Core Viewpoint - CICC has raised the target price for China Eastern Airlines (00670) to HKD 5.5, maintaining an "outperform" rating due to improved profit forecasts for 2026 and expected valuation increases as the market cycle deepens [1] Financial Performance - In Q3, China Eastern Airlines reported revenue of RMB 39.59 billion, a year-on-year increase of 3.1% [1] - The net profit for the same period was RMB 3.53 billion, corresponding to earnings per share of RMB 0.16, reflecting a year-on-year growth of 34.4% [1] - The performance was in line with CICC's expectations [1] Cost and Pricing Analysis - The decline in oil prices contributed to a decrease in unit operating costs, which fell by 4.3% year-on-year [1] - Domestic oil prices decreased by 11.2% year-on-year, impacting the overall cost structure positively [1] Profit Forecast Adjustments - Due to lower-than-expected ticket prices in the first three quarters of 2025, CICC has reduced the net profit forecast for China Eastern Airlines A/H shares for 2025 by 37.5% to RMB 1.49 billion [1] - Conversely, the profit forecast for 2026 has been increased by 8.3% to RMB 5.93 billion, reflecting improved ticket price expectations [1]

Core Viewpoint - The report from CICC indicates an upward revision of profit forecasts for China Eastern Airlines (600115.SH, 00670) for 2026, leading to an increase in valuation expectations as the market cycle deepens [1] Group 1: Target Price Adjustments - The target price for China Eastern Airlines' A-shares has been raised by 30% to 6.5 CNY, corresponding to a 24.4 times price-to-earnings ratio for 2026 [1] - The target price for the H-shares has been increased by 56.7% to 5.5 HKD, reflecting an 18.7 times price-to-earnings ratio for 2026 [1] Group 2: Financial Performance - In Q3, the company reported revenue of 39.59 billion CNY, a year-on-year increase of 3.1% [1] - The net profit for the same period was 3.53 billion CNY, translating to earnings per share of 0.16 CNY, which is a 34.4% year-on-year growth [1] - The performance was largely in line with expectations from CICC [1] Group 3: Cost and Pricing Dynamics - A decrease in oil prices contributed to a reduction in unit operating costs, which fell by 4.3% year-on-year [1] - The decline in domestic oil prices was noted at 11.2% year-on-year [1] - Due to lower-than-expected ticket prices in the first three quarters of 2025, the net profit forecast for 2025 has been cut by 37.5% to 1.49 billion CNY [1] - However, with improved ticket price expectations, the net profit forecast for 2026 has been raised by 8.3% to 5.93 billion CNY [1]

Core Points - The eighth China International Import Expo (CIIE) commenced on November 5, showcasing a collaboration between China Eastern Airlines and Starbucks China, highlighting their "Aviation + Coffee" cross-industry ecosystem [1][2] - During the expo, China Eastern Airlines and Starbucks China set up a Yunnan coffee tasting area, allowing guests to experience high-quality domestic coffee beans, and introduced enhanced member benefits for their joint loyalty program [1][2] Summary by Sections Collaboration and Events - China Eastern Airlines and Starbucks China have been in a comprehensive partnership since July 14, 2025, allowing nearly 200 million members to share the "Aviation + Coffee" ecosystem [2] - Over 100,000 cups of Starbucks coffee have been redeemed by China Eastern Airlines' "Eastern Miles" platinum and gold card members at Starbucks locations in airports nationwide [2] Member Benefits - As of November 1, 2023, the joint member benefits have been further optimized, with Starbucks' Diamond members continuing to enjoy in-flight Wi-Fi benefits and a new option to earn 1,000 points in the "Eastern Miles" program [2] - On the day of flying with China Eastern Airlines or Shanghai Airlines, platinum and gold card members can still receive complimentary coffee beverages at Starbucks locations in domestic airports [2]

中国民航网 通讯员王娟、肖雅琴 报道：11月3日，由广州飞往兰州的MU2306航班在平飞阶段，一名旅 客突然出现身体严重不适，东航甘肃乘务员及时发现并启动应急关怀机制，经过约15分钟的全程专业陪 护与多项暖心措施，该旅客身体状况明显好转，症状基本缓解，情绪恢复平稳。 经乘务员细致问询与观察，初步判断旅客因飞行过程中的紧张情绪引发身体反应。乘务组迅速开展系统 性救助：首先将旅客调换至前排更为宽敞的座位，并提供乘务员个人使用的降噪耳机，通过播放音乐帮 助其转移注意力、放松心情。过程中，两名乘务员轮流为旅客按摩抖动不止的双腿，以缓解肌肉紧张与 痉挛。乘务组还协同测量旅客血压与脉搏，递上温糖水为其补充能量，并陪护在侧，通过持续沟通与情 绪疏导，逐步缓解其心理压力。 "当时我突然头晕恶心，全身控制不住地发抖，腿也不听使唤，真的很害怕，"旅客回忆，"但乘务员没 有离开我身边。她们为我换座位、戴耳机，两位乘务员一直轮流为我按摩双腿，还一直握着我的手安慰 我。那一杯温糖水喝下去，整个人都暖了。"在乘务员专业、贴心的持续照料下，约15分钟后，旅客发 抖症状明显减轻，腿部抖动得到控制，头晕恶心感基本消失，脸色也逐渐恢复红润。 " ...

