Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [6][57]. Core Insights - The report expresses a positive outlook on the aviation sector, particularly regarding the upcoming summer travel season, driven by improved demand and operational metrics [8]. - Key factors supporting this outlook include resilient domestic demand, ongoing recovery in international routes, and supply constraints in the market [8]. - The report highlights specific airlines, such as Huaxia Airlines and Spring Airlines, as leaders in the domestic regional market, while also noting the potential for China National Aviation to release elasticity in operations [8]. Summary by Sections Airline Data Analysis - In May, the overall ASK (Available Seat Kilometers) growth rates were led by Spring Airlines (11.5%), followed by Eastern Airlines (9.3%) and Southern Airlines (5.0%) [2]. - For RPK (Revenue Passenger Kilometers), Eastern Airlines showed the highest growth at 15.4%, with Spring Airlines at 11.7% [2]. - Cumulative data from January to May indicates Spring Airlines leading in ASK growth (8.9%) and Eastern Airlines in RPK growth (12.7%) [2]. Domestic and International Routes - Domestic routes in May saw Spring Airlines with an ASK growth of 10.9% and RPK growth of 12.0% [3]. - Internationally, Juneyao Airlines led with an ASK growth of 50.1% and RPK growth of 66.7% in May [3]. - Cumulative data for international routes from January to May shows Juneyao Airlines with a significant ASK growth of 69.5% and RPK growth of 71.2% [3]. Load Factor and Fleet Size - The load factor in May was highest for Spring Airlines at 91.1%, with a year-on-year increase of 0.1 percentage points [4]. - The total fleet size of the five listed airlines increased by 6 aircraft in May, with a year-on-year growth of 3.1% [4]. Market Performance - The aviation sector's total market capitalization is reported at 730.725 billion yuan, with a circulating market value of 514.519 billion yuan [6]. - The absolute performance of the sector over the last month was -3.3%, while the relative performance was +2.8% [6].

Group 1 - AliExpress has launched a car sales business in the Middle East, primarily featuring Chinese electric vehicles, marking it as the first platform among the "Four Little Dragons" to sell cars overseas [2] - The Industrial and Commercial Bank of China has listed its "carbon neutrality" themed green bonds on the Nasdaq Dubai, with a total issuance of $17.2 billion, compliant with international green bond principles [2] - Emirates Airlines and Air China have signed a memorandum of understanding to explore code-sharing cooperation on specific routes, enhancing their existing partnership [2] Group 2 - The Dubai Future Foundation's "Dubai Electronic Gaming Platform 2033" project has attracted over 350 gaming-related companies, with a market value projected to reach $200 billion [4] - Haitong International has begun issuing investment analysis reports on six listed subsidiaries of the Abu Dhabi National Oil Company, expecting them to benefit from trends in energy expansion and local consumption growth [4] - The Abu Dhabi Khalifa Economic Zone has announced the construction of the KIZAD Business District, aiming to create a new commercial hub in Abu Dhabi [5] Group 3 - The UAE's franchising industry has surpassed 100 billion dirhams in annual revenue, growing at an average rate of 15%, becoming a key driver of economic diversification [6] - ADNOC Gas has signed a $5 billion contract for a significant gas development project, expected to increase its EBITDA by 40% by 2029 [6] - Borouge has signed a 15-year logistics agreement worth 1.95 billion dirhams (approximately $531 million) with ADNOC L&S to enhance the export capacity of UAE's petrochemical products [7] Group 4 - Qatar is projected to account for 18.8% of global LNG exports in 2024, with a total volume of 77.23 million tons [8] - The World Bank forecasts Qatar's GDP growth rates to reach 5.4% in 2026 and 7.6% in 2027, outperforming other Gulf Cooperation Council countries [8] - Qatar's IT sector is expected to grow by $2.31 billion by 2029, driven by increasing digital applications and regulatory support [8]

Core Viewpoint - The competition between civil aviation and high-speed rail on the Beijing-Shanghai route is intensifying, with civil aviation showing a significant growth rate that has surpassed that of high-speed rail in recent years [3][7][12]. Group 1: Overview of the Beijing-Shanghai Route - The Beijing-Shanghai route is a critical transportation corridor connecting two of China's largest cities, with high passenger demand and profitability for both civil aviation and high-speed rail [5][13]. - The high-speed rail can cover the distance in approximately 4 hours and 18 minutes, while flights take less than 2 hours, making both modes of transport competitive [5][6]. Group 2: Recent Developments in Civil Aviation - Starting from May 2025, a new cross-airline ticket transfer service will be implemented between Shanghai Hongqiao and Beijing Capital airports, enhancing travel efficiency for passengers [6][9]. - In May 2024, passenger numbers for Eastern Airlines on the Beijing-Shanghai route increased by approximately 20.6%, while Air China saw a growth of 4.6% [10][11]. Group 3: Growth Trends and Performance Metrics - Civil aviation's passenger growth on the Beijing-Shanghai route has been remarkable, with 2023 and 2024 seeing passenger numbers of 689.9 million and 861.3 million, representing year-on-year growth of 269.52% and 24.84% respectively [11][16]. - In contrast, high-speed rail reported a decrease in passenger numbers from 5325.2 million in 2023 to 5201.6 million in 2024, with a year-on-year growth of 209.1% and a decline of 2.3% [16][17]. Group 4: Competitive Strategies - Civil aviation is adopting aggressive pricing strategies to capture market share, with average ticket prices for economy class dropping significantly [17]. - High-speed rail is responding by increasing train frequency and enhancing service quality, including flexible pricing and improved passenger experience [22][23]. Group 5: Future Outlook - The competition between civil aviation and high-speed rail is expected to continue evolving, with potential for deeper integration of services, such as "air-rail intermodal" solutions [23].

