中国国际航空股份有限公司 二○二五年十月 会 议 须 知 为确保中国国际航空股份有限公司（以下简称"本公司"、 "公司"或"中国国航"）股东在公司2025年第二次临时股 东会（以下简称"本次会议"或"会议"）依法行使权利， 保证会议秩序和议事效率，制定相关注意事项如下： 一、公司根据《中华人民共和国公司法》《中华人民共 和国证券法》《中国国际航空股份有限公司章程》（以下简 称《公司章程》）及《中国国际航空股份有限公司股东会议 事规则》规定，认真做好本次会议的各项工作。 二、公司董事会在会议过程中，应当认真履行法定职责， 维护股东合法权益。 三、公司股东出席本次会议，依法享有《公司章程》规 定的各项权利，并认真履行法定义务，不得侵犯其他股东的 合法权益，不得扰乱会议的正常秩序。 四、本次会议议案的表决采取现场记名投票与网络投 票相结合的方式投票表决。参加网络投票的股东，投票操作 方式请参照本公司发布的股东会投票注意事项。 I 二○二五年第二次临时股东会 会议资料 主持人：副董事长 王明远先生 议程： 一、主持人宣布会议开始。 二、董事会秘书报告与会股东代表有表决权的股份情况 和会议合法性情况。 五、本次会议审议 ...

Market Overview - The aviation and airport sector experienced a decline of 0.24% on September 24, with China National Airlines leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - Notable stock performances included: - CITIC Hainan Airlines (000099) rose by 3.93% to close at 23.03, with a trading volume of 378,700 shares and a turnover of 856 million yuan [1] - China Eastern Airlines (600115) increased by 0.50% to 4.05, with a trading volume of 788,000 shares and a turnover of 317 million yuan [1] - China National Airlines (601111) fell by 1.28% to 7.71, with a trading volume of 631,400 shares and a turnover of 486 million yuan [2] Capital Flow Analysis - The aviation and airport sector saw a net outflow of 48.82 million yuan from institutional investors and 14.73 million yuan from retail investors, while retail investors had a net inflow of 63.56 million yuan [2] - Detailed capital flow for individual stocks showed: - CITIC Hainan Airlines had a net inflow of 81.88 million yuan from institutional investors [3] - China National Airlines experienced a net outflow of 5.92 million yuan from institutional investors [3] - Shenzhen Airport (000089) had a net inflow of 7.17 million yuan from retail investors [3]

"双节"期间，宁夏航空市场以外部输入客源为主，旅客前段进港、后段出港单向性较为明显，出行高峰 集中在假期两头，出行热点主要集中在上海、广州、深圳、武汉、杭州、重庆、南京等干线城市。同 时，经银川中转新疆乌鲁木齐、阿克苏、喀什等城市旅客同比增长超40%。 而且，银川机场"双节"假期机票与西北地区平均价格基本持平；从旅客购票所在地来看，巴彦淖尔、阿 拉善左旗、中卫、榆林、天水等腹地市场旅客同比翻一番，银川机场对周边区域的辐射带动作用进一步 增强，"引客入宁"成果显著，为区域经济发展注入强劲动能。（编辑：王亚玲 校对：金杰妮 审核：韩 磊） 自9月26日起，银川机场加密银川至上海、重庆、广州、济南、石家庄、长沙、青岛7个城市航班，日均 增加航班14架次，增加座位2450个；针对北京、广州、深圳等城市销售进度较快的航班，已协调国航、 南航、深航12架次航班调整更大机型，增加座位292个。截至目前，机型调整工作仍在持续。整体来 看，假期航班座位供给数量同比增长19.3%，其中，重庆往返日均增加座位480个，北京、宁波增加超 300个，太原、长沙增加超200个，石家庄、乌鲁木齐、济南增加超100个，哈尔滨、成都、南宁、青 ...

Group 1 - The core viewpoint of the news is that China National Aviation Holdings Company (Air China) has experienced a decline in stock price and significant net outflow of funds, indicating potential investor concerns [1][2]. - As of September 24, Air China's stock price dropped by 2.05% to 7.65 CNY per share, with a total market capitalization of 133.48 billion CNY [1]. - Year-to-date, Air China's stock has decreased by 3.29%, with a 5.44% drop over the last five trading days [2]. Group 2 - Air China's main business revenue composition includes 90.64% from passenger air transport, 4.93% from other services, and 4.43% from cargo and mail transport [2]. - As of June 30, 2025, Air China reported operating revenue of 80.76 billion CNY, a year-on-year increase of 1.56%, while the net profit attributable to shareholders was -1.81 billion CNY, reflecting a year-on-year growth of 35.11% [2]. - The company has not distributed any dividends in the past three years, with a total payout of 13.32 billion CNY since its A-share listing [3]. Group 3 - As of June 30, 2025, the number of shareholders for Air China decreased by 14.55% to 129,200, with an average of 0 circulating shares per shareholder [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 279 million shares, an increase of 35.08 million shares from the previous period [3]. - The company is classified under the transportation industry, specifically in the aviation sector, and is part of various concept sectors including civil aviation and large-cap stocks [2].

