Core Insights - The opening of Guangzhou Baiyun Airport's T3 terminal and the fifth runway marks a significant upgrade in the airport's capabilities, enhancing its status as a major aviation hub [1][8] - Shenzhen has been selected as the host city for the 2026 APEC meeting, presenting new development opportunities for Shenzhen Bao'an International Airport [2] - The three major airports in the Guangdong-Hong Kong-Macao Greater Bay Area (Guangzhou, Shenzhen, and Hong Kong) are engaged in both competition and collaboration to expand the regional aviation market [3][4] Airport Developments - Guangzhou Baiyun Airport achieved a record passenger volume of over 7.6 million in October 2025, reflecting an 11% year-on-year increase [8] - Hong Kong International Airport processed 44.7 million passengers in the first three quarters of the year, with a 14.8% increase compared to the same period in 2024 [4] - Shenzhen Airport reported a significant increase in passenger and cargo traffic during the recent holiday period, with 1.602 million passengers and 38,000 tons of cargo handled [4] Competitive Landscape - The three major airports are competing for air traffic while also working together to grow the overall aviation market in the Greater Bay Area [3][4] - Cathay Pacific and China Southern Airlines are the two main carriers competing for market share, with Cathay expanding its routes into China and Southern Airlines responding by increasing flights to Hong Kong [11][15] - Cathay Pacific's new direct flight from Hong Kong to Urumqi and increased flights to major cities in mainland China highlight its strategy to capture high-end travelers [12][14] Future Outlook - The Greater Bay Area is projected to see a total passenger throughput of over 200 million by 2024, indicating strong growth potential for the aviation sector [19] - The collaboration among the three airports aims to create a world-class airport cluster, enhancing the region's global aviation standing [20] - The competitive dynamics between Cathay Pacific and China Southern Airlines are expected to improve service quality and passenger experience, providing travelers with more options and better pricing [20]

FF301 第 1 頁 共 10 頁 v 1.1.1 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 FF301 截至月份: 2025年10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11月3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 4 頁 共 10 頁 v 1.1.1 II. 已發行股份及/或庫存股份變動 | 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） ...

国泰海通证券指出，近期国内重要会议期间，客座率与国内票价保持同比上升，公商出行延续9月活跃趋势，估算10月国 内含油票价同比上升3-4%。根据预售观察传统换季影响弱于往年，业界看好公商需求继续向好。A股航司业绩2025Q3实 现逆势增长，连续三年再次高于19Q3，初步展现盈利上行趋势与潜力。"反内卷"将保障Q4淡季减亏与全年扭亏。中国航 空具长逻辑，考虑票价市场化，需求稳健增长与客源结构优化将驱动2026年航司盈利中枢开启上升。 11月3日消息，航空股悉数回暖，截至发稿，涨超4%，涨超3.5%，涨近3%，涨超1%。 消息面上，近期航司机场发布三季报，其中三季度国航归母净利润同比减少11%，东航归母净利润同比增加34%，南航 归母净利润同比增加20%。大摩此前表示，由于国航第三季盈利表现欠佳，加上母公司建议注资，该股股价有所下跌， 惟该行认为这两项因素不会改变其对内地航空公司上升周期的建设性看法。该行仍然相信，如果商务旅游需求逐渐改 善，内地航空公司较高的资产利用率将可支持其定价能力。 | 代码 = | 名称 | 最新价 | 涨跌额 | - 涨跌幅量量 | 成交量 | 成交额 | | --- | --- | - ...

Core Viewpoint - Hong Kong airline stocks have shown a recovery, with notable increases in share prices for major airlines as of November 3rd [1] Group 1: Stock Performance - China National Aviation (00753.HK) increased by 3.33%, reaching HKD 5.9 [1] - Eastern Airlines (00670.HK) rose by 3.01%, trading at HKD 4.11 [1] - Southern Airlines (01055.HK) saw a rise of 2.78%, priced at HKD 4.81 [1] - Cathay Pacific (00293.HK) gained 1.26%, with shares at HKD 11.21 [1]

