证券之星消息，12月1日航空机场板块较上一交易日上涨2.31%，中国国航领涨。当日上证指数报收于 3914.01，上涨0.65%。深证成指报收于13146.72，上涨1.25%。航空机场板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000099 | 中信海直 | 2756.93万 | 11.80% | -2113.64万 | -9.04% | -643.29万 | -2.75% | | 600004 | 白云机场 | 2219.52万 | 14.25% | 1343.56万 | 8.62% | -3563.08万 | -22.87% | | 601111 | 中国国航 | 1863.18万 | 2.06% | -4011.04万 | -4.44% | 2147.86万 | 2.38% | | 603885 | 吉祥航空 | 1360.84万 | 3.91% | 2080.02万 | 5.98 ...

消费者王先生向澎湃公众互动平台"服务湃"投诉称，他原定于11月28日从昆明飞往兰州，然后中转至阿勒泰。但当天从昆明长水机场至兰州中川 机场的东航MU858航班，前序航班因天气原因在吉隆坡迟迟无法起飞，延误至当天下午预计18时才能起飞，导致他第二段航程被迫取消。 不得已，王先生选择退票时，东航云南退改签柜台值班经理告诉他，因东航和第二段行程的春秋航空没有相关协议，退票被收取手续费只能消费 者个人承担。 若因前序航班延误，致使旅客第二段行程被迫取消，最终却需消费者自行承担由此产生的损失，是否合理？这是公众在日常出行中遭遇的共性问 题。 其后，东方航空客服就此事向智通财经解释称，航班是因天气原因导致的延误，可以承担东航的退票手续费用，但其他航司的没办法承担，如果 航班是因公司自身原因造成的变动，可以去反馈损失诉求，确实是因不可抗力因素，就没有办法去承担，这是根据民航局文件去执行的，"涉及飞 行安全，不能强行去飞"。 通过投诉渠道，目前，第三方订票平台已为王先生承担了退票产生的手续费。 王先生的机票订单记录 本文图片均为受访者提供 前序航班延误致第二段行程被迫取消 王先生提供的订票信息显示，他原定于11月28日9时2 ...

北京市内的一家旅行社。未张贴任何关于日本旅游的海报（11月27日，Kyodo） 由于中国政府呼吁国民谨慎赴日，以关西国际机场起降的航班为中心，减少航班的情况接连 不断。截至11月27日早上，在12月原计划从中国飞往日本的5548个航班中，904个（占比 16％）航班已决定取消。最近两天内减少的航班增至原来的3倍以上。如果中日关系长期恶 化，影响可能会扩大。 围绕日本首相高市早苗针对台湾有事的发言，中国政府于11月14日呼吁国民谨慎赴日，并于 11月16日提出谨慎规划赴日留学安排。美国彭博社25日报道称，中国政府已要求国内航空公 司减少航班。 中日之间的定期航线连接日本的20个机场与中国的36个机场（不含香港和澳门），共计172 条航线。为了探知此次的影响范围，日本经济新闻根据英国航空调查公司Cirium提供的数 据，确认了12月的最新执飞计划。 11月14日中国政府呼吁国民谨慎赴日以来，截至11月27日上午，在中国的航空公司执飞的 72条航线中，共有904个航班决定取消，相当于约15.6万个座位数量。 截至媒体报道中国要求航空公司减少航班这一消息的11月25日，减少的航班数量仅为268个 （5％），可见此后减 ...

