中国国际航空股份有限公司 二○二五年第三次临时股东会 会议资料 二○二五年十二月 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年第三次临时股 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。 五、本次会议审议表决后，应对议案做出决议。根据《公 司章程》，本次会议第1、7、8、9项议案为普通决议案，需 由出席本次会议的股东（包括股东代理人）所持 ...

Core Insights - The aviation and airport sector saw a rise of 1.14% on December 10, with HNA Holding leading the gains [1] - The Shanghai Composite Index closed at 3900.5, down 0.23%, while the Shenzhen Component Index closed at 13316.42, up 0.29% [1] Stock Performance - HNA Holding (600221) closed at 1.80, up 4.05% with a trading volume of 8.32 million shares [1] - Shanghai Airport (600009) closed at 32.39, up 1.73% with a trading volume of 147,300 shares [1] - Southern Airlines (600029) closed at 6.98, up 1.16% with a trading volume of 258,000 shares [1] - Shenzhen Airport (000089) closed at 6.98, up 1.01% with a trading volume of 88,900 shares [1] - China National Aviation (601111) closed at 8.24, up 0.73% with a trading volume of 306,800 shares [1] - Baiyun Airport (600004) closed at 9.71, up 0.62% with a trading volume of 108,200 shares [1] - Huaxia Airlines (002928) closed at 10.02, up 0.60% with a trading volume of 120,500 shares [1] - Juneyao Airlines (603885) closed at 13.48, up 0.60% with a trading volume of 123,400 shares [1] - China Eastern Airlines (600115) closed at 5.08, up 0.59% with a trading volume of 473,000 shares [1] - CITIC Offshore Helicopter (000099) closed at 20.18, up 0.30% with a trading volume of 56,600 shares [1] Capital Flow - The aviation and airport sector experienced a net outflow of 3.6965 million yuan from institutional investors, while retail investors saw a net inflow of 8.92532 million yuan [2] - The overall capital flow indicates a mixed sentiment among different investor types within the sector [2] Individual Stock Capital Flow - HNA Holding saw a net inflow of 14.2 million yuan from institutional investors, but a significant outflow of 85.3144 million yuan from retail investors [3] - China Eastern Airlines had a net inflow of 23.1458 million yuan from institutional investors, with retail investors also experiencing a net outflow [3] - China National Aviation had a net inflow of 9.8210 million yuan from institutional investors, while retail investors had a net inflow of 660.88 million yuan [3] - Baiyun Airport had a net inflow of 3.9543 million yuan from institutional investors, but retail investors faced a net outflow [3] - Huaxia Airlines had a net inflow of 3.0489 million yuan from institutional investors, with retail investors showing a slight net inflow [3]

12月10日，大消费板块企稳上扬，免税、航司涨幅居前，食品饮料ETF（515170.SH）、旅游ETF（562510.SH）二 级市场价格也上扬。11月下旬以来，食品饮料ETF（515170.SH）呈现破位下跌，但资金逢低买入，连续5日出现净申 购，累计超1.7亿元。 此外，11月服务价格季节性下降影响。服务价格下降0.4%，影响CPI环比下降约0.16个百分点。其中，节后出行需 求季节性回落，宾馆住宿、飞机票、旅行社收费和交通工具租赁费价格分别下降10.4%、10.2%、6.2%和3.6%，合计影 响CPI环比下降约0.13个百分点；房屋租赁进入淡季，房租价格下降0.2%。 但同比来看，11月服务和扣除能源的工业消费品价格分别上涨0.7%和2.1%，分别影响CPI同比上涨约0.29个百分点 和0.53个百分点。其中扩内需政策措施继续显效，家用器具和服装价格分别上涨4.9%和2.0%，飞机票、家政服务和在外 餐饮价格分别上涨7.0%、2.4%和1.2%。金饰品价格涨幅扩大至58.4%。另外，燃油小汽车和新能源小汽车价格分别下降 2.5%和2.4%。 每日经济新闻 权重股方面，旅游ETF（562510.SH）持 ...

Core Viewpoint - The opening of the Beijing Aircraft Engine Maintenance Project marks a significant advancement in China's aviation maintenance capabilities, particularly in high-thrust engine repairs, enhancing the safety and self-repair capacity of the civil aviation industry in China [1][2]. Company Summary - Beijing Aircraft Engine Maintenance Co., Ltd. (BAESL) is a joint venture established by Air China and Rolls-Royce, with each holding a 50% stake. This partnership aims to provide reliable and efficient maintenance support for Air China's fleet and aligns with Rolls-Royce's strategic goal of increasing global maintenance capacity by 2030 [2][3]. - BAESL has received formal maintenance certification from the Civil Aviation Administration of China, allowing it to conduct in-depth engine repairs and ensuring high-quality service for its clients [2][3]. Industry Summary - The project is part of the broader development of the Capital Airport Economic Zone, which has established a modern aviation service industry system supported by various sectors, including healthcare, logistics, and business consumption. The zone hosts over 240 aviation service enterprises, making it the largest aviation service industry cluster in China [3][4]. - The establishment of BAESL is expected to enhance the regional aviation industry's competitiveness and contribute to the growth of high-end aviation services in China, promoting high-quality development of the airport economy [4][5].

