Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights that the recent decline in oil prices is expected to elevate the profit margins for the aviation sector, with Brent oil prices dropping below $70 per barrel and WTI prices below $67 per barrel [8] - The report suggests that if oil prices remain low, it could lead to cost savings of approximately 4-5 billion yuan for major airlines, equivalent to a ticket price reduction of about 3%-4% [8] - The report emphasizes the importance of monitoring supply-demand dynamics and macroeconomic conditions to ensure that the benefits of lower oil prices translate into profits for the airlines [13] Summary by Sections Weekly Focus - The focus of the week is on the accelerated decline in oil prices, which is expected to enhance the profit margins for the aviation industry [6] Industry Data Tracking (2025.03.02 - 03.08) Aviation High-Frequency Data Tracking - Domestic flight volume for the period was 81,367 flights, with a daily average of 11,624 flights, down 10.07% week-on-week and 7.47% year-on-year [10] - Domestic passenger volume reached 11.0615 million, down 12.05% week-on-week and 4.17% year-on-year [11] - The average full ticket price decreased by 4.76% week-on-week and 3.39% year-on-year [11] - The domestic passenger load factor was 83.18%, an increase of 3.73 percentage points year-on-year [12] - International passenger volume reached 1.315 million, down 5.27% week-on-week but up 26.01% year-on-year [14] Express Delivery High-Frequency Data Tracking - For the week of February 24 to March 2, the average daily express delivery volume was approximately 534 million pieces, with a delivery volume of about 541 million pieces, showing a slight decrease of 0.56% and an increase of 0.05% respectively compared to the previous week [19] - Year-to-date (January 1 to March 2), the average daily express delivery volume was approximately 488 million pieces, up 37.41% year-on-year [20] Shipping High-Frequency Data Tracking - The BDI index for the international dry bulk market was 1,263 points, up 17% week-on-week [51] - The CCFI index for the international container shipping market decreased by 3% week-on-week, while the SCFI index fell by 5% [51] - The VLCC-TCE rate for oil shipping was $39,359 per day, down 1% week-on-week [52] Recent Key Reports - The report includes a recommended investment portfolio consisting of companies such as COSCO Shipping Energy, Shandong Hi-Speed, and China Eastern Airlines, among others [5]

中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 证券代码：600115 证券简称：中国东航 公告编号：临 2025-017 中国东方航空股份有限公司 关于股份回购进展公告 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： | A 股回购方案首次披露日 | 2024/8/30 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | A 股回购方案实施期限 | 2024 年 11 月 日~2025 | 8 | 年 11 | 月 | 7 | 日 | | | 预计回购 股金额 A | 2.5（含）亿元~5（不含）亿元 | | | | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | | | | | | | 累计已回购 股股数 A | 万股 4,811.83 | | | | | | | ...

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [6] Core Views - The report emphasizes the improvement in supply and demand for aviation and oil transportation, suggesting a favorable outlook for ticket prices and freight rates [1][2][3] - It recommends focusing on alpha stocks with competitive advantages and high dividend yields, particularly in the aviation and oil transportation sectors [1] - The report highlights the need to monitor policy changes and economic data that may influence risk appetite in the transportation sector [4] Aviation Sector - The report notes a steady increase in passenger volume during the Spring Festival, with a year-on-year growth of 7.4%, slightly above the overall inter-regional mobility growth of 7.1% [2][13] - It anticipates that ticket prices will gradually improve due to a low base effect, with expectations for a positive year-on-year change in ticket prices as supply growth slows [16][18] - The report identifies key stocks to watch, including China National Aviation and China Eastern Airlines, which are expected to benefit from supply-demand improvements [22] Shipping and Port Sector - The report indicates that oil transportation rates are expected to rise due to geopolitical events and a rebound in demand after the holiday season [3][34] - It forecasts a potential increase in container shipping rates in March, driven by seasonal demand recovery and price hikes on European routes [35] - The report suggests monitoring the impact of geopolitical events and U.S. tariff policies on shipping rates and demand [34][60] Road and Rail Sector - The report highlights significant improvements in highway freight traffic, with a year-on-year increase of 6.4% in early 2025 [4] - It notes a slowdown in railway passenger growth and coal transport due to high inventory levels, indicating a need for careful observation in the coming months [4][5] Logistics and Express Delivery Sector - The report states that express delivery volumes have exceeded expectations, with year-on-year growth rates of 39% for collection and 42% for delivery [5][55] - It recommends focusing on leading express delivery companies, such as SF Express, which are expected to benefit from foreign investment in China [58] - The report emphasizes the importance of monitoring cross-border logistics and the impact of U.S. tariff policies on e-commerce volumes [60]

