Group 1 - Hong Kong's Hang Seng Index fell by 0.97%, down 254 points, while the Hang Seng Tech Index dropped by 2.2% with a trading volume of 165.2 billion HKD in the morning session [1] - Congo has extended its cobalt export ban, leading to a rise of over 8.9% in the stock price of Liqin Resources (02245) [1] - Cloudwise Technology (01037) surged by 79% due to potential collaboration with UBTECH [1] - Kaizhile International (02122) saw a more than 12% increase after partnering with Pokémon IP to enter the collectible card game market [1] - HuiLiang Technology (01860) rose nearly 4.76% to a new high, driven by rapid growth from its smart bidding products, with institutions optimistic about the company's growth potential [1] - Shanggao Holdings (00412) increased by over 14%, maintaining normal business operations and announcing a buyback plan of up to 100 million USD [1] - Dazhong Public Utilities (01635) rose by 6.6%, with the company holding shares in Shenzhen Capital Group, and Moer Thread's IPO on the Sci-Tech Innovation Board is set to be reviewed [1] - Datang Gold (08299) surged over 20% in the morning after raising over 270 million HKD through a placement, with the controlling shareholder of Wanguo Gold Group becoming the second-largest shareholder [1] - Hong Kong Broadband (01310) rebounded over 17%, as its controlling shareholder, China Mobile Hong Kong, plans to place existing shares, and the company aims to meet public holding requirements promptly [1] - Solar stocks collectively declined, with institutions indicating that domestic polysilicon prices remain high and the supply-demand relationship in the industry has not significantly improved. New Special Energy (01799) fell by 4.18%, Flat Glass Group (06865) dropped by 4%, Xinyi Solar (00968) decreased by 2.6%, and Xinyi Energy (03868) fell by 3% [1] Group 2 - Airline stocks collectively declined due to unexpectedly weak demand for public transportation during the summer travel season, with institutions suggesting to monitor the sustainability of public transport recovery and avoid excessive competition. China Southern Airlines (01055) fell by 4.93%, Air China (00753) dropped by 3.98%, and China Eastern Airlines (00670) decreased by 2.27% [2]

2025.09. 23 本文字数：1251，阅读时长大约2分钟 作者 | 第一财经 陈姗姗 中央气象台9月23日10时继续发布台风橙色预警：今年第18号台风"桦加沙"（超强台风级）的中心今 天（23日）上午10点钟位于广东省阳江市东偏南方向约640公里的南海北部海面上，预计将于24日 中午到晚上在广东珠海到湛江一带沿海登陆（台风级或强台风级，13-15级，40-48米/秒）。 据记者了解，此次超强台风主要影响珠海金湾、深圳宝安、香港、澳门、广州白云、惠州平潭、揭阳 潮汕、高雄小港、台北桃园、福州长乐、厦门高崎、湛江吴川、海口美兰机场的航班运行。为此，多 家航空公司发布了航班取消的计划。 其中， 南航 表示，23日、24日在惠州平潭机场的航班全部取消；23日在台北桃园机场的航班全部 取消；24日在澳门机场的航班全部取消；同时提前取消23日进出珠海金湾机场航班21班；取消23日 在香港机场的CZ603、CZ604、CZ5009航班，24日航班全部取消；深圳宝安机场23日出港航班起 飞时间安排在20:00前执行，23日进港航班落地时间安排在18:30前执行。 主基地位于中国香港的 国泰航空 也宣布，自23日下午6时 ...

Core Viewpoint - Airline stocks collectively declined, with significant drops observed in major airlines such as China Southern Airlines, Air China, and China Eastern Airlines, indicating a challenging market environment for the sector [1] Group 1: Market Performance - As of the report, China Southern Airlines (600029) fell by 4.93% to HKD 3.86, Air China (601111) decreased by 4.34% to HKD 5.29, China Eastern Airlines (00670) dropped by 2.6% to HKD 3, and Capital Airport (00694) declined by 1.43% to HKD 2.75 [1] - The report from Cathay Securities highlighted a recovery in commercial demand year-on-year for April and May, which supported airlines in reducing fuel costs during the off-peak season, leading to a significant reduction in losses for Q2 [1] Group 2: Demand and Pricing Dynamics - Unexpected weakness in commercial demand during July and August resulted in a lack of profitability during the summer travel season, despite a projected year-on-year increase in summer profits due to the offsetting effects of falling ticket prices and oil prices [1] - The report suggests monitoring the recovery of commercial demand after the important October meetings, with initial signs of strong demand in September potentially indicating that the summer's unexpected weakness may be temporary [1] Group 3: Future Outlook - If the recovery in commercial demand proves sustainable, it is anticipated that the profit center for airlines will significantly rise starting in 2026, with state-owned airlines in China expected to benefit from reduced internal competition [1] - The Civil Aviation Administration of China is expected to continue controlling flight schedule growth for the winter season of 2025/26, which, along with low-price management during the off-peak season, will help airlines significantly reduce losses and potentially achieve profitability for the entire year of 2025 [1]

