本报讯（贡宪云、王瑞）12月27日，石家庄机场开通飞往老挝首都万象的国际客运航线。这是我省首条 直飞老挝的航线，为两地经贸往来、旅游观光、人文交流搭建高效便捷的空中桥梁，拓展河北与东南亚 的空中互联互通格局，推动河北与东南亚的人流、物流、资金流、信息流高效流通。 转自：河北日报 拓展河北与东南亚的空中互联互通格局 我省开通首条直飞老挝航线 （来源：河北日报） 该航线由中国联合航空执飞，航班号为KN805/KN806，每周六执行1班，去程飞行时间3个多小时，返 程飞行时间4个多小时。该航线开通后，华北地区游客无需中转即可直达万象，感受湄公河畔的静谧风 光、具有东南亚风情的市井街巷和特色美食。 该航线的开通是石家庄机场落实文旅与民航业融合发展的具体举措。为更好地满足旅客出境游需求，石 家庄机场积极推进航线网络优化，已开通至韩国首尔、越南芽庄等国际及地区航线。12月29日起，石家 庄机场还将开通至越南河内航线，进一步提升航空通达性与枢纽辐射能力，为深化区域对外开放、促进 国际交流合作提供航空保障。 ...

Core Viewpoint - The Ministry of Culture and Tourism and the Civil Aviation Administration of China have issued an action plan for the integration of cultural tourism and civil aviation, aiming for significant improvements in travel service levels by 2027, with broader coverage of domestic and international tourism routes and a richer variety of integrated products and scenarios [1] Group 1 - The action plan aims to enhance the travel service level significantly by 2027 [1] - It proposes to expand the coverage of domestic and international tourism routes [1] - The plan encourages the inclusion of more tourist cities into the "trunk and branch connectivity, full network integration" aviation transport service network [1] Group 2 - The action plan promotes the opening of mutual flights and circular routes to popular tourist destination branch airports [1] - It emphasizes the development of "air express" and border tourism routes [1] - The initiative aims to create a virtuous development pattern where demand drives supply and supply creates demand [1]

本报北京12月9日电 （记者王珂）文化和旅游部、中国民航局近日印发《文化和旅游与民航业融合发展 行动方案》，提出到2027年，旅游出行服务水平显著提高，国际国内旅游航线覆盖更广，融合产品和场 景更加丰富多元，形成需求牵引供给、供给创造需求的良性发展格局。 《 人民日报 》（ 2025年12月10日 03 版） (责编：赵欣悦、袁勃) 行动方案推动更多旅游城市纳入"干支通、全网联"航空运输服务网络，鼓励开通热门旅游目的地支线机 场互飞、环飞航线，"空中快线"和边境旅游航线。 ...

