Group 1 - The core point of the article is the resignation of Zhang Hua, the Chief Legal Counsel of China National Airlines, due to retirement, effective immediately [2] Group 2 - The announcement was made on the evening of November 7 [2] - The resignation was submitted to the company's board of directors [2]

Core Viewpoint - China International Airlines Co., Ltd. announced the resignation of its General Counsel, Zhang Hua, due to retirement, effective immediately [1] Company Summary - The resignation of the General Counsel, Zhang Hua, was submitted to the board of directors [1] - The resignation is effective immediately upon submission [1]

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。 中國北京，二零二五年十一月七日 （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 關於高級管理人員辭任的公告 承董事會命 中國國際航空股份有限公司 公司秘書 肖烽 於本公告日期，本公司的董事為劉鐵祥先生、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：2025-056 中国国际航空股份有限公司 关于高级管理人员辞任的公告 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。 ...

Core Points - The successful operation of the C919 aircraft on the Beijing to Hong Kong route marks a significant milestone for China's aviation industry, showcasing the capabilities of domestically produced aircraft [1][3] - The event coincides with the 76th anniversary of the "Two Airlines Uprising," emphasizing the patriotic spirit and historical significance of the aviation sector in China [3][4] Group 1 - The C919 aircraft, adorned with the national flag, made its inaugural flight to Hong Kong, receiving a ceremonial water salute upon landing [1] - A series of themed activities were launched to commemorate the "Two Airlines Uprising," aimed at promoting patriotism and celebrating the development of China's civil aviation [3] - The event was attended by over 120 representatives from various sectors, including government officials and media, highlighting the collaborative spirit in the aviation industry [1][3] Group 2 - A cooperation agreement was signed between the Hong Kong "Two Airlines" association and the "Two Airlines Uprising" exhibition hall to establish a new patriotic education landmark in Tianjin [4] - The exhibition will showcase the history and significance of the "Two Airlines Uprising," further integrating resources to enhance patriotic education [4]

Core Points - The C919 aircraft, China's first domestically developed large passenger jet, successfully completed its inaugural flight on the Beijing-Hong Kong route, marking a significant milestone for the country's aviation industry [1][2]. Group 1: C919 Aircraft Overview - The C919 is designed to accommodate 158-192 passengers and has a range of 4,075-5,555 kilometers [2]. - The aircraft was officially assembled in November 2015, made its first flight in May 2017, and completed its first commercial flight in May 2023 [2]. Group 2: Commemorative Events - A series of themed activities were launched to celebrate the C919's inaugural flight, coinciding with the 76th anniversary of the "Two Airlines Uprising" on November 9 [2][3]. - The event gathered over 120 guests from various sectors, including government officials and representatives from patriotic organizations [2]. Group 3: Educational Initiatives - Following the C919's flight to Tianjin, a themed exhibition showcasing the "Two Airlines Uprising" will be held, highlighting the historical significance of the event [3]. - A cooperation agreement was signed between the Hong Kong "Two Airlines" association and the exhibition hall to create a new landmark for patriotic education [3].

中国国际航空股份有限公司 关于高级管理人员辞任的公告 证券代码：601111 股票简称：中国国航 公告编号：2025-056 张华先生确认与公司董事会和公司无不同意见，亦不存在公司股东需要知悉有关 其辞任的其他事宜。董事会对张华先生任职期间对公司做出的贡献表示诚挚的感谢。 特此公告。 中国国际航空股份有限公司董事会 中国北京，二〇二五年十一月七日 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。 中国国际航空股份有限公司（以下简称"公司"）董事会于近日收到公司总法 律顾问张华先生递交的辞呈。张华先生因退休，向公司董事会辞去总法律顾问职务。 该辞任即日起生效。 ...

Group 1 - The core point of the article is that *ST Haichin (600753.SH) has completed its share buyback plan, acquiring 4.3799 million A-shares, which represents 1.90% of the total share capital, with a total investment of 30.0607 million RMB [1] Group 2 - The buyback period was from May 12, 2025, to November 7, 2025, indicating a strategic move by Zhejiang Haixin to increase its stake in the company [1] - The total amount invested in the buyback exceeded the lower limit of the planned buyback, suggesting strong confidence in the company's future performance [1]

