证 券 研 究 报 告 全球航空业需求稳步回暖，供应链约束仍存 海外航空市场25Q3景气度跟踪 证券分析师： 闫海 A0230519010004 罗石 A0230524080012 研究支持： 郑逸欢 A0230124010001 联系人： 郑逸欢 A0230124010001 2025.11.15 海外航空市场25Q3总结 www.swsresearch.com 证券研究报告 2 ◼ 全 球视角： 全球航 空市场 增速趋于 平稳，运力运 量进入常 态化增长 区间。2025年前三季度全球航空旅客周转量（RPK）同 比增长4.8%，其中国际RPK增长6.7%，国内RPK增长1.8%；全行业运力投放（ASK）同比增长4.7%，其中国际ASK增长 6.4%，国内ASK增长1.9%。前三季度整体旅客需求增长略高于运力供给，整体客座率微升至83.5%，同比提升0.1个百分 点。 ◼ 美国市场：需求旺季反弹，跨境区域客流分化。25Q 3美国航空客票销售实现"量价双增"，扭转前两个季度的同比下滑态势。 Q 3国内客运量同比+7.4 %，平均票价同比+4.1%；国际市场客运量同比+5.9%，平均票价同比-2.0 %。25Q3 ...

孙悦怡表示，拥有近八十年发展历程的国泰航空，始终以行业可持续发展的先行者与推动者为己任，是 亚洲区域内首批确立碳中和时间表的航空公司。国泰将致力于在21世纪中叶实现净零碳排放，并将SAF 列为达成这一目标的关键抓手。目前，国泰已在香港、洛杉矶、伦敦、新加坡等全球多个航点推行SAF 加注，同时积极携手中石化、中航油、空客等上下游合作伙伴和中国民航大学等高校科研伙伴，从产学 研用的全方位推进国产SAF创新提速与应用落地，为推动全球SAF生态圈构建与航空业可持续发展贡献 国泰力量。 据悉，目前航空业碳排放量占据全球碳排放总量的2%-3%。随着其他行业加速向低碳转型，航空业碳排 放量所占比例预计将显著上升。航空业减碳是实现双碳目标的关键一环，其中可持续航空燃料（SAF） 对航空业减碳来讲至关重要，是核心路径之一。（编辑：张彤 校对：张薇 审核：韩磊） 《中国民航报》、中国民航网 记者郭瑛 报道：在近日举办的《点燃SAF市场：中国可持续航空燃料规 模化发展政策路径》报告发布会上，作为此次研究报告的航司业界代表、SAF的使用方代表，国泰航空 中国内地公共事务及品牌营销总经理孙悦怡表示，航空业在减少温室气体排放、实现低碳发 ...

【文/观察者网 邓军 编辑/赵乾坤】 卡塔尔航空公司与国泰航空有限公司之间长达近八年的股权投资关系正式宣告终结。 综合彭博社、《香港经济日报》的报道，国泰航空（00293.HK）与卡塔尔航空近日共同发布声明，国 泰航空计划以每股10.8374港元（约合9.92元人民币）的价格，回购卡塔尔航空所持有的6.43亿股国泰航 空股份或9.57%股权，交易总金额约为69.69亿港元（约合63.83亿元人民币）。国泰航空将动用内部资 金及现有信贷额度完成支付。 国泰航空方面表示，此次回购旨在"让卡塔尔航空有序退出"，并最大限度地减少"因卡塔尔航空在市场 上出售股份而可能造成的任何潜在的重大市场波动"。此外，公司也视其为"提升每股收益的良好机 会"。国泰航空强调，在全面评估未来融资需求及市场环境后，公司具备充足资金完成此次回购。 《香港经济日报》报道称，国泰航空集团主席贺以礼表示："此次股份回购体现了我们对国泰航空集团 未来发展的坚定信心，也彰显了我们对香港国际航空枢纽发展的坚定承诺。" "这项决定是我们积极优化投资、为集团长期发展奠定基础战略的一部分。"卡塔尔航空集团首席执行官 巴德尔·穆罕默德·阿尔—米尔说，在调整股权 ...

