此前，上市航司陆续披露了2025年10月份主要运营数据，多家上市航司今年10月份旅客周转量以及货邮 周转量同比上行。 以中国国际航空股份有限公司(以下简称"中国国航（601111）")为例，今年10月份，其客运运力投入(按 可用座位公里计)同比上升4.3%，旅客周转量同比上升8.7%；平均客座率85.3%，同比上升3.4个百分 点。货运方面，今年10月份，中国国航货运运力投入(按可用货运吨公里计)同比下降0.9%，货邮周转量 (按收入货运吨公里计)同比上升3.1%；货运载运率为38.9%，同比上升1.5个百分点。 华泰证券股份有限公司发布的研报显示，今年10月份，航空票价改善趋势延续。考虑到供给增速低位、 行业反内卷、基数较低等因素，行业收益水平的回暖有望延续，催化板块关注度和预期，行业中长期景 气度有望持续改善。 11月25日，《证券日报》记者从中国民航局了解到，今年10月份，我国民航运输规模增势良好，共完成 运输总周转量146.0亿吨公里、旅客运输量6783.5万人次、货邮运输量91.7万吨，同比分别增长10.8%、 5.8%、13.4%。国际航线旅客运输量、货邮运输量同比增速均超过20%，货邮运输量月度 ...

公告 臨時股東會之暫停過戶期間 中國國際航空股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司擬於二零二 五年十二月十六日（星期二）舉行臨時股東會（「臨時股東會」）。本公司將於二零二五年十 二月十一日（星期四）至二零二五年十二月十六日（星期二）期間（首尾兩日包括在內）暫停 辦理本公司H股（「H股」）股份過戶登記，期間不會辦理任何H股股份過戶。為符合資格出 席臨時股東會並於會上投票，H股持有人須於二零二五年十二月十日（星期三）下午四時三 十分前，將所有過戶文件交回本公司於香港的H股股份登記處香港中央證券登記有限公 司，地址為香港灣仔皇后大道東183號合和中心17樓1712-1716室。於二零二五年十二月 十日（星期三）營業時間結束時名列本公司股東名冊的H股股東將有資格出席臨時股東會並 於會上投票。 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。 00753 承董事會命 中國國際航空股份有限公司 公司秘書 肖烽 本公司將適時刊發臨時股東會通函 ...

Market Overview - The expectation for a Federal Reserve interest rate cut in December has significantly increased, leading to a rise in Hong Kong stocks, with the Hang Seng Index briefly surpassing 26,000 points. The index closed up 0.69% at 25,894.55 points, with a total turnover of HKD 231.49 billion [1] - The Hang Seng Tech Index rose by 1.2%, indicating a positive sentiment in the technology sector [1] Blue Chip Performance - Xiaomi Group-W (01810) saw a notable increase of 4.35%, closing at HKD 40.34, contributing 47.94 points to the Hang Seng Index. Founder Lei Jun invested over HKD 100 million to purchase 2.6 million shares, raising his stake to 23.26% [2] - Other blue-chip stocks like Baidu Group-SW (09888) and Alibaba Health (00241) also performed well, with increases of 4.56% and 4.36% respectively [2] Sector Highlights - Major technology stocks experienced gains, with Baidu and Xiaomi both rising over 4%. AI applications and computing power sectors were particularly active, with Bilibili rising over 5% [3] - Lithium stocks saw a surge, with Tianqi Lithium (002466) increasing by 4.81% and Ganfeng Lithium (01772) rising by 3.46%. The chairman of Tianqi Lithium indicated that global lithium demand is expected to reach 2 million tons by 2026, achieving a balance between supply and demand [4] - Gold stocks generally rose, with Chifeng Jilong Gold Mining (06693) up 4.86% and Zijin Mining (02899) up 1.78%. The probability of a 25 basis point rate cut by the Federal Reserve in December is currently at 81% [5] Flight Cancellations Impact - There has been a significant increase in flight cancellations from China to Japan, with a 56% rise compared to the previous month. This has led to a decrease in ticket bookings by approximately 29% [6] Notable Stock Movements - Longpan Technology (02465) surged by 22.89% after announcing a sales agreement worth over HKD 45 billion for lithium iron phosphate materials [7] - Hesai Technology (02525) rose by 13.43% following the launch of a new high-performance smart control chip [7] - Changfei Optical Fiber (06869) increased by 12.74%, driven by advancements in AI computing power [9] - Shandong Xinhua Pharmaceutical (00719) saw a rise of 7.24% due to increased demand for flu medications during the flu season [10]

