Group 1 - The core viewpoint is that Hong Kong aviation stocks experienced a widespread decline on October 31, with significant drops in share prices for major airlines [1] Group 2 - China National Aviation (00753.HK) fell by 8.51%, trading at HKD 5.59 [1] - China Southern Airlines (01055.HK) decreased by 3.56%, with a share price of HKD 4.61 [1] - Beijing Capital International Airport Co. (00694.HK) saw a decline of 1.4%, priced at HKD 2.81 [1] - China Eastern Airlines (00670.HK) dropped by 0.75%, trading at HKD 3.96 [1] - Meilan International Airport (00357.HK) fell by 0.57%, with a share price of HKD 10.49 [1]

Group 1 - Airline stocks experienced a broad decline, with China National Aviation (601111) down 8.51% to HKD 5.59, Southern Airlines (600029) down 3.56% to HKD 4.61, Beijing Capital Airport (00694) down 1.4% to HKD 2.81, Eastern Airlines (00670) down 0.75% to HKD 3.96, and Meilan Airport (00357) down 0.57% to HKD 10.49 [1] - Huatai Securities reported that in September, after the summer travel season, the growth rate of airline capacity slightly slowed, while the passenger load factor remained high. Due to a recovery in business travel demand, ticket prices began to show positive year-on-year growth [1] - The three major airlines, along with Spring Airlines and Juneyao Airlines, saw ASK/RPK growth of 3.9% and 7.1% respectively, leading to a 2.6 percentage point increase in passenger load factor to 86.0% [1] Group 2 - Cinda Securities indicated that during the National Day and Mid-Autumn Festival holiday, the industry saw a year-on-year increase in ticket prices, with sustained positive pricing in early October and relatively strong demand [2] - As the fourth quarter enters a low season dominated by business travel, there is potential for significant year-on-year improvement due to last year's low base, which may drive the recovery of airline unit revenue [2] - The industry continues to maintain a high passenger load factor, with both domestic and international routes performing well, and recent ticket prices have consistently shown positive growth [2]

Group 1 - Airline stocks experienced a broad decline, with China National Aviation (00753) down 8.51% to HKD 5.59, China Southern Airlines (01055) down 3.56% to HKD 4.61, Beijing Capital International Airport (00694) down 1.4% to HKD 2.81, China Eastern Airlines (00670) down 0.75% to HKD 3.96, and Meilan Airport (00357) down 0.57% to HKD 10.49 [1] - According to Huatai Securities, after the summer travel season, the growth rate of airline capacity slightly slowed in September, while the passenger load factor remained high at 86.0%, an increase of 2.6 percentage points year-on-year [1] - The outlook for the new flight season indicates a continued tightening of flight schedules year-on-year, with signs of improvement in the industry, alongside a potential continuation of positive ticket prices in Q4 due to lower oil prices reducing cost pressures for airlines [1] Group 2 - According to Cinda Securities, during the National Day and Mid-Autumn Festival holiday, the industry saw a year-on-year increase in ticket prices, with demand remaining relatively strong in early October [2] - The fourth quarter is entering a low season primarily driven by business travel, with significant year-on-year improvements expected due to last year's low base, which will help restore unit revenue for airlines [2] - The ongoing "anti-involution" measures and the implementation of the "Convention" are expected to reduce malicious low pricing in the industry, further supporting the recovery of ticket prices and unit revenue for airlines [2]

Investment Rating - The investment rating for China Eastern Airlines is "Outperform" (maintained) [1] Core Views - The report highlights that the recovery in international markets is leading to improved operational performance for China Eastern Airlines. The company has reported better-than-expected earnings, with a significant increase in both revenue and net profit for the third quarter of 2025 [5][6]. Summary by Sections Market Data - Closing price as of October 30, 2025, is 4.81 yuan - Market capitalization is 82,321 million yuan - Price-to-book ratio is 8.2 [1] Financial Performance - For Q3 2025, the company achieved a revenue of 39,592 million yuan, a year-on-year increase of 3.14% - Net profit attributable to shareholders was 3,534 million yuan, up 34.37% year-on-year - For the first three quarters of 2025, total revenue reached 106,414 million yuan, with a net profit of 2,103 million yuan, marking a turnaround from losses in the previous year [5] Operational Data - The company is focusing on enhancing its hub operations and has successfully implemented its "Three Flights" strategy, leading to increased passenger traffic and capacity utilization - Domestic passenger load factor improved, with domestic ASK (Available Seat Kilometers) up 3.36% year-on-year and RPK (Revenue Passenger Kilometers) up 6.04% year-on-year - Internationally, the company has expanded its routes and capacity, with international ASK recovering to 113.63% of the 2019 level [5] Financial Projections - Revenue projections for 2025 are set at 139,779 million yuan, with a year-on-year growth rate of 5.8% - Expected net profit for 2025 is 1,942 million yuan, with a significant increase projected for 2026 and 2027 [5][7] - The report anticipates continued improvement in operational performance, driven by the recovery of international routes and increasing market demand [5]

