Investment Rating - The report maintains a "Positive" outlook on the transportation industry, particularly highlighting opportunities in shipping and logistics sectors [4]. Core Insights - The report emphasizes the recovery and growth potential in the shipping market, with specific attention to the rise in VLCC (Very Large Crude Carrier) charter rates and the overall shipping market dynamics [6]. - It identifies key investment opportunities in companies such as China Merchants Energy, COSCO Shipping Energy, and others, while also suggesting a focus on high-dividend stocks in the transportation sector [6][22]. Summary by Sections Shipping Market - VLCC one-year charter rates have increased to $58,000 per day, indicating a strong market demand [6]. - The report notes a 6% week-on-week decline in VLCC rates, averaging $115,290 per day, but anticipates potential increases in the coming weeks due to expected cargo volume growth [6]. - The Baltic Dry Index (BDI) rose by 6.5% to 2,727 points, with Capesize rates reaching a two-year high [6]. Air Transportation - The report highlights a significant opportunity for airlines due to the aging aircraft fleet and increasing passenger demand, predicting a "golden era" for the airline industry [6]. - Recommended stocks include China Eastern Airlines, China Southern Airlines, and others, with a focus on companies that can leverage operational efficiencies and rising demand [6]. Logistics and Express Delivery - The express delivery sector is entering a new phase of competition, with potential for profit recovery and industry consolidation [6]. - Companies like Shentong Express and YTO Express are highlighted as having strong growth potential, particularly in Southeast Asia [6]. Road and Rail Transportation - The report indicates resilience in railway freight volumes and highway truck traffic, with a slight increase in railway cargo to 82.12 million tons, up 0.74% week-on-week [6]. - The highway sector is expected to benefit from high dividend yields and potential market value management catalysts [6].

格隆汇12月7日｜据港媒引述国泰航空(0293.HK)内部邮件显示，从2026年1月1日起，国泰合资格香港员 工平均加薪3.5%，较今年平均加薪3.8%，少0.3个百分点。 国泰今年11月向员工发内部信称，将向香港合资格员工发放相等于1个月薪金的花红。内地及其他地区 的合资格员工，则由当地团队决定2025年花红安排。 ...

Core Viewpoint - Cathay Pacific has resumed its Hong Kong-Adelaide route, marking a significant step in its post-pandemic recovery strategy and global network expansion [1][3][4]. Group 1: Route Resumption and Strategic Importance - The resumption of the Adelaide route is part of Cathay Pacific's strategy to enhance its global route network, which now includes six Australian cities [4][6]. - The Adelaide route is seen as crucial for pilot training and youth development, contributing to the long-term strategic goals of the company [4][6]. - The airline plans to operate seasonal flights with three weekly services on this route, further promoting tourism, trade, and cultural exchange between Asia and Australia [4][6]. Group 2: Network Expansion and Market Recovery - Cathay Pacific aims to open 20 new destinations by the end of the year, increasing its total to 103 global destinations, with a focus on enhancing its network in mainland China [6][7]. - The airline has experienced a nearly 30% increase in passenger traffic from Australia to Hong Kong this year, facilitating travel for both Hong Kong and Australian tourists [6][7]. - The strategic positioning of Hong Kong as an international aviation hub allows for seamless connections between South Australia and global networks [6][7]. Group 3: Pilot Training and Youth Development - Cathay Pacific has collaborated with Flight Training Adelaide (FTA) for over 30 years, training more than 1,500 cadet pilots, with a significant portion being local talent [8][10]. - The airline's cadet pilot program has evolved to better accommodate trainees with no prior flying experience, enhancing the efficiency and sustainability of pilot training [10][11]. - The "I Can Fly" program, initiated in 2003, aims to inspire youth aged 10-18 to pursue careers in aviation, with plans to expand this initiative to mainland China [12][15]. Group 4: Long-term Strategic Vision - Cathay Pacific's strategy emphasizes a three-pronged approach: nurturing the flying spirit among youth, strengthening pilot training, and expanding its route network [16]. - This integrated strategy aims to create a sustainable talent pipeline and enhance the airline's competitive edge in the global market [16]. - The company's commitment to long-term development is reflected in its ability to adapt and thrive in a changing market environment, ensuring resilience and stability [16].

Group 1 - Cathay Pacific (00293.HK) announced that it will hold a board meeting on March 31, 2026, at 9 AM at the company's registered office [1] - The purpose of the meeting includes the announcement of the full-year results for the year ending December 31, 2025 [1] - The company will also consider the distribution of the second interim dividend for 2025, which will replace the final dividend [1]

於本公告所載日期，公司的在任董事如下： 常務董事： 賀以禮（主席）、林紹波、劉凱詩、麥皓雲、沈碧嘉； 非常務董事： 馬崇賢（副主席）、白德利、麥廣能、孫玉權、施銘倫、 鄧健榮、王明遠、肖烽；及 獨立非常務董事： 陳智思、鄭嘉麗、馬焜圖及王小彬。 承董事局命 CATHAY PACIFIC AIRWAYS LIMITED 國泰航空有限公司 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) 董事局會議召開日期 茲通告國泰航空有限公司（「公司」）將於二零二六年三月十一日（星期三） 上午九時正在公司註冊辦事處舉行董事局會議，藉以（其中包括）宣佈截至二 零二五年十二月三十一日止年度的全年業績及考慮派發二零二五年第二次中期 股息（以取代末期股息）。 根據《香港聯合交易所有限公司證券上市規則》附錄 C3 第 A.3 項的規定，公司 董事於二零二六年一月十日至二零二六年三月十一日（包括首尾兩天）期間不 得買賣公司證券。 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 ...

