致：香港交易及結算所有限公司 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 公司名稱: 中國東方航空股份有限公司 呈交日期: 2025年5月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00670 | 說明 | | 中國東方航空股份有限公司H股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,176,777,777 | RMB | | 1 RMB | | 5,176,777,777 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 5,176,777,777 | RMB | | 1 RMB | | 5,176,777,777 | FF301 I ...

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [6] Core Insights - OPEC+ is set to increase oil production by 410,000 barrels per day in June, which is expected to positively impact oil transportation demand [1] - The oil transportation market is anticipated to tighten, with a projected increase in oil transportation demand of 0.8% in 2025, while capacity is expected to grow by only 0.7% [2] - The decline in oil prices is likely to improve the cost structure for airlines, potentially accelerating their profitability recovery [3] Summary by Sections Oil Transportation - OPEC+ agreed to maintain the production increase of 410,000 barrels per day, driven by non-compliance from key member countries [1] - As of May 2, 2025, the TD3C-TCE spot rate was reported at $49,908 per day, reflecting a 25.1% increase since early April [2] - The oil transportation supply-demand balance is expected to tighten in 2025, with VLCC demand increasing by 1.7% and capacity decreasing by 0.2% [2] Aviation - In Q1 2025, domestic air passenger volume reached 166.93 million, a year-on-year increase of 2.3%, while international passenger volume surged by 34.0% [3] - Airlines reported a total revenue of 147.3 billion yuan in Q1 2025, with a net loss of 2.4 billion yuan, indicating ongoing challenges in profitability recovery [3] Market Performance - The transportation sector's performance over the past three trading days showed a decline of 1.3%, ranking 21st among all sectors [4] - The top-performing sub-sectors included highways (+0.42%), while public transport (-3.70%) and logistics (-3.45%) faced significant declines [12] Investment Recommendations - Focus on state-owned enterprises in the transportation sector, particularly in highways, railways, and ports, as they are expected to benefit from ongoing reforms [5] - Given the geopolitical tensions and slow capacity growth, oil and container shipping sectors are expected to maintain favorable conditions [5] - The recovery in air transportation demand suggests potential investment opportunities in major airlines and airports [5] - The express delivery sector is showing signs of recovery, with a recommendation to monitor leading companies in this space [5]

旅客的安危牵动着全体机组人员的心，飞机下降过程中，飞行机组联系好机场急救人员及地面电源车提 前到位，确保在飞机落地后能够以最快的速度对患病旅客实施救助。 21时18分，飞机平稳降落在鄂尔多斯机场，救护车早已到位等待。当看到旅客及时被急救人员接走，机 组一路悬着的心才放下来。MU2272航班于22:15分从鄂尔多斯机场重新起飞前往西安。（编辑：王亚玲 校对：金杰妮 审核：韩磊） 机长姜荣华接到乘务员报告后，嘱咐客舱乘务组随时关注旅客身体状态，立即做备降评估准备。机组合 理分工，调整至最佳力量，通过卫星电话联系航空管制员告知情况，并申请下降高度。 20时20分，乘务组为旅客测量血压、脉搏等指标，并提供糖水，但旅客无法言语，且逐渐陷入昏睡状 态。由于机上无医护人员响应，机组持续关注并监测旅客身体状况。20时40分，同行的张先生提出尽快 落地就医的要求。为保障旅客的生命安全，机组果断决定备降鄂尔多斯机场，管制员也给出了直飞的指 令，中国民航系统责无旁贷的为患病旅客开辟空中绿色通道。 《中国民航报》、中国民航网 记者路泞 通讯员姜荣华、亢煊柠 报道：危急时刻见真情。2025年5月4 日，正值"五一"小长假，东航西北分公 ...

Core Viewpoint - China Eastern Airlines (CEA) is set to launch three new direct flights from Shanghai to Europe, enhancing its connectivity to the continent [2][3] Group 1: New Routes - The new routes include Shanghai Pudong to Geneva starting June 16, Shanghai Pudong to Milan starting June 20, and Shanghai Pudong to Copenhagen starting July 17 [2][3] - All three routes will be operated by CEA's large wide-body aircraft equipped with high-speed air-ground connectivity [2] Group 2: Flight Details - The Shanghai Pudong to Geneva route (flight number MU217/218) will operate on Mondays, Wednesdays, Fridays, and Saturdays, with a flight time of approximately 11 hours and 20 minutes [2] - The Shanghai Pudong to Milan route (flight number MU243/244) will operate daily, with a flight time of around 12 hours and 5 minutes [2] - The Shanghai Pudong to Copenhagen route (flight number MU707/708) will operate on Mondays, Thursdays, and Saturdays, with a flight time of about 11 hours and 20 minutes [3] Group 3: Expansion of European Connectivity - With the addition of these new routes, CEA will serve a total of 15 cities in Europe, including major destinations such as Paris, Frankfurt, Amsterdam, and London [3]

