Core Viewpoint - The Hong Kong aviation stocks are experiencing a continued upward trend, driven by positive signals in the industry such as improved supply-demand dynamics, rising ticket prices, and reduced cost pressures [1] Group 1: Market Performance - China Eastern Airlines saw an intraday increase of nearly 5%, with its market capitalization surpassing HKD 100 billion [1] - China Southern Airlines and Air China rose over 1% and 2% respectively [1] - The latest stock prices are as follows: China Eastern Airlines at HKD 4.910 (up 3.37%), Air China at HKD 6.730 (up 2.12%), and China Southern Airlines at HKD 5.500 (up 1.29%) [2] Group 2: Industry Insights - Multiple institutions have released reports indicating positive improvements in the aviation sector, focusing on the optimization of the supply-demand structure, ticket price increases, and alleviated cost pressures [1] - According to Zhongtai Securities, the significant increase in international flight capacity and limited growth in domestic capacity suggests an optimization of the domestic competitive landscape, with high passenger load factors indicating potential ticket price improvements [1] - The report anticipates a "not-so-slow" trend in the fourth quarter, with expectations of substantial loss reduction in the aviation industry by Q4 2025 and potential profit elasticity release in 2026 [1] Group 3: Investment Recommendations - Huachuang Securities emphasizes a positive outlook on aviation stock investment opportunities, noting that the passenger load factor has reached its highest level of the year and ticket prices have turned positive year-on-year [1] - The report highlights a cyclical upward turning point in the industry and recommends focusing on China Eastern Airlines, Air China, and China Southern Airlines for potential elasticity release [1]

Core Points - The board of directors of China Eastern Airlines Corporation Limited held its 12th meeting in 2025, where several key resolutions were passed regarding asset management and internal auditing [1][6]. Group 1: Asset Management Decisions - The board approved the proposal to initiate land acquisition and asset disposal related to the Kunming Changshui Airport maintenance area, allowing the local government to expropriate land, buildings, and fixed assets from its subsidiary, Eastern Airlines Yunnan Co., Ltd [1]. - The board agreed to transfer 49% equity of Shanghai Eastern Airlines Supply Chain Management Co., Ltd from Eastern Airlines Import and Export Co., Ltd to its affiliate, Eastern Airlines Logistics Co., Ltd, based on an asset evaluation as of June 30, 2025 [2]. - The board consented to the sale of land and property at the Hongqiao base on Sui Ning Road from Shanghai Airlines Co., Ltd to China Cargo Airlines Co., Ltd, a subsidiary of Eastern Airlines Logistics, with the transfer price not less than the assessed asset value as of June 30, 2025 [3]. Group 2: Internal Audit Adjustments - The board approved adjustments to the internal audit work plan for 2025, which had been reviewed by the Audit and Risk Management Committee [4].

Core Insights - The Japanese tourism market is experiencing a rapid decline due to travel warnings issued by Chinese authorities, leading to a significant number of cancellations and a shift in tourist preferences towards other destinations [1][2][4] Group 1: Ticket Cancellations and Market Impact - As of November 19, approximately 900,000 tickets for trips to Japan remain booked but unused, down from 1.55 million on November 15, indicating a cancellation of 543,000 tickets in just four days [1][2] - Major Chinese airlines, including Air China, China Eastern, and China Southern, have implemented free cancellation policies for flights to Japan, contributing to a 32% drop in planned travelers from 1.55 million to 1.06 million between November 15 and November 17 [2][4] - The cancellation rate reached 13.4% on November 18, the highest in five days, reflecting travelers' safety concerns dominating market trends [4] Group 2: Shift to Alternative Destinations - Other destinations are actively competing for the Chinese tourists who initially planned to visit Japan, with Southeast Asia seeing a 20% increase in inquiries for travel products [1][8] - Thailand has launched the "Thailand Safe Travel" initiative to alleviate safety concerns among Chinese tourists and is offering exclusive New Year discounts [8][11] - Russia is also attracting attention, with President Putin announcing a visa-free policy for Chinese tourists, leading to a surge in flight searches to Moscow [9][11] Group 3: Travel Agency Responses - Travel agencies have canceled all group tours to Japan for November and December, with 80% of travelers opting to cancel their trips following the travel warnings [7][8] - Despite the airlines' flexible cancellation policies, travel agencies face losses from non-recoverable costs related to ground services and hotel bookings [7][8] - Some agencies report that the impact is manageable due to the current off-peak travel season, but there are concerns about the potential effects on the upcoming New Year and Spring Festival travel [7][8]

