中国交通：反内卷行业，两个行业的故事 —— 航空公司和物流会解决根本问题吗

Asia Pacific Equity Research 19 August 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Transportation Ecosystems Anti-involution campaign: a tale of two industries - Will airlines and logistics address the root problems? China's 2025 country-wide ...