Group 1 - The aviation stocks have shown a recovery, with China National Aviation (601111) up 3.33% to HKD 5.9, Eastern Airlines (00670) up 3.01% to HKD 4.11, Southern Airlines (600029) up 2.78% to HKD 4.81, and Cathay Pacific (00293) up 1.26% to HKD 11.21 [1] - Recent quarterly reports indicate that in Q3, China National Aviation's net profit attributable to the parent company decreased by 11%, while Eastern Airlines' net profit increased by 34% and Southern Airlines' net profit increased by 20% [1] - Morgan Stanley noted that despite the poor Q3 performance of China National Aviation and the parent company's suggestion for capital injection, these factors do not alter their constructive view on the upward cycle of mainland airlines [1] Group 2 - Cathay Securities pointed out that during recent important domestic meetings, passenger load factors and domestic ticket prices have shown a year-on-year increase, with estimates indicating a 3-4% rise in domestic oil-inclusive ticket prices for October [2] - The traditional seasonal impact on pre-sales is weaker than in previous years, and the industry remains optimistic about continued demand from business travelers [2] - A-share airline companies are expected to achieve counter-cyclical growth in Q3 2025, exceeding Q3 2019 levels for three consecutive years, indicating an upward trend and potential for profitability [2]

Core Insights - Cathay Pacific Group has officially received and launched a new Airbus A320neo full-flight simulator manufactured by CAE, enhancing its pilot training facilities and supporting fleet modernization and safety commitments [1][3] - The new simulator features CAE's advanced Prodigy visual system, significantly improving training efficiency and realism, addressing the growing demand for pilot training [1] - Cathay Pacific is implementing a comprehensive investment plan exceeding HKD 100 billion, which includes fleet renewal, cabin product upgrades, lounge renovations, and digital innovations, with orders for over 100 new aircraft [3] Group 1 - The new Airbus A320neo CAE 7000XR full-flight simulator will primarily be used to meet the increasing pilot training needs of Cathay Pacific Group [1] - Cathay Pacific has a long-standing partnership with CAE, focusing on safety and operations, and has continuously introduced CAE-manufactured training equipment at its Hong Kong training center [1] - The investment plan includes the acquisition of over 30 A320neo and A321neo aircraft, contributing to a fleet of more than 230 passenger and cargo aircraft [3] Group 2 - The ceremony for the simulator's unveiling was attended by key figures from Cathay Pacific and CAE, marking an important milestone in their collaboration [1] - Cathay Pacific currently operates 16 A321neo aircraft, while Hong Kong Express Airlines has a fleet of over 40 aircraft, all consisting of Airbus models [3] - The investment plan encompasses various areas, including fleet updates and digital innovations, indicating a strategic focus on modernization and enhanced customer experience [3]

Core Points - Cathay Pacific Airways launched the "Leap of Ideal Program - Sky Journey 2025" on November 1, allowing 180 participants from the "Co-creating Tomorrow 'Teen' Program" to experience a flight over Hong Kong [1][3][5] - The "Co-creating Tomorrow 'Teen' Program" was initiated by the Hong Kong SAR government in 2022 to support underprivileged children, aiming to broaden their horizons, enhance confidence, and provide opportunities for upward mobility [3][5] - The event was attended by Hong Kong SAR Chief Secretary Eric Chan, who encouraged the youth to seize the opportunity to expand their knowledge and make friends [3][5] Event Highlights - Students expressed excitement about their first flight experience, with many taking photos at the airport [3] - During the flight, the crew distributed meals and organized a quiz session, which engaged many students [5] - The "Leap of Ideal Program" was first launched in 2003 and has seen approximately 1,400 youth participants this year alone [5]

