Core Insights - The global trade landscape post-pandemic is reshaping the competitive dynamics of air cargo, with world-class air cargo hubs becoming critical for logistics competition and supply chain stability [1] Group 1: Changes in Global Air Cargo Rankings - The rankings of global cargo airports have significantly changed from pre-pandemic to post-pandemic, with China increasing its representation from 2 to 5 airports in the top 20, while the U.S. retains 7 [3] - Major Chinese airports such as Shanghai, Guangzhou, Hong Kong, Shenzhen, and Taipei are experiencing growth in cargo throughput, contrasting with a decline in 3-4 U.S. airports [3] - Traditional European airports like Amsterdam and Heathrow have fallen behind, while new players in the Gulf region, such as Istanbul and Doha, have rapidly emerged [3] Group 2: Shanghai Pudong Airport's Growth - Shanghai Pudong Airport is projected to become the second-largest global air cargo hub in 2024, with a total cargo volume of 3.77 million tons [4] - The airport's growth is attributed to both point-to-point cargo and transit cargo, with a significant portion of U.S.-bound cargo now coming from Vietnam due to strategic route openings [4] - The airport's infrastructure supports a wide range of cargo types, including temperature-controlled goods and precision instruments, enhancing its appeal as a global cargo hub [4] Group 3: Multi-Modal Transport and Logistics Strategies - The development of multi-modal transport facilities at Shanghai Pudong Airport allows for seamless air-to-air, air-to-ground, air-to-sea, and air-to-rail transfers, facilitating efficient logistics operations [4] - Companies like Eastern Airlines Logistics are investing in cargo stations and truck routes to attract regional cargo to Shanghai, with significant volumes already being transported via their truck services [4] - International experiences from hubs like Dubai and Frankfurt highlight the importance of multi-modal integration and adherence to international standards for operational efficiency [4]

Core Insights - Zhengzhou Airport has become a vital hub for cross-border e-commerce, with over 50 international cargo flights weekly, showcasing the vibrancy of the "Air Silk Road" [1] - In the first three quarters of this year, cross-border e-commerce export cargo volume at Zhengzhou Airport reached 180,000 tons, a year-on-year increase of 106.2%, accounting for 52% of the province's international export cargo volume [1] - The airport has established a logistics network that allows 24-hour access to major global economies, with daily cross-border e-commerce export cargo volume nearing 800 tons and a peak daily volume exceeding 1,000 tons, reflecting a 15-fold increase over the past five years [1] Industry Developments - Zhengzhou Airport has seen a continuous enhancement in its capabilities, with 33 all-cargo airlines operating and a cargo network covering over 30 countries and regions [2] - The airport has achieved over 470,000 tons of international and regional cargo throughput this year, a year-on-year growth of over 40%, surpassing the total volume of the previous year [2] - Collaborative efforts among various stakeholders, including customs and regulatory bodies, have led to innovations in regulatory services, such as "on-demand inspections and rapid customs clearance," creating an efficient customs passage [2]

Core Insights - FedEx announced the addition of five new weekly cargo flights connecting China and Paris, France, to enhance its global network coverage and support trade between Asia and Europe [1][2] - The new flights will help Asian businesses connect more quickly and reliably to European markets, especially during the peak holiday shopping season [1] - The flights will operate from FedEx's major hubs in Guangzhou and Shanghai, using Boeing 777 freighters to link to the FedEx European hub at Charles de Gaulle Airport in Paris [1] Group 1 - The new flights reflect FedEx's commitment to promoting trade development between Asia and Europe, facilitating logistics for sectors such as e-commerce, manufacturing, high-tech, and retail [1] - In the first half of this year, China's total import and export volume with the EU reached 2.82 trillion yuan, a year-on-year increase of 3.5%, with the EU remaining China's second-largest trading partner [1] - The integration of supply chains between China and Europe is accelerating, with significant growth in exports of automotive parts, textiles, home appliances, and laptops from China to the EU [1] Group 2 - FedEx's China President highlighted the increasing importance of the European market in the global strategies of Chinese companies, emphasizing the need for enhanced logistics capabilities [2] - With the new flights, FedEx now operates 26 weekly flights from the Asia-Pacific region to Europe, with delivery times as fast as 48 hours to major European markets [2] - FedEx has established a robust logistics network in China with six operational centers and three major air logistics hubs in Europe, further strengthened by the recent opening of the Istanbul global air hub [2]