Core Viewpoint - The aviation industry is expected to experience a significant supply-demand reversal in 2026, transitioning into a state of supply shortage after years of low supply growth and gradually absorbing excess capacity [1][2]. Supply - The effective supply remains tight due to insufficient capacity and engine disruptions, with an expected ASK growth rate of 2.7% in 2026. Boeing and Airbus are recovering capacity slowly, currently at about 70% of pre-pandemic levels, and global supply chain issues persist [2][4]. - Aircraft delivery delays are anticipated to continue into 2026, with Boeing and Airbus's production rates for key models (B737MAX and A320NEO) only reaching approximately 70% of their peak levels [4][5]. - Engine issues are expected to further reduce the number of available aircraft, with an increase in grounded planes due to technical and quality problems with major engine models [7][10]. Demand - Demand remains resilient, with an expected growth rate of about 5% in 2026, constrained by supply limitations. The return of business travelers is expected to support this growth [2][24]. - The domestic aviation demand growth rate is projected to outpace that of rail, indicating strong resilience and some irreplaceable aspects of air travel [29][31]. - The average travel distance for domestic flights has increased, reducing the competitive edge of high-speed rail against aviation [29][31]. Ticket Prices - Ticket prices are expected to rise moderately in 2026, approaching 2019 levels, with seasonal variations where off-peak price increases may exceed those during peak seasons [2][49]. - The industry is likely to see a shift in focus towards improving off-peak performance, with potential for greater price increases during these periods due to tighter supply [49][53]. Capacity Utilization - The passenger load factor is projected to reach 87% in 2026, an increase from 85% in 2025, driven by tighter supply conditions [38][44]. - The high load factors in 2025 were partially due to pricing strategies aimed at increasing volume, while the anticipated high load factors in 2026 will be a result of supply constraints [38][44]. Potential vs. Actual Demand - While potential demand is expected to grow at a rate exceeding 5%, actual demand growth is constrained to about 5% due to supply limitations [39][48]. - The elasticity of actual demand relative to GDP growth is expected to decrease in 2026, indicating unmet potential demand and a clear supply-demand imbalance in the aviation market [39][44].

Core Viewpoint - The aviation industry is expected to experience a significant supply-demand reversal in 2026, transitioning into a state of supply shortage, with an anticipated passenger load factor reaching 87% [2][40][44] Supply - The effective supply will remain tight in 2026, with an expected ASK growth rate of 2.7%. Boeing and Airbus are recovering production capacity slowly, currently at about 70% of pre-pandemic levels, and global supply chain issues, particularly with engine quality, persist [4][18] - The delivery volume from COMAC is expected to decline significantly in 2025 due to global supply chain disruptions and geopolitical tensions, limiting the short-term impact of domestic aircraft on industry capacity [7][20] - Engine issues are affecting the availability of aircraft, with an increase in grounded planes expected in 2026 due to technical and quality problems with mainstream engines [9][11] Demand - Demand remains resilient, with an expected growth rate of about 5% in 2026, constrained by supply limitations. The return of business travelers is expected to support this growth [22][36] - The domestic aviation demand growth rate is still higher than that of rail, indicating strong resilience and some irreplaceable demand for air travel [25][30] Ticket Prices - Ticket prices are projected to increase moderately in 2026, approaching 2019 levels, with seasonal fluctuations expected. The price increase in the off-peak season may exceed that of the peak season due to tighter supply [45][48]

在全球"双碳"目标加速推进与航空业碳减排压力日益加剧的背景下，可持续航空燃料(SAF)作为降低航 空领域碳排放的核心解决方案，正迎来政策与市场的双重驱动。然而产业在迈向规模化、商业化的过程 中仍面临多重挑战。 12月9日，国际航空运输协会(IATA，简称"国际航协")最新SAF(可持续航空燃料)产量预期报告显示， 2025年SAF产量预计将达到190万吨(24亿升)，是2024年产量100万吨的近两倍。然而，2026年SAF产量 增速或将放缓，达到240万吨。 沃尔什指出："许多承诺在2030年实现10%的SAF使用比例的航空公司，将被迫重新评估。当前的SAF产 量远不足以支撑他们实现目标。这些承诺当初都是在诚意基础上做出的，但在现实条件下根本无法兑 现。" 市场一致判断，航空业是交通领域减排难度最大的产业，在政策驱动下，SAF需求或将迎来爆发式增 长。此前业内预计，2030年至2035年，行业供需缺口将超2600万吨。按照当前近20000元每吨价格计， SAF市场规模将达数千亿元。 中国SAF验证飞行已启动。有国有航司人士介绍，"去年，国航、东航等从北京大兴、成都双流等机场 起飞的多个航班开始加注SAF。今 ...

