Group 1 - Cathay Pacific Airways (0293.HK) experienced a 5.4% decline in stock price due to the impact of the US-Iran conflict [1]

Investment Rating - The report indicates a positive investment outlook for the shipping sector, particularly highlighting the strong performance of oil tankers and dry bulk carriers, with specific recommendations for companies like China Shipping and China Power [4][5]. Core Insights - The shipping industry is experiencing an upward cycle driven by the entire energy chain, with oil tanker rates significantly increasing due to geopolitical tensions and supply constraints. The VLCC (Very Large Crude Carrier) rates have surged to $206,763 per day, marking a 38% increase week-on-week [4]. - The report emphasizes the potential for further increases in shipping rates, particularly in the context of ongoing geopolitical conflicts and the tightening of shipping capacity controlled by major players like Sinokor [4][5]. - Recommendations include focusing on long-cycle shipping logic with lower volatility, while also considering mid-cycle shipping stocks that are expected to outperform [4]. Summary by Sections Shipping Sector - VLCC rates have reached $206,763 per day, with a 38% week-on-week increase, driven by tight supply and geopolitical tensions [4]. - The report notes that the market is entering a strong pricing phase for shipowners, with Sinokor controlling over 37% of the market capacity [4]. - Suezmax rates have also increased significantly, reflecting the overall bullish sentiment in the oil shipping market [4]. Dry Bulk Sector - The Capesize index remains high, with a slight increase in rates, while smaller vessels are showing resilience due to recovering coal demand [4]. - The BDI (Baltic Dry Index) recorded a 1.09% increase, indicating stable demand in the dry bulk market [5]. Container Shipping - The SCFI (Shanghai Containerized Freight Index) rose by 6.5%, with significant increases in rates for routes to the Mediterranean and South America [4]. - The report highlights potential risks associated with geopolitical tensions affecting shipping routes, particularly in the Red Sea [4]. Air Transport - The report discusses the ongoing challenges in the aircraft manufacturing supply chain and the aging fleet, which is expected to constrain supply and enhance profitability for airlines [4]. - Airlines are anticipated to experience a significant improvement in performance as demand for international travel increases [4]. Logistics and Express Delivery - The express delivery sector is expected to see a recovery in pricing due to policy changes aimed at stabilizing end-user costs, with a focus on leading companies like ZTO Express and YTO Express [4]. - The report notes that the logistics sector is showing resilience, with steady performance in rail and highway freight volumes [4].

Group 1 - Cathay Group reported a strong start in January 2026, with over 3.3 million passengers carried by Cathay Pacific and HK Express, an 11% increase compared to January 2025 [1] - Cathay Cargo's freight volume exceeded 130,000 tons in January 2026, reflecting a 5% year-on-year growth [1] - On February 14, 2026, Cathay Pacific achieved a historic milestone with a single-day passenger count surpassing 100,000, carrying 100,747 passengers [1] Group 2 - HK Express carried over 710,000 passengers in January 2026, an 8% increase from January 2025, with available seat kilometers rising by 13% [2] - On February 20, 2026, HK Express set a new record by carrying over 30,000 passengers in a single day [2]

Group 1 - The aviation stocks have risen across the board, with Eastern Airlines up 5.42% to HKD 6.03, Southern Airlines up 3.9% to HKD 6.4, Air China up 2.66% to HKD 7.34, and Cathay Pacific up 1.11% to HKD 13.7 [1] - The offshore RMB has strengthened against the USD, breaking the 6.85 mark, the highest since April 14, 2023, which is beneficial for airlines with significant foreign currency liabilities, primarily in USD [1] - Guosen Securities indicated that the decline in oil prices and the appreciation of the RMB are favorable for airlines to improve their performance [1] Group 2 - Shenwan Hongyuan noted that the current aircraft manufacturing chain challenges are unprecedented, with supply highly constrained and passenger load factors reaching historical highs [1] - There is a confirmed growth trend in inbound and outbound passenger volumes, suggesting a potential golden era for aviation sector investments [1] - Warmer weather is expected to boost travel in March, and the upcoming meeting between Chinese and U.S. leaders may lead to an increase in China-U.S. flight routes [1]

Investment Rating - The report upgrades the investment rating for Cathay Pacific Airways from "Neutral" to "Overweight" [1] Core Insights - The Asian full-service airline industry is entering a new era characterized by visible profitability and resilient margins, with Cathay Pacific leading the regional recovery and growth [1] - The airline is benefiting from strong demand, disciplined capacity management, and an early normalization of its balance sheet [1] - Cathay Pacific is expected to gain from industry supply constraints, robust traffic growth in the Asia-Pacific region, and its ability to flexibly allocate capacity to the most attractive markets [1] - The target multiple for Cathay Pacific is set at 6 times, with the target price significantly raised from HKD 9.1 to HKD 18, implying approximately 40% upside potential [1] - The methodology for setting the target price has shifted from price-to-book (PB) ratio to enterprise value to EBITDA (EV/EBITDA) ratio, reflecting improved visibility in industry profitability and sustainability [1]