Core Insights - The International Air Transport Association (IATA) reported a 4.1% year-on-year increase in global air cargo demand measured in cargo tonne-kilometers (CTK) for August 2025, with international demand growing by 5.1% [1] - Air cargo capacity, measured in available cargo tonne-kilometers (ACTK), increased by 3.7% year-on-year, with international capacity rising by 5.5% [1] Regional Performance - Asia-Pacific airlines experienced a 9.8% year-on-year increase in air cargo demand in August, with capacity growing by 6.9% [1] - North American airlines saw a 2.1% year-on-year decline in air cargo demand, the slowest growth among all regions, with capacity decreasing by 1.0% [1] - European airlines reported a 3.2% year-on-year increase in air cargo demand, with capacity increasing by 4.2% [1] Market Trends - IATA's Director General Willie Walsh noted that the 4.1% growth in air cargo demand marks six consecutive months of year-on-year increases [1] - Despite changes in global trade patterns, cargo volumes continue to grow, driven by shippers' efforts to minimize risks associated with tariff changes, leading to a shift of some high-value goods from sea to air transport [1] - The growth pattern indicates a shift of goods from North America, contributing to strong growth in trade corridors between Eurasia, Asia-Pacific, Africa-Asia, and Middle East-Asia [1]

Core Viewpoint - The dual holiday of National Day and Mid-Autumn Festival has significantly boosted consumer market activity, with air cargo playing a crucial role in ensuring the flow of goods and meeting public demand during this period [1]. Group 1: Industry Insights - The air cargo sector is described as the "aerial artery" for material circulation during the holiday, highlighting its importance in connecting production and sales [1]. - Eastern Airlines Logistics has initiated comprehensive preparations to ensure uninterrupted operations during the holiday, including special inspections and equipment maintenance [3]. - The logistics unit of Eastern Airlines has made extensive preparations to handle the surge in cargo volume, ensuring efficient coordination among various departments [3]. Group 2: Operational Strategies - The flight department of China Cargo Airlines has scientifically allocated crew resources based on flight characteristics to optimize operations [3]. - The operations control center has conducted precise weather trend analyses to enhance flight planning [3]. - The cargo station department is closely monitoring ramp operations to ensure efficiency during peak periods [3].

Core Insights - The dual holiday of National Day and Mid-Autumn Festival has significantly boosted consumer activity, with air cargo playing a crucial role in ensuring the smooth flow of goods during this period [1][2] - Eastern Airlines Logistics has effectively supported the logistics needs by managing a total of 11,347 flights and handling over 40,000 tons of cargo, marking a year-on-year increase of 15.5% in flight numbers and 10% in cargo volume [1] Group 1 - Eastern Airlines Logistics initiated comprehensive preparations ahead of the holidays, including special inspections, equipment maintenance, and optimized scheduling to ensure uninterrupted operations [2] - The company capitalized on the peak cargo season by promoting both freighter and passenger bellyhold operations, with a 52.3% increase in flights operated by China Cargo Airlines during the holiday [2] - Revenue and marginal contribution rates for outbound and inbound flights exceeded 53% year-on-year, with all key performance indicators for passenger bellyhold operations showing significant growth [2] Group 2 - The operational units of Eastern Airlines Logistics prepared extensively for the surge in cargo volume, ensuring efficient coordination across departments [2] - The flight department optimized crew resource allocation based on flight characteristics, while the operations control center analyzed weather trends to enhance flight planning [2] - Ground handling departments focused on critical operations and emergency response capabilities, while branch offices tailored plans to meet customer demands, ensuring smooth operations throughout the holiday [2]

Core Insights - The Zhengzhou air cargo port has achieved a historic milestone with over 10,000 inbound and outbound cargo flights this year, marking a significant enhancement in the capacity of the "Air Silk Road" [1][2] - Zhengzhou and Luxembourg have established a "dual hub" cooperation model, positioning Zhengzhou as an Asia-Pacific logistics center and Luxembourg as a Europe and America logistics center, creating a comprehensive air route network [1][2] Summary by Sections Flight Operations - The number of inbound and outbound cargo flights at Zhengzhou air cargo port has increased by nearly 50% compared to the same period last year, surpassing the total of 9,757 flights projected for the entire year of 2024 [1][2] - Zhengzhou has attracted 33 all-cargo airlines and opened 45 international cargo routes, connecting to 48 international cities, covering over 30 countries and regions [2] Infrastructure and Efficiency - The growth in flight operations is supported by improved customs efficiency and service capabilities, implementing a "zero wait, zero delay" model for cargo flights [2] - The Zhengzhou air cargo port has optimized various processes, including cargo inspection and flight monitoring, to create a safe and efficient customs passage for high-frequency cargo flights [2] Future Outlook - The achievement of 10,000 flights is seen as a new starting point and mission, with plans to enhance international cargo flight measures to support high-level openness and high-quality foreign trade development in Henan [2] - Zhengzhou continues to strengthen its global logistics network through the Zhengzhou-Luxembourg dual hub system, contributing to the integration into a new development pattern and promoting high-quality growth [2]

