Summary of Conference Call Notes Industry Overview - The conference call focuses on the **hotel**, **airline**, and **duty-free** industries, highlighting their performance and future outlook post-National Day in 2025 [1][3][11]. Key Points and Arguments Hotel Industry - **Strong Performance Post-National Day**: The hotel sector showed robust performance after the National Day, driven by a recovery in business travel rather than solely relying on consumer wealth effects [1][3]. - **Positive Growth Indicators**: Five-star hotel Average Daily Rate (ADR) has stabilized, with occupancy rates improving, leading to a positive growth in September for the first time [1][5]. - **Institutional Holdings**: The hotel sector's institutional holding ratio is at a 15-year low, which, combined with improving data and valuation advantages, has led to a rebound in hotel stocks [1][6]. - **Investment Opportunities**: Companies like Jin Jiang and Shou Tour have low PE ratios for 2026, indicating potential investment value [1][6][8]. - **Expansion and New Products**: Shou Tour is expanding its standard stores and launching new products to enhance acceptance among franchisees and consumers [8]. - **Growth of Budget and Mid-range Hotels**: Jin Jiang and Huazhu are showing signs of improvement, with Jin Jiang's RevPAR showing a positive trend in October [5][9]. Airline Industry - **Recovery in Passenger Volume**: Overall passenger volume increased by 5.2% year-on-year from January to September 2025, with international routes showing a significant recovery [4][15]. - **High Load Factors**: The airline sector maintains high load factors, with expectations for continued improvement in ticket prices [13][15]. - **Airline Recommendations**: China Eastern Airlines is highlighted as a strong investment opportunity due to its rapid recovery and performance exceeding pre-pandemic levels [4][19]. - **Cost Pressures Eased**: Low oil prices and favorable exchange rates have alleviated cost pressures for airlines, contributing to improved profitability [18][21]. - **Future Pricing Trends**: Ticket prices are expected to improve in the fourth quarter, although a potential decline may occur post-Spring Festival due to weaker business demand [16][21]. Duty-Free Industry - **Sales Growth**: The duty-free sector has shown consistent sales growth, with Hainan's offshore duty-free sales achieving positive growth for the first time in 18 months [11][12]. - **Policy Optimizations**: Recent policy changes in Hainan are expected to gradually release demand, positively impacting revenue and profit recovery for the end of the year and into 2026 [12]. Additional Important Insights - **Market Sentiment**: There is a growing market interest in the travel-related sectors, with data indicating sustained performance beyond holiday effects [3]. - **Investment Focus**: The hotel and duty-free sectors are identified as new consumption hotspots driven by fundamental improvements, with upcoming meetings in December and March expected to provide further insights into consumer demand [22]. - **Airport Performance**: Airports like Shanghai and Baiyun are benefiting from increased air traffic, with significant year-on-year growth in passenger numbers [20][21]. This summary encapsulates the key insights from the conference call, providing a comprehensive overview of the current state and future outlook of the hotel, airline, and duty-free industries.

Core Viewpoint - China Eastern Airlines Corporation Limited announced the cancellation of 114 million repurchased H-shares and 89.5539 million repurchased A-shares, effective November 11, 2025 [1] Summary by Category - **Share Repurchase** - The company will cancel a total of 114 million H-shares that have been repurchased [1] - Additionally, 89.5539 million A-shares will also be canceled [1] - **Effective Date** - The cancellation of the shares will take effect on November 11, 2025 [1]

Core Viewpoint - China Eastern Airlines Corporation Limited (00670) announced the cancellation of 114 million repurchased H-shares and 89.5539 million repurchased A-shares on November 11, 2025 [1] Summary by Category - **Share Repurchase** - The company will cancel a total of 114 million H-shares that have been repurchased [1] - Additionally, 89.5539 million A-shares that have been repurchased will also be canceled [1]

FF305 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 公司名稱： 中國東方航空股份有限公司 呈交日期： 2025年11月11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 | A | | 於香港聯交所上市 | | 否 | | | | 證券代號 (如上市) | 600115 | 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | 每股發 ...

Group 1 - China Eastern Airlines has launched the "Qili Dongfang 11.11" series of activities for the 2025 Double Eleven shopping festival, offering cash ticket discounts and "buy now, use later" ticket packages to enhance travel convenience for passengers [1][4] - Starting from 0:00 on November 11, the airline offers a direct cash discount of 11% on selected tickets marked with the "Double 11 Promotion" label on its app, with an additional discount of 30 yuan for orders over 999 yuan when using designated bank cards [4] - Special one-price promotions are available for certain domestic and international flights, such as round-trip tickets from Shanghai to Hong Kong for only 540 yuan and from Shanghai to Okayama, Japan for 700 yuan, providing high-value travel options [4] Group 2 - This year, China Eastern Airlines has introduced a ticket package section on its official platform in response to the "buy now, use later" consumer trend, featuring the popular "Donghang Quyou Card" which allows passengers to purchase tickets at a fixed price and redeem them later based on travel plans [5] - The "Quyou Card" is available in various versions based on travel destinations, with different options for the number of exchanges and cabin classes, allowing travelers to customize their purchases according to travel frequency and comfort needs [5] - During the Double Eleven period, the national version of the "Quyou Card" is offered at a limited-time price, with a 5-exchange card available for as low as 2160 yuan, and unused products are refundable at any time [5]

