Investment Rating - The report rates the transportation industry as "Outperform the Market" [1] Core Insights - COSCO Shipping Specialised Carriers reported a revenue of 5.196 billion yuan in Q1 2025, a year-on-year increase of 51.47%, with a net profit of 345 million yuan, up 1.56% [2][12] - HNA Holding achieved a revenue of 65.236 billion yuan in 2024, reflecting an 11.25% increase, while Guangzhou Baiyun Airport's net profit doubled [2][14] - YTO Express reported a business volume growth of 25.32% in 2024, with a total logistics value of 91 trillion yuan in Q1 2025, marking a 5.7% year-on-year increase [2][18] Summary by Sections 1. Industry Hot Events - COSCO Shipping Specialised Carriers maintained steady growth despite global shipping market volatility, with a Q1 revenue of 5.196 billion yuan, a 51.47% increase year-on-year [12] - HNA Holding's 2024 revenue reached 65.236 billion yuan, an 11.25% increase, while Guangzhou Baiyun Airport's net profit surged by 109.51% [14][16] - YTO Express's business volume grew by 25.32% in 2024, with a logistics total of 91 trillion yuan in Q1 2025, up 5.7% year-on-year [18][19] 2. Industry High-Frequency Data Tracking - In April 2025, domestic air cargo flights decreased by 1.67% year-on-year, while international flights increased by 25.08% [33] - The SCFI index for container shipping reported a decrease of 1.66% week-on-week, while the PDCI index for domestic shipping increased by 0.67% [40] - In March 2025, express delivery volume rose by 20.30% year-on-year, with total revenue reaching 124.6 billion yuan [51] 3. Company Performance - COSCO Shipping Specialised Carriers added 13 new vessels in Q1 2025, increasing total capacity to 691.5 thousand deadweight tons, a 12.53% increase from the end of 2024 [13] - HNA Holding's passenger transport volume exceeded 68 million in 2024, a 14.36% increase, with international passenger transport volume growing by 132.68% [15] - YTO Express's capital expenditure exceeded 6.7 billion yuan in 2024, focusing on automation upgrades and expanding its logistics network [19]

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 茲提述中國國際航空股份有限公司（「本公司」）日期為二零二五年三月二十七日的二零二 四年年度業績公告（「該公告」）。除另有界定者外，本公告所用詞彙應與該公告所界定者 具有相同涵義。 延遲股東週年大會 誠如該公告所披露，本公司截至二零二四年十二月三十一日止年度之股東週年大會（「股 東週年大會」）原定於二零二五年五月二十八日（星期三）舉行。根據本公司實際工作安 排，本公司已決定延遲股東週年大會至今年六月（二零二五年六月三十日或之前）（「延遲 股東週年大會」）。 取消股東週年大會暫停辦理股份過戶登記期間及記錄日期 中國國際航空股份有限公司 延遲股東週年大會及取消暫停辦理股份過戶登記期間及記錄日期 由於延遲股東週年大會，該公告中所披露的股東週年大會暫停辦理股份過戶登記期間（即 二零二五年五月二十一日（星期三）至二零二五年五月二十八日（星期三）（首尾兩日包括在 內）期間）及記錄日期（即二零二 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國國際航空股份有限公司 呈交日期: 2025年5月6日 I. 法定/註冊股本變動 | 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) | 00753 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,955,610,672 | RMB | | 1 | RMB | | 4,955,610,672 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 4,955,610,672 | RMB | | 1 | RMB | | 4,955,610,672 | ...

