FF305 呈交日期： 2025年5月19日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00670 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存( ...

活动中，"星乐家庭"通过专属柜台和客舱服务的情景模拟，沉浸式体验"星翼护航行动"细节，还参观了 动态舱、舱门训练器、水上应急设施等专业训练设备。 参观结束后，东航与上海市闵行区自闭症志愿者协会、"星乐家庭"及志愿者、融合中国/晓更基金会代 表开展座谈交流，深入探讨在确保航空运行绝对安全的前提下，如何进一步优化特殊旅客服务、推动融 合理念落地。 《中国民航报》、中国民航网 记者胡夕姮 报道： 5月19日，中国东航在东航技术应用研发中心举 办"5·19融合倡导活动"，10组来自"星乐家园"的孤独症家庭在这里体验了一场特别的航空之旅。 本次活动旨在以航空出行为纽带，促进孤独症群体与民航从业者的深度了解、推动孤独症群体的社会融 合。以此次活动为契机，东航介绍了即将推出的"星翼护航行动"，从购票、值机到登机、抵达，为孤独 症旅客提供全程贴心服务：爱心专属柜台与快速通道让出行更加便捷高效，避免等待焦虑；"星宝"购票 即享"低干扰座位优先预留"服务，减少环境压力，营造安静、舒适的飞行环境。飞行途中，乘务员会全 程关注旅客状态，提供"简洁语言+适度协助"的用心服务，避免过度干预打扰。航班抵达后，东航还会 提供行李提取服务。 ...

Group 1 - China Eastern Airlines (CEA) launched 519,000 discounted tickets and various promotional activities for the upcoming "China Tourism Day" on May 18-19 [1][3] - CEA collaborated with the National Museum of China to host the "Diversity of Beauty - Ancient Greek Art Exhibition" at Beijing Daxing Airport, transforming the terminal into a cultural hub with interactive activities and prizes for passengers [3] - During the "China Tourism Day" event, CEA is offering travel benefits including 100,000 free transit tourism products and discounts on tickets to various scenic spots across the country [3] Group 2 - CEA upgraded passenger services for the domestically produced C919 aircraft, enhancing travel efficiency for passengers on the MU9192 flight from Beijing Daxing to Shanghai Hongqiao [4] - The MU9192 flight features a "fast check-in" channel, reducing the check-in deadline to 25 minutes before departure, and a dedicated boarding gate to expedite the boarding process [4] - CEA also opened a security check channel specifically for the C919 aircraft model, aimed at minimizing passenger wait times [4]

Investment Rating - The report maintains an "Overweight" rating for the aviation transportation sector [5]. Core Insights - The aviation industry is experiencing a notable improvement in passenger load factors, with April's load factor increasing by 2.8 percentage points to 84.3% year-on-year, driven by a 7.8% increase in capacity [1][2]. - Revenue management strategies are beginning to show positive results, with domestic ticket prices increasing by 11.5% during the week of May 5-11 [1][4]. - The supply growth in the aviation sector is expected to remain low, which, combined with effective revenue management, suggests a potential for improved profitability for airlines throughout the year [1][4]. Summary by Sections Passenger Load Factors - The three major airlines reported a load factor increase of 3.1 percentage points to 84.0% in April, with domestic routes showing a 3.9 percentage point increase to 85.3% [2][10]. - Spring Airlines experienced a decline in load factor by 2.5 percentage points to 88.2%, while Juneyao Airlines showed a strong performance with a load factor increase of 2.9 percentage points to 86.2% [3][10]. Capacity and Revenue - The total available seat kilometers (ASK) for the three major airlines and Spring Airlines increased by 7.8% year-on-year, indicating a recovery in capacity [10]. - Revenue passenger kilometers (RPK) also rose by 11.5%, reflecting a strong demand recovery [10]. Future Outlook - The report anticipates that the supply-demand structure will continue to improve, leading to a favorable environment for revenue management and profitability enhancement during the peak summer travel season [4][21]. - The expected low supply growth, coupled with rising ticket prices, is likely to support airlines' earnings recovery [1][4]. Stock Recommendations - The report recommends a "Buy" rating for several airlines, including China National Aviation (601111 CH), China Eastern Airlines (600115 CH), and Spring Airlines (601021 CH), with target prices set at 10.20, 5.15, and 69.10 respectively [20][21].

