Investment Rating - The report assigns an "Overweight" rating for the industry [2] Core Insights - The aviation sector is expected to see good growth in both volume and price during the Spring Festival travel season, with a projected increase in passenger load factor by over 2 percentage points year-on-year and a domestic ticket price increase of over 4% [4][5] - The oil shipping sector is experiencing significant profit increases due to geopolitical tensions, with VLCC TCE rates soaring to around $480,000, indicating a strong market outlook [5][21] - Policies aimed at boosting consumption and reducing competition in the logistics sector are expected to benefit the aviation and express delivery industries [5] Summary by Sections Aviation - The report highlights a 4.9% year-on-year increase in overall passenger flow during the first 33 days of the Spring Festival, with aviation specifically seeing a 6.4% increase [6][7] - The estimated domestic ticket prices are expected to rise by over 4% year-on-year, while the average domestic aviation fuel price has decreased by 8%, leading to improved profit margins for airlines [5] - The report anticipates a "super cycle" in aviation profitability driven by sustained demand and low supply growth, recommending stocks such as Air China, China Eastern Airlines, and Spring Airlines [5] Oil Shipping - The report notes that geopolitical risks have driven oil shipping rates to record highs, with a focus on the changes in the gray market and their long-term implications [5] - The TCE for VLCCs from the Middle East to China has surged, with significant shifts in demand towards other oil-producing regions due to reduced Middle Eastern exports [5] - The report suggests monitoring gray market developments, which could create unexpected supply-demand dynamics and accelerate the retirement of older vessels [5] Policy Impact - The report discusses how government policies aimed at stimulating consumption and addressing "involution" in competition will positively impact the aviation and express delivery sectors [5] - It predicts that the express delivery industry will see stable volume growth and price increases, benefiting leading companies like ZTO Express and SF Express [5] - The report also emphasizes the potential for healthy growth in cross-border logistics driven by supportive policies [5]

Group 1 - The core incident involved an explosion at Dubai International Airport on March 7, leading to a temporary suspension of all flights in and out of Dubai [1] - Following the incident, Dubai International Airport has reopened, and Air China's flight CA9541 from Beijing to Dubai landed safely after a delay of nearly two hours [1][5] - The flight CA9541, operated by a Boeing 777-39L(ER), covered a distance of 5867 km and had a flight duration of 10 hours and 25 minutes [3]

Group 1 - The core point of the article is the retirement of Wang Mingyuan, who served as the Vice Chairman, Director, Chairman of the Aviation Safety Committee, and President of Air China [1] Group 2 - Wang Mingyuan will no longer hold any positions in the company or its subsidiaries following his retirement [1]

Group 1 - China National Airlines (00753.HK) announced the retirement of Mr. Wang Mingyuan as Vice Chairman, Executive Director, and President effective March 5, 2026 [3] - Mr. Qu Guangji has been appointed as the new President of the company, effective the same day [3] - The board has proposed to appoint Mr. Qu as Executive Director and Vice Chairman, pending shareholder approval [3] Group 2 - Mr. Qu Guangji, aged 56, holds a degree in Economic Statistics from Xi'an Statistical Institute and has obtained a Master's in Economics from Northeast University of Finance and Economics, as well as an MBA from Tsinghua University and French National School of Bridges and Roads [5] - His career includes various leadership roles at China Southern Airlines, including General Manager of Marketing and Network Revenue Departments, and General Manager of several regional branches [5][6] - From July 2023 to January 2026, he served as Deputy General Manager and Party Member of China Southern Airlines Group, and from January 2026, he will be the General Manager and Deputy Secretary of the Party Committee of China Aviation Group [6]

Core Viewpoint - China National Airlines (601111) announced the resignation of Mr. Wang Mingyuan as Vice Chairman, Executive Director, Chairman of the Aviation Safety Committee, and President effective March 5, 2026, due to retirement [1] Group 1 - Mr. Qu Guangji is appointed as the new President of the company, effective March 5, 2026 [1] - The Board also resolved to recommend Mr. Qu Guangji as the Executive Director and Vice Chairman, pending shareholder approval at the company's general meeting [1]

