Core Viewpoint - China National Airlines announced the resignation of Chief Engineer Xiao Peng due to age, effective immediately [1] Financial Performance - For the first half of 2025, the revenue composition of China National Airlines is as follows: passenger air transport accounts for 90.64%, other services account for 4.93%, and air cargo and mail transport account for 4.43% [1] - As of the report date, the market capitalization of China National Airlines is 149.7 billion yuan [1]

证券代码：601111 证券简称：中国国航 公告编号：2025-047 中国国际航空股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 24 日 （星期五） 至 10 月 30 日 （星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@airchina.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 中国国际航空股份有限公司（以下简称"公司"）将于 2025 年 10 月 30 日发 布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 10 月 31 日 （星期五） 14:00-15:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 （一 ...

中国国际航空股份有限公司（以下简称"公司"）董事会于近日收到公司总工 程师肖鹏先生递交的辞呈。肖鹏先生因年龄原因，向公司董事会辞去总工程师职务。 该辞任即日起生效。 证券代码：601111 股票简称：中国国航 公告编号：2025-048 中国国际航空股份有限公司 关于高级管理人员辞任的公告 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。 肖鹏先生确认与公司董事会和公司无不同意见，亦不存在公司股东需要知悉有关 其辞任的其他事宜。董事会对肖鹏先生任职期间对公司做出的贡献表示诚挚的感谢。 特此公告。 中国国际航空股份有限公司董事会 中国北京，二〇二五年十月二十三日 ...

Core Points - The new winter flight schedule at Beijing Capital International Airport will take effect from October 26, 2023, and will last until March 28, 2026, covering a total of 154 days [1] - The airport plans to operate an average of 1,243 flights daily, with domestic flights (including Hong Kong, Macau, and Taiwan) averaging 1,023 and international flights expected to reach 166 daily [1] - A total of 212 destinations will be served, with 207 passenger destinations, including 127 domestic passenger destinations, which sees the addition of three new routes and the removal of six [1] Flight Operations Adjustments - Some domestic flights operated by Air China will see changes in terminal assignments, with 12 routes moving from Terminal 2 to Terminal 3 and 9 routes shifting from Terminal 3 to Terminal 2 [1] - The airport is preparing for potential extreme weather conditions during winter, including strong winds, snowfall, and low visibility, with a focus on enhancing flight planning verification and optimizing operational processes [2] - The airport will collaborate with air traffic control, airlines, and ground services to ensure safe and smooth flight operations and passenger services [2]

《中国民航报》 中国民航网 记者胡夕姮 通讯员杨轩玮 报道：近日，民航上海监管局组织国航上海分公 司、上海浦东国际机场、华东空管局等单位召开航班运行保障专项复盘会，以提升民航运行全流程信息 协同效率为核心，系统梳理关键环节工作流程，进一步完善多方联动机制，为辖区民航安全平稳运行夯 实基础。 会议聚焦航班运行保障中的信息流转全链条，围绕信息收集的全面性、传递的及时性与准确性、共享的 协同性等关键维度，各单位分别汇报工作流程中的做法，并就现有机制优化空间进行深入交流。国航上 海分公司重点介绍了航班运行关键信息的内外部同步机制及保障措施；浦东机场梳理了应急处置中与航 空公司、空管部门的信息联动流程，明确了信息同步的时间节点与精准传递要求；华东空管局则围绕空 中交通管制信息的传递与共享细节进行了交流，强调管制指令与运行动态信息传递的及时性和准确性。 通过充分沟通，三方进一步明确了各环节责任边界与协同要点。 行保障效能，共同守护民航安全生命线，为旅客提供更安全、顺畅的出行保障。（编辑：李海燕 校 对：贾昊天 审核：程凌） 为持续提升运行保障能力，民航上海监管局结合行业安全管理要求与实际运行需要，对各单位提出三项 明确工 ...

Core Points - The new winter flight schedule at Beijing Capital International Airport will officially start on October 26, 2025, and will last until March 28, 2026, covering a total of 154 days [1] - The average daily planned flights at the airport will be 1,243, with domestic flights (including Hong Kong, Macau, and Taiwan) averaging 1,023 and international flights expected to reach an average of 166 [1] - The total number of planned air traffic points will be 212, with 207 passenger destinations, including 127 domestic passenger points, which sees the addition of three new points and the removal of six [1] Flight Operations Adjustments - The flight operation structure at the airport will be optimized based on market demand and capacity, with an emphasis on evaluating peak period capabilities and adjusting resource allocation accordingly [2] - Specific domestic flight operations for Air China will see changes in terminal assignments, with 12 points moving from Terminal 2 to Terminal 3 and 9 points moving from Terminal 3 to Terminal 2 [1][2] - Passengers are advised to confirm flight information and terminal changes through official channels before traveling, especially during peak departure times [2]

