Investment Rating - The industry investment rating is "Buy" [2] Core Views - The industry is experiencing a robust supply and demand growth, with November data showing a year-on-year increase in both supply and demand. The passenger load factor has improved, particularly in domestic routes, which have seen a significant increase compared to 2019 levels. In November, the total supply and demand for six listed airlines increased by 7.1% and 10.3% year-on-year, respectively, reaching 110.4% and 116.7% of the levels seen in the same period of 2019. The passenger load factor rose by 2.5 percentage points to 85.6%, which is 4.6 percentage points higher than in November 2019 [6][6][6]. Summary by Sections Supply and Demand Dynamics - In November, domestic routes saw supply and demand increase by 4.2% and 6.8% year-on-year, respectively, achieving 113.3% and 118.2% of the levels from 2019. The passenger load factor for domestic routes improved by 2.1 percentage points to 86.6%, which is 3.6 percentage points higher than in 2019. International routes experienced a more significant increase, with supply and demand rising by 15.0% and 20.7% year-on-year, reaching 104.8% and 113.5% of 2019 levels. The passenger load factor for international routes increased by 3.9 percentage points to 83.4%, which is 6.4 percentage points higher than in 2019 [6][6]. Airline Performance - Performance among airlines varied, with Spring Airlines and Eastern Airlines leading in passenger load factors. In November, the three major airlines reported a year-on-year increase in supply and demand of 6.7% and 10.3%, respectively, continuing their recovery trend. Domestic routes for these airlines have returned to 111.6% and 116.6% of 2019 levels. Eastern Airlines had the highest passenger load factor, increasing by 3.0 percentage points to 87.4%, while China National Airlines showed the fastest recovery, with a 3.9 percentage point increase to 83.3% [6][6]. External Factors - External events continue to disrupt demand, particularly on the China-Japan route, which is experiencing short-term weakness. However, the long-term recovery trend for international routes remains intact. Recent policy changes have extended the free cancellation and modification policy for flights on this route until March 28, 2026. Despite the current challenges, the demand for international flights is expected to recover in the medium to long term, supported by resilient ticket prices [6][6].

Core Viewpoint - The Hong Kong aviation stocks experienced a significant rise, with China Eastern Airlines increasing over 4%, China Southern Airlines nearly 3%, and Air China rising by 3.3%. A report from Zhongtai Securities forecasts a gradual recovery in domestic demand and a positive outlook for international markets, driven by visa-free policies and corporate expansion abroad, leading to a favorable supply-demand dynamic in the aviation sector by 2026 [1]. Group 1: Market Trends - The domestic aviation market is expected to see a slow growth in capacity deployment, with demand continuing to recover moderately, which will drive passenger load factors to new highs and ticket prices to trend upwards [1]. - The international market is anticipated to benefit from visa-free policies and favorable conditions for companies expanding overseas, leading to optimistic growth in demand that may exceed expectations [1]. Group 2: Industry Dynamics - By 2026, the aviation market is projected to experience a positive cycle of volume and price, with a shift in growth engines from the domestic market to the international market, thereby driving an increase in both volume and pricing [1]. - During the 2025 winter-spring season, several airlines have announced plans to increase capacity and open new international routes, indicating a strong competitive position for domestic airlines in the international market [1]. - From 2013 to 2024, the market share of domestic airlines in China's international passenger traffic rose from 42% to 66%, with flight market share reaching 70% by November 2025, showcasing the competitive strength of domestic carriers [1].

| 代码 | 名称 | 最新价 涨跌幅 v | | | --- | --- | --- | --- | | 00670 | 中国东方航空股 | 4.880 | 4.05% | | 00753 | 中国国航 | 6.580 | 3.30% | | 01055 | 中国南方航空股 | 5.340 2.89% | | 此外，正值2025年冬春航季，多家航司近日表示将持续加大运力投入，新开国际航线。2013-24年，内 地航空公司在中国国际航线的客运量市场份额，从42%上升到66%；截止2025年11月，航班量市场份额 高达70%。内地航司在国际线攻城略地，展现强大的竞争力。 港股三大航空股盘初快速拉升，中国东方航空一度涨超4%，中国国航涨3.3%，中国南方航空涨近3%。 消息上，中泰证券发布研报称，展望2026年，民航国内市场运力投放增速缓慢不改，需求将延续温和复 苏态势，推动客座率再创新高、票价趋势性上涨;国际市场将受益于免签政策以及企业出海利好效应持 续释放，需求乐观增长或比预期更强，从而带动量价表现持续向好。该行预计2026年将是民航市场量价 正循环效应持续显现并被市场广泛认知的一年；也是增长引擎逐步从国内市 ...

