格隆汇11月20日｜国泰航空表示，正密切关注中日旅游事态发展，理解顾客可能因应不同情况而需要调 整行程，将尽量提供支援及弹性处理，为已预订前往日本航班的顾客提供调整行程的灵活选项。此前已 有多间内地航空公司宣布将为客户提供日本机票免费退款及改票。 ...

此前，国泰航空宣布，将与卡塔尔航空签署回购协议，回购卡塔尔航空持有的全部国泰股份，约占公司 已发行股份总数的9.57%，作价达到69.69亿元。据悉，卡塔尔航空于2017年底入股国泰航空。 香港联交所最新资料显示，11月19日，国泰航空(00293)股东将股票存入香港上海汇丰银行，存仓市值 42.12亿港元，占比5.27%。 ...

此前，国泰航空宣布，将与卡塔尔航空签署回购协议，回购卡塔尔航空持有的全部国泰股份，约占公司 已发行股份总数的9.57%，作价达到69.69亿元。据悉，卡塔尔航空于2017年底入股国泰航空。 智通财经APP获悉，香港联交所最新资料显示，11月19日，国泰航空(00293)股东将股票存入香港上海汇 丰银行，存仓市值42.12亿港元，占比5.27%。 ...

Group 1 - Cathay Pacific is offering free cancellation and modification services for travelers booking flights to Japan due to travel warnings issued by the Chinese Ministry of Foreign Affairs and the Hong Kong government [1] - Following the travel warnings, there has been a significant drop in flight bookings to Japan, with a reported 65% decrease in bookings for Chinese routes at Tokyo Narita Airport on November 15 [2] - The number of planned travelers to Japan decreased from approximately 155 million on November 15 to 106 million by November 17, marking a 32% decline [2] Group 2 - The passenger load factor for flights from mainland China to Japan has seen a notable decline, with an expected drop of 12.3 percentage points on November 18 compared to the previous week [3] - The flight cancellation rate reached 13.4% on November 18, the highest in the past five days, indicating a growing trend of cancellations [3] - Many travel agencies have begun to withdraw promotional materials for Japan travel, and a wave of cancellations is anticipated as travelers seek alternative destinations [2]

孙悦怡表示，拥有近八十年发展历程的国泰航空，始终以行业可持续发展的先行者与推动者为己任，是 亚洲区域内首批确立碳中和时间表的航空公司。国泰将致力于在21世纪中叶实现净零碳排放，并将SAF 列为达成这一目标的关键抓手。目前，国泰已在香港、洛杉矶、伦敦、新加坡等全球多个航点推行SAF 加注，同时积极携手中石化、中航油、空客等上下游合作伙伴和中国民航大学等高校科研伙伴，从产学 研用的全方位推进国产SAF创新提速与应用落地，为推动全球SAF生态圈构建与航空业可持续发展贡献 国泰力量。 据悉，目前航空业碳排放量占据全球碳排放总量的2%-3%。随着其他行业加速向低碳转型，航空业碳排 放量所占比例预计将显著上升。航空业减碳是实现双碳目标的关键一环，其中可持续航空燃料（SAF） 对航空业减碳来讲至关重要，是核心路径之一。（编辑：张彤 校对：张薇 审核：韩磊） 《中国民航报》、中国民航网 记者郭瑛 报道：在近日举办的《点燃SAF市场：中国可持续航空燃料规 模化发展政策路径》报告发布会上，作为此次研究报告的航司业界代表、SAF的使用方代表，国泰航空 中国内地公共事务及品牌营销总经理孙悦怡表示，航空业在减少温室气体排放、实现低碳发 ...