Core Points - Eastern Airlines' C919 domestic aircraft successfully completed its inaugural flight on the Guangzhou-Beijing Daxing route, marking a significant milestone for the company [1] - The new T3 terminal at Guangzhou Baiyun Airport has officially commenced operations, with all domestic flights of Eastern Airlines in Guangzhou transitioning to this terminal [1] Company Summary - Eastern Airlines has launched its C919 aircraft on a key domestic route, indicating a strategic move to enhance its operational capabilities and fleet modernization [1] - The transition to the new T3 terminal is expected to improve passenger experience and operational efficiency for Eastern Airlines [1] Industry Summary - The introduction of the C919 aircraft represents a growing trend in the aviation industry towards domestic aircraft manufacturing and innovation in China [1] - The opening of the T3 terminal at Guangzhou Baiyun Airport aligns with the broader industry efforts to upgrade infrastructure and accommodate increasing air travel demand [1]

Group 1 - China Eastern Airlines (SH 600115) announced on October 31 that its 11th board meeting of 2025 was held via communication on October 30, where it reviewed the proposal to amend the "Working Rules of the Audit and Risk Management Committee of China Eastern Airlines Corporation Limited" [1] - For the first half of 2025, the revenue composition of China Eastern Airlines was 98.1% from aviation business and 1.9% from other businesses [1] Group 2 - The article discusses the phenomenon of "negative electricity prices" in multiple regions and questions why power plants are reluctant to shut down despite not making profits from selling electricity [2]

智通财经APP讯，中国东航(600115.SH)发布2025年三季度报告，该公司前三季度营业收入为1064.14亿 元，同比增长3.73%。归属于上市公司股东的净利润为21.03亿元。归属于上市公司股东的扣除非经常性 损益的净利润为14.05亿元。基本每股收益为0.09元。 ...

Core Points - The inauguration of Guangzhou Baiyun Airport's T3 terminal and the fifth runway was marked by the first flight MU6308 operated by China Eastern Airlines using the domestically produced C919 aircraft [1][3] - Passengers on the inaugural flight received commemorative gifts, including a special boarding pass and creative souvenirs [3] - The T3 terminal features modern technology such as facial recognition systems for check-in and security, enhancing the passenger experience [3][5] Summary by Sections - **Inauguration Event** - The T3 terminal and fifth runway at Guangzhou Baiyun Airport officially opened with the first flight MU6308 taking off at 14:59 on October 30 [1] - **Passenger Experience** - Passengers on the inaugural flight received customized commemorative gifts from the airport and China Eastern Airlines [3] - Travelers expressed excitement about the modern facilities, including efficient check-in and security processes, as well as improved commercial and resting areas [5] - **Operational Details** - China Eastern Airlines has set a cut-off time of 40 minutes before departure for domestic flights from T3, while international flights continue to operate from T1 [5]

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） 海外監管公告 第一章 总 则 第一条 为了规范中国东方航空股份有限公司（以下简 称"公司"）及其信息披露义务人的信息披露行为，加强信 息披露事务管理，提高信息披露工作质量，保护投资者合法 权益，根据《中华人民共和国证券法》（以下简称"《证券法》"） 《上市公司治理准则》《上海证券交易所股票上市规则》《香 港联合交易所有限公司证券上市规则》《上市公司信息披露 管理办法》《上市公司信息披露暂缓与豁免管理规定》《上海 证券交易所上市公司自律监管指引第 2 号——信息披露事务 管理》等规定，结合《中国东方航空股份有限公司章程》（以 下简称"《公司章程》"）和公司实际情况，制定本管理制度。 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 ...

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） 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10月30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）。 中国东方航空股份有限公司 董事会秘书工作制度 （2025 年 10 月 30 日公司董事会 2025 年第 11 次会议修订） 第一章 总则 第一条 为提高中国东方航空股份有限公司(以下简称 "公司")的公司治理水平，促进公司规范运作，充分发挥 ...