Core Viewpoint - The competition between civil aviation and high-speed rail on the Beijing-Shanghai route is intensifying, with civil aviation showing a significant growth rate that surpasses high-speed rail despite the latter having a much larger passenger volume [3][7][12]. Group 1: Overview of the Beijing-Shanghai Route - The Beijing-Shanghai route is a critical transportation corridor connecting two of China's largest cities, with a distance of approximately 1300 kilometers [5][19]. - High-speed rail offers a travel time of about 4 hours and 18 minutes, while flights take less than 2 hours [5]. - The route is characterized by high passenger demand, particularly from business travelers, making it a lucrative market for both high-speed rail and civil aviation [9][13]. Group 2: Recent Developments in Civil Aviation - Starting from May 2025, a new cross-airline ticket transfer service will be implemented between Shanghai Hongqiao and Beijing Capital airports, enhancing travel efficiency for passengers [6][9]. - In May 2024, Eastern Airlines and Air China reported a significant increase in passenger numbers on the Beijing-Shanghai route, with Eastern Airlines seeing a 20.6% year-on-year increase and Air China a 4.6% increase [10][11]. - The average seat occupancy rate for flights on this route has also improved, with Eastern Airlines reaching 92.7% and Air China 86.6% in late May 2024 [11]. Group 3: Comparison of Passenger Growth Rates - Civil aviation's passenger growth on the Beijing-Shanghai route has been remarkable, with 689.9 million and 861.3 million passengers in 2023 and 2024, respectively, reflecting year-on-year growth rates of 269.52% and 24.84% [11][16]. - In contrast, high-speed rail reported a decrease in passenger numbers, with 5325.2 million and 5201.6 million passengers in the same years, showing a growth of 209.1% and a decline of 2.3% [16][17]. - The total passenger volume for high-speed rail remains significantly higher than that of civil aviation, with high-speed rail carrying 5201.6 million passengers in 2024 compared to civil aviation's 861.3 million [11][16]. Group 4: Pricing and Market Dynamics - The average ticket price for domestic economy class flights has decreased by 15.9% year-on-year, making air travel more attractive compared to high-speed rail [17]. - On specific routes, such as Shanghai to Beijing, flight prices can be as low as 310 yuan, which is cheaper than high-speed rail tickets [17]. - The competitive pricing strategies of airlines are seen as a key factor in attracting passengers away from high-speed rail [17][21]. Group 5: Future Trends and Innovations - The civil aviation industry is encouraged to adopt practices from high-speed rail to enhance service efficiency and customer experience [22][23]. - Experts suggest that the future of competition may involve deeper integration of air and rail services, potentially through "air-rail intermodal" services [23].

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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 二零二五年五月的主要營運數據公告 隨附公告（「上交所公告」）乃由中國國際航空股份有限公司（「中國國航」）於二零二五年六 月十三日在上海證券交易所刊發，其中載有中國國航及其附屬公司（統稱「本集團」）二零 二五年五月的合併營運數據。本公告附上上交所公告乃由中國國航根據香港聯合交易所 有限公司證券上市規則（「上市規則」）第13.09條及第13.10B條，以及香港法例第571章證 券及期貨條例第XIVA部項下之內幕消息條文（定義見上市規則）而作出。 隨附上交所公告載列的數據來自本集團內部統計，可能與相關期間定期報告披露的數據 有差異。投資者應注意不恰當信賴或使用以上信息可能造成投資風險。 承董事會命 中國國際航空股份有限公司 聯席公司秘書 肖烽 浩賢 中國北京，二零二五年六月十三日 於本公告日期，本公司的董事為馬崇賢先生、王明遠先生、崔曉峰先 ...

证券代码：601111 股票简称：中国国航 公告编号：2025-028 中国国际航空股份有限公司 2025年5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 5 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 4.5%，旅客周转量同比上升 8.4%。 其中，国内客运运力投入同比上升 2.4%，旅客周转量同比上升 6.0%；国际客运 运力投入同比上升 10.4%，旅客周转量同比上升 16.0%；地区客运运力投入同比 下降 2.6%，旅客周转量同比上升 0.3%。平均客座率 81.3%，同比上升 2.9 个百 分点。其中，国内航线同比上升 2.8 个百分点，国际航线同比上升 3.7 个百分点， 地区航线同比上升 2.0 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 2.2%，货邮周 转量（按收入货运吨公里计）同比上升 6.2%。货运载运率为 41.5%，同 ...

