Investment Rating - The report maintains a positive outlook on the shipping industry, particularly focusing on oil transportation and shipbuilding sectors, recommending stocks such as ST Songfa and China Merchants Energy [4]. Core Insights - The report highlights a strong performance in oil shipping, with VLCC TCE rates rising by 24% to $146,385 per day, and a significant increase in demand leading to higher freight rates [4]. - The global energy chain's valuation is on the rise, driven by long-term capacity utilization and mid-cycle profit expectations, suggesting a favorable environment for shipping rates [4]. - The report emphasizes the resilience of the dry bulk market, with the BDI index recording a slight increase of 1.19% to 2,043 points, indicating stable demand despite seasonal fluctuations [5]. Summary by Sections Shipping Market Performance - The shipping index decreased by 1.41%, underperforming the CSI 300 index by 1.77 percentage points, with the aviation sector experiencing the largest decline at -5.16% [5]. - The report notes that the coastal dry bulk freight index in China fell by 1.76%, while the Baltic Dry Index increased by 1.19% [5]. Oil Transportation - VLCC rates reached a new high of approximately $160,000 per day during the Spring Festival, with expectations for continued strength in the coming weeks [4]. - The report indicates that the average VLCC freight rate increased by 23% week-on-week, reaching $149,564 per day, reflecting tight capacity and strong demand [4]. Dry Bulk Market - The report mentions that the Capesize freight rate decreased by 4.1%, while the Panamax index showed resilience with a 3.5% increase [4]. - The report anticipates that post-holiday demand recovery will be crucial for the dry bulk market, particularly in iron ore shipments [4]. Air Transportation - The report suggests that the airline industry is at a turning point, with potential for significant profit growth due to increased passenger volumes and operational efficiencies [4]. - Airlines such as China Eastern Airlines and Spring Airlines are highlighted as key players to watch in this sector [4]. Express Delivery - The report notes uncertainties in the express delivery sector due to fluctuating demand and competitive pressures, but highlights the strong market position of leading companies like ZTO Express and YTO Express [4]. Rail and Road Transportation - Rail freight volumes and highway truck traffic are reported to be resilient, with the Ministry of Transport data showing a slight decrease in freight volume but overall stability [4]. - The report identifies two main investment themes in the highway sector: high dividend yields and potential value recovery in undervalued stocks [4].

2月22日，有网友称，从伦敦飞往香港的国泰航空CX238航班在兰州中川机场备降。对此，国泰航空回应南都N视频记者称，一名乘客突发身体不适，航班 在兰州中川机场安排该名乘客下机接受医疗处理，完成加油后继续飞往香港。 南都此前报道，航旅纵横App显示，CX238航班在当地时间2月21日17时20分（中国香港时间2月22日凌晨1时20分）从英国伦敦希思罗机场起飞，计划于2月 22日12时44分抵达香港国际机场，飞行时间为11小时54分钟。信息显示，该航班于2月22日10时43分备降兰州中川机场。当日上午，兰州中川机场客服工作 人员回复南都记者称，该航班因机上旅客突发疾病而备降兰州，目前起飞时间尚未确定。 22日下午，国泰航空相关负责人向南都记者表示，CX238航班因机上一名乘客突发身体不适，机组人员按既定安全程序安排航班改道备降兰州中川机场。航 班在兰州中川机场安排该名乘客下机接受医疗处理，完成加油后继续飞往香港。 "乘客及机组人员的安全始终是国泰航空的首要考虑。我们感谢受影响旅客的理解与配合。"上述负责人表示，目前该航班尚未抵达香港。信息显示，飞机已 于13时27分从兰州中川机场起飞，预计将于16时9分到达香港。 ...

兰州中川机场客服工作人员回复南都N视频记者称，该航班因机上旅客突发疾病而备降兰州，目前起飞时间尚未 确定。"因为飞机上有病人。现场反馈是因为急救备降，还没给具体起飞时间。" 2月22日，有网友称，从伦敦飞往香港的国泰航空CX238航班在兰州中川机场备降。兰州中川机场客服工作人员回 复南都N视频记者称，该航班因机上旅客突发疾病而备降兰州，目前起飞时间尚未确定。 （文章来源：南方都市报） 涉事航班信息。 航旅纵横App显示，CX238航班在当地时间2月21日17时20分（中国香港时间2月22日凌晨1时20分）从英国伦敦希 思罗机场起飞，计划于2月22日12时44分抵达香港国际机场，飞行时间为11小时54分钟。信息显示，该航班于2月 22日10时43分备降兰州中川机场。 ...

Group 1 - Cathay Pacific Airways Limited increased its stake in Cathay Pacific (00293) by approximately 643 million shares at a price of HK$10.8374 per share, totaling around HK$6.969 billion [1] - Following the increase, the total number of shares held by the company is approximately 643 million, representing a holding percentage of 9.56% [1] - On February 12, 2026, Qatar Airways Group Q.C.S.C. executed a buyback deed for the off-market share buyback of 643,076,181 shares from Qatar at the same price of HK$10.8374 each [1]

Group 1 - Cathay Pacific Airways Limited increased its stake in Cathay Pacific (00293) by approximately 643 million shares at a price of HK$10.8374 per share, totaling around HK$6.969 billion [1] - Following the increase, the total number of shares held by the company is approximately 643 million, resulting in a new ownership percentage of 9.56% [1] Group 2 - On February 12, 2026, Qatar Airways Group Q.C.S.C. executed a buy-back deed for the off-market share buy-back of 643,076,181 shares from Qatar at HK$10.8374 each [2] - Upon completion of the buy-back, the shares will be held by the company as treasury shares [2]

