瑞银发布研报称，尽管基数已处于高位，国泰航空(00293)管理层预计2025全年综合财务表现将超越去 年。虽然管理层并未具体说明2025财年盈利增长的幅度，但该行认为该预测可视为优于预期。国泰去年 净利润96亿元，为2011年以来的最高水平。给予目标价14港元，评级"买入"。 瑞银认为，国泰2025财年盈利超出预期，将预示每股股息也可能高于预期。根据公司的股息政策，约一 半的利润（扣除非现金特殊项目）将以股息形式派发。该行还预期国泰股价将对2025财年盈利预测超预 期作出正面反应，并重申国泰是其在亚太航空板块中的首选股票之一。 ...

智通财经APP获悉，瑞银发布研报称，尽管基数已处于高位，国泰航空(00293)管理层预计2025全年综合 财务表现将超越去年。虽然管理层并未具体说明2025财年盈利增长的幅度，但该行认为该预测可视为优 于预期。国泰去年净利润96亿元，为2011年以来的最高水平。给予目标价14港元，评级"买入"。 瑞银认为，国泰2025财年盈利超出预期，将预示每股股息也可能高于预期。根据公司的股息政策，约一 半的利润（扣除非现金特殊项目）将以股息形式派发。该行还预期国泰股价将对2025财年盈利预测超预 期作出正面反应，并重申国泰是其在亚太航空板块中的首选股票之一。 ...

Market Overview - The Hong Kong stock index opened higher but showed mixed performance, with the Hang Seng Index up 0.18% at 25,848.99 points, the Hang Seng Tech Index down 0.42% at 5,503.87 points, the National Enterprises Index up 0.11% at 8,949.28 points, and the Red Chip Index up 0.39% at 4,091.24 points [1] - Major tech stocks exhibited varied movements, with Alibaba up 0.68%, Tencent down 1.46%, JD.com up 0.98%, Xiaomi down 1.66%, NetEase up 0.19%, Meituan up 0.39%, Kuaishou down 3.6%, and Bilibili up 0.41% [1] - Wind power stocks led the gains, with Dongfang Electric rising over 5%, while gold stocks continued their upward trend, with Shandong Gold also up over 5% [1] - The lithium battery sector saw significant increases, with Ganfeng Lithium up over 4%, and building materials and cement stocks remained active, with Dongwu Cement reaching a historical high [1] - Mobile game stocks, Apple concept stocks, and new energy vehicle companies mostly declined [1] - Newly listed company Relax Health saw a first-day increase of over 145%, while Nobi Kan surged 338.75% in half a day [1] Corporate News - Vanke Enterprises (02202.HK) extended the grace period for the principal and interest payment of its fourth phase of medium-term notes (total principal of 2 billion yuan) to 30 trading days [2] - Cathay Pacific (00293.HK) reported 2.5304 million passengers in November, a year-on-year increase of 26% [3] - Shanhigh New Energy (01250.HK) signed an EPC contract with China Railway 17th Bureau for a total price of 405.5 million yuan [3] - China General Nuclear Power (01816.HK) announced that the commissioning of Units 1 and 2 in Huizhou has been adjusted to the first half and second half of 2026, respectively [3] - Lehua Entertainment (02306.HK) entered into a business cooperation framework agreement with Youku Information Technology [4] - Xinyang Global Holdings (00723.HK) signed a cooperation agreement with Guangxi Fenglin (601996.SH) to jointly develop the EU wood board and related product market [4] - Tabo (06110.HK) reported a high single-digit year-on-year decline in total sales for its retail and wholesale business in Q3 of the 2025/26 fiscal year [4] - Dipo Technology (01384.HK) entered into a strategic cooperation agreement with Muxi Co., aiming to deepen their strategic partnership in enterprise-level large model AI applications [4] - He Yu-B (02256.HK) received approval from China's NMPA for its CSF-1R inhibitor Beijiemai® [5] - Saint Noble Pharmaceuticals-B (02257.HK) completed Phase I trials for its experimental drug STP707 and formally submitted a clinical research report to the FDA [6] - Nanshan Aluminum International (02610.HK) increased its annual production capacity for alumina to 4 million tons [7] - Rungo Interactive (02422.HK) plans to sell 75% of its stake in Xi'an Tiantai Innovation Technology Co., Ltd. for 11.3 million yuan [8] - China Tianhua Chemical (00362.HK) received guidance from the Hong Kong Stock Exchange for resuming trading, but remains suspended [9] Institutional Insights - Huatai Securities noted that the market is still in a left-side layout phase, with the right-side turning point not yet clear. There is strong consensus on an early spring rally, but year-end supply and demand pressures create uncertainty for a "Santa rally." The first quarter may present a higher probability phase for investment [10] - CITIC Securities observed that after a unilateral rise in September, the Hong Kong stock market has experienced fluctuations since October due to repeated overseas macro expectations. Quality assets in the Hong Kong market have re-entered a high cost-performance zone, and with continued northbound capital inflow and improved profit expectations, the market is entering a significant year-end trading window [10] - China Galaxy suggested focusing on the technology sector as a long-term investment theme, which is expected to rebound after previous adjustments. The consumer sector is anticipated to receive substantial policy support, with current valuations at relatively low levels, indicating significant long-term upside potential [11]

