Macro Dynamics - In the first ten months of 2025, China's service trade totaled 65,844.3 billion yuan, a year-on-year increase of 7.5% [2] - Service exports reached 29,090.3 billion yuan, growing by 14.3%, while imports amounted to 36,754 billion yuan, increasing by 2.6% [2] - The service trade deficit was 7,663.7 billion yuan, a decrease of 2,693.9 billion yuan year-on-year [2] Industry Developments - The Ministry of Culture and Tourism and the Civil Aviation Administration of China issued an action plan to promote the integration of culture, tourism, and civil aviation, aiming for improved travel services and broader coverage of domestic and international routes by 2027 [3] - The plan emphasizes tailored services for specific travel groups, including senior travelers, educational tours, family trips, winter sports tourism, and inbound tourism [3] Market Data - In November 2025, retail sales of new energy vehicles in China reached 1.354 million units, a year-on-year increase of 7% [4] - Cumulative retail sales for the year reached 11.504 million units, up 20% compared to the previous year [5] - Wholesale sales of new energy vehicles in November were 1.72 million units, a 20% increase year-on-year, with cumulative wholesale sales for the year at 13.777 million units, up 29% [5] Consumer Trends - From January to November 2025, the trade-in of consumer goods generated over 25,000 billion yuan in sales, benefiting over 360 million people [6] - Notable trade-ins included over 11.2 million vehicles, 12.844 million home appliances, and 9.015 million digital products [6] Company News - China International Capital Corporation, Dongxing Securities, and Xinda Securities announced continued suspension of their A-shares due to major asset restructuring plans [8] - New China Life Insurance's independent director Ma Yaotian resigned due to the expiration of his term, effective December 3, 2025 [9] - Industrial and Commercial Bank of China raised the minimum investment for its three-year large-denomination certificates of deposit to 1 million yuan, while the industry standard is around 200,000 yuan [10][11] Stock Market Performance - On December 3, 2025, A-shares saw a collective decline, with the Shanghai Composite Index down 0.51% and the ChiNext Index down 1.12% [12] - The Hong Kong stock market also experienced a downturn, with the Hang Seng Index falling by 1.28% [13] Corporate Developments - Moore Threads is set to be listed on the STAR Market on December 5, 2025 [14] - Guizhou Bailing's actual controller is under investigation by the China Securities Regulatory Commission for insider trading and other violations [14] - Zhong Guodong has been appointed as the General Manager of China Huaneng Group [15][16] - Airbus has revised its 2025 delivery target for civil aircraft down to approximately 790 units due to supply chain issues [17]

Group 1 - The National People's Congress Standing Committee is set to review the revised Anti-Unfair Competition Law, focusing on addressing "involution" competition and enhancing fair competition review systems [1][2] - The revised law aims to clarify the obligations of platform operators in handling unfair competition behaviors among platform users, including the misuse of trademarks and misleading search keywords [1] - The law will also define the criteria for behaviors such as data rights infringement and malicious trading, while addressing issues related to large enterprises delaying payments to small and medium-sized enterprises [1] Group 2 - The draft revision of the Civil Aviation Law will also be reviewed, with a focus on promoting the development of the civil aviation industry, particularly in manufacturing and low-altitude economy [2] - New provisions will be added to support the establishment of an innovation system in civil aviation manufacturing, emphasizing the importance of key technology research and development [2] - The law will enhance passenger rights protection by including specific terms related to ticket sales, refunds, and flight delays, ensuring better arrangements for passengers during disruptions [2]

Group 1 - The National People's Congress is reviewing the Anti-Unfair Competition Law and Civil Aviation Law to address "involution" competition and promote low-altitude economy development [1][2] - The revised Anti-Unfair Competition Law aims to enhance fair competition review systems and clarify standards for confusing unfair competition behaviors, including misuse of trademarks and search keywords [1][2] - The law will also address issues related to data rights infringement and malicious trading, focusing on large enterprises' abuse of their dominant positions, particularly regarding payment delays to small and medium-sized enterprises [1][2] Group 2 - The Civil Aviation Law revision will include measures to promote the development of the civil aviation industry, particularly in manufacturing and low-altitude economy [2] - A new chapter on "development promotion" will be added, emphasizing the establishment of an innovation system for civil aviation manufacturing that integrates enterprises, market orientation, and research [2] - The law will also outline measures for optimizing low-altitude airspace resource allocation and establishing regulatory platforms for civil low-altitude flight services [2] Group 3 - The revision will enhance passenger rights protection by including specific provisions regarding ticket sales, refunds, changes, and baggage transportation [3] - It will also modify the obligations of airlines and airports to provide "food and accommodation" arrangements for passengers in case of flight delays or cancellations [3]

Core Viewpoint - The recent delivery of a Boeing 737 MAX 8 to a Chinese airline marks a significant moment in the recovery of Boeing's operations in China, following the impacts of the US-China trade war and the pandemic [2][3][5]. Group 1: Impact of US-China Trade Relations - The trade war previously led to a dramatic increase in tariffs on US-made aircraft and parts, from around 5% to as high as 145%, discouraging Chinese airlines from purchasing Boeing aircraft [2][3]. - The delivery process for Boeing aircraft has evolved, with planes now being completed in China after initial assembly in the US, reflecting a shift in operational strategy [2][3]. Group 2: Delivery and Production Challenges - Boeing's delivery capacity to Chinese airlines has significantly decreased, with only about 60 new 737 MAX aircraft delivered since 2019, compared to an expected annual delivery of 100 [6]. - The company aims to achieve positive cash flow by increasing the monthly production of the 737 MAX to between 38 and 40 units, as current production is limited by FAA regulations [5][6]. Group 3: Market Dynamics and Customer Retention - Several Chinese airlines have shifted away from Boeing, with some converting their orders to other aircraft models, indicating a potential loss of market share for Boeing in China [6][7]. - Despite challenges, there are indications of a potential recovery, with new aircraft deliveries, including the 737 MAX, expected to resume soon, which could revitalize operations at Boeing's Zhoushan facility [7].