Group 1 - The A-share airport and shipping sector experienced a significant rise in the afternoon, with Huaxia Airlines increasing by nearly 7.5% [1] - China National Airlines saw an increase of over 5%, while Southern Airlines rose nearly 5% [1] - Other companies such as China Eastern Airlines, Juneyao Airlines, Hainan Airlines, Spring Airlines, CITIC Offshore Helicopter, and Hainan Airport also reported gains of over 2% [1]

Summary of Conference Call Notes Industry Overview - The transportation sector experienced significant growth during the May Day holiday, with rail, road, waterway, and civil aviation passenger traffic increasing by 10.63%, 6.52%, 23.96%, and 13.48% year-on-year respectively [1][5] - Daily average passenger volume for civil aviation reached 2.27 million, exceeding expectations, with oil ticket prices slightly higher than the same period last year [1][6] Key Insights and Arguments - **Air Travel Demand**: The number of first-time flyers increased, particularly among the 19-22 age group, while the silver economy also showed strong performance [1][6] - **Catalysts for Airline Stocks**: Recent catalysts for airline stocks include better-than-expected May Day data and a continuous decline in oil prices. The aviation fuel surcharge price decreased by 18.85% year-on-year [1][8] - **Investment Focus**: The main investment themes in the aviation sector for 2025 are performance certainty and price elasticity. The ranking for performance certainty is Huaxia Airlines, Spring Airlines, and Juneyao Airlines, while the ranking for price elasticity is Air China, China Southern Airlines, and China Eastern Airlines [1][9] Company-Specific Highlights - **Huaxia Airlines**: Expected to turn profitable in 2024, with a year-on-year performance increase in Q1 2025, benefiting from increased subsidies for regional airlines [1][10] - **Spring Airlines**: Despite a slight decline in post-tax profit in Q1 2025 due to tax expenses, the company remains one of the most profitable airlines in the industry [1][11] - **Juneyao Airlines**: Implemented a dual-brand, dual-hub strategy to cover the entire market, showing significant growth in international routes [1][12] Financial Performance and Projections - **Huaxia Airlines**: Projected net profits of 700 million, 1.1 billion, and 1.3 billion for 2025 to 2027 [1][10] - **Spring Airlines**: Expected net profits of 2.7 billion, 3.2 billion, and 4 billion for 2025 to 2027 [1][11] - **Juneyao Airlines**: Projected net profits of 1.887 billion, 2.526 billion, and 2.704 billion for 2025 to 2027 [1][15] Market Expectations Post-Holiday - Post-holiday, the demand for air travel is expected to exceed market expectations, with ticket prices likely to remain stable or slightly higher than last year [1][17] - Two main catalysts for stock price increases include strong demand data and declining oil prices [1][17] Recommendations - Recommended stocks with strong performance certainty include Huaxia Airlines, Spring Airlines, and Juneyao Airlines. For price elasticity, the recommendations are Air China, China Southern Airlines, and China Eastern Airlines, contingent on continued price improvements [1][18]

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly with the recommendation of companies such as China Merchants Energy, COSCO Shipping Energy, and Xingtong Co. [3][20] Core Viewpoints - OPEC has agreed to increase oil production by 411,000 barrels per day, which is expected to enhance the certainty of improvement in the shipping market in Q2 [3][20] - The report highlights the resilience of major ports and anticipates improvements in Southeast Asia's shipping and oil tanker sectors [3][20] - The report suggests that the "off-season" for shipping may not be as weak as expected, with a higher probability of strong performance from May to August [3][20] Summary by Sections Shipping Industry - OPEC's production increase will lead to a cumulative increase of 960,000 barrels per day over April, May, and June, which is 44% of the total expected increase of 2.2 million barrels per day [3][20] - The report notes that April shipping rates have risen against seasonal trends, indicating a potential for stronger performance in the second half of the year [3][20] - VLCC rates have decreased by 9% to $46,903 per day, but the overall market remains relatively strong with expectations for a rebound post-holiday [3][20][21] Air Transportation - The report indicates that oil prices, influenced by tariffs and OPEC's production increase, are relieving cost pressures on airlines [40] - The domestic air travel market is expected to recover, with passenger volumes projected to reach 10.75 million during the May Day holiday, a year-on-year increase of 8% [41][40] - Recommended stocks in the aviation sector include China Eastern Airlines, Spring Airlines, and China Southern Airlines [42] Express Delivery - The express delivery sector is experiencing high growth, with March volumes reaching 16.66 billion packages, a year-on-year increase of 20.3% [44] - The report emphasizes the potential for market share concentration among leading companies due to favorable policy changes [44] - Recommended companies include SF Holding, JD Logistics, and YTO Express [46] Railway and Highway - The report highlights the resilience of railway freight and highway truck traffic, with railway cargo volume increasing by 3% and highway truck traffic by 2.25% [48] - The report suggests that traditional high-dividend investment themes and potential value management catalysts will be key investment lines for the highway sector throughout 2025 [48]

