11月21日，国务院国资委组织召开中央企业专业化整合推进会并举行重点项目签约仪式。会议总结前一 阶段专业化整合工作进展成效，组织重点项目签约，明确当前阶段新任务新要求。国务院国资委党委委 员、副主任李镇出席会议并讲话。 会上，8组17家单位分两批进行了重点项目集中签约，主要涉及新材料、人工智能、邮轮运营、检验检 测、航空物流等关键领域。 据了解，签约的重点项目主要涉及新材料、人工智能、邮轮运营、检验检测、航空物流等关键领域。 今年9月，李镇在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上曾表示，下一步，将 着眼增强核心功能、提升核心竞争力，以系统性思维、前瞻性谋划、创新性举措，大力推动战略性专业 化重组整合，不断提升国有资本的配置和运营效率，放大国有经济的整体功能，为经济社会发展提供更 加有力的支撑。 本次会议上，对于当前阶段推进中央企业专业化整合，国务院国资委提出了五个"坚持"，要求中央企业 要坚持主动谋划、加强集团战略引领，坚持防范内卷、优化行业资源配置，坚持提升本领、增强战新整 合能力，坚持融合为本、打造一体化竞争优势，坚持协同推进、形成整体工作合力。 17家集中签约单位涵盖了多种类型 1 ...

《中国民航报》、中国民航网 记者李佳为 通讯员王富弘、柴卉 报道：11月14日16时，一架由俄罗斯伏 尔加第聂伯航空使用安124执飞的货运包机，在天津滨海机场装载50.7吨货物后，顺利启程飞往非洲刚 果共和国。 本次运输的核心设备——长8.3米、宽4.6米、高4.0米、重达32.5吨的平波电抗器，是天津本地自主品牌 的高端电力装备，体现了"天津制造"高新技术装备的自主研发实力与国际竞争力。此次包机任务的落 地，也是天津滨海机场持续推进货运市场开发、精准对接客户需求的又一成果。 为了安全高效地装载该票特种货物，天津滨海机场物流保障部门充分准备，通过一台100吨级吊车及多 台配套地面设备，在航司协同下顺利完成装机作业，展现了天津滨海机场在特货保障方面的综合实力。 作为天津滨海机场的重要合作伙伴，目前伏尔加第聂伯航空持续在津运营货运包机。天津滨海机场凭借 精准的市场开拓、过硬的保障能力和优秀的服务品质得到航空公司和货源企业的高度赞赏。本次任务的 成功保障将坚定货源企业继续选择天津滨海机场的信心，为更多自主品牌企业的"出海"搭建了高效可靠 的航空物流通道。 截止目前，天津滨海机场可以保障包括波音747F、波音777F ...

近日，东航MU2563航班装载近100公斤湖北汉川大闸蟹等生鲜货物，从武汉天河机场准点起飞并顺利抵达曼谷，标志着"武汉—曼 谷"航线货运业务正式开启常态化运营。 "武汉—曼谷"航线货运业务的顺利开通，为湖北特色农产品拓展东南亚市场构建了高效航空物流通道，有效助力更多鄂品出海。未 来，华南分公司将持续优化货运流程，进一步拓展国际航线货运业务，助力更多湖北特色农产品走向全球，为公司高质量发展注入动力。 编辑：冯瀚莹 100公斤的大螃蟹"爬"上飞机。 东航"武汉—曼谷"航线货运业务利用客运航班腹舱带货。为确保大闸蟹运输的鲜活品质与运输安全，东航物流华南分公司武汉货站提 前部署，精准施策，严格遵循水产品收运标准，组织工作人员重点从包装密封性、标签规范性等方面逐项核查。同时，武汉货站对货物运 输全流程进行实时跟踪，实现从收运、装机到交付的闭环管理，全方位筑牢运输安全防线。 ...

