February 10, 2026 07:46 PM GMT Investor Presentation | Asia Pacific China Domestic Travel and Hotels In this presentation, we examine China's travel recovery and its implications for the hotel segment. As travel shifts from volume recovery to monetization, slowing hotel supply and improving demand have driven a RevPAR inflection. We expect this to translate into accelerating hotel earnings. Related research – China's Emerging Frontiers: China's Travel: Turning Up the Joy Dial (8 Feb 2026) Hong Kong/China Le ...

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The analysis covers the transportation sector in China, specifically airlines, tankers, and container shipping, with a positive outlook on airlines and tankers while turning bearish on container shipping [1][8][10]. Airlines - **Positive Outlook**: Airlines are expected to benefit from higher international demand and supply constraints, leading to above-cycle Return on Equity (ROE) of 22% in 2027 [1]. - **Earnings Forecast**: The net demand forecast for airlines has been raised to 1.6% and 1.3% for 2026 and 2027, respectively, leading to an earnings upgrade for 2027. However, earnings for 2026 have been cut due to the negative impact from China-Japan flight cancellations [1][10]. - **Key Picks**: Air China-H and CEA-A are highlighted as key investment picks due to their price outperformance [1]. Tanker Shipping - **Optimistic Projections**: The crude tanker sector is expected to see further spot rate hikes amid a continuous upcycle in 2026, driven by faster crude stockpiling in China [2][10]. - **Average TCE Rates**: The average Time Charter Equivalent (TCE) for Very Large Crude Carriers (VLCC) is forecasted to rise to $75, up from $56 in 2025 [1]. - **Supply Dynamics**: Supply growth is expected to be limited to 1% in 2026, with a lower effective supply growth forecast due to the exit of sanctioned capacity and increased storage use [2][10]. Container Shipping - **Bearish Stance**: The outlook for container shipping has turned bearish due to higher-than-expected new ship orders, which have driven the order book to 33% of current capacity. This is expected to lead to a deeper and longer downcycle [3][10]. - **Demand Decline**: There is a shrinking demand on the Transpacific route, exacerbated by declining US imports, which poses further downside risks [3]. Shipbuilding - **Continued Upcycle**: The shipbuilding sector is expected to benefit from limited supply growth, with a slight decline in new ship prices anticipated in the medium term due to a drop in new orders [22][10]. - **Long-term Outlook**: The order book coverage is expected to remain above 2.5x until 2032, indicating sustained demand for shipbuilding despite short-term fluctuations [22][24]. Ports and Exports - **Resilient Exports**: China's resilient export growth is projected at 5-6% per year, benefiting port operators and shipyards [11][10]. - **Port Operators**: Chinese port operators are expected to benefit from this resilient export growth, while shipyards may regain market share due to competitive pricing and cost advantages [11]. Key Investment Recommendations - **Buy Recommendations**: Air China, China Eastern Airlines, COSCO Shipping Energy, and COSCO Ports are recommended for purchase [9][10]. - **Sell Recommendations**: COSCO Shipping Holdings, Eastern Air Logistics, and Shanghai Airport are recommended for sale due to bearish outlooks [9][10]. Additional Insights - **Market Dynamics**: The analysis highlights the impact of supply constraints and lower oil prices on the transportation sector, with airlines and tankers positioned favorably compared to container shipping [8][10]. - **Scenario Analysis**: Potential scenarios regarding the reopening of the Red Sea and its impact on container shipping and tankers are discussed, indicating mixed outcomes for tankers and significant negative impacts for container shipping [12][10]. This comprehensive analysis provides a detailed overview of the current state and future outlook of the transportation sector in China, highlighting key investment opportunities and risks.

