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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國東方航空股份有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 5,176,777,777 | | 0 | | 5,176,777,777 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 5,176,777,777 | | 0 | | 5,176,777,777 | | 2. 股份分類 | 普通 ...

Investment Rating - The report gives an "Overweight" rating for the aviation industry, indicating a positive outlook for the sector's performance compared to the overall market [8]. Core Insights - The National Day holiday data for the aviation industry exceeded expectations, signaling an upcoming golden era for airlines. The domestic aviation market showed stable performance despite adverse weather conditions, with daily passenger transport volume averaging approximately 2.15 million, a 31% increase compared to 2019 and a 4% increase compared to 2024 [2]. - The growth in passenger volume is primarily dependent on the increase in aircraft numbers, and a low growth rate in passenger volume amidst high load factors is seen as a positive indicator for profitability. If fleet size does not grow, passenger volume may stagnate or decline, leading to potential supply-demand mismatches and price fluctuations [2]. - The report highlights two misconceptions in the market: first, the belief that the recovery of Boeing and Airbus production capacity will reverse the aging trend of aircraft; second, the notion that lower ticket prices will negatively impact airline profitability. The report argues that many domestic airlines have already surpassed 2019 levels in international market recovery, and as long as the reduction in unit costs exceeds the decline in unit revenues, airline profitability will improve [2]. - The Chinese civil aviation sector is entering a golden age, expected to last 5-10 years, driven by supply chain improvements. Short-term indicators include record profits for major airlines during the National Day holiday, while medium-term expectations include a transition from losses to profitability for airlines [2]. - Investment recommendations include focusing on the aviation sector, with a strong supply-side logic and elastic demand. Airlines such as China Eastern Airlines, Spring Airlines, and China Southern Airlines are highlighted as potential investment opportunities, along with global aircraft leasing companies and airport sectors showing continuous recovery [2][3]. Summary by Sections - **Passenger Transport Data**: Daily domestic passenger transport volume reached approximately 2.15 million, with a 31% increase from 2019 and a 4% increase from 2024. Daily domestic flight volume averaged about 14,500 flights, a 19% increase from 2019 and a 2% increase from 2024 [2]. - **International Market Performance**: Daily international passenger transport volume averaged around 380,000, a 13% decrease from 2019 but an 11% increase from 2024. The average ticket price for international flights decreased by 12% compared to 2024 [2]. - **Company Valuation Table**: Key companies in the aviation sector, such as China Southern Airlines and China Eastern Airlines, have been rated as "Outperform" or "Buy," with projected earnings per share (EPS) growth indicating strong future performance [3].

Core Viewpoint - The aviation and airport sector experienced a rise of 0.82% on October 9, with Southern Airlines leading the gains, while the Shanghai Composite Index rose by 1.32% and the Shenzhen Component Index increased by 1.47% [1]. Group 1: Stock Performance - Southern Airlines (600029) closed at 6.17, up by 1.98% with a trading volume of 1.2 million shares and a transaction value of 724 million yuan [1]. - China Eastern Airlines (600115) closed at 4.22, up by 1.69% with a trading volume of 2.3 million shares and a transaction value of 941 million yuan [1]. - Hainan Airlines (600221) closed at 1.64, up by 1.23% with a trading volume of 4.6 million shares and a transaction value of 752 million yuan [1]. - Xiamen Airport (600897) closed at 14.37, down by 0.62% with a trading volume of 19,700 shares and a transaction value of 28.2 million yuan [2]. - Baiyun Airport (600004) closed at 9.44, down by 0.42% with a trading volume of 201,000 shares and a transaction value of 18.9 million yuan [2]. Group 2: Capital Flow - The aviation and airport sector saw a net outflow of 119 million yuan from institutional investors, while retail investors contributed a net inflow of 27.67 million yuan [2]. - China National Airlines (601111) had a net inflow of 33.72 million yuan from institutional investors, but a net outflow of 36.14 million yuan from retail investors [3]. - Hainan Airlines (600221) experienced a net inflow of 22.03 million yuan from institutional investors, while retail investors had a net inflow of 231,800 yuan [3].

Group 1 - China Eastern Airlines' stock increased by 1.72% on September 30, with a trading volume of 554 million yuan [1] - The company had a net financing buy of -2.20 million yuan on the same day, with a total financing and securities balance of 385 million yuan [1] - The financing balance of China Eastern Airlines is 383 million yuan, accounting for 0.54% of its market capitalization, which is below the 40th percentile of the past year [1] Group 2 - As of June 30, the number of shareholders for China Eastern Airlines was 155,100, a decrease of 11.06% from the previous period [2] - The company reported operating revenue of 66.82 billion yuan for the first half of 2025, a year-on-year increase of 4.09%, while the net profit attributable to shareholders was -1.43 billion yuan, an increase of 48.30% year-on-year [2] Group 3 - China Eastern Airlines has distributed a total of 3.296 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3] - As of June 30, 2025, China Securities Finance Corporation was the eighth largest shareholder, holding 430 million shares, unchanged from the previous period [3] - Hong Kong Central Clearing Limited was the tenth largest shareholder, increasing its holdings by 55.22 million shares to 300 million shares [3]

