根据合作备忘录内容，双方计划探索多项创新合作项目，其中包括一项专为香港过境旅客设计的产品， 该产品预计于2026年推出。 国泰集团行政总裁林绍波表示，国泰始终致力于为旅客的出行体验赋能，此次与香港迪士尼合作，是基 于双方在为旅客提供难忘、优质体验理念上的契合。未来，双方将通过融合航空服务与乐园体验，为旅 客创造独特旅程，展现香港多元魅力，吸引全球旅客到访。 （国泰集团） 近日，国泰与香港迪士尼乐园度假区（下称 "香港迪士尼"）签署合作备忘录。双方将依托各自优势开 展合作，旨在通过结合两大品牌资源，为旅客打造覆盖航空与乐园场景的体验，进而推动访港旅游发 展，巩固香港全球旅游目的地及区域交通枢纽地位。 ...

智通财经APP获悉，申万宏源发布研报称，8月迎来暑运旺季高峰，航空市场运力运量稳步增长。继续 看好航空板块，供给逻辑确定性强，预计未来3-5 年行业机队供给增速趋缓，需求端具备弹性，客运量 和客座率持续增长均已在相对高位，可关注后续民航"反内卷"下票价回暖信号及趋势。同时，在外部油 汇变化配合下，航空公司能够释放较大业绩提升空间，推荐中国国航(601111.SH)、华夏航空 (002928.SZ)、春秋航空(601021.SH)、吉祥航空(603885.SH)、国泰航空(00293)、南方航空(600029.SH)、 中国东航(600115.SH)。 申万宏源主要观点如下： 暑运后半段进入旺季高峰，8月民航运力运量均同比增长 根据航班管家数据，8月民航旅客运输量约7508万人次，同比24年增长3.0%;民航国内运力同比24年增长 1.3%，国内客流量同比24年增长2.2%。8月国际客运航班约6.1万班次，恢复至19年同期的88.6%，中国 大陆赴日、韩、香港航班量排列前三。8月民航日均飞机利用率为8.9小时，环比+0.3%，同比+0.2%。 根据航班管家数据，8月宽体机日均利用率为10.5小时，窄体机为8.9 ...

Group 1 - Hong Kong Disneyland Resort announced a memorandum of cooperation with Cathay Pacific Group to promote tourism in Hong Kong [1][3] - The collaboration aims to explore innovative projects, including a product designed specifically for transit travelers, expected to launch in 2026 [3] - The partnership is intended to enhance the travel experience by combining world-class airline services with the unique offerings of Hong Kong Disneyland, showcasing the city's charm [3] Group 2 - The strategic cooperation coincides with the 20th anniversary of Hong Kong Disneyland, aiming to attract more visitors and reinforce Hong Kong's status as a premier global tourism and transportation hub [3]

Group 1 - The core viewpoint of the article highlights a collective rise in Hong Kong aviation stocks, with China National Aviation rising over 4%, and China Eastern Airlines and China Southern Airlines increasing over 3% [1] - According to Guojin Securities, the passenger volume for the summer transportation period in civil aviation has increased by 3.6%, and the BDTI has shown a month-on-month growth [1] - Supply growth is expected to slow down due to capacity constraints from aircraft manufacturers and upstream component suppliers, leading to an optimization of supply and demand that will drive ticket prices up, thereby releasing profit elasticity for airlines [1] Group 2 - The article mentions that domestic ticket prices have turned positive year-on-year, and it recommends the aviation sector, specifically China National Aviation and China Southern Airlines [1] - Russian President Putin announced a mutual visa exemption policy for citizens of China and Russia, which is expected to boost travel demand, as indicated by a doubling in ticket search volume for destinations like Moscow and St. Petersburg [1] - The average ticket price from Beijing to Moscow is reported to be 1,482 yuan, reflecting increased interest in travel between the two countries [1] Group 3 - China Southern Airlines reported a revenue of 86.29 billion yuan for the first half of the year, marking a year-on-year increase of 1.77% [1] - China Eastern Airlines is set to hold a joint mid-term performance briefing on September 12, 2023 [1] - Changes in management are noted, with Liu Tiexiang resigning from his positions as Vice Chairman and General Manager of China Eastern Airlines, and Gao Fei being proposed for appointment as an executive director of China Southern Airlines [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Cathay Pacific Airways Limited 國泰航空有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 不適用 備註： 自新《公司條例》(香港法例第622章) 於2014年3月3日實施後，Cathay Pacific Airways Limited 國泰航空有限公司 (於香港註册成立的公司) 不再有法定股本及股份面值。 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 頁 共 10 頁 v 1.1.1 (B). 承諾發行發行人股份的權證 不適用 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | ...