Core Viewpoint - Cathay Pacific Airways experienced a significant increase in passenger and cargo volumes in January 2026, indicating a strong recovery in travel demand and operational performance compared to the previous year [1] Group 1: Passenger Traffic - Cathay Pacific's passenger volume in January 2026 increased by 11% year-on-year [1] - Available seat kilometers (ASK) for Cathay Pacific rose by 14% compared to the same month in 2025 [1] - Hong Kong Express recorded over 710,000 passengers in January 2026, an 8% increase from January 2025, with available seat kilometers increasing by 13% [1] Group 2: Cargo Traffic - Cathay Pacific's cargo volume in January 2026 increased by 5% year-on-year [1] - Available cargo ton kilometers (ATK) for Cathay Pacific grew by 3% compared to January 2025 [1] - The total cargo volume for Cathay Pacific in January exceeded 130,000 tons, reflecting a 5% increase from the previous year [1] Group 3: Overall Performance - Combined passenger traffic for Cathay Pacific and Hong Kong Express in January 2026 reached over 3.3 million, an 11% increase compared to January 2025 [1] - The strong momentum from the peak travel season at the end of the previous year continued into early January 2026, as noted by the Chief Customer and Commercial Officer of Cathay Pacific [1]

Group 1: Green Tea Group - Green Tea Group (HK06831) expects a profit of approximately 460 million to 508 million yuan for 2025, representing a year-on-year increase of about 31.4% to 45.1% [1] - The adjusted net profit is anticipated to be around 481 million to 532 million yuan, reflecting a year-on-year growth of approximately 33.2% to 47.4% [1] - The steady growth in performance indicates successful store expansion and operational efficiency, confirming the resilience of the mass catering sector [1] Group 2: NIO - NIO (HK09866) founder Li Bin stated that the company expects to achieve adjusted operating profits of 700 million to 1.2 billion yuan in Q4 2025, marking the first quarterly profit in the company's 11-year history [2] - This milestone signifies a new phase of sustainable development for the company, resulting from ongoing investments in technological innovation [2] - The transition from continuous losses to independent profitability validates the effectiveness of NIO's strategic implementation, potentially enhancing valuation recovery expectations [2] Group 3: Maoyan Entertainment - Maoyan Entertainment (HK01896) forecasts revenue for the fiscal year 2025 to be between 4.6 billion and 4.7 billion yuan, representing a growth of approximately 12.7% to 15.1% compared to the 2024 fiscal year revenue of 4.082 billion yuan [3] - The expected profit attributable to shareholders for 2025 is projected to be around 540 million to 590 million yuan, a significant increase of approximately 196.9% to 224.4% from 182 million yuan in 2024 [3] - The substantial profit growth is attributed to the recovery of the entertainment market and the effective dual-driven strategy of film promotion and live performances [3] Group 4: Cathay Pacific - Cathay Pacific (HK00293) reported a year-on-year increase of 11% in passenger numbers for January 2026, with over 3.3 million passengers carried [4] - The cargo volume for January exceeded 130,000 tons, reflecting a 5% year-on-year growth [4] - The simultaneous growth in passenger and cargo traffic indicates a recovery in both business and leisure travel demand, laying a solid foundation for the year ahead [4] Group 5: Hong Kong Stock Market - The Hang Seng Index closed at 26,590.32, down 1.82% on February 24 [5] - The Hang Seng Tech Index decreased by 2.13% to 5,270.70 [5] - The Hang Seng China Enterprises Index fell by 2.06% to 9,007.86 [5]

Core Insights - Cathay Group reported a year-on-year increase in both passenger and cargo operations for January 2026, with over 3.3 million passengers carried, representing an 11% growth [1][3] - Cathay Pacific carried 2.6223 million passengers in January, marking an increase of 11.5% year-on-year, while Hong Kong Express recorded over 717,600 passengers, up 7.6% [3] Passenger Operations - In January 2026, Cathay Pacific and Hong Kong Express together carried over 3.3 million passengers, reflecting an 11% increase compared to the same month last year [1][3] - Cathay Pacific's passenger count reached 2.6223 million, showing an 11.5% year-on-year growth, while Hong Kong Express's passenger volume exceeded 717,600, with a 7.6% increase [3] Cargo Operations - Cathay Group's cargo operations saw a total cargo volume exceeding 130,000 tons in January, which is a 5% increase year-on-year [1] Recent Trends - The positive trend in passenger growth continued into February, with Cathay Pacific achieving a record single-day passenger count of over 100,000 on February 14, 2026 [3] - On February 20, Hong Kong Express also reached a milestone by carrying over 30,000 passengers in a single day for the first time [3]

国泰航空(00293)公布，股份回购已于2026年2月24日落实完成，而自此回购股份由公司作为库存股份持 有。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： Cathay Pacific Airways Limited 國泰航空有限公司 呈交日期： 2026年2月24日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00293 | 說明 | 不適用 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | ...