Group 1 - The core viewpoint is that major Chinese airlines have reported an increase in key operational metrics for September, leading to a rise in their stock prices [1] - China Eastern Airlines saw a 3.63% year-on-year increase in passenger capacity and an 8.67% increase in passenger turnover for September, with a seat occupancy rate of 87.57%, up 4.06 percentage points year-on-year [1] - China Southern Airlines reported a 4.43% increase in passenger capacity and a 5.25% increase in passenger turnover for September [1] - Air China experienced a 5.6% increase in passenger turnover and an average seat occupancy rate of 83.2%, which is up 3.5 percentage points year-on-year [1] Group 2 - Huatai Securities noted a slight slowdown in capacity growth for airlines in September post-summer travel season, while maintaining high seat occupancy rates [2] - The report indicates that due to a recovery in business travel demand, ticket prices have started to show positive year-on-year growth, with domestic ticket prices increasing by 3.0% from September 1 to October 12 [2] - The outlook suggests that the tightening of flight schedules in the new season, combined with a low base effect, may continue to support positive ticket price growth into the fourth quarter, while falling oil prices could alleviate cost pressures for airlines [2]

Investment Rating - The report maintains an "Overweight" rating for the aviation transportation sector [6]. Core Viewpoints - The aviation sector is showing signs of recovery, with expectations for continued improvement in the fourth quarter and the medium to long term, driven by a rebound in business travel demand and a favorable pricing environment [1][4]. - The supply growth in the industry remains constrained, supporting long-term supply-demand improvements [3][4]. - The report recommends focusing on airlines with potential for sustained growth, specifically highlighting China National Aviation (H), Huaxia Airlines, and Spring Airlines as top picks [1][9]. Summary by Sections Industry Performance - In September, the three major airlines (China Southern, China Eastern, and Air China) saw a slight slowdown in capacity growth at 3.0%, while passenger load factors increased by 2.7 percentage points to 85.6% [1]. - Spring Airlines experienced a significant capacity increase of 21.1%, maintaining a leading load factor of 91.8% [2]. Pricing and Revenue - Domestic ticket prices turned positive in September, increasing by 3.0% year-on-year, following a decline of 6.5% in July and August [1][4]. - The report anticipates that the improvement in revenue levels will continue into the fourth quarter, supported by a low base and effective revenue management by airlines [4]. Supply Constraints - As of September 2025, the total net addition of passenger aircraft among the major airlines was only 84, reflecting a growth of just 2.7% compared to the end of 2024 [3]. - The tightening of flight schedules is expected to persist, with a projected overall decrease of 1.6% in domestic flight slots for the upcoming winter-spring season [3]. Recommendations - The report emphasizes the potential for profitability in the aviation sector, particularly as oil prices decline, which may alleviate cost pressures for airlines [4]. - Specific stock recommendations include Huaxia Airlines (target price 13.65), Spring Airlines (target price 67.80), and China Southern Airlines (target price 7.35) [9][22].

Core Points - The board of directors of China Eastern Airlines convened its 10th meeting in 2025 on October 15, where they unanimously approved the proposal to establish the "Management Rules of China Eastern Airlines" [1] - The company reported a year-on-year increase in passenger capacity by 3.63% and passenger turnover by 8.67% for September 2025, with a seat load factor of 87.57%, up by 4.06 percentage points [4] - Cargo and mail turnover increased by 10.95% year-on-year in September 2025 [4] - New domestic and international routes were launched, including Shanghai Pudong to Yiwu and Shanghai Pudong to Barcelona, among others [4] - The fleet expanded with the addition of 4 aircraft in September 2025, bringing the total operational fleet to 820 aircraft [5]

Core Viewpoint - China Eastern Airlines (CEA) has become the first domestic airline to offer free Wi-Fi service across all cabin classes on its wide-body "Air Express" flights, breaking the previous norm of limiting free Wi-Fi to premium classes [1][3]. Group 1: Free Wi-Fi Implementation - Starting from October 11, CEA's free Wi-Fi service will be available for all passengers in economy, business, and first class on designated routes [1]. - The free Wi-Fi covers 37 routes, including major business travel routes such as Shanghai Hongqiao to Beijing Capital, Guangzhou, and Shenzhen, accounting for 70% of CEA's domestic wide-body flights [1]. - Currently, CEA has equipped 110 wide-body aircraft with Wi-Fi, and this initiative marks a significant expansion of free Wi-Fi access [1]. Group 2: Service Levels and Upgrades - The free Wi-Fi service is categorized as a basic service, supporting web browsing, instant messaging, online office work, and email handling [3]. - Passengers seeking enhanced experiences, such as audio and video entertainment, can upgrade to standard or premium Wi-Fi services for a fee [3]. - Previously, the full Wi-Fi service cost 50 yuan, but now passengers can upgrade from the free basic version to the standard version for 30 yuan if they desire entertainment options [3]. Group 3: Industry Trends - The trend of offering free in-flight Wi-Fi is gaining momentum globally, with airlines like Turkish Airlines and Emirates planning to expand free Wi-Fi access to more classes by 2025 [6][7]. - CEA's move to provide free Wi-Fi is part of a broader shift in the airline industry, where companies are transitioning from price competition to service differentiation [9]. - The recognition of in-flight Wi-Fi as a necessary service rather than an optional add-on reflects changing consumer expectations, particularly among business travelers [11]. Group 4: Technological Developments - Recent advancements have allowed for continuous Wi-Fi connectivity from takeoff to landing, enabling passengers to remain connected at all times [12]. - The integration of high and low Earth orbit satellites is becoming a trend in the industry, with ongoing developments in domestic low Earth orbit satellite technology [14][16]. - Major airlines, including United Airlines, are partnering with companies like SpaceX to implement satellite-based Wi-Fi systems, aiming for comprehensive coverage by 2025 [14][16].

