Core Viewpoint - China National Airlines (601111.SH) reported an increase in passenger turnover and capacity for November 2025, indicating a positive trend in both domestic and international travel demand [1] Group 1: Passenger Operations - The group's consolidated passenger turnover (measured in revenue passenger kilometers) increased by 10.1% year-on-year [1] - Passenger capacity (measured in available seat kilometers) rose by 4.9% year-on-year [1] - Domestic passenger capacity increased by 3.9%, with a turnover rise of 7.5% [1] - International passenger capacity saw an 8.1% increase, with turnover up by 17.4% [1] - Regional passenger capacity decreased by 3.5%, while turnover increased by 3.0% [1] - The average passenger load factor reached 83.3%, up by 4.0 percentage points year-on-year [1] - Domestic routes saw a load factor increase of 2.9 percentage points, while international routes increased by 6.4 percentage points, and regional routes by 4.9 percentage points [1] Group 2: Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) increased by 1.4% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) rose by 4.4% year-on-year [1] - The cargo load factor was 39.5%, up by 1.1 percentage points year-on-year [1]

证券代码：601111 股票简称：中国国航 公告编号：2025-059 中国国际航空股份有限公司 2025年11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 11 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 4.9%，旅客周转量同比上升 10.1%。 其中，国内客运运力投入同比上升 3.9%，旅客周转量同比上升 7.5%；国际客运 运力投入同比上升 8.1%，旅客周转量同比上升 17.4%；地区客运运力投入同比 下降 3.5%，旅客周转量同比上升 3.0%。平均客座率 83.3%，同比上升 4.0 个百 分点。其中，国内航线同比上升 2.9 个百分点，国际航线同比上升 6.4 个百分点， 地区航线同比上升 4.9 个百分点。 货运方面，货运运力投入（按可用货运吨公里计）同比上升 1.4%，货邮周 转量（按收入货运吨公里计）同比上升 4.4%。货运载运率为 39.5% ...

格隆汇12月15日丨中国国航(601111.SH)公布，2025年11月，本公司及所属子公司合并旅客周转量（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4.9%，旅客周转量同比上升 10.1%。其中，国内客运运力投入同比上升3.9%，旅客周转量同比上升7.5%；国际客运运力投入同比上 升8.1%，旅客周转量同比上升17.4%；地区客运运力投入同比下降3.5%，旅客周转量同比上升3.0%。平 均客座率83.3%，同比上升4.0个百分点。其中，国内航线同比上升2.9个百分点，国际航线同比上升6.4 个百分点，地区航线同比上升4.9个百分点。 货运方面，货运运力投入（按可用货运吨公里计）同比上升1.4%，货邮周转量（按收入货运吨公里 计）同比上升4.4%。货运载运率为39.5%，同比上升1.1个百分点。 2025年11月，本集团共引进5架A320系列飞机和2架C919飞机。截至2025年11月底，本集团合计运营956 架飞机，其中自有飞机419架，融资租赁243架，经营租赁294架。 ...

Core Viewpoint - China National Airlines (601111.SH) reported an increase in passenger turnover and capacity for November 2025, indicating a positive trend in both domestic and international travel demand [1] Passenger Operations - The group's consolidated passenger turnover (measured in revenue passenger kilometers) increased by 10.1% year-on-year [1] - Passenger capacity (measured in available seat kilometers) rose by 4.9% year-on-year [1] - Domestic passenger capacity increased by 3.9%, with a corresponding turnover increase of 7.5% [1] - International passenger capacity saw an 8.1% increase, with turnover rising by 17.4% [1] - Regional passenger capacity decreased by 3.5%, while turnover increased by 3.0% [1] - The average passenger load factor reached 83.3%, up by 4.0 percentage points year-on-year [1] - Domestic routes saw a load factor increase of 2.9 percentage points, international routes increased by 6.4 percentage points, and regional routes increased by 4.9 percentage points [1] Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) increased by 1.4% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) rose by 4.4% year-on-year [1] - The cargo load factor was 39.5%, up by 1.1 percentage points year-on-year [1]

Core Viewpoint - The announcement from China National Airlines indicates a significant increase in passenger turnover and capacity for the year 2025, reflecting a positive trend in both domestic and international travel demand [1] Group 1: Passenger Operations - The group's consolidated passenger turnover increased by 10.1% year-on-year [1] - Passenger capacity input rose by 4.9% year-on-year [1] - Domestic passenger capacity input increased by 3.9%, with a corresponding turnover increase of 7.5% [1] - International passenger capacity input saw an 8.1% rise, leading to a 17.4% increase in turnover [1] - Regional passenger capacity input decreased by 3.5%, while turnover still rose by 3.0% [1] - The average passenger load factor reached 83.3%, up by 4.0 percentage points year-on-year [1] Group 2: Cargo Operations - Cargo capacity input increased by 1.4% year-on-year [1] - Cargo and mail turnover rose by 4.4% year-on-year [1] - The cargo load factor was reported at 39.5%, an increase of 1.1 percentage points year-on-year [1]

人民财讯12月15日电，中国国航（601111）12月15日公告，2025年11月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4.9%，旅客周转量同比上升10.1%。平均 客座率83.3%，同比上升4.0个百分点。 ...