於股東特別大會上提呈的決議案之投票表決結果如下： | | 票數(%) | | | --- | --- | --- | | 特別決議案 | 贊成 | 反對 | | 批准股份回購。 | 5,606,390,874 | 177,000 | | | (99.9968%) | (0.0032%) | 由於（親身或由委任代表）出席股東特別大會並有權投票的獨立股東中，至少75% 對此決議案投下贊成票，上述決議案獲正式通過為特別決議案。 附註： 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） 擬進行場外股份回購 於二零二六年二月十二日舉行的股東特別大會－投票表決結果 茲提述國泰航空有限公司（「公司」）日期為二零二六年一月十四日有關（其中包括） 股份回購的通函（「通函」）。除另有界定外，本公告所使用詞彙與通函已界定者具 有相同涵義。 (5 ...

Core Insights - The civil aviation market is expected to experience its busiest travel season during the 2026 Spring Festival, with a predicted passenger volume of 90 million, averaging 2.38 million daily, representing a year-on-year growth of approximately 5.3% [1] Group 1: Market Trends - The long nine-day holiday has led to a trend of "returning home first, then traveling," resulting in a surge in ticket bookings for both domestic and international destinations [1] - Popular domestic tourist cities include Changbai Mountain, Harbin, Sanya, and Xishuangbanna, with some routes nearing full capacity during peak travel times [1] - Internationally, destinations such as Australia and Indonesia are seeing significant increases in booking volumes [1] Group 2: Airline Responses - Major airlines are ramping up capacity and enhancing services to ensure smooth travel for passengers [2] - Hainan Airlines is focusing on strengthening its hub network with new routes and increased flight frequencies to popular winter destinations [3][4] - Cathay Pacific is increasing its flight offerings to over 330 pairs weekly between Hong Kong and 24 mainland destinations, including daily flights from Beijing and Shanghai [5] Group 3: Service Enhancements - Cathay Pacific is upgrading onboard services and ground support, including the introduction of a new menu featuring classic Chinese dishes and enhanced electronic boarding pass services [7] - 吉祥航空 is implementing flexible policies for pet travel and increasing flight frequencies to popular tourist destinations, with special offerings for off-peak travel [9] - Malaysia Airlines is promoting a "free stopover" program for travelers transiting through Kuala Lumpur, allowing them to explore various Malaysian destinations without additional airfare [11] Group 4: Culinary Offerings - Xiamen Airlines is introducing new spring-themed in-flight meals, blending local flavors with traditional New Year dishes [13]

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) has announced the "Model Central Enterprises" for 2025, emphasizing the importance of promoting advanced deeds and spirits of model enterprises to inspire high-quality development in central enterprises [1][3]. Group 1: Announcement of Model Central Enterprises - The 2025 "Model Central Enterprises" include notable teams and individuals such as Chen Liang from China National Nuclear Corporation, the "9·3" military parade aviation equipment support team from Aviation Industry Corporation of China, and the deep well attack team from China National Petroleum Corporation [3]. - Zhang Yuzhuo, the Secretary of the SASAC Party Committee, expressed high respect for the awarded teams and individuals, highlighting their contributions to the high-quality development of state-owned enterprises [3]. Group 2: Inspirational Messages and Responsibilities - Zhang emphasized that the new era is one for strivers, and the model representatives embody the spirit of dedication and patriotism, motivating countless employees to pursue progress and innovation [4]. - Central enterprise party committees are urged to pay attention to and care for the model representatives, widely publicizing their advanced deeds to inspire employees to contribute to the national economic and social development [4].

Core Insights - Cathay Pacific's ticket booking performance for the 2026 Spring Festival shows a significant improvement compared to 2025, with overall passenger bookings increasing by over 20% and seat capacity rising by more than 15% [1] Group 1: Booking Performance - The overall passenger booking volume for the 2026 Spring Festival period has increased by over 20% year-on-year [1] - The seat capacity for the same period has seen a year-on-year increase of more than 15% [1] Group 2: Route and Demand Analysis - Short-haul routes such as Singapore, Seoul, and Bangkok are the most popular among travelers during the Spring Festival [1] - Long-haul routes, including Sydney, Los Angeles, New York, and Melbourne, are experiencing strong demand [1] Group 3: Regional Travel Trends - There is a significant growth in travel demand between the Greater Bay Area and Hong Kong, with bookings from the Greater Bay Area to Hong Kong increasing by over 80% year-on-year for the 2026 Spring Festival [1] - The Guangzhou route has achieved double-digit year-on-year growth in passenger bookings during the Spring Festival, attributed to increased flight frequency and improved travel convenience [1] - The introduction of a new third flight (CX953) from Guangzhou to Hong Kong has effectively reduced transfer times and expanded travel options, further stimulating market demand [1]

Group 1 - The aviation stocks experienced significant gains in the afternoon trading session, with Eastern Airlines (00670) rising by 7.76% to HKD 6.25 [1][3] - Air China (00753) saw an increase of 5.21%, reaching HKD 7.47 [1][3] - China Southern Airlines (01055) rose by 6.23%, trading at HKD 6.48 [1][3] - Cathay Pacific Airways (00293) had a more modest increase of 0.97%, priced at HKD 12.52 [1][3]