Core Viewpoint - China International Airlines reported an increase in passenger turnover and capacity for December 2025, indicating a positive trend in both domestic and international travel demand [1][2]. Group 1: Passenger Operations - The combined passenger turnover (measured in revenue passenger kilometers) increased by 10.0% year-on-year [1] - Passenger capacity (measured in available seat kilometers) rose by 4.0% year-on-year [1] - Domestic passenger capacity increased by 4.2% with a turnover rise of 10.6% [1] - International passenger capacity grew by 4.1% with a turnover increase of 9.1% [1] - Regional passenger capacity decreased by 0.7%, while turnover increased by 4.1% [1] - The average passenger load factor reached 82.2%, up by 4.5 percentage points year-on-year [1] - Domestic routes saw a load factor increase of 4.9 percentage points, international routes increased by 3.6 percentage points, and regional routes rose by 3.4 percentage points [1] Group 2: Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) decreased by 1.9% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) increased by 5.3% year-on-year [1] - The cargo load factor was 39.2%, up by 2.7 percentage points year-on-year [1] Group 3: Fleet Expansion - Starting December 30, 2025, the company will launch a new route from Chengdu Tianfu to Almaty, operating two flights per week [2] - In December 2025, the company introduced 6 A320 series aircraft and 2 C919 aircraft [2] - By the end of December 2025, the company operated a total of 964 aircraft, including 418 owned, 252 under finance leases, and 294 under operating leases [2]

证券代码：601111 股票简称：中国国航 公告编号：2026-003 中国国际航空股份有限公司 2025年12月主要运营数据公告 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、准确性和完整性承担法律责任。 2025 年 12 月，中国国际航空股份有限公司（以下简称"本公司"）及所属 子公司（以下简称"本集团"）合并旅客周转量（按收入客公里计）同比上升。 客运运力投入（按可用座位公里计）同比上升 4.0%，旅客周转量同比上升 10.0%。 其中，国内客运运力投入同比上升 4.2%，旅客周转量同比上升 10.6%；国际客 运运力投入同比上升 4.1%，旅客周转量同比上升 9.1%；地区客运运力投入同比 下降 0.7%，旅客周转量同比上升 4.1%。平均客座率 82.2%，同比上升 4.5 个百 分点。其中，国内航线同比上升 4.9 个百分点，国际航线同比上升 3.6 个百分点， 地区航线同比上升 3.4 个百分点。 货运方面，货运运力投入（按可用货运吨公里计）同比下降 1.9%，货邮周 转量（按收入货运吨公里计）同比上升 5.3%。货运载运率为 39.2% ...

格隆汇1月15日丨中国国航(601111.SH)公布，2025年12月，中国国际航空股份有限公司（以下简称"本 公司"）及所属子公司（以下简称"本集团"）合并旅客周转量（按收入客公里计）同比上升。客运运力 投入（按可用座位公里计）同比上升4.0%，旅客周转量同比上升10.0%。其中，国内客运运力投入同比 上升4.2%，旅客周转量同比上升10.6%；国际客运运力投入同比上升4.1%，旅客周转量同比上升9.1%； 地区客运运力投入同比下降0.7%，旅客周转量同比上升4.1%。平均客座率82.2%，同比上升4.5个百分 点。其中，国内航线同比上升4.9个百分点，国际航线同比上升3.6个百分点，地区航线同比上升3.4个百 分点。 2025年12月30日起，公司新增成都天府-阿拉木图航线（每周两班）。2025年12月，本集团共引进6架 A320系列飞机和2架C919飞机。截至2025年12月底，本集团合计运营964架飞机，其中自有飞机418架， 融资租赁252架，经营租赁294架。 货运方面，货运运力投入（按可用货运吨公里计）同比下降1.9%，货邮周转量（按收入货运吨公里 计）同比上升5.3%。货运载运率为39.2%， ...

Core Viewpoint - China National Airlines (601111) announced an increase in passenger capacity and turnover for December 2025, indicating positive growth trends in the airline industry [1] Group 1: Capacity and Turnover - The group's passenger capacity is expected to increase by 4% year-on-year by December 2025 [1] - Passenger turnover is projected to rise by 10% year-on-year [1] Group 2: Average Load Factor - The average load factor is reported at 82.2%, which is an increase of 4.5 percentage points year-on-year [1]