Core Points - The "Hello! China" exhibition at the 2025 Paris International Tourism Fair focuses on smart tourism, product innovation, and practical cooperation, showcasing China's diverse tourism resources and latest developments [1][3] - The exhibition features participation from cultural and tourism departments of eight provinces and over 20 enterprises, including major airlines and travel agencies [1][3] - A new French-language travel guide titled "Hello! China" was launched, filling a gap in authoritative Chinese tourism information in the French market [1][3] Group 1 - The exhibition is themed "Smart Travel Future: Exploring Boundless" and aims to enhance cooperation between China and France in tourism [1][3] - The guide includes the latest travel information and contact details for tourism enterprises, facilitating better trip planning for French tourists [3] - The event will host eight specialized tourism promotion sessions, highlighting unique cultural tourism resources and new travel products from various Chinese regions [3] Group 2 - The Paris International Tourism Fair, established in 1979, is the largest B2B international tourism exhibition in France, attracting over 32,000 professionals from around the world [4] - The fair features participation from over 1,500 tourism brands and destinations from more than 170 countries and regions [4]

Core Insights - The transportation industry in China is experiencing mixed performance, with the SCFI and CCFI indices showing significant year-on-year declines, indicating ongoing challenges in the shipping sector [1][4] - The aviation sector is seeing a recovery in capacity, with major airlines reporting domestic ASK recovery rates exceeding 100% compared to 2019 levels, suggesting a rebound in air travel demand [2][6] - The logistics and express delivery sectors are benefiting from the growth of e-commerce, with significant increases in business volume and revenue reported [6][8] Transportation Industry Overview - As of September 19, 2025, the SCFI index is at 1198 points, down 14.30% week-on-week and 49.36% year-on-year, while the CCFI index is at 1120 points, down 0.45% week-on-week and 35.70% year-on-year [1][4] - The transportation sector's performance from September 15 to September 20 shows a cumulative increase of 0.38%, ranking 13th among 31 SW primary industries, while the CSI 300 index decreased by 0.44% [2] Subsector Performance - The sub-sectors within transportation show varied performance: - Road freight increased by 6.73% - Cross-border logistics up by 3.63% - Shipping up by 1.31% - Airport operations up by 0.95% - Express delivery up by 0.81% - Ports up by 0.23% - Public transport down by 0.39% - Warehousing down by 1.08% - Rail down by 1.41% - Highways down by 2.67% [2] Aviation Sector Insights - In August 2025, major listed airlines in China reported domestic ASK recovery rates compared to 2019: Air China at 160.34%, China Southern at 128.19%, and Spring Airlines at 184.73% [2][6] - International and regional ASK recovery rates also varied, with some airlines showing recovery rates above 100% [2] Oil and Currency Trends - As of September 19, 2025, Brent crude oil prices are at $66.04 per barrel, down 1.42% week-on-week and down 10.77% year-on-year [3] - The exchange rate of the Chinese Yuan against the US Dollar is 7.1128, reflecting a depreciation of 0.15% week-on-week and 0.85% year-on-year [3] Logistics and Express Delivery - The express delivery sector reported revenues of 1189.60 billion Yuan in August 2025, a year-on-year increase of 4.20%, with business volume reaching 161.50 billion pieces, up 12.30% [6][8] - The logistics sector is expected to benefit from the growth of cross-border e-commerce, with a focus on enhancing competitiveness among leading express companies [8] Investment Recommendations - The aviation sector is expected to see improved profitability due to increased demand and favorable pricing conditions, with recommendations to invest in companies like Air China and China Southern Airlines [6] - The airport sector is advised to be approached cautiously, with potential for growth driven by international passenger recovery and macroeconomic improvements [7] - The cross-border logistics sector is positioned for growth, driven by the expansion of cross-border e-commerce [8]

距离国庆假期还有一周，身边不少朋友却陷入了要不要退机票的纠结。 早在今年暑期，家在上海的朋友小龙就锁定了三亚某五星酒店的国庆套餐，机票也抢在涨价之前定好，早去晚回，一切看上去挺好。 周一开始，西北太平洋的"风王"桦加沙台风对海南旅游的影响逐渐明显之际，小龙还信誓旦旦地称"牛马的假期不容更改，管它下不下雨，下刀子我都要 去。" 但台风它真来了，去程航班被取消了，连返程机票也得跟航空公司打电话退掉。 小龙说："我真没想到，海不蓝、风很大我都能忍，但航班取消，是真的一点机会不给啊。" 另一位朋友小美，更无奈。 她原本定的是9月26日飞三亚，五天后返程的错峰短假期，时间很巧，正好撞在台风离境前后。 01 "到底要不要退票啊？有没有懂的人来说说看？"她把三亚的天气截图贴在社交媒体上。 虽然当地官方发布消息称"台风天气对海南旅游影响不大"，但一眼看去全是雨的天气预报，让小美完全提不起兴趣了。 下面的评论区，更是有人直白留言："为了让你们来海南旅游直接说无影响，到时候下雨让你们酒店住着。" 十一暴雨台风，这不仅是旅客们的烦恼。 广东某热门景区酒店负责人A先生告诉我，今年暑期他们就受天气影响吃了大亏，好不容易熬到国庆黄金周前 ...

