Core Viewpoint - China Eastern Airlines has been assigned a credit rating of AAA with a stable outlook, indicating its strong position as a major state-owned airline in China, supported by government and shareholder backing [1][2][3]. Financial Performance - Total assets for the company as of March 2025 are reported at 285.30 billion, with total liabilities at 175.97 billion, resulting in a high debt-to-asset ratio of 85.84% [1][2]. - The company reported a net profit of -1.13 billion for the first quarter of 2025, continuing a trend of losses, although operating cash flow was positive at 2.39 billion [1][2]. - Revenue for the first quarter of 2025 was 33.41 billion, showing a significant increase compared to previous years [1][2]. Market Position and Competitive Landscape - China Eastern Airlines is one of the three major state-owned airlines in China, holding a significant market share in the aviation transport sector [2][3]. - The airline has been optimizing its fleet structure, maintaining a relatively young average fleet age of 9.2 years, which is competitive within the industry [19][20]. Industry Environment - The Chinese aviation industry is experiencing a recovery, with a projected GDP growth of 5.0% in 2024, which is expected to positively impact air travel demand [9][10]. - The industry is characterized by high competition among the three major state-owned airlines, with increasing pressure from smaller carriers as market access regulations are relaxed [12][13]. - Government policies are aimed at enhancing the efficiency of the aviation sector, including support for international route recovery and infrastructure development [13][14]. Future Outlook - The company plans to continue expanding its fleet, with projected capital expenditures of approximately 64.45 billion for aircraft and engines over the next three years [19][20]. - Despite the challenges of high operational costs and competitive pressures, the outlook remains stable due to ongoing government support and market recovery trends [2][3].

报告名称 中国东方航空股份有限公司 2025年度信用评级报告 目录 评定等级及主要观点 偿债来源与负债平衡 外部支持 评级结论 联系电话：+86-10-67413300 客服电话：+ 86-4008-84-4008 传真：+86-10-67413555 Email: dagongratings@dagongcredit.com 地址：中国北京市西城区三里河二区甲 18 号院 公司网站：www.dagongcredit.com 中国东航 2025 年度信用评级报告 信用等级说明 DGZX-R【2025】00589 评级对象 偿债环境 财富创造能力 大公国际资信评估有限公司通过对中国东方航空股份有限公司主 体信用状况进行分析和评估，确定中国东方航空股份有限公司的主体 信用等级为 AAA，评级展望为稳定。 特此说明。 大公国际资信评估有限公司 评审委员会主任： 二〇二五年六月二十日 2 评定等级 | 信用等级： | AAA | | --- | --- | | 评级展望： | 稳定 | | 主要财务数据和指标（单位：亿元、%） | | | | | | --- | --- | --- | --- | --- | | 项 ...

证券代码：600115 证券简称：中国东航 公告编号：临 2025-041 中国东方航空股份有限公司 中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 本公司前次信用评级结果为 AAA，前次信用评级时间为 2024 年 6 月 27 日， 评级机构为大公国际。 大公国际通过对本公司经营状况进行综合分析与评估，于 2025 年 6 月 20 日出具了《中国东方航空股份有限公司 2025 年度信用评级报告》（以下简称"本 次评级报告"）。本次评级报告审定本公司主体信用等级为 AAA，评级展望为 稳定。 本次评级报告详见上海证券交易所网站（http://www.sse.com.cn）。 特此公告。 中国东方航空股份有限公司 2025 年度信用评级结果公告 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。 根据中国证券监督管理委员会《公司债券发行与交易管理办法》《上市公 司证券发行注册管理办法》和《上海证券交易所公司债券上市规则》的有关规 定，中国东方航空股份有限公司（以下简称"本公司"）委托 ...

