完 註： M&G Investment Management Limited 是與受要約公司有關連的第(6)類別聯繫人。 交易是為全權委託投資客戶的帳戶進行的。 M&G Investment Management Limited 是最終由 M&G Plc 擁有的公司。 2025 年 12 月 18 日 可能強制全面要約 就海南美蘭國際空港股份有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 買入／賣出 股份數目 | | | 每股價格 | | 交易後數額（包括與其訂有 | | 佔該類別證券的百分比（包 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 協議或達成諒解的任何人士 | | 括與其訂有協議或達成諒解 | | | | | | | | 的證券） | | | | | | 的任何人士的證券）% | | | M&G Investment | 2025 | 年 | 1 ...

可能強制全面要約 就海南美蘭國際空港股份有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 有關證券的說 | 產品說明 | 交易性質 | 與衍生工具有 | | 到期日或清結 | 參考價 | 已支付／已收取 | 交易後數額（包 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | 關的參照證券 | 日 | | | 的總金額 | 括與其訂有協議 | | | | | | | | | 數目 | | | | | 或達成諒解的任 | | | | | | | | | | | | | | 何人士的證券） | | CITIC | 2025 | 年 | 12 月 | 衍生工具 | 其他類別產品 | 更改衍生工具 | 504,000 | 2025 | 年 12 月 | $10.7053 | $5,395,460.0000 | 10,996,000 | | Securities | 18 日 | | ...

| 交易方 | 日期 | | | 有關證券的 | 產品說明 | 交易性質 | 與衍生工具 | | | 到期日或清 | | 參考價 | 已支付／已收取 | 交易後數額 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 說明 | | | 有關的參照 | | 結日 | | | | 的總金額 | （包括與其訂 | | | | | | | | | 證券數目 | | | | | | | 有協議或達成 | | | | | | | | | | | | | | | | 諒解的任何人 | | | | | | | | | | | | | | | | 士的證券） | | 中信証券股 | 2025 | 年 | 12 月 | 衍生工具 | 其他類別產 | 更改衍生工具 | | 504,000 | 2025 | 年 12 | 月 | $10.7053 | $5,395,460.0000 | 10,996,000 | | 份有限公司 | 18 | 日 | | | 品 | | | | 1 ...

CITIC Securities International Capital Management Limited 是最終由中信証券股份有限公司擁有的公司。 就海南美蘭國際空港股份有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 買入／賣 | 股份數目 | | 每股價格 | | 交易後數額（包括與其訂 | | 佔該類別證券的百分比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 出 | | | | | 有協議或達成諒解的任 | | （包括與其訂有協議或 | | | | | | | | | | | | 何人士的證券） | | 達成諒解的任何人士的 | | | | | | | | | | | | | | 證券）% | | | CITIC Securities | 2025 | 年 | 12 月 | 賣出 | | 504,000 | | $10.7053 | | 10,996,000 | ...

Group 1: Airline Industry - Goldman Sachs forecasts that international demand will rise while supply constraints persist, leading to an expected return on equity (ROE) of 22% for airlines by 2027, surpassing the industry cycle average [1] - Despite risks associated with Japan in the first half of the year, the outlook for airline stocks remains positive, with further upward potential for ticket prices [1] - Preferred stocks include China National Aviation Holding (601111) H-shares (00753) and China Eastern Airlines (600115) A-shares (600115.SH) [1] Group 2: Container Shipping - The firm adopts a more cautious stance on container shipping due to supply recovery, which is expected to compress industry profit margins [1] - New ship orders this year have exceeded expectations, resulting in an order-to-existing capacity ratio of 33% [1] - Potential reopening of the Red Sea may pose additional downside risks, potentially releasing about 10% of effective capacity, which could lead to China COSCO Shipping Holdings (601919) (01919, 601919.SH) entering a cash consumption state [1] Group 3: Oil Tankers - The outlook for oil tankers remains optimistic, with expectations of rising spot freight rates during the sustained upward cycle in 2026 [1] - The oil reserve process in China may take up to a year, longer than the market's three-month expectation, while effective capacity is predicted to grow by only 1% [1] - China COSCO Shipping Energy Transportation (600026) (01138, 600026.SH) is expected to benefit due to its significant exposure to oil tankers and the Chinese import market [1] Group 4: Stock Ratings and Target Prices - China National Aviation (00753): Buy, target price raised from 7.3 to 8.2 HKD [2] - China Eastern Airlines (00670): Buy, target price raised from 3.7 to 5.1 HKD [2] - China Southern Airlines (01055): Buy, target price raised from 4.6 to 5.8 HKD [2] - China COSCO Shipping Energy (01138): Buy, target price raised from 8.8 to 10.8 HKD [2] - China COSCO Shipping Ports (01199): Buy, target price raised from 6 to 6.8 HKD [2] - China Merchants Port (00144): Neutral, target price raised from 14.2 to 15.7 HKD [2] - China COSCO Shipping Holdings (01919): Neutral to Sell, target price lowered from 12.5 to 10.4 HKD [2] - Meilan Airport (00357): Sell, target price raised from 7.6 to 8.4 HKD [2]

