香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 茲提述本公司日期為二零二五年十一月二十八日之通函（「該通函」）及日期為二零二五年 十一月二十八日的臨時股東會通告（「通告」）。除非本公告另有規定，否則本公告所用詞 彙與該通函及通告所界定者具有相同涵義。 董事會欣然宣佈，通告內載列之決議案已於二零二五年十二月十六日（星期二）上午十一 時正假座中國北京市順義區天柱路30號C713會議室舉行之臨時股東會上由股東以投票表 決方式正式通過。除崔曉峰先生及肖鵬先生因公務未能出席臨時股東會外，本公司所有 其他董事均出席了臨時股東會。 臨時股東會的結果 於臨時股東會日期，本公司已發行股份總數為17,448,421,000股股份。持有合共 13,259,232,946股股份的股東及授權代表出席臨時股東會。 中航集團公司及中航有限於本次向特定對象發行A股股票中擁有重大權益。因此，中航集 團公司及中航有限須就並已就第2項、第3項、第4項、第5項、第6項及第10項決議案放棄 ...

北京德恒律师事务所 北京德恒律师事务所 关于中国国际航空股份有限公司 2025 年第三次临时股东会的 关于中国国际航空股份有限公司 2025 年第三次临时股东会的法律意见 法律意见 北京德恒律师事务所 DeHeng Law Offices 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 德恒 01G20230131-10 号 致:中国国际航空股份有限公司 北京德恒律师事务所 北京德恒律师事务所(以下简称"本所")受中国国际航空股份有限公司(以 下简称" 公司")委托,指派本所律师出席公司于 2025 年 12 月 16 日召开的 2025 年第三次临时股东会(以下简称"本次会议"),对本次会议的合法性进行见证 并出具法律意见。 关于中国国际航空股份有限公司 2025年第三次临时股东会的 法律意见 本法律意见根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东会规则》(以下统称"有关法律")及《中国国际航空股份有限公司 章程》(以下简称"《公司章程》")等有关法律、法规和规范性文件而出具。 为出具本法律意 ...

证券代码：601111 证券简称：中国国航 公告编号：2025-060 中国国际航空股份有限公司 2025年第三次临时股东会决议公告 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 | | 596 | | --- | --- | --- | | 其中：A | 股股东人数 | 592 | | 股） | 境外上市外资股股东人数（H | 4 | | 2、出席会议的股东所持有表决权的股份总数（股） | | 13,259,232,946 | | 其中：A | 股股东持有股份总数 | 9,863,002,064 | 1 （一） 股东会召开的时间：2025 年 12 月 16 日 （二） 股东会召开的地点：中国北京市顺义区天柱路 30 号国航总部大楼 C713 会议室 （三） 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 境外上市外资股股东持有股份总数（H 股） | 3,396,230,882 | | --- | ...

Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, indicating a positive outlook for investment opportunities in the sector [4]. Core Insights - The aviation industry is experiencing a recovery, with domestic passenger load factors showing a year-on-year increase. International supply and demand are accelerating [1]. - The overall supply-demand balance is better than in 2019 and 2024, with structural improvements in demand, particularly in business travel and cross-border needs [4]. - Supply constraints are strengthening due to maintenance backlogs and low growth in new aircraft introductions, indicating a potential turning point in the "supply-demand-price" dynamic [4]. Summary by Sections Domestic Operations - In November, the ASK (Available Seat Kilometers) growth rates were led by Spring Airlines (15.6%), followed by China Southern Airlines (8.7%) and China Eastern Airlines (6.5%). The RPK (Revenue Passenger Kilometers) growth was also highest for Spring Airlines (18.0%) [1]. - Cumulative data from January to November shows Spring Airlines leading in both ASK (12.0%) and RPK (12.0%) growth rates [1]. International Operations - For international routes in November, the highest ASK growth was recorded by Juneyao Airlines (26.8%), while RPK growth was led by Juneyao Airlines (38.4%) [2]. - Cumulative data from January to November indicates Juneyao Airlines also leads in ASK (41.5%) and RPK (48.3%) growth rates [2]. Regional Operations - In November, Spring Airlines had the highest ASK growth (20.5%) for regional routes, while RPK growth was also led by Spring Airlines (26.4%) [2]. - Cumulative data shows China Southern Airlines leading in ASK growth (2.8%) and China National Airlines leading in RPK growth (4.7%) [2]. Passenger Load Factor - In November, Spring Airlines had the highest passenger load factor at 92.3%, with a year-on-year increase of 1.9 percentage points [3]. - Cumulative data from January to November shows Spring Airlines maintaining a load factor of 91.5%, unchanged from the previous year [3]. Fleet Growth - As of November 2025, the five listed airlines collectively added 17 aircraft, with a year-on-year fleet increase of 4.0% [3].

