2026届高考英语一轮复习外刊精读与练习 Day 13 美国航空公司不靠机票赚钱，靠什么？

外刊阅读 Step 1: Reading How loyalty programmes are keeping America’s airlines aloft 美国航空公司不靠机票赚钱，靠什么？ 词数：349 Article Main idea America’s biggest airlines are not kept aloft by ticket sales alone. Last year Delta Air Lines reported an operating profit of $6 billion, yet without income from its loyalty programme, the company would have lost money. The same is true for American, Southwest and United; together the four earned about $14 billion, but only because their frequent-flyer schemes produced huge cash flows. 段落大意：揭示美国大型航空公司的核心盈利并非机票，而是常旅客计划；以达美为例，若无里程收入将亏损。 文章逻辑：以“出人意料的事实”开篇，提出全文中心论点，为后文展开说明作铺垫。 The business model is straightforward. Airlines sell “miles” to credit-card issuers; cardholders earn these miles by spending; later they exchange the miles for flights. Everybody wins. Banks gain devoted customers, travellers enjoy free trips and perks, and airlines collect steady revenue. In just one quarter, American Express paid Delta around $2.1 billion, an amount equal to Delta’s entire operating profit. Similar payments from Citigroup and JPMorgan Chase allow American and United to offer lower fares while remaining profitable. 段落大意：概括常旅客计划的三方共赢商业模式——航司、银行、旅客各得其所，并用具体数字证明其规模。 This partnership began in 1981 when American Airlines created the first large frequent-flyer plan to reward regular travellers. Credit-card companies soon joined, turning the schemes into powerful financial tools. Because airlines control when and how miles may be used, they can guide passengers toward empty seats and off-peak flights, smoothing demand and protecting revenue. 段落大意：回顾常旅客计划的历史演变，从1981年奖励常飞旅客到今日成为金融工具，强调航司通过控制兑换规则管理收益。 During the pandemic, when passenger numbers collapsed, airlines did not mortgage aircraft to raise money; they borrowed against the future value of their loyalty programmes. Today these schemes are valued at tens of billions of dollars—sometimes more than the airlines themselves. 段落大意：指出疫情期间航司以里程计划现金流作抵押借款，凸显其估值已超越航司本身。 Growth has been driven by an explosion of credit cards offering luxury travel perks. Delta and American Express now sell seven co-branded cards. Even cards that are not co-branded, such as Chase Sapphire Reserve, allow points to be converted into airline miles. Annual fees continue to rise—Chase recently raised its Sapphire Reserve fee to $795. 段落大意：说明信用卡激增与豪华福利推动计划扩张，同时年费上涨、贵宾室拥挤等问题显现。 Yet the system is under pressure. Airport lounges are overcrowded, fees keep climbing, and changes to reward rules anger some passengers. Regulators are also watching. An attempt to cut the hidden fees that fund the programmes was blocked in Congress, but it may return. The loyalty machine that keeps America’s airlines flying could one day face limits. 段落大意：总结监管威胁可能限制该体系继续膨胀。 Step 2: Exercise 基础版题目（90分档，蓝思值 900-1000L） 1. What is the main idea of the passage? A. Airlines are cutting ticket prices to attract more passengers. B. Loyalty programmes have become the main profit engine of big U.S. airlines. C. Credit-card companies are losing money on airline partnerships. D. The pandemic caused all airlines to close down their loyalty schemes. 