【11月25日A股三大指数集体走高，市场成交额增加】11月25日，A股三大指数集体上扬。收盘时，沪 指涨0.87%，报3870点；深证成指涨1.53%；创业板指涨1.77%。全市场成交额达1.83万亿元，较前一增 加858亿元，4300只股票上涨。 盘面上，CPO概念、光通信模块板块爆发，德科立、永鼎股份等多股涨 停；F5G概念拉升，特发信息涨停。流感季提前，流感概念活跃，特一药业等多股涨停；游戏板块走 高，巨人网络涨停；教育股普涨，科德教育20CM涨停。 贵金属、激光雷达、海南及通信设备等板块涨 幅居前。不过，船舶制造板块下挫，江龙船艇跌近10%；水产养殖板块走低，水中渔业跌停；航空机 场、预制菜、转基因等板块跌幅居前。 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 扫码查看原文 本文由 Al 算法生成,仅作参考,不涉投资建议,使用风险自担 和讯财经 FUL hexun.con 和而不同 迅达天下 ...

11月25日，A股三大指数集体走高，截至收盘，沪指涨0.87%报3870点，深证成指涨1.53%，创业板指涨 1.77%。全市场成交额1.83万亿元，较前一交易日增量858亿元，4300股上涨。 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 上证指数 | 3 | 3870.02 | +33.26 | +0.87% | | 000001 | | | | | | 深证成指 | no | 12777.31 | +192.23 | +1.53% | | 399001 | | | | | | 创业板指 | | 2980.93 | +51.89 | +1.77% | | 399006 | | | | | | 北证50 | | 1396.84 | +10.80 | +0.78% | | 899050 | | | | | | 科创50 | | 1302.17 | +5.56 | +0.43% | | 000688 | | | | GIMET | 盘面上，CPO概念、光通信模块板块爆发，德科立、永鼎股份等多股涨停；F5G概念拉升，特发信息涨 停；流感概 ...

证券之星消息，11月24日航空机场板块较上一交易日下跌0.2%，吉祥航空领跌。当日上证指数报收于 3836.77，上涨0.05%。深证成指报收于12585.08，上涨0.37%。航空机场板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000099 | 中信海直 | 20.46 | 3.49% | | 11.71万 | 2.37亿 | | 600004 | 白云机场 | 9.63 | 0.52% | | 17.38万 | 1.67亿 | | 000089 | 深圳机场 | 6.93 | -0.29% | 16.58万 | | 1.15亿 | | 601021 | 春秋航空 | 55.05 | -0.51% | 4.69万 | | 2.59亿 | | 600115 | 中国东航 | 5.14 | -0.77% | | 96.00万 | 4.95 乙 | | 600221 | 海航控股 | 1.67 | -1.18% | 517.39万 | | 8.68亿 | | ...

Investment Rating - The report recommends "Buy" for the express delivery sector, specifically highlighting SF Holding as a preferred investment choice due to its valuation, operational resilience, and shareholder returns [2]. Core Insights - The express delivery sector experienced an 8% year-on-year growth in business volume in October, with a total of approximately 44.19 billion parcels collected, reflecting a 4.72% increase from the previous week and an 11.3% increase year-on-year [2]. - The logistics sector is encouraged to focus on smart logistics, with Hai Chen Co. being recommended due to improved demand [3]. - The aviation sector shows a slight increase in flight operations, with an average of 14,777 flights per day, marking a 3.27% year-on-year growth [4]. - The shipping sector saw a rise in oil and dry bulk transportation indices, with the BDTI index increasing by 1.9% week-on-week and 58.2% year-on-year [5]. - The road and rail sector reported a decrease in truck traffic on highways, with a total of 57.83 million trucks passing through last week, reflecting a 2.57% increase week-on-week and a 5.30% increase year-on-year [6]. Summary by Sections 1. Transportation Sector Market Review - The transportation index fell by 4.8% during the week of November 15-21, underperforming the CSI 300 index, which decreased by 3.8% [1][13]. 2. Industry Fundamentals Tracking 2.1 Shipping and Ports - The export container shipping price index (CCFI) was 1,122.79 points, up 2.6% week-on-week but down 23.8% year-on-year [22]. - The oil transportation index (BDTI) reached 1,445.4 points, reflecting a 1.9% increase week-on-week and a 58.2% increase year-on-year [34]. 2.2 Aviation and Airports - In October 2025, the civil aviation passenger volume reached 67.84 million, a year-on-year increase of 8% [54]. - The average daily flight operations increased by 3.27% year-on-year, with international flights showing an 11.81% increase [4]. 2.3 Rail and Road - The national railway passenger volume in October was 410 million, a 10.14% increase year-on-year [75]. - The national highway freight volume was 3.706 billion tons, showing a slight increase of 0.08% year-on-year [80]. 2.4 Express Delivery and Logistics - The express delivery business revenue in October reached 131.67 billion yuan, a 4.7% year-on-year increase [2].

