Industry Rating - The industry investment rating is maintained as "Outperform the Market" [1] Core Insights - The aviation industry has incurred significant losses, totaling 329.5 billion yuan from 2020 to 2023, while the cumulative profit from 2010 to 2019 was only 278.2 billion yuan [2][8] - The root cause of the losses is identified as excess capacity, with a 15% increase in the number of aircraft from 2019 to 2024, while passenger traffic only grew by 11% [3] - Average ticket prices for the three major airlines have decreased by approximately 7% compared to 2019, leading to continued losses in 2024 and the first half of 2025 [11] Summary by Sections 1. Aviation Industry Losses - The aviation industry urgently needs to address its losses, with major airlines continuing to report significant deficits [6] - The average ticket price for the three major airlines in 2024 is lower than in 2019, contributing to declining profit margins [11] 2. Capacity and Demand Imbalance - The growth in the number of aircraft has outpaced the growth in passenger traffic, leading to an ongoing imbalance in supply and demand [15] - Aircraft utilization rates have not fully recovered to pre-2019 levels, although passenger load factors have exceeded those levels in 2025 [20] 3. Opportunities for Improvement - There is potential for the early retirement of older aircraft, which could help clear excess capacity and improve profitability [24][27] - The prices of second-hand aircraft have risen, providing an opportunity for airlines to sell or lease older planes for good returns [28] - The profitability of foreign airlines is higher than that of domestic airlines, suggesting a need for domestic airlines to consider external aircraft adjustments [36] 4. Domestic Aircraft Market - The delivery volume of domestic large aircraft is expected to increase significantly, with domestic aircraft projected to become the main source of growth in aircraft numbers [39]

转自：新京报我们视频 【#航司称旅客被烫伤厨师赔1万不符流程# 正协商解决】#航司回应旅客在机场休息室被烫伤# 近日，一 旅客反映在机场国航休息室因员工失误被烫伤。当事人左先生称7月20日事发休息室厨师误将高温热水 倒在他腿上，事发后厨师提出赔偿1万元或为左先生在航站楼内专柜买新裤子。左先生告诉记者，随后 联系他的航司相关负责人称会赔偿500元。7月31日，国航休息室相关负责人表示，厨师私下给出赔偿方 案不符合特殊情况处置流程，对于赔偿金额等问题，目前仍在与左先生协商。（记者：苗玉薪 制作： 张笑然） ...

【#航司回应旅客在机场休息室被烫伤#：厨师提出赔1万元不符合流程 正协商解决】近日，一旅客反映 在机场国航休息室因员工失误被烫伤。当事人左先生称7月20日事发休息室厨师误将高温热水倒在他腿 上，事发后厨师提出赔偿1万元或为左先生在航站楼内专柜买新裤子。左先生告诉@新京报 记者，随后 联系他的航司相关负责人称会赔偿500元。7月31日，国航休息室相关负责人表示，厨师私下给出赔偿方 案不符合特殊情况处置流程，对于赔偿金额等问题，目前仍在与左先生协商。 ...

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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就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。 00753 公司秘書資格情況更新及於香港接收法律程序文件及通知的代理人變更 茲提述中國國際航空股份有限公司（「本公司」）日期為二零二四年三月二十八日之公告， 內容有關（其中包括）本公司更換聯席公司秘書和相關豁免。 本公司謹此宣佈，本公司現任聯席公司秘書肖烽先生（「肖先生」）獲認可為香港公司治理 公會及特許公司治理公會的資深會士。因此，肖先生已取得香港聯合交易所有限公司證 券上市規則（「上市規則」）第3.28條所規定的專業資格，並符合資格及能夠獨立履行公司秘 書的職能。因此，禤浩賢先生（「 先生」）辭任本公司聯席公司秘書，自二零二五年八月 一日起生效。禤先生辭任後，肖先生將繼續擔任並作為本公司之唯一公司秘書。 禤先生已確認彼與本公司董事會（「董事會」）並無任何意見分歧，亦無其他與其辭任有關 之事項而須敦請本公司股東垂注。 董事會進一步宣佈，梁譯丰先生接替禤先生擔任本公司於上市規則第19A.13(2)條項下代 ...