Market Overview - On October 23, the aviation and airport sector rose by 0.38% compared to the previous trading day, with Shenzhen Airport leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Shenzhen Airport (000089) closed at 7.40, up 3.06% with a trading volume of 554,900 shares and a turnover of 408 million yuan [1] - Xiamen Airport (600897) closed at 15.35, up 1.12% with a trading volume of 67,900 shares and a turnover of 105 million yuan [1] - China Eastern Airlines (600115) closed at 4.94, up 0.82% with a trading volume of 966,200 shares and a turnover of 473 million yuan [1] - China Southern Airlines (600029) closed at 6.66, up 0.45% with a trading volume of 608,500 shares and a turnover of 403 million yuan [1] Capital Flow - The aviation and airport sector saw a net inflow of 32.22 million yuan from institutional investors, while retail investors experienced a net inflow of 35.07 million yuan [2] - However, speculative funds recorded a net outflow of 67.29 million yuan [2] Individual Stock Capital Flow - China Southern Airlines (600029) had a net inflow of 69.47 million yuan from institutional investors, while it faced a net outflow of 34.49 million yuan from speculative funds [3] - China Eastern Airlines (600115) saw a net inflow of 39.42 million yuan from institutional investors, with a net outflow of 3.79 million yuan from speculative funds [3] - Shenzhen Airport (000089) experienced a net outflow of 11.13 million yuan from institutional investors, but had a net inflow of 5.62 million yuan from retail investors [3]

Core Insights - The Transportation ETF (159666) has experienced a slight decline of 0.29% as of October 23, 2025, with a latest price of 1.02 yuan, while it has seen a cumulative increase of 0.79% over the past week as of October 22, 2025 [2] Performance Summary - The Transportation ETF has achieved a net value increase of 20.35% over the past two years [2] - The highest single-month return since inception was 15.82%, with the longest consecutive months of increase being 4 months and the maximum increase during that period being 11.93% [2] - The average monthly return during the rising months is 3.16%, with a total annual profit percentage of 100.00% and a historical one-year profit probability of 60.51% [2] - Over the last six months, the ETF has outperformed its benchmark with an annualized excess return of 4.63% [2] Risk and Drawdown - The maximum drawdown over the past six months was 4.93%, with a relative benchmark drawdown of 0.04% [2] Fee Structure - The management fee for the Transportation ETF is 0.50%, and the custody fee is 0.10% [2] Tracking Accuracy - The tracking error for the Transportation ETF over the past month was 0.015% [2] Index Composition - The Transportation ETF closely tracks the CSI All Share Transportation Index, which reflects the overall performance of various industry companies within the index [3] - The index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [3] Top Holdings - The top holdings in the Transportation ETF include SF Holding (10.25% weight, -0.90% change), Beijing-Shanghai High-Speed Railway (9.99% weight, 0.00% change), and COSCO Shipping Holdings (8.27% weight, -0.13% change) [5]

Core Insights - Yangzhou Taizhou International Airport will open three new routes to Nanchang, Jingzhou, and Weihai starting October 26, enhancing connectivity to major hub cities like Guangzhou, Shenzhen, Chengdu, Kunming, and Dalian [1][2] - The airport aims to leverage the scale effects from its Phase II expansion to improve operational efficiency and service levels, positioning itself as a key driver of economic development in the region [1] Route and Capacity Expansion - After the seasonal transition, the airport will collaborate with 12 airlines, serving 36 cities and 38 airports, with a total of 6 overnight aircraft, significantly increasing its route service capacity [2] - In addition to the new routes, popular tourist routes to Ordos, Zhoushan, and Lijiang will continue from the summer season [2] International Services - The airport will maintain its two premium international routes to Seoul, South Korea, and Osaka, Japan, while planning to open new routes to Kuala Lumpur, Malaysia, and Jeju, South Korea, to enhance its international service offerings [2] Flight Frequency Enhancements - The Guangzhou route will increase to 6 flights daily, with other routes such as Shenzhen (3-4 flights), Chengdu (4-5 flights), and Kunming (4 flights) also seeing frequency boosts, improving overall service experience [2] Infrastructure Development - Attendees of the meeting toured the Phase II expansion project site to understand the airport's construction progress and future development plans, indicating a commitment to building a more efficient air transport network [2]

Core Points - The meeting held on October 22 at Yangzhou Taizhou International Airport focused on enhancing flight routes and services to meet high-quality travel demands [1] - The airport aims to leverage the scale effects from its second phase of construction to improve its route network and service efficiency [1][2] - The 2025 winter flight season will see the airport's network upgraded, with 12 cooperating airlines serving 36 cities and 38 airports, significantly increasing service capacity [2] Group 1: Meeting Highlights - Representatives from various airlines, travel agencies, and logistics companies attended the meeting to discuss the upcoming winter flight season [1] - The airport's leadership emphasized its role as an economic driver for the region, aiming to attract more passenger and cargo traffic [1] Group 2: Route and Service Enhancements - New domestic routes to Nanchang, Jingzhou, and Weihai will be launched, while popular routes to cities like Ordos and Lijiang will continue [2] - The frequency of flights to major hub cities such as Guangzhou, Shenzhen, and Chengdu will be significantly increased, enhancing travel convenience [2] - International routes to Seoul and Osaka will remain stable, with plans to add new routes to Kuala Lumpur and Jeju [2]