每经AI快讯，11月11日，港股航空股继续上涨行情，其中，中国东方航空盘初涨超4%续刷阶段新高 价，中国南方航空现涨1.5%，中国国航涨1%，国泰航空跟涨。 ...

Group 1 - The core viewpoint of the article highlights a bullish trend in the Hong Kong aviation sector, with significant stock price increases for major airlines such as China Eastern Airlines and China Southern Airlines, indicating a potential super cycle in the aviation industry [1] - Cathay Pacific's research report maintains a bullish outlook on aviation fuel transportation, predicting that the industry will experience record high profitability in Q4, driven by high passenger load factors and low ticket prices [1] - The report suggests that the recent seasonal transition has had a weaker impact than in previous years, with business travel remaining active and supporting a year-on-year increase in both volume and price [1] Group 2 - The article mentions that the U.S. government is likely to end its shutdown, with President Trump stating that all air traffic controllers must return to work immediately, which could positively impact the aviation sector [1] - The stock performance of various airlines is noted, with China Eastern Airlines up 4.56%, China Southern Airlines up 1.54%, and Air China up 1.08%, reflecting strong market sentiment [1] - The MACD golden cross signal formation indicates a positive trend for these stocks, suggesting continued upward momentum in the aviation sector [1]

第八届进博会正在上海举行，来自香港的企业代表纷纷利用这次机会，展示其最新的发展成果。其中， 国泰集团以"启新飞跃 同心致远"为主题第三次亮相进博会。该航司在展台展现了其尊尚旅游、低成本 航空、高效货运及生活品味四大核心业务板块。 本次参展，国泰全面呈现战略投资规划、服务体验升级、内地市场深耕以及数字化和可持续发展布局等 方面的成果，彰显集团在内地、香港与全球互联互通中的积极推动作用，进一步传递持续参与国家高水 平对外开放的长期承诺。 第八届进博会国泰集团展台，吸引大批参观者入场。 航线网络服务"一带一路"：旺季每周超500班 在本届进博会的国泰展台，一架可开启鼻舱的747货机模型率先映入眼帘。国泰货运董事彭德明 （Dominic Perret）回应南都N视频记者提问时表示，目前，国泰的航线网络已覆盖"一带一路"约30个航 点，旺季期间每周运营航班超过500班次。他强调，能够支持中国高水平对外开放，特别是在服务"一带 一路"共建国家方面发挥作用，感到非常振奋。 他表示，通过客机腹舱的货运服务，有效地促进了中国与这些国家之间的贸易往来。一个很好的例子是 沙特阿拉伯利雅得航线：该航线市场反响热烈，从开航时每周三班逐 ...

Group 1: Uniqlo's Market Strategy - Uniqlo's China market director emphasizes the importance of comfort alongside fashion in consumer preferences [1] - The brand is expanding its product categories and has established a presence in over 200 cities in China [1] - Uniqlo is adapting its localized business strategies based on consumer feedback, rather than focusing on specific regions [1] Group 2: Cathay Pacific's Cargo Demand - Cathay Pacific anticipates strong demand in the fourth quarter, which is traditionally a peak season for air cargo [3] - The airline plans to adjust its network to focus on high-demand routes in Southeast Asia and China [3] - The company aims to maintain a competitive edge through nine specialized cargo solutions [3] Group 3: Michelin's Investment Focus - Michelin's future investments in China will focus on capacity upgrades, localized innovation, and diversified business expansion [4] - The company has been operating in China for 36 years and is committed to aligning with local market demands and carbon neutrality goals [4] - The expansion of the Shanghai factory and sustainable tire development reflect foreign investment confidence in China's high-quality growth [4] Group 4: LEGO's Product Launch - LEGO showcased five globally launched new products at the China International Import Expo, targeting various age groups [5] - The company has been investing in brand building, retail innovation, and sustainable development since its first participation in 2018 [5] - The expo serves as a platform for LEGO to connect with Chinese families and enhance its market presence [5] Group 5: Chow Tai Fook's Retail Strategy - Chow Tai Fook has reduced its retail network by 611 stores in six months, with a significant impact in the mainland market [6][7] - The closure primarily involves underperforming franchise stores, reflecting a strategic optimization of the channel structure [7] - This move aims to improve overall efficiency and prepare for a focus on high-quality locations and enhanced store performance [7]