New IPOs - Guoxia Technology (02655) received a subscription rate of 1890.73 times for its public offering in Hong Kong, with a share price of HKD 20.1 [1] - Easy Health (02661), Hansai Aitai-B (03378), and Nobi Kan (02635) are scheduled for public offerings from December 15 to December 18, with expected listing on December 23 [1] Major Events - Luoyang Molybdenum (03993) plans to acquire three major gold mining assets in Brazil for USD 1.015 billion [1] - Zhongwei New Materials (02579) has been included in the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect securities list [1] - Botai Carlink (02889) received a first project confirmation notice from a leading domestic new energy vehicle client [1] - Xiehe New Energy (00182) intends to sell 100% equity of Cangzhou Julong for CNY 65.3 million [1] - Fosun Pharma (02196) plans to invest a total of CNY 1.412 billion to gain control of Green Valley Pharmaceutical [1] - Youqu Holdings (02177) intends to spend JPY 2.701 billion to acquire the Japanese consulting pharmacy chain Akahige [1] Financial Data - China Metallurgical Group (01618) signed new contracts worth CNY 958.13 billion in the first 11 months, a decrease of 8.6% year-on-year [1] - Xinhua Insurance (01336) reported a cumulative original insurance premium income of CNY 188.85 billion in the first 11 months, an increase of 16% year-on-year [1] - China Southern Airlines (01055) saw a 10.42% year-on-year increase in passenger turnover in November [1] - China Shenhua (01088) reported coal sales of 389.5 million tons in the first 11 months, a decrease of 7.7% year-on-year [1] - China Eastern Airlines (00670) experienced a 10.35% year-on-year increase in passenger turnover in November [1] - Air China (00753) reported a 10.1% year-on-year increase in passenger turnover in November [1] Share Buybacks - Tencent Holdings (00700) repurchased 1.051 million shares for HKD 636 million on December 15 [2] - Xiaomi Group-W (01810) repurchased 7.2 million shares for HKD 302 million on December 15 [2] - Geely Automobile (00175) repurchased 1.991 million shares for HKD 34.7485 million on December 15 [2] - Kuaishou-W (01024) repurchased 462,000 shares for HKD 29.9304 million on December 15 [2] - Rongchang Bio (09995) plans to repurchase shares worth between CNY 2 million and CNY 4 million [2] - Gendyn New Drug (01952) received over HKD 38 million in share purchases from directors and major shareholders [2]

Core Viewpoint - China National Airlines (00753) reported an increase in passenger turnover and capacity for November 2025, indicating positive growth trends in both domestic and international markets [1] Group 1: Passenger Operations - The combined passenger turnover (measured in revenue passenger kilometers) increased by 10.1% year-on-year [1] - Passenger capacity (measured in available seat kilometers) rose by 4.9% year-on-year [1] - Domestic passenger capacity increased by 3.9%, with a turnover rise of 7.5% [1] - International passenger capacity saw an 8.1% increase, with a turnover growth of 17.4% [1] - Regional passenger capacity decreased by 3.5%, while turnover increased by 3.0% [1] - The average passenger load factor reached 83.3%, up by 4.0 percentage points year-on-year [1] - Domestic routes saw a load factor increase of 2.9 percentage points, international routes increased by 6.4 percentage points, and regional routes rose by 4.9 percentage points [1] Group 2: Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) increased by 1.4% year-on-year [1] - Cargo turnover (measured in revenue cargo ton kilometers) rose by 4.4% year-on-year [1] - The cargo load factor was 39.5%, up by 1.1 percentage points year-on-year [1] Group 3: Fleet Expansion - In November 2025, the group introduced 5 A320 series aircraft and 2 C919 aircraft [1] - As of the end of November 2025, the group operated a total of 956 aircraft, including 419 owned, 243 under finance leases, and 294 under operating leases [1]

Core Viewpoint - China International Airlines reported an increase in passenger turnover and capacity for November 2025, indicating a positive trend in both domestic and international travel demand [1] Passenger Operations - The group's passenger turnover (measured in revenue passenger kilometers) increased by 10.1% year-on-year, with domestic passenger turnover rising by 7.5% and international passenger turnover increasing by 17.4% [1] - Passenger capacity (measured in available seat kilometers) rose by 4.9% year-on-year, with domestic capacity up by 3.9% and international capacity up by 8.1% [1] - The average passenger load factor reached 83.3%, an increase of 4.0 percentage points year-on-year, with domestic routes up by 2.9 percentage points and international routes up by 6.4 percentage points [1] Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) increased by 1.4% year-on-year, while cargo turnover (measured in revenue cargo ton kilometers) rose by 4.4% [1] - The cargo load factor was reported at 39.5%, an increase of 1.1 percentage points year-on-year [1] Fleet Expansion - In November 2025, the group introduced 5 A320 series aircraft and 2 C919 aircraft [1] - As of the end of November 2025, the group operated a total of 956 aircraft, including 419 owned, 243 under finance leases, and 294 under operating leases [1]