Core Viewpoint - Airline stocks are generally rising, driven by positive news regarding holiday arrangements and performance forecasts for the airline industry in China [1] Group 1: Stock Performance - Eastern Airlines (00670) increased by 5.29%, trading at 4.38 HKD [1] - Air China (601111) (00753) rose by 3.92%, trading at 6.1 HKD [1] - Southern Airlines (600029) (01055) saw a 2.08% increase, trading at 4.89 HKD [1] - Cathay Pacific (00293) experienced a slight rise of 0.36%, trading at 11.27 HKD [1] Group 2: Industry News - On November 4, the State Council released a notice regarding the holiday schedule for 2026, which includes a 9-day Spring Festival holiday, marking the longest in history [1] - Cathay Haitong Securities noted that A-share airline companies achieved counter-cyclical growth in Q3 2025, surpassing Q3 2019 for three consecutive years, indicating a potential upward trend in profitability [1] Group 3: Future Outlook - The concept of "anti-involution" is expected to help reduce losses in Q4's off-peak season and turn around the overall performance for the year [1] - The long-term outlook for Chinese airlines is optimistic, with market-driven ticket pricing, steady demand growth, and an optimized customer base expected to drive an increase in profitability for airlines in 2026 [1]

每经AI快讯，航空股普遍走高，截至发稿，东方航空(00670.HK)涨5.29%，报4.38港元；中国国航 (00753.HK)涨3.92%，报6.1港元；南方航空(01055.HK)涨2.08%，报4.89港元；国泰航空(00293.HK)涨 0.36%，报11.27港元。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint of the article highlights a significant rise in airline stocks, driven by positive market sentiment and government announcements regarding holiday arrangements [1] - As of the report, Eastern Airlines saw a 5.29% increase, China National Aviation rose by 3.92%, Southern Airlines increased by 2.08%, and Cathay Pacific experienced a 0.36% rise [1] - The State Council announced that the 2026 Spring Festival holiday will last for 9 days, marking it as the longest Spring Festival in history, which is expected to boost travel demand [1] Group 2 - Cathay Securities noted that A-share airline companies achieved counter-cyclical growth in Q3 2025, surpassing performance from Q3 2019 for three consecutive years, indicating a potential upward trend in profitability [1] - The concept of "anti-involution" is expected to help reduce losses in the off-peak Q4 and contribute to an overall turnaround for the year [1] - The long-term outlook for Chinese airlines is optimistic, with market-driven ticket pricing, steady demand growth, and improved passenger demographics expected to drive profitability upward in 2026 [1]

Core Insights - Starbucks China and China Eastern Airlines announced a series of innovative cooperation measures at the 8th China International Import Expo, aiming to enhance customer experiences from high altitudes to third spaces [1] Group 1: Partnership Initiatives - Starting from Q2 2026, first-class and business-class passengers of China Eastern Airlines will enjoy exclusive Starbucks coffee at high altitudes, bringing high-quality Starbucks experiences to the skies [2] - The partnership will upgrade joint membership benefits, introducing new perks such as point rewards, allowing members to gain more surprises and returns while enjoying Starbucks coffee and flying with China Eastern Airlines [2] Group 2: Cultural and Community Engagement - The collaboration will focus on Yunnan, exploring the rich intangible cultural heritage of the region and its innovative integration into cultural tourism and business [2] - A series of "Origin Tour" tasting events will be held during the expo, allowing attendees to taste Yunnan coffee and learn about Starbucks' long-term commitment to supporting local coffee farmers [2] Group 3: Membership Growth - Since the launch of the joint membership program in July, it has attracted nearly 500,000 customers, covering the entire experience from membership binding to flight consumption [2] - As of the end of FY2025, the active membership of the Starbucks membership program is expected to exceed 25.5 million, setting a new historical record [3]

Core Points - The article highlights a critical incident involving Eastern Airlines (东航) where a passenger with a severed finger required urgent medical assistance during a flight from Tashkent to Xi'an [1][2] - The airline's response demonstrated a high level of coordination and efficiency among various departments to ensure the passenger received timely care [2][6] Group 1: Incident Overview - On November 2, a passenger on flight MU855 from Xi'an to Tashkent suffered a severe injury, necessitating immediate medical attention upon return [1] - The success of reattachment surgery for the severed finger is highly time-sensitive, with a "golden window" of 6-8 hours for optimal results [1] Group 2: Response Coordination - The flight crew, led by Chief Flight Attendant Zhao Peidong, quickly coordinated with Eastern Airlines' operations control, ground support, and cabin services to prepare for the passenger's return [2] - Due to the lack of adequate medical facilities in Tashkent, the airline arranged for specialized materials, including dry ice and medical-grade insulation boxes, to ensure proper preservation of the severed finger during transport [2] Group 3: In-Flight Care - Upon boarding flight MU856, the crew provided personalized assistance to the injured passenger, ensuring the severed finger was securely placed in a pre-cooled insulation box [3][6] - The crew monitored the passenger's condition throughout the flight, checking the temperature of the preservation box every hour to maintain optimal conditions for the severed finger [6] Group 4: Efficient Transfer to Medical Care - The flight landed in Xi'an at 06:54, where the crew had already arranged for the passenger to disembark quickly, minimizing wait times [7] - Ground staff were prepared with a wheelchair and facilitated a seamless transition from the aircraft to the hospital, demonstrating the airline's commitment to passenger care [7]

11月5日，港股航空股逆势上涨，其中，中国东方航空涨3.6%刷新阶段新高，年内累计涨幅达65%，美 兰空港涨超1%，中国国航、中国南方航空涨0.6%。 | 代码 | 名称 | 最新价 涨跌幅 v | | --- | --- | --- | | 00670 | 中国东方航空股 | 4.310 3.61% | | 00357 | 美兰空港 | 10.620 1.14% | | 00753 | 中国国航 | 5.900 0.51% | | 01055 | 中国南方航空股 | 4.840 0.62% | 港股频道更多独家策划、专家专栏，免费查阅>>责任编辑：栎树 消息上，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%。 有机构指出，"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。 ...