Core Points - The 9th China-South Asia Expo and the 29th China Kunming Import and Export Commodities Fair opened in Kunming, with China Eastern Airlines as the official designated airline service provider [1][4] - China Eastern Airlines aims to enhance the travel experience for attendees by offering various services such as additional free baggage allowance, dedicated check-in counters, expedited security checks, and ticket discounts [4][6] Group 1: Event Overview - The South Asia Expo is a significant economic and trade exchange event between China and South Asian countries [4] - China Eastern Airlines plays a crucial role as a major carrier in the Kunming aviation hub, supporting the Belt and Road Initiative [4] Group 2: Services Offered - China Eastern Airlines has introduced a series of enhanced services for the expo, including an extra 23 kg baggage allowance for international flights and an additional 20 kg for domestic flights from Kunming [6] - The airline has implemented a seamless travel experience with "one ticket to the end" and "baggage direct transfer" for passengers transiting through Kunming [8] Group 3: Special Initiatives - A special fast-track service has been launched for the Kunming-Bangkok route, providing exclusive check-in counters and international courtesy packages for travelers [9] - The airline is also hosting a "Happiness Cloud·Tourism Market" event at the expo, allowing international guests to experience the charm of Yunnan [9] Group 4: Brand Promotion - China Eastern Airlines' branding is featured on all expo credentials, providing attendees with tangible travel conveniences and enhancing brand value [6] - The airline has deployed trained flight attendants to serve as volunteers at the expo, showcasing professionalism and enhancing the event's image [12]

Group 1: Aviation Sector - The aviation sector is expected to see strong demand during the summer peak season, with a recommendation to focus on pre-peak investment opportunities. The industry has gradually emerged from the low-demand season since March, with rational pricing strategies from airlines supporting demand [3][12]. - In 2024, the total revenue of six listed airlines is projected to reach 521.8 billion yuan, a year-on-year increase of 14%, with a tax pre-profit of 3 billion yuan, a significant recovery from a loss of 9 billion yuan in 2023. Different airlines show varying degrees of profit improvement [10][12]. - The report highlights that the international oil price decline will significantly enhance airline profits. A 5% drop in Brent crude oil prices could increase the pre-tax profits of major airlines by 29 billion yuan for Air China and 23 billion yuan for Eastern Airlines [14][15]. Group 2: Express Delivery Sector - The express delivery sector is anticipated to maintain strong growth resilience, with business volumes expected to increase by 21.5% in 2024 and 21.6% in Q1 2025. The total business volume for 2024 is projected to reach 1.758 billion pieces [32][35]. - The market concentration in the express delivery industry is on the rise, with the CR8 index expected to reach 85.2% in 2024 and 86.9% in Q1 2025, indicating a more consolidated market [32][35]. - Revenue for the express delivery industry is forecasted to grow by 13.8% in 2024, reaching 1.4 trillion yuan, with a slight pressure on average ticket prices, which are expected to decline by 14.2% [35][36]. Group 3: Dividend and Asset Value - The report emphasizes the value of dividend assets in the transportation sector, with cash dividend ratios for highways, railways, and ports projected at 51%, 47%, and 36% respectively for 2024, indicating strong cash flow stability [44][45]. - The TTM dividend yields for these sectors are expected to be 3.0% for highways, 3.3% for railways, and 2.3% for ports, reflecting a stable increase compared to previous years [44][45]. Group 4: Shipping Sector - The shipping sector faces short-term pressure due to US-China tariff disputes, but structural opportunities may arise. The report suggests that the tariff situation could lead to a shift in import demands, particularly for agricultural products, which may benefit dry bulk shipping [48][56]. - Historical data indicates that previous trade disputes have led to increased shipping rates for certain routes, suggesting potential for similar outcomes in the current context [48][56].

