缘起航展 志在云霄 新华社香港11月16日电 题：从内地到香港，他们一路追逐"飞行梦" 郭辛 "第一次以飞行员身份坐在驾驶舱，目睹飞机腾空而起的瞬间，我确信所有付出都值得。"国泰航空 A350机队第二副驾驶廉荦的这句话，道出了她对飞行事业的执着与热爱。 这位东北姑娘与蓝天的缘分，始于在珠海求学期间。2017年，攻读国际新闻专业的她，跟随师兄第一次 走进航展。跑道上呼啸而过的机群、航空人展现出的专业精神，让她对这个充满科技感与使命感的行业 产生了浓厚兴趣。 香港，一座繁忙的国际航空枢纽城市，每天有近千架次航班在这里起降。引擎轰鸣的背后，是无数航空 从业者的坚守与付出，也承载着一个个跨越山海、奔赴热爱的逐梦足迹。 近年来，越来越多内地飞行人才选择在香港"起飞"。他们中，有因航展点燃飞行梦，最终成长为航空公 司副驾驶的新闻系女生；也有从检修飞机的机械员，蜕变为执飞洲际航线飞行员的理工男…… 他们带着热忱与期许，在一次次航班起落间，重新定义"家"与"梦想"的坐标，也为香港国际航空枢纽建 设注入源源不断的生机与活力。 2018年，结束美国留学后，学习计算机与电子工程专业的他并未投身互联网热潮，而是回到北京，成为 国泰航 ...

Investment Rating - The report recommends a "Buy" rating for the aviation sector, highlighting strong supply logic and elastic demand, with specific recommendations for several airlines and global aircraft leasing companies [4][104][105]. Core Insights - The global aviation market is experiencing steady recovery, with passenger turnover (RPK) increasing by 4.8% year-on-year in the first three quarters of 2025, driven by international routes [4][7]. - The report emphasizes the ongoing constraints in the aircraft manufacturing supply chain, predicting that the trend of aging aircraft will continue for the next 5-10 years, leading to significant supply limitations [4][104]. - Airlines are expected to see substantial improvements in profitability as they approach a pivotal moment in the industry, with a notable increase in international passenger traffic anticipated [4][104]. Summary by Sections Global Aviation Market Overview - The global aviation market is stabilizing, with RPK growth of 4.8% and ASK growth of 4.7% in the first three quarters of 2025, resulting in an overall passenger load factor increase to 83.5% [4][7]. - The Asia-Pacific region leads in RPK growth at 7.7%, while North America shows minimal growth [4][13]. U.S. Aviation Market Tracking - In Q3 2025, U.S. airline ticket sales saw a rebound with domestic passenger volume up by 7.4% and average ticket prices increasing by 4.1% [4][43]. - The report notes a divergence in performance among major U.S. airlines, with Delta Airlines showing significant profit growth while American Airlines reported losses [4][61][69]. European Aviation Market Tracking - The European aviation market has shown steady recovery, with passenger volumes returning to pre-pandemic levels and ticket prices experiencing slight increases [4][74][83]. - Lufthansa reported a 4% increase in revenue for Q3 2025, driven by strong demand for leisure travel [4][83]. Asian Aviation Market Tracking - Major airports in Southeast Asia and Japan are experiencing continued growth, with passenger volumes surpassing pre-pandemic levels [4][88][94]. - The report highlights the strong recovery in passenger traffic at key transit airports, benefiting from robust demand [4][94]. Investment Analysis - The report suggests that the aviation sector is at a turning point, with airlines likely to experience a "golden era" of profitability due to increasing international travel and effective capacity management [4][104]. - Specific airline recommendations include China Eastern Airlines, China Southern Airlines, and Spring Airlines, among others, with a focus on companies showing continuous improvement in performance [4][104][105].

孙悦怡表示，拥有近八十年发展历程的国泰航空，始终以行业可持续发展的先行者与推动者为己任，是 亚洲区域内首批确立碳中和时间表的航空公司。国泰将致力于在21世纪中叶实现净零碳排放，并将SAF 列为达成这一目标的关键抓手。目前，国泰已在香港、洛杉矶、伦敦、新加坡等全球多个航点推行SAF 加注，同时积极携手中石化、中航油、空客等上下游合作伙伴和中国民航大学等高校科研伙伴，从产学 研用的全方位推进国产SAF创新提速与应用落地，为推动全球SAF生态圈构建与航空业可持续发展贡献 国泰力量。 据悉，目前航空业碳排放量占据全球碳排放总量的2%-3%。随着其他行业加速向低碳转型，航空业碳排 放量所占比例预计将显著上升。航空业减碳是实现双碳目标的关键一环，其中可持续航空燃料（SAF） 对航空业减碳来讲至关重要，是核心路径之一。（编辑：张彤 校对：张薇 审核：韩磊） 《中国民航报》、中国民航网 记者郭瑛 报道：在近日举办的《点燃SAF市场：中国可持续航空燃料规 模化发展政策路径》报告发布会上，作为此次研究报告的航司业界代表、SAF的使用方代表，国泰航空 中国内地公共事务及品牌营销总经理孙悦怡表示，航空业在减少温室气体排放、实现低碳发 ...

