Group 1 - Dongyangguang expects net profit attributable to shareholders for the first three quarters of 2025 to be between 847 million and 937 million yuan, representing a year-on-year increase of 171.08% to 199.88% [1] - Chuanjinnuo anticipates operating revenue of 2.75 billion to 2.85 billion yuan for the first three quarters of 2025, an increase of 24.99% to 29.54% year-on-year, with net profit expected to be between 290 million and 310 million yuan, up 162.56% to 180.66% [1] - Youyan New Materials forecasts net profit for the first three quarters of 2025 to be between 230 million and 260 million yuan, a year-on-year growth of 101% to 127% [2] Group 2 - Qianyuan Power expects net profit attributable to shareholders for the first three quarters of 2025 to be between 451.07 million and 530.68 million yuan, a growth of 70.00% to 100.00% year-on-year [2] - Hengdian Dongci anticipates net profit for the first three quarters of 2025 to be between 1.39 billion and 1.53 billion yuan, representing a year-on-year increase of 50.1% to 65.2% [3] - Daotong Technology expects net profit for the first three quarters of 2025 to be between 710 million and 738 million yuan, a year-on-year increase of 31.17% to 36.34% [3] Group 3 - Huace Navigation forecasts net profit for the first three quarters of 2025 to be between 480 million and 495 million yuan, a year-on-year increase of 23.17% to 27.02% [4] - The company attributes its profit growth to a global strategy and rapid development in robotics and autonomous driving sectors [4] - SystImmune, a wholly-owned subsidiary, has entered into a collaboration agreement with BMS, receiving an upfront payment of 800 million USD [4][5] Group 4 - The company plans to acquire 100% equity of Jinnan Magnetic Materials, which will enhance its core competitiveness in functional materials [5][6] - Daoshi Technology reported a revenue of approximately 6 billion yuan for the first three quarters of 2025, a decrease of 1.79% year-on-year, while net profit increased by 182.45% [6] - Jinling Mining achieved revenue of approximately 1.25 billion yuan, a year-on-year increase of 12.98%, with net profit growing by 47.09% [7] Group 5 - Tianyin Holdings received approval from the Shenzhen Stock Exchange for a specific issuance of shares [7] - *ST Haihua is planning a major event that may lead to a change in control, resulting in a temporary suspension of its stock [9] - Kangqiang Electronics plans to repurchase shares with a total amount between 60 million and 100 million yuan [9] Group 6 - Ningde Times has repurchased approximately 15.99 million A-shares, accounting for 0.3629% of its total A-share capital [22] - Wuliangye Group has increased its shareholding by 6.27 million shares, representing 0.16% of the total share capital [23] - China Unicom's shareholder plans to reduce its holdings by up to 375 million shares, accounting for 1.20% of the total share capital [23]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Views - The shipping and shipbuilding industry is poised for historical opportunities due to China's countermeasures against the U.S. shipping fees, which may lead to non-linear price increases in the short term and a reduction in available vessels in the medium term [19][20] - The report highlights the potential for a surge in shipbuilding orders if U.S. investments in Chinese shipbuilding are exempted from tariffs, and the implications of U.S.-China negotiations on the industry [19][20] Summary by Sections 1. Industry Market Performance - The transportation index increased by 1.09%, outperforming the CSI 300 index by 1.60 percentage points, with the road freight sector showing the highest increase of 3.04% [4][5] - Shipping data indicates that the coastal dry bulk freight index in China remained stable, while the Shanghai export container freight index rose by 4.12% [4][5] 2. Sub-industry Weekly Insights - The shipping and shipbuilding sector is expected to benefit from China's recent regulatory changes, which impose special port fees on U.S. vessels, potentially leading to increased operational costs for U.S. shipping companies [20][21] - The report identifies key companies to watch, including China Shipping and China State Shipbuilding, as they may benefit from these developments [19] 3. High Dividend Stocks in Transportation - The report lists high dividend stocks in the transportation sector, including China Shipping (603167.SH) with a projected dividend yield of 10.92% and Daqin Railway (601006.SH) with a yield of 3.75% [17] - The report emphasizes the importance of dividend yields as a factor for investment decisions in the transportation sector [17] 4. ETF Size Changes - The report provides data on the changes in the size of various ETFs related to the transportation sector, indicating a general trend of growth in assets under management [13][14] 5. Potential Investment Opportunities - The report suggests that the shipping sector, particularly oil tankers and dry bulk carriers, may present significant investment opportunities due to the ongoing geopolitical tensions and regulatory changes [19][20] - Companies such as China Shipping and China State Shipbuilding are highlighted as potential beneficiaries of these market dynamics [19]

