Market Overview - The Hong Kong stock market opened higher on January 22, with the Hang Seng Index rising by 0.62% to 26,750.51 points, the Hang Seng Tech Index increasing by 0.85% to 5,795 points, and the National Enterprises Index up by 0.55% to 9,173.54 points [1] - Major tech stocks mostly rose, with Alibaba up 1.72%, Tencent Holdings up 0.33%, JD Group up 0.98%, and Xiaomi Group up 0.9% [1] - Chip stocks opened high, with Zhaoyi Innovation rising over 7% [1] - The innovative drug concept was active, with WuXi Biologics rising over 1% [1] - Gold stocks generally fell, with Shandong Gold down over 2% [1] - Longqi Technology's IPO on the Hong Kong stock market saw a nearly 13% increase on its first day [1] Company News - Shanghai Electric (02727.HK) expects a net profit of RMB 1.1 billion to RMB 1.32 billion for 2025, an increase of approximately 47% to 76% year-on-year [2] - Kingdee International (00268.HK) anticipates total revenue of approximately RMB 6.95 billion to RMB 7.05 billion for 2025, a year-on-year growth of about 11.1% to 12.7% [2] - Beijing Machinery Electric (00187.HK) expects a net loss of RMB 46 million to RMB 55.2 million for 2025, primarily due to intensified international trade frictions affecting its gas storage and transportation export business [2] - Chow Tai Fook (01929.HK) reported a retail value growth of 17.8% for the three months ending December 31, 2025, with mainland China retail value increasing by 16.9% [2] - Zai Lab (09911.HK) anticipates a cumulative download of approximately 970 million for its social business by 2025, a year-on-year increase of about 5.9% [2] Strategic Developments - Ruiri Medical Technology (01696.HK) signed a letter of intent for cooperation with Stryker Medical to establish localized production in China [3] - Cathay Pacific (00293.HK) and Hong Kong Express expect to carry over 36 million passengers in 2025, a year-on-year increase of 27% [4] - Shenyang Public Development (00747.HK) has initiated edge computing infrastructure and service business [5] - Flat Glass Group (06865.HK) plans to absorb and merge with Zhongda Quartz Development [6] Share Buybacks - Xiaomi Group (01810.HK) repurchased 7 million shares for HKD 248 million at prices between HKD 35.22 and HKD 35.48 [7] - Pop Mart (09992.HK) repurchased 500,000 shares for HKD 96.49 million at prices between HKD 191.1 and HKD 194.9 [8] - Sunny Optical Technology (02382.HK) repurchased 970,000 shares for HKD 61.39 million at prices between HKD 62.30 and HKD 63.95 [9] - Geely Automobile (00175.HK) repurchased 2.376 million shares for HKD 39.62 million at prices between HKD 16.62 and HKD 16.81 [10] Financial Instruments - Huaneng International Power (00902.HK) completed the issuance of RMB 2 billion medium-term notes [11] - CICC (03908.HK) plans to issue up to RMB 5 billion in bonds for technology innovation companies [12] Institutional Insights - Dongwu Securities noted that despite a general reduction in the Fed's interest rate cut expectations in overseas markets, domestic investors remain optimistic [13] - Orient Securities highlighted that recent U.S. measures against Venezuela and Greenland have increased geopolitical risks, supporting gold prices [14] - Zheshang Securities suggested that the humanoid robot sector has formed an ecological closed loop, recommending attention to component suppliers and undervalued transformation targets [14] - CITIC Securities indicated that new policies from the National Medical Insurance Administration will accelerate the promotion of surgical robots in China [14]

中新社香港1月21日电 国泰集团21日公布，旗下两家航空公司国泰航空和香港快运2025年载客超过3600 万人次，同比增长27%。 国泰顾客及商务总裁刘凯诗表示，2026年集团将举办成立80周年系列活动，持续提升服务体验，助力香 港巩固国际顶尖航空枢纽地位。(完) 数据显示，2025年12月27日，国泰航空与香港快运合计载客突破12.5万人次，创下集团单日载客量新纪 录；短短数日后，2026年1月3日两家航空公司的单日载客突破12.6万人次，再创新高。 去年12月，国泰航空载客量同比增长22%，达约274万人次；香港快运载客量同比增长24%，达约78.2万 人次。去年全年，国泰航空载客量同比增长约27%，达2887万人次；香港快运载客量同比增长约30%， 达791万人次。 货运方面，国泰货运去年12月载货量同比增长6%，达15.2万吨；2025年全年载货量同比增长9.4%，达 约167.7万吨。 1月21日，国泰集团公布，旗下两家航空公司国泰航空和香港快运2025年载客超过3600万人次，同比增 长27%。图为2022年11月拍摄的国泰航空客机。 (资料图) 中新社记者 李志华 摄 ...