Core Viewpoint - The aviation and airport sector experienced a decline of 1.84% on November 25, with Huaxia Airlines leading the drop. In contrast, the Shanghai Composite Index rose by 0.87% and the Shenzhen Component Index increased by 1.53% [1]. Group 1: Market Performance - The aviation and airport sector saw a net inflow of 105 million yuan from institutional investors, while retail investors contributed a net inflow of 141 million yuan. However, speculative funds experienced a net outflow of 246 million yuan [2][3]. - Key stocks in the aviation sector showed varied performance, with Xiamen Airport rising by 3.26% to close at 16.17 yuan, while Huaxia Airlines fell by 3.93% to 10.50 yuan [1][2]. Group 2: Individual Stock Analysis - Major stocks such as China Eastern Airlines and China National Aviation Corporation saw declines of 3.89% and 3.01%, respectively, indicating a broader trend of negative performance within the sector [2][3]. - The trading volume for China Eastern Airlines reached 2.06 million shares, with a transaction value of 1.028 billion yuan, highlighting significant trading activity despite the stock's decline [2].

Core Viewpoint - The successful verification flight conducted by Air China Southwest Branch at Lhasa Gonggar International Airport marks a significant breakthrough in high-altitude aviation, achieving the world's first integration of RNP AR and GLS technology, which is applicable in complex high-altitude environments [1][4][5]. Group 1: Technological Achievement - The verification flight utilized an A319neo aircraft, successfully executing multiple GLS approach procedures, demonstrating the safety, stability, and operability of the integrated technology [1][4]. - This achievement represents a pioneering application of advanced navigation modes in high-altitude airports, showcasing China's autonomous capabilities and leadership in aviation technology innovation [5]. Group 2: Collaborative Efforts - The flight was organized under the guidance of the Civil Aviation Southwest Regional Administration, with coordination from the Tibet Autonomous Region Administration and operational support from Lhasa Gonggar Airport [4]. - The project involved a collaborative effort from various professional units within the China Aviation Group, ensuring the successful completion of the verification flight [4]. Group 3: Future Implications - The integration of RNP AR and GLS technologies lays a solid foundation for developing an all-weather, highly reliable, and intelligent high-altitude aviation operation system [5].

Core Viewpoint - Chinese airlines are set to reduce flights to Japan due to a decline in demand and ongoing geopolitical tensions, impacting the travel industry significantly [2]. Group 1: Industry Impact - The reduction in flights is expected to lead to a decrease in passenger traffic between China and Japan, which could affect the overall revenue of airlines operating in this route [2]. - The travel restrictions and changing consumer behavior are likely to result in a shift in market dynamics, with airlines needing to adapt their strategies to maintain profitability [2]. Group 2: Company Responses - Airlines are likely to reassess their capacity and route planning in response to the reduced demand for flights to Japan, potentially reallocating resources to more profitable routes [2]. - Companies may also explore partnerships or alternative markets to mitigate the impact of reduced flights to Japan [2].

Core Viewpoint - The recent increase in flight cancellations from China to Japan has negatively impacted major Chinese airlines, leading to a decline in their stock prices. Group 1: Stock Performance - Eastern Airlines (00670) fell by 5.02%, trading at HKD 4.35 [1] - Southern Airlines (600029) (01055) decreased by 3.88%, trading at HKD 4.96 [1] - Air China (601111) (00753) dropped by 3.44%, trading at HKD 6.18 [1] Group 2: Flight Cancellation Data - From November 24 to December 31, the number of planned flights from China to Japan increased by approximately 56% compared to the same period last month [1] - Following the announcement of special ticketing plans by the three major airlines, there has been a decline in ticket bookings [1] - The future 60-day ticket booking volume for flights from China to Japan has decreased by about 29% compared to the same period on November 15 [1] Group 3: Analyst Insights - Dongxing Securities indicated that airlines with a significant share of international flights to Japan may face some impact due to the high passenger volume on these routes [1] - Huatai Securities noted that while there may be short-term fluctuations in the China-Japan routes, the overall impact is manageable [1] - According to CAPA data, as of October 2025, the China-Japan route accounted for 2.8% of the overall ASK (Available Seat Kilometers) for Chinese airlines, suggesting that airlines could adjust their routes to mitigate the impact [1]