2. Which of the following best describes the “win-win-win” model mentioned in Paragraph 2? A. Airlines lower wages; banks get cheaper loans; passengers fly free. B. Airlines sell miles; banks gain loyal users; passengers earn free flights. C. Banks sell tickets; airlines give discounts; passengers pay less. D. Passengers invest in airlines; banks earn interest; airlines buy new planes. 3. Why did airlines borrow against their loyalty programmes during the pandemic? A. To buy more aircraft quickly. B. To pay higher wages to pilots. C. To raise cash when travel demand collapsed. D. To fund new airport lounges. 4. What problem is mentioned in Paragraph 5? A. Planes are flying half-empty all year. B. Airport lounges are too crowded. C. Fuel prices have fallen sharply. D. Credit-card fees have disappeared. 5. What can be inferred about the future of these loyalty programmes? A. They will certainly be banned next year. B. They may face new rules that limit their growth. C. All airlines will stop using them very soon. D. They will replace banks completely. 【答案与解析】 1 主旨题 答案：B Loyalty programmes have become the main profit engine of big U.S. airlines. 定位句：Para-1 “Without the revenue from its loyalty programme, it would have operated at a loss.” 同义替换：main profit engine = only way to stay profitable A 错因：文章未提“降价吸引乘客”，属无中生有。 C 错因：与 Para-2 “banks gain loyal customers” 矛盾。 D 错因：Para-4 明言“borrowed against” loyalty cash flow，说明计划并未关闭。 2 细节题 答案：B Airlines sell miles; banks gain loyal users; passengers earn free flights. 定位句：Para-2 “airlines sell miles … cardholders earn miles … redeemed for travel.” 同义替换：win-win-win = each party benefits exactly as listed in B A 错因：出现“lower wages”，原文未提。 C 错因：把主体搞反——banks do not sell tickets. D 错因：文中无“passengers invest”一说。 3 细节题 答案：C To raise cash when travel demand collapsed. 定位句：Para-4 “they borrowed against the future cashflows … when airlines faced a collapse in travel.” 同义替换：raise cash = borrow money; demand collapsed = travel dropped sharply A/B/D 均与借款目的无关，且原文未出现。 4 细节题 答案：B Airport lounges are too crowded. 定位句：Para-5 “Lounges are overcrowded.” 同义替换：too crowded = overcrowded A 错因：Para-5 说 planes are full of credit-card holders, 而非“half-empty”. C 错因：fuel prices 未提。 D 错因：fees have climbed, 而非“disappeared”。 5 推断题 答案：B They may face new rules that limit their growth. 定位句：Para-6 “regulatory threats … may re-emerge.” 同义替换：new rules = regulatory threats; limit their growth = cap the loyalty nexus A/C 用 “certainly banned / stop using” 过于绝对。 D 错因：loyalty programmes will not replace banks—文中是合作而非取代。 提高版题目（130分档，蓝思值 1100-1300L） 1. The author’s primary purpose in the passage is to A. argue that airline ticket pricing is becoming irrational. B. illustrate how frequent-flyer schemes have evolved into financial pillars for airlines. C. persuade readers to avoid high-fee travel credit cards. D. compare the profitability of U.S. and European airlines. 