Core Viewpoint - China National Airlines (601111) reported an increase in passenger turnover and capacity for May 2025, indicating a positive trend in the airline's operational performance [1] Group 1: Passenger Metrics - The consolidated passenger turnover (measured in revenue passenger kilometers) increased year-on-year [1] - Passenger capacity input (measured in available seat kilometers) rose by 4.5% year-on-year [1] - Passenger turnover increased by 8.4% year-on-year [1] - The average passenger load factor was 81.3%, up by 2.9 percentage points year-on-year [1] Group 2: Cargo Metrics - Cargo capacity input (measured in available cargo ton kilometers) increased by 2.2% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) rose by 6.2% year-on-year [1] - The cargo load factor was 41.5%, an increase of 1.6 percentage points year-on-year [1]

Investment Rating - The industry investment rating is "In-Line" [5][10]. Core Insights - China's total absolute non-domestic Available Seat Kilometers (ASK) was 76% of 2019's level as of June 9, 2025, reflecting a 12% year-over-year increase but a slight decrease of 1% week-over-week [10]. - Excluding US routes, the recovery of China's absolute non-domestic ASK reached 86% of 2019's level [10]. - Capacity additions were noted on Hong Kong (+2%) and US (+1%) routes, while reductions occurred on Macau (-1%) and Korea (-1%) routes [10]. - Significant year-over-year increases in ASK were observed for Japan (+35%), Korea (+25%), Hong Kong (+17%), and US (+13%) routes, while Macau (-15%) and Thailand (-31%) saw decreases [10]. - Seat capacity for Japan, Thailand, and Korea routes reached 106%, 47%, and 94% of 2019 levels, respectively, while US routes were at 29% [10]. Summary by Relevant Sections International Air Capacity - Non-domestic ASK was 76% of 2019's level as of June 9, 2025, compared to 77% the previous week [2]. - Total seat capacity has recovered to approximately 80% of 2019's level [5]. Capacity Recovery - The report highlights that total absolute non-domestic ASK was -1% week-over-week and +12% year-over-year [10]. - Specific route recoveries include Japan at 106%, Korea at 94%, and US routes at 29% of 2019 levels [10]. Company Ratings - Air China Limited (601111.SS) rated Equal-weight, Air China Limited (0753.HK) rated Overweight [62]. - Cathay Pacific Airways (0293.HK) rated Equal-weight, China Eastern Airlines (600115.SS) rated Equal-weight [62]. - China Southern Airlines (600029.SS) rated Equal-weight, COSCO SHIPPING Energy Transportation (1138.HK) rated Overweight [62].

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - The shipping rates on the Asia-Brazil route have surged by 100% due to a shortage of available vessels and containers, with rates reaching $3,300 per container [2][12] - The global new ship order volume has dropped to a four-year low, with only 439 vessels ordered in the first four months of 2025, a significant decrease from 980 vessels in the same period of 2024 [2][13] - During the Dragon Boat Festival in 2025, civil aviation passenger volume reached 5.63 million, with a total of 101 new international air cargo routes opened in the first five months [2][14] - The express delivery industry saw a 15.4% year-on-year increase in package volume during the Dragon Boat Festival, with a total of 1.511 billion packages collected nationwide [2][21] Summary by Sections 1. Industry Hot Events - The Asia-Brazil shipping rates increased by 100% due to a shortage of vessels and containers, influenced by trade policies and seasonal demand [12] - The civil aviation passenger volume during the Dragon Boat Festival reached 5.63 million, with 101 new international air cargo routes opened [14] - The express delivery industry experienced a 15.4% year-on-year growth in package volume during the Dragon Boat Festival [21] 2. High-Frequency Data Tracking - In May 2025, domestic cargo flight operations decreased by 6.76%, while international flights increased by 26.98% [33] - The shipping price index for domestic trade decreased, while dry bulk freight rates increased [41] - The express delivery business volume in April 2025 rose by 19.10% year-on-year, with revenue increasing by 10.80% [52] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Haixia Co [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, China Southern Airlines, and Spring Airlines [4]

此乃要件 請即處理 閣下對本通函任何內容如有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、銀行 經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有中國國際航空股份有限公司股份，應立即將本通函及代表委任表 格交予買方或承讓人或經手出售的銀行、股票經紀或其他代理商，以便轉交買方或承讓人。 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通函的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本通函全部或任何部份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 (1)持續關連交易及須予披露交易：中航有限框架協議 (2) 持續關連交易：新框架協議 (3)建議變更審計師 (4)建議修訂公司章程並取消監事會 (5)建議修訂股東大會議事規則及董事會議事規則 (6)發行債務融資工具之一般性授權 及 (7)股東週年大會通告 董事會函件載於本通函第5頁至第31頁。 獨立董事委員會的函件載於本通函第32頁至第33頁，當中載有其致本公司獨立股東之意見。 獨立財務顧問之函件載於本通函第34至第48頁，當中載有其致本公司獨立董事委員會及獨立股 東之意見。 本公司將於二 ...