央视新闻消息，近日，网友汤先生发帖称，他此前通过第三方购票平台花470元购买了一张北京飞往宜 昌的机票，后因行程变化办理了改签。待行程结束，开具发票时，他才发现，"退改费用"竟高达894 元，接近原机票价格的两倍。 第三方平台回应称，由于改签时间临近起飞，且机票价格实时浮动，新机票价格高于原价，因此产生了 780元票价差价及114元手续费，合计894元。机票退改签费用一般怎么计算？该如何进一步完善机票退 改规则？ 2025年12月16日，汤先生在某购票平台购买了12月30日由国航执飞的北京大兴至湖北宜昌的航班，支付 总费用558元（含机票款470元、保险40元及一份价值48元的"全能保障服务"）。12月26日，因行程变 动，他将机票改签至27日。事后第三方平台开具的行程发票信息显示，开票总价为1364元，其中470元 为"代订机票产品"，894元为"退改费用"。汤先生表示，他没想到改签费用接近票价的两倍。 第三方平台回应称，由于改签时间临近起飞，且机票价格实时浮动，新机票价格高于原价，因此产生了 780元票价差价及114元改签手续费，合计894元。而平台页面所提示的"免收退票费"，实指汤先生购买 的"全能保障 ...

央广网北京1月13日消息（总台中国之声记者管昕）据中央广播电视总台中国之声《新闻纵横》报 道，近日，网友汤先生发帖称，他此前通过第三方购票平台花470元购买了一张北京飞往宜昌的机票， 后因行程变化办理了改签。待行程结束，开具发票时，他才发现，"退改费用"竟高达894元，接近原机 票价格的两倍。 第三方平台回应称，由于改签时间临近起飞，且机票价格实时浮动，新机票价格高于原价，因此产 生了780元票价差价及114元手续费，合计894元。机票退改签费用一般怎么计算？该如何进一步完善机 票退改规则？ 2025年12月16日，汤先生在某购票平台购买了12月30日由国航执飞的北京大兴至湖北宜昌的航班， 支付总费用558元（含机票款470元、保险40元及一份价值48元的"全能保障服务"）。12月26日，因行程 变动，他将机票改签至27日。事后第三方平台开具的行程发票信息显示，开票总价为1364元，其中470 元为"代订机票产品"，894元为"退改费用"。汤先生表示，他没想到改签费用接近票价的两倍。 汤先生说："因为行程改变了，我就决定12月27日去一趟宜昌。我想把30日这张票退掉，就在平台 上去退。但是平台提示我，如果改同 ...

Group 1: Industry Dynamics - The national postal conference held on January 7, 2026, forecasts an 8% year-on-year growth in express delivery volume, reaching 2.14 billion packages in 2026 [1][2] - The conference emphasizes a shift from traditional growth models focused on scale and speed to quality improvement and reasonable growth, urging companies to abandon the "price for volume" model to curb irrational competition [1][2] - The government is expected to play a more active role in industry governance, enhancing regulatory effectiveness and establishing a comprehensive policy framework [2] Group 2: Company Performance - Jitu Express reported a 14.5% year-on-year increase in package volume for Q4 2025, totaling 8.46 billion packages, with Southeast Asia and new markets seeing growth rates exceeding 70% [3] - The company plans to continue investing in infrastructure and optimizing its network partnerships to enhance operational efficiency [3] Group 3: Regulatory Developments - The Jiangxi Provincial Postal Administration held a meeting to address "anti-involution" in the express delivery industry, focusing on protecting couriers' rights and standardizing delivery fee structures [4] - The meeting called for a unified delivery fee standard across the province and emphasized the need for emergency response mechanisms for issues like wage arrears [4] Group 4: Aviation Industry Insights - The civil aviation industry reported a total profit of 6.5 billion yuan in 2025, with significant increases in transportation metrics, including a 10.5% rise in total turnover and a 13.3% increase in cargo volume [7] - The International Air Transport Association (IATA) noted a 5.7% year-on-year growth in global passenger demand for November 2025, with a record load factor of 83.7% [8] Group 5: Shipping and Port Activity - Recent unrest in Iran could impact oil exports and shipping rates, with potential scenarios including increased oil prices and shipping costs due to geopolitical tensions [9] - South Korean shipowners are actively acquiring older VLCCs, indicating a positive outlook for the VLCC market [10] - Container throughput in Chinese ports decreased by 0.65% week-on-week, while container volume increased by 6.27% [12] Group 6: Logistics and Supply Chain - The logistics sector in China is operating smoothly, with national rail freight down 8.54% and highway freight traffic down 14.87% during the last week of December 2025 [13] - The supply chain logistics sector is expected to benefit from a shift towards quality and efficiency, with companies like Debon Logistics and Aneng Logistics showing promising growth potential [17]

