Core Viewpoint - The aviation and airport sector experienced a rise of 0.82% on October 9, with Southern Airlines leading the gains, while the Shanghai Composite Index rose by 1.32% and the Shenzhen Component Index increased by 1.47% [1]. Group 1: Stock Performance - Southern Airlines (600029) closed at 6.17, up by 1.98% with a trading volume of 1.2 million shares and a transaction value of 724 million yuan [1]. - China Eastern Airlines (600115) closed at 4.22, up by 1.69% with a trading volume of 2.3 million shares and a transaction value of 941 million yuan [1]. - Hainan Airlines (600221) closed at 1.64, up by 1.23% with a trading volume of 4.6 million shares and a transaction value of 752 million yuan [1]. - Xiamen Airport (600897) closed at 14.37, down by 0.62% with a trading volume of 19,700 shares and a transaction value of 28.2 million yuan [2]. - Baiyun Airport (600004) closed at 9.44, down by 0.42% with a trading volume of 201,000 shares and a transaction value of 18.9 million yuan [2]. Group 2: Capital Flow - The aviation and airport sector saw a net outflow of 119 million yuan from institutional investors, while retail investors contributed a net inflow of 27.67 million yuan [2]. - China National Airlines (601111) had a net inflow of 33.72 million yuan from institutional investors, but a net outflow of 36.14 million yuan from retail investors [3]. - Hainan Airlines (600221) experienced a net inflow of 22.03 million yuan from institutional investors, while retail investors had a net inflow of 231,800 yuan [3].

在国际及地区航线方面，东航假期8天执行航班总量达3484班，累计运输旅客55.2万人次。其中，前往欧美、澳大利亚、日韩、东南亚、中亚、西亚、北非 等地的航线较为热门，上海浦东—墨尔本、上海浦东—纽约、上海浦东—法兰克福、上海虹桥—东京、西安—伊斯坦布尔、上海浦东—卡萨布兰卡等航线客 座率较高。 东航数据显示，在国内航线方面，从上海、北京、深圳、广州、西安、成都等枢纽城市前往厦门、大连、长沙、哈尔滨、长春、沈阳、郑州、石家庄、太 原、乌鲁木齐、呼和浩特、贵阳、南宁、泉州等地的旅游航线，客座率保持高位。 北京商报讯(记者关子辰牛清妍)10月9日，北京商报记者从东航获悉，10月1日至8日期间，东航合计执行国内外航班近2.5万班，运输旅客超365万人，日均执 行航班量超3100班，同比增长3.6%，日均承运旅客45.6万余人次，同比增长6.2%，创历史同期新高。 ...

Group 1 - China Eastern Airlines' stock increased by 1.72% on September 30, with a trading volume of 554 million yuan [1] - The company had a net financing buy of -2.20 million yuan on the same day, with a total financing and securities balance of 385 million yuan [1] - The financing balance of China Eastern Airlines is 383 million yuan, accounting for 0.54% of its market capitalization, which is below the 40th percentile of the past year [1] Group 2 - As of June 30, the number of shareholders for China Eastern Airlines was 155,100, a decrease of 11.06% from the previous period [2] - The company reported operating revenue of 66.82 billion yuan for the first half of 2025, a year-on-year increase of 4.09%, while the net profit attributable to shareholders was -1.43 billion yuan, an increase of 48.30% year-on-year [2] Group 3 - China Eastern Airlines has distributed a total of 3.296 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3] - As of June 30, 2025, China Securities Finance Corporation was the eighth largest shareholder, holding 430 million shares, unchanged from the previous period [3] - Hong Kong Central Clearing Limited was the tenth largest shareholder, increasing its holdings by 55.22 million shares to 300 million shares [3]

港股航空板块持续走高，中国东方航空股份涨超10%，中国南方航空股份涨超7%，中国国航涨超4%， 国泰航空涨超1%。 ...

Market Overview - The Hong Kong stock market indices rebounded after an initial dip, with the Hang Seng Index slightly up by 0.04%, and the Hang Seng China Enterprises Index and Hang Seng Tech Index rising by 0.52% and 0.63% respectively, ending a three-day decline [1] Sector Performance - Large technology stocks showed mixed results, with Kuaishou up by 1.69%, while Meituan, JD.com, and Baidu also saw gains. Alibaba, NetEase, Xiaomi, and Tencent experienced slight declines [1] - Copper prices surged due to supply shortages and a computing power revolution, leading to significant gains in copper mining stocks. China Daye Non-Ferrous Metals soared nearly 20%, Jiangxi Copper rose over 11%, and China Nonferrous Mining increased by 8% [1] - Hong Kong local bank stocks surged, particularly HSBC, which plans to privatize through an agreement, causing Hang Seng Bank's stock to spike by 41%, reaching a historical high [1] - Mining resource stocks and high-speed rail infrastructure stocks saw substantial increases, with China Railway Group rising over 10% [1] - Institutional analysts are focusing on Q4 demand recovery due to low baselines, leading to a collective rebound in airline stocks, with China Eastern Airlines up nearly 10%. Wind power, semiconductor, telecommunications, oil, and property management stocks also saw gains [1] Declines in Specific Sectors - Pharmaceutical stocks fell across the board, with Innovent Biologics, SiHuan Pharmaceutical, and I-Mab leading the decline in innovative drug stocks [1] - The film industry faced a downturn due to poor box office performance during the National Day holiday, resulting in a collective drop in cinema stocks [1] - The automotive sector mostly declined [1]