Summary of the Conference Call on Chinese Airlines Industry Overview - **Industry**: Chinese Airlines - **Key Focus**: The outlook for the airline industry in the Asia Pacific region, particularly in China, with a focus on recovery from a weaker-than-expected summer peak and potential for future growth. Core Insights and Arguments 1. **Current Market Conditions**: The summer peak was weaker than anticipated, with domestic passenger yield down in low single digits year-over-year (YoY), despite a slight improvement in passenger load factors (PLF) [2][16] 2. **Profit Expectations**: The Big Three airlines (Air China, China Eastern Airlines, and China Southern Airlines) are expected to report flat or mildly higher YoY profits in Q3 2025, attributed to capacity expansion on international routes [2][4] 3. **Business Demand Recovery**: There was a noted improvement in business demand in September, driven by pent-up demand from previous travel delays. This led to a positive YoY change in domestic yield [3][4] 4. **Pricing Power**: Airlines are expected to improve profitability in Q4 2025, supported by asset utilization and a recovering demand structure. Events like the China International Import Expo and Canton Fair are anticipated to drive business travel [4][29] 5. **Investment Recommendations**: Air China-H is favored due to its high exposure to long-haul international routes and effective yield management. China Eastern Airlines is also seen as having earnings improvement potential due to business travel recovery [5][6] Adjustments and Forecasts 1. **Earnings Forecasts**: Earnings forecasts for the Big Three airlines have been trimmed due to the weak summer performance, but the outlook for 2026-2027 remains more optimistic than consensus [6][42] 2. **Price Target Changes**: Price targets for the Big Three's H-shares have increased by an average of 29%, while A-shares have risen by 22% after rolling valuations forward to the end of 2026 [6][42] 3. **Passenger Traffic Assumptions**: Adjustments to passenger traffic assumptions reflect a decline in domestic traffic for Air China and China Eastern Airlines, while international traffic is expected to grow significantly [46][48][49] Additional Important Insights 1. **Anti-Involution Initiatives**: The concept of "anti-involution" is highlighted as a key strategy for airlines to improve profitability amidst competitive pressures. This includes better execution of regulatory requirements due to the predominance of state-owned enterprises in the industry [24][25] 2. **Inbound Tourism Growth**: Airlines are positioned to benefit from China's inbound tourism boom, with significant revenue exposure to inbound travel, which is expected to enhance margins [40][41] 3. **Market Sentiment**: The Big Three airlines have underperformed the broader market since early July, indicating a need for recovery in market sentiment [16][19] Conclusion - The Chinese airline industry is navigating through a challenging period with signs of recovery on the horizon. The focus on business demand recovery, pricing power, and strategic initiatives like anti-involution are critical for future profitability. The investment outlook remains cautiously optimistic, particularly for Air China due to its strategic positioning in the market.

As filed with the U.S. Securities and Exchange Commission on August 29, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________ FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _____________________________________ Newbridge Acquisition Limited (Exact name of registrant as specified in its charter) _____________________________________ | British Virgin Islands | 6770 | N/A | | --- | --- | --- | | (State or othe ...

Core Viewpoint - Chinese airlines have started returning Boeing aircraft to the U.S. in response to the U.S. imposing 145% tariffs on Chinese goods, which has led to a halt in further deliveries of Boeing jets to China [1][4]. Group 1: Impact on Deliveries - A Boeing 737 Max recently returned to Seattle, marking the beginning of aircraft returns from China [1]. - Three 737 Max 8 jets that were prepared for delivery to Chinese airlines were recalled to the U.S. last week [2]. - A Boeing jet intended for Xiamen Airlines was seen landing back at Boeing's production hub, indicating a disruption in the delivery process [3]. Group 2: Domestic Business Effects - The halt in Boeing deliveries has affected domestic business, with a Chinese aircraft lessor facing challenges as another airline backed away from its commitment to take delivery [9]. - Analysts suggest that airline CEOs may prefer to defer plane deliveries rather than incur duties, which could negatively impact Chinese airline operations [9]. Group 3: Boeing's Market Position - Boeing, a significant U.S. exporter, is facing challenges in the Chinese market, where it aimed to compete with Airbus [11]. - Year-to-date deliveries show that Boeing has delivered 18 aircraft to nine airlines in China, with major airlines planning to take delivery of a total of 179 Boeing planes between 2025-2027 [11]. - The current situation follows a nearly five-year import freeze on 737 MAX jets in China due to safety concerns stemming from two fatal crashes [12].