Investment Rating - The investment rating for the aviation transportation industry is "Positive" [2][6] Core Viewpoints - The industry passenger load factor has recovered to 2019 levels, with January ticket prices showing a slight year-on-year increase [2][8] - The supply-demand dynamics indicate that the passenger load factor for the entire year of 2024 has returned to 2019 levels, with significant growth in both capacity and revenue passenger kilometers (RPK) compared to 2019 [8][14] - The average one-way ticket price in January 2025 was 902 RMB, reflecting a month-on-month increase of 29.6% and a year-on-year increase of 3.8% [3][17] - The average price of aviation kerosene in January and February 2025 was 5910 RMB per ton, a decrease of 10.1% compared to the same period in 2024 [21][22] Summary by Sections Industry Supply and Demand - In December 2024, the industry ASK (Available Seat Kilometers) and RPK increased by 8.1% and 9.7% respectively compared to December 2019, with a passenger load factor of 82.0%, exceeding the same period in 2019 by 1.2 percentage points [8][14] - Cumulatively for 2024, the ASK and RPK increased by 10.2% and 10.3% respectively compared to 2019, with an average load factor of 83.3% [8][14] Ticket Price Situation - The average one-way ticket price in January 2025 was 902 RMB, with domestic ticket prices averaging 865 RMB (up 2.9% year-on-year) and international ticket prices averaging 1812 RMB (up 6.5% year-on-year) [3][17] Fuel Price and Exchange Rate - The average price of aviation kerosene in January and February 2025 was 5910 RMB per ton, down 10.1% from the same period in 2024 [21][22] - The exchange rate remained stable, with the USD to RMB exchange rate at 7.1697 as of February 18, 2025, a decrease of 0.26% from the end of 2024 [21][22] Airline Operations - In January 2025, domestic airline capacity saw a slight year-on-year increase, with passenger load factors remaining high [4][26] - Major airlines introduced new aircraft, with China Eastern Airlines leading with six new aircraft, resulting in a net increase of four aircraft [4][41] Investment Recommendations - The report suggests a positive outlook for the recovery of air travel, recommending a focus on airlines such as Air China, China Southern Airlines, Spring Airlines, Juneyao Airlines, and China Eastern Airlines due to expected performance elasticity with rising ticket prices and stable fuel costs [5][45]

中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 证券代码：600115 股票简称：中国东航 公告编号：临 2025-015 中国东方航空股份有限公司 关于变更持续督导保荐代表人的公告 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。 中国东方航空股份有限公司（以下简称"公司"）于 2025 年 2 月 12 日收到 保荐机构中国国际金融股份有限公司（以下简称"中金公司"）出具的《关于更 换中国东方航空股份有限公司持续督导保荐代表人的说明》。 中国东方航空股份有限公司 2025 年 2 月 12 日 1 中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 附件： 唐加威先生简历 唐加威先生于 2017 年取得保荐代表人资格，曾经担任南京茂莱光学科技股 份有限公司科创板首次公开发行 A 股项目、科博达技术股份有限公司主板首次公 开发行 A 股项目、东方财富信息股份有限公司 2019 年度创业板公开发行可转换 公司债券项目、东方财富信息股份有限公司 ...

中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 证券代码：600115 证券简称：中国东航 公告编号：临 2025-012 中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 公司 2025 年第一次临时股东大会由董事会召集，董事长王志清先生主持， 采用现场记名投票和网络投票相结合的方式审议全部议案，表决方式符合《中华 人民共和国公司法》和《中国东方航空股份有限公司章程》的规定。 中国东方航空股份有限公司 2025 年第一次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,286 | | --- | --- | | 其中：A 股股东人数 | 1,284 | | 境外上市外资股股东人数（H 股） | 2 | | 2、出席会议的股东所持有表决权的股份总数（股） | 15,036,884,206 | | 其中：A 股 ...

