Core Points - The new winter flight schedule at Beijing Capital International Airport will take effect from October 26, 2023, and will last until March 28, 2026, covering a total of 154 days [1] - The airport plans to operate an average of 1,243 flights daily, with domestic flights (including Hong Kong, Macau, and Taiwan) averaging 1,023 and international flights expected to reach 166 daily [1] - A total of 212 destinations will be served, with 207 passenger destinations, including 127 domestic passenger destinations, which sees the addition of three new routes and the removal of six [1] Flight Operations Adjustments - Some domestic flights operated by Air China will see changes in terminal assignments, with 12 routes moving from Terminal 2 to Terminal 3 and 9 routes shifting from Terminal 3 to Terminal 2 [1] - The airport is preparing for potential extreme weather conditions during winter, including strong winds, snowfall, and low visibility, with a focus on enhancing flight planning verification and optimizing operational processes [2] - The airport will collaborate with air traffic control, airlines, and ground services to ensure safe and smooth flight operations and passenger services [2]

《中国民航报》 中国民航网 记者胡夕姮 通讯员杨轩玮 报道：近日，民航上海监管局组织国航上海分公 司、上海浦东国际机场、华东空管局等单位召开航班运行保障专项复盘会，以提升民航运行全流程信息 协同效率为核心，系统梳理关键环节工作流程，进一步完善多方联动机制，为辖区民航安全平稳运行夯 实基础。 会议聚焦航班运行保障中的信息流转全链条，围绕信息收集的全面性、传递的及时性与准确性、共享的 协同性等关键维度，各单位分别汇报工作流程中的做法，并就现有机制优化空间进行深入交流。国航上 海分公司重点介绍了航班运行关键信息的内外部同步机制及保障措施；浦东机场梳理了应急处置中与航 空公司、空管部门的信息联动流程，明确了信息同步的时间节点与精准传递要求；华东空管局则围绕空 中交通管制信息的传递与共享细节进行了交流，强调管制指令与运行动态信息传递的及时性和准确性。 通过充分沟通，三方进一步明确了各环节责任边界与协同要点。 行保障效能，共同守护民航安全生命线，为旅客提供更安全、顺畅的出行保障。（编辑：李海燕 校 对：贾昊天 审核：程凌） 为持续提升运行保障能力，民航上海监管局结合行业安全管理要求与实际运行需要，对各单位提出三项 明确工 ...

Core Points - The new winter flight schedule at Beijing Capital International Airport will officially start on October 26, 2025, and will last until March 28, 2026, covering a total of 154 days [1] - The average daily planned flights at the airport will be 1,243, with domestic flights (including Hong Kong, Macau, and Taiwan) averaging 1,023 and international flights expected to reach an average of 166 [1] - The total number of planned air traffic points will be 212, with 207 passenger destinations, including 127 domestic passenger points, which sees the addition of three new points and the removal of six [1] Flight Operations Adjustments - The flight operation structure at the airport will be optimized based on market demand and capacity, with an emphasis on evaluating peak period capabilities and adjusting resource allocation accordingly [2] - Specific domestic flight operations for Air China will see changes in terminal assignments, with 12 points moving from Terminal 2 to Terminal 3 and 9 points moving from Terminal 3 to Terminal 2 [1][2] - Passengers are advised to confirm flight information and terminal changes through official channels before traveling, especially during peak departure times [2]

Market Overview - On October 23, the aviation and airport sector rose by 0.38% compared to the previous trading day, with Shenzhen Airport leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Shenzhen Airport (000089) closed at 7.40, up 3.06% with a trading volume of 554,900 shares and a turnover of 408 million yuan [1] - Xiamen Airport (600897) closed at 15.35, up 1.12% with a trading volume of 67,900 shares and a turnover of 105 million yuan [1] - China Eastern Airlines (600115) closed at 4.94, up 0.82% with a trading volume of 966,200 shares and a turnover of 473 million yuan [1] - China Southern Airlines (600029) closed at 6.66, up 0.45% with a trading volume of 608,500 shares and a turnover of 403 million yuan [1] Capital Flow - The aviation and airport sector saw a net inflow of 32.22 million yuan from institutional investors, while retail investors experienced a net inflow of 35.07 million yuan [2] - However, speculative funds recorded a net outflow of 67.29 million yuan [2] Individual Stock Capital Flow - China Southern Airlines (600029) had a net inflow of 69.47 million yuan from institutional investors, while it faced a net outflow of 34.49 million yuan from speculative funds [3] - China Eastern Airlines (600115) saw a net inflow of 39.42 million yuan from institutional investors, with a net outflow of 3.79 million yuan from speculative funds [3] - Shenzhen Airport (000089) experienced a net outflow of 11.13 million yuan from institutional investors, but had a net inflow of 5.62 million yuan from retail investors [3]