Core Points - Qatar Airways is selling its stake in Cathay Pacific Airways through a share buyback valued at $896 million, marking the end of its eight-year involvement with the Hong Kong-based airline [1] Company Summary - Qatar Airways will divest its investment in Cathay Pacific Airways, which has been held for eight years, through a significant share buyback transaction [1]

Market Overview - After a rebound yesterday, the markets continued to rise today, with the Hang Seng Index increasing by 2.12% [1] - The potential end of the government shutdown is seen as a positive for the stock market, as President Trump urged the Republican Party to pass the spending bill quickly [1] - AI sector developments, particularly comments from NVIDIA's CEO Jensen Huang regarding China's advantages in AI, have fueled market sentiment [1] Company Performance - Hua Hong Semiconductor reported a record third-quarter revenue of $635.2 million, with expectations for fourth-quarter revenue between $650 million and $660 million [2] - The company's 12-inch wafer business now accounts for 59.3% of total revenue, driving overall growth [2] - The utilization rate of the 8-inch wafer plant is at 109.5%, indicating strong market demand in specialty processes [2] Strategic Partnerships - Ceres Power signed a manufacturing license agreement with Weichai Power for solid oxide fuel cells, aiming to produce batteries for data centers and industrial markets [3] - A strategic cooperation agreement was signed between DayOne and Weisheng Holdings to deepen collaboration in the data center sector [3] Resource Sector Developments - Major gas turbine orders in North America are projected to extend to 2030, driven by increased capital expenditure in data centers [3] - The aluminum industry is experiencing a positive trend, with companies like China Aluminum and China Hongqiao seeing stock increases of over 10% due to improved profit margins [3] Robotics and AI Applications - Xpeng Motors showcased its new generation humanoid robot, which is expected to begin commercialization next year [4] - Blues Technology has received an order for 10,000 quadruped robots, highlighting its manufacturing capabilities in the intelligent hardware sector [5] Financial Transactions - Cathay Pacific announced a share buyback agreement with Qatar Airways for approximately 9.57% of its shares, valued at HKD 6.969 billion [6] - The buyback price represents a 4% discount compared to the closing price before the announcement, which is seen as favorable for the company [6] Industry Events - The Fourth China Nuclear Energy High-Quality Development Conference will be held in November 2025, showcasing innovations in nuclear technology [7] PCB Industry Insights - Kingboard Laminates reported a revenue increase of 11% year-on-year, driven by rising prices of copper-clad laminates [8] - The company is advancing in high-end product development, with plans for new production lines for low dielectric materials [9]

瑞银发布研报称，国泰航空(00293)宣布计划回购卡塔尔航空所持有的全部股份，须待至少75%独立股 东、证监会批准，以及获得强制性全面收购要约豁免后方可作实。瑞银给予国泰"买入"评级，目标价 12.2港元。 报告提及，卡塔尔航空持有国泰9.6%已发行股份，回购价为每股10.8港元，较11月5日收市价折让约 4%。假设回购后注销库存股份，每股盈利、每股股息及每股账面值将提升约11%，有效提升股东回 报。根据瑞银2025年净利润预测及假设50%派息比率计算，每股股息将由0.66港元增至0.73港元，股息 收益率为6.5%。场外股份回购亦将使卡塔尔航空能够有序退出，避免市场波动。该行预期，市场将对 上述场外股份回购公告作出正面反应。 ...