2. The phrase “kept aloft” in Paragraph 2 most nearly means A. physically suspended in the air. B. financially sustained. C. legally protected. D. technologically upgraded. 3. According to the passage, the pandemic served as a stress test that revealed A. the fragility of aircraft manufacturers. B. the superior liquidity of loyalty programmes compared with physical assets. C. the collapse of credit-card interchange fees. D. passengers’ preference for cash payments. 4. Which of the following best supports the claim that loyalty programmes are now valued more highly than the airlines themselves? A. “Selling miles to issuers helps manage the mismatch.” B. “Such transfers … allow airlines to lower their fares.” C. “frequent-flyer schemes … command valuations in the tens of billions of dollars.” D. “Delta says that roughly 1% of America’s GDP is spent through its co-branded cards.” 5. It can be inferred that future regulatory intervention would most likely target A. aircraft maintenance standards. B. the interchange fees that fund loyalty programmes. C. the number of daily flights per carrier. D. the geographical expansion of airport lounges. 【答案与解析】 1 作者目的题 答案：B illustrate how frequent-flyer schemes have evolved into financial pillars for airlines. 全文框架：Para-1 提出论点(loyalty=profit)；Para-2-3 展示机制；Para-4 用疫情“压力测试”凸显价值；Para-6 点明风险。 A 错因：“ticket pricing irrational” 未讨论。 C 错因：作者客观分析，无“persuade to avoid” 之意图。 D 错因：欧美对比只在 interchange-fee 一句带过，并非主旨。 2 词义猜测题 答案：B financially sustained. 定位句：Para-2 “They are kept aloft by a vast loyalty business…” 语境谈利润，非物理飞行。 A 字面义“悬浮在空中”属过度直译。 C “legally protected” 原文无依据。 D “technologically upgraded” 与 loyalty business 无关。 3 推断题（stress-test） 答案：B the superior liquidity of loyalty programmes compared with physical assets. 定位句：Para-4 “they did not pledge aircraft … they borrowed against the future cashflows of these programmes.” 同义替换：superior liquidity = could raise cash more easily than selling planes A “fragility of aircraft manufacturers” 未提及。 C 与事实相反：interchange fees 2022 年仍高达 187bn 美元。 D 文中无数据支持“preference for cash”。 4 例证题 答案：C “frequent-flyer schemes … command valuations in the tens of billions of dollars, sometimes exceeding the equity value of the company itself.” 同义替换：valued more highly than airlines = exceeding equity value A 讨论现金流时序管理，无关估值。 B 讨论降低票价，无关估值。 D 为 GDP 比例，夸张修辞，不直接比较企业市值。 5 推断题（监管） 答案：B the interchange fees that fund loyalty programmes. 定位句：Para-6 “amendment … that would have lowered interchange fees … may re-emerge.” 同义替换：regulatory intervention = amendment; target = lower interchange fees A/C/D 均未暗示为监管焦点。 Step 3: Learning 1. profit 重点：词义：利润；词性：名词（make a profit）、动词（profit from）；常考搭配：operating profit, profit margin。 近义词：earnings, gain 反义词：loss, deficit 形近词：prophet（先知） 拓展： profit ├── profitable (adj. 有利可图的) ├── profitability (n. 盈利能力) └── non-profit (adj. 非营利的) 2. revenue 重点：词义：收入；词性：名词；搭配：generate revenue, revenue stream。 近义词：income, receipts 反义词：expenditure, outlay 形近词：avenue（大街） 拓展： revenue ├── revenuer (n. 税务官) └── revenue-sharing (n. 收入分成) 3. loyal 重点：词义：忠诚的；词性：形容词；搭配：loyal customer, remain loyal to。 