Core Viewpoint - The aviation and airport sector experienced a decline of 2.05% on November 21, with Hainan Airlines leading the drop, while the Shanghai Composite Index fell by 2.45% and the Shenzhen Component Index decreased by 3.41% [1] Market Performance - The closing prices and percentage changes for key stocks in the aviation and airport sector are as follows: - Hainan Airlines: 1.69, -4.52% - Xiamen Airport: 15.85, -3.94% - CITIC Offshore Helicopter: 19.77, -3.09% - Shenzhen Airport: 6.95, -2.39% - China Southern Airlines: 7.08, -1.67% - China Eastern Airlines: 5.18, -1.52% [1] Capital Flow - The aviation and airport sector saw a net outflow of 571 million yuan from institutional investors, while retail investors contributed a net inflow of 430 million yuan [1] - The detailed capital flow for selected stocks indicates: - China Eastern Airlines: -55.71 million yuan from institutional investors, +34.46 million yuan from retail investors - Xiamen Airport: -19.70 million yuan from institutional investors, +25.76 million yuan from retail investors [2]

Core Viewpoint - The aviation and airport sector experienced a decline of 0.8% on November 20, with China Southern Airlines leading the losses. The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1]. Summary by Category Stock Performance - The following stocks in the aviation and airport sector showed notable performance: - Hainan Airlines (600221) closed at 1.77, up 0.57% with a trading volume of 5.3774 million shares and a transaction value of 9.57 billion yuan [1]. - China Eastern Airlines (600115) closed at 5.26, down 0.38% with a trading volume of 808.6 thousand shares and a transaction value of 4.28 billion yuan [2]. - Xiamen Airport (600897) closed at 16.50, down 0.96% with a trading volume of 69.3 thousand shares and a transaction value of 1.14 billion yuan [2]. Capital Flow - The aviation and airport sector saw a net outflow of 123 million yuan from institutional investors, while retail investors contributed a net inflow of 162 million yuan [2]. - The capital flow for specific stocks included: - Shanghai Airport (600009) had a net inflow of 45.5255 million yuan from institutional investors, but a net outflow of 47.5760 million yuan from retail investors [3]. - Hainan Airlines (600221) experienced a net outflow of 5.8716 million yuan from institutional investors, while retail investors had a net inflow of 22.9749 million yuan [3].

Core Insights - The aviation and airport sector experienced a decline of 0.62% on November 19, with Xiamen Airport leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - Spring Airlines (601021) closed at 56.05, up 1.95% with a trading volume of 97,300 shares and a transaction value of 54.5 million [1] - China National Aviation (601111) closed at 8.77, up 0.69% with a trading volume of 682,100 shares and a transaction value of 601 million [1] - Xiamen Airport (600897) closed at 16.66, down 3.25% with a trading volume of 96,500 shares and a transaction value of 162 million [2] Capital Flow - The aviation and airport sector saw a net outflow of 274 million from institutional investors and 175 million from retail investors, while retail investors had a net inflow of 449 million [2] - Major stocks like Spring Airlines and China National Aviation experienced mixed capital flows, with Spring Airlines seeing a net inflow of 42.9 million from institutional investors [3] Individual Stock Analysis - Xiamen Airport had a significant net outflow of 21.74 million from institutional investors, while retail investors contributed a net inflow of 28.31 million [3] - China Eastern Airlines (600115) faced a net outflow of 4.71 million from institutional investors but saw a net inflow of 51.1 million from retail investors [3]

