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]

Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, indicating an expectation of outperforming the benchmark index by more than 5% in the next 3-6 months [6][54]. Core Insights - The overall air traffic volume for five listed airlines in April continues to recover, with international routes showing high growth [1]. - Domestic demand remains resilient, supported by endogenous growth and ongoing recovery in international routes [6]. - The report highlights the positive impact of falling oil prices on operational costs, further enhancing profitability for airlines [6]. Summary by Sections Airline Data Analysis - In April, the ASK (Available Seat Kilometers) growth year-on-year was led by Spring Airlines (12.5%), followed by Eastern Airlines (9.7%), Southern Airlines (8.8%), Air China (5.3%), and Juneyao Airlines (2.8%) [1]. - The RPK (Revenue Passenger Kilometers) growth year-on-year was highest for Eastern Airlines (15.6%), followed by Southern Airlines (12.1%), Spring Airlines (9.3%), Air China (8.6%), and Juneyao Airlines (6.3%) [1]. Domestic and International Routes - For domestic routes in April, ASK growth was led by Spring Airlines (11.2%), while Juneyao Airlines saw a decline of 10.3% [2]. - In contrast, international routes showed significant growth, with Juneyao Airlines leading at 60.0% ASK growth year-on-year [2]. Fleet and Capacity - As of April 2025, the total fleet of the five listed airlines increased by 3 aircraft, representing a year-on-year growth of 3.0% [4]. - The report indicates that the supply remains constrained, which could support pricing power for airlines [6]. Load Factor - In April, the load factor was highest for Spring Airlines at 88.2%, while Air China had the lowest at 81.3% [3]. - Cumulative data for the first four months shows Spring Airlines maintaining a load factor of 90.0%, indicating strong operational efficiency [3]. Market Performance - The total market capitalization of the aviation sector is reported at 730.725 billion yuan, with a relative performance of -3.3% over the past month [5]. - The report emphasizes the potential for recovery in the aviation sector, particularly for low-cost carriers and those with strong international routes [6].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國東方航空股份有限公司 呈交日期： 2025年5月16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 3 頁 共 9 頁 v 1.3.0 | 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 | | 佔有關事件前的現有已發 | | 每股發行/出售價 (註4) | 已發行 ...

Investment Rating - The industry investment rating is "Positive" [4] Core Insights - The domestic airline industry has shown a significant improvement in passenger load factors during the off-peak season, with a year-on-year increase of approximately 3.2% in April [2][28] - Spring Airlines has notably increased its capacity for domestic routes, with a year-on-year growth of 11.2% in April, indicating a strategic shift in focus towards domestic operations [2][20] - The overall capacity for domestic routes increased by 2.3% year-on-year, while international routes saw a substantial capacity increase of 26.5% year-on-year, primarily due to a low base from the previous year [3][50] Summary by Sections Domestic Routes - In April, the overall capacity for domestic routes among listed airlines remained stable compared to March, with a year-on-year increase of 2.3% [12][17] - Major airlines showed little change in capacity, but Spring Airlines significantly increased its domestic capacity, while Juneyao Airlines reduced its domestic capacity by 10.3% due to a shift towards international routes [2][13] - The overall passenger load factor for domestic routes improved by 0.8 percentage points month-on-month and by approximately 3.2 percentage points year-on-year, indicating a better supply-demand relationship [28][35] International Routes - The capacity for international routes increased by about 26.5% year-on-year in April, with a month-on-month increase of 3.6% [3][50] - The passenger load factor for international routes improved by 1.4 percentage points month-on-month and by 1.0 percentage point year-on-year, slightly exceeding expectations [3][50] - The report maintains a cautious outlook for international routes, anticipating continued pressure due to supply constraints from domestic route management [3][50] Airport Throughput - Major airports reported significant year-on-year increases in international passenger throughput, with Shanghai and Shenzhen airports showing growth rates of 24% and 38%, respectively [58][63] - Compared to 2019, international throughput at these airports has also shown recovery, with Shenzhen airport achieving 120% of its 2019 levels [58][63]

新华社香港/上海1月1日电（郭辛、贾远琨、狄春）"早上好！欢迎您搭乘中国东方航空国产大飞机C919 首航航班，从'东方明珠'上海飞往'东方之珠'香港……" 2025年元旦，由东航C919执飞的MU721"上海虹桥—香港"定期商业航班开航。当天10时44分，MU721 平稳落地香港国际机场，缓缓穿过象征民航最高礼仪的"水门"，圆满完成从"东方明珠"上海到"东方之 珠"香港的商业首航之旅。 这是国产大飞机C919首次执飞沪港定期商业航班，正式开启地区航线商业运营。 "以后来香港，也能坐自己国家的大飞机了。"来香港过新年的上海旅客倪韶堃兴奋地说，很高兴成为 C919"沪港快线"的首批旅客，也期待未来有更多搭乘C919的体验。 "儿子是飞机迷，所以我对国产大飞机关注度一直很高。"经常公务往来香港的内地居民万杰说，宽敞的 机舱环境让他成为C919各条航线的忠实粉丝，"C919为我们提供了更多元化的选择。" 由东航C919执飞的"上海虹桥—香港"定期商业航班将每天执行1班往返，由上海飞往香港的MU721航班 8时15分从上海虹桥起飞，10时50分到达香港；由香港返程的MU722航班11时55分起飞，14时05分返抵 上海 ...