Core Insights - The successful completion of flight training for China Eastern Airlines' Airbus A320 at Chizhou Jiuhua Mountain Airport marks a significant milestone for the airport and the Anhui region, showcasing the expansion of operational capabilities for smaller airports in the area [1][2]. Group 1: Training Overview - The flight training commenced on September 7 and concluded on October 29, lasting nearly two months, with a total of 7 training batches and over 2000 takeoffs and landings [2]. - The training focused on core competencies for transport aviation flight crews, emphasizing visual approach and landing operations, while also covering critical subjects such as approach routes, go-arounds, and standard recovery procedures [2]. Group 2: Regulatory Oversight - The Anhui Regulatory Bureau prioritized safety and planning for the training, providing detailed guidance to optimize the special support plan for visual approach training [3]. - Key operational elements such as airspace division, landing schedules, runway conditions, and communication/navigation equipment were thoroughly checked to ensure safety during the training [3]. Group 3: Future Directions - The Anhui Regulatory Bureau plans to continue balancing regulatory oversight with service, encouraging local airports to enhance their capabilities for flight training and diverse operational support [3][5].

Core Insights - The aviation and airport sector saw a slight increase of 0.27% on November 11, with Juneyao Airlines leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Juneyao Airlines (603885) closed at 14.26, up 1.57% with a trading volume of 255,900 shares and a transaction value of 363 million yuan [1] - Xiamen Airport (600897) experienced a decline of 2.26%, closing at 16.85 with a trading volume of 87,700 shares and a transaction value of 148 million yuan [2] - China Eastern Airlines (600115) closed at 5.29, up 0.57% with a trading volume of 1,272,100 shares and a transaction value of 670 million yuan [2] Capital Flow - The aviation and airport sector experienced a net outflow of 132 million yuan from institutional investors, while retail investors saw a net inflow of 1.29 billion yuan [2][3] - China Eastern Airlines had a net inflow of 71.39 million yuan from institutional investors, but a net outflow of 39.65 million yuan from retail investors [3] - Xiamen Airport saw a net outflow of 12.81 million yuan from institutional investors, while retail investors contributed a net inflow of 12.27 million yuan [3]

Market Performance - A-shares saw a rise with the Shanghai Composite Index closing up 0.53% at 4018.6 points, while the Shenzhen Component Index increased by 0.18%[1] - The Hang Seng Index in Hong Kong closed up 1.55% at 26649.06 points, with the Hang Seng Tech Index rising 1.34% and the Hang Seng China Enterprises Index up 1.90%[1] - The total market turnover in Hong Kong decreased to 2147.878 million HKD[1] Economic Indicators - The U.S. government shutdown is expected to end soon, with the Senate likely to vote on a temporary funding bill[1] - China's passenger car sales fell for the first time in over a year, with a 0.8% year-on-year decline in October due to the withdrawal of trade-in subsidies[1][12] International Trade - Switzerland is reportedly close to reaching an agreement with the U.S. to reduce export tax rates from 39% to 15%, with a potential deal expected in the next two weeks[12] - The U.S. trade representative is optimistic about reaching a trade agreement with India, which may involve lowering tariffs on Indian goods[12]

Core Points - Eastern Airlines has officially resumed the "China-India route" after a 5-year hiatus, marking it as the first domestic airline to restart passenger flights between China and India in 2025 [1] - The inaugural flight MU563 from Shanghai Pudong International Airport to Delhi carried 248 passengers with a seat occupancy rate exceeding 95% [1] - The route will be operated by an Airbus A330 aircraft with three weekly flights on Wednesdays, Saturdays, and Sundays [1] Summary by Sections Route Details - The resumed route connects Shanghai and Delhi, two major economic centers, facilitating comprehensive exchanges in trade and culture between China and India [1] - Flight MU563 departs Shanghai at 12:50 PM and arrives in Delhi at 5:45 PM local time, while the return flight MU564 leaves Delhi at 7:55 PM and arrives back in Shanghai at 4:10 AM the next day, with a total flight duration of approximately 8 hours [1] Future Plans - Eastern Airlines plans to adjust the frequency of flights based on market feedback and aims to restore the Kunming to Kolkata route, as well as introduce a new route from Shanghai Pudong to Mumbai, further enhancing the air route network between China and India [1]

Core Points - Eastern Airlines has officially resumed the "China-India route" after a five-year hiatus, marking it as the first domestic airline to restart passenger flights between China and India in 2025 [2] - The inaugural flight MU563 from Shanghai Pudong International Airport to Delhi carried 248 passengers with a seat occupancy rate exceeding 95% [2] - The route will be operated by an Airbus A330 wide-body aircraft with three weekly flights on Wednesdays, Saturdays, and Sundays [2] Route Details - The flight schedule includes departure from Shanghai at 12:50 PM and arrival in Delhi at 5:45 PM local time, with the return flight MU564 departing Delhi at 7:55 PM and arriving back in Shanghai at 4:10 AM the next day [2] - This route connects two major economic centers, Shanghai and Delhi, facilitating comprehensive exchanges in trade and culture between the two countries [2] Future Plans - Eastern Airlines plans to adjust the frequency of flights based on market feedback and aims to restore the Kunming to Kolkata route, as well as introduce a new route from Shanghai Pudong to Mumbai [2]