Core Viewpoint - Qatar Airways and Cathay Pacific Airways have officially ended their nearly eight-year equity investment relationship, with Cathay Pacific planning to repurchase 643 million shares from Qatar Airways at a price of HKD 10.8374 per share, totaling approximately HKD 69.69 billion [1][3]. Summary by Sections Transaction Details - Cathay Pacific will buy back 9.57% of its shares from Qatar Airways for a total of approximately HKD 69.69 billion (around RMB 63.83 billion) using internal funds and existing credit lines [1][3]. - The buyback is intended to facilitate Qatar Airways' orderly exit and minimize potential market volatility from share sales [1][3]. Financial Performance - Cathay Pacific reported a net profit of HKD 97.9 billion (approximately RMB 89.6 billion) in 2023, with projections of HKD 98.88 billion (approximately RMB 90.49 billion) for 2024 and HKD 36.51 billion (approximately RMB 32.59 billion) for the first half of 2025 [3]. - The stock price of Cathay Pacific has increased by over 31% since 2025 [3]. Shareholder Structure - Post-buyback, the combined shareholding of the two main shareholders, Swire Group and Air China, is expected to rise to nearly 80% [5]. - Air China's stake will increase from 28.74% to 31.78%, surpassing the 30% threshold set by the Hong Kong Stock Exchange [5]. Market Strategy and Future Outlook - Analysts suggest that Qatar Airways' decision to divest may align with its strategy to focus on emerging markets in Africa and Australia, as well as a reassessment of its investments in regional airlines [4]. - The buyback may provide Cathay Pacific with a more concentrated shareholder structure, enhancing strategic flexibility while facing global aviation industry challenges [6]. Stock Market Reaction - Following the announcement of the buyback plan, Cathay Pacific's stock price has shown an upward trend, closing at HKD 11.84 on November 10 [6].

Core Viewpoint - The Hong Kong aviation stocks continue to rise, with China Eastern Airlines hitting a new high, indicating positive market sentiment in the aviation sector [1] Group 1: Company Performance - China Eastern Airlines saw an increase of over 4% in early trading, reaching a new phase high [1] - China Southern Airlines is up by 1.5% [1] - Air China has increased by 1% [1] - Cathay Pacific is also experiencing a rise [1]

Group 1 - The core viewpoint of the article highlights a bullish trend in the Hong Kong aviation sector, with significant stock price increases for major airlines such as China Eastern Airlines and China Southern Airlines, indicating a potential super cycle in the aviation industry [1] - Cathay Pacific's research report maintains a bullish outlook on aviation fuel transportation, predicting that the industry will experience record high profitability in Q4, driven by high passenger load factors and low ticket prices [1] - The report suggests that the recent seasonal transition has had a weaker impact than in previous years, with business travel remaining active and supporting a year-on-year increase in both volume and price [1] Group 2 - The article mentions that the U.S. government is likely to end its shutdown, with President Trump stating that all air traffic controllers must return to work immediately, which could positively impact the aviation sector [1] - The stock performance of various airlines is noted, with China Eastern Airlines up 4.56%, China Southern Airlines up 1.54%, and Air China up 1.08%, reflecting strong market sentiment [1] - The MACD golden cross signal formation indicates a positive trend for these stocks, suggesting continued upward momentum in the aviation sector [1]

Core Viewpoint - The eighth China International Import Expo (CIIE) is being held in Shanghai, where Cathay Pacific Group showcases its latest developments under the theme "New Leap Forward, United for the Future" [1] Group 1: Business Segments - Cathay Pacific presents four core business segments: premium travel, low-cost aviation, efficient cargo services, and lifestyle products [1] - The company emphasizes its strategic investment planning, service experience upgrades, deepening of the mainland market, and digital and sustainable development initiatives [1] Group 2: Network and Operations - Cathay Pacific's route network covers approximately 30 destinations along the "Belt and Road" initiative, operating over 500 flights weekly during peak seasons [4] - The airline has enhanced trade between China and these countries through cargo services in passenger aircraft, with the Riyadh route increasing from three flights per week to daily service [4] Group 3: Greater Bay Area Strategy - The company continues to expand its operations in the Guangdong-Hong Kong-Macau Greater Bay Area, leveraging its Hong Kong base and the three-runway system to increase capacity and open new routes [6] - Cathay Pacific currently operates 24 routes in mainland China, with five new routes added this year, and has increased flight frequencies in key cities like Shanghai, Beijing, and Chengdu [6] Group 4: Innovation and Experience - The exhibition features immersive VR experiences showcasing the "Elegant Business Class" and the new "Taste of China" in-flight meal series, allowing visitors to engage with the airline's service innovations [9] - Cathay Pacific aims to reinforce its role as a "super connector" in supporting the country's high-level opening-up through its participation in the CIIE [9]

