Core Viewpoint - Cathay Pacific Group reported significant growth in passenger and cargo traffic for November 2025, indicating a strong recovery and expansion in operations [1] Passenger Traffic - Cathay Pacific's passenger volume in November increased by 26% year-on-year, with available seat kilometers rising by 22% [1] - For the first eleven months of 2025, passenger volume rose by 27% compared to the same period in 2024 [1] - The load factor reached 87%, marking a two-year monthly high, despite the absence of long holidays in Hong Kong [1] Cargo Traffic - Cathay Pacific's cargo volume in November saw a year-on-year increase of 10%, with available cargo ton kilometers up by 7% [1] - For the first eleven months of 2025, cargo volume also increased by 10% compared to the previous year [1] Network Expansion - The group continued to expand its global route network, launching daily services to Changsha and a seasonal route to Adelaide in November [1] - In 2025, the group plans to add 20 new passenger destinations, bringing the total to 103 worldwide [1] Market Demand - Strong demand for Northeast Asia routes was driven by markets in Hong Kong, Europe, and Southeast Asia [1] - The seasonal flights to Adelaide and Christchurch were well-received, benefiting from robust transfer passenger traffic [1] - Stable export demand from Hong Kong and mainland China, along with growth in Southeast Asia, South Asia, the Middle East, and Africa routes, was noted in the cargo business [1]

Group 1 - Airline stocks experienced significant declines, with China Southern Airlines down 2.49% to HKD 5.49, China Eastern Airlines down 2.51% to HKD 5.04, Air China down 2.75% to HKD 6.73, and Cathay Pacific down 1.01% to HKD 12.75 [1] - Approximately 2,195 round-trip flights between China and Japan have been canceled for January, resulting in an overall cancellation rate of 40.4%, with 46 routes completely canceled in the next two weeks [1] - The peak of ticket refunds is expected to continue until the end of December, indicating ongoing challenges for the airline industry [1] Group 2 - According to a report from Cathay Securities, domestic oil ticket prices in December showed a year-on-year decline, while month-on-month trends remained normal, suggesting improvements in revenue management for 2024 [1] - The pre-sale trends for the upcoming Christmas and New Year holidays are positive, with expectations of significant reductions in losses for Q4 2025 and a potential turnaround for the full year [1] - Post-New Year, business travel is anticipated to remain active, with airlines maintaining an optimistic outlook, although the impact of the 2026 Spring Festival holiday is expected to be weaker [1]

Group 1 - The aviation stocks experienced significant declines, with China National Aviation (00753) down 2.75% to HKD 6.73, Eastern Airlines (00670) down 2.51% to HKD 5.04, Southern Airlines (01055) down 2.49% to HKD 5.49, and Cathay Pacific (00293) down 1.01% to HKD 12.75 [1] - Approximately 2,195 round-trip flights between China and Japan have been canceled for January, resulting in an overall cancellation rate of 40.4%, with 46 routes completely canceled in the next two weeks [1] - The peak of ticket refunds is expected to continue until the end of December, indicating ongoing challenges for the aviation sector [1] Group 2 - According to a report from Cathay Securities, domestic oil-inclusive ticket prices in December have turned negative year-on-year, while month-on-month trends remain normal seasonally [1] - The positive pre-sale trends for the upcoming Christmas and New Year holidays suggest that the industry anticipates a significant reduction in losses by Q4 2025, with expectations of profitability for the full year [1] - Post-New Year, business travel is expected to remain active, and airlines are optimistic about future earnings management, although the impact of the 2026 Spring Festival holiday is anticipated to be weaker [1]

有内媒指出，目前国航、东航、南航、春秋航空及吉祥航空等主要经营中日航线的航空公司都已发布相 关航线退改政策，业界估计退票高峰仍会持续至12月底。 | 代码 | 名称 | 最新价 | 涨跌幅 ^ | | --- | --- | --- | --- | | 00670 | 中国东方航空股 | 5.030 | -2.71% | | 00753 | 中国国航 | 6.760 | -2.31% | | 01055 | 中国南方航空股 | 5.510 | -2.13% | | 00293 | 国泰航空 | 12.730 | -1.16% | | 02588 | 中银航空租赁 | 73.250 | -0.88% | | 00357 | 美兰空港 | 10.770 -0.28% | | 港股航空股集体走低，中国东方航空跌近3%并且录得3连跌，中国国航、中国南方航空跌超2%，南航 更是连跌4日，国泰航空跌超1%，美兰空港跟跌。 消息上，据中国民用航空网及航班数据平台「航班管家」资料显示，明年1月往返中国及日本航班有约 2,195班已取消，整体取消率40.4%，其中有46条中日航线在未来两个星期内(2025年12月23日至202 ...

贺以礼表示，很荣幸在过去6年担任国泰集团主席，与一支充满热情、尽职尽责的团队并肩工作。他亦 衷心感谢顾客一直以来的支持。 国泰集团资料显示，白德利自1987年加入太古集团以来，曾于中国内地和香港，美国、日本、中东以及 其他主要市场担任要职。他目前为太古股份有限公司、太古集团有限公司、太古地产有限公司和香港飞 机工程有限公司的主席，并将继续担任此职务。(完) 中新社香港12月23日电 国泰集团23日宣布，贺以礼将于2026年5月13日卸任董事会主席，并于同年5月 31日离任太古集团荣休，结束其30余年的职业生涯。董事局已委任白德利为国泰集团主席，由2026年5 月13日起生效。 现为太古股份有限公司主席及国泰航空有限公司董事的白德利表示，接任国泰集团主席后，将致力于与 领导团队紧密合作，提升国泰集团的整体表现，并继续支持香港，巩固其作为领先国际航空枢纽的地 位。他对贺以礼的领导表示赞赏。 ...

