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 | ...

[Table_Page] 跟踪分析|交通运输 证券研究报告 [Table_Title] 交通运输行业 元旦出行高景气，航空量价齐升强化信心 [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 [分析师： Table_Author]许可 SAC 执证号：S0260523120004 SFC CE No. BUY008 0755-88285832 xuke@gf.com.cn 分析师： 陈宇 SAC 执证号：S0260524100002 SFC CE No. BLW740 021-38003771 shchenyu@gf.com.cn -10% -2% 6% 14% 22% 30% 01/25 03/25 05/25 08/25 10/25 12/25 交通运输 沪深300 [Table_ 相关研究： DocReport] | 交通运输行业 2026 年投资策 | 2025-12-11 | | --- | --- | | 略:时来天地皆同力 | | | 交通运输行业 2025 年三季报 | 2025-11-03 | | 总结:反内卷与内需复苏共振 | | | 下的稳健修复 ...

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].

证 券 研 究 报 告 中国国航（601111）深度研究报告 推荐（维持） 航空股或开启大级别行情 ——华创交运|航空强国系列研究（一） 公司研究 航空 2026 年 01 月 04 日 目标价：11.8 元/10.0 港元 当前价：9.37 元/7.11 港元 华创证券研究所 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 证券分析师：李清影 邮箱：liqingying@hcyjs.com 执业编号：S0360525080004 联系人：刘邢雨 邮箱：liuxingyu@hcyjs.com 公司基本数据 | 总股本(万股) | 1,74 ...

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].

果然财经|1月5日起！多家航司下调国内机票燃油附加费 过完元旦假期，旅客预订春节假期国内机票最多将少支付20元。这是因为国航、东航、海航等多家航司 纷纷发出通知，以购票时间为准，自1月5日零时起下调中国内地的国内航线燃油附加费。据成都日报， 根据各航司的通知，国内航线燃油附加费调整后，航线里程在800公里及以下的，每名旅客每个航段征 收10元燃油附加费，航线里程在800公里以上的征收20元。与调整前的征收标准相比，分别降低了10 元、20元。 果然财经|1月5日起！多家航司下调国内机票燃油附加费 大众报业·齐鲁壹点15:34 热门评论我要评论 微信扫码 移动端评论 暂无评论 鲁ICP备15022957号-13 鲁公网安备 37010202002220号 鲁新网备案号201000101 电信增值业务许可证： 鲁B2-20120085 齐鲁晚报·齐鲁壹点 版权所有(C) All Rights Reserved 联系电话：0531-82625462邮箱： 1790179766@qq.com 热门评论我要评论 微信扫码 果然财经|1月5日起！多家航司下调国内机票燃油附加费 过完元旦假期，旅客预订春节假期国内机票最多将 ...

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].

本报讯（四川日报全媒体记者 兰珍）2025年12月30日18时30分，搭载着125名旅客的国航CA455 航班从成都天府国际机场起飞，经过4小时30分钟的空中航程，于当地时间20时01分顺利抵达哈萨 克斯坦阿拉木图国际机场，标志着成都至阿拉木图直飞航线正式开通。这是西南地区首条直飞哈 萨克斯坦的空中航线。阿拉木图是哈萨克斯坦最大城市，也是哈萨克斯坦的重要公路运输中心和 国内国际航空港，主要景点有琼布拉克高山滑雪场、大阿拉木图湖等。该航线每周二、周六执 行，去程航班号为CA455，计划时间为18：30从成都天府国际机场起飞，当地时间20：00抵达阿 拉木图国际机场；返程航班号为CA456，计划于当地时间21：30从阿拉木图国际机场起飞，次日 4：30抵达成都天府国际机场，执飞机型为空客A320，空中飞行时间约4.5个小时。 ...

电子 c.add : 00 00 L TECHNICIA TA 出口EXIT 61 P a 11 祝福。旅客还获赠了具有各航司特色的伴手礼，让这份独特而温暖的新年飞行体验成为值得珍藏的记 忆。 ) ARRENEES O 9 70 3 D El 同心起影 ami e 8 T 177 载口 （来源：中国民航网） 转自：中国民航网 《中国民航报》、中国民航网 记者张丰蘩 报道：2026年1月1日清晨6时17分，中国国际航空公司（以下 简称"国航"）CA1619航班从北京首都国际机场起飞，满载着新年第一缕晨光与对旅客的美好祝愿，驶 向目的地绥芬河，以"第一飞"的仪式感正式拉开了"同心起航·共赴未来"2026年中航集团新年主题航班 系列活动的帷幕。随后，国航系成员航司深圳航空、山东航空、北京航空、大连航空、内蒙古航空、昆 明航空，陆续从深圳、济南、北京（大兴）、大连、呼和浩特、昆明机场，执飞各自在2026年元旦当天 的首个国内航班，在万米高空接力展开一场别开生面的"云端迎新"活动。 当天，所有主题航班的客舱均经过精心装饰，"同心起航·共赴未来"的主题视觉贯穿始终，营造出浓厚 的节日氛围。航班进入平飞阶段后，热情洋溢的机 ...

Core Viewpoint - The three major Chinese airlines, China Eastern Airlines, China Southern Airlines, and Air China, announced a new fuel surcharge standard for domestic flights effective from January 5, 2026, with specific rates for different flight distances and exemptions for certain passenger categories [1][4][6]. Group 1: Fuel Surcharge Standards - For domestic flights under 800 kilometers, the fuel surcharge will be set at RMB 10 per passenger, while for flights over 800 kilometers, the surcharge will be RMB 20 per passenger [1][4][6]. - Infants traveling on adult tickets will be exempt from the fuel surcharge, while children, disabled veterans, and police officers injured in the line of duty will have reduced rates, with no charge for flights under 800 kilometers and RMB 10 for flights over 800 kilometers [1][4][6]. Group 2: Ticket Change Policy - Tickets sold before January 5, 2026, will not have the fuel surcharge refunded or adjusted if changes are made after this date [2][4].