Core Insights - China Eastern Airlines signed 19 procurement agreements with 15 suppliers from 9 countries and regions, totaling $1.211 billion [1] - The one-year booth transaction amount reached $330 million, an increase of 23.3% compared to last year, marking the highest one-year booth transaction in the history of the China International Import Expo for China Eastern Airlines [1] Procurement Details - The procurement categories include aircraft engines, APU package maintenance, in-flight meals, aviation materials, aviation fuel, and automotive chassis [1] - The products are sourced from various countries including the United States, Germany, France, Switzerland, Sweden, Japan, Singapore, the United Arab Emirates, and Hong Kong [1] - Notable agreements include a $615 million procurement agreement for LEAP-1A engines with CFM International and multiple agreements for aviation materials and fuel with Lufthansa Technik, Safran Group, and Idemitsu Kosan [1]

Core Viewpoint - China Eastern Airlines reported a revenue of 39.59 billion yuan for Q3, representing a year-on-year increase of 3.1%, and a net profit of 3.53 billion yuan, corresponding to an earnings per share of 0.16 yuan, which is a year-on-year growth of 34.4% [1] Financial Performance - Q3 revenue reached 39.59 billion yuan, up 3.1% year-on-year [1] - Net profit was 3.53 billion yuan, with an earnings per share of 0.16 yuan, reflecting a 34.4% year-on-year increase [1] - Operating costs per unit decreased by 4.3% year-on-year, primarily due to a 11.2% decline in domestic oil prices [1] Profit Forecast Adjustments - The 2025 net profit forecast for China Eastern Airlines A/H shares was reduced by 37.5% to 1.49 billion yuan due to lower-than-expected ticket prices in the first three quarters [1] - The 2026 net profit forecast for A/H shares was raised by 8.3% to 5.93 billion yuan due to improved ticket price expectations [1] Valuation and Target Price Changes - The target price for China Eastern Airlines A shares was increased by 30% to 6.5 yuan, corresponding to a 24.4 times 2026 price-to-earnings ratio [1] - The target price for H shares was raised by 56.7% to 5.5 Hong Kong dollars, reflecting an 18.7 times 2026 price-to-earnings ratio [1] - The rating was maintained at "outperform the industry" [1]

Core Viewpoint - The company reported a revenue of 106.4 billion yuan for the first three quarters of 2025, showing a year-on-year increase of 3.7%, with a net profit attributable to shareholders of 2.1 billion yuan, a significant recovery from a net loss of 140 million yuan in the same period of 2024 [1] Financial Performance - For Q3 2025, the company achieved a revenue of 39.6 billion yuan, up 3.1% year-on-year, and a net profit of 3.53 billion yuan, reflecting a 34% increase year-on-year [1] - The non-recurring net profit for Q3 2025 was 3.16 billion yuan, a 30% increase year-on-year [1] - The improvement in profitability was attributed to better cost management and a significant increase in passenger load factor despite a decline in industry prices [2] Cost Management and Operational Efficiency - The company successfully controlled costs, resulting in a 2.6% decrease in unit costs year-on-year, with fuel costs down by 7.1% due to falling oil prices [2] - The company issued perpetual bonds totaling 25 billion yuan to replace existing debt, leading to a steady decline in interest expenses [2] International Route Development - The company’s international capacity in Q3 2025 reached 114% of the level in the same period of 2019, with new routes to South America and India contributing to improved operational efficiency [3] - The policy of visa exemption for foreigners has boosted inbound demand, with 72% of inbound travelers being visa-exempt, benefiting the company’s international operations [3] Non-Recurring Income and Investment Gains - The company received approximately 1.3 billion yuan in compensation for land expropriation related to the expansion of Pudong Airport, contributing to non-recurring income [3] - An investment gain of 350 million yuan was recognized in Q3, likely from a stake in an engine maintenance company [3] Investment Outlook - The company is expected to benefit from a recovery in industry prices and the release of reform dividends, with net profit forecasts for 2025 raised to 870 million yuan and projections of 3.47 billion yuan and 5.18 billion yuan for 2026 and 2027, respectively [4] - The current stock price corresponds to price-to-earnings ratios of 127, 32, and 21 for 2025-2027 [4]