Group 1: Uniqlo's Market Strategy - Uniqlo's China market director emphasizes the importance of comfort alongside fashion in consumer preferences [1] - The brand is expanding its product categories and has established a presence in over 200 cities in China [1] - Uniqlo is adapting its localized business strategies based on consumer feedback, rather than focusing on specific regions [1] Group 2: Cathay Pacific's Cargo Demand - Cathay Pacific anticipates strong demand in the fourth quarter, which is traditionally a peak season for air cargo [3] - The airline plans to adjust its network to focus on high-demand routes in Southeast Asia and China [3] - The company aims to maintain a competitive edge through nine specialized cargo solutions [3] Group 3: Michelin's Investment Focus - Michelin's future investments in China will focus on capacity upgrades, localized innovation, and diversified business expansion [4] - The company has been operating in China for 36 years and is committed to aligning with local market demands and carbon neutrality goals [4] - The expansion of the Shanghai factory and sustainable tire development reflect foreign investment confidence in China's high-quality growth [4] Group 4: LEGO's Product Launch - LEGO showcased five globally launched new products at the China International Import Expo, targeting various age groups [5] - The company has been investing in brand building, retail innovation, and sustainable development since its first participation in 2018 [5] - The expo serves as a platform for LEGO to connect with Chinese families and enhance its market presence [5] Group 5: Chow Tai Fook's Retail Strategy - Chow Tai Fook has reduced its retail network by 611 stores in six months, with a significant impact in the mainland market [6][7] - The closure primarily involves underperforming franchise stores, reflecting a strategic optimization of the channel structure [7] - This move aims to improve overall efficiency and prepare for a focus on high-quality locations and enhanced store performance [7]

Core Points - Qatar Airways is selling its stake in Cathay Pacific Airways through a share buyback valued at $896 million, marking the end of its eight-year involvement with the Hong Kong-based airline [1] Company Summary - Qatar Airways will divest its investment in Cathay Pacific Airways, which has been held for eight years, through a significant share buyback transaction [1]

Market Overview - After a rebound yesterday, the markets continued to rise today, with the Hang Seng Index increasing by 2.12% [1] - The potential end of the government shutdown is seen as a positive for the stock market, as President Trump urged the Republican Party to pass the spending bill quickly [1] - AI sector developments, particularly comments from NVIDIA's CEO Jensen Huang regarding China's advantages in AI, have fueled market sentiment [1] Company Performance - Hua Hong Semiconductor reported a record third-quarter revenue of $635.2 million, with expectations for fourth-quarter revenue between $650 million and $660 million [2] - The company's 12-inch wafer business now accounts for 59.3% of total revenue, driving overall growth [2] - The utilization rate of the 8-inch wafer plant is at 109.5%, indicating strong market demand in specialty processes [2] Strategic Partnerships - Ceres Power signed a manufacturing license agreement with Weichai Power for solid oxide fuel cells, aiming to produce batteries for data centers and industrial markets [3] - A strategic cooperation agreement was signed between DayOne and Weisheng Holdings to deepen collaboration in the data center sector [3] Resource Sector Developments - Major gas turbine orders in North America are projected to extend to 2030, driven by increased capital expenditure in data centers [3] - The aluminum industry is experiencing a positive trend, with companies like China Aluminum and China Hongqiao seeing stock increases of over 10% due to improved profit margins [3] Robotics and AI Applications - Xpeng Motors showcased its new generation humanoid robot, which is expected to begin commercialization next year [4] - Blues Technology has received an order for 10,000 quadruped robots, highlighting its manufacturing capabilities in the intelligent hardware sector [5] Financial Transactions - Cathay Pacific announced a share buyback agreement with Qatar Airways for approximately 9.57% of its shares, valued at HKD 6.969 billion [6] - The buyback price represents a 4% discount compared to the closing price before the announcement, which is seen as favorable for the company [6] Industry Events - The Fourth China Nuclear Energy High-Quality Development Conference will be held in November 2025, showcasing innovations in nuclear technology [7] PCB Industry Insights - Kingboard Laminates reported a revenue increase of 11% year-on-year, driven by rising prices of copper-clad laminates [8] - The company is advancing in high-end product development, with plans for new production lines for low dielectric materials [9]