Core Insights - The Transportation ETF (159666) has experienced a slight decline of 0.29% as of October 23, 2025, with a latest price of 1.02 yuan, while it has seen a cumulative increase of 0.79% over the past week as of October 22, 2025 [2] Performance Summary - The Transportation ETF has achieved a net value increase of 20.35% over the past two years [2] - The highest single-month return since inception was 15.82%, with the longest consecutive months of increase being 4 months and the maximum increase during that period being 11.93% [2] - The average monthly return during the rising months is 3.16%, with a total annual profit percentage of 100.00% and a historical one-year profit probability of 60.51% [2] - Over the last six months, the ETF has outperformed its benchmark with an annualized excess return of 4.63% [2] Risk and Drawdown - The maximum drawdown over the past six months was 4.93%, with a relative benchmark drawdown of 0.04% [2] Fee Structure - The management fee for the Transportation ETF is 0.50%, and the custody fee is 0.10% [2] Tracking Accuracy - The tracking error for the Transportation ETF over the past month was 0.015% [2] Index Composition - The Transportation ETF closely tracks the CSI All Share Transportation Index, which reflects the overall performance of various industry companies within the index [3] - The index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [3] Top Holdings - The top holdings in the Transportation ETF include SF Holding (10.25% weight, -0.90% change), Beijing-Shanghai High-Speed Railway (9.99% weight, 0.00% change), and COSCO Shipping Holdings (8.27% weight, -0.13% change) [5]

Core Insights - Yangzhou Taizhou International Airport will open three new routes to Nanchang, Jingzhou, and Weihai starting October 26, enhancing connectivity to major hub cities like Guangzhou, Shenzhen, Chengdu, Kunming, and Dalian [1][2] - The airport aims to leverage the scale effects from its Phase II expansion to improve operational efficiency and service levels, positioning itself as a key driver of economic development in the region [1] Route and Capacity Expansion - After the seasonal transition, the airport will collaborate with 12 airlines, serving 36 cities and 38 airports, with a total of 6 overnight aircraft, significantly increasing its route service capacity [2] - In addition to the new routes, popular tourist routes to Ordos, Zhoushan, and Lijiang will continue from the summer season [2] International Services - The airport will maintain its two premium international routes to Seoul, South Korea, and Osaka, Japan, while planning to open new routes to Kuala Lumpur, Malaysia, and Jeju, South Korea, to enhance its international service offerings [2] Flight Frequency Enhancements - The Guangzhou route will increase to 6 flights daily, with other routes such as Shenzhen (3-4 flights), Chengdu (4-5 flights), and Kunming (4 flights) also seeing frequency boosts, improving overall service experience [2] Infrastructure Development - Attendees of the meeting toured the Phase II expansion project site to understand the airport's construction progress and future development plans, indicating a commitment to building a more efficient air transport network [2]

Core Points - The meeting held on October 22 at Yangzhou Taizhou International Airport focused on enhancing flight routes and services to meet high-quality travel demands [1] - The airport aims to leverage the scale effects from its second phase of construction to improve its route network and service efficiency [1][2] - The 2025 winter flight season will see the airport's network upgraded, with 12 cooperating airlines serving 36 cities and 38 airports, significantly increasing service capacity [2] Group 1: Meeting Highlights - Representatives from various airlines, travel agencies, and logistics companies attended the meeting to discuss the upcoming winter flight season [1] - The airport's leadership emphasized its role as an economic driver for the region, aiming to attract more passenger and cargo traffic [1] Group 2: Route and Service Enhancements - New domestic routes to Nanchang, Jingzhou, and Weihai will be launched, while popular routes to cities like Ordos and Lijiang will continue [2] - The frequency of flights to major hub cities such as Guangzhou, Shenzhen, and Chengdu will be significantly increased, enhancing travel convenience [2] - International routes to Seoul and Osaka will remain stable, with plans to add new routes to Kuala Lumpur and Jeju [2]