Core Viewpoint - China National Airlines (00753) announced the resignation of Mr. Wang Mingyuan as Vice Chairman, Executive Director, Chairman of the Aviation Safety Committee, and President effective March 5, 2026, due to retirement [1] - Mr. Qu Guangji has been appointed as the new President effective March 5, 2026, with a proposal to also appoint him as Executive Director and Vice Chairman pending shareholder approval [1] Group 1 - Mr. Wang Mingyuan will resign from multiple positions including Vice Chairman and President on March 5, 2026 [1] - Mr. Qu Guangji's appointment as President is effective on the same date, March 5, 2026 [1] - The board has proposed Mr. Qu Guangji's appointment as Executive Director and Vice Chairman, subject to shareholder approval [1]

Group 1 - China National Airlines (00753.HK) announced that Wang Mingyuan will resign as Vice Chairman, Executive Director, Chairman of the Aviation Safety Committee, and President due to retirement, effective March 5, 2026 [1] - The board has resolved to appoint Qu Guangji as the new President of the company, effective on the same date [1]

00753 董事名單與其角色和職能 徐念沙 禾雲 譚允芝 高春雷 董事會設立五個委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 中國國際航空股份有限公司董事會（「董事會」）成員載列如下。 執行董事 劉鐵祥 （主席） 非執行董事 崔曉峰 Patrick Healy（賀以禮） 職工董事 肖鵬 獨立非執行董事 C 有關委員會的主任委員 M 有關委員會的成員 | | 董事會委員會 | 戰略和投資 | 審計和風險管理委員會 | 提名 | 薪酬與考核 | 航空安全 | | --- | --- | --- | --- | --- | --- | --- | | 董事 | | 委員會 | （監督委員會） | 委員會 | 委員會 | 委員會 | | 劉鐵祥 | | C | | C | | M | | 徐念沙* | | M | M | | C | M | | 禾雲* | | M | M | M | M | | | 譚允芝* | | | M | M | | | | 高春雷* | | | C | M | M | | 附註： * 獨立非執行董事 中國北京，二零二六年三月五日 ...

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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就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。 00753 總裁及執行董事辭任 委任總裁及建議委任執行董事 及 臨時股東會之暫停過戶期間 總裁及執行董事辭任 董事會對王先生於任職期間對本公司作出的卓越貢獻表示誠摯的感謝。 委任總裁及建議委任執行董事 董事會於二零二六年三月五日決議委任曲光吉先生（「曲先生」）為本公司總裁，於同日生 效。 - 1 - 董事會亦於同日決議建議委任曲先生為本公司執行董事及副董事長。建議委任曲先生為 本公司執行董事須待股東於本公司股東會上批准後，方可作實。待委任曲先生為本公司 執行董事的議案於本公司股東會上獲批准後，其擔任本公司副董事長職務隨即生效。曲 先生將就擔任本公司董事與本公司訂立服務合約，任期自股東批准其委任之日起開始， 並將於本屆董事會任期結束時屆滿。曲先生將不會就擔任本公司總裁及董事收取任何酬 金。 曲先生的履歷詳情如下： 曲光吉先生，56歲，西安統計學院經濟統計系統計學專業畢業，大學學歷，在職取得東 北財經大學經 ...

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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 海外市場公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條的規定而發表。 附件為中國國際航空股份有限公司於上海證券交易所刊發之 中國國際航空股份有限公司第七屆董事會第十三次會議決議公告 承董事會命 中國國際航空股份有限公司 公司秘書 肖烽 中國北京，二零二六年三月五日 於本公告日期，本公司的董事為劉鐵祥先生、崔曉峰先生、Patrick Healy（賀以禮）先 生、肖鵬先生、徐念沙先生*、禾雲先生*、譚允芝女士*及高春雷先生*。 * 本公司獨立非執行董事 证券代码：601111 股票简称：中国国航 公告编号：2026-010 中国国际航空股份有限公司 第七届董事会第十三次会议决议公告 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。 一、 ...