Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The conference call primarily discusses the **Chinese airline and logistics industries** in the context of the **2025 anti-involution campaign** aimed at addressing aggressive competition and stabilizing market conditions [2][4][18]. Core Insights and Arguments - **Anti-involution Campaign**: The campaign is a strategic initiative by the Chinese government to stabilize pricing and enhance service quality across various sectors, particularly logistics and airlines, during a downward economic cycle [2][4][8]. - **Logistics Sector**: The logistics industry is experiencing regulatory efforts to curb over-competition, with price adjustments and guidance from authorities like the State Post Bureau and NDRC. This is expected to improve industry stability and profitability [2][3][18]. - **Airline Sector Challenges**: Airlines face unique challenges, including weak demand and a shift to rail travel, rather than just aggressive competition. The dominance of Online Travel Agencies (OTAs) complicates pricing regulations, as they control 70-80% of flight ticket sales [2][3][10][18]. - **Stock Recommendations**: The analysis maintains a cautious stance on Chinese airlines due to ongoing unprofitability, while expressing a positive outlook on logistics companies like ZTO, SF Holdings, and JD Logistics, which are expected to benefit from regulatory measures [3][4][18]. Additional Important Content - **Passenger Volume Trends**: Despite an increase in passenger volumes during the summer, airlines continue to face pricing pressures, with domestic air passenger volume rising by 2.7% year-over-year in July, while international passenger volume increased by approximately 16% [9][11]. - **Pricing Power Issues**: The average airfare for domestic economy class dropped by 7.5% year-over-year, remaining 5% below pre-COVID levels, indicating persistent demand challenges [11][10]. - **High-Speed Rail Competition**: The growth of high-speed rail (HSR) is diverting passengers from air travel, particularly for short-haul flights, exacerbating the challenges faced by airlines [10][12][14]. - **Regulatory Focus**: The logistics sector has seen a narrowing decline in Average Selling Prices (ASP) due to intensified regulatory supervision, which may serve as a model for potential measures in the airline sector, although challenges remain [18][21]. Conclusion - The conference call highlights the contrasting dynamics between the logistics and airline sectors in China, emphasizing the need for regulatory interventions to stabilize pricing and improve profitability, particularly in the logistics industry, while the airline sector continues to grapple with deeper-rooted demand issues and competitive pressures.

东航方面对记者表示并无此开航计划。 近日有消息称，东航计划开通上海虹桥往返伦敦盖特维克机场的每日一班往返航班，上海虹桥机场在时 隔26年后将再次启用欧洲航线。对此，东航方面对记者表示并无此开航计划。据记者了解，目前上海虹 桥机场只有飞日韩的国际航线，按照目前的定位，上海虹桥机场原则上不再开通国际中远程航线，上海 集中力量建设浦东国际枢纽。 ...

Investment Rating - The report maintains a "Positive" outlook on the shipping sector, particularly highlighting the potential for VLCC (Very Large Crude Carrier) rates to strengthen in the upcoming months [4]. Core Insights - The report indicates that tanker rates have exceeded expectations during the off-season, with VLCC rates expected to perform strongly from September to December due to reduced exports from Iran and increased production in the Middle East [4]. - The report recommends specific companies such as China Merchants Energy Shipping and highlights the potential for consolidation in the Chinese shipping industry [4]. - The report emphasizes the resilience of freight volumes in rail and highway transport, suggesting steady growth in these sectors [4]. Summary by Sections Shipping Sector - VLCC rates increased by 32% this week, reaching $45,800 per day, driven by limited supply and increased demand from the Atlantic market [4]. - The report notes that the average export volume from Iran has decreased to 1.3-1.5 million barrels per day, down from 1.7-1.9 million barrels per day in July [4]. - The Suez crude oil tanker rates rose by 15% to $59,563 per day, supported by strong demand from the West African market [4]. Dry Bulk Shipping - The Baltic Dry Index (BDI) fell by 4.9% to 1,944 points, primarily due to a decline in large vessel rates, while smaller vessels showed stronger performance [5]. - The report remains optimistic about the Capesize bulk carrier market in the second half of the year, citing expected increases in shipments from major miners [4]. Air Transport - The report suggests that the "anti-involution" policy from the Civil Aviation Administration is likely to optimize competition in the airline industry, benefiting airline profitability in the long term [4]. - Recommended airlines include China Eastern Airlines, Spring Airlines, and China Southern Airlines, with a focus on the potential for improved earnings due to supply constraints and demand recovery [4]. Express Delivery - The report anticipates a price increase in the express delivery sector driven by the "anti-involution" policy, with expectations for sustained profitability in the e-commerce delivery segment [4]. - Companies such as Shentong Express and YTO Express are highlighted as having strong potential for recovery and valuation improvement [4]. Rail and Highway Transport - Data from the Ministry of Transport indicates that rail freight volume increased by 1.22% week-on-week, while highway freight traffic rose by 3.06% [4]. - The report identifies two main investment themes in the highway sector: high dividend yield stocks and potential value recovery in undervalued stocks [4].