Investment Rating - The report maintains a "Recommended" rating for China Eastern Airlines (600115.SH) [4][6]. Core Views - The company reported significant growth in non-recurring profit in Q3 2025, reflecting the benefits of ongoing reforms. Revenue for the first three quarters of 2025 reached 106.4 billion yuan, a year-on-year increase of 3.7%, with a net profit attributable to shareholders of 2.1 billion yuan, compared to a net loss of 140 million yuan in the same period of 2024 [1]. - In Q3 2025, the company achieved a revenue of 39.6 billion yuan, up 3.1% year-on-year, and a net profit of 3.53 billion yuan, a 34% increase year-on-year. The growth in profit was attributed to improved cost management and a significant increase in passenger load factor despite a decline in industry prices [2][3]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company reported a non-recurring net profit of 1.41 billion yuan, compared to a loss of 540 million yuan in the same period of 2024. The non-recurring income mainly came from government subsidies and land compensation [1]. - The company’s Q3 2025 passenger revenue decreased by 4.1% year-on-year, but the passenger load factor improved significantly, leading to a smaller decline in seat revenue of 1.5% [2]. - The unit cost of fuel decreased by 7.1% year-on-year, contributing to the overall cost reduction [2]. Strategic Developments - The international route network is being expanded, with capacity restored to 114% of the 2019 level. New routes to South America and India are expected to enhance operational efficiency and profitability [3]. - The company received approximately 1.3 billion yuan in land compensation for the expansion of Pudong Airport, which contributed to non-recurring income in Q3 2025 [3]. Future Outlook - The report projects an increase in net profit attributable to shareholders to 870 million yuan in 2025, with forecasts of 3.47 billion yuan and 5.18 billion yuan for 2026 and 2027, respectively. The current stock price corresponds to a price-to-earnings ratio of 127, 32, and 21 for 2025-2027 [4][5].

Core Viewpoint - CICC has raised the target price for China Eastern Airlines (00670) to HKD 5.5, maintaining an "outperform" rating due to improved profit forecasts for 2026 and expected valuation increases as the market cycle deepens [1] Financial Performance - In Q3, China Eastern Airlines reported revenue of RMB 39.59 billion, a year-on-year increase of 3.1% [1] - The net profit for the same period was RMB 3.53 billion, corresponding to earnings per share of RMB 0.16, reflecting a year-on-year growth of 34.4% [1] - The performance was in line with CICC's expectations [1] Cost and Pricing Analysis - The decline in oil prices contributed to a decrease in unit operating costs, which fell by 4.3% year-on-year [1] - Domestic oil prices decreased by 11.2% year-on-year, impacting the overall cost structure positively [1] Profit Forecast Adjustments - Due to lower-than-expected ticket prices in the first three quarters of 2025, CICC has reduced the net profit forecast for China Eastern Airlines A/H shares for 2025 by 37.5% to RMB 1.49 billion [1] - Conversely, the profit forecast for 2026 has been increased by 8.3% to RMB 5.93 billion, reflecting improved ticket price expectations [1]

Market Performance - The aviation and airport sector increased by 1.32% on November 5, with Huaxia Airlines leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance - Huaxia Airlines (002928) closed at 11.07, up 4.14% with a trading volume of 228,800 shares and a turnover of 250 million yuan [1] - HNA Holding (600221) closed at 1.87, up 3.31% with a trading volume of 13,966,000 shares and a turnover of 2.608 billion yuan [1] - Spring Airlines (601021) closed at 55.48, up 2.42% with a trading volume of 8,650 shares and a turnover of 476 million yuan [1] - China National Aviation (601111) closed at 8.26, up 1.98% with a trading volume of 549,400 shares and a turnover of 451 million yuan [1] - China Southern Airlines (600029) closed at 6.94, up 1.17% with a trading volume of 381,400 shares and a turnover of 263 million yuan [1] - Xiamen Airport (600897) decreased by 2.48% to 17.28 with a trading volume of 262,600 shares [2] Capital Flow - The aviation and airport sector experienced a net outflow of 118 million yuan from institutional investors, while retail investors saw a net inflow of 131 million yuan [2][3] - Major stocks like HNA Holding and Huaxia Airlines had mixed capital flows, with HNA Holding seeing a net inflow of 108 million yuan from institutional investors [3] - Retail investors contributed positively to the capital flow in several stocks, including China National Aviation and Shenzhen Airport [3]