Market Overview - The Hong Kong stock market indices rebounded after an initial dip, with the Hang Seng Index slightly up by 0.04%, and the Hang Seng China Enterprises Index and Hang Seng Tech Index rising by 0.52% and 0.63% respectively, ending a three-day decline [1] Sector Performance - Large technology stocks showed mixed results, with Kuaishou up by 1.69%, while Meituan, JD.com, and Baidu also saw gains. Alibaba, NetEase, Xiaomi, and Tencent experienced slight declines [1] - Copper prices surged due to supply shortages and a computing power revolution, leading to significant gains in copper mining stocks. China Daye Non-Ferrous Metals soared nearly 20%, Jiangxi Copper rose over 11%, and China Nonferrous Mining increased by 8% [1] - Hong Kong local bank stocks surged, particularly HSBC, which plans to privatize through an agreement, causing Hang Seng Bank's stock to spike by 41%, reaching a historical high [1] - Mining resource stocks and high-speed rail infrastructure stocks saw substantial increases, with China Railway Group rising over 10% [1] - Institutional analysts are focusing on Q4 demand recovery due to low baselines, leading to a collective rebound in airline stocks, with China Eastern Airlines up nearly 10%. Wind power, semiconductor, telecommunications, oil, and property management stocks also saw gains [1] Declines in Specific Sectors - Pharmaceutical stocks fell across the board, with Innovent Biologics, SiHuan Pharmaceutical, and I-Mab leading the decline in innovative drug stocks [1] - The film industry faced a downturn due to poor box office performance during the National Day holiday, resulting in a collective drop in cinema stocks [1] - The automotive sector mostly declined [1]

Core Insights - The upcoming extended National Day holiday is expected to set new records for travel indicators, with a projected 219 million railway passengers and 139,000 flights in the civil aviation sector, marking a 7.5% and 5.7% year-on-year increase respectively [1] - The tourism sector is anticipated to enter a peak period for travel and consumption, as indicated by significant growth in traveler numbers on various platforms [1] - The performance of tourism stocks has shown a divergent trend since September, with Ctrip Group leading in both market capitalization and net profit among major companies [1] Industry Performance - The stock price changes of various tourism-related companies since September show a mixed performance, with some airlines and travel agencies experiencing declines, while Ctrip Group stands out positively [4] - The overall net profit for the tourism industry in the first half of 2025 indicates a significant disparity, with online travel agencies (OTAs) capturing the largest share of the industry's net profit [5] - Ctrip Group has consistently outperformed its competitors in terms of revenue across various segments, including accommodation booking and transportation ticketing [7] Market Trends - The OTA market in China is experiencing steady growth, with the market size projected to increase significantly over the coming years [9] - Ctrip has maintained a leading position in monthly active users among travel apps, indicating strong consumer engagement [10] - China's OTA penetration rate is higher than the global average, reflecting a robust adoption of online travel services [11]

Investment Rating - The industry maintains a "Recommended" investment rating, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [3]. Core Insights - The overall supply and demand growth in the aviation industry continues to slow down, with record high passenger load factors during peak seasons. Domestic growth remains low, while international routes are experiencing a gradual normalization effect from last year's base [1][7]. - Key performance indicators for August 2025 show significant year-on-year increases in passenger turnover and flight operations, with domestic routes showing stronger growth compared to international routes [7][23]. - The report emphasizes the importance of addressing "involution" within the industry, highlighting recent calls for a unified market and reduced competition pressures [7]. Summary by Sections Industry Monthly Review - In August 2025, the Shanghai Composite Index rose by 10.3%, while the aviation index increased by 5.9%, underperforming the broader market by 4.4% [11]. - Most aviation stocks saw gains, with the largest increase being 11.5% for a specific stock, while the largest decline was 3.1% for another [11]. Key Data Tracking - Passenger turnover for August 2025 reached 136.5 billion passenger-kilometers, up 25.4% from 2019 and 5.8% from 2024. Domestic routes accounted for 104.7 billion passenger-kilometers, reflecting a 35.6% increase from 2019 [7][24]. - The available seat kilometers (ASK) for August 2025 were 156.1 billion, a 24.1% increase from 2019, with a passenger load factor of 87.5%, up 0.9 percentage points from 2019 [7][24]. - The report notes a decline in domestic ticket prices, with full ticket prices down 6.4% year-on-year [7][24]. Recent Reports - The report references several recent industry analyses, including insights on the recovery of international flights and the performance of major airlines [6][93].

