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 自願性公告 出售本公司持有的部分國泰航空股份 本公告由中國國際航空股份有限公司（「本公司」，連同其附屬公司，「本集團」）自願發 佈。 於二零二六年一月五日（收市後），本公司、本公司全資附屬公司Easerich Investments Inc. （「Easerich」）與Morgan Stanley & Co. International PLC（「配售代理」）訂立股份配售協議 （「配售協議」），據此，Easerich同意出售，而配售代理同意以每股12.22港元的價格配售 Easerich持有的108,080,000股國泰航空有限公司（「國泰航空」）股份（「國泰航空股份」），佔 於本公告日期國泰航空已發行股份總數約1.61%（「本次股份出售」）。本次股份出售預計將 於配售協議中規定的所有條件得到滿足或被配售代理豁免後的第二個營業日完成，但無 論如何不晚於二零二六年一月八日或Easerich與配 ...

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: 2025年12月31日 狀態: 新提交 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1月5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 | ...

Market Overview - The aviation and airport sector experienced a decline of 0.31% on January 5, with China National Aviation leading the drop [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Stock Performance - Key stocks in the aviation and airport sector showed mixed performance, with China National Aviation closing at 9.20, down 1.81%, and China Eastern Airlines at 6.05, up 0.83% [2] - The trading volume and turnover for major stocks included: - China National Aviation: 1.22 million shares, turnover of 1.11 billion [2] - China Eastern Airlines: 1.79 million shares, turnover of 1.07 billion [2] - Xiamen Airport: 66,800 shares, turnover of 115 million [2] Capital Flow - The aviation and airport sector saw a net inflow of 119 million from institutional investors, while retail investors experienced a net outflow of 173 million [2] - The capital flow for specific stocks indicated: - China Eastern Airlines had a net inflow of 94.70 million from institutional investors [3] - China National Aviation faced a net outflow of 18.89 million from institutional investors [3] - Shenzhen Airport had a net inflow of 12.24 million from institutional investors [3]

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: 2025年12月31日 狀態: 新提交 FF301 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1月5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 | ...

Investment Rating - The industry investment rating is "Buy" [4] Core Insights - The New Year holiday travel showed strong growth, with a total of 803 million people traveling across regions from December 31, 2025, to January 3, 2026, averaging 201 million people per day, a year-on-year increase of 19.75%. The total passenger transport volume reached 209 million, with a daily average of 52 million, up 31.1% year-on-year [4][7] - The aviation sector experienced both volume and price increases, with daily flight numbers averaging 14,900 during the holiday, a 2.9% increase compared to 2025 and a 13.2% increase compared to 2019. The average ticket price for domestic economy class reached 684.6 CNY, showing a year-on-year increase of 9.8% [4][9] - The railway and waterway transport sectors outperformed the market, with year-on-year growth rates of 54.5% and 32.7%, respectively, during the holiday period [4][7] Summary by Sections Holiday Travel Data - Total national passenger transport volume reached 20,943.4 million, with a year-on-year growth of 31.1% [7] - Railway passenger transport volume was 6,476.9 million, with a year-on-year growth of 54.5% [7] - Road passenger transport volume was 13,374 million, with a year-on-year growth of 23.2% [7] - Waterway passenger transport volume was 287.4 million, with a year-on-year growth of 32.7% [7] - Civil aviation passenger transport volume was 805.1 million, with a year-on-year growth of 13.1% [7] Investment Recommendations - The report recommends focusing on airlines with stable volume growth and improving prices, specifically mentioning Hainan Airlines, China National Aviation Holding, and Spring Airlines [4] - In the railway sector, it highlights the growth potential of Guangzhou-Shenzhen Railway and Beijing-Shanghai High-Speed Railway due to increased capacity and network effects [4]