Group 1 - The Central Government of China has issued a revised regulation on frugality and waste reduction for government agencies, emphasizing strict adherence to domestic reception standards and centralized procurement for official vehicles, prioritizing domestic and new energy vehicles [5][6] - The Ministry of Commerce has announced the final ruling on anti-dumping duties for imported urea-formaldehyde from the US, EU, Taiwan, and Japan, confirming that dumping has caused substantial damage to the domestic industry, effective from May 19, 2025 [5] Group 2 - Guangzhou has raised mortgage rates by 10 basis points, with the first mortgage rate now at LPR - 50 basis points, while a potential decrease in the LPR is anticipated [6] - The Tianwen-2 probe is set to launch at the end of May, aiming to conduct multiple tasks including asteroid and comet exploration [7] - The BeiDou system has been integrated into the standard systems of 11 international organizations, expanding its global influence [7] Group 3 - CATL is focusing on the heavy-duty truck battery swap market, projecting a 50% penetration rate for new energy in heavy trucks within three years, and plans to establish a nationwide battery swap network by 2030 [14] - China Eastern Airlines has launched a new regular commercial route for the domestically produced C919 aircraft, marking a significant milestone for China's aviation industry [15] - GAC Group has introduced two new energy vehicle models to the Ethiopian market, aiming to support green transportation and enhance cooperation between China and Ethiopia [18]

Group 1 - China Eastern Airlines launched a series of activities for "China Tourism Day" on May 18-19, featuring nearly 40 flights with creative themes to enhance passenger experience [2][4] - The airline collaborated with the National Museum of China to host the "Diversity of Beauty - Ancient Greek Art Exhibition" at Beijing Daxing Airport, attracting many travelers who participated in interactive activities and lucky draws [4] - Passengers on the themed flight MU5178 received commemorative boarding passes and custom cultural products, creating a festive atmosphere with themed decorations throughout the cabin [4] Group 2 - To support "China Tourism Day," China Eastern Airlines prepared travel benefit packages including 519,000 discounted tickets and 100,000 free transit tourism products, along with discounts on various scenic area tickets [6] - Travelers can enjoy discounts such as 15% off for the Yongle Palace Digital Art Exhibition and 50% off for performances at the Qingdao Olympic Sailing Center, showcasing the integration of air travel and cultural tourism [6]

Core Viewpoint - China Eastern Airlines successfully launched the commercial operation of the domestically produced C919 aircraft on the Shenzhen to Shanghai Hongqiao route, marking a significant milestone in China's aviation industry [1][4][11]. Group 1: Flight Operations - The inaugural flight MU5331 from Shanghai Hongqiao to Shenzhen Bao'an Airport took place on May 18, 2023, with 161 passengers onboard [4][11]. - Starting from May 19, China Eastern Airlines will operate daily round-trip flights on this route, with flight MU5351 departing Shanghai at 17:40 and returning from Shenzhen at 21:30 [11]. Group 2: Passenger Experience - The C919 aircraft features a unique "Shining China Red" livery, with a cabin configuration of 156 economy seats and 8 business seats, and offers in-flight Wi-Fi services [8][9]. - Many passengers traveled from various cities, including Beijing and Jinan, specifically to experience the inaugural flight of the C919 [4][6]. Group 3: Market Context - The Shenzhen to Shanghai Hongqiao route is the busiest at Shenzhen Airport, with 82 flights operated by 7 airlines daily, reflecting a robust air travel market between the two cities [11][13]. - In the first four months of this year, passenger numbers on this route increased by nearly 10% year-on-year, indicating strong demand for air travel [11][13]. Group 4: Operational Preparedness - Shenzhen Airport and air traffic control implemented comprehensive preparations for the C919's first flight, including special operational plans and staff training to ensure safety and efficiency [9][11]. - The successful execution of the inaugural flight has provided valuable experience for the regular operation of the C919 [9].

