Group 1 - The core viewpoint of the articles indicates that Hong Kong airline stocks are experiencing a decline, with China Southern Airlines down over 3%, China Eastern Airlines down 2%, and Air China down over 1%, marking consecutive losses for these companies [1] - The demand for flights between China and Europe has surged, particularly after the resumption of operations at Dubai Airport, although Emirates Airlines has suspended all regular flights to and from Dubai [1] - The fluctuating situation in the Middle East is expected to continue impacting flight operations, with a notable decrease in high ticket prices for China-Europe routes after March 8 [1] Group 2 - Chris Iggo, the investment director at Paris-based asset management firm, stated that the escalation of the Middle East conflict could negatively affect corporate earnings expectations, particularly for airlines, hotels, and tourism sectors with direct exposure in the region [1] - The latest stock prices and changes for major airlines are as follows: China Southern Airlines at 4.960 (-3.13%), China Eastern Airlines at 4.530 (-1.95%), Beijing Capital International Airport at 2.260 (-1.74%), and Air China at 6.030 (-0.99%) [2]

Group 1 - The Hong Kong aviation stocks continue to decline, with China Southern Airlines dropping over 3%, China Eastern Airlines down 2%, both experiencing five consecutive days of decline, while Air China fell over 1% marking six consecutive days of decline [1] - Following the resumption of operations at Dubai Airport on March 4, the first flight to China (EK362) took off, but Emirates Airlines has indicated that all regular flights to and from Dubai will remain suspended despite maintaining a few repatriation flights [1] - The demand for flights on the China-Europe route has surged, but ticket prices have shown a significant decrease after March 8, indicating ongoing volatility in the situation affecting flights in the Middle East [1] Group 2 - Chris Iggo, investment director at Paris-based asset management firm, stated that the escalation of the Middle East conflict could dampen corporate earnings expectations, particularly impacting airlines, hotels, tourism, and companies with direct business exposure in the region [1] - The latest stock prices and changes for major airlines are as follows: China Southern Airlines at 4.960 (-3.13%), China Eastern Airlines at 4.530 (-1.95%), Beijing Capital International Airport at 2.260 (-1.74%), and Air China at 6.030 (-0.99%) [1]

Core Viewpoint - Air China announced the resumption of flights on the Riyadh-Beijing route starting March 5, 2026, to meet passenger travel demand amid current operational capabilities and regional situation [1][2] Group 1: Flight Operations - The Beijing-Riyadh direction will resume normal ticket sales [1] - The Riyadh-Beijing direction will introduce "ticket change waitlist" and "ticket purchase reservation" features for upcoming flights [1] - Passengers must submit applications through the Air China app for changes or reservations, with notifications based on seat availability and queue order [1] Group 2: Safety and Communication - Air China will closely monitor regional situation changes to ensure flight safety and smooth passenger travel [2] - Passengers are advised to check flight dynamics through official channels before traveling and to plan their arrival at the airport accordingly [1]

二、利雅得-北京方向近期航班推出"机票变更候补"及"购票预约"功能：旅客需前往中国国航APP首页- 国航专区，点击"国际机票变更候补及购票预约"按钮提交申请。国航将根据航班座位情况和旅客排队顺 序，通知变更候补或购票预约旅客办理机票变更或购票手续。 受地区局势影响，建议广大旅客出行前通过国航官方渠道实时查询航班动态，合理安排抵达机场时间， 航班班期、时刻、执飞机型等信息以实际查询为准。 3月4日，中国国际航空股份有限公司发布关于国航利雅得航线航班恢复运行的通知。结合当前运行保障 能力与地区局势现状，为满足广大旅客出行需求，国航将于2026年3月5日起恢复利雅得⇋北京航线航班 运行，具体内容如下： 一、北京-利雅得方向恢复正常客票销售。 ...