Core Insights - The aviation industry has undergone structural changes post-COVID-19, with a notable decline in demand from the "middle-tier" travelers, prompting airlines to focus on retaining high-revenue customers such as premium members and business class passengers [2][4] - Cathay Pacific is enhancing its competitiveness by strengthening its route network in mainland China and upgrading airport lounges to attract high-end travelers [2][5] Strategic Market - Beijing is a crucial hub for Cathay Pacific, reflecting its strategy of being rooted in Hong Kong while connecting globally, with a focus on business travelers [3] - The newly renovated lounge at Beijing Capital International Airport aligns with Cathay's design standards and aims to create a warm atmosphere for travelers [3][5] - Cathay Pacific operates seven daily flights to Beijing, catering to a diverse range of travelers, including business and government passengers [3] Investment Plans - Following a return to profitability, Cathay Pacific announced a significant investment plan worth HKD 100 billion to upgrade its fleet, cabin products, and ground facilities, aiming to strengthen its position in the premium aviation market [4] - The reopening of the Beijing lounge signifies the completion of upgrades at key hubs in China, laying the groundwork for future expansion [5] High-End Traveler Focus - High-end travelers, who represent only 3-5% of total passengers, contribute 15-20% of passenger revenue, making them vital for airlines like Cathay Pacific [5][6] - The demand for high-end travel is more resilient, driven by business needs, prompting airlines to invest in upgrading services and facilities to attract and retain these customers [6] Global Expansion - Cathay Pacific is also establishing a lounge at New York's JFK Airport, highlighting the importance of the North American market for high-end travelers [7] - The airline has increased its North American routes significantly, with a 50% year-on-year increase in flight volume, aiming to attract more premium passengers [7][8] - Cathay Pacific plans to offer 1.3 million round-trip seats on East Asia-North America routes from September 2024 to February 2025, enhancing its capacity to serve high-end travelers [7]

Core Viewpoint - The aviation industry is undergoing structural changes post-COVID-19, with a notable decline in demand from business travelers, prompting airlines to focus on retaining high-revenue customers such as premium members and business class passengers [2][5]. Group 1: Company Strategy - Cathay Pacific is enhancing its route network in mainland China and upgrading airport lounges to attract high-end customers traveling through Hong Kong [2][3]. - The newly renovated lounge at Beijing Capital International Airport reflects Cathay Pacific's commitment to providing a consistent and welcoming experience for travelers, aligning with its global standards [3][4]. - Cathay Pacific's investment plan, amounting to HKD 100 billion, aims to upgrade its fleet, cabin products, and ground facilities to strengthen its competitiveness in the high-end aviation market [4][5]. Group 2: Market Dynamics - High-end travelers, despite being only 3-5% of total passengers, contribute 15-20% of passenger revenue, making them crucial for airlines' recovery post-pandemic [5][6]. - The demand for high-end travel is more resilient, driven by business needs such as attending meetings and events, which necessitates airlines to enhance both their service offerings and network accessibility [6][7]. - Cathay Pacific is expanding its presence in North America, with a significant increase in flight frequency and the establishment of a new lounge at New York's JFK Airport, reflecting the importance of this market for high-end revenue [7][8]. Group 3: Future Outlook - Cathay Pacific plans to offer 1.3 million round-trip seats on East Asia-North America routes from September 2024 to February 2025, aiming to attract more high-end travelers and improve business class seat occupancy [8]. - The airline's strategy includes continuous upgrades to its network and services, with a focus on expanding its presence in mainland China and enhancing customer experience through dedicated lounges [5][8].

