Flight Cancellations Overview - Major airlines have cancelled numerous flights to and from key Middle Eastern destinations due to ongoing regional conflicts, significantly impacting global air travel [30] - The cancellations include flights to Tel Aviv, Dubai, Beirut, and other cities, with some airlines extending their suspension periods into late April and beyond [30] Airline-Specific Updates - **AEGEAN AIRLINES**: Canceled flights to Tel Aviv, Beirut, and Amman until April 22, and to Erbil and Baghdad until May 24. Flights to Dubai and Riyadh are canceled until April 19 and April 18, respectively [1] - **AIR BALTIC**: All flights to Tel Aviv are canceled until April 5, and flights to Dubai are canceled until October 24 [2] - **AIR CANADA**: Canceled all flights to Tel Aviv until May 2 and to Dubai until March 28 [4] - **AIR FRANCE KLM**: Canceled flights to Tel Aviv and Beirut until March 21, and to Dubai and Riyadh until March 20. KLM suspended flights to Riyadh, Dammam, and Dubai until March 28 [7] - **CATHAY PACIFIC**: Canceled all passenger and cargo flights to and from Dubai and Riyadh until April 30 [9] - **DELTA**: Canceled flights from New York to Tel Aviv until March 31 and from Tel Aviv to New York until April 1, with further delays for Atlanta to Tel Aviv service until August [10] - **EL AL ISRAEL AIRLINES**: Regular flights canceled until March 21 [11] - **EMIRATES**: Operating a reduced flight schedule following a partial reopening of regional airspace [12] - **ETIHAD AIRWAYS**: Limited commercial flight schedule between Abu Dhabi and key destinations [13] - **FINNAIR**: Canceled flights to Dubai until March 29 and to Doha until April 2, avoiding airspace of Iraq, Iran, Syria, and Israel [14] - **IAG (British Airways)**: Canceled all flights to Abu Dhabi until later this year and to Amman, Bahrain, Doha, Dubai, and Tel Aviv until later in March [16] - **QATAR AIRWAYS**: Scheduled flight operations temporarily suspended due to the closure of Qatari airspace, with limited flights from March 18 to March 28 [25] - **TURKISH AIRLINES**: Canceled flights to multiple destinations including Iraq, Syria, Lebanon, and Dubai until March 19 [26] - **WIZZ AIR**: Suspended flights to Israel until March 29 and to Dubai, Abu Dhabi, Amman, and Jeddah from mainland European destinations until mid-September [27]

3月11日，国泰集团发布2025年全年业绩，股东应占净利润108.3亿港元，同比增长9.5%。对一家拥有80 年历史的航司而言，这已是连续第三年交出稳健而亮眼的成绩单。 如果把时间线拉长来看，这份业绩的分量会更加清晰。2023年和2024年，集团分别录得净利润97.89亿 港元和98.88亿港元；连同2025年，三年累计盈利已超过300亿港元，不仅填平疫情时期形成的亏损缺 口，也使其持续处于中国航司盈利表现的首位。 但在连续三年保持高水平盈利的背景下，国泰释放出的信号却并非一味扩张，而是冷静、克制，甚至带 着某种主动应对周期的理性意味。 3月12日，在深圳举行的业绩沟通会上，国泰集团行政总裁林绍波表示，过去三年是国泰历史上表现最 好的阶段，但越是在这样的时刻，越需要未雨绸缪，通过提升成本效益来增强企业面对未来不确定性的 能力，从而确保团队、运营以及顾客体验能够保持长期稳定。 这并非保守，而是一种更成熟的经营判断。连续三年盈利，为国泰提供了更稳固的发展基础，也让其能 够从容面对行业周期与市场变化。在国泰看来，现在关键并不是在顺风期中盲目扩张，而是通过优化组 织效率和业务流程，在提升效率的同时增强经营韧性，为持续 ...