（本文图片均由戴治斌拍摄） 作为世界文化遗产，秦兵马俑自出土以来，就以其独特的历史与艺术价值备受全球瞩目。据悉，此次出 国参展的主角是100余套兵马俑和青铜器（如鸿雁等），将以美国宝尔博物馆为巡展起点，开启为期近 一年的特展巡展活动。 百余套文物如何在一批次内高效安全完成运输？南航物流从客户需求出发，根据本次运输件数多、尺寸 复杂等特点，通过一体化智慧物流平台制定精细、高效的"南航特运"物流保障服务，采用特制文物包装 箱精心包装固定，安排专人全程跟踪保障，实时监控展品状态，确保全程优先、全链条可追溯，护航文 物安全"出差"。 文物无声，却激荡着历史的回响、文明的浩瀚，跨越千年述说着中华文明发展脉络和灿烂成就。近年 来，南航物流深耕文物艺术品运输服务领域，积极为中华文化出海搭建"空中桥梁"，保障多批文物展品 安全顺利运抵目的地开展文化交流活动，此前已顺利运输清代维吾尔传统服饰文物艺术品，开启"丝路 霓裳"主题巡展之旅。 南航物流始终以服务国家战略为己任，推动中华优秀传统文化走出国门、走向世界，为增强中华文化国 际影响力、构建人类命运共同体贡献南航力量。（编辑：王亚玲 校对：金杰妮 审核：韩磊） 《中国民航报》、 ...

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [6] Core Insights - OPEC+ is set to increase oil production by 410,000 barrels per day in June, which is expected to positively impact oil transportation demand [1] - The oil transportation market is anticipated to tighten, with a projected increase in oil transportation demand of 0.8% in 2025, while capacity is expected to grow by only 0.7% [2] - The decline in oil prices is likely to improve the cost structure for airlines, potentially accelerating their profitability recovery [3] Summary by Sections 1. Industry Overview - The transportation sector has seen a decline in stock performance, with the CITIC transportation index down by 1.3% over the past three trading days [4][9] - The oil transportation segment is experiencing a "non-weak" seasonal trend, with spot rates remaining high despite a recent drop [2] 2. Oil Transportation - As of May 2, 2025, the BDTI index stands at 1085 points, reflecting a 5.0% decrease week-on-week [17] - VLCC rates are reported at $50,583 per day, down 3.0% from the previous week, while Suezmax and Aframax rates have also seen declines [17] 3. Airline and Airport Performance - In Q1 2025, domestic air passenger volume reached 166.93 million, a year-on-year increase of 2.3%, while international passenger volume surged by 34.0% [3] - Major airlines reported a total operating revenue of 147.3 billion yuan in Q1 2025, with a net loss of 2.4 billion yuan [3] 4. Freight and Logistics - In March 2025, the express delivery sector saw a 20.3% year-on-year increase in business volume, totaling 16.7 billion packages [65] - The express delivery revenue reached 124.6 billion yuan, marking a 10.4% increase compared to the previous year [65] 5. Key Company Recommendations - The report suggests focusing on state-owned enterprises in the transportation sector, particularly in road, rail, and port industries, as well as logistics companies [5]

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [7]. Core Views - The report recommends focusing on the improving supply-demand dynamics in the aviation, oil shipping, and highway sectors while advising caution in container shipping, cross-border logistics, express delivery, and railways [1]. Aviation - The aviation sector is expected to benefit from a slowdown in supply growth, with demand for domestic and international flights increasing by 1.7% and 26.9% respectively in March [2][14]. - The report highlights that the overall passenger load factor remains high at 83.3%, with a notable reduction in the year-on-year decline of ticket prices [14][17]. - Recommended stocks include China National Aviation, China Eastern Airlines, and Huaxia Airlines, which are expected to benefit from the improving market conditions [29]. Airports - Airports have seen a steady increase in passenger traffic, with Shanghai's two airports experiencing a 7.5% year-on-year increase in passenger throughput in Q1 2025 [30]. - The report emphasizes the need for airports to enhance their non-aeronautical revenue streams to improve profitability [30][34]. Shipping and Ports - The report notes that the international freight market has been volatile due to tariff policies, with expectations of a decline in container volumes in April and May [3][37]. - Oil shipping rates are projected to improve in May due to OPEC+ production increases, while refined oil shipping rates may remain stable [39]. Highways - The highway sector demonstrated strong performance in Q1 2025, with a notable increase in net profits, making it a favorable sector for dividend plays [4]. - The report suggests that the current low interest rates and risk-averse sentiment support the valuation of dividend-paying stocks in this sector [4]. Logistics and Express Delivery - The express delivery sector is facing intensified price competition, with a significant year-on-year increase in parcel volume but a corresponding decline in average prices [5][61]. - The report advises caution regarding franchise-based express delivery companies while maintaining a positive long-term outlook for well-capitalized and service-oriented leaders in the sector [5][61].