丨证券研究报告丨 行业研究丨行业周报丨运输 [Table_Title] 快递降速龙头回归，文旅民航融合发展 ——交运周专题 2025W49 报告要点 [Table_Summary] 本周，快递、航空、海运板块均迎来积极变化：1）快递受益"反内卷"，快递单价如期修复。 在价格之外，电商降速提质高质量发展，龙头快递份额加速提升，格局重回分化，看好龙头公 司中通快递、圆通速递。2）文化和旅游部、中国民航局发布关于印发《文化和旅游与民航业融 合发展行动方案》的通知，重点提出优化银发旅游适老化无障碍出行环境，提升国内旅游出行 通达性，加密入境旅游航线等方针，有望持续提振航空出行需求。3）海运方面，赫伯罗特拟收 购以星。从时机上看，集运景气承压，以星市值大幅回落，行业收并购窗口或打开。 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 请阅读最后评级说明和重要声明 %% %% [Table_Ti ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On December 3, the central bank continued to conduct net withdrawals in the open - market operations, but the liquidity remained stable with a slight easing trend. The bond market fluctuated narrowly, and most yields of interest - rate bonds increased. Some bonds of Vanke continued to decline, and Fitch placed Vanke and Vanke Hong Kong's "CCC -" issuer ratings on negative watch, downgrading Vanke Hong Kong's note rating to "CC". The convertible bond market followed the stock market and continued to decline. Overseas, the US ADP employment in November unexpectedly declined, and yields of major US Treasury bonds decreased across the board, while the yields of 10 - year government bonds in major European economies showed a divergent trend [1] 3. Summary by Relevant Catalogs 3.1 Bond Market News 3.1.1 Domestic News - On December 3, Premier Li Qiang emphasized during the 17th special study of the State Council that the huge potential of domestic demand in urban - rural integrated development should be fully unleashed. The Ministry of Finance will issue 7 billion yuan of RMB government bonds in Hong Kong on December 10 [3] - The China Federation of Logistics and Purchasing released data on December 3, showing that the China Logistics Prosperity Index in November was 50.9%, up 0.2 percentage points from the previous month. On the same day, the Ministry of Culture and Tourism and the Civil Aviation Administration of China jointly issued an action plan to promote the integration of culture, tourism, and the civil aviation industry [4] 3.1.2 International News - In November, the US private - sector employment decreased by 32,000, the largest decline since March 2023, far worse than the market expectation of an increase of 40,000 jobs. Small - scale enterprises were the hardest - hit area for layoffs. Futures traders expect the probability of the Fed cutting interest rates by 25 basis points to be close to 90% [6] - The US ISM Services PMI in November rose to 52.6, a nine - month high. The price - payment index dropped to a seven - month low, indicating that inflationary pressures have eased. The employment index rose to a six - month high, showing that the rate of employment decline has slowed down [7] 3.1.3 Commodities - On December 3, international crude oil futures prices turned up, with WTI January crude oil futures rising 0.53% to $58.95 per barrel and Brent February crude oil futures rising 0.35% to $62.67 per barrel. COMEX gold futures rose 0.44% to $4,239.30 per ounce, and NYMEX natural gas prices rose 3.83% to $5.010 per ounce [8] 3.2 Liquidity 3.2.1 Open - Market Operations - On December 3, the central bank conducted 79.3 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tender method, with an operating rate of 1.40%. With 213.3 billion yuan of reverse repurchases maturing on the same day, the net withdrawal was 134 billion yuan [10] 3.2.2 Funding Rates - On December 3, the liquidity at the beginning of the month remained stable with a slight easing trend. DR001 rose 0.19 basis points to 1.299%, and DR007 fell 0.01 basis points to 1.441%. Other major funding rates showed different degrees of changes [11][12] 3.3 Bond Market Dynamics 3.3.1 Interest - Rate Bonds - **Spot - Bond Yield Trends**: On December 3, the bond market fluctuated narrowly, and most yields of interest - rate bonds increased. The 30 - year ultra - long bonds were notably weak. For example, the yield of the 10 - year Treasury bond active bond 250016 rose 0.15 basis points to 1.8375%, and the yield of the 10 - year China Development Bank bond active bond 250215 rose 1.00 basis point to 1.9180% [15] - **Bond Tendering Situations**: Information on the tendering of several bonds such as 25 Discount Treasury Bond 75, 25 Discount Treasury Bond 76, 25 Agricultural Development Bond 31 (Increment 16), and 25 Agricultural Development Bond 30 (Increment 3) was provided, including their terms, issuance scales, winning yields, overall multiples, and marginal multiples [17][19] 3.3.2 Credit Bonds - **Secondary - Market Transaction Anomalies**: On December 3, the trading prices of 5 bonds deviated by more than 10%. Bonds such as "H0 Zhongnan 02" and "22 Vanke MTN005" declined significantly, while "23 Vanke 01" rose by more than 12% [19] - **Credit - Bond Events**: Rongqiao Group's subsidiary failed to repay a 40 - million - yuan debt to China Everbright Bank on schedule, and Rongqiao Group provided joint and several liability guarantee. Youa Co., Ltd. adjusted the redemption time of "20 Xiangyouyiapollo ZR001" again, with the remaining principal of 459 million yuan to be redeemed on December 26 [20][21] 3.3.3 Convertible Bonds - **Equity and Convertible - Bond Indexes**: On December 3, the three major A - share indexes closed down. The convertible - bond market followed the equity market and continued to decline. The CSI Convertible Bond Index, Shanghai Stock Exchange Convertible Bond Index, and Shenzhen Stock Exchange Convertible Bond Index fell 0.21%, 0.16%, and 0.27% respectively. The trading volume of the convertible - bond market was 54.11 billion yuan, an increase of 7.254 billion yuan from the previous trading day [22] - **Convertible - Bond Tracking**: Some companies made announcements, such as Jinlun Tian Di Holdings extending the deadline for its debt - restructuring plan to June 30 next year, and several convertible bonds having events such as approaching the trigger of the conversion - price downward - revision clause, early redemption announcements, etc. [24][30] 3.3.4 Overseas Bond Markets - **US Treasury Market**: On December 3, yields of US Treasury bonds of other maturities generally declined. The 2 - year US Treasury yield fell 2 basis points to 3.49%, and the 10 - year US Treasury yield fell 3 basis points to 4.06%. The yield spread between the 2 - year and 10 - year US Treasury bonds narrowed by 1 basis point to 57 basis points, and the yield spread between the 5 - year and 30 - year US Treasury bonds widened by 3 basis points to 111 basis points [26][27] - **European Bond Market**: On December 3, the yields of 10 - year government bonds in major European economies showed a divergent trend. The yield of the 10 - year German government bond remained unchanged at 2.75%, while the yields of 10 - year government bonds in Italy and the UK fell 2 basis points and 1 basis point respectively [29] - **Price Changes of Chinese - Issued US - Dollar Bonds**: As of the close on December 3, price changes of some Chinese - issued US - dollar bonds were provided, including companies such as Trip.com Group, Weibo, and Ideal Auto [31]