Core Viewpoint - The recent announcements from multiple Chinese airlines regarding the purchase of A320 series aircraft indicate a strong recovery in the civil aviation industry, reflecting confidence in future market prospects and a willingness to invest in fleet expansion and optimization [9]. Group 1: Aircraft Purchases - China National Airlines (Air China) has signed an agreement with Airbus to purchase 60 A320NEO aircraft for approximately $9.53 billion (about 66.6 billion RMB), with deliveries scheduled between 2028 and 2032 [2][3]. - Other airlines, including Juneyao Airlines, Spring Airlines, and Huaxia Airlines, have also announced purchases of 25, 30, and 3 A320 series aircraft, respectively, totaling 118 aircraft with a combined value of approximately 127 billion RMB [2][9]. - The A320 series is noted as one of the best-selling aircraft models globally and the most widely used single-aisle aircraft in China [3]. Group 2: Financial Performance - For the first three quarters of 2025, Air China reported a revenue of 129.83 billion RMB, a year-on-year increase of 1.31%, and a net profit of 1.87 billion RMB, up 37.31% [5]. - The company has indicated that the recent increase in revenue is attributed to improved cost control measures [6]. - Air China plans to raise up to 20 billion RMB through a targeted A-share issuance to repay debts and improve liquidity, addressing its high debt-to-asset ratio, which stood at 87.88% as of September 2025 [6]. Group 3: Market Outlook - The collective aircraft purchases by multiple airlines are seen as a significant signal of the civil aviation industry's recovery, suggesting that airlines believe they have moved past challenging times and are entering a new growth phase [9]. - The planned acquisitions are expected to enhance the operational capacity of these airlines, supporting their strategic goals, including international expansion [7].

Investment Rating - The report maintains a "Buy" rating for China National Aviation Holding Company (China National Airlines) with a target price of 11.8 CNY / 10.0 HKD, compared to the current price of 9.37 CNY / 7.11 HKD [1][12]. Core Viewpoints - The aviation sector is expected to enter a significant bullish phase due to multiple factors, including supply constraints and improving demand dynamics [5][9]. - The report highlights that the airline industry is experiencing a structural improvement in demand, with a notable increase in international travel compared to domestic travel [9][10]. - China National Airlines is positioned to benefit from its superior resource endowment and customer base, which is less sensitive to price changes, thus showing strong pricing power [11][12]. Summary by Sections 1. Industry Overview - The report anticipates a low growth rate in aircraft imports in China, with a projected net increase in the industry of around 3% from 2025 to 2027 [9][28]. - Demand for air travel is improving, with domestic passenger volume increasing by 3.8% and international passenger volume rising by 20% year-on-year from January to November 2025 [9][10]. - The industry is experiencing high seat occupancy rates, with an average of 85.2% in the first eleven months of 2025, indicating strong pricing elasticity [10][22]. 2. Company Analysis: China National Airlines - China National Airlines has the highest pricing elasticity and the strongest ability to increase prices within the industry, which is expected to lead to superior performance in a bullish market [11][12]. - The company benefits from a well-distributed international route network, particularly in transcontinental routes to Europe and North America, which are expected to recover more significantly [11][12]. - Compared to Delta Airlines, China National Airlines is gradually closing the gap in scale but still has room for improvement in profitability, with current net profit margins at 6-8% compared to Delta's over 10% [11][12]. 3. Financial Projections - The report forecasts a significant increase in net profit for China National Airlines, projecting a return to profitability with net profits of 8.6 billion, 69.3 billion, and 100.5 billion CNY for 2025, 2026, and 2027 respectively [12]. - The expected earnings per share (EPS) for 2026 and 2027 are projected to be 0.4 CNY and 0.58 CNY, with corresponding price-to-earnings (PE) ratios of 24 and 16 [12]. - The target market capitalization for China National Airlines is estimated at 230.7 billion CNY, indicating a potential upside of 41% from the current valuation [12].