Core Insights - The aviation and airport sector experienced a slight decline of 0.08% on November 7, with China Eastern Airlines leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Hainan Airlines Holdings (600221) saw a closing price of 1.83, with an increase of 1.67% and a trading volume of 9.1 million shares, totaling 1.675 billion yuan [1] - Baiyun Airport (600004) closed at 9.97, up 0.91%, with a trading volume of 189,200 shares [1] - Shanghai Airport (600009) closed at 32.23, up 0.62%, with a trading volume of 81,700 shares [1] - Shenzhen Airport (000089) closed at 7.31, up 0.41%, with a trading volume of 171,500 shares [1] - China National Aviation (601111) closed at 8.30, down 0.12%, with a trading volume of 389,500 shares [1] - Southern Airlines (600029) closed at 6.98, down 0.29%, with a trading volume of 399,500 shares [1] - Spring Airlines (601021) closed at 55.56, down 0.32%, with a trading volume of 42,800 shares [1] - Xiamen Airport (600897) closed at 16.70, down 0.60%, with a trading volume of 115,200 shares [1] - Juneyao Airlines (603885) closed at 13.23, down 0.75%, with a trading volume of 78,500 shares [1] - CITIC Offshore Helicopter (000099) closed at 21.53, down 0.92%, with a trading volume of 97,000 shares [1] Capital Flow - The aviation and airport sector saw a net outflow of 267 million yuan from institutional investors, while retail investors contributed a net inflow of 147 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors showed interest [2] Individual Stock Capital Flow - Xiamen Airport (600897) had a net inflow of 1.3164 million yuan from institutional investors, while retail investors contributed a net inflow of 6.2663 million yuan [3] - Baiyun Airport (600004) experienced a net inflow of 463,500 yuan from institutional investors and a net outflow of 158,140 yuan from speculative funds [3] - Shanghai Airport (600009) faced a net outflow of 3.0744 million yuan from institutional investors, but retail investors contributed a net inflow of 13.8668 million yuan [3] - Juneyao Airlines (603885) had a significant net outflow of 8.2616 million yuan from institutional investors, while retail investors contributed a net inflow of 11.6144 million yuan [3] - China Eastern Airlines (600115) saw a net outflow of 1.21% in its stock price, closing at 4.90 with a trading volume of 1.0093 million shares [2]

Core Viewpoint - The successful operation of the domestically produced C919 aircraft on the Beijing to Hong Kong route marks a significant milestone for China's aviation industry, showcasing advancements in domestic aircraft manufacturing capabilities [1] Company Summary - China International Airlines' CA101 flight, utilizing the C919 aircraft, landed smoothly at Hong Kong International Airport, indicating the aircraft's readiness for commercial operations [1] Industry Summary - The C919's inaugural flight on a major route highlights the growing competitiveness of China's aviation sector in the global market, potentially impacting future aircraft sales and market dynamics [1]

Core Viewpoint - The aviation industry, particularly the three major airlines, has shown significant improvement in profitability and cash flow in Q3 2025 compared to the same period in 2024, driven by favorable oil prices and effective fare management [1][5]. Group 1: Financial Performance - In Q3 2025, the three major airlines reported a total net profit of 10.27 billion, an increase from 9.19 billion in Q3 2024 [1]. - For the first three quarters of 2025, the cumulative net profit of the three major airlines reached 4.47 billion, a significant improvement from a net loss of 0.68 billion in the same period last year [1]. - The operating net cash flow for Q3 2025 totaled 50.61 billion, significantly higher than 39.89 billion in Q3 2024, with a cumulative cash flow of 95.33 billion for the first three quarters, surpassing 83.98 billion in 2024 [1]. Group 2: Domestic Routes - The capacity growth for major airlines on domestic routes has been notably low, with year-on-year growth rates of 2.7%, 1.8%, and 1.6% for the months of July to September [2]. - The passenger load factor for major airlines in Q3 showed a lower year-on-year increase compared to Q1 and Q2, although there was a recovery in September [2]. - Airlines are prioritizing maintaining high load factors over increasing them further during peak seasons, as the revenue from fare increases is more beneficial [2]. Group 3: International Routes - The growth rate of capacity for international routes has significantly slowed, with a stable operational state being established [3]. - The recovery rate for flights to Thailand remains low, while routes to Japan and South Korea have shown higher recovery levels [3]. - The international passenger load factor has experienced reduced seasonal volatility compared to the previous year, indicating a gradual resolution of capacity surplus issues [3]. Group 4: Aircraft Introduction - The three major airlines are on track to meet their aircraft introduction plans, with 118 aircraft added in the first three quarters, accounting for 61% of the annual target [4]. - The actual number of aircraft retired by September was 47, which is 59% of the planned retirements for the year, indicating a balanced approach to fleet management [4]. - The net increase in aircraft for the three major airlines is expected to be around 4% for the year, reflecting a recovery from previous years' lower-than-planned introductions [4]. Group 5: Investment Outlook - The aviation sector has underperformed compared to the broader market since the beginning of 2025, but there are signs of recovery as the industry enters Q4 [5]. - The combination of improving fundamentals, low oil prices, and effective fare management is expected to enhance market expectations for Q4 [5]. - The three major airlines are positioned near historical average market valuations, with potential for significant margin improvement in Q4 compared to the previous year's substantial losses [5].