Group 1 - China International Airlines Co., Ltd. experienced a stock price increase of 5.18%, reaching 8.73 CNY per share, with a trading volume of 412 million CNY and a turnover rate of 0.41%, resulting in a total market capitalization of 152.325 billion CNY [1] - The company, established on March 27, 2006, and listed on August 18, 2006, primarily engages in air passenger transport and air cargo and postal services, with revenue composition being 90.64% from air passenger transport, 4.93% from other services, and 4.43% from air cargo and postal services [1] Group 2 - Among the top ten circulating shareholders of China International Airlines, Huatai-PB Fund's ETF reduced its holdings by 3.0703 million shares in the third quarter, now holding 63.7305 million shares, which accounts for 0.39% of circulating shares, resulting in an estimated floating profit of approximately 27.4041 million CNY [2] - The Huatai-PB CSI 300 ETF, established on May 4, 2012, has a current scale of 425.581 billion CNY, with a year-to-date return of 21.77% and a one-year return of 15.72%, ranking 2630 out of 4216 and 2459 out of 3917 respectively [2] - The fund manager, Liu Jun, has a tenure of 16 years and 164 days, managing assets totaling 542.504 billion CNY, with the best fund return during his tenure being 149.44% and the worst being -45.64% [2]

Core Points - China National Airlines' stock price increased by 2.05% to 8.47 CNY per share as of 09:51 on November 10, with a total market capitalization of 147.79 billion CNY [1] - The company reported a year-to-date stock price increase of 7.08%, with a 7.76% increase over the last five trading days and a 16.35% increase over the last 60 days [1] - For the first nine months of 2025, the company achieved a revenue of 129.83 billion CNY, a year-on-year growth of 1.31%, and a net profit attributable to shareholders of 1.87 billion CNY, reflecting a 37.31% increase [2] Financial Performance - The company has cumulatively distributed dividends of 13.32 billion CNY since its A-share listing, with no dividends distributed in the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 0.12% to 129,100, with an average of 0 shares per shareholder [2][3] Shareholding Structure - The top ten circulating shareholders include China Securities Finance Corporation, holding 311 million shares, and Hong Kong Central Clearing Limited, holding 156 million shares, which decreased by 123 million shares compared to the previous period [3] - Industrial Bank Co., Ltd. Convertible Bond (003401) is a new entrant among the top ten shareholders, holding 65.22 million shares [3]

Core Points - China National Airlines announced the resignation of its Chief Legal Counsel, Zhang Hua, effective immediately due to retirement [2] - Zhang Hua has held various positions since joining the company, including Chief Legal Counsel of China National Airlines since August 2017 and Chairman of Dalian Airlines since March 2020 [2] - In addition to his roles at China National Airlines, Zhang Hua has served as Chief Compliance Officer for both China National Airlines and the Aviation Industry Corporation of China since December 2022 [2]

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。 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to benefit from improved industry supply and demand dynamics, leading to enhanced revenue levels [2][3] - Recent improvements in ticket prices are attributed to a recovery in business travel demand and a consensus against excessive competition within the industry [2] - The company announced a plan to raise up to 20 billion RMB through a private placement to repay debts and enhance liquidity, which is expected to dilute the share capital by 14.9% if fully subscribed [2][3] Financial Forecast and Valuation - The forecast for the company's net profit attributable to shareholders for 2025-2027 is 4.90 billion RMB, 6.31 billion RMB, and 8.73 billion RMB respectively [3] - The estimated Book Value Per Share (BPS) for 2026 is projected to be 3.27 RMB, with a price-to-book (PB) ratio of 3.2x for A shares and 2.2x for H shares [3] - The target price remains unchanged at 10.45 RMB for A shares and 7.90 HKD for H shares, reflecting a premium valuation based on expected improvements in return on equity (ROE) [3]

Core Viewpoint - Airline stocks are generally rising, driven by positive news regarding holiday arrangements and performance forecasts for the airline industry in China [1] Group 1: Stock Performance - Eastern Airlines (00670) increased by 5.29%, trading at 4.38 HKD [1] - Air China (601111) (00753) rose by 3.92%, trading at 6.1 HKD [1] - Southern Airlines (600029) (01055) saw a 2.08% increase, trading at 4.89 HKD [1] - Cathay Pacific (00293) experienced a slight rise of 0.36%, trading at 11.27 HKD [1] Group 2: Industry News - On November 4, the State Council released a notice regarding the holiday schedule for 2026, which includes a 9-day Spring Festival holiday, marking the longest in history [1] - Cathay Haitong Securities noted that A-share airline companies achieved counter-cyclical growth in Q3 2025, surpassing Q3 2019 for three consecutive years, indicating a potential upward trend in profitability [1] Group 3: Future Outlook - The concept of "anti-involution" is expected to help reduce losses in Q4's off-peak season and turn around the overall performance for the year [1] - The long-term outlook for Chinese airlines is optimistic, with market-driven ticket pricing, steady demand growth, and an optimized customer base expected to drive an increase in profitability for airlines in 2026 [1]