Group 1 - The core viewpoint of the article highlights the collaboration between Huai'an Airport and various local entities to enhance air travel and tourism integration, focusing on route expansion, product development, and service innovation [1][4][5] - Huai'an Airport has achieved significant results in passenger throughput, reaching 1.38 million passengers, a year-on-year increase of 13.1%, marking the highest level in three years [4] - Eastern Airlines operates 13 passenger routes at Huai'an Airport, accounting for 43.1% of the airport's total flight volume, maintaining the leading market share [4] Group 2 - The chairman of Huai'an Airport emphasized the importance of Eastern Airlines as a strategic partner, aiming to enhance service quality and integrate local industries with aviation [4][5] - The Huai'an Cultural Tourism Group expressed the need to leverage Eastern Airlines' route network to boost the influence of Huai'an's tourism brand and explore practical cooperation in areas like ticket economy and meal innovation [4][5] - Eastern Airlines' Jiangsu Company aims to collaborate in three key areas: creating a friendly airport for C909 aircraft, deepening cultural tourism integration, and establishing a Huaiyang cuisine "master studio" [5]

Group 1 - The stock price of China Eastern Airlines on August 22 was 4.08 yuan, down 1.69% from the previous trading day, with a trading volume of 952,201 hands and a transaction amount of 389 million yuan [1] - China Eastern Airlines is one of the three major state-owned backbone airlines in China, headquartered in Shanghai, primarily engaged in domestic and approved international and regional air passenger, cargo, mail, and baggage transportation services [1] - The company announced the resumption of the direct round-trip flight route from Shanghai to Vancouver starting September 25, operating every Monday and Thursday with the A350-900 wide-body aircraft, increasing its direct flight routes to North America to five [1] Group 2 - On August 22, the net outflow of main funds for China Eastern Airlines was 14.21 million yuan, accounting for 0.02% of the circulating market value, with a five-day net outflow of 124.44 million yuan, representing 0.18% of the circulating market value [1] - Additionally, Shanghai Airlines, a subsidiary of China Eastern Airlines, will also launch a new direct flight route from Shanghai to Casablanca on the same day [1]

Core Viewpoint - China Eastern Airlines is holding its second extraordinary general meeting of shareholders in 2025 to discuss several key proposals, including amendments to the company's articles of association and rules for shareholder meetings, as well as adjustments to related party transactions and governance structures [2][3][4]. Group 1: Meeting Details - The meeting is scheduled for August 29, 2025, at 14:00 Beijing time, at the Eastern Airlines Hotel in Shanghai, combining on-site and online voting methods [3]. - The agenda includes the announcement of the meeting, reading of proposals, shareholder speeches, and voting results [3]. Group 2: Proposed Amendments - Proposal One involves revising the company's articles of association to align with the revised Company Law of the People's Republic of China, including the removal of the supervisory board and the enhancement of minority shareholder rights [4][5]. - Proposal Two focuses on amending the rules for shareholder meetings to reflect changes in the articles of association, including the deletion of certain supervisory roles [5][6]. - Proposal Three addresses revisions to the rules governing board meetings, including the authority to decide on annual financial budgets and bond issuance [6][7]. Group 3: Governance Structure Changes - Proposal Four suggests the abolition of the supervisory board and the corresponding rules, transferring its responsibilities to the audit and risk management committee [7][8]. - Proposal Five proposes adjustments to the daily related party transactions concerning aircraft and engine leasing, with a cap of RMB 1.8 billion for sales and USD 4.6 billion for leasing [9][10]. - Proposal Six outlines the need for a review of related party transactions for the years 2026 to 2028, detailing nine specific projects for shareholder approval [11].