（於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 二零二五年十一月的主要營運數據公告 隨附公告（「上交所公告」）乃由中國國際航空股份有限公司（「中國國航」）於二零二五年十 二月十五日在上海證券交易所刊發，其中載有中國國航及其附屬公司（統稱「本集團」）二 零二五年十一月的合併營運數據。本公告附上上交所公告乃由中國國航根據香港聯合交 易所有限公司證券上市規則（「上市規則」）第13.09條及第13.10B條，以及香港法例第571 章證券及期貨條例第XIVA部項下之內幕消息條文（定義見上市規則）而作出。 隨附上交所公告載列的數據來自本集團內部統計，可能與相關期間定期報告披露的數據 有差異。投資者應注意不恰當信賴或使用以上信息可能造成投資風險。 承董事會命 中國國際航空股份有限公司 公司秘書 肖烽 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。 2025 年 11 月，本集团共引进 5 架 A320 系列飞机和 2 架 C919 飞机。截至 ...

Core Viewpoint - China National Airlines (601111.SH) reported an increase in passenger turnover and capacity for November 2025, indicating a positive trend in both domestic and international travel demand [1] Group 1: Passenger Operations - The group's consolidated passenger turnover (measured in revenue passenger kilometers) increased by 10.1% year-on-year [1] - Passenger capacity (measured in available seat kilometers) rose by 4.9% year-on-year [1] - Domestic passenger capacity increased by 3.9%, with a turnover rise of 7.5% [1] - International passenger capacity saw an 8.1% increase, with turnover up by 17.4% [1] - Regional passenger capacity decreased by 3.5%, while turnover increased by 3.0% [1] - The average passenger load factor reached 83.3%, up by 4.0 percentage points year-on-year [1] - Domestic routes saw a load factor increase of 2.9 percentage points, while international routes increased by 6.4 percentage points, and regional routes by 4.9 percentage points [1] Group 2: Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) increased by 1.4% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) rose by 4.4% year-on-year [1] - The cargo load factor was 39.5%, up by 1.1 percentage points year-on-year [1]

证券代码：601111 股票简称：中国国航 公告编号：2025-059 中国国际航空股份有限公司 2025年11月主要运营数据公告 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。 2025 年 11 月，中国国际航空股份有限公司（以下简称"本公司"）及所属 子公司（以下简称"本集团"）合并旅客周转量（按收入客公里计）同比上升。 客运运力投入（按可用座位公里计）同比上升 4.9%，旅客周转量同比上升 10.1%。 其中，国内客运运力投入同比上升 3.9%，旅客周转量同比上升 7.5%；国际客运 运力投入同比上升 8.1%，旅客周转量同比上升 17.4%；地区客运运力投入同比 下降 3.5%，旅客周转量同比上升 3.0%。平均客座率 83.3%，同比上升 4.0 个百 分点。其中，国内航线同比上升 2.9 个百分点，国际航线同比上升 6.4 个百分点， 地区航线同比上升 4.9 个百分点。 货运方面，货运运力投入（按可用货运吨公里计）同比上升 1.4%，货邮周 转量（按收入货运吨公里计）同比上升 4.4%。货运载运率为 39.5% ...

Core Viewpoint - China National Airlines (601111.SH) reported an increase in passenger turnover and capacity for November 2025, indicating a positive trend in both domestic and international travel demand [1] Passenger Operations - The combined passenger turnover (measured in revenue passenger kilometers) increased by 10.1% year-on-year in November 2025 - Passenger capacity (measured in available seat kilometers) rose by 4.9% year-on-year - Domestic passenger capacity increased by 3.9%, with a turnover rise of 7.5% - International passenger capacity saw an 8.1% increase, with a turnover growth of 17.4% - Regional passenger capacity decreased by 3.5%, while turnover increased by 3.0% - The average passenger load factor reached 83.3%, up by 4.0 percentage points year-on-year [1][1][1] Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) increased by 1.4% year-on-year - Cargo and mail turnover (measured in revenue cargo ton kilometers) rose by 4.4% year-on-year - The cargo load factor was 39.5%, an increase of 1.1 percentage points year-on-year [1][1][1] Fleet Expansion - In November 2025, the group introduced 5 A320 series aircraft and 2 C919 aircraft - As of the end of November 2025, the group operated a total of 956 aircraft, including 419 owned, 243 under finance lease, and 294 under operating lease [1][1][1]