《中国民航报》、中国民航网 记者胡夕姮 通讯员陈辰 报道：6月14日清晨，南京禄口机场46号远机 位，大雨滂沱。当升降平台车稳稳对接MU2671航班的舱门时，身披地服人员雨衣的95岁老人安然抵达 客舱。这幕温情的背后，是一场与暴雨赛跑的服务接力。 （东航江苏供图） 故事始于数小时前的候机楼柜台。当日一大早，C3爱心柜台的值机员王莹发现有名高龄旅客，细致核 验老人证件后，特意询问其行动能力如何。得到家属肯定的答复后，王莹熟练地协助填写单据，托运好 老人的电动轮椅，并安排专人全程陪护老人行至登机口。 当老人抵达登机口时，倾盆大雨已让地面和客梯湿滑难行。"雨太大了，上客梯怕是走不稳啊！"家属的 焦虑脱口而出。现场代班组长周玲玲听后说道："您先别急！我们来想办法！"她立即联系机场调度申请 升降平台车，并确定备选方案——"若平台车无法及时到位，我们会安排两名男同事人力抬运，一定能 确保老人安全登机。" "双保险"的服务承诺，无疑让焦急的家属吃了一颗定心丸。在得到升降平台车申请到位的回复后，旅服 员朱海燕迅速脱下自己的雨衣裹住老人，另外两名员工细心地护送老人和家属进入升降平台，用身体筑 成防雨屏障。 "这么大的雨，太感谢 ...

Market Overview - A-shares experienced narrow fluctuations, with the Shanghai Composite Index closing up 0.04% at 3388.81 points, the Shenzhen Component rising 0.24%, and the ChiNext Index increasing by 0.23%[1] - The Hang Seng Index fell by 1.12% to close at 23710.69 points, while the Hang Seng Tech Index dropped 1.46% and the Hang Seng China Enterprises Index decreased by 1.16%[1] - The total market turnover in Hong Kong decreased to 1819.29 million HKD[1] Economic Indicators - The Federal Reserve maintained interest rates, with projections indicating two potential rate cuts by the end of the year[8] - The Fed's dot plot suggests a downward revision in GDP growth forecasts, alongside an increase in unemployment and inflation expectations[8] - The U.S. consumer confidence index for June showed a preliminary value of 60.50, compared to previous values of 52.20 and 53.60[17] Geopolitical Developments - Tensions escalated as Iran refused to surrender, with President Trump convening a war room meeting, although no final decision on military action was made[8] - Reports indicated that the U.S. might attack Iran within 24 hours if negotiations fail[12] Sector Performance - The oil and gas sector continued to rise, while precious metals showed significant gains[1] - The banking sector led the gains in the A-share market, reflecting investor confidence amid economic uncertainties[1]

Group 1 - The central financial committee issued opinions to accelerate the construction of Shanghai as an international financial center, aiming for significant improvements in financial system adaptability, competitiveness, and inclusiveness over the next five to ten years [1] - The opinions emphasize enhancing Shanghai's role as a global hub for RMB asset allocation and risk management, aligning its status with China's comprehensive national strength and international influence [1] Group 2 - The first meeting of the Shanghai International Financial Center Construction Coordination Promotion Mechanism was held, attended by key financial leaders, discussing the support from central financial institutions [2] - The meeting reviewed the progress of the Shanghai International Financial Center construction and deliberated on related topics [2] Group 3 - The 2025 Lujiazui Forum opened with a theme focused on financial openness and high-quality development amid global economic changes, featuring speeches from prominent financial officials [3] Group 4 - The China Securities Regulatory Commission (CSRC) announced the formal implementation of a third set of standards for the ChiNext board, allowing unprofitable companies to list under specific conditions [4] - The CSRC is also promoting the development of sci-tech bonds and accelerating the launch of sci-tech bond ETFs [4] Group 5 - The CSRC announced that qualified foreign investors will be allowed to participate in ETF options trading starting from October 9, 2025, with a focus on hedging [5] - Further reforms to optimize the qualified foreign investor system are expected to enhance the capital market's openness [5] Group 6 - The Financial Regulatory Bureau and Shanghai Municipal Government jointly issued an action plan to support the construction of the Shanghai International Financial Center, aiming to enhance its competitiveness and influence [6] Group 7 - The Shanghai Futures Exchange will expand the range of commodities available for trading by qualified foreign institutional investors, including natural rubber, lead, and tin [8]