Core Insights - The launch of a direct cargo flight route from Ningbo to Moscow marks the establishment of a new "air trade corridor" that enhances logistics efficiency for Zhejiang-made products [1][3][5] Group 1: Logistics and Trade - The new cargo route will operate twice a week, significantly improving logistics efficiency by over 60% compared to traditional sea transport, while also reducing supply chain costs [5][6] - Ningbo's port has seen a substantial increase in exports of high-value products, with lithium-ion battery exports reaching 15.07 billion yuan, a year-on-year increase of 146.3% [3] - The direct flight will facilitate faster logistics cycles, enabling "Ningbo Intelligent Manufacturing" to efficiently enter the Russian market and expand into Central and Eastern Europe [3][6] Group 2: Airport and Customs Operations - Ningbo Airport has implemented a tailored inspection plan for the new cargo route, ensuring rapid customs clearance with a "7×24 hours" seamless service model [9] - The airport has been expanding its global cargo network, recently opening routes to Miami and Liège, further enhancing its international logistics capabilities [9] - The Ningbo-Moscow route is a crucial part of the airport's west-east logistics network, strengthening the air logistics capacity between Zhejiang Province and the Eurasian continent [9]

Core Points - Eastern Airlines has launched its first fifth freedom cargo route in the Middle East, connecting Shanghai, Riyadh, and Budapest, starting from November 3 [1][4] - The new route will be operated by Boeing 777F freighters, with three flights planned each week, and a total flight time of approximately 17 hours [3][4] - The opening of this route aligns with the growing demand for air logistics driven by cooperation between China and Saudi Arabia in various sectors, including digital economy and green development [4] Route Details - The route operates in a round-trip manner: Shanghai - Riyadh - Budapest - Shanghai, with outbound flight CK251 and return flight CK252 [4] - Riyadh serves as a strategic hub located at the intersection of Asia, Europe, and Africa, enhancing Eastern Airlines' logistics services in the Middle East and extending its reach into key African markets [5] Strategic Partnerships - Eastern Airlines Logistics signed a strategic cooperation agreement with Saudi Airlines in June, focusing on resource integration through a "space swap" model [5] - In October, a ground operations service agreement was further established, deepening cargo service cooperation [5] - This partnership allows for efficient cargo organization and transit operations in Riyadh, optimizing costs and increasing revenue potential [5] Service Capabilities - The new route enables Eastern Airlines Logistics to provide logistics services to major air hubs in Europe and Africa, such as Liège in Belgium and Nairobi in Kenya [6] - Cargo can reach Nairobi in as fast as 24 hours and Liège in 40 hours via the new route [6] Future Plans - Eastern Airlines Logistics aims to enhance its global market presence by increasing connections with Europe, Asia-Pacific, and the Middle East, while optimizing transit efficiency and developing a comprehensive multimodal transport system [7] - The company has established stable operations at 16 international stations globally, reflecting its commitment to serving national strategies and expanding into emerging markets [7]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a slight decline in third-quarter performance but remains optimistic about long-term growth [7] - The third-quarter revenue was 5.993 billion yuan, down 6.19% year-on-year, while the net profit attributable to shareholders was 712 million yuan, down 9.81% year-on-year [7] - The company aims to distribute 30%-50% of its net profit as cash dividends annually, indicating a commitment to stable returns for investors [7] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 25.049 billion yuan, with a year-on-year growth rate of 4.1% [6] - The net profit attributable to shareholders for 2025 is projected to be 2.629 billion yuan, reflecting a year-on-year decline of 2.2% [6] - The company expects to achieve a net profit of 3.028 billion yuan in 2026 and 3.477 billion yuan in 2027, with corresponding PE ratios of 8x and 7x [7] - The company’s gross margin is expected to improve from 19.0% in 2025 to 20.9% in 2027 [6] Business Segment Performance - The air express segment generated revenue of 7.488 billion yuan in the first three quarters, up 13.35% year-on-year, with a gross profit margin of 19.29% [7] - Ground comprehensive services revenue reached 1.988 billion yuan, up 6.70% year-on-year, with a gross profit margin of 37.54% [7] - The comprehensive logistics solutions segment saw a revenue decline of 15.69% year-on-year, totaling 7.755 billion yuan [7]

Core Viewpoint - The opening of a new cargo route from Qingdao to Southeast Asia is expected to enhance trade relations and accelerate regional economic development [1][2][3] Group 1: Route Details - The new route, operated by Shandong Airlines, connects Qingdao with Bangkok and facilitates access to Thailand, Vietnam, and the Philippines [1][2] - The route is planned to operate two flights per week, with a capacity of approximately 22 tons per flight [2] Group 2: Economic Impact - The route addresses the air transport capacity gap for Shandong's exports to Southeast Asia and supports the entry of Southeast Asian fresh products into Northern China [2] - The opening of the route is anticipated to significantly reduce the transportation time for high-quality Thai fruits, enhancing the quality of air-freighted produce [2] Group 3: Future Developments - Qingdao Airport aims to leverage this new route to build a more efficient air logistics channel for trade with Southeast Asia and Northeast Asia [3] - The airport plans to further develop its international cargo network to establish itself as a key international transit hub in Northern China [3]