Core Viewpoint - China Eastern Airlines reported an increase in passenger capacity and turnover for September 2025, indicating positive growth trends in the airline industry [1] Group 1: Passenger Metrics - The passenger capacity input (measured in available seat kilometers) for September 2025 increased by 3.63% year-on-year [1] - The passenger turnover (measured in revenue passenger kilometers) rose by 8.67% year-on-year [1] - The passenger load factor reached 87.57%, up by 4.06 percentage points year-on-year [1] Group 2: Cargo Metrics - The cargo and mail turnover (measured in cargo mail ton kilometers) increased by 10.95% year-on-year for September 2025 [1]

Core Viewpoint - The A-share airport and aviation sector experienced a significant rise, with several airlines reporting positive operational data for September 2025, indicating a recovery in passenger traffic and capacity utilization [1][2]. Group 1: Airline Performance - China Southern Airlines reported a 4.43% year-on-year increase in passenger capacity input for September 2025, with a 5.25% rise in passenger turnover, and an overall seat occupancy rate of 86.30%, up 0.67 percentage points [1]. - Air China disclosed a 1.2% increase in passenger capacity input and a 5.6% rise in passenger turnover for September 2025, achieving an average seat occupancy rate of 83.2%, which is up 3.5 percentage points year-on-year [1]. - China Eastern Airlines noted a 3.63% increase in passenger capacity input and an 8.67% rise in passenger turnover for September 2025, with a seat occupancy rate of 87.57%, up 4.06 percentage points [2]. Group 2: Market Reaction - The A-share market saw a surge in the aviation sector, with Huaxia Airlines hitting the daily limit up, while China National Airlines and Shanghai Airlines rose over 6%, indicating strong investor confidence following the positive operational data [1].

Core Insights - China Eastern Airlines reported a 3.63% year-on-year increase in passenger capacity for September 2025, measured in available seat kilometers [1] - The passenger turnover increased by 8.67% year-on-year, measured in revenue passenger kilometers [1] - The passenger load factor reached 87.57%, up by 4.06 percentage points year-on-year [1] - Cargo and mail turnover saw a year-on-year increase of 10.95%, measured in cargo and mail ton kilometers [1] Domestic Market Developments - New domestic routes were launched, including Shanghai Pudong to Yiwu, and frequency increases on routes such as Shanghai Hongqiao to Guangzhou, Jinan, Harbin, and Hefei [1] - The company also expanded its international market with new routes from Shanghai Pudong to Barcelona, Casablanca, Phnom Penh, Tashkent, and others, along with resuming the Vancouver route and increasing frequency to Abu Dhabi [1] Fleet Updates - In September 2025, the company introduced 4 new aircraft, comprising 3 A320 series and 1 B787 series, while retiring 2 A320 series aircraft [1] - As of the end of September 2025, the total operational fleet consisted of 820 aircraft [1]

Core Insights - China Eastern Airlines reported a 3.63% year-on-year increase in passenger capacity for September 2025, measured in available seat kilometers [1] - The passenger turnover increased by 8.67% year-on-year, measured in revenue passenger kilometers [1] - The passenger load factor reached 87.57%, up by 4.06 percentage points year-on-year [1] - Cargo and mail turnover saw a year-on-year increase of 10.95%, measured in cargo and mail ton kilometers [1] Domestic Market Developments - New domestic routes were launched, including Shanghai Pudong to Yiwu, and frequency increases on routes such as Shanghai Hongqiao to Guangzhou, Shanghai Hongqiao to Jinan, and others [1] - The company resumed operations on several routes, including Shanghai Pudong to Vancouver, and increased frequency on routes like Shanghai Pudong to Abu Dhabi [1] Fleet Expansion - In September 2025, the company introduced 4 new aircraft, comprising 3 A320 series and 1 B787 series, while retiring 2 A320 series aircraft [1] - As of the end of September 2025, the total operational fleet consisted of 820 aircraft [1]

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 中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 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： 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10月15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）。 证券代码：600115 证券简称：中国东航 公告编号：临 2025-068 中国东方航空股份有限公司 董事会 2025 年第 10 次会议决议公告 本公司 ...

內幕消息 海外監管公告 2025 年 9 月運營數據公告 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） 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9月客運運力投入（按可用座公里計）同比上升3.63%；旅客周轉量（按客 運人公里計）同比上升8.67%；客座率為87.57%，同比上升4.06個百分點。2025年9月貨 郵周轉量（按貨郵載運噸公里計）同比上升10.95%。2025年9月，國內市場，新開上海 浦東－義烏等航線，加密上海虹橋－廣州、上海虹橋－濟南、上海浦東－哈爾濱 ...