Group 1: Aviation Industry - The aviation sector is expected to enter a super cycle, driven by high passenger load factors and low ticket prices, with demand growth anticipated to boost profitability by 2026 [1] - Recent public and business demand has shown recovery, with ticket prices increasing year-on-year due to the release of suppressed demand from the summer season [1] - The State-owned Assets Supervision and Administration Commission emphasized the need for state-owned enterprises to resist "involution" competition, which may enhance revenue management and profitability in the aviation sector [1] Group 2: Oil Transportation - Oil transportation rates remain high, with the VLCC TCE maintaining around $120,000, driven by increased global oil production and limited effective supply due to aging tankers [2] - The outlook for oil transportation is positive, with expectations of demand growth exceeding forecasts, despite potential short-term impacts from seasonal fluctuations [2] - The U.S. has intensified sanctions on shadow fleets, which may further support the upward trend in oil transportation rates [2] Group 3: Airport Duty-Free - Shanghai Airport has announced a new duty-free contract model, shifting to a fixed fee plus actual sales commission, which may stabilize or enhance duty-free revenue [3] - The introduction of competition between domestic and international duty-free operators is expected to drive sales growth and improve pricing competitiveness [3] - The new contract structure and competitive environment are likely to incentivize duty-free operators, potentially leading to increased operational enthusiasm [3]

从资金流向上来看，当日航空机场板块主力资金净流入1525.33万元，游资资金净流出9827.9万元，散户 资金净流入8302.58万元。航空机场板块个股资金流向见下表： 证券之星消息，12月12日航空机场板块较上一交易日上涨0.65%，中国国航领涨。当日上证指数报收于 3889.35，上涨0.41%。深证成指报收于13258.33，上涨0.84%。航空机场板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Core Viewpoint - The Beijing Aircraft Engine Maintenance Project has officially opened and commenced operations at the Capital Airport's Tianzhu Comprehensive Bonded Zone, filling a gap in high-thrust aircraft engine maintenance in mainland China and significantly enhancing the self-repair capability and safety level of the civil aviation industry [1] Group 1: Project Overview - The project is operated by Beijing Aircraft Engine Maintenance Co., Ltd. (BAESL), which was jointly established by China International Airlines and Rolls-Royce, with each holding a 50% stake [1] - The Civil Aviation Administration of China has officially issued a maintenance license to BAESL, indicating that the company is now qualified to conduct deep maintenance on engines [1] Group 2: Future Plans - BAESL plans to gradually undertake major repairs for several engine models, including the Trent 700, Trent XWB-84, and Trent 1000, starting in 2026 [1] - The company aims to steadily expand its capacity with a target of completing 250 engine overhauls annually by 2034 [1]

Core Viewpoint - Beijing Aviation Engine Services Limited (BAESL), the first joint venture engine maintenance company in mainland China, officially opened on December 10, 2023, in the Capital Airport Economic Zone, marking a significant step in enhancing the aircraft maintenance industry chain in China [1] Group 1: Company Overview - BAESL is jointly funded by Air China and Rolls-Royce, with each holding a 50% stake, serving as the operational entity for the Beijing aviation engine maintenance project [1] - Rolls-Royce is a leading global manufacturer of aircraft engines, with its Trent series engines widely used in the global wide-body fleet, accounting for approximately 20% of the total global deliveries in China [1] Group 2: Future Plans and Capacity - Starting in 2026, BAESL plans to gradually undertake major repairs for several engine models, including the Trent 700, Trent XWB-84, and Trent 1000, with a goal to steadily expand its capacity [1] - By 2034, BAESL aims to achieve an annual overhaul capacity of 250 engines, which will create between 800 to 1,000 high-end technical jobs [1] Group 3: Regulatory Approval - The Civil Aviation Administration of China (CAAC) North China Regional Administration awarded BAESL a maintenance license (CCAR-145) during the opening ceremony [1]