Group 1 - New energy vehicle companies reported significant growth in April, with Xiaopeng Motors achieving a 273% year-on-year increase in deliveries, while NIO and Li Auto saw increases of 53% and 31.6% respectively [3] - Xiaomi Motors delivered over 28,000 vehicles in April, and Leap Motor reported a 173% increase in deliveries [3] - The total number of passengers transported by China's railways on April 30 reached 18.31 million, a year-on-year increase of 11.5% [3] Group 2 - Apple reported Q2 2025 revenue of $95.36 billion, with a net profit of $24.78 billion, and announced a stock buyback authorization of up to $100 billion [4] - The company also increased its quarterly dividend to $0.26 per share [4] - A federal judge ruled that Apple must rectify its practices to enhance market competition by allowing external payment methods in its App Store [3] Group 3 - Ctrip faced complaints regarding compensation for canceled flights, stating that compensation agreements were reached with customers [4] - Xiaomi Motors introduced a new feature for its SU7 Ultra model that restricts maximum horsepower until drivers complete a performance assessment on a designated track [6] - The Hong Kong minimum wage increased from HKD 40 to HKD 42.1 per hour starting May 1 [25] Group 4 - German automakers reported a significant decline in profits due to increased trade barriers and economic uncertainty, with Volkswagen's net profit dropping nearly 41% year-on-year in Q1 2025 [28] - The automotive industry is facing challenges from rising raw material prices and global economic instability [28]

货运物流上市航司的业绩表现更好些，不过也开始面临来自国际贸易不确定性的挑战。 截至今天，A股所有上市航空公司均披露了2024年财报和2025年一季报，在刚刚过去的一季度，民营上 市航司均获得了盈利，而国有三大航依然没能扭亏。 相比之下，货运物流上市航司的业绩表现更好些，不过也开始面临来自国际贸易不确定性的挑战。 客运航司业绩分化为什么 记者梳理各家航司的财报发现，四家民营上市航司春秋航空（601021.SH），吉祥航空 （603885.SH），海航控股（601221.SH）和华夏航空（002928.SZ）在今年一季度都获得了盈利，其中 净利润最高的是春秋航空，6.77亿元的净利润也令春秋航空成为一季度内地最赚钱的上市航司。 事实上在2023年和2024年，春秋已经连续两年蝉联内地赚钱的航空公司，2023年净利润22.57亿元， 2024年净利润22.73亿元，连续两年创公司开航以来新高。 相比之下，国有三大航中国国航（601111.SH），中国东航（600115.SH），南方航空（600029.SH）依 然未能扭亏，一季度分别亏损16.74亿元，9.95亿元以及7.47亿元。 航司之间的业绩差异，首先与国际航 ...