航空股早盘集体反弹，截至发稿，东方航空（00670）上涨3.13%，报4.28港元；国泰航空（00293）上 涨2.08%，报12.77港元；南方航空（01055）上涨1.94%，报4.73港元；中国国航（00753）上涨1.85%， 报5.51港元。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 航空股早盘集体反弹，截至发稿，东方航空（00670）上涨3.13%，报4.28港元；国泰航空（00293）上 涨2.08%，报12.77港元；南方航空（01055）上涨1.94%，报4.73港元；中国国航（00753）上涨1.85%， 报5.51港元。 责任编辑：卢昱君 ...

Core Viewpoint - UBS reports that Swire Pacific (00019) will sell its stake in Cathay Pacific (00293) through a placement at HKD 11.74 per share, raising HKD 1.789 billion. This sale is due to Cathay Pacific's repurchase of Qatar Airways' previous 9.6% stake, restoring its shareholding closer to historical levels. After the sale, Swire's actual holding in Cathay Pacific is expected to decrease to 45.12% [1] Group 1 - Swire Pacific's sale of Cathay Pacific shares is expected to increase its market value by approximately 0.7% [1] - The company's consolidated net debt ratio may improve from 20.6% at the end of last year to 20% [1] - The sale is considered similar to the recent share sale by another strategic shareholder, China National Aviation (601111) (00753) [1] Group 2 - Swire Pacific remains confident in its aviation business despite the share sale [1]

智通财经APP获悉，瑞银发布研报称，太古A(00019)宣布将透过配售方式，以每股11.74港元出售其持有 的国泰航空(00293)股权，销售所得17.89亿港元。太古表示，配售股份是因为国泰航空回购卡塔尔航空 先前持有的9.6%股权后，将其持股比例恢复至更接近历史水平。出售后太古在国泰航空实际持股比例 料降至45.12%。 瑞银估计有关出售将使太古市值增加约0.7%，公司综合净负债比率亦可能从去年底20.6%改善至20%。 该行认为出售与另一间战略股东中国国航(00753)上月出售国泰航空股份情况类似，且太古对其航空业 务仍充满信心。 ...

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The battery swapping model is achieving "time-saving, labor-saving, worry-free, and more profitable" results, with Cao Cao Mobility planning to deploy 100,000 Robotaxi vehicles by 2030 [3][13] - EHang Intelligent expects to achieve full-year GAAP profitability in 2026, with order volume, production capacity, and profitability milestones validating the commercialization of eVTOL [3][15] - The U.S. Department of Transportation and FAA have launched an eVTOL integration pilot program, with eight projects selected to commence real operational testing in the summer of 2026 [3][16] - Cathay Pacific has raised fuel surcharges, reflecting the transmission of oil price shocks to ticket prices [3][18] - Shipping traffic through the Strait of Hormuz is nearly stagnant due to escalating U.S.-Iran conflicts, increasing shipping risks and oil prices [3][29] Industry Dynamics Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year [4][31] - The shipping and port sector shows an increase in container shipping rates and dry bulk freight rates, while oil shipping rates have decreased [4][43] - In express logistics, the volume of express deliveries increased by 2.30% year-on-year in December 2025, with revenue up by 0.70% [4] - In aviation, the average daily international flights in the second week of March 2026 were 1,750.29, down 2.92% month-on-month but up 7.12% year-on-year [4] - The number of trucks passing through national highways increased by 40.64% week-on-week from March 2 to March 8 [4] Investment Recommendations - Focus on low-altitude economy and autonomous driving trends, recommending companies like CITIC Heli and Cao Cao Mobility [5] - Monitor opportunities in the shipping sector, particularly in oil, dry bulk, and container shipping, recommending companies like China Merchants Energy and COSCO Shipping [5] - Explore international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Keep an eye on investment opportunities in high-speed rail and highways, recommending Beijing-Shanghai High-Speed Railway [5] - Dynamic monitoring of aviation investment opportunities, recommending China Southern Airlines and China Eastern Airlines [5]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The battery swapping model is expected to enhance efficiency and profitability, with Cao Cao Mobility planning to deploy 100,000 Robotaxi vehicles by 2030 [3][13] - EHang is projected to achieve full-year GAAP profitability in 2026, with significant growth in orders and production validating the commercialization of eVTOL [3][15] - The U.S. Department of Transportation and FAA have initiated an eVTOL integration pilot program, with eight projects set to begin real-world operational testing in summer 2026 [3][16] - Cathay Pacific has raised fuel surcharges due to soaring oil prices, reflecting the impact of geopolitical tensions on ticket pricing [3][18] - Shipping traffic through the Strait of Hormuz has nearly halted due to escalating U.S.-Iran conflicts, increasing shipping risks and oil prices [3][29] Industry Dynamics Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year [4][31] - The shipping and port sector has seen a rise in container shipping rates, while oil shipping rates have declined [4][43] - The express logistics sector reported a 2.30% year-on-year increase in business volume for December 2025 [4][31] - In March 2026, the average daily international flights was 1,750.29, showing a 7.12% year-on-year increase [4][31] - The highway and railway sector reported a 40.64% month-on-month increase in truck traffic from March 2 to March 8 [4][31] Investment Recommendations - Focus on low-altitude economy and autonomous driving sectors for investment opportunities, recommending companies like CITIC Hainan and Cao Cao Mobility [5] - Monitor shipping opportunities in the context of Middle Eastern geopolitical developments, recommending companies such as China Merchants Energy and COSCO Shipping [5] - Explore international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Keep an eye on high-speed rail and highway investment opportunities, recommending companies like Beijing-Shanghai High-Speed Railway [5] - Dynamic monitoring of the airline sector, recommending companies such as Air China and China Southern Airlines [5]