Investment Rating - The report provides an "Increase" rating for the aviation industry, indicating a potential growth of over 15% relative to the CSI 300 index [27]. Core Insights - The aviation industry is experiencing a steady improvement in supply and demand, leading to significant reductions in losses. The summer travel season has shown unexpected weakness in business travel, but the long-term logic of the aviation sector remains intact, with expectations of benefiting from a "reverse internal competition" strategy [2][3]. Summary by Sections Supply and Demand Dynamics - In Q2 2025, domestic supply maintained low growth with 107 new aircraft introduced, resulting in a net increase of only 52 aircraft. The industry’s Available Seat Kilometers (ASK) is estimated to have grown by 6.7% year-on-year [3]. - Domestic demand showed a steady recovery, with domestic passenger traffic increasing by 5.5% in Q2, while the average domestic ticket price (including fuel) remained stable compared to Q1 [3][9]. Financial Performance - The industry significantly reduced losses in Q2, with passenger load factors improving by 1.9 percentage points year-on-year, reaching a historical high for the same period. The average domestic fuel price decreased by 17% year-on-year, contributing to profitability [3][9]. - The report estimates that the industry may achieve profitability in May, with major airlines expected to report substantial reductions in losses for Q2 [3]. Summer Travel Season Insights - The summer travel season has seen a 3% year-on-year increase in passenger traffic, although ticket prices have decreased by 4-5%, which is lower than previous expectations. The supply growth remains limited due to a slight increase in fleet size and strict flight scheduling by the Civil Aviation Administration [3]. - There is a notable increase in leisure travel, particularly among families and young travelers, while business travel has unexpectedly weakened [3]. Long-term Outlook - The report emphasizes that the aviation industry is entering a low-growth supply era, but the medium-term growth trend remains stable. The anticipated policies aimed at reducing excessive low pricing are expected to support profitability recovery [3]. - The report recommends a contrarian investment approach in the aviation sector, highlighting the potential for significant earnings recovery in 2025, with specific recommendations to increase holdings in China National Aviation, Spring Airlines, and others [3][22].

Core Viewpoint - The aviation sector continues to experience a downward trend in stock prices, influenced by rising fuel costs and geopolitical tensions, particularly related to U.S. tariffs on Indian goods and sanctions on Iran [1] Group 1: Stock Performance - China National Aviation (601111) saw a decline of 4.51%, trading at HKD 5.29 [1] - Capital Airport (00694) dropped by 3.15%, with a price of HKD 3.07 [1] - China Southern Airlines (600029) fell by 2.43%, priced at HKD 3.62 [1] - China Eastern Airlines (00670) decreased by 2.74%, trading at HKD 2.84 [1] Group 2: Geopolitical Impact - U.S. President Trump announced a 25% tariff on goods exported from India starting August 1, raising concerns about supply chain disruptions [1] - Additional sanctions may be imposed on India due to its continued energy purchases from Russia, further escalating geopolitical tensions [1] Group 3: Fuel Costs and Financial Implications - Fuel costs remain the largest expense for airlines, and rising oil prices are expected to lead to higher fuel surcharges [1] - The rapid increase in fuel prices may negatively impact demand due to cost pass-through effects, worsening airline profitability [1] - Airlines face significant foreign currency exposure due to aircraft purchases and leasing, which could result in substantial foreign exchange losses amid currency depreciation [1]

Group 1 - China International Airlines has launched a direct flight route from Beijing to Almaty, Kazakhstan on July 30 [1] - The inaugural flight ceremony took place at Almaty International Airport [1] - The flight number for the new route is CA799/800, operating on Mondays, Wednesdays, Fridays, and Sundays using Boeing 737 aircraft [1]

