Group 1 - The Nanjing-London direct flight route is a significant development for Jiangsu Province, marking the first direct passenger route to a core European hub in recent years [1][3] - The new air route is expected to enhance cooperation opportunities in finance, tourism, education, and culture between Jiangsu and France, reflecting a strong connection between the two regions [3] - The route will be operated by China Eastern Airlines using a Boeing 777 aircraft, with a maximum capacity of 316 passengers, and is scheduled to run weekly on Wednesdays [3][4] Group 2 - France is Jiangsu's third-largest trading partner and source of foreign investment within the EU, with nine sister city partnerships established [3] - Nanjing Airport has accelerated its internationalization efforts, with 56 airlines operating and a network covering 97 domestic and 24 international destinations [3] - China Eastern Airlines has a global network covering 166 countries and regions, serving 150 million passengers annually, and plans to open additional international routes from Nanjing [4]

Core Viewpoint - The launch of the direct flight route from Nanjing to Paris enhances the connectivity of Nanjing Airport and provides a new travel option for tourists, significantly reducing travel time compared to previous methods [1][2]. Group 1: Route Details - The Nanjing-Paris route commenced on July 9, with a flight time of approximately 12 hours, utilizing a Boeing 777 aircraft with a maximum capacity of 316 passengers [1]. - The flight schedule includes MU845 departing Nanjing at 00:45 and arriving in Paris at 07:00 local time, with the return flight MU846 leaving Paris at 14:20 and arriving in Nanjing at 07:30 the next day [1]. Group 2: Market Response - The initial operation period for the Nanjing-Paris route is from July 9 to August 27, with plans for future operations based on passenger demand [2]. - The inaugural flight's economy class occupancy rate exceeded 90%, indicating strong market interest [1]. Group 3: Airport Connectivity Expansion - Nanjing Airport currently operates international passenger routes to 24 destinations across 9 countries and 3 regions, including established routes to Sydney, Melbourne, and Milan [2]. - The airport plans to enhance its international connectivity by restoring and launching new routes, particularly focusing on Asian capitals and cities closely linked to local economic development [2].

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 FF305 公司名稱： 中國東方航空股份有限公司 呈交日期： 2025年7月8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 ...

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Insights - The easing of the Israel-Iran conflict has led to a decline in oil tanker rates, with the VLCC market shifting from geopolitical influences to supply-demand fundamentals [3][14] - The establishment of the General Aviation and Low Altitude Economy Working Group by the Civil Aviation Administration of China (CAAC) aims to enhance the development of low-altitude economy and general aviation [3][16] - The price of unmanned logistics vehicles has dropped to around 20,000 yuan, contributing to a 5.3% year-on-year growth in national social logistics total in the first five months of 2025 [3][22] Industry Highlights - The VLCC market sentiment has transitioned to supply-demand fundamentals, with tanker rates under pressure due to increased competition among shipowners and no significant rise in cargo volumes [3][14] - As of July 4, 2025, the shipping rates from Shanghai to Europe increased by 3.5% to 2,101 USD/TEU, while rates to the US West and East coasts decreased by 19.0% and 12.6%, respectively [3][15] - In the first half of 2025, 117 new international air cargo routes were opened in China, with over 233 round-trip flights added weekly [3][16][18] - The logistics sector has seen a total of 138.7 trillion yuan in social logistics, reflecting a 5.3% year-on-year increase, with a slight deceleration in growth compared to previous months [3][24] High-Frequency Data Tracking - In June 2025, domestic cargo flights increased by 9.42% year-on-year, while international flights rose by 32.87% [26][33] - The express delivery sector experienced a 17.20% year-on-year increase in business volume in May 2025, with total express business volume reaching 173.2 billion pieces [56][58] - The national port cargo throughput reached 7.345 billion tons in the first five months of 2025, marking a 3.8% year-on-year growth [52]

