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].

Core Insights - Beijing's inbound tourism market is showing a strong recovery, with inbound visitor numbers reaching 446,000 in August, a year-on-year increase of over 30% [1] - The total number of inbound tourists from January to July reached 2.916 million, representing a 46.2% year-on-year growth, with tourism consumption amounting to $3.78 billion, up 49.6% [1] - Major source countries for inbound tourists include Russia, the United States, Malaysia, Singapore, South Korea, Mongolia, Japan, and Vietnam [1] Group 1: Inbound Tourism Data - Inbound tourist numbers have consistently exceeded 300,000 per month since March, with an average of over 500,000 in April, May, and June [1] - As of August 25, 2025, China has implemented unilateral visa exemption policies for 47 countries and mutual visa exemption agreements with 29 countries [1] Group 2: Airline and Travel Services - Air China, as the only flag carrier of China and a member of the Star Alliance, operates over 1,200 destinations globally and has launched 71 routes under the Belt and Road Initiative [2] - Air China's international and regional flight capacity increased by 15% year-on-year, serving 3.8 million foreign passengers, including 1.24 million transit passengers [2] - Air China is developing a comprehensive inbound tourism solution that includes pre-flight, in-flight, and post-arrival services, enhancing the travel experience for international visitors [2] Group 3: Government Initiatives - Beijing has introduced a series of measures to promote inbound tourism and consumption, including the "Smart Customs" initiative to facilitate traveler entry and exit [3] - The Beijing Customs has explored innovative regulatory models for international and domestic transfers to ease the travel process for tourists [3] - New services at the Capital Airport include a "Beijing Service" point for foreign travelers, offering currency exchange, SIM card services, and a "Free Beijing Half-Day Tour" service [3]

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。 ...

智通财经APP讯，中国国航(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。 ...

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 建議委任執行董事 中國國際航空股份有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈，董事會於二零 二五年九月十八日決議建議委任劉鐵祥先生（「劉先生」）為執行董事。劉先生的建議委任 須待本公司股東（「股東」）於本公司股東會上批准後方可作實。劉先生將就擔任執行董事 與本公司訂立服務合同，任期自其委任獲股東批准之日起至本屆董事會任期結束時為 止。劉先生不會就擔任執行董事收取任何薪酬。 劉先生的履歷詳情如下： 劉鐵祥先生，59歲，畢業於空軍第一航空學校飛行專業和中央黨校經濟管理專業，正高 級飛行員。1983年6月參加工作。歷任中國國際航空股份有限公司飛行技術管理部總經 理、飛行總隊總隊長、總飛行師、副總裁、黨委常委、總運行執行官，中國東方航空集 團有限公司副總經理、黨組成員，總經理、黨組副書記、董事，中國東方航空股份有限 公司副總經理、黨委常委，總經理、黨委副書記、副董事長。2025年8月 ...

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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 海外市場公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條的規定而發表。 附件為中國國際航空股份有限公司於上海證券交易所刊發之 中國國際航空股份有限公司 第七屆董事會第七次會議決議公告 承董事會命 中國國際航空股份有限公司 公司秘書 肖烽 中國北京，二零二五年九月十八日 於本公告日期，本公司的董事為馬崇賢先生、王明遠先生、崔曉峰先生、Patrick Healy （賀以禮）先生、肖鵬先生、徐念沙先生*、禾雲先生*、譚允芝女士*及高春雷先生*。 * 本公司獨立非執行董事 证券代码：601111 股票简称：中国国航 公告编号：2025-041 中国国际航空股份有限公司 第七届董事会第七次会议决议公告 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 ...