瑞银发表研报指，尽管基数已处于高位，国泰航空管理层预计2025全年综合财务表现将超越去年，虽然 管理层并未具体说明2025财年盈利增长的幅度，但瑞银认为该预测可视为优于预期。国泰去年纯利96亿 港元，为2011年以来的最高水平。瑞银相信，国泰2025财年盈利超出预期，将预示每股股息也可能胜预 期。根据公司的股息政策，约一半的利润(扣除非现金特殊项目)将以股息形式派发。该行另预期国泰股 价将对2025财年盈利预测超预期而作出正面反应，并重申国泰为其在亚太航空板块中的首选股份之一， 予其目标价14港元，评级"买入"。 ...

Group 1 - Cathay Pacific's passenger volume in November 2025 increased by 26% compared to November 2024, with available seat kilometers rising by 22%. Year-to-date passenger volume for the first eleven months of 2025 increased by 27% compared to the same period in 2024 [1] - The load factor reached 87%, marking a two-year monthly high, driven by strong demand on Northeast Asia routes, particularly from Hong Kong, Europe, and Southeast Asia [1] - Cargo volume for Cathay Pacific in November 2025 increased by 10% year-on-year, with available cargo ton kilometers rising by 7%. Year-to-date cargo volume for the first ten months of 2025 also saw a 10% increase compared to the previous year [1] Group 2 - Hong Kong Express recorded a passenger volume of nearly 640,000 in November 2025, a 27% increase from November 2024, with available seat kilometers increasing by 18%. Year-to-date passenger volume for the first eleven months of 2025 increased by 30% compared to the previous year [2] - The load factor exceeded 83%, an increase of nearly 6 percentage points compared to the same month in 2024. However, demand for Japan routes has slowed due to various factors, resulting in losses that partially offset positive trends [2] - The group anticipates that the second half of the year will be driven by increased capacity, stable passenger load factors, and resilient cargo demand, with overall financial performance expected to surpass last year's robust results [2]

今年首11个月，国泰航空载客量2613.1万人次，增加27%；香港快运载客量713.1万人次，增加30.4%； 国泰货运载货量152.5万公吨，增加9.8%。 12月23日，国泰航空(0293.HK)涨超7%报12.9港元，股价创逾10年新高。消息面上，公司预期下半年业 绩将超过上半年，今年全年业绩将超过去年。集团预期下半年业绩表现理想，主要受运力提升、乘客运 载率稳健以及货运需求保持韧性所推动；但香港快运主要因日本航线受多项因素影响而需求放缓，录得 亏损，部分抵消利好因素。 另外，国泰公布11月客货运量数据，国泰航空载客量为253万人次，按年增加25.9%，平均载客率增加 3.5个百分点至87%；香港快运11月接载乘客63.91万人次，按年增加27.1%，运载率升5.8个百分点至 83.4%。 本文源自：格隆汇 ...