Core Insights - The introduction of the second Boeing 777F freighter by Jinpeng Airlines marks a significant step in expanding its presence in the global air cargo market [1][4] - The new aircraft, B-227X, follows the successful operation of the first Boeing 777F, which has already serviced multiple international cargo routes [4][5] Group 1: Aircraft Introduction - Jinpeng Airlines welcomed its second Boeing 777F freighter, B-227X, which arrived in Shanghai after a 12.5-hour flight from Seattle [1] - This addition follows the first Boeing 777F, B-227U, which has successfully operated routes to Mumbai, Delhi, Amsterdam, and others, enhancing trade connections between China and South Asia, as well as Europe [4] Group 2: Operational Efficiency - The successful operation of the first freighter has allowed Jinpeng Airlines to develop systematic capabilities in fleet performance, maintenance, flight operations, and ground coordination [4] - The company has established efficient logistics processes through collaboration with local airports, customs, and freight forwarders, ensuring the new aircraft can quickly enter service and maximize its operational efficiency [4] Group 3: Future Plans - The newly introduced freighter will continue existing routes and plans to open new commercial routes to Riyadh, Liege, and Copenhagen-Madrid, further enhancing logistics channels between China, South Asia, Europe, and the Middle East [4] - As part of the "14th Five-Year Plan" for aviation logistics, Jinpeng Airlines aims to strengthen its transport capacity and optimize its global route layout, focusing on high-quality development in the air logistics sector [5]

Core Insights - Huahu Airport, Asia's largest professional cargo airport, achieved a record cargo throughput of over 14,000 tons during the National Day and Mid-Autumn Festival holiday, with international cargo exceeding 7,600 tons [1] - The airport has rapidly expanded its international flight network, now offering 48 international routes and increasing international cargo flights by 124% year-on-year, reaching 9,026 flights this year [2] - The airport's efficient logistics have significantly impacted local businesses, enabling faster delivery of goods and enhancing the cross-border e-commerce landscape [4][5] Cargo Operations - During the holiday, Huahu Airport operated continuously, with cargo planes taking off and landing almost every three minutes, showcasing its role as a critical node in the global supply chain [1][2] - The airport's logistics capabilities have allowed for quick turnaround times, with goods arriving from various countries and being processed efficiently for distribution [6][7] Economic Impact - The establishment of supporting industrial parks around Huahu Airport has led to increased local employment and business opportunities, with the cross-border e-commerce industry experiencing rapid growth [4][5] - The cross-border e-commerce industrial park has registered 297 companies, with a trade volume of 2.21 billion yuan since its opening [5] Consumer Benefits - The efficient logistics network has enriched local consumers' dining options, with seafood imports doubling during the holiday period, leading to increased sales for local businesses [6][7] - The quick delivery of fresh seafood has set a new standard in the industry, with products reaching consumers within hours of arrival at the airport [6][7]

Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 10.935 billion yuan, representing a year-on-year growth of 21.92% [2] - The net profit attributable to shareholders was 1.240 billion yuan, with a year-on-year increase of 86.15% [2] - The net profit excluding non-recurring gains and losses was 1.198 billion yuan, reflecting an 82.64% year-on-year growth [2] Group 2: Business Segments Performance - The air cargo segment saw a revenue increase of 16.51% and a cost increase of 11.25%, resulting in a gross margin increase of 3.91 percentage points [3] - The air cargo station segment experienced a revenue growth of 2.15% and a cost decrease of 0.05%, leading to a gross margin increase of 2.10 percentage points [3] - The comprehensive logistics segment reported a revenue increase of 53.78% and a cost increase of 45.07%, with a gross margin increase of 5.02 percentage points [3] Group 3: Strategic Collaborations - The company has a diverse and stable shareholder structure, enhancing collaboration with strategic partners like Cainiao Network, Shenzhen International, and Cathay Pacific [3] - Continuous optimization of cooperation routes and expansion of collaboration models with strategic shareholders are ongoing [3] Group 4: Future Plans - The company has established a three-year shareholder return plan post-IPO, focusing on enhancing cash dividend stability and predictability [4] - Future development plans for air cargo stations include strengthening hub capabilities and improving service quality [4] - The company is actively advancing the introduction of two remaining A330 aircraft for cargo conversion as part of its "14th Five-Year Plan" [4]