Core Insights - The integration of "digital intelligence" and "green" initiatives is advancing corporate ESG (Environmental, Social, and Governance) practices from conceptual advocacy to systematic and intelligent implementation [1][3] - The fourth annual forum on sustainable development for listed companies, themed "Digital Intelligence and Green Movement Leading New Journey," was held in Beijing, revealing the winners of the "Ernst & Young Sustainable Development Annual Best Awards 2025" [1][3] - The awards highlighted the innovative practices of Chinese companies in the ESG and AI integration space, showcasing their contributions to building a modern industrial system and achieving high-quality development [1][3] Group 1: Event Overview - The forum featured 2 special awards, 12 outstanding companies, 2 distinguished individuals, 16 excellent cases, and 1 special contribution award for technological innovation in ESG development [1][3] - The focus of this year's awards was on the role of digitalization as an innovative driving force, emphasizing zero-carbon technology and AI's role in enhancing productivity [1][3] Group 2: Industry Trends - Ernst & Young's China Chairman noted that 2023 is a pivotal year for global sustainable development, marking the 10th anniversary of the Paris Agreement and the 20th anniversary of the "Green Mountains and Clear Water are Gold and Silver Mountains" concept [3] - The rapid advancement of AI technology is accelerating the digital and green transformation of Chinese enterprises, positioning them as key players in sustainable development [3][4] Group 3: AI and ESG Integration - Companies are encouraged to integrate ESG into their core strategies and leverage technology to transform sustainable development into a quantifiable and operational value system [4][5] - Ernst & Young has introduced AI-driven solutions, including the DeepSeek model and the METIS AI platform, to support enterprises in their green transformation efforts [4][5] Group 4: Award Evaluation and Criteria - The evaluation framework for the awards includes nine dimensions, focusing on technological innovation, low-carbon benefits, and social responsibility [5] - This year, an AI assessment component was introduced to enhance the evaluation process, utilizing a comprehensive ESG information database [5] Group 5: Future Outlook - Ernst & Young aims to deepen its professional service capabilities, helping companies embed sustainable development into their strategic core and operational processes [6]

Core Insights - Cathay Pacific Group and Airbus have signed a joint investment agreement to invest up to $70 million (approximately HKD 545 million) to promote the development of Sustainable Aviation Fuel (SAF) in Asia and globally [1][3] Group 1: Investment Agreement - The agreement aims to identify, assess, and invest in commercially viable, technologically mature, and long-term supply potential SAF projects, targeting increased SAF production capacity by 2030 and beyond [1] - The collaboration reflects a commitment to scaling up the sustainable aviation fuel industry in the short term [3] Group 2: Historical Context and Commitment - The partnership between Cathay Pacific and Airbus dates back to 1989, with Cathay operating over 85 Airbus aircraft and more than 70 awaiting delivery [3] - Cathay's President of Operations and Service emphasizes that SAF is crucial for achieving carbon reduction goals in the aviation industry [3] Group 3: Policy Advocacy - Both companies advocate for the development of policies that promote the supply and demand of sustainable aviation fuel in Asia, leveraging the region's strong potential in raw material supply, production capacity, and aviation market [3] - The collaboration serves as a model for unprecedented cross-industry cooperation necessary for the global production and distribution of affordable sustainable aviation fuel [3]

Summary of Key Points Core Viewpoint - The analysis focuses on the performance and potential investment opportunities related to specific stocks, particularly Xiaomi, Jiangxi Copper, Standard Chartered, and Cathay Pacific, along with their corresponding financial products. Group 1: Xiaomi Group (01810) - Xiaomi's stock has seen a significant decline from a high of 59.9 HKD to a current price of 44.9 HKD, a drop of 15 HKD [1] - Technical signals currently indicate a "strong buy" for Xiaomi, suggesting a slight bullish outlook despite the recent downturn [1] - There are limited options for call products at the current price level, with some having exercise prices around 37 HKD and leverage between 2.1x to 2.6x [1] - If the stock price drops below 42.8 HKD, it may reach 38.2 HKD, making products with an exercise price of 37.15 HKD potentially attractive [2] - The market has few suitable out-of-the-money products, with exercise prices starting at 52 HKD, indicating a more than 10% out-of-the-money margin [3] Group 2: Jiangxi Copper (00358) - Jiangxi Copper's stock price closed at 32.82 HKD, slightly below the middle line of the Bollinger Bands, indicating mixed market sentiment [6] - There are four put options available with exercise prices ranging from 28.88 HKD to 20 HKD, with varying leverage and implied volatility [7] - A comparison of put options shows that the 28.88 HKD exercise price has better leverage and implied volatility than the 23.35 HKD option, highlighting the importance of product comparison [7] Group 3: Standard Chartered (02888) - Standard Chartered's stock price increased to 153 HKD, with investors speculating whether it will challenge the previous high of 158.5 HKD [9] - There are currently limited suitable put options available for Standard Chartered, indicating a lack of investment products for bearish strategies [9] Group 4: Cathay Pacific (00293) - Cathay Pacific's stock has shown upward movement, closing at 11.26 HKD and breaking through the upper Bollinger Band [12] - There are limited options for call products, with only two available that have an exercise price of around 13 HKD and leverage of approximately 9.3x [13][14] - Investors are advised to compare the available products carefully, as the selection is currently limited, and the stock has already experienced a price increase [14]