Investment Rating - The report recommends "Buy" for SF Express and Hai Chen Co., highlighting their valuation attractiveness and operational resilience [2][3]. Core Insights - The express delivery industry processed an average of over 900 million packages daily during the National Day and Mid-Autumn Festival period, with a total of 7.231 billion packages handled [2]. - The logistics sector is seeing stable prices for hazardous goods water transport, with a recommendation for Hai Chen Co. due to improved demand [2]. - The aviation sector is experiencing a 3.2% year-on-year increase in daily passenger transport during the holiday period, with recommendations for China National Aviation and Southern Airlines [3]. - The shipping industry shows a steady upward trend in oil transport indices, while container shipping rates are under pressure [4]. - Port cargo throughput and container throughput have shown month-on-month growth, indicating a favorable outlook for the sector [5]. Summary by Sections 1. Market Review - The transportation index rose by 1.0% from October 4 to October 10, outperforming the Shanghai Composite Index by 1.5% [12]. 2. Industry Fundamentals 2.1 Shipping and Ports - The container shipping index CCFI is at 1014.78 points, down 6.7% week-on-week and down 27.8% year-on-year [22]. - The oil transport index BDTI is at 1090.8 points, down 1.8% week-on-week but up 5.0% year-on-year [38]. 2.2 Aviation and Airports - The average daily flight volume increased by 4.01% year-on-year, with a total of 19.138 million passengers transported during the holiday period [3]. - The Brent crude oil price is at $62.73 per barrel, down 2.8% week-on-week and down 18.7% year-on-year [64]. 2.3 Rail and Road - National railway passenger volume reached 5.05 billion, up 6.6% year-on-year, while road freight volume was 37.48 billion tons, up 3.88% year-on-year [77][81]. 2.4 Express Delivery and Logistics - The express delivery business revenue reached 118.96 billion yuan, up 4.2% year-on-year, with a total volume of 16.15 billion packages, up 12.3% year-on-year [89].

随着国庆中秋长假结束，出境游市场迎来新一轮"错峰潮"。 10月12日，北京商报记者从在线旅游平台 和旅行社获悉，10月11日—31日出发的境外机票、酒店的均价，比国庆中秋假期下降约20%。部分目的 地机票价格大幅回落，北京飞新加坡机票价格较国庆中秋期间下降八成。多家航司也相继推出境外机票 错峰游优惠。在目的地方面，南欧、中亚等小众目的地异军突起，成为新晋热门。游客不再满足于"走 马观花"，小团定制、深度体验、长线邮轮等高品质产品预订量激增，折射出中国出境游市场的结构性 转变。 出境机酒价格普降20% 国庆中秋假期后，机票和酒店的价格明显下降，出游更具性价比。 去哪儿数据显示，10月11日—31日出发的境外机票、酒店的均价，比国庆中秋假期下降约20%。10月13 日，北京到曼谷的机票最低价为591元（不含税，下同），上海到新加坡的机票最低价为526元。 北京商报记者在携程旅行App查询发现，10月12日—31日，北京—新加坡的去程机票在10月13日、14日 和16日降至最低，为869元。除了个别日期出现涨价，大部分日期的最低票价都维持在1000元左右。而9 月28日，北京商报记者查询的该航线10月1日最低票价为 ...

Investment Rating - The report maintains a positive investment rating for the transportation industry, highlighting potential rebound opportunities in various sectors [4]. Core Insights - The report emphasizes the recovery of shipping rates post-holiday, the impact of US-China tariff disputes on shipping prices, and the potential for price recovery in the aviation sector due to increased travel demand [1][14]. - It identifies key investment opportunities in infrastructure and logistics, particularly in companies with attractive dividend yields and stable earnings [16][18]. Shipping - Post-holiday shipping rates have shown recovery, with the SCFI for the US East route increasing by 2.8% to $2452/FEU, and the European route rising by 10% to $1068/TEU [12]. - The report notes that the US-China tariff disputes are causing short-term fluctuations in shipping rates, particularly affecting oil tankers [14]. - Recommendations include focusing on companies like COSCO Shipping Energy and China Merchants Energy due to expected benefits from these market dynamics [14]. Infrastructure - The report indicates that highway stocks have fallen to a dividend yield of over 5%, suggesting potential for a rebound if market sentiment shifts [16]. - Weekly data shows a 27.6% decrease in truck traffic, while rail freight increased by 0.95% [15][16]. - Key recommended stocks include China Merchants Highway, Anhui Expressway, and Qingdao Port [16]. Express Delivery - The express delivery sector is experiencing a stable growth rate, with a 12.3% year-on-year increase in business volume in August 2025 [17]. - The report highlights the "anti-involution" policy that is expected to ease price competition and improve valuations in the sector [18]. - Recommended stocks include ZTO Express, YTO Express, and SF Express, with a focus on price performance during the peak season [18]. Aviation - The aviation sector is seeing a recovery in passenger numbers, with a 3.9% year-on-year increase during the holiday period [19]. - The report suggests that the low base effect in Q4 could lead to price recovery opportunities for airlines [19]. - Recommended airlines include Air China, China Southern Airlines, and Spring Airlines [19]. Logistics - The logistics sector is showing signs of improvement, with a slight increase in cross-border transport volumes and stable short-haul freight rates [21]. - The report notes that the logistics market is benefiting from increased demand and improved operational efficiencies [21].