Investment Rating - The investment rating for the airline industry is "Overweight" indicating a positive outlook for the sector [2][5]. Core Insights - The October National Day holiday has driven an increase in travel demand, with passenger transport volume reaching approximately 68.41 million, a year-on-year growth of 6.7% compared to 2024 [2]. - Domestic capacity increased by 2.1% year-on-year, while domestic passenger flow grew by 4.5% [2]. - The average aircraft utilization rate in October was 7.99 hours per day, reflecting a 1.4% increase year-on-year [2]. - Airlines are increasing capacity, with passenger turnover growth outpacing capacity growth. For instance, China Eastern Airlines and China Southern Airlines both saw a 7% increase in ASK (Available Seat Kilometers) compared to 2024 [2][3]. - The international market has shown recovery, with international flights reaching approximately 60,000, recovering to 90% of the levels seen in 2019 [2]. - The report highlights a significant increase in international capacity for airlines like China Eastern Airlines and Spring Airlines, with year-on-year ASK growth of 14% and 153% respectively compared to 2019 [2][3]. - The report suggests that the airline industry is at a turning point, with potential for significant improvement in airline profitability due to rising demand and constrained supply [2]. Summary by Sections Domestic Market - Overall demand growth is outpacing capacity growth, with Spring Airlines showing significant increases in both capacity and volume [2]. - ASK and RPK for major airlines like China Southern and China Eastern have shown positive growth compared to 2024 and 2019 [3]. International Market - Major airlines have exceeded 2019 levels in international operations, with significant year-on-year growth in ASK and RPK for airlines like China Eastern and Spring Airlines [2][3]. Regional Market - Capacity and volume recovery is uneven across regions, with China Southern and China Eastern showing strong recovery compared to 2019 [2][3]. Investment Analysis - The report emphasizes the unprecedented challenges in the aircraft manufacturing chain and the aging fleet, predicting a continued supply constraint over the next 5-10 years [2]. - The report recommends focusing on the airline sector, highlighting strong supply logic and elastic demand, with specific recommendations for airlines such as China Eastern, China Southern, and Spring Airlines [2][5].

Core Viewpoint - The aviation and airport sector experienced a decline of 0.87% on November 18, with Xiamen Airport leading the drop. The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1]. Stock Performance Summary - Xiamen Airport (600897) saw the largest decline at 5.07%, closing at 17.22, with a trading volume of 155,200 shares and a transaction value of 267 million yuan [2]. - Other notable declines included: - Spring Airlines (601021) down 2.17% to 54.98 - China Southern Airlines (600029) down 0.41% to 7.30 - China Eastern Airlines (600115) down 0.19% to 5.36 [1][2]. Capital Flow Analysis - The aviation and airport sector experienced a net outflow of 88.91 million yuan from institutional investors and 65.01 million yuan from retail investors, while individual investors saw a net inflow of 154 million yuan [2]. - The capital flow for specific stocks showed: - China Eastern Airlines had a net inflow of 72.90 million yuan from institutional investors but a net outflow of 44.47 million yuan from retail investors [3]. - Spring Airlines also had a significant net inflow of 72.75 million yuan from institutional investors, with a net outflow of 6.89 million yuan from retail investors [3].

Group 1 - The core viewpoint for 2026 asset direction emphasizes "policy efforts and the rise of new momentum, with A-shares remaining the core battlefield, but structure being more important than position" [1] - In 2026, the macro environment is characterized by a "comprehensive effort period" for policies, with GDP targets expected to remain around 5%, and monetary easing and fiscal expansion as the main themes [1][2] - Key economic indicators for 2026 include a projected actual GDP growth of 5.0%, nominal GDP growth of 5.1%, and a retail sales growth of 4.5% [2][3] Group 2 - The export growth for 2026 is expected to be around 5%, with a recovery in exports to the U.S. and highlights in the "Belt and Road" initiative and AI industry chain [3][4] - The investment strategy suggested is a "barbell strategy," focusing on both growth and consumption, with a moderate rotation in between [5][6] - The technology growth sector is highlighted, focusing on "new momentum" such as AI, new energy, and self-controlled technologies, supported by the "14th Five-Year Plan" [4][5] Group 3 - The consumption sector is seen as a key area for structural recovery in 2026, with specific attention to sectors like medical services, aviation, home appliances, and non-alcoholic beverages, which show strong earnings growth and low valuations [7][8] - The "招商上证消费80ETF联接C" is recommended as a long-term investment tool for exposure to the consumer sector, with a focus on stable earnings and low fees [7][8] - The "招商中证白酒指数C" is identified as a stable investment in the consumer sector, with strong performance expected leading up to the Spring Festival [8][9]