Core Viewpoint - China Eastern Airlines (CEA) will resume its direct flight route from Shanghai Pudong to New Delhi on November 9, marking a significant step towards rebuilding relations between China and India after a five-year hiatus in direct flights [1] Group 1: Flight Resumption Details - The direct flight route was officially resumed on October 26, with the first flight operated by India's largest airline, Indigo [1] - The Shanghai-New Delhi route has been described as one of the most strategically significant air corridors between the two populous Asian nations [1] - The route will be operated by an Airbus A330-200 aircraft, with three round trips scheduled weekly on Wednesdays, Saturdays, and Sundays [1] Group 2: Economic and Cultural Impact - The resumption of direct flights is expected to inject new momentum into various fields such as trade, technology, culture, education, and tourism between the two countries [1] - CEA plans to increase the frequency of flights based on market feedback, potentially expanding to five flights per week starting January 2026 [1] - The airline also intends to restore the Kunming-Kolkata route and introduce a new Pudong-Mumbai route, aiming for comprehensive coverage of the China-India flight network [1]

Core Points - China Eastern Airlines (CEA) will resume its Shanghai Pudong to New Delhi route on November 9, marking a significant step towards rebuilding relations between China and India after a five-year hiatus in direct flights [1][3] - The resumption of direct flights is expected to inject new momentum into various sectors including trade, technology, culture, education, and tourism between the two countries [3][4] Group 1: Flight Details - The Shanghai-New Delhi route will be operated by an Airbus A330-200 aircraft, with three round-trip flights scheduled weekly on Wednesdays, Saturdays, and Sundays [3] - The outbound flight MU563 will depart from Shanghai Pudong at 12:50 PM and arrive in New Delhi at 5:45 PM local time, while the return flight MU564 will leave New Delhi at 7:55 PM and return to Pudong at 4:10 AM the next day [3] - CEA plans to increase the frequency of flights to five per week starting January 2026, depending on market feedback [3] Group 2: Industry Impact - Indigo Airlines, India's largest airline, has already resumed flights from Kolkata to Guangzhou and will add daily flights from New Delhi to Guangzhou starting November 10 [4] - The resumption of direct flights is seen as a boost for trade and tourism, with expectations for increased business visits between Indian and Chinese companies [4] - Experts suggest that while the resumption of flights symbolizes a warming of relations, challenges remain due to existing doubts and historical issues between the two nations [4]

Core Points - The article highlights a special themed flight by Eastern Airlines Xiamen branch, MU5221, on the occasion of the Double Ninth Festival, emphasizing the importance of respecting and caring for the elderly [1][2] - The flight crew provided personalized services to elderly passengers, including assistance with luggage and seat adjustments, showcasing the airline's commitment to customer care [1][2] Group 1 - The flight was themed "Double Ninth Festival, Heartfelt Togetherness," aimed at promoting traditional values of respect for the elderly [1] - The crew offered one-on-one attentive service to elderly travelers, alleviating their travel concerns with thoughtful gestures [1] - Passengers received "mugwort health hammers" as gifts, enhancing the warm atmosphere onboard [1] Group 2 - This initiative allowed passengers to experience the warmth of traditional customs while flying, creating unique and memorable moments [2] - The service exemplified Eastern Airlines' "Four Precision" service philosophy, reinforcing their dedication to customer satisfaction [2]

Market Overview - The aviation and airport sector increased by 0.71% on October 29, with HNA Holding leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - HNA Holding (600221) closed at 1.75, up 3.55% with a trading volume of 8.84 million shares [1] - Xiamen Airport (600897) saw a decline of 3.30%, closing at 17.02 with a trading volume of 326,800 shares [2] - China Eastern Airlines (600115) decreased by 0.62%, closing at 4.81 with a trading volume of 1.0752 million shares [2] Capital Flow - The aviation and airport sector experienced a net inflow of 134 million yuan from institutional investors, while retail investors saw a net outflow of 26.71 million yuan [2] - HNA Holding had a net inflow of 195 million yuan from institutional investors, but a net outflow of 108 million yuan from retail investors [3] Individual Stock Analysis - China Southern Airlines (600029) had a net outflow of 8.09 million yuan from institutional investors, but a net inflow of 19.41 million yuan from retail investors [3] - Spring Airlines (601021) experienced a net outflow of 2.76 million yuan from institutional investors, while retail investors contributed a net inflow of 16.35 million yuan [3]