近义词：faithful, devoted 反义词：disloyal, treacherous 形近词：royal（皇家的） 拓展： loyal ├── loyalty (n. 忠诚) ├── disloyal (adj. 不忠诚的) └── loyalist (n. 忠诚支持者) 4. redeem 重点：词义：兑换、赎回；词性：动词；搭配：redeem miles, redeem oneself。 近义词：exchange, cash in 反义词：forfeit 形近词：redemption（名词，赎回） 拓展： redeem ├── redeemable (adj. 可赎回的) ├── redemption (n. 赎回) └── irredeemable (adj. 无法赎回的) 5. collapse 重点：词义：崩溃、暴跌；词性：名词/动词；搭配：economic collapse, collapse in demand。 近义词：crash, breakdown 反义词：boom, recovery 形近词：collapsible（可折叠的） 拓展： collapse ├── collapsed (adj. 倒塌的) ├── collapsing (v-ing) └── collapsible (adj. 可折叠的) 6. volatile 重点：词义：波动的；词性：形容词；搭配：volatile market, volatile prices。 近义词：unstable, fluctuating 反义词：stable, steady 形近词：voluble（健谈的） 拓展： volatile ├── volatility (n. 波动性) └── non-volatile (adj. 非易失的) 7. fund 重点：词义：资金、资助；词性：名词/动词；搭配：raise funds, fund a project。 近义词：finance, capital 反义词：defund（撤资） 形近词：found（创立） 拓展： fund ├── funding (n. 资金) ├── refund (v./n. 退款) └── overfund (v. 过度资助) 8. cap 重点：词义：上限、限制；词性：名词/动词；搭配：price cap, cap the fees。 近义词：limit, ceiling 反义词：floor（下限） 形近词：cap（帽子）/cape（海角） 拓展： cap ├── uncapped (adj. 无上限的) ├── recap (v. 重新封顶) └── capital (n. 资金；大写字母) 9. convert 重点：词义：转换；词性：动词；搭配：convert points into miles。 近义词：transform, exchange 反义词：retain, preserve 形近词：covert（隐蔽的） 拓展： convert ├── conversion (n. 转换) ├── convertible (adj. 可转换的) └── inconvertible (adj. 不可兑换的) 10. amend 重点：词义：修改；词性：动词；搭配：amend the law, amend a bill。 近义词：revise, modify 反义词：uphold, retain 形近词：emend（校勘） 拓展： amend ├── amendment (n. 修正案) ├── amended (adj. 修正的) └── amendable (adj. 可修正的) 11. exceed 重点：词义：超过；词性：动词；搭配：exceed expectations, exceed the limit。 近义词：surpass, outstrip 反义词：lag behind, fall short of 形近词：excel（擅长） 拓展： exceed ├── excess (n. 过量) ├── excessive (adj. 过度的) └── exceeding (adv. 非常) 12. secure 重点：词义：确保、安全的；词性：动词/形容词；搭配：secure funding, feel secure。 近义词：ensure, safe 反义词：endanger, insecure 形近词：rescue（营救） 拓展： secure ├── security (n. 安全) ├── insecure (adj. 不安全的) └── securely (adv. 安全地) 13. invest 重点：词义：投资；词性：动词；搭配：invest in infrastructure。 近义词：allocate, devote 反义词：divest, withdraw 形近词：invert（颠倒） 拓展： invest ├── investment (n. 投资) ├── investor (n. 投资者) └── reinvest (v. 再投资) 14. sustain 重点：词义：维持；词性：动词；搭配：sustain growth, sustain losses。 近义词：maintain, support 反义词：undermine, exhaust 形近词：stain（玷污） 拓展： sustain ├── sustainable (adj. 可持续的) ├── sustainability (n. 可持续性) └── unsustainable (adj. 不可持续的) 15. generate 重点：词义：产生；词性：动词；搭配：generate revenue, generate interest。 近义词：produce, yield 反义词：consume, deplete 形近词：generous（慷慨的） 拓展： generate ├── generation (n. 一代；产生) ├── generator (n. 发电机) └── degenerate (v. 退化) 16. fluctuate 重点：词义：波动；词性：动词；搭配：prices fluctuate wildly。 近义词：vary, swing 反义词：stabilize, plateau 形近词：fluent（流利的） 拓展： fluctuate ├── fluctuation (n. 波动) ├── fluctuant (adj. 起伏的) └── non-fluctuating (adj. 不波动的) 17. emerge 重点：词义：出现；词性：动词；搭配：emerge as a threat, emerge from crisis。 近义词：appear, arise 反义词：subside, disappear 形近词：merge（合并） 拓展： emerge ├── emergence (n. 出现) ├── emergency (n. 紧急情况) └── re-emerge (v. 