丨 2025年11月20日 星期四 丨 NO.1始祖鸟母公司第三季度净利润增长161% 11月18日晚，始祖鸟母公司亚玛芬体育公布最新业绩。2025年第三季度亚玛芬体育营收同比增长30%至 17.56亿美元；调整后净利润增长161%至1.85亿美元，每股收益翻倍至0.33美元，仍较预期高出8美分； 调整后毛利率扩大240个基点至57.9%。公司预计2025年收入增长将达到23%～24%，高于最初20%～ 21%的增长指引。这一新展望对应的收入预期为63.7亿美元至64.2亿美元，而市场此前估计为63.9亿美 元。 点评：亚玛芬体育三季报数据亮眼，营收利润双增，其中，大中华区成强劲引擎。公司上调全年增长预 期，彰显其市场信心。在运动户外行业竞争白热化的当下，此成绩或引发行业格局变动。超预期数据有 望吸引资金关注，推动股价上扬，但也需留意后续业绩能否持续兑现，以支撑长期走势。 点评：寒潮之下，羽绒服竟掀起"涨价狂潮"。养鸭数量少，羽绒价格疯涨，白鸭绒从低谷价飙升数倍， 鹅绒价格更是高昂。成本大幅增加，让正规厂家羽绒服出厂价直逼千元。这既反映出市场供需的失衡， 也凸显了产业链上游波动对终端产品的巨大影响。 NO.4 ...

每经记者：杜蔚 每经编辑：魏官红 丨 2025年11月20日 星期四 丨 NO.1始祖鸟母公司第三季度净利润增长161% 点评：灵隐寺免票开放，是杭州"还景于民"的又一暖心实践。此举打破门票壁垒，降低公众亲近佛教文 化的门槛，让文化瑰宝更好融入大众生活。景区配套实名预约、分时游览制度，兼顾游客体验与文物保 护。这一举措有望提升城市文旅吸引力，为文化传承与旅游发展注入新活力。 NO.3羽绒价格狂飙，1吨鸭绒从17万元涨到58万元 据媒体报道，11月19日，寒潮来袭，羽绒服迎来"涨价狂潮"。近日，青岛羽绒市场行业人士在接受记者 采访时透露，现在养鸭子的特别少，羽绒价格一天一个价，90%的白鸭绒最低的时候1吨17万元，现在 差不多58万元，鹅绒现在是98万元1吨，一件成人短款羽绒服，差不多需要100只鸭的绒，成本飙升致正 规厂家出厂价逼近千元。 点评：寒潮之下，羽绒服竟掀起"涨价狂潮"。养鸭数量少，羽绒价格疯涨，白鸭绒从低谷价飙升数倍， 鹅绒价格更是高昂。成本大幅增加，让正规厂家羽绒服出厂价直逼千元。这既反映出市场供需的失衡， 也凸显了产业链上游波动对终端产品的巨大影响。 NO.4国际机票降价，不到600元能飞新加 ...

经济观察网 11月19日，2025年冬春航季开启后，国际机票价格普遍回落。以上海为例，12月3日上海至 新加坡航线最低价格为583元；而12月4日从北京直飞悉尼最低价格为1527元。 ...

去哪儿大数据研究院研究员杨涵分析，从当前到2025年年底，中国游客的错峰出境游需求依然旺 盛。部分赴日游客转向其他目的地，游客选择更趋多元化。韩国目前已经取代日本，成为最受欢迎的 出境游目的地。 文化和旅游部郑重提醒中国游客近期避免前往日本旅游。 据去哪儿旅行数据，热门出境游目的地次序已经重排。从已下单的国际机票票量来看，韩国在刚刚过 去的周末（11月15日-16日）成为新晋TOP1出境游热门目的地。 ...