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [2]. Core Insights - The aviation sector is expected to see improvements in both volume and pricing, with optimistic expectations continuing to develop. High passenger load factors are anticipated to drive ticket prices upward, supported by regulatory measures from the Civil Aviation Administration [4][5]. - The shipping industry is poised for a dual increase in volume and pricing due to multiple catalysts, including replenishment demand and seasonal peaks. The report highlights the potential for significant price increases in the shipping sector [5][6]. Summary by Sections Investment Highlights - Key companies recommended for investment include Spring Airlines, China Eastern Airlines, and China Southern Airlines, which are expected to show strong performance due to their operational resilience and market positioning [11]. - The report emphasizes the importance of infrastructure improvements and policy changes that could benefit the transportation sector, particularly in aviation and shipping [4][5]. Operational Tracking - Data from major airlines shows a positive trend in passenger traffic and load factors, with Southern Airlines reporting a 4.91% increase in available seat kilometers (ASK) in Q1 2025 compared to the previous year [14]. - The report tracks significant increases in cargo volumes across various transportation modes, indicating a robust recovery in logistics and freight services [5][6]. Aviation Data Tracking - The report provides detailed metrics on airline performance, including ASK and revenue passenger kilometers (RPK), showing growth across major carriers. For instance, China Eastern Airlines reported a 10.89% increase in RPK in Q1 2025 [14]. - The average ticket price for economy class during the Dragon Boat Festival is projected to rise, reflecting a strong demand environment [4]. Shipping Data Tracking - The report notes a 9.98% week-on-week increase in the SCFI index, indicating a positive trend in shipping rates, despite a year-on-year decline of 41.31% [5]. - The report highlights the impact of tariff changes on shipping demand, particularly in the US-China trade context, which is expected to stimulate replenishment and seasonal demand [5]. Logistics Data Tracking - The report tracks significant growth in express delivery volumes, with a 15.83% year-on-year increase in the number of packages collected during early May 2025 [5]. - The logistics sector is benefiting from improved cross-border trade conditions, which are expected to enhance the performance of logistics companies [5].

Group 1 - The core viewpoint of the articles highlights the significant growth in international flight operations by Chinese airlines, with a weekly average of 6,428 flights, representing a 25.4% increase compared to the previous year [1] - Chinese airlines are expanding their international routes, with China Eastern Airlines launching six new routes across Europe and Central Asia, enhancing connectivity with key cities [3][4] - The number of countries with direct international flight access from China has increased to 79, indicating a robust expansion of China's international aviation network [1][8] Group 2 - China Eastern Airlines plans to operate new flights from Xi'an to Istanbul starting June 30, with three weekly flights, further strengthening air traffic between China and Europe [3] - The airline is also set to expand its European network to 15 cities, achieving a route recovery rate of 112% [4] - Other Chinese airlines, including China Southern Airlines and Hainan Airlines, are also increasing their international flight offerings, indicating a strong recovery in the aviation sector [5][7] Group 3 - The influx of international tourists to China has surged, with 1.115 million inbound visitors during the "May Day" holiday, marking a 43.1% year-on-year increase [1] - The expansion of international routes is complemented by the growth of regional airports, which are also adding international flights [8] - Major U.S. airlines, such as United Airlines, are planning to restore or add six round-trip routes to China, enhancing connectivity between the two countries [9][10]

Core Insights - The article discusses the collaboration between major Chinese airlines, specifically China Eastern Airlines and Air China, to implement a cross-airline voluntary transfer service for flights between Shanghai Hongqiao and Beijing Capital airports, marking a shift from competition to collaboration in the aviation sector [2][4] Group 1: Airline Collaboration - The cross-airline transfer service is the first of its kind initiated by airlines in China, allowing passengers with eligible tickets to change their flights to the same route operated by either airline on the same day [2][3] - The trial period for this service is set from May 6 to August 5, with plans for further expansion based on passenger feedback [3] - This initiative is seen as a way to enhance service quality and attract time-sensitive travelers back to air travel, providing a replicable model for other major domestic routes [2][4] Group 2: Market Dynamics - The Shanghai-Beijing route is one of the busiest in China, with nearly 80 flights daily operated by nine airlines, where China Eastern and Air China hold significant market shares of 44.04% and 26.45%, respectively [3] - Despite the growth in air travel, the high-speed rail (HSR) has seen a decline in passenger numbers, with a 2.31% drop in 2024, indicating a shift in passenger preferences towards air travel [5][6] - The competition between HSR and airlines is intensifying, with both sectors experiencing growth in passenger numbers, but airlines showing a higher growth rate of 17.9% compared to HSR's 11.9% [6] Group 3: Strategic Implications - The collaboration between airlines reflects a broader trend of cooperation among major state-owned airlines in China, aiming to enhance service offerings while maintaining their core interests [4][10] - The introduction of market-oriented pricing mechanisms in HSR has led to more balanced passenger flows, indicating a strategic response to competition from airlines [7][9] - The shift towards collaborative models in the aviation industry is seen as a necessary adaptation to the competitive pressures from HSR, with airlines looking to reclaim market share [10]