Investment Rating - The investment rating for the aviation industry is "Overweight" [2]. Core Insights - The domestic aviation market has shown strong performance during the National Day holiday, with passenger transport volume averaging approximately 2.15 million people per day, a year-on-year increase of 31% compared to 2019 and 4% compared to 2024 [1]. - The average ticket price (including fuel) has increased by 7% compared to 2019 and 3% compared to 2024, indicating a positive trend in pricing despite some regional weather disruptions [1]. - The industry is expected to enter a "golden era" over the next 5-10 years, driven by supply chain improvements and increasing demand, with major airlines likely to continue reporting strong earnings [1]. Summary by Sections Passenger Transport Data - Daily average domestic passenger transport volume: 2.15 million, +31% YoY vs. 2019, +4% YoY vs. 2024 [1]. - Daily average domestic flight volume: 14,500 flights, +19% YoY vs. 2019, +2% YoY vs. 2024 [1]. - International passenger transport volume: 380,000, -13% YoY vs. 2019, +11% YoY vs. 2024 [1]. Market Perception - There are misconceptions regarding the recovery of Boeing and Airbus production capacity, which may not reverse the aging trend of aircraft [1]. - Current low domestic ticket prices do not necessarily correlate with poor airline profitability, as many airlines have seen international market recovery exceeding pre-pandemic levels [1]. Future Outlook - The aviation industry is expected to experience significant improvements in profitability, with a shift from losses to profitability anticipated in the coming years [1]. - The supply chain issues leading to aircraft shortages are projected to persist for 5-10 years, creating a favorable environment for airlines [1]. Investment Recommendations - Continued focus on the aviation sector is recommended, with specific attention to airlines such as China Eastern Airlines, Spring Airlines, and China Southern Airlines, among others [1][2].

黄金周期间，东航由武汉往返上海两场、北京大兴、成都天府、昆明、西安、广州等主要枢纽机场的国 内航线，客座率保持高位；同时，前往泉州、福州、厦门、青岛、济南、太原、天津、宁波等国内热门 旅游城市的航线客座率也超过90%。 国际及地区航线方面，东航于长假前夕的9月30日，开通了武汉至柬埔寨金边航线；东航在汉运营的国 际及地区航线至此达11条，继续保持武汉市场的领先地位。假期里，东航由武汉前往东京、吉隆坡、新 加坡、悉尼和台北等方向的国际及地区出行客流，热度持续攀升。 双节长假中，东航武汉公司推出了多项节日特色活动，10月1日，"耀东方 楚不凡"国庆节特色主题航 班，在武汉飞往北京大兴的航程中举行。中秋节当晚，武汉—博鳌航班举办"月满天涯 情系东航"中秋 特色活动，乘务组将定制中秋月饼送到每位旅客手中，并安排了"中秋诗词汇"互动。武汉机场的东航贵 宾室推出了黑芝麻、海盐芝士等多款特色月饼及玉兔造型点心，设计了投壶、猜灯谜等传统游戏 此次黄金周，东航在武汉当地科学调配运力，加强运行协调，航班正点率达到97.06%，高于机场平均 水平。东航武汉公司在武汉天河国际机场增开值机柜台，组织志愿者在关键区域进行分流引导、提供问 ...

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國東方航空股份有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 II. 已發行股份及/或庫存股份變動 | 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) | 00670 | 說明 | | 中國東方航空股份有限公司H股 | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 5,176,777,777 | | 0 | | 5,176,777,777 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 5,176,777,777 | | 0 | | 5,176,777,777 | | 2. 股份分類 | 普通 ...