下述有关董事局组合的变动将于2026年5月13日举行的公司股东周年大会(2026年股东周年大会)结束时 起生效：贺以礼先生(贺先生)因退休离开太古集团，将退任公司常务董事及董事局主席，现任公司非常 务董事白德利先生(白先生)将调任公司常务董事，并获选为董事局主席，及马天伟先生将获委任为公司 非常务董事。 国泰航空(00293)发布公告，下述有关董事局组合的变动将于2025年12月24日起生效：马崇贤先生(马先 生)已辞任公司非常务董事及董事局副主席，及刘铁祥先生(刘先生)已获委任为公司非常务董事，并获选 为董事局副主席。 ...

智通财经APP讯，国泰航空(00293)发布公告，下述有关董事局组合的变动将于2025年12月24日起生效： 马崇贤先生(马先生)已辞任公司非常务董事及董事局副主席，及刘铁祥先生(刘先生)已获委任为公司非 常务董事，并获选为董事局副主席。 下述有关董事局组合的变动将于2026年5月13日举行的公司股东周年大会(2026年股东周年大会)结束时 起生效：贺以礼先生(贺先生)因退休离开太古集团，将退任公司常务董事及董事局主席，现任公司非常 务董事白德利先生(白先生)将调任公司常务董事，并获选为董事局主席，及马天伟先生将获委任为公司 非常务董事。 ...

格隆汇12月23日丨国泰航空(00293.HK)公告，董事局宣布：(1)下述有关董事局组合的变动将于2025年 12月24日起生效：(a)马崇贤辞任公司非常务董事及董事局副主席，(b)刘铁祥获委任为公司非常务董 事，并获选为董事局副主席。 (2)下述有关董事局组合的变动将于2026年5月13日举行的公司股东周年大会结束时起生效：(a)贺以礼因 退休离开太古集团，将退任公司常务董事及董事局主席，(b)现任公司非常务董事白德利将调任公司常 务董事，并获选为董事局主席，(c)马天伟将获委任为公司非常务董事。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CATHAY PACIFIC AIRWAYS LIMITED 國泰航空有限公司 (於香港註冊成立的有限公司) (股份代號：293) 董事局變動 國泰航空有限公司（「公司」）董事局（「董事局」）宣佈： 國航為公司的主要股東。除另有說明外，劉先生概與公司任何董事或高級管理人員 或公司任何主要股東或控股股東無關。 馬先生已確認，他與董事局並無任何意見分歧，而他並不知悉任何有關其呈辭而須 知會公司股東的事宜。他亦確認其呈辭乃基於工作調整。馬先生自二零二一年六月 十一日起獲委任為公司非常務董事及自二零二二年十一月三日起獲選舉為董事局副 主席。董事局謹此對馬先生給予公司的竭誠服務及寶貴貢獻表示衷心感謝，並致以 誠摯的祝福。 賀先生已確認，他與董事局並無任何意見分歧，而他並不知悉任何有關其退任而須 知會公司股東的事宜。賀先生自二零一九年十一月六日起為公司董事局主席及常務 董事。他於一九八八年加入太古集團，曾出任太古集 ...

Market Performance - The Hong Kong stock market opened high but experienced fluctuations, closing with the Hang Seng Index down 0.11% at 25,774.14 points, the Hang Seng Tech Index down 0.69% at 5,488.89 points, the National Enterprises Index down 0.29% at 8,913.83 points, and the Red Chip Index down 0.19% at 4,067.53 points [1] Sector Performance - Large tech stocks showed mixed performance: Alibaba rose 0.55%, Tencent fell 2.03%, JD.com increased by 0.45%, Xiaomi dropped 1.51%, NetEase decreased by 0.65%, Meituan rose 0.39%, Kuaishou fell 3.52%, and Bilibili decreased by 0.05% [1] - Gold stocks continued to rise, with WanGuo Gold Group up over 5%, Shandong Gold up over 4%, and Zhaojin Mining up over 2% [1] - Wind power stocks led gains, with Dongfang Electric up over 8% [1] - Biotech stocks declined, with Yaojie Ankang down over 18% [1] - Chinese brokerage stocks opened high but closed lower, with Dongfang Securities down over 1% [1] Company News - Cathay Pacific reported 2.5304 million passengers in November, a year-on-year increase of 26% [2] - Shandong High New Energy's subsidiary signed an EPC contract worth RMB 405.5 million [2] - China General Nuclear Power's units are in testing, with adjusted operational timelines for 2026 [2] - Lehua Entertainment signed a business cooperation framework agreement with Youku [3] - Dipo Technology entered a strategic cooperation agreement with Muxi Co., focusing on enterprise-level AI applications [4] - Nanshan Aluminum's alumina design capacity has been increased to 4 million tons [7] Institutional Insights - Huatai Securities noted that the market is still in a left-side layout phase, with supply and demand pressures expected to persist into the year-end [10] - Guotou Securities highlighted the historical strength of U.S. stocks at year-end, despite uncertainties regarding interest rates and inflation paths for 2026 [10] - Galaxy Securities recommended focusing on the tech sector as a long-term investment theme, anticipating a rebound due to multiple favorable factors [10]