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作者｜黄楠 编辑｜袁斯来 国泰航空（00293.HK）近日公布2025年全年业绩。财报数据显示，国泰集团2025年实现收益1167.66亿港元，同比增长11.9%；集团应占溢利108亿港元，同 比增长9.1%。这是国泰连续第三年录得盈利，三年累计盈利超过300亿港元，已覆盖疫情期间的累计亏损。 业绩主要受客运运力持续恢复和载客率维持高位驱动。官方数据显示，2025年国泰航空及香港快运合计载客达3600万人次，同比增长27%。但客运收益率随 市场供应增加而正常化，部分抵销了收入增幅。 运力扩张仍在继续。2025年国泰集团新增20个航点，其中国泰航空新增长沙、乌鲁木齐等5个内地航点， 当前国泰占香港机场超过50%的份额，国泰集团行政总裁林绍波表示，国泰将继续平衡发展国际网络与内地连接，目前集团国际航点超过80个，内地航点24 个、是往来香港与内地航线最多的非内地航司。这一结构将保持动态优化。 2026年国泰集团计划再增约10%的客运运力，主要通过加密现有航线实现。 国泰集团主席贺以礼表示，过去数年集团已订购逾100架新飞机，涵盖窄体机、区域宽体机、长途宽体机及大型货机，包括波音777-9、空客A330-900及 ...

该行认为配售价相当于1.2倍2027日历年预测市账率，或6.7倍2027日历年预测市盈率。虽然市场可能对 此作出负面解读，但此项出售很可能是为了调整太古股份在国泰航空的持股。此前，在国泰航空向卡塔 尔航空回购股份前，其持股比例为45%。 里昂发布研报称，太古A(00019)今日(13日)开市前公布，以每股11.74港元配售1.53亿股国泰航空(00293) 股份，作价较昨日收市价折让9.6%。出售完成后，太古股份将持有27.97亿股国泰航空股份，约占已发 行股本45.12%。太古股份将从是次配售收回所得款项净额17.89亿港元，并录得出售收益3.65亿港元。 配售预计不迟于本月17日完成。 ...