Core Viewpoint - The aviation stocks have collectively declined, with significant drops observed in major airlines, while a report indicates a mixed outlook for demand recovery and profitability in the upcoming months [1] Group 1: Stock Performance - Southern Airlines (01055) fell by 4.93%, trading at 3.86 HKD [1] - Air China (00753) decreased by 4.34%, trading at 5.29 HKD [1] - Eastern Airlines (00670) dropped by 2.6%, trading at 3 HKD [1] - Capital Airport (00694) declined by 1.43%, trading at 2.75 HKD [1] Group 2: Demand and Profitability Outlook - From April to May, commercial demand showed a year-on-year recovery, supporting airlines in reducing fuel costs during the off-peak season, leading to a significant reduction in losses for Q2 [1] - However, unexpected weakness in commercial demand during July to August resulted in a lack of profitability during the summer travel season [1] - Despite the pressure from reduced commercial demand, a decline in ticket prices and oil prices is expected to offset losses, with summer travel profitability still projected to increase year-on-year [1] Group 3: Future Expectations - The report suggests monitoring the recovery of commercial demand after the important October meetings, with initial signs in September indicating a strong demand that may validate the previous unexpected weakness as a temporary issue [1] - If the recovery in commercial demand proves sustainable, a significant upward shift in airline profitability is anticipated starting in 2026 [1] - The Civil Aviation Administration of China is expected to continue controlling flight schedule growth for the winter season of 2025/26, which, along with low-price management during the off-peak season, will help airlines significantly reduce losses and potentially achieve profitability for the entire year of 2025 [1]

Group 1: Mechanical Industry - The mechanical industry report highlights that the US CPI increased by 2.9% year-on-year in August, with a core CPI rise of 3.1% and non-farm employment adding 22,000 jobs [1][4] - The report suggests focusing on export-oriented consumer companies with global manufacturing layouts, brand output capabilities, and channel integration advantages, especially those with diversified capacity and stable customer loyalty [3][16] - The report notes a slight depreciation of the US dollar against the RMB and a slight appreciation of the euro against the RMB, with major shipping routes experiencing a year-on-year increase in freight rates [1][5] Group 2: Aviation Industry - The aviation industry is expected to enter a "super cycle" with high passenger load factors and improving supply-demand dynamics, potentially leading to a significant increase in airline profitability by 2026 [2][8][25] - The report indicates that the Chinese aviation market has achieved market-driven pricing and high load factors, which are essential for price transmission [8][25] - The report anticipates that if business travel demand continues to recover, airlines' profitability will significantly increase, marking a long-term positive trend for the industry [8][25][27] Group 3: Fixed Income Research - The report discusses the issuance of local government bonds in various provinces, totaling 188.52 billion RMB, with a slight narrowing of the bond issuance spread [2][14] - It highlights the impact of the Federal Reserve's interest rate cuts on global policy cycles and the need to monitor liquidity changes and structural opportunities in the bond market [1][11] - The report emphasizes the importance of adjusting investment strategies in response to the evolving interest rate landscape and liquidity conditions [11][13]

Core Viewpoint - The upcoming "National Day and Mid-Autumn Festival" holiday is expected to boost the domestic and outbound tourism markets, driven by supportive policies and a focus on enhancing travel experiences and product quality [2][3][4]. Group 1: Domestic Tourism Trends - The holiday period is anticipated to see a rise in short trips and an increase in the quality of long-distance travel, with online travel platform Tongcheng Travel reporting a doubling in bookings for domestic tours and over 20% increase in spending on long-distance group tours compared to last year [2][3]. - The average ticket price for domestic flights is expected to follow a "high-low-high" pattern, with peak prices at the beginning and end of the holiday, while mid-holiday prices are relatively lower [5][6]. Group 2: Outbound Tourism Growth - Outbound tourism products have seen a 75% increase in destination offerings, with traveler numbers up 130% compared to last year, particularly in Europe and North America, which saw increases of 80% and 207% respectively [6][12]. - The trend of early bookings is evident, with some outbound travel products selling out three months in advance, indicating strong demand [3][6]. Group 3: Travel Booking Patterns - The trend of "picking holidays" has led to an earlier booking rhythm, with travel reservations made approximately 3.5 days earlier than last year [4][5]. - The average booking volume for transportation services has increased by about 4.2% compared to last year, with significant growth in high-speed rail and multi-destination travel [5][6]. Group 4: Industry Challenges - Despite growth in traveler numbers, the tourism industry faces challenges with profitability, as indicated by the disparity between the increase in passenger volume and revenue for major airlines [8][9]. - The average ticket price for economy class in the civil aviation sector has decreased by 12.1% year-on-year, reflecting a struggle to match revenue growth with increased passenger numbers [8][9]. Group 5: Emerging Travel Preferences - There is a noticeable shift towards personalized and diverse travel products, with smaller group sizes becoming more popular, reflecting changing consumer preferences [11][12]. - The integration of cultural and entertainment activities into travel experiences is gaining traction, with significant increases in searches for hotels and attractions near popular events [10][11]. Group 6: Inbound Tourism Recovery - The inbound tourism market in Beijing has shown a strong recovery, with a 46.2% increase in visitors and a 49.6% rise in tourism spending compared to last year [12][13]. - Airlines are enhancing their services to attract foreign tourists, focusing on creating a seamless travel experience from pre-departure to arrival [13].