Investment Rating - The report gives an "Overweight" rating for the aviation industry, indicating a positive outlook for the sector's performance compared to the overall market [8]. Core Insights - The National Day holiday data for the aviation industry exceeded expectations, signaling an upcoming golden era for airlines. The domestic aviation market showed stable performance despite adverse weather conditions, with daily passenger transport volume averaging approximately 2.15 million, a 31% increase compared to 2019 and a 4% increase compared to 2024 [2]. - The growth in passenger volume is primarily dependent on the increase in aircraft numbers, and a low growth rate in passenger volume amidst high load factors is seen as a positive indicator for profitability. If fleet size does not grow, passenger volume may stagnate or decline, leading to potential supply-demand mismatches and price fluctuations [2]. - The report highlights two misconceptions in the market: first, the belief that the recovery of Boeing and Airbus production capacity will reverse the aging trend of aircraft; second, the notion that lower ticket prices will negatively impact airline profitability. The report argues that many domestic airlines have already surpassed 2019 levels in international market recovery, and as long as the reduction in unit costs exceeds the decline in unit revenues, airline profitability will improve [2]. - The Chinese civil aviation sector is entering a golden age, expected to last 5-10 years, driven by supply chain improvements. Short-term indicators include record profits for major airlines during the National Day holiday, while medium-term expectations include a transition from losses to profitability for airlines [2]. - Investment recommendations include focusing on the aviation sector, with a strong supply-side logic and elastic demand. Airlines such as China Eastern Airlines, Spring Airlines, and China Southern Airlines are highlighted as potential investment opportunities, along with global aircraft leasing companies and airport sectors showing continuous recovery [2][3]. Summary by Sections - **Passenger Transport Data**: Daily domestic passenger transport volume reached approximately 2.15 million, with a 31% increase from 2019 and a 4% increase from 2024. Daily domestic flight volume averaged about 14,500 flights, a 19% increase from 2019 and a 2% increase from 2024 [2]. - **International Market Performance**: Daily international passenger transport volume averaged around 380,000, a 13% decrease from 2019 but an 11% increase from 2024. The average ticket price for international flights decreased by 12% compared to 2024 [2]. - **Company Valuation Table**: Key companies in the aviation sector, such as China Southern Airlines and China Eastern Airlines, have been rated as "Outperform" or "Buy," with projected earnings per share (EPS) growth indicating strong future performance [3].

Group 1 - The "Super Golden Week" holiday from October 1 to 8 saw Eastern Airlines operate nearly 25,000 domestic and international flights, transporting over 3.65 million passengers, with an average of over 3,100 flights per day, marking a year-on-year increase of 3.6% in flight operations and 6.2% in passenger volume [1][5][6] - Domestic routes from major hubs such as Shanghai, Beijing, Shenzhen, and Guangzhou to popular tourist destinations like Xiamen, Dalian, and Harbin experienced high passenger load factors, indicating strong demand [5][6] - Internationally, Eastern Airlines executed 3,484 flights during the holiday, carrying 552,000 passengers, with routes to Europe, North America, and Asia being particularly popular [5][6] Group 2 - To enhance passenger experience, Eastern Airlines increased check-in counters and ground staff at various airports and introduced "accompanying services" at major airports to cater to diverse travel needs [6] - The airline offered bundled products like "flight + hotel" and "flight + ticket" to enrich travel experiences, along with themed flights for the holidays to create a festive atmosphere [6]

Core Viewpoint - The aviation and airport sector experienced a rise of 0.82% on October 9, with Southern Airlines leading the gains, while the Shanghai Composite Index rose by 1.32% and the Shenzhen Component Index increased by 1.47% [1]. Group 1: Stock Performance - Southern Airlines (600029) closed at 6.17, up by 1.98% with a trading volume of 1.2 million shares and a transaction value of 724 million yuan [1]. - China Eastern Airlines (600115) closed at 4.22, up by 1.69% with a trading volume of 2.3 million shares and a transaction value of 941 million yuan [1]. - Hainan Airlines (600221) closed at 1.64, up by 1.23% with a trading volume of 4.6 million shares and a transaction value of 752 million yuan [1]. - Xiamen Airport (600897) closed at 14.37, down by 0.62% with a trading volume of 19,700 shares and a transaction value of 28.2 million yuan [2]. - Baiyun Airport (600004) closed at 9.44, down by 0.42% with a trading volume of 201,000 shares and a transaction value of 18.9 million yuan [2]. Group 2: Capital Flow - The aviation and airport sector saw a net outflow of 119 million yuan from institutional investors, while retail investors contributed a net inflow of 27.67 million yuan [2]. - China National Airlines (601111) had a net inflow of 33.72 million yuan from institutional investors, but a net outflow of 36.14 million yuan from retail investors [3]. - Hainan Airlines (600221) experienced a net inflow of 22.03 million yuan from institutional investors, while retail investors had a net inflow of 231,800 yuan [3].