Core Viewpoint - Cathay Pacific is experiencing significant growth in passenger and cargo volumes, with projections indicating a strong demand for travel and freight services in 2025, driven by increased capacity and a robust recovery in travel demand post-pandemic [1][2]. Passenger Capacity and Growth - Cathay Pacific's passenger capacity in December 2025 is expected to increase by 22% compared to December 2024, with available seat kilometers rising by 23% [1] - The total passenger volume for 2025 is projected to grow by 27% year-on-year, exceeding 36 million passengers [1] - Hong Kong Express is also seeing growth, with December 2025 passenger numbers expected to exceed 780,000, a 24% increase from December 2024, and an overall annual increase of 30% [1] Cargo Volume and Performance - Cathay Pacific's cargo volume in December 2025 is anticipated to rise by 6% compared to December 2024, with available cargo ton kilometers increasing by 8% [1] - The total cargo volume for 2025 is expected to exceed 1.6 million tons, reflecting a growth of over 9% from 2024 [1] Market Demand and Trends - The demand for inbound travelers is stable, particularly from students returning from North America, Oceania, and the UK, as well as visitors from Northeast Asia, Thailand, and India during the holiday season [1] - Outbound travel demand is notably strong during the holiday peak, especially to Northeast and Southeast Asia, with mainland China emerging as a popular destination for Hong Kong travelers [1] Future Outlook and Safety Recognition - Following the holiday season, flight bookings for the Lunar New Year are steadily increasing, with a focus on leveraging key events in Hong Kong and the region to drive travel demand [2] - Cathay Pacific has been recognized by Airline Ratings as one of the top two safest airlines globally for 2026 in the traditional full-service category, underscoring its commitment to operational safety [2] - Hong Kong Express has also been awarded as the world's safest low-cost airline for two consecutive years, reflecting its high safety standards [2] Special Events and Customer Experience - In 2026, Cathay Pacific plans to celebrate its 80th anniversary with a series of special events, aiming to enhance customer experience and solidify its position as a leading international aviation hub [2]

Core Viewpoint - Cathay Pacific is experiencing significant growth in passenger and cargo capacity, with projections indicating a strong demand for travel and freight services in 2025 compared to 2024 [1][2] Passenger Capacity - Cathay Pacific's passenger capacity in December 2025 is expected to increase by 22% year-on-year, with available seat kilometers rising by 23% [1] - The total passenger volume for 2025 is projected to grow by 27% compared to 2024, reaching over 36 million passengers [1] - Hong Kong Express is also seeing growth, with December 2025 passenger numbers expected to exceed 780,000, a 24% increase from December 2024 [1] Cargo Capacity - Cathay Pacific's cargo volume in December 2025 is anticipated to rise by 6% year-on-year, with available cargo ton kilometers increasing by 8% [1] - The total cargo volume for 2025 is expected to exceed 1.6 million tons, reflecting a growth of over 9% compared to 2024 [1] Market Demand - The demand for inbound travelers is stable, particularly from students returning from North America, Oceania, and the UK, as well as visitors from Northeast Asia, Thailand, and India during the year-end holiday [1] - Outbound travel demand is notably strong during the holiday peak, especially to Northeast and Southeast Asia, with mainland China emerging as a popular destination for Hong Kong travelers [1] Future Outlook - Following the year-end holiday, flight bookings for the Lunar New Year are steadily increasing, with a focus on leveraging key events in Hong Kong and the region to drive travel demand leading up to Easter [2] - Cathay Pacific has been recognized as one of the top two safest airlines globally for 2026, reflecting its commitment to operational safety [2] - Hong Kong Express has also been awarded as the safest low-cost airline globally for two consecutive years, underscoring its high safety standards [2] - The company plans to celebrate its 80th anniversary in 2026 with special events aimed at enhancing customer experience and reinforcing Hong Kong's status as a leading international aviation hub [2]