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The report highlights an upward trend in crude oil freight rates, with the China Import Crude Oil Index (CTFI) reaching 2520.07 points, an increase of 8.4% from November 20 [3][13] - The postal industry revenue surpassed the telecommunications industry for the first time in history, reaching 1.47 trillion yuan, compared to 1.467 trillion yuan for telecommunications [3][24] - The civil aviation sector showed growth in both passenger and cargo transport volumes in October, with international routes performing particularly well [3][17] Summary by Sections Industry Hot Events - Crude oil freight rates are rising, with the Middle East route seeing a 10.76% increase in rates [13] - Qifly Aviation signed a procurement agreement for 105 eVTOL aircraft with three companies in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on low-altitude logistics [15][16] - The postal industry revenue for January to October 2025 reached 1.47 trillion yuan, marking a significant milestone [24][25] High-Frequency Data Tracking - The Baltic Air Freight Price Index decreased month-on-month but increased year-on-year [26] - Domestic freight flights in October 2025 increased by 0.32% year-on-year, while international flights rose by 11.12% [32] - The express delivery business volume in October 2025 increased by 7.90% year-on-year, with total revenue reaching 131.67 billion yuan [50] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy [5] - Attention to low-altitude economy investment opportunities, particularly in companies like CITIC Offshore Helicopter [5] - Consider investment opportunities in the express delivery sector, recommending SF Express and Jitu Express [5]

Summary of Key Points from Conference Call Records Industry Overview - **Market Outlook**: The Chinese market remains optimistic despite recent adjustments in major indices such as the Shanghai Composite, ChiNext, and STAR 50. The adjustments are comparable to historical bull market corrections, and panic selling risks have been sufficiently released. Policy catalysts are expected to increase [1][3][4] - **Investment Style Shift**: The market investment style is shifting from a barbell strategy or pure valuation expansion to a quality strategy and urgent investment strategy, driven by a decline in domestic risk-free interest rates and an increase in global liquidity [1][5] Transportation Industry - **Airline Sector**: The airline industry is expected to enter a super cycle of profitability, with rising ticket prices and profit margins over the next two years. This is driven by supply-demand recovery and increasing passenger traffic, with historical highs in passenger load factors and ticket prices observed [1][7][8][11] - **Oil Shipping Sector**: The oil shipping market is benefiting from increased crude oil production and sanctions, leading to rising freight rates. Current rates have reached over $130,000 per day, with strong demand expected to continue into 2026 [1][12][13][14] Chemical Industry - **Market Conditions**: The chemical market is currently in a bottoming phase, with some products like sulfur and PMA seeing significant price increases. The overall chemical price index is at a historical low, indicating potential for future price increases [1][15][16] - **Recommended Companies**: Companies with cost advantages and stable earnings, such as Hualu Hengsheng and Boryung Chemical, are recommended for investment [1][16] Metals Market - **Copper and Aluminum**: The copper and aluminum markets are expected to experience supply-demand mismatches, with emerging technologies driving demand. This is likely to support price increases in the long term [1][19] Gold and Lithium Carbonate - **Gold Market**: The gold market is currently volatile, but there are opportunities to invest in leading gold companies due to recent price corrections. The lithium carbonate market is expected to balance out supply and demand by 2026-2027, driven by increased storage demand [1][20] Steel Industry - **Future Trends**: The steel industry is seeing demand bottoming out, with supply-side reductions due to anti-involution policies. Capital expenditures are expected to decrease significantly in 2026, presenting opportunities for investment in leading steel companies [1][21] Coal Industry - **Long-term Contracts**: The reform of long-term coal contract pricing mechanisms is expected to enhance profitability for coal companies at the bottom of the cycle. The demand for coal is driven by emerging industries such as AI and new energy vehicles [1][24][25][26] Real Estate and Construction - **Market Movements**: The real estate sector is experiencing fluctuations due to policy changes and negative sentiment from declining data. However, there is potential for recovery in 2026-2027, particularly for leading companies [1][29][30][31] Power Generation - **Electricity Demand**: Electricity demand is expected to perform well in 2026, supported by economic growth. However, coal prices are currently high, and long-term contracts will help stabilize prices for northern power plants [1][34] Public Utilities - **Investment Opportunities**: Large state-owned enterprises in northern regions are recommended for investment due to favorable supply-demand dynamics and valuation advantages. The renewable energy sector also presents investment opportunities, although further policy support is needed [1][37]