今年首11个月，国泰航空载客量2613.1万人次，增加27%；香港快运载客量713.1万人次，增加30.4%；国泰货运载货量152.5万公吨，增加9.8%。 国泰航空(0293.HK)涨超7%报12.9港元，股价创逾10年新高。消息面上，公司预期下半年业绩将超过上半年，今年全年业绩将超过去年。集团预期下半年 业绩表现理想，主要受运力提升、乘客运载率稳健以及货运需求保持韧性所推动；但香港快运主要因日本航线受多项因素影响而需求放缓，录得亏损，部 分抵消利好因素。 另外，国泰公布11月客货运量数据，国泰航空载客量为253万人次，按年增加25.9%，平均载客率增加3.5个百分点至87%；香港快运11月接载乘客63.91万 人次，按年增加27.1%，运载率升5.8个百分点至83.4%。 ...

Core Viewpoint - Cathay Pacific Airways (00293) is expected to achieve its first consecutive annual profit growth in a decade by 2025, with net profit projected to exceed the previous year's level of HKD 9.88 billion (USD 1.3 billion) [1] Group 1 - Cathay Pacific's stock rose over 5% in early trading, currently up 4.99% at HKD 12.62, with a trading volume of HKD 45.8831 million [1] - The airline attributes its anticipated profit growth to strong performance in the second half of the year, improved financial results from its subsidiaries, and non-recurring income from an unnamed supplier [1]

Core Viewpoint - Cathay Pacific Airways (00293) is expected to achieve its first consecutive annual profit growth in a decade, with projected net profit exceeding the previous year's level of HKD 9.88 billion (USD 1.3 billion) by 2025, driven by strong performance in the second half of the year and improved financial results from its affiliates [1][1][1] Group 1 - Cathay Pacific's stock rose over 5% in early trading, reaching HKD 12.62, with a trading volume of HKD 45.88 million [1][1][1] - The airline anticipates a significant increase in profitability due to robust performance in the latter half of the year and non-recurring income from an unnamed supplier [1][1][1] - The company has indicated that its financial outlook is bolstered by the continuous improvement in the performance of its subsidiaries [1][1][1]

Company News - Vanke Enterprise (02202.HK) has extended the grace period for the principal and interest payment of its fourth tranche of medium-term notes (total principal of 2 billion yuan) to 30 trading days [1] - Cathay Pacific Airways (00293) reported a passenger count of 2.5304 million in November, representing a year-on-year increase of 26% [1] - Shandong High New Energy (01250.HK) announced that its subsidiary Wuxiang Beiqing Smart Energy has signed an EPC contract with China Railway 17th Bureau, with a total contract value of 405.5 million yuan [1] - China General Nuclear Power (01816) reported that the commissioning of Units 1 and 2 in Huizhou has been adjusted, with expected operational dates moved to the first half and second half of 2026, respectively [1] Strategic Partnerships - Lehua Entertainment (02306.HK) has signed a business cooperation framework agreement with Youku Information Technology and Youku for 2026 [2] - Xinbao Global Holdings (00723.HK) has entered into a cooperation agreement with Guangxi Fenglin (601996.SH) to jointly develop the EU wood board and related product market [2] - Dipo Technology (01384.HK) has established a strategic cooperation agreement with Muxi Co., aiming to deepen collaboration in enterprise-level large model AI applications across key industries such as manufacturing, commercial circulation, transportation, and healthcare [2] Product Development - He Yu-B (02256.HK) announced that its CSF-1R inhibitor Beijiemai® has received approval from China's NMPA [3] - Saint Noble Pharmaceuticals-B (02257.HK) has completed Phase I trials for its investigational drug STP707 and has formally submitted the clinical research report to the FDA [4] - Nanshan Aluminum International (02610.HK) has increased its annual production capacity for alumina to 4 million tons [5] Share Buybacks - Tencent Holdings (00700.HK) repurchased 1.035 million shares at a cost of 636 million HKD, with repurchase prices ranging from 610.5 to 620 HKD [8] - Xiaomi Group-W (01810.HK) spent approximately 149 million HKD to repurchase 3.75 million shares, with prices between 37.61 and 42.50 HKD [9] - Giant Bio (02367.HK) repurchased approximately 14.43 million HKD worth of 400,000 shares, with prices between 34.71 and 36.34 HKD [10]