2025 年 11 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 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。 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： M&G Investment Management Limited 是最終由 M&G Plc 擁有的公司。 | 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 | 佔該類別證券的百分比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 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 ...

Group 1 - The aviation stocks are experiencing a general recovery, with China National Airlines rising by 2.8% to HKD 6.6, Southern Airlines increasing by 2.05% to HKD 5.48, Eastern Airlines up by 1.69% to HKD 4.81, and Meilan Airport gaining 1.06% to HKD 2.85 [1] - As of November 18, domestic crude oil futures have rebounded over 7% from a one-month low, with the main contract reaching a high of CNY 466.2 per barrel, indicating a volatile oil market influenced by geopolitical factors and supply-demand dynamics [1] - Haitong Futures notes that while there is a natural downward pressure on oil prices due to oversupply, geopolitical uncertainties continue to inject volatility into the market, suggesting that oil prices will maintain a fluctuating trend for some time [1] Group 2 - Cathay Haitong's report indicates that the seasonal impact at the end of October was weaker than in previous years, with airlines maintaining high passenger load factors and ticket prices rising year-on-year [2] - The estimated passenger load factor for international routes in September-October exceeded 80%, a year-on-year increase of over 3 percentage points, driving ticket prices significantly higher than market expectations [2] - Zhongtai Securities highlights that the current favorable conditions in oil prices and exchange rates suggest a "not-so-slow" trend for the fourth quarter, with expectations of significant loss reduction in the aviation industry by Q4 2025 and potential profit elasticity in 2026 [2]

Group 1 - The aviation stocks are experiencing a general recovery, with notable increases in share prices for major airlines [1] - China National Aviation (00753.HK) rose by 2.8%, reaching HKD 6.6 [1] - Southern Airlines (01055.HK) increased by 2.05%, trading at HKD 5.48 [1] - Eastern Airlines (00670.HK) saw a rise of 1.69%, priced at HKD 4.81 [1] - Meilan Airport (00357.HK) gained 1.06%, with shares at HKD 2.85 [1]

Group 1 - The aviation stocks are experiencing a general recovery, with China National Airlines rising by 2.8% to HKD 6.6, Southern Airlines increasing by 2.05% to HKD 5.48, Eastern Airlines up by 1.69% to HKD 4.81, and Meilan Airport gaining 1.06% to HKD 2.85 [1] - As of November 18, domestic crude oil futures have rebounded over 7% from a one-month low, with the main contract reaching a high of CNY 466.2 per barrel, indicating a volatile oil market influenced by geopolitical factors and supply-demand dynamics [1] - Haitong Futures suggests that while there is a natural downward pressure on oil prices due to oversupply, geopolitical uncertainties are providing a counterbalance, leading to continued high volatility in oil prices [1] Group 2 - Cathay Haitong's report indicates that the seasonal impact at the end of October is weaker than in previous years, with airlines maintaining high load factors and ticket prices rising year-on-year [2] - The estimated load factor for international routes in September-October is over 80%, an increase of more than 3 percentage points year-on-year, driving ticket prices significantly higher than market expectations [2] - Zhongtai Securities notes that the current favorable conditions in oil prices and exchange rates suggest a "not-so-slow" trend for the fourth quarter, with expectations of significant loss reduction in the aviation industry by Q4 2025 and potential profit elasticity in 2026 [2]

Group 1 - The direct flight route from Haikou to Penang, Malaysia, has been launched, marking the third Malaysian city connected to Haikou this year, following Kuala Lumpur and Kuching [1] - The route is operated by Juneyao Airlines using Boeing 737 aircraft, with a schedule of three flights every two weeks [1] - Haikou Meilan International Airport will increase the frequency of flights to Kuala Lumpur from December 1 to 9, with plans to operate daily flights starting December 10 [1] Group 2 - Meilan Airport offers benefits for international transfer passengers, including dining vouchers and free hotel stays for non-Haikou residents traveling on international flights [2] - Passengers are advised to check their passport validity and visa requirements before traveling [2]

2025 年 11 月 17 日 可能強制全面要約 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。 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 | 11 月 | 買入 | | 87,000 | | ...