Investment Rating - The report maintains a positive outlook on the shipping and shipbuilding industry, highlighting historical opportunities due to China's countermeasures against the U.S. [3] Core Insights - The report emphasizes that U.S. shipping companies have a minimal global market share, but U.S.-listed companies and those with over 25% U.S. ownership are significantly impacted. The report suggests that if U.S. investments in Chinese shipbuilding are exempted, there could be a surge in orders for Chinese vessels [3]. - Short-term disruptions are expected to lead to non-linear increases in shipping rates, with a decrease in available vessels and efficiency, benefiting oil and bulk shipping rates [3]. - The report recommends specific companies in the shipping sector, such as China Merchants Energy Shipping and China Shipbuilding Industry Corporation, while also highlighting the potential for increased demand in the shipbuilding sector [3]. Summary by Sections Shipping Market Performance - The transportation index increased by 1.09%, outperforming the Shanghai and Shenzhen 300 index by 1.60 percentage points. The road freight sector saw the highest increase at 3.04% [4]. - The report notes that the VLCC (Very Large Crude Carrier) rates increased by 31% week-on-week, reaching $83,684 per day, driven by seasonal demand and market disruptions [3]. Oil and Bulk Shipping - The VLCC rates experienced a significant rise, with a daily increase of over 40% due to market disturbances and seasonal demand [3]. - The report indicates that the BDI (Baltic Dry Index) rose by 1.8% week-on-week, reflecting strong performance in the bulk shipping sector [3]. Air Transportation - The report suggests that the airline industry is at a turning point, with expectations for significant improvements in airline profitability, recommending several airlines for investment [3]. Express Delivery - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined for the industry's future performance [3]. Rail and Road Transportation - Rail freight volume and highway truck traffic are showing resilience, with rail freight increasing by 0.95% week-on-week [3]. High Dividend Stocks in Transportation - The report lists high dividend stocks in the transportation sector, highlighting companies with strong dividend yields and expected profit growth [19].

Core Insights - The civil aviation industry in China has seen significant growth in domestic connecting flights, with 2.0987 million passengers enjoying high-quality services in the first three quarters of 2025, reflecting a strong upward trend from the previous year [1] - The expansion of cross-airline connecting flight services has been notable, with 140,000 passengers served in Q3 2025, marking a 22% increase from Q2 [2] - The quality of services for connecting passengers has improved, with new models for handling excess baggage being implemented to enhance passenger experience and operational efficiency [3] Group 1: Business Growth - The overall business scale of domestic connecting flights has continued to grow rapidly, with 68,900 new flight registrations in the first three quarters of 2025, leading to a monthly average of 72,200 flights and a passenger volume of 233,200, representing year-on-year increases of 199% and 167% respectively [1] - Major airlines such as Eastern Airlines, Southern Airlines, and Air China have ranked among the top three in terms of passenger volume and flight execution for connecting services [1] - The top five airlines by passenger volume for connecting flights in Q3 2025 were Eastern Airlines, Southern Airlines, Air China, Sichuan Airlines, and Xiamen Airlines [1] Group 2: Service Expansion - The service range for cross-airline connecting flights has expanded, with significant contributions from airlines like Huaxia Airlines and Sichuan Airlines, resulting in a 23-fold increase in cross-airline passenger volume compared to Q2 [2] - Major hub airports have enhanced their transfer capabilities, with Daxing Airport leading in the number of connecting passengers, serving 104,200 passengers this year [2] - The proportion of connecting passengers at Chongqing Airport reached 47.94% in Q3, an increase of approximately 15 percentage points from the first half of the year [2] Group 3: Service Quality Improvement - A new model for handling excess baggage for connecting flights was launched in August 2025, aimed at improving passenger service experience and operational efficiency [3] - Sixteen domestic airlines and 42 airports have already adopted the new excess baggage handling model, which is expected to enhance the convenience of travel for connecting passengers [3] Group 4: Brand Promotion and Public Awareness - The promotion of connecting flights has been integrated into various platforms, with branding efforts reaching 18 airlines and 163 airports, increasing public awareness [5] - The industry has actively participated in major exhibitions to promote the benefits of connecting flights, enhancing traveler recognition and preference for these services [5] - Future initiatives will focus on improving the quality and efficiency of domestic connecting flight services, aligning with national strategies to boost consumption and expand domestic demand [7]