Core Viewpoint - The report from CICC indicates an upward revision of profit forecasts for China Eastern Airlines (600115.SH, 00670) for 2026, leading to an increase in valuation expectations as the market cycle deepens [1] Group 1: Target Price Adjustments - The target price for China Eastern Airlines' A-shares has been raised by 30% to 6.5 CNY, corresponding to a 24.4 times price-to-earnings ratio for 2026 [1] - The target price for the H-shares has been increased by 56.7% to 5.5 HKD, reflecting an 18.7 times price-to-earnings ratio for 2026 [1] Group 2: Financial Performance - In Q3, the company reported revenue of 39.59 billion CNY, a year-on-year increase of 3.1% [1] - The net profit for the same period was 3.53 billion CNY, translating to earnings per share of 0.16 CNY, which is a 34.4% year-on-year growth [1] - The performance was largely in line with expectations from CICC [1] Group 3: Cost and Pricing Dynamics - A decrease in oil prices contributed to a reduction in unit operating costs, which fell by 4.3% year-on-year [1] - The decline in domestic oil prices was noted at 11.2% year-on-year [1] - Due to lower-than-expected ticket prices in the first three quarters of 2025, the net profit forecast for 2025 has been cut by 37.5% to 1.49 billion CNY [1] - However, with improved ticket price expectations, the net profit forecast for 2026 has been raised by 8.3% to 5.93 billion CNY [1]

Core Points - The eighth China International Import Expo (CIIE) commenced on November 5, showcasing a collaboration between China Eastern Airlines and Starbucks China, highlighting their "Aviation + Coffee" cross-industry ecosystem [1][2] - During the expo, China Eastern Airlines and Starbucks China set up a Yunnan coffee tasting area, allowing guests to experience high-quality domestic coffee beans, and introduced enhanced member benefits for their joint loyalty program [1][2] Summary by Sections Collaboration and Events - China Eastern Airlines and Starbucks China have been in a comprehensive partnership since July 14, 2025, allowing nearly 200 million members to share the "Aviation + Coffee" ecosystem [2] - Over 100,000 cups of Starbucks coffee have been redeemed by China Eastern Airlines' "Eastern Miles" platinum and gold card members at Starbucks locations in airports nationwide [2] Member Benefits - As of November 1, 2023, the joint member benefits have been further optimized, with Starbucks' Diamond members continuing to enjoy in-flight Wi-Fi benefits and a new option to earn 1,000 points in the "Eastern Miles" program [2] - On the day of flying with China Eastern Airlines or Shanghai Airlines, platinum and gold card members can still receive complimentary coffee beverages at Starbucks locations in domestic airports [2]

中国民航网 通讯员王娟、肖雅琴 报道：11月3日，由广州飞往兰州的MU2306航班在平飞阶段，一名旅 客突然出现身体严重不适，东航甘肃乘务员及时发现并启动应急关怀机制，经过约15分钟的全程专业陪 护与多项暖心措施，该旅客身体状况明显好转，症状基本缓解，情绪恢复平稳。 经乘务员细致问询与观察，初步判断旅客因飞行过程中的紧张情绪引发身体反应。乘务组迅速开展系统 性救助：首先将旅客调换至前排更为宽敞的座位，并提供乘务员个人使用的降噪耳机，通过播放音乐帮 助其转移注意力、放松心情。过程中，两名乘务员轮流为旅客按摩抖动不止的双腿，以缓解肌肉紧张与 痉挛。乘务组还协同测量旅客血压与脉搏，递上温糖水为其补充能量，并陪护在侧，通过持续沟通与情 绪疏导，逐步缓解其心理压力。 "当时我突然头晕恶心，全身控制不住地发抖，腿也不听使唤，真的很害怕，"旅客回忆，"但乘务员没 有离开我身边。她们为我换座位、戴耳机，两位乘务员一直轮流为我按摩双腿，还一直握着我的手安慰 我。那一杯温糖水喝下去，整个人都暖了。"在乘务员专业、贴心的持续照料下，约15分钟后，旅客发 抖症状明显减轻，腿部抖动得到控制，头晕恶心感基本消失，脸色也逐渐恢复红润。 " ...

每经AI快讯，航空股普遍走高，截至发稿，东方航空(00670.HK)涨5.29%，报4.38港元；中国国航 (00753.HK)涨3.92%，报6.1港元；南方航空(01055.HK)涨2.08%，报4.89港元；国泰航空(00293.HK)涨 0.36%，报11.27港元。 （文章来源：每日经济新闻） ...