Core Viewpoint - China International Airlines plans to sell two Trent700 spare engines and one GTCP331-350C spare APU to China International Cargo Airlines for a total price of RMB 151.44 million (excluding tax) [2][4][18]. Group 1: Transaction Overview - The transaction involves the sale of two Trent700 spare engines and one GTCP331-350C spare APU, with a total price of RMB 151.44 million (excluding tax) [2][4]. - The buyer, China International Cargo Airlines, is indirectly controlled by the company's major shareholder, China Aviation Group, making this a related party transaction [2][4]. - The total amount of related party transactions with the same party in the past 12 months has not reached 5% of the company's latest audited net assets [2][4]. Group 2: Financial and Asset Details - The engines were manufactured in November and September 2006, and both have completed major repairs. The remaining usage cycles for the engines are 5,255 and 3,991, respectively [11]. - The book value of the two engines as of December 31, 2024, was RMB 163.60 million, while the unaudited book value as of June 30, 2025, was RMB 150.84 million [12]. - The asset evaluation conducted by Zhonglian Asset Appraisal Group determined the fair value of the assets to be RMB 151.44 million, reflecting a depreciation of RMB 24.47 million (13.91% depreciation rate) [14][16]. Group 3: Approval and Compliance - The transaction was approved by the company's seventh board of directors on July 29, 2025, with related directors abstaining from the vote [5][27]. - The transaction does not require approval from the shareholders' meeting or other regulatory bodies [7][24]. - The buyer, China International Cargo Airlines, has a strong financial position, with a net cash flow from operating activities of RMB 525.72 million and a net profit of RMB 578.76 million for the first quarter of 2025 [21]. Group 4: Impact on the Company - This transaction is expected to reduce the company's overall holding costs and improve asset utilization efficiency [22]. - The transaction price is based on the asset evaluation value and will not affect the company's independence or harm the interests of shareholders, particularly minority shareholders [22]. - The transaction does not involve management changes, personnel arrangements, or land leasing, and will not lead to new related transactions or competition in the same industry [22].

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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就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。 00753 有關出售標的資產的關連交易 於二零二五年七月二十九日，本公司（作為賣方）與國貨航（作為買方）訂立發動機買賣 協議，據此，本公司同意向國貨航出售標的資產。 由於國貨航為本公司之控股股東中航集團公司之附屬公司，因此，國貨航為本公司的 關連人士，發動機買賣協議項下擬進行的交易構成香港上市規則第14A章項下本公司 的關連交易。 由於發動機買賣協議項下擬進行的交易的一項或多項適用百分比率高於0.1%但所有適 用百分比率均低於5%，故上述交易須遵守香港上市規則第14A章項下之申報及公告規 定，但獲豁免遵守香港上市規則第14A章之獨立股東批准的規定。 I. 緒言 於二零二五年七月二十九日，本公司（作為賣方）與國貨航（作為買方）訂立發動機買 賣協議，據此，本公司同意向國貨航出售標的資產。 - 1 - II. 發動機買賣協議 發動機買賣協議的主要條款如下： | 日期： | 二零二五年七月二十九日 | | --- ...

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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 海外市場公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條的規定而發表。 附件為中國國際航空股份有限公司於上海證券交易所刊發之 中國國際航空股份有限公司第七屆董事會第五次會議決議公告 承董事會命 中國國際航空股份有限公司 聯席公司秘書 肖烽 浩賢 中國北京，二零二五年七月二十九日 於本公告日期，本公司的董事為馬崇賢先生、王明遠先生、崔曉峰先生、Patrick Healy （賀以禮）先生、肖鵬先生、徐念沙先生*、禾雲先生*、譚允芝女士*及高春雷先生*。 * 本公司獨立非執行董事 证券代码：601111 股票简称：中国国航 公告编号：2025-032 中国国际航空股份有限公司 第七届董事会第五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整 ...