格隆汇12月15日丨海航控股(600221.SH)公布，2025年11月，本集团引进1架 A320NEO 飞机，3架B737- 8MAX飞机。截至2025年11月底，本集团合计运营362架飞机。 2025年11月22日起，本集团新开重庆=布鲁塞尔（每周三班）。 2025年11月，本集团客运运力投入（按可利用客公里计）同比增长6.87%，其中国际客运运力投入同比 增长22.20%；收入客公里同比增长8.14%，其中国际收入客公里同比增长24.36%；旅客运输量同比增长 5.08%，其中国际旅客运输量同比增长16.09%。货邮运收入吨公里同比增长17.80%，其中国际货邮运收 入吨公里同比增长23.75%；货运及邮运量同比增长14.32%，其中国际货运及邮运量同比增长21.20%； 货邮载运率同比增长3.36个百分点。 ...

Core Insights - Cathay Group reported a robust performance in passenger and cargo operations for October, with over 3.2 million passengers carried, representing a 21% month-on-month increase [1] - Cathay Pacific's passenger volume increased by 29% year-on-year in October, while available seat kilometers rose by 26% [1] - Cargo operations saw a volume exceeding 150,000 tons in October, reflecting a 12% month-on-month growth [1] - For the first ten months of the year, passenger and cargo volumes increased by 27% and 10% respectively compared to the same period last year [1] - The demand for passenger travel was notably strong in October, driven by the National Day and Mid-Autumn Festival holidays, with significant growth in leisure travel from mainland China to Hong Kong and globally [1] - Looking ahead, strong bookings for the Christmas travel season are anticipated, particularly from inbound travelers visiting from North America, the UK, and other European countries [1] - Cathay Group is expanding its global route network, planning to operate approximately 330 round-trip flights to mainland China, nearly 100 flights to Oceania, and over 430 flights to Southeast Asia during the winter travel peak [1]

Core Viewpoint - Cathay Pacific Airways (00293.HK) announced a significant increase in passenger and cargo metrics for 2025 compared to 2024, indicating strong growth in operational capacity and demand [1] Passenger Metrics - The passenger load factor for September 2025 is expected to increase by 21% compared to September 2024 [1] - Available seat kilometers (ASK) are projected to rise by 20% year-on-year [1] - For the first nine months of 2025, passenger load is anticipated to grow by 27% compared to the same period in 2024 [1] Cargo Metrics - Cargo volume in September 2025 is expected to increase by 1% compared to September 2024 [1] - Available cargo ton kilometers (ACTK) are projected to increase by 4% year-on-year [1] - For the first nine months of 2025, cargo volume is expected to rise by 10% compared to the same period last year [1]

Core Insights - China Eastern Airlines (600115.SH) announced a 6.76% year-on-year increase in passenger capacity input (measured in available seat kilometers) for August 2025 [1] - The passenger turnover (measured in revenue passenger kilometers) increased by 8.72% year-on-year, with a seat load factor of 88.34%, up by 1.59 percentage points [1] - The cargo and mail turnover (measured in cargo mail ton kilometers) saw a significant increase of 16.39% year-on-year for August 2025 [1] Domestic Market Developments - New domestic routes launched include Ordos-Yangzhou, Hefei-Lvliang, Wenzhou-Beihai, and Wuhan-Tangshan [1] - Resumed flights include Ningbo-Nanchang and Beijing Daxing-Yueyang, with increased frequency on routes such as Shanghai Hongqiao-Xining, Shanghai Hongqiao-Changsha, Shanghai Pudong-Changsha, Shanghai Pudong-Yibin, and Beijing Daxing-Ulanhot [1] International Market Developments - Resumed international flights include Nanchang-Singapore, with increased frequency on the Guangzhou-Bangkok route [1]

Core Viewpoint - China Eastern Airlines (600115.SH) reported an increase in passenger capacity and turnover for August 2025, indicating growth in both domestic and international markets [1] Group 1: Capacity and Performance Metrics - The passenger capacity input (measured in available seat kilometers) for August 2025 increased by 6.76% year-on-year [1] - The passenger turnover (measured in revenue passenger kilometers) for August 2025 rose by 8.72% year-on-year [1] - The passenger load factor reached 88.34%, an increase of 1.59 percentage points year-on-year [1] Group 2: Cargo Performance - The cargo and mail turnover (measured in cargo mail ton kilometers) for August 2025 increased by 16.39% year-on-year [1] Group 3: Route Developments - In the domestic market, new routes were launched including Ordos-Yangzhou, Hefei-Lvliang, Wenzhou-Beihai, and Wuhan-Tangshan, while routes such as Ningbo-Nanchang and Beijing Daxing-Yueyang were resumed [1] - The frequency of routes from Shanghai Hongqiao to Xining, Changsha, and from Shanghai Pudong to Changsha, Yibin, as well as Beijing Daxing to Ulanhot were increased [1] - In the international market, the Nanchang-Singapore route was resumed and the Guangzhou-Bangkok route frequency was increased [1]

Core Insights - The company reported a year-on-year increase in passenger volume of 9.3% in July [1] - The mail and cargo volume also saw a year-on-year growth of 10.5% [1] Company Performance - The increase in passenger volume indicates a positive trend in demand for air travel [1] - The growth in mail and cargo volume suggests an expanding logistics and freight operation [1]