Core Viewpoint - China National Airlines announced an increase in passenger turnover volume and capacity for the year ending December 2025, indicating a positive growth trend in the airline's operations [1] Group 1: Passenger Turnover and Capacity - The company's consolidated passenger turnover volume (measured in revenue passenger kilometers) is expected to increase by 10.0% year-on-year [1] - Passenger capacity input (measured in available seat kilometers) is projected to rise by 4.0% year-on-year [1] - Domestic passenger capacity input is expected to increase by 4.2%, with a corresponding passenger turnover volume increase of 10.6% [1] - International passenger capacity input is anticipated to rise by 4.1%, with a passenger turnover volume increase of 9.1% [1] - Regional passenger capacity input is projected to decrease by 0.7%, while passenger turnover volume is expected to increase by 4.1% [1] Group 2: Average Load Factor - The average passenger load factor is projected to be 82.2%, reflecting an increase of 4.5 percentage points year-on-year [1] - The domestic route load factor is expected to rise by 4.9 percentage points year-on-year [1] - The international route load factor is anticipated to increase by 3.6 percentage points year-on-year [1] - The regional route load factor is projected to increase by 3.4 percentage points year-on-year [1]

Core Viewpoint - The aviation and airport sector experienced a slight decline of 0.29% on January 15, with Xiamen Airport leading the drop. The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index rose by 0.41% to 14306.73 [1]. Group 1: Stock Performance - Xiamen Airport (600897) closed at 16.80, down 1.52% with a trading volume of 55,900 shares and a transaction value of 94.38 million [2]. - Huaxia Airlines (002928) saw a gain of 1.71%, closing at 10.68 with a trading volume of 184,300 shares and a transaction value of 197 million [1]. - China Eastern Airlines (600115) closed at 5.83, down 0.34% with a trading volume of 890,800 shares and a transaction value of 523 million [2]. Group 2: Capital Flow - The aviation and airport sector had a net inflow of 3.57 million from institutional investors, while retail investors saw a net outflow of 73.65 million [2]. - Spring Airlines (601021) had a net inflow of 27.87 million from institutional investors, representing 9.46% of its total trading [3]. - Xiamen Airport (600897) experienced a significant net outflow of 21.86 million from institutional investors, accounting for -23.17% of its total trading [3].

Group 1 - The global interest rate cut cycle is entering its second half in 2026, characterized by "internal and external easing resonance" and a shift from "extraordinary to normal" [3][4][5] - The macro liquidity environment remains favorable, with the People's Bank of China expected to maintain a moderately loose monetary policy, focusing on stabilizing economic growth and reasonable price recovery [7][59] - The depreciation of the US dollar is anticipated due to continued interest rate cuts by the Federal Reserve and worsening fiscal conditions, which will support the appreciation of the RMB and strengthen the A-share market [8][62][63] Group 2 - The long-term low interest rate environment is reshaping the stock-bond allocation logic, with a shift towards equity markets as the attractiveness of fixed income products continues to rise [13][16][44] - The "stock-bond seesaw" effect is expected to further support the A-share market, as funds flow into equities amid a low interest rate environment [14][17][44] - The demand for "deposit migration" from residents is projected to become the largest marginal increment for the market, as a significant amount of fixed-term deposits mature in 2026 [19][20][44] Group 3 - The capital market's status is significantly upgraded in the post-real estate era, becoming a core hub for economic development and resource allocation [22][47] - Policies are being implemented to enhance shareholder returns, with a focus on increasing dividend payouts and improving profit quality, which is becoming a trend in the market [32][33][56] - The overall funding ecology is improving, with a transition from a "financing-oriented" approach to a "balanced investment and financing" model, enhancing market attractiveness and stability [32][47][56]