Core Viewpoint - The article discusses the significant reduction and cancellation of flights between China and Japan due to recent political tensions, affecting travel plans for the upcoming winter and spring seasons [1][2]. Flight Reductions and Cancellations - Starting December 1, 16 Chinese airlines will reduce weekly flights to Japan by 156, with the most significant cuts from Juneyao Airlines, which will decrease its flights from 114 to 79 per week, a reduction of 31% [1]. - China Southern Airlines, Shenzhen Airlines, and Eastern Airlines will also see reductions of 23, 22, and 18 flights per week, respectively [1]. - The cancellation rate for planned flights to Japan is projected to reach 21.6% by November 27, with 12 routes already canceling all flights [1][2]. Impact on Travelers - The reduction in flights coincides with the peak travel season for skiing and hot springs in Japan, leading to potential disruptions for travelers planning winter trips [2]. - Specific routes with high cancellation rates include Tianjin Binhai to Kansai International (65.0%) and Nanjing Lukou to Kansai International (59.4%) [2]. Aircraft Type Adjustments - Airlines are not only reducing flight frequencies but also changing aircraft types to smaller models, such as switching from the Airbus A330-300 to the A321, which has a lower passenger capacity [3]. - Some airlines, like Shandong Airlines and Xiamen Airlines, have not made any adjustments to their Japan routes [3]. Price Increases - Spring Airlines has raised the minimum ticket prices for several routes, with the lowest fare for Shanghai to Okinawa reaching 42,900 JPY (approximately 2,000 CNY) [4]. Summary of Adjustments by Airlines - A detailed table lists various airlines and their specific route adjustments, including reductions in frequency and cancellations, with some airlines maintaining their original schedules [5][6][7].

Core Viewpoint - A significant number of flights from China to Japan have been canceled, with a high cancellation rate expected in the coming weeks due to travel warnings and geopolitical tensions [1][5]. Flight Cancellations - As of November 24, 12 routes between China and Japan have canceled all flights, affecting cities like Nagoya, Fukuoka, Sapporo, and Osaka [1]. - The cancellation rate for planned flights to Japan is projected to reach 21.6% by December 27, the highest in a month [2]. - Routes with the highest cancellation rates include Tianjin Binhai to Kansai International (65.0%), Nanjing Lukou to Kansai International (59.4%), and Guangzhou Baiyun to Kansai International (31.3%) [2]. Government Warnings - Multiple Chinese government departments, including the Ministry of Foreign Affairs and the Ministry of Culture and Tourism, have issued warnings advising citizens to avoid travel to Japan [5]. - The Hong Kong government has also updated travel information, urging residents to remain vigilant if traveling to Japan [5]. Airline Adjustments - Chinese airlines are making significant adjustments to their Japan routes, with many flights being closed for booking [5]. - China International Airlines has canceled plans to increase flights from Beijing Capital to Sapporo from four to seven weekly [6]. - Other airlines, such as China Eastern Airlines and Spring Airlines, have also announced reductions in flight frequencies and cancellations across various routes to Japan [8][11][21]. Geopolitical Context - Recent controversial statements by Japan's new Prime Minister have sparked criticism and heightened tensions between China and Japan, contributing to the decline in travel [16].

Core Viewpoint - The impact of recent comments from the Japanese Prime Minister has led to significant reductions and cancellations of flights between China and Japan, affecting travel plans during the peak winter and spring festival seasons. Group 1: Flight Reductions and Cancellations - Starting from December 1, Chinese airlines will face substantial reductions and cancellations of flights to Japan, with adjustments expected to last until the end of March 2026 [1] - A total of 16 Chinese airlines will reduce weekly flights to Japan by 156, with the largest reduction from Juneyao Airlines, cutting 35 flights per week, which is 31% of its total Japan routes [1] - China Southern, Shenzhen Airlines, and China Eastern will also reduce flights by 23, 22, and 18 per week, respectively [1] Group 2: Cancellation Rates and Specific Routes - The cancellation rate for planned flights to Japan is projected to reach 21.6% by November 27, with 12 routes already canceling all flights [2] - Among the top 20 routes, the highest cancellation rates include Tianjin Binhai to Kansai International at 65.0%, Nanjing Lukou to Kansai International at 59.4%, and Guangzhou Baiyun to Kansai International at 31.3% [2] - Smaller airlines, such as Beijing Capital Airlines, have also announced significant cancellations, including all flights on certain routes from December 9 to March 3 [2] Group 3: Aircraft Type Adjustments - Airlines are not only reducing flight frequencies but also changing aircraft types to smaller models, such as switching from the Airbus A330-300 to the A321, which has a lower passenger capacity [3] - Some airlines, like Shandong Airlines and Xiamen Airlines, have not made any changes to their Japan flight plans [3] - The overall trend indicates a reduction in capacity on China-Japan routes, leading to increased travel costs for consumers during the New Year and Spring Festival [3] Group 4: Price Increases - Spring Airlines has raised the minimum ticket prices on several routes, with one route's lowest fare increasing to 42,900 yen, indicating a trend of rising travel costs [3]