Investment Rating - The report recommends a "Buy" rating for the aviation sector, highlighting potential long-term benefits from the civil aviation authority's "anti-involution" policy and the expected recovery in airline revenues [90][91]. Core Insights - The global aviation market is experiencing a normalization phase with a year-on-year increase in passenger turnover (RPK) of 5.1% in H1 2025, driven by a higher growth rate in international RPK at 7.0% compared to domestic RPK at 2.0% [3][5]. - The U.S. aviation industry shows signs of stabilization with a profit margin of 3.6% in H1 2025, an increase of 0.9 percentage points year-on-year, despite a 1% increase in revenue and a 1% rise in costs [30][32]. - The European aviation market faces uncertainties but shows potential for profit growth, with ticket prices fluctuating significantly due to seasonal factors [66][72]. - In Asia, key markets like Southeast Asia and Japan are witnessing a recovery in passenger volumes, with some airports exceeding pre-pandemic levels [78][81]. Summary by Sections Global Aviation Market Overview - The global aviation market's growth rate has slowed, with H1 2025 showing a 5.1% increase in RPK and a 4.8% increase in available seat kilometers (ASK) [3][5]. - The market's load factor improved to 82.5%, reflecting a 0.2 percentage point increase year-on-year [3]. U.S. Aviation Market Tracking - The U.S. aviation sector's profit margin reached 3.6% in H1 2025, with a 1% increase in revenue and a 1% rise in costs, including a 13% decrease in fuel costs [30][32]. - Ticket prices in the U.S. have seen a decline, with a 5.1% drop in inflation-adjusted prices from January to July 2025 [34][38]. European Aviation Market Tracking - The European aviation market's ticket prices showed volatility, with significant fluctuations in early 2025, but overall recovery in passenger volumes is noted [66][63]. - Major airlines like Lufthansa and IAG reported profit growth in Q2 2025, driven by increased ticket prices and demand recovery [66][72]. Asian Aviation Market Tracking - Southeast Asia and Japan's airports are experiencing a resurgence in passenger traffic, with notable increases in throughput compared to pre-pandemic levels [78][81]. - Key transit airports in the region, such as Singapore and Doha, also reported growth in passenger numbers [81]. Investment Analysis Opinion - The report suggests that the seasonal increase in passenger volume coupled with a decrease in ticket prices has been adequately reflected in market expectations, indicating a favorable outlook for airline profitability [90]. - The report recommends focusing on airlines such as China Southern Airlines, China Eastern Airlines, and Spring Airlines, as well as global aircraft leasing companies and airport operators [90][91].

此乃重要通函 請即處理 閣下如對本通函任何方面或對所要採取的行動有任何疑問，應諮詢持牌證券商、銀行經理、律師、 專業會計師或其他專業顧問。 閣下如已出售或轉讓名下所有國泰航空有限公司股份，應立即將本通函送交買主或承讓人，或送交 經手買賣或轉讓的銀行、持牌證券商或其他代理商，以便轉交買主或承讓人。 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通函的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本通函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） 主要交易 購買十四架波音777-9型飛機 董事局函件載於本通函第9至第13頁。 公司已接獲一批有密切聯繫的股東對交易作出的書面批准，該批股東為太古公司及國航，兩者合共 擁有公司超過50%的投票權。此書面批准根據上市規則第14.44條可被接納為代替股東大會上的大多 數票。本通函寄發予股東，僅供其參考之用。 二零二五年八月二十七日 釋 義 於本通函內，除文義另有所指外，下列詞彙具備以下 ...

Group 1: Passenger Traffic - In July 2025, Cathay Pacific's passenger volume increased by 24% compared to the same month last year, with available seat kilometers rising by 30% [1] - For the first seven months of 2025, passenger volume increased by 27% compared to the same period in 2024 [1] - The passenger load factor in July reached 86%, driven by strong demand from students and family visits in the first half of the month, and leisure travel to destinations like South Korea and Southeast Asia in the latter half [1] Group 2: Cargo Traffic - In July 2025, Cathay Pacific's cargo volume increased by 11% year-on-year, with available cargo ton kilometers also rising by 11% [1] - The growth in cargo volume reflects a rush to transport goods before tariff adjustments, with a 6% increase in capacity compared to the previous month [2] - The demand for cargo transport from Southeast Asia to Hong Kong was particularly strong, supported by the seasonal transport needs for fresh produce, such as cherries from the U.S. [2] Group 3: Operational Developments - Cathay Pacific and Hong Kong Express collectively carried approximately 3.2 million passengers in July, marking a new monthly high for the year [1] - Hong Kong Express also saw a 22% increase in passenger volume in July 2025 compared to the same month in 2024, with available seat kilometers increasing by 38% [2] - The company has resumed weekly flights between Hong Kong and Brussels, and has expanded its route network with new destinations [1][2]