Core Viewpoint - The company is launching a themed promotional activity "Spring Meeting and Spring Outing" to boost consumer spending and support high-quality development in the consumption market by providing various discounts and benefits through credit card services [1] Group 1: Consumer Spending Initiatives - The company is increasing its focus on service consumption by responding to national policies aimed at promoting consumption, launching a series of promotional activities to stimulate growth in sectors like tourism and dining [1] - The "Spring Meeting and Spring Outing" event offers discounts across multiple consumer sectors, including hotel stays, scenic tickets, and dining, enhancing the overall service ecosystem to drive consumption growth [1] Group 2: Travel and Accommodation Offers - The company has integrated resources for travel through the "Weekend Travel with Guangfa" platform, providing a one-stop solution for consumers to book tickets, hotels, and scenic spots, with discounts up to 200 yuan available [2] - Partnerships with airlines such as China Southern Airlines and China Eastern Airlines offer installment and discount promotions, allowing consumers to save up to 158 yuan on flight tickets [2] - For international travel, using the company's credit card can yield significant benefits, including a chance to receive a free ticket to Universal Studios Singapore or a 500 yuan travel coupon when purchasing flights to Singapore [2] Group 3: Dining and Shopping Promotions - The company has launched the "Friday 50% Off Meal Ticket" initiative in various cities, focusing on the mid-to-high-end dining market, with discounts available at hundreds of quality restaurants [3] - In the Guangfa Mall, consumers can enjoy up to 50% off on outdoor camping products, providing additional savings for spring outings and leisure shopping [3] - The company aims to support the national strategy for boosting consumption by innovating service models and enhancing the consumer experience during key spending periods [3]

Core Insights - The large aircraft concept sector saw a rise of 3.03%, ranking 7th among concept sectors, with 112 stocks increasing in value, including Huawu Co., which hit the daily limit up of 20% [1] - Major gainers in the sector included Tongyi Aerospace, Aileda, and AVIC Chengfei, with increases of 25.11%, 18.31%, and 17.05% respectively [1] - Conversely, China Eastern Airlines, Haoneng Co., and Sichuan Changhong experienced declines of 2.57%, 2.13%, and 1.42% respectively [1] Sector Performance - The large aircraft concept sector had a net inflow of 1.937 billion yuan, with 76 stocks receiving net inflows, and 7 stocks exceeding 100 million yuan in net inflows [2] - The top stock for net inflow was AVIC Chengfei, with a net inflow of 475 million yuan, followed by AVIC Shenyang and Hongdu Aviation with net inflows of 306 million yuan and 184 million yuan respectively [2] Fund Flow Ratios - Leading stocks in terms of fund inflow ratios included Tianbao Infrastructure, Lijun Co., and Huawu Co., with net inflow ratios of 38.65%, 31.96%, and 26.42% respectively [3] - AVIC Chengfei had a daily increase of 17.05% with a turnover rate of 10.81% and a net inflow of 475.32 million yuan, resulting in a net inflow ratio of 11.05% [3] - Other notable stocks included AVIC Shenyang and Hongdu Aviation, with net inflow ratios of 8.71% and 14.71% respectively [3]

Investment Rating - The report rates the transportation industry as "Outperform the Market" [1] Core Insights - COSCO Shipping Specialised Carriers reported a revenue of 5.196 billion yuan in Q1 2025, a year-on-year increase of 51.47%, with a net profit of 345 million yuan, up 1.56% [2][12] - HNA Holding achieved a revenue of 65.236 billion yuan in 2024, reflecting an 11.25% increase, while Guangzhou Baiyun Airport's net profit doubled [2][14] - YTO Express reported a business volume growth of 25.32% in 2024, with a total logistics value of 91 trillion yuan in Q1 2025, marking a 5.7% year-on-year increase [2][18] Summary by Sections 1. Industry Hot Events - COSCO Shipping Specialised Carriers maintained steady growth despite global shipping market volatility, with a Q1 revenue of 5.196 billion yuan, a 51.47% increase year-on-year [12] - HNA Holding's 2024 revenue reached 65.236 billion yuan, an 11.25% increase, while Guangzhou Baiyun Airport's net profit surged by 109.51% [14][16] - YTO Express's business volume grew by 25.32% in 2024, with a logistics total of 91 trillion yuan in Q1 2025, up 5.7% year-on-year [18][19] 2. Industry High-Frequency Data Tracking - In April 2025, domestic air cargo flights decreased by 1.67% year-on-year, while international flights increased by 25.08% [33] - The SCFI index for container shipping reported a decrease of 1.66% week-on-week, while the PDCI index for domestic shipping increased by 0.67% [40] - In March 2025, express delivery volume rose by 20.30% year-on-year, with total revenue reaching 124.6 billion yuan [51] 3. Company Performance - COSCO Shipping Specialised Carriers added 13 new vessels in Q1 2025, increasing total capacity to 691.5 thousand deadweight tons, a 12.53% increase from the end of 2024 [13] - HNA Holding's passenger transport volume exceeded 68 million in 2024, a 14.36% increase, with international passenger transport volume growing by 132.68% [15] - YTO Express's capital expenditure exceeded 6.7 billion yuan in 2024, focusing on automation upgrades and expanding its logistics network [19]