再次出现) 18. pledge 重点：词义：抵押、保证；词性：动词/名词；搭配：pledge assets, make a pledge。 近义词：guarantee, collateral 反义词：redeem, release 形近词：edge（边缘） 拓展： pledge ├── pledged (adj. 抵押的) ├── pledger (n. 抵押人) └── repledge (v. 再抵押) 19. exclusive 重点：词义：独家的；词性：形容词；搭配：exclusive access, exclusive lounge。 近义词：restricted, sole 反义词：inclusive, open 形近词：excessive（过度的） 拓展： exclusive ├── exclusion (n. 排除) ├── exclusively (adv. 专门地) └── inclusive (adj. 包容的) 20. regulate 重点：词义：监管；词性：动词；搭配：regulate fees, regulate the market。 近义词：control, supervise 反义词：deregulate, liberalize 形近词：regular（规则的） 拓展： regulate ├── regulation (n. 规章) ├── regulator (n. 监管机构) └── deregulate (v. 解除管制) 写作积累 ⭐️The subsequent involvement of …… turned …… not just into ……, but also …… 释义：随后……的参与，不仅将……变成了……，还使其成为了……。 例句：The adoption of AI turned traditional customer service not just into a faster process, but also into a more personalized experience. 翻译：人工智能的应用，使传统客服不仅变得更高效，也带来了更个性化的体验。 Step 4: Complex Sentence 长难句 1 原句： Delta Air Lines reported an operating profit of $6 billion last year, without which the company would have operated at a loss. 汉语翻译： 达美航空去年公布了60亿美元的营业利润，若没有这部分收入，公司将出现亏损。 层级结构图： · Delta Air Lines (主语) · reported (谓语) · an operating profit of $6 billion last year (宾语) · → without which the company would have operated at a loss (非限制性定语从句，关系代词 which 指代 profit) · which (关系代词) · without (介词) → 构成介词+关系代词结构 · the company (从句主语) · would have operated (从句谓语，虚拟语气) · at a loss (介宾短语作表语) 长难句 2 原句： These days the frequent-flyer schemes of America’s big airlines command valuations in the tens of billions of dollars, sometimes exceeding the equity value of the company itself. 汉语翻译： 如今，美国大型航空公司的常旅客计划估值高达数百亿美元，有时甚至超过公司本身的股权价值。 层级结构图： · These days (时间状语) · the frequent-flyer schemes of America’s big airlines (主语) · of America’s big airlines (介词短语作后置定语，修饰 schemes) · command (谓语) · valuations in the tens of billions of dollars (宾语) · → sometimes exceeding the equity value of the company itself (现在分词短语作伴随状语，补充说明 valuations) · exceeding (现在分词) · the equity value (分词宾语) · of the company itself (介词短语作后置定语，修饰 value) Step 5: Review 序号 英语 汉语 序号 英语 汉语 序号 英语 汉语 1 profit 8 cap 15 generate 2 revenue 9 convert 16 fluctuate 3 loyal 10 amend 17 emerge 4 redeem 11 exceed 18 pledge 5 collapse 12 secure 19 exclusive 6 volatile 13 invest 20 regulate 7 fund 14 sustain Step 6: Translate 美国最大的航空公司并非仅靠机票销售维持运营。去年，达美航空公布营业利润为60亿美元，然而若剔除常旅客计划的收入，该公司将出现亏损。美国航空、西南航空和联合航空也是如此；这四家公司合计获利约140亿美元，完全归功于其常旅客计划带来的巨大现金流。 商业模式很简单。航空公司把“里程”出售给信用卡发卡机构；持卡人通过消费赚取里程；随后用里程兑换机票。三方共赢：银行获得忠实客户，旅客享受免费航班与福利，航空公司则收获稳定收入。仅在一个季度内，美国运通就向达美支付了约21亿美元，金额相当于达美当季全部营业利润；花旗集团和摩根大通也向美国航空和联合航空支付类似款项，使这两家公司能在保持盈利的同时降低票价。 这种合作始于1981年，当时美国航空推出首个大型常旅客计划，以奖励常飞旅客。信用卡公司随后加入，将这些计划变成了强大的金融工具。由于航空公司控制里程的使用时间和方式，他们可引导乘客选择空余座位和淡季航班，从而平抑需求并保障收入。 疫情期间，旅客数量骤降，航空公司并未抵押飞机筹资，而是以常旅客计划未来的现金流作为抵押借款。如今，这些计划估值达数百亿美元——有时超过航空公司本身。 增长动力来自大量提供豪华旅行福利的信用卡。达美和美国运通目前共发售七种联名卡。即便是非联名卡，如“大通蓝宝石尊享卡”，也允许将积分兑换为航空里程。年费持续攀升——大通最近将蓝宝石尊享卡年费提高至795美元。 然而，这套体系已显压力：机场贵宾室拥挤不堪，费用不断上涨，奖励规则调整令部分旅客不满。监管部门也在关注。国会曾试图削减资助该计划的隐性费用，虽被否决，但相关提案可能卷土重来。让美国航空公司得以翱翔的“忠诚度引擎”，未来或许会受到限制。 学科网（北京）股份有限公司 $$