Core Insights - The latest economic data released by multiple departments indicates a steady improvement in the innovation vitality of small and medium-sized enterprises (SMEs) in China, with significant growth in various sectors including warehousing, logistics, and consumption [1][3]. Group 1: SME Innovation and Economic Performance - In the first eight months of 2025, the overall economic operation of SMEs in China remained stable, with a notable increase in innovation vitality. The value added of industrial SMEs grew by 7.6% year-on-year, outpacing large enterprises by 3.3 percentage points [3]. - The "specialized, refined, distinctive, and innovative" SMEs, referred to as "little giant" enterprises, saw an 8.7% year-on-year increase in value added [9]. Group 2: Warehousing and Logistics Activity - In September 2025, China's warehousing business activity showed signs of recovery, with the warehousing index rising to 49.6%, an increase of 0.3 percentage points from the previous month. The new orders index returned to the expansion zone, indicating active demand in the warehousing sector [6]. - A total of 169 new international air cargo routes were opened in the first nine months of 2025, with 17 routes added in September alone, enhancing the connectivity of international air freight [10][12]. Group 3: Consumer Activity During Holidays - During the National Day and Mid-Autumn Festival holiday in 2025, UnionPay and NetUnion processed over 415 billion payment transactions, an increase of 95.23 billion transactions compared to the previous year. The total transaction amount reached 13.26 trillion yuan, up by 1.86 trillion yuan [15]. - The postal and express delivery industry processed over 72 billion packages during the holiday period, averaging over 9 billion packages per day, reflecting a strong consumer demand [18]. Group 4: Upcoming Trade Events - The 138th Canton Fair is scheduled to take place from October 15 to November 4, 2025, in Guangzhou, featuring a record total of 74,600 exhibition booths and over 32,000 participating enterprises, with more than 3,600 companies making their debut [18].

Group 1: Small and Medium Enterprises (SMEs) - The overall economic operation of SMEs in China has remained stable in the first eight months of the year, with significant improvement in innovation vitality [1] - The added value of industrial SMEs above designated size increased by 7.6% year-on-year, outpacing large enterprises by 3.3 percentage points [1] - Specialized and innovative SMEs, referred to as "little giants," saw an 8.7% year-on-year increase in added value [1] - The export index for SMEs stood at 51.9% in August, indicating continuous expansion for 17 months [1] Group 2: Logistics and Warehousing - The China Logistics and Purchasing Federation reported a rise in the warehousing index to 49.6% in September, up 0.3 percentage points from the previous month [5] - The new orders index returned to the expansion zone, reflecting increased demand for warehousing services as seasonal factors improved [5] - Various sectors, including non-ferrous metals, mineral products, and pharmaceuticals, showed new orders in the expansion zone [5] Group 3: International Air Cargo - In September, 17 new international air cargo routes were opened, contributing to a total of 169 routes established in the first nine months of the year [6] - The route structure includes 81 routes to Asia, 66 to Europe, 15 to North America, 3 to Oceania, 2 to South America, and 2 to Africa [6] - The cargo structure primarily consists of cross-border e-commerce goods, high-end manufacturing products, high-value goods, auto parts, machinery, and fresh produce [6] Group 4: Payment Transactions and Express Delivery - During the National Day and Mid-Autumn Festival holiday in 2025, UnionPay and NetLink processed 415.52 billion payment transactions, an increase of 95.23 billion compared to the previous year [9] - The total transaction amount reached 13.26 trillion yuan, up by 1.86 trillion yuan from the last holiday [9] - The postal express industry handled 72.31 billion packages during the same holiday period, averaging over 9 billion packages per day [13] - Express companies are actively exploring new scenarios combining express delivery with cultural tourism to convert travel flow into consumption growth [13]

Core Insights - The International Air Transport Association (IATA) reported a 4.1% year-on-year increase in global air freight demand for August 2025, with international demand growing by 5.1% [1] - Air freight capacity also saw a year-on-year increase of 3.7%, with international capacity rising by 5.5% [1] Global Market Overview - Global air freight demand (measured in cargo tonne-kilometers, CTK) increased by 4.1% compared to August 2024, while available cargo tonne-kilometers (ACTK) rose by 3.7% [1] - The overall load factor increased by 0.2 percentage points to 44.2% [1] Regional Performance - Africa: Air freight demand grew by 11.0%, the strongest among all regions, with capacity increasing by 12.3% [8] - Asia-Pacific: Demand increased by 9.8%, with capacity up by 6.9% [4] - Europe: Demand rose by 3.2%, and capacity increased by 4.2% [5] - Middle East: Demand grew by 2.7%, with capacity up by 4.3% [6] - Latin America: Demand increased by 2.1%, and capacity rose by 5.0% [7] - North America: Demand decreased by 2.1%, the slowest growth among all regions, with capacity down by 1.0% [4] Trade Lane Analysis - The majority of major trade lanes experienced significant growth in air freight volumes, particularly Europe-Asia and intra-Asia, which saw strong double-digit growth [8] - Asia-North America experienced a decline of 2.2%, marking four consecutive months of decrease [9] - Europe-Asia continued to grow for 30 months, with a year-on-year increase of 13.0% [9] - Middle East-Asia saw a growth of 7.8%, continuing for six months [9] - Intra-Asia recorded a growth of 12.4%, maintaining a 22-month growth streak [9]