Group 1 - The central financial committee issued opinions to accelerate the construction of Shanghai as an international financial center, aiming for a comprehensive upgrade in financial capabilities within five to ten years [2] - The first meeting of the Shanghai International Financial Center Construction Coordination Mechanism was held, discussing the support from central financial institutions and reviewing progress reports [3] - The 2025 Lujiazui Forum opened with a theme focused on financial openness and high-quality development amid global economic changes [4] Group 2 - The chairman of the China Securities Regulatory Commission announced the formal implementation of a third set of standards for the ChiNext board, allowing unprofitable companies to list under specific conditions [5] - The China Securities Regulatory Commission announced that qualified foreign investors will be allowed to participate in ETF options trading starting from October 9, 2025, aimed at enhancing capital market openness [6] - The financial regulatory authority and Shanghai municipal government jointly issued an action plan to support the construction of the Shanghai International Financial Center [7] Group 3 - The Ministry of Industry and Information Technology issued a digital transformation implementation plan for the textile industry, aiming for over 70% digitalization in key business processes by 2027 [8] - The Shanghai Futures Exchange will expand the range of commodities available for qualified foreign institutional investors to trade, including natural rubber, lead, and tin futures and options starting June 20, 2025 [8] Group 4 - The National Foreign Exchange Administration is seeking public opinion on a draft notice to facilitate cross-border investment and financing activities, including nine specific policies [9] - The Fujian Provincial Development and Reform Commission issued a long-term plan for the hydrogen energy industry, targeting a production capacity of 30,000 tons of green hydrogen and 100,000 tons of hydrogen-based green fuel by 2035 [11]

Group 1 - The Central Financial Committee issued opinions to accelerate the construction of Shanghai as an international financial center, aiming for significant improvements in financial system adaptability, competitiveness, and inclusiveness over the next five to ten years [2] - The opinions emphasize enhancing Shanghai's role as a global hub for RMB asset allocation and risk management, aligning its status with China's comprehensive national strength and international influence [2] Group 2 - The 2025 Lujiazui Forum opened with a focus on financial openness and high-quality development amid global economic changes, featuring key speeches from top financial officials [3] - The China Securities Regulatory Commission (CSRC) released opinions to enhance the inclusivity and adaptability of the Sci-Tech Innovation Board, aiming to better serve technological innovation and new productive forces [3] Group 3 - The CSRC announced that qualified foreign investors will be allowed to participate in ETF options trading starting October 9, 2025, with the purpose limited to hedging [4] - The CSRC plans to introduce more reforms to optimize the qualified foreign investor system, promoting high-level institutional openness in the capital market [4] Group 4 - The Financial Regulatory Bureau and Shanghai Municipal Government jointly issued an action plan to support the construction of Shanghai as an international financial center, aiming to enhance its competitiveness and influence [5] Group 5 - The Ministry of Industry and Information Technology and other departments issued a digital transformation implementation plan for the textile industry, targeting over 70% digitalization in key business processes of large textile enterprises by 2027 [6] - The plan includes the establishment of over 150 digital transformation scenarios and 60 benchmark enterprises, aiming for significant advancements in the textile industry's digital capabilities by 2030 [6] Group 6 - The Shanghai Futures Exchange announced an expansion of the trading scope for qualified foreign institutional investors, adding natural rubber, lead, and tin futures and options contracts starting June 20, 2025 [6] Group 7 - The State Administration of Foreign Exchange is seeking public opinion on a draft notice aimed at optimizing cross-border investment and financing foreign exchange management, with nine specific policy measures [7] Group 8 - Fujian Province's long-term plan for hydrogen energy industry development aims to establish over 10 high-level innovation platforms and achieve a production capacity of 30,000 tons of green hydrogen by 2030 [8] - The plan includes the construction of hydrogen refueling stations and demonstration projects, targeting a total industry output value exceeding 60 billion yuan per year [8] Group 9 - Companies such as Zhaowei Electromechanical and Hanhua Tong are taking steps for H-share listings and share reductions, while others like Aikodi and Blue Sky Gas are planning share buybacks and increases [10][11]