Summary of Key Points from Conference Call Industry Overview - **Wind Power and Nuclear Power**: The adjustment of value-added tax subsidies for wind power operators is significant, with a profit impact of approximately 10% starting from November 2025. The internal rate of return (IRR) for onshore wind projects is expected to decline by 0.5-0.6 percentage points, while nuclear power projects will see annual profit reductions of 20-50 million yuan per unit starting from 2031 [1][4]. - **Inbound Tourism**: The inbound tourism market is rapidly growing, projected to account for 18% of national tourism revenue by 2030 and 25% by 2034, driven by business, leisure, and talent immigration. The hotel industry is expected to contribute the most to revenue, with online travel agencies (OTAs) showing significant profit margin advantages [1][5][6]. - **Aviation Industry**: The aviation sector is benefiting from a shortage of flight capacity, with ticket prices turning positive year-on-year. The delivery of aircraft is slow, and engine maintenance is limiting capacity. Domestic flight schedules are experiencing negative growth, but passenger load factors are increasing [1][7][8]. - **Cement Industry**: Chinese cement companies are accelerating overseas expansion, targeting Southeast Asia, Central Asia, and Africa. The competition is intensifying in Southeast Asia, while Central Asia, particularly Tajikistan, remains profitable due to high demand. The potential for growth in Africa is significant [1][9]. Core Insights and Arguments - **Wind Power**: The cancellation of the 50% VAT subsidy for onshore wind projects will significantly impact profitability, with major operators like Longyuan and Goldwind facing substantial profit reductions [3][4]. - **Inbound Tourism Growth**: The growth in inbound tourism is expected to benefit various sectors, particularly hotels and OTAs, with recommendations for stocks like Ctrip and China National Aviation [1][5][6]. - **Aviation Sector Outlook**: The aviation industry is expected to continue its recovery, with increasing load factors and positive ticket pricing trends. Recommendations include H-shares of China National Aviation and Eastern Airlines [1][7][8]. - **Cement Companies' Overseas Strategy**: Companies like Huaxin Cement are leading in overseas expansion, with significant profit contributions from international operations. Huaxin is favored due to its strong growth prospects and risk management capabilities [1][9]. Additional Important Information - **Banking Sector Opportunities**: The banking sector is expected to see opportunities in Q4 2025 and Q1 2026, with stable interest margins and signs of income rebound. High-dividend banks like ICBC and CCB are recommended [10][11][13]. - **Insurance Industry Performance**: The insurance sector has shown strong performance in Q3 2025, with significant profit growth for major players like China Life and New China Life. The outlook for the insurance industry remains positive [14][15][16]. - **Automotive Industry Restructuring**: The automotive sector is undergoing significant restructuring, with mergers like Dongfeng and Changan, and strong sales growth for brands like MG. The outlook for electric vehicles is also positive [17][18][19]. - **State-Owned Enterprises**: Companies like BAIC are exploring transformation paths amid industry pressures, with potential for upward valuation through reforms [20].

Core Insights - The collaboration between Xilinhot Airport, Air China, and Huaxia Airlines aims to enhance winter travel services and expand flight routes for the 2025 winter season [1][2][3] Group 1: Flight Services and Products - Air China introduced a "ticket + skiing" travel service, offering discounts for ski resorts in Hohhot when booking flights on the Xilinhot-Hohhot route [2] - Huaxia Airlines presented various travel products, including the Mohe Northern Lights package on the Xilinhot-Harbin route and outbound travel options to Japan and South Korea [2] - Xilinhot Airport highlighted new routes for the 2025 winter season, including Xilinhot-Zhengzhou-Guangzhou and Xilinhot-Baotou-Xi'an, along with convenient transfer services [2] Group 2: Strategic Collaboration and Market Development - The visit served as a platform for face-to-face communication among airlines, tourism enterprises, and the airport, promoting resource sharing and mutual benefits [3] - Xilinhot Airport plans to leverage this event to further expand its route network and promote new travel products, enhancing the integration of aviation and tourism [3] - The initiative aims to improve service quality and operational efficiency, contributing to the high-quality development of the regional economy and facilitating citizen travel [3]

Group 1 - China Eastern Airlines and Starbucks China launched the "Yunnan Coffee Themed Flight" to enhance member services and brand collaboration, providing a unique travel experience that integrates cultural elements [1] - The flight features a design concept of "Every Cup, from Yunnan," showcasing the journey of Yunnan coffee from seed to beverage through visual elements in the cabin [1] - The themed flight will operate on multiple routes over a month, marking a significant step in the comprehensive cooperation between China Eastern Airlines and Starbucks China [1] Group 2 - Since 2025, domestic airlines have been actively pursuing the "Aviation + Cultural Tourism" integration, with brand collaborations and member system interactions becoming key focus areas [2] - Air China has partnered with Shenzhen Airlines and Shandong Airlines to promote Chongqing's cultural tourism resources through live outdoor broadcasts, offering discounted tickets and benefits to enhance the travel experience [2] - China Southern Airlines introduced the "Qianxiang Flavor" series of in-flight meals featuring Guizhou specialties, aiming to showcase local culture and enhance customer service [2]