该通道的开通，是南航物流完善"陆空联运"网络布局的关键落子。通过航空资源与地面枢纽的深度融 合，不仅强化了粤港澳大湾区与长江经济带的跨境物流联动，更创新打造出"空中通道+地面集散"的出 海新模式——相当于给跨境电商货物办了"跨省快速通行证"，从货源地集货、通关到异地出港全程高效 衔接，对提升我国跨境航空物流整体效能具有重要推动作用。 《中国民航报》、中国民航网 记者田以丹 通讯员潘睿浪 报道：7月1日，首辆从肇庆大旺跨境电商国际 货站驶出的转关车抵达安徽芜湖宣州机场，3万余件跨境电商商品经安检装机后，于当日23:30搭乘航班 直飞菲律宾宿务，标志着南方航空物流股份有限公司（以下简称"南航物流"）运营的肇庆大旺跨境电商 国际货站，正式开通"大旺—芜湖"跨境电商转关出口通道，为粤港澳大湾区与长江经济带架起一条高效 的跨境物流新动脉。 下一步，南航物流将以"大旺—芜湖"通道为起点，持续拓展与内陆重点城市的转关合作，完善跨境电商 多元化物流体系。通过深化与大湾区及"一带一路"沿线物流枢纽的联动，为外贸新业态发展注入动能， 助力构建内外联通、安全高效的物流网络。（编辑：孙文瑾 校对：王亚玲 审核：韩磊） （南航物流供图 ...

Investment Rating - The investment rating for the aviation industry is "Positive" [2] Core Viewpoints - The aviation industry's profitability framework is influenced by capacity supply, travel demand, load factor, ticket price performance, fuel prices, and exchange rate fluctuations, which ultimately affect company profit performance [16][2] - Domestic travel demand is steadily increasing, while international routes have largely recovered to 2019 levels [3][31] - Supply chain disruptions are delaying aircraft deliveries, leading to a contraction in capacity supply [4][6] Summary by Sections Demand - Domestic air passenger traffic increased by 4.2% year-on-year from January to May 2025, with high load factors sustained [3] - International passenger traffic has nearly returned to 2019 levels, with recovery rates of 106.3% for passenger volume and 101.0% for turnover by May 2025 [31][33] - Policies aimed at boosting consumption are expected to enhance public leisure travel demand, thereby increasing aviation travel demand [3][37] Supply - The growth rate of capacity introduction is slowing, and aircraft leasing prices are rising due to ongoing supply chain issues [4] - The average fleet utilization rate is expected to have limited improvement during peak seasons, with a significant gap remaining compared to 2019 levels [5] - The number of grounded aircraft for maintenance has increased, exacerbating capacity constraints [6] Supply and Demand Balance - The industry is experiencing a tight supply-demand balance, with load factors returning to high levels, and ticket prices are expected to rise during peak seasons [6] - In 2023, ticket prices reached historical highs, but are projected to decline in 2024 before rebounding in 2025 [7] - Airlines are likely to benefit from rising ticket prices and declining fuel costs, leading to high earnings elasticity [8] Revenue and Cost Sensitivity - Airlines can maximize revenue through high load factors and unit revenue per route, with domestic capacity growth slowing and international capacity gradually recovering [8] - Fuel cost pressures are expected to ease, with average fuel prices declining year-on-year [8] - Sensitivity analysis indicates that a 1% increase in ticket prices could significantly boost profits for major airlines [8] Investment Recommendations - The report recommends a positive outlook for the aviation industry, emphasizing the potential for improved supply-demand dynamics and ticket price recovery during peak seasons [8]

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） 修訂現有飛機及發 動機租賃協議；及 持續關連交易及 主要交易 茲提述本公司日期為2022年9月26日、2022年10月12日及2022年12月14日的公告及本公司 日期為2022年10月25日的通函，內容有關（其中包括）現有持續關連交易。 於2025年7月4日，本公司(i)與東航租賃訂立補充協議，並建議就截至2025年12月31日止 年度銷售飛機及發動機設定相關年度上限；(ii)重續以下協議，並擬設定截至2028年12月 31日止三個年度之相關年度上限：(1)金融服務協議；(2)飛機及發動機租賃及相關服務協 議；(3)航食和機供品保障協議；(4)航空配套服務協議；(5)物業租賃及代建代管協議；(6) 貨運物流服務協議；(7)航空機載通信協議；(iii)與東航保理訂立商業保理服務協議，並擬 設定截至2028年12月31日止三個年度之相關 ...