在国际及地区航线方面，东航假期8天执行航班总量达3484班，累计运输旅客55.2万人次。其中，前往欧美、澳大利亚、日韩、东南亚、中亚、西亚、北非 等地的航线较为热门，上海浦东—墨尔本、上海浦东—纽约、上海浦东—法兰克福、上海虹桥—东京、西安—伊斯坦布尔、上海浦东—卡萨布兰卡等航线客 座率较高。 东航数据显示，在国内航线方面，从上海、北京、深圳、广州、西安、成都等枢纽城市前往厦门、大连、长沙、哈尔滨、长春、沈阳、郑州、石家庄、太 原、乌鲁木齐、呼和浩特、贵阳、南宁、泉州等地的旅游航线，客座率保持高位。 北京商报讯(记者关子辰牛清妍)10月9日，北京商报记者从东航获悉，10月1日至8日期间，东航合计执行国内外航班近2.5万班，运输旅客超365万人，日均执 行航班量超3100班，同比增长3.6%，日均承运旅客45.6万余人次，同比增长6.2%，创历史同期新高。 ...

Group 1 - China Eastern Airlines' stock increased by 1.72% on September 30, with a trading volume of 554 million yuan [1] - The company had a net financing buy of -2.20 million yuan on the same day, with a total financing and securities balance of 385 million yuan [1] - The financing balance of China Eastern Airlines is 383 million yuan, accounting for 0.54% of its market capitalization, which is below the 40th percentile of the past year [1] Group 2 - As of June 30, the number of shareholders for China Eastern Airlines was 155,100, a decrease of 11.06% from the previous period [2] - The company reported operating revenue of 66.82 billion yuan for the first half of 2025, a year-on-year increase of 4.09%, while the net profit attributable to shareholders was -1.43 billion yuan, an increase of 48.30% year-on-year [2] Group 3 - China Eastern Airlines has distributed a total of 3.296 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3] - As of June 30, 2025, China Securities Finance Corporation was the eighth largest shareholder, holding 430 million shares, unchanged from the previous period [3] - Hong Kong Central Clearing Limited was the tenth largest shareholder, increasing its holdings by 55.22 million shares to 300 million shares [3]

港股航空板块持续走高，中国东方航空股份涨超10%，中国南方航空股份涨超7%，中国国航涨超4%， 国泰航空涨超1%。 ...

Market Overview - The Hong Kong stock market indices rebounded after an initial dip, with the Hang Seng Index slightly up by 0.04%, and the Hang Seng China Enterprises Index and Hang Seng Tech Index rising by 0.52% and 0.63% respectively, ending a three-day decline [1] Sector Performance - Large technology stocks showed mixed results, with Kuaishou up by 1.69%, while Meituan, JD.com, and Baidu also saw gains. Alibaba, NetEase, Xiaomi, and Tencent experienced slight declines [1] - Copper prices surged due to supply shortages and a computing power revolution, leading to significant gains in copper mining stocks. China Daye Non-Ferrous Metals soared nearly 20%, Jiangxi Copper rose over 11%, and China Nonferrous Mining increased by 8% [1] - Hong Kong local bank stocks surged, particularly HSBC, which plans to privatize through an agreement, causing Hang Seng Bank's stock to spike by 41%, reaching a historical high [1] - Mining resource stocks and high-speed rail infrastructure stocks saw substantial increases, with China Railway Group rising over 10% [1] - Institutional analysts are focusing on Q4 demand recovery due to low baselines, leading to a collective rebound in airline stocks, with China Eastern Airlines up nearly 10%. Wind power, semiconductor, telecommunications, oil, and property management stocks also saw gains [1] Declines in Specific Sectors - Pharmaceutical stocks fell across the board, with Innovent Biologics, SiHuan Pharmaceutical, and I-Mab leading the decline in innovative drug stocks [1] - The film industry faced a downturn due to poor box office performance during the National Day holiday, resulting in a collective drop in cinema stocks [1] - The automotive sector mostly declined [1]