Group 1: Uniqlo's Market Strategy - Uniqlo's China market director emphasizes the importance of comfort alongside fashion in consumer preferences [1] - The brand is expanding its product categories and has established a presence in over 200 cities in China [1] - Uniqlo is adapting its localized business strategies based on consumer feedback, rather than focusing on specific regions [1] Group 2: Cathay Pacific's Cargo Demand - Cathay Pacific anticipates strong demand in the fourth quarter, which is traditionally a peak season for air cargo [3] - The airline plans to adjust its network to focus on high-demand routes in Southeast Asia and China [3] - The company aims to maintain a competitive edge through nine specialized cargo solutions [3] Group 3: Michelin's Investment Focus - Michelin's future investments in China will focus on capacity upgrades, localized innovation, and diversified business expansion [4] - The company has been operating in China for 36 years and is committed to aligning with local market demands and carbon neutrality goals [4] - The expansion of the Shanghai factory and sustainable tire development reflect foreign investment confidence in China's high-quality growth [4] Group 4: LEGO's Product Launch - LEGO showcased five globally launched new products at the China International Import Expo, targeting various age groups [5] - The company has been investing in brand building, retail innovation, and sustainable development since its first participation in 2018 [5] - The expo serves as a platform for LEGO to connect with Chinese families and enhance its market presence [5] Group 5: Chow Tai Fook's Retail Strategy - Chow Tai Fook has reduced its retail network by 611 stores in six months, with a significant impact in the mainland market [6][7] - The closure primarily involves underperforming franchise stores, reflecting a strategic optimization of the channel structure [7] - This move aims to improve overall efficiency and prepare for a focus on high-quality locations and enhanced store performance [7]

Group 1 - UBS reports that Cathay Pacific (00293) plans to repurchase all shares held by Qatar Airways, pending approval from at least 75% of independent shareholders, the Securities and Futures Commission, and a waiver for mandatory general offer [1] - Qatar Airways currently holds 9.6% of Cathay Pacific's issued shares, with a repurchase price of HKD 10.8 per share, representing a discount of approximately 4% from the closing price on November 5 [1] - Assuming the repurchased shares are canceled, earnings per share, dividends per share, and book value per share are expected to increase by about 11%, effectively enhancing shareholder returns [1] Group 2 - Based on UBS's 2025 net profit forecast and a 50% payout ratio assumption, dividends per share are projected to rise from HKD 0.66 to HKD 0.73, resulting in a dividend yield of 6.5% [1] - The off-market share repurchase will allow Qatar Airways to exit in an orderly manner, mitigating market volatility [1] - UBS anticipates a positive market reaction to the announcement of the off-market share repurchase [1]

Core Viewpoint - UBS reports that Cathay Pacific (00293) plans to repurchase all shares held by Qatar Airways, pending approval from at least 75% of independent shareholders, the Securities and Futures Commission, and a waiver for mandatory general offer [1] Group 1: Share Repurchase Details - Qatar Airways currently holds 9.6% of Cathay Pacific's issued shares, with a repurchase price set at HKD 10.8 per share, representing a discount of approximately 4% compared to the closing price on November 5 [1] - The repurchase is expected to enhance earnings per share, dividends per share, and book value per share by approximately 11% if the repurchased shares are canceled, effectively improving shareholder returns [1] Group 2: Financial Projections - Based on UBS's net profit forecast for 2025 and an assumed 50% payout ratio, the dividend per share is projected to increase from HKD 0.66 to HKD 0.73, resulting in a dividend yield of 6.5% [1] Group 3: Market Reaction - UBS anticipates a positive market reaction to the announcement of the off-market share repurchase, which will also allow Qatar Airways to exit in an orderly manner, mitigating market volatility [1]

Core Viewpoint - Credit Lyonnais has issued a report maintaining a "Hold" rating on Cathay Pacific Airways (00293) following the announcement of a share buyback from Qatar Airways at a price of HKD 10.8374 per share, which represents a 3% discount to the five-day volume-weighted average price, totaling approximately HKD 6.97 billion [1] Group 1 - Cathay Pacific will repurchase its entire 9.57% stake held by Qatar Airways, amounting to 643,076,181 shares [1] - The buyback price is at a 4% discount to the last closing price, but there are no indications that the repurchased shares will be canceled, as they will be held as treasury shares [1] - Following the transaction, the public float of Cathay Pacific will decrease to approximately 20.53%, raising concerns about future equity financing [1] Group 2 - The Hong Kong Stock Exchange's exemption for the minimum public float requirement (25%) is expected to alleviate market concerns regarding potential future equity financing [1]

国泰航空宣布，根据一项承诺契据，将以每股10.8374港元的回购价格，向卡塔尔航空场外购回其全部 9.57%持股(共643,076,181股)，总代价约为69.7亿港元。交易完成后，国泰航空的公众持股量将降至约 20.53%。里昂认为，此公告似乎是净负面的。尽管国泰航空以较最后收盘价有4%折让的价格回购股 份，但目前并无迹象表明回购的股份将会被注销(公告仅提及将作为库存股持有)。然而，港交所对公众 持股量要求(最低25%)的豁免，应能缓解市场对于未来可能进行股权融资的忧虑。该行予国泰"持有"评 级。 ...