Core Viewpoint - China Eastern Airlines has experienced a decline in stock price, with a current market capitalization of 84.93 billion RMB, ranking 3rd in the aviation sector and 166th in the A-share market [1] Company Announcements - The board of directors approved several resolutions, including the revision of the company's articles of association and the proposal to abolish the supervisory board and its rules [1][2] - The company set the upper limit for daily related transactions for aircraft and engine sales in 2025 at 1.8 billion RMB and for leasing at 4.6 billion USD [1][4] - The company also approved related transactions for the years 2026 to 2028, establishing upper limits and framework agreements for these transactions [1][2] Share Buyback Progress - As of June 30, 2025, the company has repurchased approximately 89.55 million A-shares, accounting for about 0.4017% of the total share capital, with a total repurchase amount of approximately 336.80 million RMB [3][4] - The company has also repurchased approximately 83.68 million H-shares, representing about 0.3754% of the total share capital, with a total amount of approximately 222.30 million HKD [3][4] Daily Related Transactions - The company has adjusted its daily related transactions for 2025, including the sale of aircraft and engines, with an estimated upper limit of 1.8 billion RMB for the year [4] - New projects for related transactions from 2026 to 2028 include factoring services and aircraft maintenance services, while foreign trade services have been excluded [4][5]

Core Points - The "Shanghai Summer" International Consumption Season was launched on July 4, 2025, featuring over 300 summer activities from July to October, co-hosted by various Shanghai government departments [1] - China Eastern Airlines (CEA) is the global strategic partner for the event, showcasing its offerings during the launch ceremony [1] Group 1: Promotions and Offers - CEA has prepared over 1 million discounted tickets, 100,000 Shanghai Pass cards, and 100,000 free half-day transit tours for domestic and international tourists during the "Shanghai Summer" season [4] - The Shanghai Pass card, a collaboration between CEA and other organizations, is available for overseas sales for the first time, providing various discounts on transportation, tourism, shopping, and dining without the need for real-name authentication [4] Group 2: Strategic Initiatives - CEA aims to enhance its network accessibility and serve as a cultural bridge, launching a direct flight from Shanghai to Almaty on the same day as the event's kickoff [5] - The airline is collaborating with popular cultural brands to enrich the travel experience, exemplified by the launch of the "Dimoo 50th Anniversary of China-Thailand Diplomatic Relations" themed aircraft [5] - CEA plans to leverage the national 240-hour visa-free transit policy to attract global travelers to China, further deepening cross-industry collaborations [5]

Core Viewpoint - China Eastern Airlines has officially launched a direct flight route from Shanghai to Almaty, Kazakhstan, enhancing connectivity and promoting cultural and economic exchanges between the two cities [1][6]. Group 1: Flight Details - The inaugural flight MU6041 took off from Shanghai Pudong International Airport on July 4, 2025, carrying 164 passengers [1]. - The round-trip flight numbers are MU6041/MU6042, operating every Monday, Wednesday, and Friday [6]. - The outbound flight departs Shanghai at 16:05 Beijing time and arrives in Almaty at 19:35 local time, while the return flight leaves Almaty at 20:50 local time and arrives in Shanghai at 06:05 the next day [6]. Group 2: Cultural and Economic Significance - The launch of this route is expected to enhance the travel experience for passengers, as evidenced by the distribution of the "Shanghai Pass" card, which offers various payment functionalities in Shanghai [6]. - China is Kazakhstan's largest trading partner, and the economic ties between the two countries are growing stronger [6]. - Almaty, as Kazakhstan's largest city, serves as a key economic, financial, cultural, educational, and transportation hub, boasting rich tourism resources [6]. - The cities of Shanghai and Almaty have officially established a friendship city relationship during the second China-Central Asia Summit held from June 16 to 18, 2025 [6].