手机号 15769519125 2025 年 中国航空货运行业市 场研究报告 主编：雷静兰 编辑：郭宇昂 商业合作： collaboration@shuoyuanconsulting.com 1 / 25 1 行业概述 1.1 行业定义与范围 1.1.1 航空货运的定义 航空货运是指利用各类航空运输工具，如货运飞机、客机腹舱等，将货物从一 个地点安全、迅速地运送到另一个地点的专业物流活动。相比传统的陆运和海 运，航空货运以其运输速度快、服务高效、覆盖范围广泛等显著优势，成为满 足现代社会对时效性和安全性要求的重要物流方式。航空货运主要承担高价值 商品、紧急物资、易腐易损品以及体积较小但重量较轻的货物运输任务，例如 电子产品、医药制品、生鲜食品、贵重金属及重要文件等。航空货运不仅仅局 限于货物的空中运输，还包括货物的全流程管理和配套服务。这些服务涵盖货 物的装卸操作、仓储管理、分拣分配、包装加固、报关报检、运输保险及最后 一公里配送等环节，确保货物在运输过程中的安全性和完整性。同时，现代航 空货运广泛应用信息化管理系统，如货物跟踪追踪、电子单证、智能仓储和大 数据分析，以提升运营效率和客户体验。作为现代物流体系 ...

天津推出300余项冬季文旅活动 航旅融合新品促消费升级 中新网天津12月9日电 (记者 周亚强)"冬日暖阳 津味绵长"2025年天津市冬季文旅活动发布会9日在天津 博物馆举行。会上集中发布了涵盖四大系列、总计300余项的冬季文旅活动，并同步推出"机票+X"航旅 融合产品，旨在释放天津冬季文旅核心优势，激活消费市场。 据介绍，今冬天津文旅活动围绕"津冬之韵、津冬之趣、津冬之雪、津冬之味"四大主题展开。"津冬之 韵"融合灯展、演艺与文博展览，彰显中西合璧文化底蕴；"津冬之趣"覆盖景区与乡村，提供灯光秀、 民俗表演等体验；"津冬之雪"主打滑雪公开赛、冰雪嘉年华等赛事活动；"津冬之味"则联动购物、美食 与酒店，营造新年消费场景。 会上，蓟州区、西青区、南开区等结合自身资源进行了特色推介。天津市旅游集团联合多家国资企业， 推出"同心潮前暖意津城"双旦系列文旅活动，打造"津旅时光号"文旅专列、"无界津湾"数字光影秀等标 杆项目。北方演艺集团则推出包括沉浸式演出、京剧曲艺展演在内的多元艺术盛宴，并依托"文惠卡"惠 民。 来源：中国新闻网 编辑：王永乐 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 图 ...

唐睿博表示，中国西部地区作为埃塞俄比亚航空下一步中国发展战略的核心区域，拥有巨大的合作潜 力，期待未来挖掘更多商业机遇。 《中国民航报》、中国民航网 记者郑雪 报道：近日，埃塞俄比亚航空受邀参加在西安举办的"空中丝绸 之路"国际合作峰会。埃塞俄比亚航空中国区总经理吉唐睿博发表主旨演讲，分享了埃塞俄比亚航空在 践行"空中丝绸之路"战略中的实践成果，并探讨了深化中非民航高质量合作的路径。 今年11月，恰逢中国和埃塞俄比亚建交55周年。作为中非友谊的"空中使者"和"空中丝绸之路"的坚定践 行者，埃塞俄比亚航空通航中国52年以来，始终致力于搭建中非互联互通的坚实桥梁。 在中国市场的网络布局方面，埃塞俄比亚航空货运网络已覆盖广州、成都、乌鲁木齐等11个核心城市， 连接中国至欧洲、非洲、南美洲等多个国家和地区。其中，厦门—圣保罗金砖航线已执飞555班次，运 输货物超4.19万吨，为金砖国家间的贸易合作搭建了稳固的空中通道；今年6月开通的乌鲁木齐—亚的 斯亚贝巴航线，截至目前已执飞42班次，出口货物近4000吨。目前，乌鲁木齐货运航线已成为连接中国 西部与非洲的关键枢纽。客运方面，埃塞俄比亚航空运营从北京、上海、广州、成都 ...