Group 1: Domestic Market Developments - The People's Bank of China continued to net withdraw funds on December 3, with the main repo rates fluctuating at low levels, leading to a slight increase in the yield of long-term bonds [1][7] - Vanke's bonds continued to decline, and Fitch placed Vanke and Vanke Hong Kong's "CCC-" issuer rating on negative watch, downgrading Vanke Hong Kong's note rating to "CC" [1][14] - The logistics industry in China showed a slight recovery in November, with the logistics industry prosperity index at 50.9%, up 0.2 percentage points from the previous month [2] Group 2: International Market Insights - The U.S. ADP employment report for November showed an unexpected decline, with a loss of 32,000 jobs, marking the largest drop since March 2023, indicating increasing pressure on the labor market [4] - The ISM services index in the U.S. rose to 52.6 in November, the fastest expansion in nine months, supported by improved business activity and a decrease in price pressures [5] - In the international oil market, WTI crude oil futures rose by 0.53% to $58.95 per barrel, while natural gas prices increased by 3.83% to $5.010 per million British thermal units [6] Group 3: Bond Market Dynamics - The bond market experienced narrow fluctuations, with most interest rate bonds seeing an increase in yield, particularly the 30-year bonds which rose over 3 basis points [10] - In the secondary market, several bonds showed significant price deviations, with "H0中南02" dropping over 96% and various Vanke bonds declining by more than 13% [13] - The convertible bond market followed the downward trend of the equity market, with major indices declining and a total trading volume of 54.11 billion yuan [15]

Core Insights - The "Action Plan" aims to enhance the integration of culture, tourism, and civil aviation, promoting new consumption potential through various initiatives [1][2][3] - By 2027, significant improvements in travel service levels and a broader coverage of domestic and international tourism routes are expected, fostering a virtuous cycle of demand and supply [1] Group 1: Key Initiatives - The plan includes 15 measures across five areas to support the development of low-altitude tourism and cultural tourism products [1] - Specific measures for senior tourism include enhancing accessibility and comfort, such as providing elderly-friendly services and optimizing airport facilities [1][2] - The plan encourages the development of themed travel packages, such as "traveling with performances" and "traveling with sports events," to stimulate new market segments [2] Group 2: Focus on Low-Altitude Tourism - Low-altitude tourism is a key focus, with an emphasis on establishing a joint regulatory mechanism to ensure safe and orderly development [2] - The plan supports qualified companies in offering low-altitude tourism projects tailored to local resources and seasonal characteristics [2] Group 3: Cultural and Tourism Collaboration - The plan promotes collaboration between cultural and tourism enterprises and civil aviation units to create culturally rich tourism experiences and products [3] - It encourages the development of aviation-themed cultural projects and tourism routes, utilizing retired aircraft and abandoned airports for immersive experiences [3] - The integration of culture and tourism with civil aviation is seen as a shift from traditional models, enhancing collaborative value creation [3]