此外，飞猪也已启动应急响应机制，针对相关机票、酒店、旅游等受影响订单实施退改保障。针对近期 进出广东省、海南省、香港地区的航班机票与火车票，飞猪将实时跟进航司与铁路相关部门的退改政 策，符合免费退改政策的旅客可在订单内实时自助操作全额退款。截至目前，平台已收到包含中国国际 航空、中国东方航空、中国南方航空、深圳航空、厦门航空、四川航空、海南航空、长龙航空、国泰航 空、全日空航空、日本航空、韩亚航空等26家航空公司的台风退改政策。 图片来源：视觉中国 转自：北京日报客户端 9月23日，针对台风"桦加沙"影响，携程、去哪儿旅行、飞猪等多家在线旅游平台启动应急保障。 其中，携程酒店、机票、旅游等产品已为旅客启动重大突发事件保障举措。酒店产品方面，针对近期预 订广东、海口、香港、澳门等地受台风影响的订单，携程已开启兜底保障，将全力协调，降低旅客退订 损失。 针对因受台风"桦加沙"直接影响无法出行或产生目的地滞留，订单出发返程日期为9月23日至24日，目 的地及出发地（含行程中转地）为香港、澳门、广州、深圳、江门、中山、东莞、珠海、惠州、湛江、 阳江、茂名、潮州、 佛山等地受影响的旅游订单，携程启动"重大灾害旅游体验保 ...

【#多家旅游平台启动应急响应机制#】9月23日，针对台风"#桦加沙#"影响，携程、去哪儿旅行、飞猪 等多家在线旅游平台启动应急保障。其中，携程酒店、机票、旅游等产品已为旅客启动重大突发事件保 障举措。酒店产品方面，针对近期预订广东、海口、香港、澳门等地受台风影响的订单，携程已开启兜 底保障，将全力协调，降低旅客退订损失。针对因受台风"桦加沙"直接影响无法出行或产生目的地滞 留，订单出发返程日期为9月23日至24日，目的地及出发地（含行程中转地）为香港、澳门、广州、深 圳、江门、中山、东莞、珠海、惠州、湛江、阳江、茂名、潮州、 佛山等地受影响的旅游订单，携程 启动"重大灾害旅游体验保障金"，对行程受直接影响而取消所产生的订单最终损失予以保障。去哪儿旅 行同样启动了应急保障机制，入住日期为9月23日至24日，针对广东、香港、澳门、海南海口等受影响 地区的酒店订单，平台已开启兜底保障措施，将尽力为旅客协调。同时，平台将密切关注铁路局、交通 部门等有关单位的最新规定，严格按照要求为广大旅客办理退改服务。目前，平台已收到多家航司涉及 受影响地区进出港的机票免费退改政策，其他航空公司政策也将陆续发布，平台会持续关注并协助 ...

Core Viewpoint - The Chinese aviation industry is entering a "super cycle" due to the recovery of supply and demand, with passenger load factors exceeding 2019 levels and expected to continue improving [1][2] Group 1: Market Dynamics - The market for airline ticket prices is becoming more liberalized, allowing for better transmission of high load factors to ticket prices [2] - The growth rate of airline fleets is slowing, reducing the negative impact of increased investment in third and fourth-tier cities on ticket prices [2] - The demand for air travel in China is still in its early stages, with low frequency and penetration, indicating a long-term growth trend [2] Group 2: Seasonal Performance - In Q3, despite a temporary decline in business and commercial demand, profitability is still expected to exceed that of Q3 2019 [3][4] - The recovery of business demand in September is anticipated to set a historical high for the month, with domestic ticket prices turning positive year-on-year [4] Group 3: Future Outlook - The upcoming National Day and Mid-Autumn Festival are expected to drive strong travel demand, with airlines optimistic about pre-sale volumes and prices [5] - Continuous monitoring of business demand recovery post-October meetings is crucial, as sustained recovery could significantly elevate airline profitability by 2026 [5] - The Chinese aviation sector is expected to maintain strict control over flight schedules, which will help airlines reduce losses and improve profitability in the medium term [5] Group 4: Investment Recommendations - The long-term logic of the aviation "super cycle" suggests significant potential for performance and valuation growth, recommending strategic investment in high-quality airline networks [6] - Preferred stocks include China National Aviation (601111.SH), Juneyao Airlines (603885.SH), China Southern Airlines (600029.SH), China Eastern Airlines (600115.SH), and Spring Airlines (601021.SH) [6]