Core Insights - China National Airlines (CNA) reported an increase in passenger turnover volume by 8.7% year-on-year, measured in revenue passenger kilometers, for October 2025 [1] - The average passenger load factor improved to 85.3%, up by 3.4 percentage points year-on-year [1] Group 1: Passenger Operations - Passenger capacity input, measured in available seat kilometers, increased by 4.3% year-on-year [1] - Domestic passenger capacity input rose by 3.2%, with a corresponding turnover increase of 5.5% [1] - International passenger capacity input grew by 7.5%, leading to a significant turnover increase of 17.6% [1] - Regional passenger capacity input saw a 0.6% increase, with a turnover rise of 7.7% [1] - Load factors improved across all segments: domestic routes up by 2.0 percentage points, international routes up by 7.0 percentage points, and regional routes up by 5.0 percentage points [1] Group 2: Cargo Operations - Cargo capacity input, measured in available cargo ton kilometers, decreased by 0.9% year-on-year [1] - Cargo and mail turnover, measured in revenue cargo ton kilometers, increased by 3.1% [1] - Cargo load factor improved to 38.9%, up by 1.5 percentage points year-on-year [1] Group 3: Fleet and Routes - The company introduced 4 A320 series aircraft and 1 B737 series aircraft, while retiring 1 A330 series and 1 A320 series aircraft as of October 2025 [2] - The total fleet size reached 949 aircraft, comprising 417 owned, 238 financed leased, and 294 operating leased [2] - New routes added include Hangzhou-Hanoi, Beijing Capital-Panzhihua, Beijing Capital-Xishuangbanna, Hangzhou-Zhuhai, Chengdu Tianfu-Wuhan-Quzhou, Hohhot-Yinchuan-Chengdu Tianfu, and Hangzhou-Hohhot-Ulanhot, with varying frequencies [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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 二零二五年十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」）於二零二五年十 一月十七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 零二五年十月的合併營運數據。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 公司秘書 肖烽 中國北京，二零二五年十一月十七日 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、P ...

Core Viewpoint - China National Airlines (601111.SH) reported an increase in passenger turnover and capacity for the year 2025, indicating positive growth in both domestic and international operations [1] Passenger Operations - The company's passenger turnover (measured in revenue passenger kilometers) increased by 8.7% year-on-year [1] - Passenger capacity (measured in available seat kilometers) rose by 4.3% year-on-year [1] - Domestic passenger capacity increased by 3.2%, with a corresponding turnover increase of 5.5% [1] - International passenger capacity saw a 7.5% increase, with turnover rising by 17.6% [1] - Regional passenger capacity grew by 0.6%, while turnover increased by 7.7% [1] - The average passenger load factor reached 85.3%, up by 3.4 percentage points year-on-year [1] - Domestic routes experienced a load factor increase of 2.0 percentage points, while international routes saw an increase of 7.0 percentage points, and regional routes increased by 5.0 percentage points [1] Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) decreased by 0.9% year-on-year [1] - Cargo turnover (measured in revenue cargo ton kilometers) increased by 3.1% year-on-year [1] - The cargo load factor was reported at 38.9%, an increase of 1.5 percentage points year-on-year [1]

Core Viewpoint - China National Airlines (601111.SH) announced an increase in passenger turnover and capacity for October 2025, indicating positive growth trends in both domestic and international markets [2] Group 1: Passenger Turnover and Capacity - The company's passenger turnover volume is expected to increase by 8.7% year-on-year [2] - Passenger capacity (measured in available seat kilometers) is projected to rise by 4.3% year-on-year [2] - Domestic passenger capacity is anticipated to grow by 3.2%, with a corresponding 5.5% increase in passenger turnover [2] - International passenger capacity is expected to increase by 7.5%, leading to a 17.6% rise in passenger turnover [2] - Regional passenger capacity is forecasted to grow by 0.6%, with a 7.7% increase in passenger turnover [2] Group 2: Average Load Factor - The average load factor is projected to reach 85.3%, an increase of 3.4 percentage points year-on-year [2] - The load factor for domestic routes is expected to rise by 2.0 percentage points [2] - The load factor for international routes is anticipated to increase by 7.0 percentage points [2] - The load factor for regional routes is projected to grow by 5.0 percentage points [2]

证券代码：601111 股票简称：中国国航 公告编号：2025-057 中国国际航空股份有限公司 2025年10月主要运营数据公告 | 国际航线 | 1,658.2 | 18.0 | 8.4 | 15,557.4 | 15.6 | | --- | --- | --- | --- | --- | --- | | 地区航线 | 431.9 | 8.8 | 15.4 | 4,058.3 | 3.1 | | 5、货物及邮件(吨) | 141,834.8 | 3.1 | 7.4 | 1,262,812.6 | 4.6 | | 其中: 国内航线 | 95,095.3 | 3.9 | 5.5 | 832,786.0 | 3.3 | | 国际航线 | 42,982.6 | 2.1 | 12.3 | 395,875.9 | 8.0 | | 地区航线 | 3,756.9 | -7.4 | 5.3 | 34,150.8 | -2.4 | | 三、载运率 | | | | | | | 8 1、客座利用率(%) | 85.3 | 3.4 | 2.1 | 81.7 | 1.6 | | 其中: 国内航线 | 87.3 | 2.0 | 2.6 ...