白银新高，全球资产反弹，周期怎么看？20251130 摘要 A320 系列飞机因太阳辐射问题导致全球范围内停飞，影响超半数现役 飞机，中国 24 家航司的 2015 架飞机受波及。国内航司正进行软件降 级，但外站维修能力不足或致航班延误，整体风险可控。 航空市场供需关系预计趋于向好，机票价格回升且客座率维持高位，上 游维修和制造产能不足将成常态，高峰维修期预计在 2027-2028 年。 持续看好华夏三大航、吉祥和春秋等板块。 快递行业反内卷趋势显现，龙头企业市占率回升，中通 10 月、11 月件 量增长达双位数。预计 2026 年快递行业将继续反内卷，看好中通、圆 通等龙头企业的发展前景。 BDI 指数逼近 2,500 点，创两年新高，提振干散货市场信心。业内普遍 认为干散货市场将迎来一波行情，海通发展弹性最大，太平洋航运相对 稳健，值得投资者关注。 白银价格上涨受益于降息预期和库存减少，12 月交割月起到催化作用。 白银价格波动率放大，下周可能出现大幅上涨，建议关注盛达资源和兴 业银锡等弹性标的。 Q&A 近期中日航线的情况如何，对航空公司的影响有多大？ 空客 A320 系列飞机因太阳能辐射问题导致的停飞 ...

从周边游到境内长线游，再到出境游，携宠出游的路线和距离越来越长。11月30日，随着众信旅游首个 携宠出境游团发团日期渐近，由此引发的业界对于携宠出游的讨论也持续走热。选择携宠出境的游客大 多有丰富的旅行经验，偏好慢节奏的度假模式，关注重点是宠物的吃喝玩乐与安全保障。在需求增长的 背后，携宠出游市场仍是蓝海，大量旅行社还未涉足这一领域。产业链条中，境内外的航司、酒店等正 加速推进宠物友好理念，有航司将宠物托运体重上限提升，有连锁酒店正在试点推行宠物友好客房。但 多重挑战仍存在：国际航线"宠物进客舱"落地难，宠物出境手续繁琐，酒店服务标准化不足、专业配套 欠缺。随着"人宠同源"理念深化，产业链各环节的宠物配套基础设施建设仍需不断完善。 众信旅游集团旗下全景旅游东南亚部宠物产品负责人李超注意到这一趋势。他表示，"毛孩子"已经成为 家庭的重要成员，宠物经济也已是成熟模块，宠物出游本身就是一个商机。再加上一些经常单人出行、 家有宠物的游客向他反馈，往往会因为"分离焦虑"放弃时间较长的出境游，市场还缺乏支持带宠物同行 的出境游产品。 在经过大量调研之后，李超了解到，有带宠物出境游需求的主人明显偏好慢节奏的度假模式。他们不 ...

Core Viewpoint - The long-standing and controversial airline "seat locking" phenomenon is expected to undergo rectification following a special investigation by the Jiangsu Provincial Consumer Protection Committee, which has interviewed ten domestic airlines and requested written responses regarding corrective actions [1][5]. Group 1: Investigation Findings - The Jiangsu Provincial Consumer Protection Committee conducted an investigation into the "seat locking" practices of ten major airlines, revealing that the proportion of locked seats during the purchasing phase ranged from 19.9% to 62.1%, with an average of 38.7% [2][3]. - Notably, Spring Airlines' Nanjing-Lanzhou route had a seat locking rate exceeding 60%, while Shenzhen Airlines' Shenzhen-Zhanjiang route exceeded 50% [2][3]. - Other airlines like Hainan Airlines, Eastern Airlines, and Xiamen Airlines had locking rates between 40% and 46%, while Lucky Air had a relatively low rate of less than 20% [2][3]. Group 2: Reasons for Seat Locking - Airlines provided various justifications for seat locking, including reserving seats for special passengers, ensuring emergency seat availability, and maintaining flight load balance [4]. - The investigation identified common issues with the "seat locking" phenomenon, including a lack of clear communication regarding seat locking rules, vague explanations, differential resource allocation based on membership levels, and unilateral rights granted to airlines [4]. Group 3: Consumer Feedback and Reactions - Consumers expressed dissatisfaction with the differentiation of paid and free seating areas in economy class, indicating that such practices increase travel costs and lead to a frustrating experience [6][10]. - Feedback highlighted that many passengers were unaware of the specific rules regarding seat locking, leading to limited seat choices, especially for families traveling together [10][11]. Group 4: Regulatory Actions and Implications - The Jiangsu Provincial Consumer Protection Committee has mandated that the airlines submit written corrective actions within 15 working days, including self-inspections and revisions of unfair terms related to "seat locking" [5][15]. - Legal experts have commented that the "seat locking" practice infringes on consumer rights and may violate consumer protection laws, suggesting that the committee's actions could serve as a model for regulatory oversight in other regions [15][16].