Core Insights - The Ministry of Culture and Tourism and the Civil Aviation Administration of China jointly issued the "Action Plan for the Integrated Development of Culture, Tourism, and Civil Aviation," aiming for significant improvements in tourism services and deeper integration by 2027 [1] Group 1: Action Plan Objectives - The Action Plan outlines four main areas: enhancing tourism service levels, optimizing travel routes and facilities, cultivating new integrated products and scenarios, and creating a favorable environment for integrated development [2] - It proposes 15 specific measures to achieve these objectives, including encouraging airlines to offer multi-destination packages and promoting collaboration among various tourism-related entities [2][3] Group 2: Low-altitude Tourism Development - The Action Plan emphasizes the regulated development of low-altitude tourism, advocating for local governments to establish joint regulatory mechanisms and support qualified enterprises in offering low-altitude tourism projects [3] - Low-altitude tourism is seen as a key driver for the transformation and upgrading of the cultural tourism industry, with significant market potential expected to be released following the implementation of the Action Plan [3] Group 3: Enhancing Inbound Tourism - The Action Plan aims to improve the convenience of inbound tourism by implementing policies that facilitate entry for foreign tourists and enhancing services at major airports [4] - It encourages the expansion of direct flights from key source countries and the development of diverse travel products to meet the varied needs of inbound tourists [4] Group 4: Policy Synergy and Market Growth - The integration of cultural tourism and civil aviation is crucial for breaking down industry barriers and creating a collaborative mechanism for demand matching, product co-creation, and data sharing [5] - Recent trends indicate a resurgence in inbound tourism, with a recovery rate projected at 123% by 2025, significantly surpassing global averages, driven by visa facilitation and improved payment environments [6][7]

Core Viewpoint - The "Action Plan" aims to significantly enhance the integration of cultural tourism and civil aviation by 2027, promoting a high-quality development model that stimulates demand and supply in a mutually beneficial manner [1] Group 1: Action Plan Overview - The "Action Plan" outlines 15 specific measures across four key areas: improving travel service levels, optimizing travel routes and facilities, cultivating new integrated products and business models, and creating a favorable environment for development [2] - It emphasizes the importance of enriching "civil aviation + cultural tourism" services, encouraging airlines to offer multi-destination packages and collaborations with various tourism-related entities [2] Group 2: Low-altitude Tourism Development - The "Action Plan" promotes the orderly development of low-altitude tourism, advocating for local governments to establish joint regulatory mechanisms and support qualified enterprises in offering low-altitude tourism projects [3] - It highlights the potential of low-altitude tourism as a significant driver for the transformation and upgrading of the cultural tourism industry, with expectations for market potential to be further unlocked [3] Group 3: Inbound Tourism Focus - The "Action Plan" addresses inbound tourism by proposing measures to enhance convenience, increase flight routes, and jointly promote inbound tourism products [3]

Core Insights - The integration of culture, tourism, and civil aviation industries aims for deeper, broader, and higher-quality collaboration by 2027, enhancing travel service levels and expanding both domestic and international tourism routes [1][2] Group 1: Action Plan Objectives - The action plan emphasizes improving domestic travel accessibility by incorporating more tourist cities into the "trunk and branch, full network connection" aviation service network [1] - It encourages the opening of popular tourist destination branch airports and the establishment of "air express" and border tourism routes [1] - Airlines are supported to increase flights based on seasonal travel demands, including educational, family, and winter tourism [1] Group 2: Targeted Initiatives - The plan includes the introduction of senior citizen travel flights and off-peak travel discount packages for elderly tourists [1] - It aims to enhance airport infrastructure in red tourism areas and encourages airlines to develop red tourism routes [1] - The action plan also focuses on optimizing inbound tourism routes by increasing direct flights from key source countries, especially those involved in the Belt and Road Initiative [2] Group 3: Promotion and Development - A promotion plan for inbound tourism routes will be implemented, targeting key source countries and major inbound tourism cities to develop a selection of premium inbound travel routes annually [2]