Summary of Conference Call Notes Industry Overview - **Industry Focus**: Hong Kong/China Transportation and Infrastructure - **2026 Outlook**: More opportunities than risks, with a focus on supply-side opportunities in airlines, tanker shipping, and express delivery, while container shipping faces oversupply concerns [1][2][3] Airlines - **Pricing Trends**: Pricing inflation resumed since October 2025, supported by supply-side constraints and demand recovery from business travel, outbound travel growth, and inbound travel [2][11] - **Demand Drivers**: Business travel recovery positively correlated with capital expenditure, and inbound travel expected to grow, benefiting airlines [2][21] - **Airlines' Up-Cycle**: Chinese airlines are in a multi-year supply-driven up-cycle, with margin upside if pricing performance exceeds expectations [2][11] - **Key Stocks**: Overweight ratings on Air China (0753.HK), China Eastern Airlines (0670.HK), China Southern Airlines (1055.HK), and Spring Airlines (601021.SS) [9][10] Shipping - **Tanker Market**: Increasing demand for compliant tankers due to geopolitical tensions, with limited new supply additions due to low capital expenditure over the past decade [3] - **Container Shipping Risks**: Remains conservative on container shipping due to oversupply concerns [3] - **Key Stocks**: Overweight on COSCO Shipping (1138.HK) and China Merchants Energy Shipping (601872.SS), underweight on COSCO Shipping Holdings (1919.HK) and Orient Overseas (0316.HK) [3] Airports - **Bargaining Power**: Airports are regaining bargaining power through duty-free contract renewals, breaking monopoly dynamics, and increasing shareholdings in duty-free operators [4][54] - **Duty-Free Spending**: Expected upside in duty-free spending with expanded product categories and higher offline sales [4][58] - **Key Stocks**: Equal-weight ratings on Shanghai International Airport (600009.SS), Hainan Meilan Airport (0357.HK), and Guangzhou Baiyun International Airport (600004.SS), underweight on Beijing Capital International Airport (0694.HK) [53] Express Delivery - **Market Consolidation**: ZTO (ZTO.N) and YTO (600233.SS) are consolidating market share, leading to cost-efficiency gains and margin expansion [5] - **International Expansion**: J&T (1519.HK) expected to consolidate market share in overseas markets through e-commerce partnerships [5] Key Risks and Considerations - **Airlines**: Risks include faster-than-expected aircraft delivery, deterioration in travel demand, unfavorable RMB depreciation, and surging oil prices [52][51] - **Airports**: Continued underperformance in duty-free business due to weak consumption and competition from other channels [54][55] Conclusion - The transportation sector in Hong Kong/China is poised for growth in 2026, driven by supply-side opportunities in airlines and shipping, while airports are regaining power in duty-free operations. However, risks remain, particularly in container shipping and overall economic conditions.

Core Viewpoint - The aviation and airport sector experienced a slight increase of 0.23% on January 12, with CITIC Offshore Helicopter leading the gains. The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1]. Group 1: Stock Performance - CITIC Offshore Helicopter (000099) closed at 22.36, up 4.24% with a trading volume of 401,400 shares and a transaction value of 886 million yuan [1]. - Xiamen Airport (600897) closed at 17.47, up 1.22% with a trading volume of 82,500 shares and a transaction value of 143 million yuan [1]. - China Eastern Airlines (600115) closed at 6.00, up 0.33% with a trading volume of 1,101,000 shares [1]. Group 2: Capital Flow - The aviation and airport sector saw a net outflow of 18.41 million yuan from institutional investors, while retail investors had a net inflow of 25.28 million yuan [2]. - Major stocks like Hainan Airlines (600221) experienced a net inflow of 77.03 million yuan from institutional investors, but a net outflow of 49.07 million yuan from retail investors [3]. - Xiamen Airport (600897) had a net outflow of 9.17 million yuan from institutional investors, while retail investors contributed a net inflow of 469,890 yuan [3].

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [2] Core Insights - The shipping sector is experiencing a recovery in oil transportation due to improved demand post-holidays and geopolitical tensions [6][16] - The aviation industry aims to achieve a passenger volume of 810 million in 2026, reflecting a growth rate of 5.2% [23][24] - The express delivery sector is expected to see a gradual recovery in competition and profitability, with a focus on major players like SF Express [20] Shipping - The oil shipping sector is rebounding due to increased cargo availability from the Middle East and geopolitical sanctions affecting supply [6][16] - Container shipping rates are showing slight increases, with strong pricing power among shipowners before long-term contract negotiations [11][12] - Key stocks to watch include COSCO Shipping Energy, China Merchants Energy, and Pacific Shipping [16] Infrastructure - Weekly data indicates a decline in truck traffic and rail freight, with road truck traffic at 46.964 million vehicles, down 14.9% week-on-week [17][18] - Port throughput for the first week of 2026 was 25.4953 million tons, showing a slight decrease but a year-on-year increase of 7.7% in container throughput [18] - Recommended stock for infrastructure investment is Anhui Expressway [18] Express Delivery - In November 2025, express delivery volume reached 18.06 billion pieces, a year-on-year increase of 5%, while revenue decreased by 3.7% [19][20] - The competitive landscape is expected to stabilize, with major companies like SF Express anticipated to see profit growth in 2026 [20] - Recommended stocks include SF Express, ZTO Express, YTO Express, and Yunda Express [20] Aviation - The aviation sector is entering a critical period with the Spring Festival approaching, and passenger volume is projected to grow by 5.2% in 2026 [23][24] - Recent data shows a year-on-year increase in domestic passenger volume of 1.5% and a decrease in ticket prices [21][24] - Recommended stocks include Air China, China Southern Airlines, and Spring Airlines [24] Logistics - The cross-border air freight price index has decreased by 19.9% week-on-week, indicating a significant drop in logistics costs [25]