记者丨高江虹 编辑丨高梦阳 法国当地时间11月28日，欧盟航空安全局EASA颁布紧急适航指令，要求立即停飞所有的涉及 的空客320飞机。 这份紧急适航指令是源自空客向EASA报告相当数量A320系列客机 因飞行控制软件易受强烈 太阳辐射影响，需要紧急停飞 ，并实施现有软件和/或硬件防护方案，确保机队飞行安全。空 客方面表示，约有6000架客机受到影响，将进行紧急维修。 有报道称空客将召回6000架A320飞机。但空客中国方面向21世纪经济报道表示此表述不 正确，涉及的飞机只需本地进行软件调整即可。 欧盟EASA适航当局解释称，之所以要求涉及的多款A320飞机紧急停飞，因为一架空客A320 飞机最近经历了未指令且有限的俯冲事件 。自动驾驶在整个事件中保持接通，伴随短暂且有 限的高度损失，其余飞行正常。 空客进行的初步技术评估确定受影响的 ELAC 故障可能是促成因素。如果未纠正，此状况在 最坏情况下可能导致未指令的升降舵移动，从而超过飞机的结构能力。为了应对此潜在不安 全状况，空客发布了 AOT，提供安装可服役的ELAC的说明。 空客11月28日也发布一份声明，解释了一下此事由来，指出空客A320飞机需要紧急更 ...

Core Viewpoint - The recent comments made by Japanese Prime Minister Kishi Nobuo regarding Taiwan have led to heightened tensions between China and Japan, resulting in the cancellation or postponement of various events involving Japanese artists in China [1][7][8]. Event Cancellations - Ayumi Hamasaki's concert scheduled for November 29 in Shanghai was canceled due to "force majeure," with ticket refunds initiated [1][4]. - Two concerts by Kaoru Wada, planned for November 28 and 30 in Beijing and Shanghai, were also canceled for similar reasons [7]. - A musical performance of "Sailor Moon" in Hangzhou was canceled, along with other events by artists such as natori and chilldspot [7]. Impact on Tourism - The number of planned flights from China to Japan has significantly decreased, with a reported 56% increase in cancellations from November 24 to December 31 compared to the previous month [8][10]. - As of late November, 904 flights (16% of the total) from China to Japan were canceled, affecting approximately 156,000 seats [10]. - Major Chinese airlines have reduced flights, with China Southern Airlines cutting 118 flights and Spring Airlines reducing 182 flights [10]. Changes in Travel Plans - Chinese tourists are shifting their travel preferences to other countries such as Russia, Thailand, and Singapore, leading to concerns within Japan's tourism industry [8][10]. - A travel agency in Osaka reported that 80% of its clients are from China, and nearly all group tours to Japan have been canceled [8]. Adjustments by Companies - Adora Cruises announced changes to its 2026 itinerary, focusing on destinations in South Korea and Southeast Asia, removing Japanese ports from its plans [12].