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。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00670） 中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 海外監管公告 此海外監管公告是根據香港聯合交易所有限公司證券上市規則第13.10B條作出。 茲載列中國東方航空股份有限公司在上海證券交易所網站刊登的以下資料中文全文，僅供參 閱： 承董事會命 中國東方航空股份有限公司 李干斌 聯席公司秘書 中華人民共和國，上海 2025年11月19日 於本公告日期，本公司董事包括王志清（董事長）、成國偉（董事）、孫錚（獨立非執行董事）、陸雄文（獨立非執行董 事）、羅群（獨立非執行董事）、馮詠儀（獨立非執行董事）、鄭洪峰（獨立非執行董事）及揭小清（職工董事）。 证券代码：600115 证券简称：中国东航 公告编号：临 2025-076 中国东方航空股份有限公司 董事会 2025 年第 12 次会议决议公告 本公司 ...

中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 证券代码：600115 证券简称：中国东航 公告编号：临 2025-076 董事会 2025 年第 12 次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 中国东方航空股份有限公司（以下简称"公司"）董事会 2025 年第 12 次会 议，根据《公司章程》和《董事会议事规则》的规定，经董事长王志清召集，于 2025 年 11 月 19 日以通讯方式召开。 参加会议的董事确认会前均已收到本次董事会会议通知。本次会议的召开符 合《公司法》和《公司章程》的有关规定，参加本次会议的董事已达法定人数， 会议合法有效。 公司董事长王志清，董事成国伟，独立董事孙铮、陆雄文、罗群、冯咏仪、 郑洪峰，职工董事揭小清审议了有关议案，一致同意并做出以下决议： 一、审议通过《关于启动云南昆明长水机场机务区自有资产国土征收和资 产处置相关事宜的议案》 同意云南省昆明市官渡区人民政府长水街道办事处对公司下属东方航空云 南有限公司的土地、房屋建筑物及 ...

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]

Core Viewpoint - The Hong Kong aviation stocks have shown significant activity and upward movement, with major airlines like Air China, China Eastern Airlines, and China Southern Airlines all experiencing gains of over 3% [1] Group 1: Market Performance - In the week of November 3 to November 9, the number of flights between mainland China and Japan decreased to 1,189, with a recovery rate of 82.9% compared to the same period in 2019, marking a 14.5% decline from the previous week [1] - The stock prices for major airlines are as follows: China Eastern Airlines at 4.890 with a 3.38% increase, China Southern Airlines at 5.540 with a 3.17% increase, and Air China at 6.610 with a 2.96% increase [2] Group 2: Industry Outlook - Despite the seasonal decline in flight numbers, the long-term recovery trend for international routes remains positive, with seasonal ticket prices continuing to show positive growth [1] - The industry has reached its highest passenger load factor of the year, indicating an upward turning point in the cycle, leading to a positive outlook for investments in aviation stocks, particularly for Air China, China Southern Airlines, and China Eastern Airlines [1]

Group 1 - Hong Kong aviation stocks experienced a volatile rise on November 19, with China Eastern Airlines (00670.HK) increasing by over 3% [1] - China Southern Airlines (01055.HK) and Air China (00753.HK) both saw gains of over 2% [1] - Cathay Pacific Airways (00293.HK) also followed the upward trend [1]