Group 1 - The State Council of China announced the holiday schedule for 2026, with the Spring Festival holiday from February 15 to February 23, totaling 9 days, which is expected to boost long-distance travel enthusiasm [1] - Following the announcement, travel data from Qunar shows a significant increase in ticket searches, with train and international flight searches doubling, and a threefold increase in flight searches for the Spring Festival period [3] - Popular domestic destinations for the Spring Festival include Haikou, Sanya, and Hangzhou, with flight bookings for the 2026 Spring Festival expected to increase by 63% compared to 2025 [3] Group 2 - The travel popularity of Harbin and Sanya as winter destinations is extending into the Spring Festival holiday, indicating a trend towards staggered travel and increased comfort for travelers [5] - The overall travel volume during the Spring Festival is anticipated to reach new highs, with a more balanced daily passenger flow expected [5]

Group 1: Market Performance - The A-share market indices rebounded today, with significant gains in consumer sectors such as retail chains, duty-free, hotel and catering, and tourism [1][3] - Notable stocks like Dongbai Group and Caesar Travel reached their daily limit up, indicating strong market interest [1][3] Group 2: Holiday Impact - The announcement of the longest Spring Festival holiday in history, lasting from February 15 to February 23, 2026, has stimulated the consumer sector [1][5] - Online travel booking platforms reported a doubling in search volume for train and international flight tickets shortly after the holiday announcement [4][5] Group 3: Duty-Free Sector - Duty-free concept stocks have seen a significant rise, with the sector increasing over 2% today, driven by upgraded duty-free policies effective from November [7][9] - Key players like Pingtan Development, Caesar Travel, and Hainan Development reached their daily limit up, reflecting strong investor confidence [7][8] Group 4: Policy Support for Consumption - The Chinese government is focusing on boosting consumption through various measures, including enhancing service consumption as a key investment theme [11][12] - The "14th Five-Year Plan" emphasizes the importance of expanding quality consumer goods and services, which is expected to benefit sectors like tourism, education, and healthcare [12][13][14]

Core Viewpoint - The article discusses the recovery of the China-Canada flight routes following the resumption of group travel for Chinese citizens to Canada, highlighting significant increases in flight searches and ticket sales, while noting that the recovery rate remains low compared to pre-pandemic levels [3][4]. Flight Recovery Status - The search volume for flights to Canada has significantly increased after the announcement of resumed group travel [3]. - From January to October 2025, international ticket volume to Canada increased by 28.1% compared to the same period last year [3]. - The number of round-trip flights on the China-Canada route reached 319 in October 2025, a year-on-year increase of over 2.5 times [3]. - However, the current recovery rate of flights between China and Canada is only 35.6% compared to the same period in 2019, similar to the 29.7% recovery rate for China-US routes [3][4]. Factors Affecting Recovery - The slow recovery of China-Canada flights is partly due to restrictions imposed by Canada on the number of flights operated by Chinese airlines, initially limiting them to no more than six round-trip flights per week [4]. - As of October 25, 2024, Canada lifted the restriction on direct flights from Beijing but still allows only 24 flights per week, significantly lower than the pre-pandemic level of over 70 flights per week [4]. - Currently, six Chinese airlines operate on the China-Canada route, with Air Canada being the only Canadian airline [4]. Airline Performance - Domestic airlines account for 67.4% of the flight volume on the China-Canada route, with the three major airlines having a nearly equal share [5]. - Despite a year-on-year increase of over 2.1 times in Air Canada's flight volume in October, it remains 65.3% lower than in 2019 [8]. - The need to avoid Russian airspace has led Air Canada to prioritize more profitable Atlantic routes, limiting its capacity on the China-Canada route [8]. International Route Dynamics - The recovery situation for China-US routes mirrors that of China-Canada, with both requiring airlines to avoid Russian airspace [10]. - The US Department of Transportation has proposed restrictions on Chinese airlines using Russian airspace, which has led to complaints from Chinese carriers [10][11]. - European airlines are also experiencing slow recovery due to similar airspace restrictions, while Chinese airlines have a cost advantage on Europe routes [11]. Market Share Changes - Domestic airlines have a significantly higher recovery rate compared to foreign airlines, with a 3.7% increase in international flights compared to 2019, achieving a recovery rate of 103.7% [12]. - The market share of domestic airlines has increased from 59.1% in 2019 to 69.6%, while foreign airlines' share has decreased by 10.5 percentage points to 30.4% [12].