Core Points - Eastern Airlines Zhejiang Branch conducted a "Filial Piety in Autumn" themed activity on flight MU5694 from Kunming to Hangzhou to celebrate the traditional Chinese festival, Double Ninth Festival [1] - The flight crew presented carefully prepared gifts, including pastries, beverages, and "mugwort health hammers," to elderly passengers, emphasizing the deep cultural significance of filial piety in Chinese society [1][4] Summary by Sections - **Event Description** - The themed flight activity was held on the Double Ninth Festival, a traditional Chinese holiday, with the crew extending sincere wishes for happiness and well-being to passengers [3] - Gifts were distributed to elderly passengers, along with explanations of the health benefits of mugwort, creating a warm and culturally rich atmosphere onboard [3] - **Cultural Integration** - The initiative reflects Eastern Airlines' commitment to integrating traditional culture into flight services, showcasing virtues of respect and care for the elderly [4] - The thoughtful service, including gentle reminders while presenting gifts and attentive care for elderly passengers, positions the airline as a promoter of Chinese traditional culture in the aviation sector [4]

山东分公司机场指挥中心的大屏幕上，航班信息如星河流转。指挥长纪立德像往常一样早早来到大厅， 坐在熟悉的席位前，专注地梳理着每一个航班。这是他在指挥长席位值的最后一个班，明天，他将带着 三十载积淀的智慧与经验，奔赴青岛飞行部开启新的征程。尽管岗位在变，但他那份对蓝天的热爱、对 安全的坚守、对责任的担当，从未改变。有同事问："纪哥，今天是你最后一个班了吧？"他微笑着点点 头："站好最后一班岗，是我的本分。" 时间的脚步悄然迈向上午九点，接班的同事已经陆续到岗。纪立德默默整理着桌面，将值班日志的边角 抚平，理了理缠绕在一起的电话线。这个动作他做过上万次，唯独今天，手在桌面上多停留了几 秒。"纪哥，走吧，去开班后会？"一起值班的班组长在会议室门口叫他。他应了一声，将座椅推回原 （东航山东分公司供图） 位。当被问及此刻的感受，他搓了搓手："说舍得是假的，这些屏幕，这些电话，闭着眼睛都知道在哪 儿。飞行部也是保障航班运行必不可少的一环，换个地方继续干。"他没有说什么豪言壮语，只是把那 份不舍，都藏在了那个回望的眼神里。前方，飞行部的新办公室亮着灯；身后，是他用整个青春守护的 蓝天。这份三十年的坚守，这份站好最后一班岗的职 ...

Investment Rating - The report initiates coverage with a rating of "Buy" for China Eastern Airlines [1][6]. Core Insights - China Eastern Airlines is one of the three major state-owned airlines in China, benefiting from dual core hubs in Beijing and Shanghai. The company is positioned to capitalize on the recovering tourism market, which is expected to drive air travel demand. The report highlights a trend of decreasing growth in the civil aviation fleet size in China, influenced by global supply chain disruptions affecting aircraft manufacturers [1][4][9]. - The average price of aviation kerosene has decreased compared to the previous year, which is anticipated to enhance the company's profitability [4][9]. - The projected revenue for China Eastern Airlines from 2025 to 2027 is estimated at RMB 143.18 billion, RMB 152.11 billion, and RMB 159.50 billion, respectively, with year-on-year growth rates of 8.4%, 6.2%, and 4.9% [6][8]. Summary by Sections Company Overview - China Eastern Airlines, established on June 25, 1988, is a leading state-owned airline in China, with a significant presence in the aviation market. The company operates a modern fleet of 816 aircraft, making it one of the youngest fleets globally [17][23]. - The airline's main business is passenger and cargo transportation, with passenger services accounting for over 90% of total revenue in normal circumstances [24][9]. Financial Performance - In 2024, the total revenue reached RMB 132.12 billion, marking a 16.11% increase year-on-year, and the highest revenue in nearly a decade. The company has shown a recovery trend post-COVID-19, with significant revenue growth in 2023 and 2024 [38][45]. - The net profit attributable to shareholders is projected to be RMB 1.405 billion, RMB 4.528 billion, and RMB 7.055 billion for 2025, 2026, and 2027, respectively [6][8]. Market Dynamics - The Chinese aviation market has seen a 172.8% increase in passenger transport volume over the past 15 years, with a growing trend towards market-based pricing for airfares [53][54]. - The three major airlines (Air China, China Eastern Airlines, and China Southern Airlines) accounted for 62.64% of the total transport turnover in 2024, indicating a consolidated market structure [55][56]. Operational Metrics - In 2024, the available seat kilometers (ASK) were 296.91 billion, reflecting a 21.20% year-on-year increase, while revenue passenger kilometers (RPK) reached 245.89 billion, up 34.89% year-on-year, resulting in a passenger load factor of 82.76% [28][36]. - The cargo segment has shown fluctuations, with available cargo ton kilometers at 9.51 billion and cargo turnover at 3.68 billion in 2024, indicating a recovery in cargo operations [36][40].