Core Insights - The report highlights a model for industry ETF allocation that predicts an excess return of 21.4% by 2025, emphasizing sectors with lower crowding and improving trends, particularly in defense and non-banking industries [3][4]. Industry Performance - The top-performing industries in January include: - Defense and Military: 33.2% - Media: 24.1% - Computer: 19.5% - Non-ferrous Metals: 19.3% - Comprehensive: 15.7% - The bottom-performing industries in January include: - Banking: -0.6% - Food and Beverage: 1.0% - Utilities: 1.1% - Agriculture, Forestry, Animal Husbandry, and Fishery: 2.4% - Transportation: 4.0% [1]. Fixed Income and Commodity Prices - The basic economic index shows a slight increase to 129.5 points, with a year-on-year increase of 6.1 points. The industrial production index is at 128.0, reflecting a year-on-year increase of 4.8 points [4]. Transportation Sector - The aviation sector is expected to see long-term growth due to low supply growth and recovering demand, with recommendations for specific airlines based on performance certainty [5]. Overseas Market Insights - The report discusses the rapid expansion of the autonomous driving platform company, WeRide, projecting revenues of 5.5 billion, 9.9 billion, and 18.0 billion CNY from 2025 to 2027, with a target valuation of 643 billion HKD [6]. Retail Sector - The jewelry sector is anticipated to benefit from the upcoming Spring Festival, with strong consumer demand and potential valuation shifts, recommending several key companies for investment [7]. Chemical Industry - The report emphasizes the transformative potential of AI in scientific research, particularly in drug development and materials science, estimating a market size of approximately 1.486 trillion USD across various sectors [9][10].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express logistics industry is expected to maintain a steady growth rate of 8% in 2026, with a projected completion of 2.14 billion packages, reflecting a year-on-year increase of approximately 8% [4] - The industry is shifting focus from traditional growth based on scale and speed to quality improvement and reasonable growth, emphasizing the role of government in regulation and compliance [4] - The demand for e-commerce express delivery remains resilient, with a "de-involution" trend driving up express prices and releasing profit elasticity for companies [14] - The shipping market is expected to benefit from the OPEC+ production increase cycle and the Federal Reserve's interest rate cuts, enhancing the elasticity of VLCC freight rates [15] - The air transport sector is showing signs of a long-term bullish trend, with stable demand growth and tightening supply conditions [15] Summary by Sections Express Logistics - The national postal conference highlighted the need for quality development and government involvement in the express logistics sector [4] - Jitu Express reported a 14.5% year-on-year increase in package volume for Q4 2025, with significant growth in Southeast Asia and new markets [5] - The Jiangxi Provincial Postal Administration held a meeting to address the "de-involution" issue in the express industry, focusing on protecting couriers' rights and standardizing payment structures [6] Shipping and Ports - The Iranian unrest poses potential risks to oil exports and shipping rates, with three possible future scenarios affecting the oil transport market [10] - South Korean shipowners are actively acquiring older VLCCs, indicating a positive outlook for the VLCC market [11] - The overall shipping rates have shown slight declines, with the SCFI index decreasing by 0.5% [12] - The BDI index for bulk shipping has decreased by 4.7%, indicating a downward trend in shipping rates [13] Aviation - The civil aviation sector achieved a total profit of 6.5 billion yuan in 2025, with significant increases in passenger and cargo transport volumes [9] - The overall passenger load factor for major airlines was 85.57%, reflecting a slight decrease from the previous month [59] Road and Rail - National logistics operations have been running smoothly, with a decrease in freight transport volumes reported [13] - The road freight volume for November 2025 was 3.876 billion tons, showing a year-on-year increase of 3.57% [67] Port Operations - The total cargo throughput at Chinese ports decreased by 0.65% week-on-week, while container throughput increased by 6.27% [78]