Group 1: Consumer Market Performance - The dual holiday of National Day and Mid-Autumn Festival has led to a vibrant consumer market, with companies in dining, cultural tourism, and travel sectors launching special activities to meet festive demand [1] - Companies have reported impressive consumption data, showcasing the resilience and potential of the domestic consumer market [1] Group 2: Dining Sector - Shanghai dining companies are leveraging the holiday opportunity through themed marketing, new product development, and channel expansion, resulting in increased festive consumption [2] - Guangzhou Restaurant's outlets have created festive dining experiences and launched various themed banquet packages, catering to diverse consumer needs [2] - During the holiday period, the Yuyuan Garden Mall in Shanghai attracted over 1.1 million visitors, achieving a 10% year-on-year sales growth [2] - Five Star's innovative "rice mooncake" series has seen sales double prior to the holiday, with expectations of double-digit growth in freshly baked mooncake sales [2] Group 3: Tourism Sector - Shanghai's cultural tourism companies are enhancing visitor experiences through themed activities and cultural performances, leading to increased tourism during the holiday [3] - Huangshan Scenic Area received nearly 200,000 visitors from October 1 to 6, marking a 7.54% increase compared to the previous year [3] - In Nanjing, the iconic Confucius Temple boat tours saw over 10,000 visitors daily, with a 10% increase in revenue during the first six days of the holiday [3] Group 4: Film Industry - The film market remained robust during the holiday, with box office revenue surpassing 1.7 billion yuan and over 46 million attendees [4] - Major films, including "The Volunteer Army: Blood and Peace," led the box office, while Shanghai Film's "The Little Monster of Langshan" continued to perform well after two months of release [4] Group 5: Travel Sector - Airlines in Shanghai are increasing flight frequencies and upgrading aircraft to accommodate the surge in travel demand during the holiday [5][6] - Eastern Airlines operated over 15,400 flights and transported more than 2.27 million passengers from October 1 to 5, achieving a 3.9% increase in daily flight volume [5] - Southern Airlines plans to add over 2,700 flights and execute 48,000 flights during the holiday, with significant growth in international routes [6] - Baiyun Airport reported daily averages of 1,562 flights and 245,401 passengers from October 1 to 5, reflecting year-on-year growth [6] - Shanghai's two major airports are expected to handle 19,000 flights and 3.14 million passengers during the holiday period, marking a 5.6% increase [7]

Core Viewpoint - Eastern Airlines Gansu Branch organized a unique "Cloud Reunion" themed event on flight MU2305 during the Mid-Autumn Festival, creating memorable experiences for passengers [1][2]. Group 1: Event Details - The flight crew initiated a warm Mid-Autumn celebration as the flight reached cruising altitude, offering handmade origami, heartfelt cards, and the special beverage "Eastern Airlines Tea" to passengers [2]. - Passengers expressed their appreciation for the thoughtful gifts, highlighting the emotional connection fostered during the flight [2]. Group 2: Passenger Experience - Travelers shared their feelings on the cards, with comments reflecting warmth and gratitude for the crew's efforts, especially for those frequently traveling for work [2]. - The cabin transformed into a moving home, where crew members and passengers interacted warmly, celebrating the essence of reunion under the moonlight [2]. Group 3: Crew's Intentions - The flight attendant, Li Xia, emphasized the goal of making every passenger feel the warmth of the festival during their journey, despite differing destinations, as they shared the same moonlight [2].

Core Insights - The article highlights the resurgence of inbound tourism in China, driven by favorable visa policies and enhanced travel experiences for foreign visitors [2][5]. Group 1: Inbound Tourism Trends - Ctrip data indicates that major cities like Shanghai, Beijing, and Guangzhou are popular destinations for foreign tourists during the National Day holiday [1]. - According to Qunar, foreign tourist orders have covered nearly 100 cities in China during the holiday, with the highest growth in inbound tourists coming from countries like Uzbekistan and Kazakhstan [1]. Group 2: Policy Enhancements - The extension of the transit visa-free period from 72 hours to 240 hours and the addition of 21 new entry points have significantly improved the convenience of inbound travel [2]. - New visa-free policies for countries such as Brazil, Argentina, and Russia have been implemented, further expanding the range of inbound tourists [2]. Group 3: Enhancing Visitor Experience - Various platforms, including Alipay, are enhancing the experience for foreign tourists by supporting multiple languages and offering a range of travel services beyond payment [3][4]. - Ctrip is leveraging AI technology to improve hotel services for foreign visitors, addressing language barriers and streamlining service requests [4]. Group 4: Future Outlook - The National Foreign Exchange Administration anticipates that favorable policies will continue to boost travel market consumption, with cross-border tourism revenue expected to grow steadily [2]. - The integration of services such as visa processing, payment solutions, and travel products is propelling China's inbound tourism into a new phase of rapid growth and high-quality development [5].