本公司监事会及全体监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。 中国东方航空股份有限公司（以下简称"公司"）第十届监事会第 6 次会议， 经监事会主席郭俊秀召集，于 2025 年 2 月 12 日在东航之家召开。 参加会议的监事确认会前均已收到本次监事会会议通知和材料。本次会议的 召开符合《公司法》和《公司章程》等有关规定，参加本次会议的监事已达法定 人数，会议合法有效。 中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 二、审核通过《公司2025年度内部审计工作计划》。 证券代码：600115 证券简称：中国东航 公告编号：临 2025-014 中国东方航空股份有限公司 第十届监事会第 6 次会议决议公告 监事会主席郭俊秀，监事邵祖敏、周华欣审核了有关议案，一致同意并作出 如下决议： 一、审核通过《中国东方航空股份有限公司监事会2024年工作报告》。 中国东方航空股份有限公司 2025 年 2 月 12 日 1 三、审核通过《关于厦门翔安机场东航基地第一期建设项目立项的议案》。 特此公告。 ...

中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 参加会议的董事确认会前均已收到本次董事会会议通知。本次会议的召开符 合《公司法》和《公司章程》的有关规定，参加本次会议的董事已达法定人数， 会议合法有效。 会议由公司董事长王志清主持，参加会议的董事经过讨论，一致同意并作出 以下决议： 一、审议通过《关于厦门翔安机场东航基地第一期建设项目立项的议案》。 二、审议通过《关于飞机发动机备发采购及维修方案的议案》。 证券代码：600115 证券简称：中国东航 公告编号：临 2025-013 中国东方航空股份有限公司 董事会 2025 年第 2 次会议决议公告 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。 中国东方航空股份有限公司（以下简称"公司"）董事会 2025 年第 2 次会 议，根据《公司章程》和《董事会议事规则》的规定，经董事长王志清召集，于 2025 年 2 月 12 日在东航之家召开。 公司董事长王志清，副董事长刘铁祥，董事成国伟，独立董事孙铮、陆雄文、 罗群、冯咏仪、郑洪峰出 ...

中国北京建国门外大街 1 号国贸写字楼 2 座 12-15 层 100004 12-15th Floor, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 1.1 公司于 2025年 1月 20日在《中国证券报》《上海证券报》《证券日报》及 上海证券交易所网站（www.sse.com.cn）登载了本次股东大会的会议通知。 公司在法定期限内公告了本次股东大会的召开时间和地点、会议审议的议 案、参加人员、登记办法等相关事项。 二、本次股东大会的召集人及出席会议人员的资格 关于中国东方航空股份有限公司 2025 年第一次临时股东大会的法律意见书 致：中国东方航空股份有限公司 根据《中华人民共和国公司法》（以下简称"公司法"）、《中华人民共和 国证券法》（以下简称"证券法"）、《上市公司股东大会规则（2022 ...

中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 一、 回购股份的基本情况 中国东方航空股份有限公司（以下简称"公司"）分别于 2024 年 8 月 30 日、 2024 年 11 月 8 日召开董事会 2024 年第 4 次例会、2024 年第一次临时股东大会、 2024 年第一次 A 股类别股东大会及 2024 年第一次 H 股类别股东大会，审议通过 了《关于以集中竞价交易方式回购股份方案的议案》，同意公司在 A 股和 H 股以 集中竞价交易方式回购公司股份。拟回购 A 股不低于人民币 2.5 亿元（含），不超 过人民币 5 亿元（不含）；H 股不低于人民币 2.5 亿元（含），不超过人民币 5 亿元 （不含）（最终依据汇率折算港元），回购期限从 2024 年 11 月 8 日至 2025 年 11 月 中国东方航空股份有限公司 证券代码：600115 证券简称：中国东航 公告编号：临 2025-011 中国东方航空股份有限公司 关于股份回购进展公告 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 ...