Core Viewpoint - The domestic airline ticket prices in September showed a year-on-year increase driven by improved supply and demand dynamics, with expectations for a turning point in Q4 2025 as the supply-demand gap narrows [1] Industry Dynamics - In September, the demand for air travel benefited from increased passenger flow and longer flight distances, resulting in a higher growth rate than supply. The passenger load factor for both domestic and international routes reached record highs [1] - The six listed airlines in A-shares reported a combined ASK/RPK growth of +4.0%/+7.1% year-on-year in September, with domestic passenger load factors reaching 87.3%, an increase of 2.1 percentage points year-on-year, marking the highest level for September in history [1] - For international routes, the supply growth rate slowed, leading to a widening gap with demand growth. The ASK/RPK for international routes increased by +8.7%/+13.6% year-on-year, with a passenger load factor increase of 3.5 percentage points [1] Aircraft Utilization and Pricing - The aircraft utilization rate in September remained high at 7.8 hours, with narrow-body aircraft showing a slight increase of +0.4% year-on-year [2] - The domestic passenger load factor for the six airlines reached 87.3%, up 2.1 percentage points year-on-year, and 3.9 percentage points compared to 2019, achieving a historical high [2] - Domestic economy class ticket prices increased by +0.6% year-on-year, while international ticket prices decreased by -15.2% [2] Fleet Expansion - The fleet of the six listed airlines grew by 0.3% month-on-month, with a total of 3,340 aircraft managed as of September 2025, reflecting a net increase of 11 aircraft [3] - The main aircraft types introduced were narrow-body models, including 19 new narrow-body aircraft in September [3] Investment Targets - Key companies to watch include China Eastern Airlines (600115.SH), Huaxia Airlines (002928.SZ), Air China (601111.SH), China Southern Airlines (600029.SH), Juneyao Airlines (603885.SH), and Spring Airlines (601021.SH) [4]

Investment Rating - The report maintains a "Buy" rating for the airline sector, highlighting the potential for price recovery driven by improved supply-demand dynamics [6][10]. Core Insights - In September 2025, the airline industry experienced a significant increase in passenger load factors, with domestic and international routes reaching record highs. The combined ASK/RPK for six listed airlines grew by 4.0% and 7.1% year-on-year, respectively [3][12]. - The report emphasizes the tight supply-demand relationship, with a notable recovery in business travel demand contributing to price increases. The domestic passenger load factor reached 87.3%, up 2.1 percentage points year-on-year, marking the highest level for September in history [4][13]. - The report suggests that the industry is entering a critical phase where supply constraints may lead to sustained price improvements, particularly in the fourth quarter of 2025 [5][24]. Summary by Sections Passenger Load Factors and Pricing - The report indicates that high passenger load factors in September have led to price increases, with domestic economy class ticket prices rising by 2.4% year-on-year. International ticket prices, however, saw a decline of 15.2% [4][13]. - The domestic load factor for the six airlines reached 87.3%, which is 3.9 percentage points higher than the same period in 2019, reflecting strong demand recovery [4][12]. Fleet Expansion - The total fleet of the six listed airlines increased by 0.3% in September 2025, with a net addition of 11 aircraft. The primary models introduced were the A320 and B737 series [5][24]. - China National Airlines led the fleet expansion with a net increase of 5 aircraft, while Eastern Airlines added 2 aircraft during the same period [26][28]. Investment Recommendations - The report advises investors to focus on the sustainability of price improvements in the fourth quarter, particularly for business routes. The recovery in business travel is expected to enhance investor sentiment in the sector [5][24]. - Key airlines to watch include China Eastern Airlines, China Southern Airlines, and Spring Airlines, among others [5][6].

Core Insights - Sweden's inflation rate for July is reported at 0.8%, an increase from 0.7% in June [1] - The core inflation rate for July stands at 3.0%, up from 2.8% in June [1] Industry Impact - The rise in inflation is primarily attributed to the summer tourism sector, which has led to price increases in related industries [1] - Package tour prices increased by 16.4% month-on-month, indicating a significant impact from tourism on inflation [1] - Additionally, prices for car rentals and international flights have also seen an upward trend [1] - Diesel prices rose by 4.3% month-on-month, contributing to the overall inflation increase [1]