Group 1 - The core viewpoint of the news highlights a significant decline in Hong Kong airline stocks, with major players like Air China and China Southern Airlines experiencing notable drops in their stock prices [1] - On November 14, the Chinese Ministry of Foreign Affairs and the Chinese consulate in Japan issued a serious reminder regarding Chinese citizens traveling to Japan, leading to several airlines, including Air China, China Southern Airlines, and China Eastern Airlines, announcing special handling plans for tickets related to Japan routes [1] - The weekly flight volume from mainland China to Japan has significantly decreased, with data showing a total of 1,189 flights in the 45th week (November 3-9), representing a recovery rate of 82.9% compared to the same period in 2019, which is a 14.5% decrease from the 40th week [1] Group 2 - Specific stock performance data indicates that Air China saw a decline of 2.46%, China Southern Airlines dropped by 1.69%, and China Eastern Airlines fell by 0.87% [2] - Other airlines such as Cathay Pacific and Meilan Airport also reported minor declines in their stock prices, with Cathay Pacific down by 0.66% and Meilan Airport down by 0.19% [2] - The overall trend reflects a bearish sentiment in the airline sector, particularly concerning routes to Japan, as indicated by the stock price movements of these companies [2]

M&G Investment Management Limited 是與受要約公司有關連的第(6)類別聯繫人。 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： 2025 年 11 月 10 日 | 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 | | 佔該類別證券的百分比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | 有協議或達成諒解的任 何人士的證券） | | （包括與其訂有協議或 達成諒解的任何人士的 | | | | | | | | | | | | | 證券）% | | | M&G Investment | 2025 | 年 11 | 月 | 10 日 | 買入 | | 2,000 | | $10.6800 | 32,508,000 | | 14.3262% | | Management | | | | | 買入 | | 388,000 | | $1 ...

Core Viewpoint - The consumer sector is showing signs of recovery, driven by favorable policies, rising CPI, and the imminent closure of Hainan Free Trade Port, leading to increased investment enthusiasm in the sector [2][4]. Group 1: Consumer Sector Analysis - The consumer sector is believed to be at the bottom, with fundamentals gradually improving, as indicated by the third-quarter reports [4]. - The "14th Five-Year Plan" emphasizes the importance of consumption, suggesting a positive outlook for the sector [4]. - Key investment opportunities include the restaurant chain sector, which is nearing the end of price wars, and companies like Anjiexin Foods and Lihai Foods are seeing improved net profit margins [4]. Group 2: Duty-Free Industry Insights - Hainan's duty-free sales data shows a significant recovery in Q3 2025, with a notable increase in average transaction value, and a stable outlook for Q4 [5]. - Continuous policy support, including a clear timeline for the island's closure and an expanded range of duty-free products, is expected to enhance the operational conditions for companies like China Duty Free Group and Hainan Development [5]. Group 3: Structural Upgrades in Consumption - The toy industry is evolving with IP incubation and category innovation, favoring leading companies with strong design and supply chain capabilities [6]. - The beauty industry is integrating medical, beauty, and health services, which is expected to enhance customer spending and repeat purchases [6]. - The consumer industry is transitioning from "functional supply" to "scenario value supply," indicating a structural upgrade in brand consumer goods [6]. Group 4: New Consumption Trends - Four new consumption themes are emerging: 1. Brand globalization 2.0, focusing on pricing power and emerging markets [7]. 2. Emotional value sectors like trendy toys and pet products are expected to benefit from rising GDP per capita [7]. 3. AI-driven consumption in service sectors is showing potential for profitability [7]. 4. Channel transformation emphasizing user experience and operational efficiency, particularly in instant retail and cost-effective dining [7]. Group 5: High-Growth Opportunities in Emotional Consumption - The gold and jewelry sector is undergoing significant changes, with rising gold prices and a shift towards emotional consumption, suggesting opportunities in high-end and trendy gold segments [8]. - Retail e-commerce is focusing on offline retail transformation and AI-enabled cross-border e-commerce leaders [8]. - The cosmetics sector is seeing growth in domestic brands that meet emotional value and safety ingredient innovation [8]. - The medical beauty sector remains resilient, with opportunities in differentiated products and mergers in downstream medical beauty institutions [8].

2025 年 11 月 10 日 可能強制全面要約 註： CITIC Securities International Capital Management Limited 是與受要約公司有關連的第(6)類別聯繫人。 交易是為本身帳戶進行的。 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。 交易披露 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 | | | 有關證券的說明 | 借用交易／借出交易／解除借 | 證券數目 | | 交易後數額（包括與其訂有 | | 佔該類別證券的百分比（包 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 貸交易 | | | 協議或達成諒解的任何人 | | 括與其訂有協議或達成諒 | | | | | | | | | | 士的證券） | | 解的任何人士的證券 ...