Core Viewpoint - The aviation and airport sector experienced a slight increase of 0.23% on January 12, with CITIC Offshore Helicopter leading the gains. The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1]. Group 1: Stock Performance - CITIC Offshore Helicopter (000099) closed at 22.36, up 4.24% with a trading volume of 401,400 shares and a transaction value of 886 million yuan [1]. - Xiamen Airport (600897) closed at 17.47, up 1.22% with a trading volume of 82,500 shares and a transaction value of 143 million yuan [1]. - China Eastern Airlines (600115) closed at 6.00, up 0.33% with a trading volume of 1,101,000 shares [1]. Group 2: Capital Flow - The aviation and airport sector saw a net outflow of 18.41 million yuan from institutional investors, while retail investors had a net inflow of 25.28 million yuan [2]. - Major stocks like Hainan Airlines (600221) experienced a net inflow of 77.03 million yuan from institutional investors, but a net outflow of 49.07 million yuan from retail investors [3]. - Xiamen Airport (600897) had a net outflow of 9.17 million yuan from institutional investors, while retail investors contributed a net inflow of 469,890 yuan [3].

Core Viewpoint - The Chinese civil aviation industry is experiencing a significant shift, with a projected increase in air travel population to 500 million by the end of 2025, while also facing challenges such as rising ticket prices and the need to combat internal competition among airlines [4][8]. Group 1: Industry Growth and Challenges - By the end of 2025, China is expected to have 500 million people who have flown, making it the largest air travel population globally, but this also means that approximately 900 million people have never flown [4]. - The civil aviation industry reported a profit of 6.5 billion yuan in the previous year, with major airlines like Air China, China Eastern, and China Southern showing profitability [8]. - Despite the profitability, there is a growing concern about the sustainability of low-cost tickets, as the industry is moving towards a potential price increase, with the lowest ticket prices disappearing [8][9]. Group 2: Regulatory Measures and Market Dynamics - The Civil Aviation Administration of China has reiterated the need to curb "internal competition," suggesting that ticket prices should not fall below cost, indicating a potential shift towards higher fares [4][9]. - The push against internal competition reflects a broader trend in the Chinese economy, where various sectors are being urged to avoid price wars that could harm overall cash flow [9][10]. - The administrative measures to control pricing may help airlines maintain ticket prices but could also risk losing market share to high-speed rail, which offers competitive pricing and convenience [17][18]. Group 3: Consumer Behavior and Market Perception - The perception of air travel as expensive remains a barrier for many potential travelers, with a significant portion of the population associating airfares with the cost of train tickets [20]. - As business travelers reduce their travel budgets and opt for more cost-effective solutions like virtual meetings, airlines may struggle to maintain profitability without the support of high-paying customers [15][20]. - The shift in consumer behavior, combined with rising operational costs, poses a dilemma for the civil aviation industry, as higher ticket prices could deter new customers and limit growth [15][20].