据北京市文旅局最新数据，8月份，北京入境游人数达到44.6万人次，同比增长超30%。主要客源国是 俄罗斯、美国等8个国家。 例如，首都机场在3号航站楼国际到达层B出口外新设"北京服务"机场服务点，为旅客提供外卡取现、 货币兑换、SIM卡办理、旅游预订等一站式服务。位于3号航站楼国际到达层B出口外的"免费北京半日 游"服务柜台。 受入境游签证便利化及一系列消费促进政策的影响，入境游市场回暖向好。近日，北京市文旅局相关负 责人在国航2025年入境游主题产品发布会上公布了一组入境游"升温"的新数据：今年以来北京入境游市 场恢复态势良好，截至7月底，入境游客达到291.6万人次，同比增长46.2%；实现旅游消费37.8亿美 元，同比增长49.6%。今年3月以来，入境游客人数每个月都超过30万人次，同比增长均超过了30%，尤 其是4月、5月、6月，平均超过50万人次。8月份，入境游人数达到44.6万人次，同比增长超过了30%。 主要客源国是俄罗斯、美国、马来西亚、新加坡、韩国、蒙古国、日本和越南。 文/本报记者 蔺丽爽 截至2025年8月25日，我国已对47国实施单方面免签政策、全面互免签证国家29个、对55国实施24 ...

00753 臨時股東會代表委任表格 與本代表委任表格有關之股份數目 （附註1） 本人╱吾等 （附註2） 地址為 為中國國際航空股份有限公司（「本公司」）股本中 （附註3） 股之H股之登記持有人，茲委任股東會主席及╱或 （附註4） 地址為 為本人╱吾等之代表：(a)代表本人╱吾等出席本公司訂於二零二五年十月十日（星期五）上午十時正假座中國 北京市順義區天柱路30號C713會議室召開之臨時股東會（或其任何續會）（「股東會」），以考慮及酌情通過召開 股東會之通告（「通告」）所載之決議案（「決議案」）；並(b)在股東會（或其任何續會）代表本人╱吾等以本人╱吾 等之名義按照以下指示表決決議案；如無作出該等指示，則由本人╱吾等之代表酌情表決。除另有說明者 外，本代表委任表格所用詞彙與通告所界定者的涵義一致。 * 有關決議案的詳情，請參閲本公司日期為二零二五年九月十八日的公告及通告。 日期：二零二五年 月 日 簽署 附註： 1. 請填上以 閣下名義登記並與本代表委任表格有關之股份數目，如不填上股數，則本代表委任表格將視為與以 閣下名義登記之 所有股份有關。 8. 本代表委任表格之任何更改，均須由簽署人簡簽示可。 （附註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通告之內容概不負責，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通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 臨時股東會通告 茲通告中國國際航空股份有限公司（「本公司」）將於二零二五年十月十日（星期五）上午十 時正假座中國北京市順義區天柱路30號C713會議室舉行臨時股東會（「臨時股東會」），以 審議及酌情通過下列決議案： 普通決議案（採取累積投票方式） 1.00 關於選舉董事的議案 1.01 審議及批准關於選舉劉鐵祥先生為本公司執行董事的議案。 有關劉鐵祥先生之履歷詳情，請見本通告附錄。 承董事會命 中國國際航空股份有限公司 公司秘書 本公司將於二零二五年十月二日（星期四）至二零二五年十月十日（星期五）期間（包括首尾兩 天）關閉H股股東名冊，期間不會辦理及登記本公司H股股份過戶登記。為符合資格出席臨 時股東會並於會上投票，本公司H股股東（「股東」）須於二零二五年九月三十日（星期二）下午 四時三十分前，將過戶文據連同股票及其他適當文件送交本公司H股過戶登記處，香港中央 證券登記有限公司，地址為香港灣 ...

中国国航（601111）(00753)发布公告，董事会于2025年9月18日决议建议委任刘铁祥先生为执行董事。 刘先生的建议委任须待公司股东于公司股东会上批准后方可作实。 ...