Investment Rating - The report assigns an "Overweight" rating for the aviation industry [6]. Core Insights - The demand for air travel during the 2026 Spring Festival is robust, with post-holiday ticket prices continuing to rise, indicating a promising Q1 profitability for airlines. The escalation of geopolitical tensions in the Middle East has led to oil price risks, but this does not alter the long-term value and cyclical logic of airlines, suggesting a strategic opportunity for reverse positioning [3][6]. Summary by Relevant Sections Industry Overview - The Spring Festival demand is strong, with a year-on-year increase in overall passenger flow of 5.8% as of March 1, 2026. Specifically, air travel saw a 6.9% increase, while rail and road transport grew by 8.1% and 5.6%, respectively. The limited increase in flight schedules and strict control over capacity by authorities have contributed to a rise in passenger load factors [6][9]. Passenger Flow Trends - Pre-holiday air travel increased by 5.1%, with mid-holiday growth reaching 7.6% due to extended holiday periods boosting family visits and travel. Post-holiday, the growth rate further increased to 9.8%, driven by concentrated return travel and a gradual recovery in business travel [6][9]. Ticket Pricing Dynamics - Ticket prices have shown a positive trend post-holiday, with domestic ticket prices estimated to rise by 4-5% year-on-year. The high load factors during the holiday period have supported a significant price increase of nearly 8% during the mid-holiday period. The report anticipates that ticket prices will continue to rise in March, supported by a low base effect and high load factors [6][9]. Profitability Outlook - The report estimates that the average load factor for January and February 2026 increased by approximately 1-2 percentage points year-on-year, with domestic ticket prices (including fuel) rising by about 6%. Despite a 9% year-on-year decrease in average fuel prices, the net profit for major airlines is expected to improve significantly in Q1 2026, potentially leading to industry-wide profitability [6][9]. Geopolitical Oil Price Risks - The report highlights that the escalation of geopolitical tensions has led to an increase in oil prices, with the average crude oil price rising from $60 to $70 per barrel. The impact of oil prices on airline profitability is significant, as fuel costs account for nearly 40% of airline expenses. However, the report suggests that the strong demand and high load factors in the Chinese aviation market may mitigate the adverse effects of rising oil prices [6][9]. Long-term Industry Outlook - The report emphasizes that the long-term growth logic of the aviation industry remains intact, with expectations of a "super cycle" driven by sustained demand growth and a shift towards market-oriented pricing. The report recommends strategic investments in major airlines such as Air China, Spring Airlines, China Eastern Airlines, China Southern Airlines, and Juneyao Airlines [6][9].

Core Viewpoint - The aviation industry is facing significant challenges due to rising oil prices amid the ongoing conflict in the Middle East, which is impacting airline profits and operations [1][2][12]. Group 1: Airline Responses - Qantas Airways has hedged 81% of its fuel for the second half of its financial year ending June 30, but acknowledges the significant impact of rising oil prices on aviation [4][12]. - Japan Airlines plans to adjust its fuel surcharge for international flights, while offsetting domestic price spikes through hedging [5][12]. - Major Asian airlines, including Japan Airlines, Korean Air Lines, and Cathay Pacific Airways, have seen their shares decline, with Korean Air Lines falling nearly 8% and Japan Airlines down 3.5% [6][12]. Group 2: Market Conditions - The conflict has led to the closure of major Gulf hubs, including Dubai International Airport, which typically handles over 1,000 flights daily, stranding tens of thousands of passengers [2][12]. - There is a surge in demand for alternatives to Gulf airlines, with significant increases in passenger bookings and ticket prices for routes such as Hong Kong to London and Sydney to London [8][9][12]. - Air fares for Chinese airlines on routes to the UK have surged, with economy seats largely unavailable and business class tickets priced significantly higher than usual [10][12].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 第 1 頁 共 10 頁 v 1.2.0 致：香港交易及結算所有限公司 公司名稱: 中國國際航空股份有限公司 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00753 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,955,610,672 | RMB | | 1 | RMB | | 4,955,610,672 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 4,955,610,672 | RMB | | 1 | RMB ...

致：香港交易及結算所有限公司 公司名稱: 中國國際航空股份有限公司 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00753 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,955,610,672 | RMB | | 1 | RMB | | 4,955,610,672 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 4,955,610,672 | RMB | | 1 | RMB | | 4,955,610,672 | FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 ...

Group 1 - China National Airlines' H-shares fell by 3.8% [1] - A-shares of China National Airlines decreased by 2.6% [1]

Group 1 - The Hong Kong aviation stocks experienced a significant decline, with China Southern Airlines (01055.HK) dropping nearly 7% [1] - China Eastern Airlines (00670.HK) fell over 6%, while Air China (00753.HK) decreased by more than 5% [1] - Cathay Pacific (00293.HK) and Meilan International Airport (00357.HK) both saw declines of over 3% [1]