该负责人表示，工程团队正在仔细检查该飞机，并将进行所需维修工作，以确保飞机能重新投入服务。 12月2日，国泰航空有关负责人向南都记者确认，由空客A350-1000型客机执飞的CX764航班，于11月26 日由胡志明市飞往香港，在尝试降落及复飞期间，机尾与跑道发生摩擦。该航班随后安全降落香港国际 机场，并如常滑行至停机位，所有乘客自行离开机舱。事件中所有乘客和机组人员均安全，没有受伤报 告。 近日，国泰航空从越南胡志明市飞往香港国际机场的CX764航班，在降落阶段发生机尾擦地，相关图片 曝出后在网络引发关注。12月2日，国泰航空有关负责人就此事回应南都N视频记者称，事发于11月26 日，涉事航班由空客A350-1000型客机执飞，在尝试降落及复飞期间，机尾与跑道发生摩擦，所有乘客 和机组人员均安全，工程团队正检查并维修。 此前曝光于网络的图片显示，飞机尾部出现多处擦痕，蒙皮受损。 航旅纵横信息显示，CX764航班于当地时间11月26日20时27分从胡志明市起飞，当地时间11月26日23时 49分到达香港，航班延误34分钟到达。飞行实况和轨迹显示，该航班曾在降落后复飞，爬升一段高度 后，在香港上空盘旋一圈再落地。 ...

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 第 1 頁 共 10 頁 v 1.1.1 FF301 FF301 II. 已發行股份及/或庫存股份變動 截至月份: 2025年11月30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12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。 | 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 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00293 | 說明 | 不適用 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | ...

12月1日，太古地产发布消息称，太古地产向受香港大埔火灾影响的所有人士致以深切慰问。太古集团 (含旗下太古地产、太古可口可乐、国泰及其他运营公司)将捐赠逾1000万港元支援救灾工作。同时，正 紧急调配必要物资，全力协助受影响人士渡过难关。 同时，正紧急调配必要物资，全力协助受影响人士渡过难关。 ...

Core Viewpoint - The long-standing and controversial airline "seat locking" phenomenon is expected to undergo rectification following a special investigation by the Jiangsu Provincial Consumer Protection Committee, which has interviewed ten domestic airlines and requested written responses regarding corrective actions [1][5]. Group 1: Investigation Findings - The Jiangsu Provincial Consumer Protection Committee conducted an investigation into the "seat locking" practices of ten major airlines, revealing that the proportion of locked seats during the purchasing phase ranged from 19.9% to 62.1%, with an average of 38.7% [2][3]. - Notably, Spring Airlines' Nanjing-Lanzhou route had a seat locking rate exceeding 60%, while Shenzhen Airlines' Shenzhen-Zhanjiang route exceeded 50% [2][3]. - Other airlines like Hainan Airlines, Eastern Airlines, and Xiamen Airlines had locking rates between 40% and 46%, while Lucky Air had a relatively low rate of less than 20% [2][3]. Group 2: Reasons for Seat Locking - Airlines provided various justifications for seat locking, including reserving seats for special passengers, ensuring emergency seat availability, and maintaining flight load balance [4]. - The investigation identified common issues with the "seat locking" phenomenon, including a lack of clear communication regarding seat locking rules, vague explanations, differential resource allocation based on membership levels, and unilateral rights granted to airlines [4]. Group 3: Consumer Feedback and Reactions - Consumers expressed dissatisfaction with the differentiation of paid and free seating areas in economy class, indicating that such practices increase travel costs and lead to a frustrating experience [6][10]. - Feedback highlighted that many passengers were unaware of the specific rules regarding seat locking, leading to limited seat choices, especially for families traveling together [10][11]. Group 4: Regulatory Actions and Implications - The Jiangsu Provincial Consumer Protection Committee has mandated that the airlines submit written corrective actions within 15 working days, including self-inspections and revisions of unfair terms related to "seat locking" [5][15]. - Legal experts have commented that the "seat locking" practice infringes on consumer rights and may violate consumer protection laws, suggesting that the committee's actions could serve as a model for regulatory oversight in other regions [15][16].

Core Insights - Cathay Pacific Airlines is strategically enhancing its operations by reopening the direct flight route from Hong Kong to Adelaide, Australia, which is expected to boost tourism, trade, and cultural exchanges between Asia and Australia [3][4][5] - The airline's strategy emphasizes a strong connection between Hong Kong, the mainland, and the global market, as evidenced by the simultaneous opening of new routes, including a direct flight to Changsha, China [2][3] Route and Network Expansion - The Hong Kong to Adelaide route has been reinstated with seasonal flights operating three times a week, marking it as Cathay's sixth destination in Australia [3] - By the end of the year, Cathay Pacific's global destinations will reach 103, including 24 direct flights to mainland China, with plans for further expansion in 2024 [3][5] - The airline's network covers six Australian cities, providing nearly 100 weekly flights to Oceania during the Northern Hemisphere winter [3][5] Economic Impact - The reopening of the Adelaide route is seen as a vital artery for regional economic interaction, facilitating the export of high-value goods from South Australia to Hong Kong and mainland markets [4][5] - The China-Australia Free Trade Agreement's 10th anniversary highlights the growing trade relationship, with bilateral goods trade reaching $211.27 billion in 2024, a 85.6% increase since 2015 [4] Pilot Training and Development - Cathay Pacific has trained over 1,500 pilots through its Cadet Pilot Programme, with more than half of its pilots being locally trained [7][10] - The airline is committed to increasing the diversity of its pilot workforce, with female pilots currently making up about 10% of the total, a figure expected to rise [9][10] Future Aspirations - The "Inspiring the Future" program aims to engage youth in aviation, with over 4,000 students having graduated since its inception in 2003 [11] - The program is expanding into mainland China, providing opportunities for students to explore careers in aviation and fostering a diverse talent pool in the Greater Bay Area [12][13]