格隆汇1月21日丨国泰航空(00293.HK)公布 2025 年 12 月份客、货运量资料。 国泰顾客及商务总裁刘凯诗表示：「12 月是传统客运旺季，顾客外游需求强健。在 2025 年 12 月 27 日，国泰航空和香港快运合共载客超过 12 万 5 千人次，创下集团单日载客量新纪录。我们很高兴于短 短数日後再度打破纪录，2026 年 1 月 3日的单日载客人次突破 12 万 6 千，再创历史新高，为新一年揭 开亮丽序幕。 国泰货运于2025年12月的载货量较2024年同月增加6%，可用货物吨公里数按年增加8%。2025年全年载 货量较2024年增加超过9%。 「2025 年全年，国泰航空和香港快运合共接载乘客逾 3,600 万人次，按年增长27%。此乃受惠于集团客 运运力于年内显着提升，可用座位公里数较 2024 年上升逾 25%。此外，国泰货运全年载货量超过 160 万吨，较 2024 年增长超过 9%。 香港快运于2025年12月的载客量逾78万人次，较2024年同月增加24%，可用座位公里数则增加19%。 2025年的全年载客量较2024年增加了30%。 「踏入 2026 年，我们将举办一系列特别活动 ...

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) 二零二五年十二月份客、貨運量數據 附上的新聞稿載列國泰航空有限公司（「公司」，連同其附屬公司，統稱「國泰集 團」或「集團」）的二零二五年十二月份客、貨運量數據。新聞稿載列的資料可能 為股價敏感資料。因此，本公告附上新聞稿乃按《證券及期貨條例》第 XIVA 部發 出。新聞稿載列的資料乃在內部管理記錄的基礎上編制，未經外聘核數師審核或審 閱。 本公告乃公司根據《證券及期貨條例》第 XIVA 部發出。 本公告載列的資料乃在內部管理記錄的基礎上編制，未經外聘核數師審核或審閱。 投資者在買賣公司股票時務必審慎行事。 於本公告所載日期，公司的在任董事如下： 承董事局命 CATHAY PACIFIC AIRWAYS LIMITED 常務董事： 賀以禮（主席）、林紹波、劉凱詩、麥皓雲、沈碧 ...

Market Overview - The Hong Kong stock market experienced fluctuations today, with all three major indices closing lower. The Hang Seng Index fell by 0.29% or 76.39 points to 26,487.51 points, with a total turnover of HKD 2,377.66 million. The Hang Seng China Enterprises Index decreased by 0.43% to 9,094.76 points, and the Hang Seng Tech Index dropped by 1.16% to 5,683.44 points [1] Blue Chip Performance - Pop Mart (09992) led the blue-chip stocks, rising by 9.07% to HKD 197.2, contributing 19.52 points to the Hang Seng Index. The company announced a share buyback of 1.4 million shares for HKD 2.51 million at prices between HKD 177.7 and HKD 181.2. Morgan Stanley noted that this buyback could attract more investors [2] - Other notable blue-chip performances included China Life (601628) (02628) up 4.31% to HKD 33.4, contributing 16.6 points, and China Resources Land (01109) up 3.71% to HKD 29.64, contributing 5.52 points. Conversely, WuXi AppTec (603259) (02359) fell by 4.13% to HKD 113.7, detracting 3.73 points, and SMIC (00981) dropped by 3.25% to HKD 74.5, detracting 18.11 points [2] Sector Highlights - The technology sector showed mixed results, with Baidu rising by 0.95% while Tencent fell over 1%. Gold stocks rebounded, with spot gold surpassing USD 4,700 for the first time, and consumer stocks gained traction due to favorable consumption policies. Notably, Pop Mart's buyback led to a price increase of over 10% [3] - Gold stocks saw a recovery, with Zijin Mining International (02259) up 5.47% to HKD 179.4, Chifeng Jilong Gold Mining (600988) (06693) up 3.6% to HKD 33.94, Shandong Gold Mining (600547) (01787) up 2.73% to HKD 43.7, and China National Gold International (600916) (02099) up 2.04% to HKD 195 [3] Real Estate Sector - The National Bureau of Statistics reported a 0.3% month-on-month decline in new residential sales prices in first-tier cities for December 2025, with the decline narrowing by 0.1 percentage points from the previous month. Shenwan Hongyuan believes that the real estate sector has undergone deep adjustments, and recent central government directives to stabilize the market may lead to positive policy changes [5] - The real estate sector showed positive performance, with China Overseas Land & Investment (00081) up 4.93% to HKD 2.13, and China Resources Land (01109) up 3.71% to HKD 29.64 [4][5] Insurance Sector - The insurance sector performed well, with China Pacific Insurance (00966) up 4.39% to HKD 23.8, China Life (02628) up 4.31% to HKD 33.4, and New China Life Insurance (601336) (01336) up 2.72% to HKD 62.35. Reports indicated that major insurance companies saw significant growth in premium income through bancassurance channels [4][5] Aviation Sector - The aviation sector continued its upward trend, with China Southern Airlines (600029) (01055) up 4.57% to HKD 6.18, China National Aviation (601111) (00753) up 3.91% to HKD 7.45, and Cathay Pacific (00293) up 1.63% to HKD 12.49. Analysts expect strong demand during the upcoming Spring Festival travel season, with improved ticket pricing and revenue management driving profitability [6] Notable Stock Movements - Youjia Innovation (02431) saw a significant increase of 7.21% to HKD 15.77 after signing a memorandum of understanding with India's Sterling Tools Ltd. to focus on the automotive market [7] - Nanshan Aluminum International (02610) reached a new high, rising 6.04% to HKD 71.95, as the company plans to initiate a 250,000-ton electrolytic aluminum project with an estimated investment of USD 436.6 million [8] - GigaDevice Semiconductor (603986) (03986) continued to rise by 5.52% to HKD 306, benefiting from a tight supply of memory chips [9] - Shanghai Petrochemical (600688) (00338) issued a profit warning, expecting a net loss of approximately RMB 1.289 billion to RMB 1.576 billion for the year ending December 31, 2025 [10]