Group 1 - The core viewpoint of the article highlights a rebound in Hong Kong aviation stocks, with significant gains observed in major airlines [1] Group 2 - China Eastern Airlines saw an increase of over 7% [1] - China Southern Airlines rose by more than 6% [1] - Air China experienced a nearly 4% increase [1] - China Aircraft Leasing gained over 3% [1]

Group 1 - The core viewpoint of the article highlights a rebound in Hong Kong aviation stocks, with significant gains observed in major airlines [1] Group 2 - China Eastern Airlines shares increased by over 7% [1] - China Southern Airlines shares rose by over 6% [1] - Air China shares climbed nearly 4% [1] - China Aircraft Leasing shares gained over 3% [1]

Investment Rating - The industry maintains a "Recommended" investment rating, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [3]. Core Insights - The overall supply and demand growth in the aviation industry continues to slow down, with record high passenger load factors during peak seasons. Domestic growth remains low, while international routes are experiencing a gradual normalization effect from last year's base [1][7]. - Key performance indicators for August 2025 show significant year-on-year increases in passenger turnover and flight operations, with domestic routes showing stronger growth compared to international routes [7][23]. - The report emphasizes the importance of addressing "involution" within the industry, highlighting recent calls for a unified market and reduced competition pressures [7]. Summary by Sections Industry Monthly Review - In August 2025, the Shanghai Composite Index rose by 10.3%, while the aviation index increased by 5.9%, underperforming the broader market by 4.4% [11]. - Most aviation stocks saw gains, with the largest increase being 11.5% for a specific stock, while the largest decline was 3.1% for another [11]. Key Data Tracking - Passenger turnover for August 2025 reached 136.5 billion passenger-kilometers, up 25.4% from 2019 and 5.8% from 2024. Domestic routes accounted for 104.7 billion passenger-kilometers, reflecting a 35.6% increase from 2019 [7][24]. - The available seat kilometers (ASK) for August 2025 were 156.1 billion, a 24.1% increase from 2019, with a passenger load factor of 87.5%, up 0.9 percentage points from 2019 [7][24]. - The report notes a decline in domestic ticket prices, with full ticket prices down 6.4% year-on-year [7][24]. Recent Reports - The report references several recent industry analyses, including insights on the recovery of international flights and the performance of major airlines [6][93].

FF301 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00670 | 說明 | | 中國東方航空股份有限公司H股 | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,176,777,777 | RMB | | 1 RMB | | 5,176,777,777 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 5,176,777,777 | RMB | | 1 RMB | | 5,176,777,777 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600115 | ...

Core Insights - The National Day and Mid-Autumn Festival holiday has significantly boosted travel demand, with airlines and airports reporting record-high passenger numbers and flight operations during this period [1][2][3][4] Airline Performance - Eastern Airlines executed over 15,400 flights and transported more than 2.278 million passengers from October 1 to 5, achieving a daily average of over 3,000 flights, a 3.9% year-on-year increase, and a daily average of 456,000 passengers, a 6.2% increase [1] - Southern Airlines planned to add over 2,700 flights during the holiday period, with a total of 48,000 flights scheduled, focusing on popular routes from Guangzhou and Shenzhen to regions like Xinjiang and Yunnan [2] - Spring Airlines anticipated a daily flight volume of nearly 600 during the holiday, with a projected year-on-year growth of over 13%, driven by increased domestic and international travel demand [2] Airport Statistics - Baiyun Airport reported approximately 7,808 flights and 1.2094 million passengers from October 1 to 5, with a daily average of 1,562 flights and 245,400 passengers, reflecting year-on-year growth of 4.04% and 3.96% respectively [3] - Xiamen Airport experienced a daily passenger volume exceeding 90,000 for five consecutive days, with an average of 92,000 passengers, marking a 3% year-on-year increase, and international passenger growth of 14.2% [3] - Shanghai Airports (Pudong and Hongqiao) expected a total of 19,000 flights and 3.141 million passengers from October 1 to 8, with a daily average of 2,366 flights and 393,000 passengers, reflecting a 2.5% and 5.6% year-on-year increase respectively [4]