Group 1 - The Paris Airport Group (Groupe ADP) held its first industry exchange event, ADP Connect Workshop, on May 13, gathering nearly 100 representatives from airlines, travel distribution platforms, and destination promotion agencies [1] - The Chinese Tourism Office in Paris participated as the only national tourism promotion agency, engaging with travel representatives to discuss tourism resources in China and potential collaborations in market promotion and product development [1] Group 2 - The event featured the release of the "Q1 2025 Travel Trends Report for French Travelers" by Amadeus, indicating a steady recovery in confidence for medium to long-distance travel among French travelers, particularly towards Asian destinations [2] - Key factors influencing travel decisions for French travelers include value for money (62%), cultural appeal (37%), and family-friendliness (15%), highlighting the importance of cost-effectiveness in travel planning [2] - A significant 62% of respondents stated that high-quality images significantly enhance their interest in destinations, while 60% expressed a willingness to explore itineraries through virtual reality (VR) [2] - Despite the prevalence of online tools, 28% of French travelers still prefer to seek advice from physical travel agencies, which is 10% higher than the global average, indicating a sustained demand for personalized services in the French market [2] Group 3 - The Chinese Tourism Office and China Eastern Airlines set up a booth at the event, attracting considerable interest from industry professionals, with China Eastern highlighting its flight routes from France, including direct flights from Paris to Shanghai and the upcoming Paris to Nanjing route [3]

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 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： 中国东方航空股份有限公司 2024 年度股东大会 承董事會命 中國東方航空股份有限公司 李干斌 聯席公司秘書 中華人民共和國，上海 2025年5月15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）及鄭洪峰（獨立非執行董事）。 会议资料 二〇二五年五月二十八日 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（「上市規則」）第13.09條及 第13.10B條及證券及期貨條例（香港法例第571章）第XIVA部項下的內幕消息條文（定義見 上市規則）發出。 中國東方航空股份有限公司（「本公司」）及董事會全體成員保證公告內容真實、準確和完 整，不存在虛假記載、誤導性陳述或者重大遺漏。 一、運營情況 本公司2025年4月客運運力投入（按可用座公里計）同比上升9.66%；旅客周轉量（按客 運人公里計）同比上升15.56%；客座率為85.37%，同比上升4.36個百分點。2025年4月 貨郵周轉量（按貨郵載運噸公里計）同比上升7.27%。2025年4月，國內市場新開北京大 興－雞西、合肥－北海、西雙版納－青島等航線，復航上海虹橋－湛江、北京大興－ 梅縣、杭州－銀川、無錫－海拉爾等航線，加密上海虹橋－成都雙流、上海浦東－揭 陽潮汕、成都天府－杭州、西安－拉薩、西安－青島、西安－合肥、武漢－惠州、杭 州－佛山等航線；國際市場，新開上海浦東－阿布扎比等航線，復航青島－大阪等航 線，加密上海浦東－福岡、上海浦東－聖彼得堡、昆明－金邊、昆明－仰光等航線。 香港交易及結算所有限公司及香 ...

中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 证券代码：600115 证券简称：中国东航 公告编号：临 2025-035 中国东方航空股份有限公司 2025 年 4 月运营数据公告 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 整性承担法律责任。 一、运营情况 中国东方航空股份有限公司（以下简称"本公司"） 2025 年 4 月客运运力投入 （按可用座公里计）同比上升 9.66%；旅客周转量（按客运人公里计）同比上升 15.56%；客座率为 85.37%，同比上升 4.36 个百分点。2025 年 4 月货邮周转量 （按货邮载运吨公里计）同比上升 7.27%。2025 年 4 月，国内市场新开北京大兴- 鸡西、合肥-北海、西双版纳-青岛等航线，复航上海虹桥-湛江、北京大兴-梅县、 杭州-银川、无锡-海拉尔等航线，加密上海虹桥-成都双流、上海浦东-揭阳潮汕、 成都天府-杭州、西安-拉萨、西安-青岛、西安-合肥、武汉-惠州、杭州-佛山等航 线；国际市场，新开上海浦东-阿布扎比等航线，复航青岛-大阪等航 ...

中国东方航空股份有限公司 2024 年度股东大会 会议资料 二〇二五年五月二十八日 中国·上海 1 | 1.会议须知 | | 3 | | --- | --- | --- | | 2.会议议程 | | 5 | | 3.会议议案 | | 7 | 会议须知 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 2024 年度股东大会（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。 中国东方航空股份有限公司 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 ...