Education and other departments are working on strengthening technology education in primary and secondary schools, aiming for a comprehensive system by 2030 [8]

文化和旅游部郑重提醒中国游客近期避免前往日本旅游，已在日中国游客密切关注当地治安形势，提高安全防范意识，加强自我保护，如遇紧急情况，请及时报警并联系驻日使领馆寻求协助。 https://t.co/ZgZGNM4QrT外汇交易员 (@myfxtrader):11月15日，国航、南航、东航等多家航司发出通知，公布了涉及日本航线客票的特殊处置方案，对于出行日期在12月31日之前且符合相关条件的客票，可予以免费退改处理。 https://t.co/JnH52SWdW2 ...