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index dropping 1.54% to close at 25,235.41 points, and a total trading volume of HKD 201.5 billion [1] - The decline is attributed to factors such as the return of southbound funds to A-shares due to new public fund regulations, concerns over IPO financing, and a peak in lock-up expirations [1] Blue-Chip Performance - Lenovo Group (00992) saw a rise of 1.05%, closing at HKD 9.66, contributing 1.18 points to the Hang Seng Index [2] - Other blue-chip stocks like China Resources Beer (00291) and Shenzhou International (02313) also posted gains, while Zijin Mining (02899) and Cheung Kong Infrastructure (01038) faced significant declines [2] Sector Highlights - The technology sector faced downward pressure, with Alibaba and Tencent both experiencing declines of nearly 3% and over 1%, respectively [3][7] - The L3 autonomous driving sector showed strength, with Zhejiang Shibao (01057) surging nearly 13% following the announcement of L3-level autonomous driving vehicle approvals in China [4] - Airline stocks rose against the market trend, with China Eastern Airlines (00670) and China Southern Airlines (01055) both reporting increases in passenger load factors for November [5] Gold and Commodities - Gold stocks suffered significant losses, with Tongguan Gold (00340) dropping 6.92% and Zijin Mining (02899) falling 4.41% [5] - The price of spot gold fell below USD 4,300, with market attention focused on the upcoming U.S. non-farm payroll report [6][7] IPO and New Listings - Guoxia Technology (02655) saw a remarkable debut, soaring 117.91% to close at HKD 43.8, following a highly oversubscribed IPO [8] - Yihua Tong (02402) faced pressure, declining 6.6% after announcing plans to place new H-shares at a discount to raise funds primarily for debt repayment [9]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 1.54% to close at 25,235.41 points, and a total trading volume of HKD 201.5 billion [1] - The decline is attributed to the outflow of southbound funds back to A-shares due to new public fund benchmark regulations, concerns over IPO financing, and a peak in lock-up expirations [1] Blue-Chip Stocks Performance - Lenovo Group (00992) saw a rise of 1.05%, closing at HKD 9.66, contributing 1.18 points to the Hang Seng Index [2] - Other blue-chip stocks like China Resources Beer (00291) and Shenzhou International (02313) also posted gains, while Zijin Mining (02899) and Cheung Kong Infrastructure (01038) faced significant declines [2] Sector Performance - Large technology stocks faced downward pressure, with Alibaba dropping nearly 3% and Tencent over 1% [3] - Gold stocks experienced significant losses, with Tongguan Gold (00340) down 6.92% and Zijin Mining (02899) down 4.41% [5] - The L3 autonomous driving sector saw gains, with Zhejiang Shibao (01057) rising by 12.9% following the approval of L3 autonomous driving models in China [4] Currency and Airline Sector - The offshore RMB strengthened against the USD, with the exchange rate hitting a high of 7.03725 [5] - Airline stocks showed resilience, with Eastern Airlines (00670) and China Southern Airlines (01055) posting gains in passenger load factors for November [5] IPO and New Listings - Guoxia Technology (02655) saw a remarkable debut, soaring 117.91% to close at HKD 43.8, following a highly oversubscribed IPO [8] - Yihua Tong (02402) faced pressure, declining 6.6% after announcing a plan to place new H-shares at a discount to raise funds primarily for debt repayment [9]