2025年10月，本集团共引进4架A320系列飞机和1架B737系列飞机，退出1架A330系列飞机和1架A320系 列飞机。截至2025年10月底，本集团合计运营949架飞机，其中自有飞机417架，融资租赁238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0.9%，货邮周转量（按收入货运吨公里 计）同比上升3.1%。货运载运率为38.9%，同比上升1.5个百分点。 2025年10月26日起，国航新增执行杭州-河内航线（每周四班），北京首都-攀枝花航线（每周四班）， 北京首都-西双版纳航线（每周七班），杭州-珠海航线（每周七班），成都天府-武汉-衢州航线（每周 七班），呼和浩特-银川-成都天府航线（每周七班），杭州-呼和浩特-乌兰浩特航线（每周七班）。 格隆汇11月17日丨中国国航(601111.SH)公布，2025年10月，公司及所属子公司（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4.3%，旅客周 转量同比上升8.7%。其中，国内客运运力投入同比上升3.2%，旅客周转量同比上升5.5%；国际客运运 力投入同比上升7. ...

Core Insights - China National Airlines (601111) reported an increase in passenger turnover volume (measured in revenue passenger kilometers) for October 2025 compared to the previous year [1] Group 1: Passenger Operations - The company's passenger capacity input (measured in available seat kilometers) increased by 4.3% year-on-year [1] - Overall passenger turnover volume rose by 8.7% year-on-year [1] - Domestic passenger capacity input increased by 3.2%, with a corresponding passenger turnover volume increase of 5.5% [1] - International passenger capacity input saw a 7.5% increase, leading to a 17.6% rise in passenger turnover volume [1] - Regional passenger capacity input grew by 0.6%, with a 7.7% increase in passenger turnover volume [1] - The average passenger load factor reached 85.3%, up by 3.4 percentage points year-on-year [1] - Domestic routes experienced a 2.0 percentage point increase in load factor, while international routes saw a 7.0 percentage point increase, and regional routes increased by 5.0 percentage points [1] Group 2: Cargo Operations - Cargo capacity input (measured in available cargo ton kilometers) decreased by 0.9% year-on-year [1] - Cargo and mail turnover volume (measured in revenue cargo ton kilometers) increased by 3.1% year-on-year [1] - The cargo load factor was reported at 38.9%, which is an increase of 1.5 percentage points year-on-year [1]

Core Insights - The company reported an increase in consolidated passenger turnover (measured in revenue passenger kilometers) for October 2025 compared to the previous year [1] Passenger Capacity and Turnover - Passenger capacity input (measured in available seat kilometers) increased by 4.3% year-on-year, while passenger turnover rose by 8.7% [1] - Domestic passenger capacity input grew by 3.2%, with passenger turnover increasing by 5.5% [1] - International passenger capacity input saw a rise of 7.5%, leading to a 17.6% increase in passenger turnover [1] - Regional passenger capacity input increased by 0.6%, with passenger turnover up by 7.7% [1] - The average passenger load factor reached 85.3%, an increase of 3.4 percentage points year-on-year [1] - Domestic routes experienced a load factor increase of 2.0 percentage points, while international routes saw a rise of 7.0 percentage points, and regional routes increased by 5.0 percentage points [1] Cargo Capacity and Turnover - Cargo capacity input (measured in available cargo ton kilometers) decreased by 0.9% year-on-year, while cargo mail turnover (measured in revenue cargo ton kilometers) increased by 3.1% [1] - The cargo load factor was reported at 38.9%, which is an increase of 1.5 percentage points compared to the previous year [1]

关于港股后市 华鑫证券表示，近期港股调整幅度相对较大，估值也相对更合理，进一步回调的空间有限。虽然年末风 险偏好不会过高，意味着没有全面行情，但2026年确定性高景气板块仍会震荡向上。预计流动性有望缓 解，资金面信号显示外资交易盘开始重回港股，有望进入左侧布局春节前行情。 招商香港表示，港股在经历10月盘整后，悲观预期逐步出清。该机构认为，随着供需格局改善，中国经 济周期有望迎来景气拐点。科技产业的资本开支和研发投入将逐步转化为企业盈利，成为新的增长引 擎。而在美联储降息周期开启且结束QT缩表，中美政策"双宽松"共振，南向资金和外资将持续流入。 未来基本面改善，盈利预期上修叠加估值修复将驱动港股中长期上行，呈现慢牛趋势。 恒生指数低开0.49%，恒生科技指数跌0.71%。携程集团跌超4%，中国东方航空股份跌超3%，中国国航 跌近3%。 广发证券表示，港股可能再次迎来布局良机。如果后续美国政府停摆结束、美联储12月降息表态重新转 鸽、美联储停止缩表甚至重启扩表，美元流动性得到缓解，港股可能会出现新一轮上涨。配置上，11月 基本面驱动效应强，仍然采用杠铃策略，以红利为底仓，科技成长博弹性。广发证券称，港股牛市的基 ...

Core Points - The Chinese Ministry of Foreign Affairs and Chinese consulates in Japan have issued a serious warning to Chinese citizens regarding travel to Japan due to safety concerns [4][3] - Major Chinese airlines, including China Eastern Airlines, China Southern Airlines, and Air China, have introduced free ticket change and refund policies for flights to Japan from November 15 to December 31, 2025 [3][2] - The demand for flights to Japan surged during the recent National Day holiday, but has since declined significantly, with ticket prices dropping to as low as 100 yuan excluding taxes [4][5] Airline Policies - China Eastern Airlines has announced a special handling plan for tickets involving Japan, allowing one free change or a full refund without service fees for tickets with at least one unused segment related to Japan [2] - Similar policies have been adopted by China Southern Airlines and Air China, with the same time frame for eligible tickets [3] Market Trends - The number of weekly flights from mainland China to Japan has significantly decreased, with a reported 1189 flights in the 45th week of the year, representing an 82.9% recovery rate compared to the same week in 2019, and a 14.5% decrease from the previous week [5][7] - Due to the recent travel warnings and airline policy changes, airlines may reduce flights to Japan and shift capacity to other routes, particularly to Southeast Asia, which is experiencing a recovery in demand [7]