Core Viewpoint - Air China Zhejiang Branch is enhancing its flight network by launching new routes from Hangzhou to Hanoi, Zhuhai, and Hohhot-Ulanhot, aiming to improve regional connectivity and facilitate travel for passengers [1][4][5]. Route Expansion - The new Hangzhou-Hanoi route (flight CA707/708) will operate four times a week, utilizing Airbus A320 aircraft, with a flight duration of approximately 3 hours [4]. - The Hangzhou-Zhuhai route (flight CA8351/8352) will operate daily, allowing passengers to quickly access the Greater Bay Area for both business and leisure [5]. - The Hangzhou-Hohhot-Ulanhot route (flight CA8345/8346) will also operate daily, connecting Hangzhou with Inner Mongolia's eastern region, promoting economic and cultural exchanges [5]. Network Coverage - The upcoming winter-spring season will see Air China Zhejiang's international and regional routes expand to cover nine destinations, including South Korea, Japan, Thailand, the UAE, and Vietnam, as well as Taiwan and Hong Kong [6]. - Domestic routes will connect 27 cities and 29 airports, enhancing the network's density across 19 provinces and regions, with high-frequency flights on key routes such as Hangzhou-Beijing and Hangzhou-Chengdu [7]. Strategic Importance - The new routes are positioned to strengthen Hangzhou's role as a gateway to Southeast Asia and a strategic node for the Yangtze River Delta region, facilitating trade and cultural exchanges along the Belt and Road Initiative [4][5].

Core Points - The resumption of direct flights between China and India, which were suspended since early 2020, is set to occur by the end of October 2023, reflecting a significant improvement in bilateral relations [1][4] - The Indian government views the restoration of direct flights as part of a broader effort to normalize relations with China, with airlines like IndiGo and Air India planning to resume services [2][3] Group 1: Bilateral Relations - The restoration of direct flights is seen as a commitment from both governments to improve bilateral relations, following a period of tension due to border disputes and the COVID-19 pandemic [1][4] - The decision to resume flights comes after high-level discussions between Chinese President Xi Jinping and Indian Prime Minister Narendra Modi, indicating a mutual desire to enhance cooperation [3][5] Group 2: Airline Operations - IndiGo has announced the resumption of flights between Kolkata and Guangzhou, with tickets already available for purchase [2] - Air India is also planning to return to the Chinese market, indicating a competitive landscape for air travel between the two nations [3] Group 3: Economic and Cultural Impact - The resumption of direct flights is expected to significantly enhance air connectivity, support people-to-people exchanges, and strengthen economic cooperation between China and India [6] - Prior to the suspension, over 300,000 Chinese tourists visited India in 2019, but this number drastically fell to around 30,000 in 2023, highlighting the impact of the flight suspension on tourism [6]

重要内容提示： ■ （四）表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 证券代码：601111 证券简称：中国国航 公告编号：2025-043 中国国际航空股份有限公司 2025年第二次临时股东会决议公告 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。 公司2025年第二次临时股东会由公司董事会召集，本次会议由副董事长王明远先生主持，会议的召集、 召开及表决符合《公司法》等法律、法规、规范性文件和《公司章程》的有关规定。 （五）公司董事和董事会秘书的出席情况 律师：毕玉梅、朱冰倩 2、律师见证结论意见： 公司2025年第二次临时股东会的召集和召开的程序、出席会议人员的资格、召集人资格及表决程序均符 合相关法律、法规和《公司章程》的规定，会议通过的表决结果合法、有效。 （二）涉及重大事项，5%以下股东的表决情况 ■ （三）关于议案表决的有关情况说明 本次股东会审议的议案为普通决议案且已经出席股东会的股东（包括股东代理人）所持表决权的过半数 审议通过；本次股东会审议的议案不涉及公司关联（连）股东回避表决的情形 ...