Group 1 - The core viewpoint of the article highlights the positive outlook for the aviation sector in Hong Kong, driven by increased demand during the Spring Festival travel period, with a projected national civil aviation passenger transport volume of 95 million, averaging 2.38 million passengers daily, representing a year-on-year growth of approximately 5.3% [1] - The article notes that two peaks of passenger flow are expected around the Spring Festival, particularly due to the later timing of the holiday this year, with a single-day peak potentially reaching 2.6 million passengers [1] - The Civil Aviation Administration of China anticipates that the total number of flights during the Spring Festival will reach 780,000, averaging 19,400 flights per day, which is a 5% increase year-on-year [1] Group 2 - Huachuang Securities emphasizes three key factors that highlight investment opportunities in the aviation sector: the sustained low growth rate of aircraft introductions, structural improvements in aviation demand with stronger cross-border demand, and the current high passenger load factor indicating potential price elasticity [1] - The article mentions that since mid-September 2025, the willingness to travel for business is expected to return to an expansionary phase, further supporting the growth of the aviation sector [1] - The historical high passenger load factor suggests that the industry may experience an upward trend in pricing, with ticket prices showing a year-on-year increase since mid-September 2025, indicating a potential recovery in industry prosperity by 2026 [1]

本文源自：金融界AI电报 港股航空股继续昨日上涨行情，其中，中国南方航空涨近3%，中国国航涨2.5%，中国东方航空涨超2% 昨日大涨超9%，国泰航空涨1.22%，美兰航空跟涨。 ...

Group 1 - The core viewpoint of the news is that the Hong Kong aviation stocks continue to rise, driven by strong demand during the Spring Festival travel season, with predictions of increased passenger transport volume and flight operations [1] - China Southern Airlines rose nearly 3%, China Eastern Airlines increased by 2.11%, and Air China saw a 2.51% rise, reflecting positive market sentiment [2] - The Civil Aviation Administration forecasts that the national civil aviation passenger transport volume during the Spring Festival is expected to reach 95 million, averaging 2.38 million passengers per day, a year-on-year increase of approximately 5.3% [1] Group 2 - The Spring Festival is expected to create two peaks in passenger flow, particularly due to the later timing of the holiday this year, with a single-day peak potentially reaching 2.6 million passengers [1] - The aviation sector is highlighted as having investment opportunities based on three factors: low growth in aircraft introductions, structural improvement in aviation demand, and high seat occupancy rates indicating potential price elasticity [1] - The expected number of flights during the Spring Festival is 780,000, averaging 19,400 flights per day, which is a 5% year-on-year increase [1]