Core Viewpoint - The resumption of the Shanghai-Hangzhou flight by China Eastern Airlines aims to facilitate international transit passengers, despite concerns regarding its competitiveness against high-speed rail options [1][2]. Group 1: Flight Resumption Details - Starting from November 15, China Eastern Airlines will operate one daily round-trip flight between Shanghai and Hangzhou, with specific departure and arrival times [1]. - The flight was previously operational in 2024 but was suspended for various reasons [1]. Group 2: Pricing and Travel Time Comparison - The economy class ticket price for the flight is approximately 230 yuan, with additional fees bringing the total to around 290 yuan, while high-speed rail tickets range from 70 to 87 yuan [1]. - The fastest high-speed train takes about 45 minutes, compared to the flight's planned duration of 50 minutes [1]. Group 3: Passenger Perspectives - Some passengers believe that the flight is not a viable option due to time, cost, and uncertainty factors, preferring high-speed rail instead [1]. - Others argue that the flight is beneficial for international transit passengers, as it simplifies the connection process between airports [1]. Group 4: Strategic Purpose of the Route - The introduction of this route is part of a broader strategy to enhance international transit options and improve the efficiency of Pudong Airport as a hub [1]. - China Eastern Airlines currently operates several connecting flights in the Yangtze River Delta region to facilitate travel to Pudong Airport [1]. Group 5: Baggage Handling and Ticketing - Passengers using the connecting flights can enjoy "one-ticket" travel and direct baggage handling, provided they purchase a connecting ticket that includes multiple flight segments [2]. - The requirement for baggage handling is that the flights must be on the same ticket and in the correct travel order [2].

Core Viewpoint - China Eastern Airlines' stock price has experienced fluctuations, with a recent decline of 2.07% and a year-to-date increase of 18.50% [1] Financial Performance - For the first half of 2025, China Eastern Airlines reported operating revenue of 66.822 billion yuan, a year-on-year increase of 4.09%, while the net profit attributable to shareholders was -1.431 billion yuan, reflecting a year-on-year growth of 48.30% [2] Stock Market Activity - As of October 29, the stock price was 4.74 yuan per share, with a total market capitalization of 105.661 billion yuan. The trading volume was 326 million yuan, with a turnover rate of 0.40% [1] - The net outflow of main funds was 50.959 million yuan, with large orders accounting for 23.48% of purchases and 31.48% of sales [1] Shareholder Information - As of June 30, 2025, the number of shareholders was 155,100, a decrease of 11.06% from the previous period [2] - The top ten circulating shareholders include China Securities Finance Corporation, holding 430 million shares, and Hong Kong Central Clearing Limited, holding 300 million shares, which increased by 55.219 million shares from the previous period [3] Dividend Information - China Eastern Airlines has cumulatively distributed 3.296 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]

Core Insights - Eastern Airlines held a winter-spring season promotion conference on October 28, discussing international route expansion and service product upgrades to seize new market opportunities for the upcoming season [1][2] - The airline plans to launch several international routes, including the resumption of the Shanghai-Delhi route on November 9, the inaugural Beijing Daxing-Muscat route on November 30, and the Shanghai-Auckland-Buenos Aires route on December 4, marking a strategic upgrade to a global route network [1][2] Group 1 - Eastern Airlines is actively integrating into the Yangtze River Delta's development process by establishing an "Eastern Airlines Air-Rail Intermodal Transfer Service Center" at Shanghai Hongqiao Station to facilitate efficient passenger transfers [2] - The airline is introducing multi-modal transport products, including air-bus, air-rail, air-air, and air-water intermodal services, allowing passengers to purchase tickets in one go for convenient travel [2] - Future plans include launching a "Yangtze River Delta Smooth Travel Zone" that offers door-to-door luggage service and parking, enhancing the travel experience with seamless transfers [2] Group 2 - The conference featured active participation from channel merchants, travel agencies, and customer representatives, with special presentations from the Argentine Consulate in Shanghai, New Zealand Tourism Board, and Abu Dhabi Department of Culture and Tourism [2]