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly in light of recent developments in Venezuela and the increase in new ship prices [1][2]. Core Insights - Venezuela's political changes are expected to benefit compliant tanker markets, with a potential increase in oil exports leading to higher demand for Aframax tankers and VLCCs [3][4]. - New ship prices have shown an upward trend, with a 0.5% increase reported, particularly in gas carriers which rose by 1% [3]. - The report highlights a significant drop in VLCC freight rates, which fell by 36% week-on-week, while the Atlantic market remains relatively stable [3][4]. Summary by Sections Shipping Market - The report notes that the recent escalation in Venezuela's situation could lead to a 1.4% increase in compliant VLCC oil transport demand and a 4.0% increase for Aframax tankers [3][4]. - The average VLCC freight rate was reported at $43,895 per day, with Middle East to Far East rates dropping to $38,690 per day, a decrease of 45% from the previous week [3][4]. New Ship Prices - New ship prices have increased by 0.5% to 185.59 points, although they are down 1.85% compared to the beginning of 2025 [3][4]. Oil and Product Transport - The LR2-TC1 freight rate increased by 5% to $42,671 per day, supported by tight capacity in previous weeks [3]. - The report indicates a decline in MR average freight rates by 5% to $23,103 per day, with the Atlantic market remaining stable despite the holiday season [3][4]. Air Transport - The report anticipates significant improvements in airline profitability due to supply constraints and increasing passenger volumes, recommending several airlines for investment [3][4]. Express Delivery - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined for future performance [3][4]. Rail and Road Transport - Rail freight volumes and highway truck traffic are expected to maintain steady growth, with recent data showing a slight decrease in volumes [3][4].

Core Viewpoint - Multiple airlines in China have announced a reduction in domestic flight fuel surcharges starting from January 5, leading to potential savings of up to 20 yuan for travelers booking tickets for the Spring Festival holiday [1][8]. Group 1: Fuel Surcharge Adjustments - Airlines such as Air China, China Eastern Airlines, and Hainan Airlines will lower the fuel surcharge for domestic routes in mainland China [1][8]. - For routes with a distance of 800 kilometers or less, the fuel surcharge will be set at 10 yuan per passenger per segment, while for routes over 800 kilometers, it will be 20 yuan [1][8]. - The new surcharge rates represent a decrease of 10 yuan and 20 yuan compared to the previous standards [1][8].

Investment Rating - The report maintains an "Overweight" rating for the aviation and oil transportation sectors, indicating a positive outlook for both industries [35]. Core Insights - The aviation sector is expected to see robust demand growth, driven by increased travel during the New Year holiday, with significant year-on-year increases in both passenger volume and ticket prices. The report suggests a strategic investment during the off-peak season, anticipating a long-term super cycle [3][4]. - In the oil transportation sector, while seasonal price declines are noted, the report emphasizes the potential for future price increases due to ongoing global oil production growth and limited capacity expansion. It recommends a contrarian investment approach during the off-peak period [3][4]. Summary by Sections Aviation Sector - The report highlights a strong increase in travel demand during the New Year holiday, with a 19% year-on-year increase in overall passenger movement from December 31, 2025, to January 2, 2026. Specifically, civil aviation saw a 13% increase [3][4]. - Domestic ticket prices are estimated to rise by over 10% year-on-year during the holiday period, despite a projected short-term dip in passenger flow post-holiday [3][4]. - The aviation industry is experiencing high load factors while ticket prices remain at historical lows, suggesting a favorable environment for profitability growth driven by demand recovery and market pricing dynamics [3][4]. Oil Transportation Sector - The report notes that the average daily earnings for Very Large Crude Carriers (VLCC) reached $51,000 in 2025, significantly higher than the $36,000 in 2023-2024, driven by improved capacity utilization and increased oil production from the Middle East and South America [3][4]. - Despite a recent decline in freight rates during the traditional off-peak season, the report maintains a positive outlook for future price increases, supported by ongoing global oil production growth and limited fleet expansion [3][4]. - The report suggests monitoring geopolitical developments, particularly in Venezuela, and recommends increasing positions in companies like COSCO Shipping Energy, China Merchants Energy Shipping, and China Shipbuilding Leasing [3][4].