Focus Events - Four companies, including *ST Xulan and *ST Jiayu, will officially delist from A-shares on April 30, 2025, following announcements from the Shenzhen Stock Exchange regarding their termination of listing decisions [1][1][1] Banking Sector - Seven major banks, including Industrial and Commercial Bank of China and Agricultural Bank of China, announced plans to abolish their supervisory boards, pending approval from their respective shareholder meetings [2][2][2] Macro News - The People's Bank of China held a meeting to implement the overall statistical system for the "Five Major Articles" in finance, emphasizing the importance of statistical work and establishing a comprehensive "1+N" statistical system [3][3][3] Industry Dynamics - The Ministry of Industry and Information Technology issued a notice to accelerate the cultivation of pilot testing platforms in manufacturing, focusing on optimizing the layout and upgrading key platforms [5][5][5] - The Ministry of Agriculture and Rural Affairs announced a plan to continuously adjust and optimize pig production capacity, implementing a monitoring and early warning system for production [7][7][7] Company Focus - Guotai Junan Securities reported a 391.78% increase in net profit for Q1 2025, reaching 12.24 billion yuan, with total assets nearing 1.69 trillion yuan [10][10][10] - Xinhua Insurance plans to establish a 20 billion yuan fund in collaboration with China Life, targeting A+H shares of large listed companies [11][11][11] - Tianqi Lithium achieved a net profit of 104 million yuan in Q1 2025, recovering from a loss of 389.7 million yuan in the same period last year [12][12][12] - Ganfeng Lithium reported a net loss of 356 million yuan in Q1 2025, with a 25.43% decline in revenue [12][12][12] - Longi Green Energy posted a net loss of 8.618 billion yuan for 2024, with a 36.23% decrease in revenue [13][13][13] - Air China reported a net loss of 2.044 billion yuan in Q1 2025, with a slight revenue decline of 0.11% [14][14][14] - Industrial and Commercial Bank of China recorded a revenue of 212.77 billion yuan in Q1 2025, down 3.22% year-on-year [15][15][15] - Saisir reported a 240.6% increase in net profit for Q1 2025, despite a 27.91% decrease in total revenue [16][17] - Kweichow Moutai's net profit grew by 11.56% in Q1 2025, with revenue increasing by 10.54% [18][18][18] - Northern Rare Earth achieved a net profit increase of 727% in Q1 2025, with revenue up 61.19% [19][19][19] - China Life reported a 39.5% increase in net profit for Q1 2025, with total premiums reaching 354.4 billion yuan [20][20][20] - Pianzaihuang's net profit increased by 2.59% in Q1 2025, despite a slight revenue decline [21][21][21] - CITIC Securities reported a 32% increase in net profit for Q1 2025, with revenue up 29.13% [22][22][22] - Zhengzhou Bank's total assets surpassed 700 billion yuan for the first time, with a 4.98% increase in net profit for Q1 2025 [23][23][23]

Group 1 - Longi Green Energy reported a net loss of 8.618 billion yuan for 2024, with revenue of 82.582 billion yuan, a year-on-year decline of 36.23% due to falling prices of key products like modules and wafers [2] - In Q1 2025, Longi Green Energy achieved revenue of 13.652 billion yuan, down 22.75%, with a net loss of 1.436 billion yuan, compared to a loss of 2.350 billion yuan in the same period last year [3] - China Southern Airlines reported a Q1 2025 net loss of 747 million yuan, with revenue of 43.407 billion yuan, a decrease of 2.68% year-on-year [27] Group 2 - Guizhou Moutai achieved Q1 2025 revenue of 43.557 billion yuan, with direct sales revenue of 23.220 billion yuan and wholesale revenue of 27.359 billion yuan [9] - Industrial Fulian reported a 2024 net profit increase of 15.86%, with revenue of 609.135 billion yuan and a net profit of 23.216 billion yuan [10] - China Shipbuilding Industry Corporation reported a 2024 net profit increase of 22.21%, with a net profit of 3.614 billion yuan [15] Group 3 - Longyang Power reported a 19.86% increase in net profit for 2024, reaching 32.496 billion yuan, with total profit of 38.862 billion yuan [7] - Shanxi Fenjiu reported a 17.29% increase in net profit for 2024, totaling 12.243 billion yuan, with revenue of 36.011 billion yuan [5] - China National Petroleum Corporation reported a Q1 2025 net profit increase of 43.4%, reaching 12.849 billion yuan [26] Group 4 - Ganfeng Lithium reported a Q1 2025 net loss of 356 million yuan, with revenue of 3.772 billion yuan, a year-on-year decline of 25.43% [38] - Tianqi Lithium reported a Q1 2025 net profit of 104 million yuan, marking a turnaround from a loss, with revenue of 2.584 billion yuan [39] - Huazhong Microelectronics reported a Q1 2025 net profit increase of 151%, reaching 83.216 million yuan [40]