Core Points - Eastern Airlines plans to launch a direct flight route from Wuhan to Phnom Penh starting September 30, enhancing travel efficiency and promoting cultural and economic exchanges between the two locations [1][2] - This marks the first direct flight from Wuhan to Phnom Penh, which is the capital and largest city of Cambodia, known for its political, economic, cultural, and tourism significance [1] - The new route will increase Eastern Airlines' Southeast Asia destinations from Wuhan to five, including Singapore, Kuala Lumpur, Bangkok, and Hanoi, further supporting the Belt and Road Initiative [1] Flight Details - The round-trip flight numbers for the Wuhan to Phnom Penh route are MU2579/MU2580, operated by Boeing 738 aircraft [1] - Flights will operate three times a week on Tuesdays, Thursdays, and Saturdays, with departure from Wuhan at 21:05 and arrival in Phnom Penh at 23:55 local time [1] - The return flight departs Phnom Penh at 00:55 local time and arrives in Wuhan at 05:30 the next day [1] Economic Context - China has been Cambodia's largest trading partner for several consecutive years, indicating increasingly close economic ties [2] - Phnom Penh serves as a hub for politics, trade, culture, and tourism, with rich travel resources, including the famous Angkor Wat [2]

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的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對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。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00670） 海外監管公告 李干斌 聯席公司秘書 中華人民共和國，上海 2025年8月22日 於本公告日期，本公司董事包括王志清（董事長）、劉鐵祥（副董事長、總經理）、成國偉（董事）、孫錚（獨立非執行 董事）、陸雄文（獨立非執行董事）、羅群（獨立非執行董事）、馮詠儀（獨立非執行董事）、鄭洪峰（獨立非執行董事） 及揭小清（職工董事）。 中国东方航空股份有限公司 2025 年第二次临时股东大会 会议资料 二〇二五年八月二十九日 中国·上海 1 | 1.会议须知 | 3 | | --- | --- | | 2.会议议程 | 5 | | 3.会议议案 | 7 | 此海外監管公告是根據香港聯合交易所有限公司證券上市規則第13.10B條作出。 茲載列中國東方航空股份有限公司在上海證券交易所網站刊登的以下資料中文全文，僅供參 閱： 承董事會命 中國東方航空股份有 ...

1 | 1.会议须知 | 3 | | --- | --- | | 2.会议议程 | 5 | | 3.会议议案 | 7 | 会议须知 中国东方航空股份有限公司 2025 年第二次临时股东大会 会议资料 二〇二五年八月二十九日 中国·上海 为确保中国东方航空股份有限公司（以下简称"公司"） 股东在公司 2025 年第二次临时股东大会（以下简称"本次 会议"）期间依法行使股东权利，保证股东大会的会议秩序 和议事效率，现将相关事项说明如下： 1. 公司根据《中华人民共和国公司法》《中华人民共 和国证券法》《中国东方航空股份有限公司章程》（以下简 称"《公司章程》"）及《中国东方航空股份有限公司股东 大会议事规则》（以下简称"《股东大会议事规则》"）规 定，认真做好本次会议的各项工作。 2. 公司董事会在本次会议过程中，应当认真履行法定 职责，维护股东合法权益。 3. 公司股东和股东代表参加本次会议，依法享有《公 司章程》规定的各项权利，并认真履行法定义务，不得侵犯 其他股东的合法权益，不得扰乱本次会议的正常秩序。 4. 股东要求大会发言，需填写《发言登记表》，由会 议主持人根据程序和时间条件确定发言人员，股东发言应在 ...

2025.08.22 目前执飞中加航线的内地航司主要有6家，分别是国航，东航，南航，厦航，川航和海航，疫情前曾飞加拿大的首都航空尚未恢复中加航线，而加拿大方 面只有加拿大航空一家在飞。 本文字数：1701，阅读时长大约3分钟 作者 |第一财经陈姗姗 中国东航（600115）今日宣布，将自9月25日起恢复上海至温哥华直飞往返航线，每周一、四执飞，采用A350-900宽体机型执飞。 上海至温哥华的直飞航线疫情前一直在飞，疫情中停飞后一直未能复航，主要由于中加之间的航权限制。 第一财经记者了解到，疫情后，中加航线的恢复比中美航线还要缓慢，导致票价也是居高不下，不过三大航近期都已获批增班。 中加增班受限 在东航之前，南航和国航也披露了增班加拿大的计划，其中南航自9月16日起新增一周2班广州-加拿大温哥华航班，国航自8月27日起，北京-温哥华从每 周1班增加到2班，北京-多伦多从每周2班增加到3班。 也就是说，国有三大航此次一共获批新增一周6班中加航班，令中国内地航司执飞的中加航班量增加到每周24班。 据记者了解，疫情后的中加航班恢复缓慢，主要是由于加拿大对中方航司的增班数量有限制，中方航司的航班总数要与加方航司对等， ...