市场表现 今日市场呈现结构性分化。科网、半导体、医药及黄金等个股普遍走弱，而航空股表现坚挺，成为市场 少有的亮点。 有分析指出，临近年末市场观望情绪浓厚，南向资金以防守策略为主，多数机构投资者正等待明年一季 度政策"开门红"带来的布局机会。 不过部分机构仍对后市持乐观态度。广发证券最新研报指出，2025年春季躁动行情大概率不会缺席，主 要基于以下判断： 流动性环境改善：日本套息交易对市场冲击有限;港股解禁高峰期已然过去;美联储新任主席政策取向大 概率偏鸽派。 潜在上行催化剂：DeepSeek大模型技术进展有望提振市场情绪；国内互联网巨头C端应用创新可能推动 恒生科技指数基本面实质性改善。 需要特别指出的是，港股历史上的"春季躁动"行情通常发生于圣诞节前至春节前这一时段(约12月22日 至次年2月20日)，而非传统认知中的春节后至两会期间。 科技股承压 机构看好中长期价值 截至收盘，腾讯音乐-SW(01698.HK)跌3.44%、阿里巴巴-W(09988.HK)跌2.96%、网易-S(09999.HK)跌 2.37%。 智通财经12月16日讯（编辑 胡家荣）今日港股三大指数集体下跌。截至收盘，恒生指数跌1.54 ...

每经AI快讯，航空股逆市上扬。截至发稿，东方航空(00670.HK)涨1.92%，报4.78港元；南方航空 (01055.HK)涨1.16%，报5.25港元；中国国航(00753.HK)涨0.94%，报6.43港元。 ...

考虑到旺季机酒价格"水涨船高"，同程旅行也给雪友提供更具性价比的出行住宿选择。活动期间将推出多场"冰雪出行专场直播"，直播间内释放限量低价出 行航线、雪场权益加码等专属福利。住宿方面，合作的万达酒店等品牌提供"万悦会"金卡体验权益，艺龙会也将对旅客发放酒店大额立减优惠券，并在直播 中抽取部分房型免房券。 近年来，冰雪游彻底破圈，滑雪运动已不再是专业人士、小众滑雪爱好者的专属。如今雪场上驰骋飞扬的，还有大批年轻用户、家庭亲子甚至"新银发"一族 的身影。客群构成更丰富之外，冰雪游目的地也日趋多元化，今年以来新疆地区滑雪热度相比以往更加高涨，机酒、滑雪门票等产品预订热度较去年提升近 40%。 以此次活动落地的阿勒泰将军山滑雪场为例，自11月份下旬开板以来，同程旅行平台上，将军山滑雪场预订热度环比提升约56%，全国各大户外滑雪场中， 将军山滑雪场进入TOP10榜单，在新疆一众户外滑雪场里更是排进前3位。 当板刃滑过雪道，漫天银色细雪飞溅而起，滑雪运动的酷炫自由感在这一刻具象化。快乐背后，是雪友们吃过的不少"苦头"：雪具装备又大又沉难携带，天 寒地冻一早爬起排队、旺季机酒价格不够美丽...... 基于对用户需求痛点的洞 ...

航空股逆市上扬，截至发稿，东方航空(00670)涨1.92%，报4.78港元；南方航空（600029）(01055)涨 1.16%，报5.25港元；中国国航（601111）(00753)涨0.94%，报6.43港元。 消息面上，12月16日，在岸、离岸人民币对美元汇率再次走强。其中，离岸人民币对美元汇率再次击穿 7.04，盘中一度升至7.03725，创2024年10月4日以来新高。此外，三大航淡季客座率仍较为强势。东方 航空11月客座率为87.37%，同比上升3.04个百分点；南方航空11月客座率为86.29%，同比上升1.36个百 分点；中国国航11月平均客座率83.3%，同比上升4个百分点。 华泰证券研报指出，往后展望，淡季高频数据或难以形成催化，短期波动市场关注度较低，更为关注26 年春运数据表现；中长期行业供给增速或将保持低位，景气改善有望传导至票价提升，同时油价和美元 兑人民币汇率有望降低成本压力，共同改善航司盈利。首选高胜率+高赔率的国有三大航AH，再选其 他民营航司。 ...