Core Viewpoint - China Eastern Airlines has shown a significant recovery in its financial performance, with a notable increase in revenue and a return to profitability in the third quarter of 2025 [1] Financial Performance - The company reported operating revenue of 106.41 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 3.73% [1] - The net profit attributable to shareholders was 2.103 billion yuan, a turnaround from a loss of 138 million yuan in the same period last year [1] - Basic earnings per share stood at 0.09 yuan [1] Market Analysis - CICC noted that the third-quarter performance of China Eastern Airlines met their expectations [1] - The rebound in business travel is highlighted, with a continuous month-on-month recovery [1] - The company benefits from high-quality business routes and a significant proportion of business travelers, leading to greater profit elasticity [1] - Since September, ticket prices have been on the rise, which is linked to the civil aviation industry's efforts to combat "involution" [1] - The ongoing industry trend of "anti-involution" is expected to favor the company [1]

Group 1: Starbucks and Strategic Partnerships - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for its retail operations in China, with Boyu holding up to 60% equity and Starbucks retaining 40% [1][20] - The joint venture is based on an enterprise value of approximately $4 billion, and Starbucks expects its retail business in China to exceed $13 billion [1][20] - The new joint venture will be headquartered in Shanghai and aims to expand the number of Starbucks stores in China from 8,000 to 20,000 [1][20] Group 2: Market Trends and Performance - The trend of international restaurant brands, including Starbucks and Pizza Hut, focusing on lower-tier cities is becoming increasingly significant due to better revenue prospects in these markets [3] - Starbucks has reported that new stores opened in the last two years have contributed to same-store sales growth above average, with many of these new locations in lower-tier markets [3] - Yum China reported a 4% year-over-year revenue growth to $3.2 billion in Q3 2025, with KFC and Pizza Hut also showing positive revenue trends [3] Group 3: Consumer Behavior and Pricing - There is a noted decline in average transaction value for Starbucks, Pizza Hut, and KFC, which may benefit their expansion into lower-tier markets [5] - The overall dining market in major cities like Beijing and Shanghai is contracting, prompting brands to seek growth in less saturated markets [4]

Investment Rating - The report maintains a "stronger than market" rating for the transportation industry [6] Core Insights - Crude oil freight rates have significantly increased, with the China Import Crude Oil Composite Index (CTFI) rising to 2425.93 points, up 48.6% from October 23 [2][13] - The three major state-owned airlines in China reported collective profitability in the first three quarters of 2025, with Hainan Airlines becoming the most profitable domestic airline [15][16] - Jitu Express has launched the world's largest self-built logistics hub, which is expected to enhance logistics capabilities during the "Double 11" shopping festival [22][23] Industry Investment Opportunities - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to the transportation demand increase driven by the construction of hydropower stations in the Yarlung Tsangpo River downstream, recommending Sichuan Chengyu, Chongqing Port, and Fulimin Transportation [4] - Investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [4] - Opportunities in the highway and railway sectors, recommending Gansu Expressway, Beijing-Shanghai High-Speed Railway, and others [4] - The cruise and water ferry sector presents thematic investment opportunities, recommending Bohai Ferry and Haixia Shares [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda Shares [4] - Investment opportunities in the aviation sector, recommending Air China, China Eastern Airlines, Spring Airlines, and others [4] Industry High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month, while year-on-year it has decreased [25] - Domestic freight volume for express delivery in September 2025 increased by 12.70% year-on-year, with revenue up by 7.20% [51] - In the first nine months of 2025, the total freight volume at national ports reached 1.3567 billion tons, a year-on-year increase of 4.6% [48]

Core Viewpoint - China Eastern Airlines (600115.SH) announced that as of October 31, 2025, the company has repurchased a total of 20,355,990 shares, which accounts for 0.9132% of the company's total shares [1] Summary by Category - **Share Repurchase Details** - The total number of shares repurchased by China Eastern Airlines is 20,355,990 [1] - This repurchase represents 0.9132% of the company's total share count [1]

证券日报网讯11月4日晚间，中国东航（600115）发布公告称，2025年10月份，公司未进行A股回购。 ...

Core Viewpoint - China Eastern Airlines has completed a total of 204 million shares repurchase as of October 31, 2025, representing 0.9132% of the company's total shares [1] Summary by Category Share Repurchase - As of October 31, 2025, the company has repurchased a total of 20.4 million shares, which is 0.9132% of the total shares outstanding [1] - The total number of A-shares repurchased is approximately 89.55 million, accounting for 0.4017% of the total share capital, with a total transaction amount of about 337 million yuan (excluding transaction fees) [1] - The total number of H-shares repurchased is approximately 114 million, representing 0.5114% of the total share capital, with a total transaction amount of about 311 million Hong Kong dollars (excluding transaction fees) [1] Price Information - The highest price for A-shares repurchased was 4.10 yuan per share, while the lowest price was 3.53 yuan per share [1] - The highest price for H-shares repurchased was 3.03 Hong Kong dollars per share, and the lowest price was 2.26 Hong Kong dollars per share [1]

截至2025年10月31日，公司累计完成回购A股数量为8955.39万股(约占公司总股本的0.4017%)，回购成 交的最高价为4.10元/股，最低价为3.53元/股，成交总金额约为3.37亿元(不含交易费用)。 截至2025年10月31日，公司累计完成回购H股数量为1.14亿股(约占公司总股本的0.5114%)，回购成交的 最高价为3.03港元/股，最低价为2.26港元/股，成交总金额约为3.11亿港元(不含交易费用)。 中国东方航空股份(00670)发布公告，2025年10月，公司未进行回购。截至2025年10月31日，公司累计 完成回购股份数量为2.04亿股，占公司总股份数的0.9132%。本次回购符合相关法律法规的规定及公司 既定的回购股份方案。 ...

格隆汇11月4日丨中国东方航空股份(00670.HK)公告，2025年10月，公司未进行A股回购。截至2025年 10月31日，公司累计完成回购A股数量为8,955.39万股(约占公司总股本的0.4017%)，回购成交的最高价 为4.10元/股，最低价为3.53元/股，成交总金额约为33,680.02万元(不含交易费用)。 ...

承董事會命 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11月4日 於本公告日期，本公司董事包括王志清（董事長）、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 China Eastern Airlines Co., Ltd. 证券代码：600115 证券简称：中国东航 公告编号：临 2025-071 中国东方航空股份有限公司 关于股份回购进展公告 本公司董事会及全体董事保证本公告 ...

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 2025-071 中国东方航空股份有限公司 关于股份回购进展公告 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。 重要内容提示： | 股回购方案首次披露日 A | | 2024/8/30 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股回购方案实施期限 A | | 年 月 月 2024 8 | 11 | 日~2025 | 年 | 11 | 日 7 | | 预计回购 A | 股金额 | 2.5（含）亿元~5（不含）亿元 | | | | | | | | | √减少注册资本 □用于员工持股计划或股权激励 | | | | | | | 回购用途 | | | | | | | | | | | □用于转换公司可转债 | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已 ...