Group 1 - The inbound ice and snow tourism market in China is experiencing explosive growth, with orders for ice and snow destinations nearly doubling year-on-year, particularly in Hebei, Xinjiang, and Inner Mongolia, which saw increases exceeding 130% [1] - Southeast Asian tourists account for nearly 70% of the inbound market, driven by favorable policies such as visa exemptions, making China's ice and snow tourism a popular choice for global travelers [1] - The peak travel season for ice and snow tourism has begun, with significant increases in flight bookings to destinations like Xinjiang Altay, Hebei Chongli, and Northeast Changbai Mountain [4] Group 2 - As of January 10, flight bookings to Xinjiang Altay exceeded 35,000, marking a year-on-year increase of approximately 50%, with post-New Year flight prices dropping to as low as 30% of the original fare [4] - Airlines such as China Southern Airlines have added new direct flights to Altay, while Hainan Airlines has launched 14 new routes from Harbin, connecting to 19 major cities across the country [4] - Different airlines have varying rules for the free transportation of ski equipment, with specific size and weight limitations for each carrier [7][9] Group 3 - High-speed trains are also a preferred mode of transportation for ski enthusiasts, with the Harbin Railway Bureau increasing the frequency of trains between Harbin and Yabuli to 38 daily trips, with intervals as short as 12 minutes [11] - The introduction of a 15-day valid travel ticket for the Northeast region allows for flexible travel across multiple segments, enhancing convenience for tourists [11] - The "Evening Departure, Morning Arrival" special train service has been standardized, significantly reducing travel time to ski resorts, allowing for overnight rest and early arrival at the snowfields [13]

（来源：河北新闻网） 转自：河北新闻网 【#男子称470元机票改签收894元退改费#】#多方回应470元机票改签后变1364元# 1月10日，网友汤先 生发帖称，他通过第三方购票平台花费470元购买了一张北京飞宜昌的机票，后因行程变化进行了改 签。数日后，汤先生在行程结束开具发票时才发现，他改签后被另外收取了894元"退改费用"。汤先生 提供的发票明细显示，开票总价为1364元，其中470元为"代订机票产品"，894元为"退改费用"。"平台 扣款扣的是银行卡，我一直都没注意，开完票我也没仔细看明细。"汤先生质疑，"退票费用"为何是机 票价格的近2倍？11日，相关平台回应记者称，汤先生当时花费的费用总计为558元（含机票470元、保 险40元、全能保障服务48元）。后于2025年12月26日早上6时40分提交了改签至27日起飞的申请，由于 飞行时间临近，机票价格实时浮动，新票价高于原价，因此产生了780元差价及114元手续费，共计894 元。另一客服人员解释，平台"免收退票费"提示实指汤先生购买的全能保障服务可抵扣部分手续费，但 该服务不涵盖机票差价。旅客购买该产品后，如果需要改期机票，在原计划起飞前七天改期可 ...

Investment Rating - The report does not explicitly state an overall investment rating for the industry Core Views - The logistics sector is seeing price increases due to a reduction in low-cost deliveries, benefiting leading companies like SF Express and ZTO Express [2] - The shipping market is experiencing a stable demand with a potential increase in oil transportation due to Venezuelan oil exports, which may positively impact the oil shipping market [4] - The airline sector is expected to see profit elasticity due to supply optimization and rising ticket prices, with recommendations for China Southern Airlines and Air China [3] Summary by Sections Transportation Market Review - The transportation index remained flat during the week of January 3-9, 2026, while the Shanghai Composite Index rose by 2.8%, indicating underperformance in the transportation sector [1][12] Industry Fundamentals Tracking Shipping and Ports - The shipping market is stabilizing with a good supply-demand relationship, and oil shipping is expected to rise due to the potential for Venezuelan oil to shift from black market to compliant market [20] - The China Export Container Freight Index (CCFI) was 1194.89 points, up 4.2% week-on-week but down 22.8% year-on-year [21] - The domestic trade container freight index (PDCI) was 1337 points, down 0.4% week-on-week and down 1.0% year-on-year [28] Aviation and Airports - In November 2025, civil aviation passenger volume reached 60.17 million, a year-on-year increase of 6%, with domestic routes up 5% and international routes up 19% [59] - The average daily flights in the week of January 3-9, 2026, were 14,725, a slight increase of 0.28% year-on-year [3] Rail and Road - In November 2025, national railway passenger volume was 331 million, up 8.94% year-on-year, while freight volume was 46 million tons, up 1.16% year-on-year [83] - The national highway freight volume was 3.876 billion tons, up 3.57% year-on-year, but the number of trucks on highways decreased by 14.86% week-on-week [89]