2025 年 12 月 17 日 可能強制全面要約 就海南美蘭國際空港股份有限公司的股份的交易披露 完 註： M&G Investment Management Limited 是與受要約公司有關連的第(6)類別聯繫人。 交易是為全權委託投資客戶的帳戶進行的。 M&G Investment Management Limited 是最終由 M&G Plc 擁有的公司。 交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 買入／賣 | 股份數目 | | 每股價格 | | 交易後數額（包括與其訂 | | 佔該類別證券的百分比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 出 | | | | | 有協議或達成諒解的任 | | （包括與其訂有協議或 | | | | | | | | | | | | 何人士的證券） | | 達成諒解的任何人士的 | | | | | | | | | | | | | | 證券）% ...

Core Viewpoint - The official launch of the Hainan Free Trade Port on December 18, along with a series of favorable policies, is expected to significantly enhance Hainan's attractiveness as an international tourism consumption center and regional aviation hub, creating favorable conditions for the company's main business growth [1] Group 1: Business Performance - Hainan Airport has seen strong passenger growth, with 86 countries now allowing visa-free entry, and record-breaking passenger throughput at Haikou Meilan Airport and Sanya Phoenix Airport [1] - For the period from January to September 2025, Hainan Airport achieved an operating income of 3.28 billion yuan and a net profit attributable to shareholders of 64 million yuan, with total assets of 52.969 billion yuan and a net asset of 23.543 billion yuan [1] Group 2: Strategic Developments - The company is pursuing the acquisition of Meilan Airport to unify operations across three major international airports in Hainan, with all prerequisites for the transaction now met [2] - The completion of the acquisition is expected to create a large airport operating group with an annual passenger throughput exceeding 50 million [2] Group 3: Policy Impact - A series of policy incentives, including the seventh freedom of the air, visa-free access for 86 countries, and enhanced duty-free shopping policies, are seen as strong drivers for Hainan Airport's development [2] - The seventh freedom of the air is expected to attract foreign airlines to expand routes and establish operational bases in Hainan, enhancing air transport capacity for both passengers and cargo [2]

完 註： M&G Investment Management Limited 是與受要約公司有關連的第(6)類別聯繫人。 2025 年 12 月 16 日 可能強制全面要約 就海南美蘭國際空港股份有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 買入／賣 | 股份數目 | | 每股價格 | | 交易後數額（包括與其訂 | | 佔該類別證券的百分比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 出 | | | | | 有協議或達成諒解的任 | | （包括與其訂有協議或 | | | | | | | | | | | | 何人士的證券） | | 達成諒解的任何人士的 | | | | | | | | | | | | | 證券）% | | | | M&G Investment | 2025 | 年 | 12 月 | 買入 | | 238,000 | | $10.6940 | 34,374,0 ...

港股航空股继续涨势，其中，中国东方航空、中国南方航空均涨5.5%，中国国航涨超4%，美兰空港、 国泰航空跟涨。 本文源自：金融界AI电报 ...

2025 年 12 月 12 日 可能強制全面要約 就海南美蘭國際空港股份有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： 註： M&G Investment Management Limited 是與受要約公司有關連的第(6)類別聯繫人。 交易是為全權委託投資客戶的帳戶進行的。 M&G Investment Management Limited 是最終由 M&G Plc 擁有的公司。 交易披露 | 交易方 | 日期 | | | 買入／賣 | 股份數目 | | 每股價格 | | 交易後數額（包括與其訂 | | 佔該類別證券的百分比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 出 | | | | | 有協議或達成諒解的任 | | （包括與其訂有協議或 | | | | | | | | | | | | 何人士的證券） | | 達成諒解的任何人士的 | | | | | | | | | | | | | 證券）% | | ...