Core Insights - The article highlights the successful operation of the C909 aircraft at Jieyang Chaoshan International Airport, emphasizing its role in promoting domestic aircraft development and achieving high operational metrics such as the highest takeoff and landing frequency and bridge docking rate in the country [1][5]. Group 1: Operational Success - The C909 has achieved the highest takeoff and landing frequency and bridge docking rate in China, demonstrating its effective integration into the airport's operations [1]. - The airport's strategic alignment with the C909's characteristics and regional travel demands has led to a stable passenger base and high satisfaction rates, with passenger satisfaction consistently above 95% [5][10]. Group 2: Regional Connectivity - Jieyang Chaoshan International Airport serves as a crucial transportation hub for the Guangdong-Hong Kong-Macau Greater Bay Area and the West Coast Economic Zone, facilitating travel for millions of overseas Chinese [3]. - The C909's design caters to short-haul, high-frequency travel needs, making it an ideal choice for local business and family travel, significantly reducing travel costs and time [3][4]. Group 3: Infrastructure and Service Enhancements - The airport has undertaken significant hardware upgrades, including customized bridge modifications to accommodate the C909, achieving a bridge docking rate of over 85% [7][8]. - A series of passenger-friendly services, such as a 30-minute check-in policy and direct bridge boarding, have improved the overall travel experience, addressing common traveler pain points [4][9]. Group 4: Market Development and Experience Sharing - The airport has actively collaborated with major airlines to increase flight capacity, achieving a stable passenger load factor of over 85% on key routes [10][11]. - The operational experience gained from the C909 has been documented into a comprehensive training manual, establishing industry standards for ground service and support for domestic aircraft [11][12]. Group 5: Future Prospects - The airport aims to enhance its operational capabilities and expand its international route network, positioning the C909 as a model for domestic aircraft operations and contributing to the broader goals of China's aviation industry [12][13].

跑道与航站楼同步升级 机场高峰小时容量是衡量其吞吐能力的关键指标。白云机场该指标在2023年度由78架次增至83架次，而这一数字在近期随着T3航站楼及第五跑道的启用得 到了决定性提升——民航局已正式批复其高峰小时容量标准调整为93架次/小时。 今年10月30日，白云机场T3航站楼与第五跑道同步投运，标志着机场正式迈入"五条跑道+三座航站楼"的超大规模运行新阶段。这一设施升级，为此次容量 标准上调提供了坚实基础，也有助于白云机场在航班调度、滑行效率、旅客登机体验等方面实现全面提升。 得益于设施升级和运力优化，机场运行效率明显提升。数据显示，2025年10月1日至31日，白云机场累计接送旅客超过760万人次，同比增长逾11%，创下历 史新高。 广州白云机场航空枢纽能级迎来标志性飞跃。近日，其高峰小时容量标准获民航局批复增至93架次/小时，标志着机场运行效率与空域承载能力迈上新台 阶。 广州白云机场。 运行能力新突破 白云机场成国内最活跃航空枢纽 当前，国内外航空市场持续回暖，旅客出行需求旺盛。此次容量上调，有助于白云机场更高效地应对航班高峰时段，满足旅客日益增长的出行需求，为区域 经济发展注入新动能。 航旅纵横大 ...

（文章来源：新华财经） 新华财经上海11月14日电国际航协消息，中国东方航空公司宣布加入国际航协航班计划数据交互项目 （SDEP）。至此，该计划已涵盖中国四大航空公司——中国国际航空公司、中国东方航空公司、中国 南方航空公司和海南航空公司，标志着该计划在中国市场的推进迈出了重要一步。随着中国四大航空公 司加入航班计划数据交互项目，该项目目前涵盖了中国民航75%以上的运力。 ...

人民财讯11月14日电，记者今日从国际航协获悉，中国东方航空公司宣布加入国际航协航班计划数据交 互项目(SDEP)。至此，该计划已涵盖中国四大航空公司——中国国际航空公司、中国东方航空公司、 中国南方航空（600029）公司和海南航空公司，标志着该计划在中国市场的推进迈出了重要一步。随着 中国四大航空公司加入航班计划数据交互项目，该项目目前涵盖了中国民航75%以上的运力。 ...

Core Viewpoint - AVIC Group is transferring its 24% stake in Bank of China Samsung Life Insurance at a base price of 1.736 billion yuan, reflecting a decrease from the previous transfer price of 1.815 billion yuan [1][2] Group 1: Stake Transfer Details - The transfer deadline for the stake is set for December 8, 2023 [1] - AVIC Group has been a founding shareholder of Bank of China Samsung Life Insurance since its establishment in 2005, holding the stake for 20 years [1] - The previous transfer in December 2024 had a base price of 1.815 billion yuan, indicating a decrease of approximately 79 million yuan in the current transfer [1] Group 2: Corporate Strategy and Management Changes - The stake transfer aligns with the policy directive to "strictly control non-core investments, focus on primary responsibilities, and enhance the efficiency of state-owned capital allocation" [2] - AVIC Group's core asset is Air China, emphasizing its focus on the aviation sector [2] - A management change occurred at Bank of China Samsung Life Insurance, with the original chairman Ma Chaolong retiring and General Manager Qiu Zhikun taking over [2] Group 3: Financial Performance of Bank of China Samsung Life Insurance - The insurance business revenue for Bank of China Samsung Life Insurance is projected to grow from 17.326 billion yuan in 2022 to 29.862 billion yuan in 2024, with net profits increasing from 0.08 billion yuan to 4.83 billion yuan over the same period [2] - In the first three quarters of 2023, the company achieved insurance business revenue of 29.316 billion yuan, with net profit rising by 29.38% to 0.694 billion yuan [2] - As of the end of Q3 2023, total assets of Bank of China Samsung Life Insurance stood at 151.76 billion yuan, with a core solvency adequacy ratio of 166.92%, down 23.46% year-on-year, and a comprehensive solvency adequacy ratio of 225.37%, down 38.33% year-on-year [2]

11月12-13日，中美航空合作项目（ACP）第十届运输航空运行安全研讨会在厦门举行。中国民用航空 局副局长梁楠出席会议并致辞。中国民航各地区管理局，各运输航空公司，管干院、航科院、飞行学 院、信息中心，飞行员协会以及国际民航组织（ICAO）、国际航空运输协会（IATA），美国波音公 司、GE航空航天、普惠公司、杰普逊公司、柯林斯宇航、美联航、达美航、联邦快递、阿特拉斯航等 约200名代表参会。 ACP于2004年启动，是中美民航领域交流合作的重要渠道和平台。中美民航业界通过ACP平台在航空安 全、飞行标准、适航审定、航空安保等领域开展交流合作，为促进两国航空业安全健康发展发挥重要作 用。（中国民航报）（编辑：李佳洹 校对：陈虹莹 审核：韩磊） 会议围绕航空安全管理体系（SMS）建设和实施经验、新技术创新应用等方面开展交流研讨。中国民航 局飞行标准司负责人、波音民机集团飞机项目与客户支持高级副总裁兼总经理等分别就中国民航飞行标 准与安全管理体系建设的实践与展望，合作、创新与持续改进强化航空安全等作主题演讲。国航、厦 航、波音、GE航空航天、达美航等分别就数据驱动安全、EDR颠簸探测及预报产品应用、SMS实施数 ...

Investment Rating - The report maintains a positive outlook on cyclical sectors, indicating that quality dividend stocks still have upward potential [1]. Core Insights - The transportation industry showed stable performance in the first three quarters of 2025, with infrastructure sector key stocks meeting expectations, shipping stocks recovering, and express delivery volumes and prices increasing due to anti-involution policies [1][7]. - The report emphasizes the importance of monitoring cyclical sector fundamentals and highlights the potential for further gains in quality dividend stocks [1][7]. Summary by Sections Overview of the Transportation Sector - The overall performance of the transportation industry from the beginning of 2025 to November 10 showed an increase of 8.5%, underperforming compared to the Shanghai and Shenzhen 300 index, which rose by 31.6% [11]. - The logistics sector benefited from anti-involution policies, while infrastructure sectors like highways and railways experienced declines [11]. Highway Sector - In the first three quarters of 2025, highway passenger transport decreased by 2.6% year-on-year, while freight transport increased by 4.1% [16]. - The performance of listed companies varied, with some showing stable toll revenue while others faced declines due to network adjustments and acquisitions [16][17]. Port Sector - National port cargo throughput reached 1.357 billion tons, a year-on-year increase of 4.6%, with container throughput growing by 6.3% [18]. - Key companies like China Merchants Port and Qingdao Port maintained stable performance, while Tangshan Port showed significant recovery in Q3 [18][19]. Railway Sector - Railway passenger volume grew by 6% year-on-year, while freight volume increased by 2.8% [22]. - The report anticipates continued growth in passenger transport, driven by new projects, although freight transport may face challenges due to economic conditions [22]. Shipping Sector - The shipping sector experienced a decline in container shipping rates in the first three quarters, but Q3 showed signs of recovery [25]. - The report forecasts improved performance for oil tanker companies in Q4 and 2026 due to favorable market conditions [28]. Express Delivery Sector - The express delivery industry saw a 17.2% increase in business volume in the first three quarters, although average prices fell by 7.1% [30]. - The report predicts a return to price increases in Q4, driven by anti-involution policies, with overall profitability expected to improve [31]. Logistics Supply Chain Sector - Cross-border air transport demand remained resilient, with a 6.4% year-on-year increase in cross-border e-commerce imports and exports [32]. - The report suggests that contract logistics volumes are expected to stabilize as economic conditions improve [33]. Aviation Sector - The aviation industry reported a 9.1% year-on-year increase in passenger turnover, with domestic routes showing a 4.2% increase [35]. - The report anticipates a significant reduction in losses for the industry in Q4, with a potential for profit recovery in 2026 [36]. Airport Sector - The airport sector experienced a 4.4% year-on-year increase in passenger throughput, with significant growth in international travel [38]. - The report highlights the ongoing recovery in airport operations and profitability due to increased passenger volumes and improved cost management [38].

Core Insights - The appreciation of the Renminbi has led to a 1.03% increase in the benefiting sectors compared to the previous trading day, with ST Chenming leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Sector Performance - ST Chenming (000488) closed at 2.25, with a gain of 5.14% and a trading volume of 578,700 shares, amounting to a transaction value of 129 million [1] - Tongling Nonferrous Metals (000630) closed at 5.40, up 3.65%, with a trading volume of 3,796,000 shares and a transaction value of 204.5 million [1] - Shanying International (600567) closed at 1.86, gaining 2.76%, with a trading volume of 2,988,000 shares and a transaction value of 550 million [1] - China National Duty-Free (601888) closed at 90.52, up 1.47%, with a trading volume of 854,000 shares and a transaction value of 7.624 billion [1] Capital Flow - The net inflow of main funds in the Renminbi appreciation benefiting sector was 41.75 million, while retail funds saw a net inflow of 64.44 million [2] - The net outflow of speculative funds was 106 million [2] Individual Stock Capital Flow - Tongling Nonferrous Metals (000630) had a main fund net inflow of 1.29 billion, but speculative and retail funds saw net outflows of 55.30 million and 73.20 million respectively [3] - China National Duty-Free (601888) experienced a main fund net inflow of 64.16 million, while retail funds had a net outflow of 103 million [3] - ST Chenming (000488) had a significant main fund net inflow of 38.29 million, but both speculative and retail funds experienced net outflows [3]

Core Viewpoint - The aviation and airport sector experienced a rise of 1.24% on November 13, with Huaxia Airlines leading the gains, while the overall market indices also showed positive performance [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4029.5, up 0.73%, and the Shenzhen Component Index closed at 13476.52, up 1.78% [1]. - Key stocks in the aviation and airport sector showed varying degrees of increase, with Huaxia Airlines rising by 3.19% to a closing price of 12.30 [1]. Group 2: Stock Performance - The following stocks in the aviation and airport sector had notable performances: - Huaxia Airlines: 12.30, +3.19%, volume 287,000 [1] - Xiamen Airport: 17.22, +2.32%, volume 141,500 [1] - Shanghai Airport: 34.55, +1.74%, volume 264,200 [1] - Spring Airlines: 59.82, +1.54%, volume 55,700 [1] - China National Aviation: 8.85, +1.26%, volume 560,500 [1] - Baiyun Airport: 10.33, +1.18%, volume 250,100 [1] - China Eastern Airlines: 5.32, +1.14%, volume 1,091,200 [1] - Southern Airlines: 7.32, +1.10%, volume 456,700 [1] - HNA Holding: 1.87, +1.08%, volume 7,282,400 [1] - Juneyao Airlines: 14.75, +0.55%, volume 216,000 [1]. Group 3: Capital Flow - The aviation and airport sector saw a net outflow of 46.93 million yuan from institutional investors and a net outflow of 104 million yuan from speculative funds, while retail investors contributed a net inflow of 151 million yuan [2]. - Detailed capital flow for specific stocks indicated that: - China Eastern Airlines had a net inflow of 62.69 million yuan from institutional investors [3]. - HNA Holding experienced a net outflow of 31.68 million yuan from speculative funds [3]. - Retail investors showed a net inflow of 22.73 million yuan into Juneyao Airlines [3].

Group 1: Express Delivery Industry - The express delivery sector is expected to benefit from anti-involution policies, with prices starting to rise since July 2025 due to government measures against low-price and disorderly competition [13][15][20] - In September 2025, major express companies reported a year-on-year increase in single ticket prices, indicating the initial success of the anti-involution policies [24][21] - The express delivery volume is projected to maintain good growth, with a compound annual growth rate of 11.6% from 2023 to 2028 [34][32] Group 2: Oil Transportation Industry - The average age of VLCC (Very Large Crude Carrier) ships reached a historical high of 13 years in August 2025, indicating a need for capacity renewal [52][51] - There is a significant gap between the number of new orders and the required capacity updates, with only 112 VLCCs expected to be delivered by 2029 against a potential scrapping of 319 older vessels [58][56] - Global oil production and consumption are expected to grow in the coming years, which may positively impact oil transportation demand [43][42] Group 3: Aviation Industry - The aviation sector is anticipated to enter a supply-demand resonance cycle, with a projected low growth rate in aircraft supply over the next eight years [71][73] - Most airlines are expected to see good growth in passenger numbers in 2025, with overall load factors remaining high [80][84] - Government policies aimed at promoting consumption and addressing competition in the aviation sector are expected to boost demand in 2026 [90][92]