Core Insights - Cathay Pacific Group reported significant growth in passenger and cargo traffic for November 2025, with passenger numbers increasing by 26% year-on-year and cargo volume rising by 10% [1] Passenger Traffic - Cathay Pacific's passenger capacity, measured in available seat kilometers, increased by 22% year-on-year [1] - For the first eleven months of 2025, passenger traffic rose by 27% compared to the same period in 2024 [1] - Hong Kong Express also saw a 27% increase in passenger numbers and an 18% rise in available seat kilometers year-on-year [1] Cargo Traffic - Cathay Pacific's cargo volume for November 2025 increased by 10% year-on-year, with available cargo ton kilometers rising by 7% [1] - For the first eleven months of 2025, cargo volume also grew by 10% compared to the previous year [1] Network Expansion - The group expanded its global route network in November, launching daily services to Changsha and a seasonal route to Adelaide [1] - In 2025, the group plans to add 20 new passenger destinations, bringing the total to 103 worldwide [1] Operational Performance - The passenger load factor reached 87% in November, marking a two-year monthly high, despite the absence of long holidays in Hong Kong [1] - Strong demand on Northeast Asia routes was driven by markets in Hong Kong, Europe, and Southeast Asia [1] Cargo Demand - The demand for cargo services remains stable, particularly for exports from Hong Kong and mainland China, with growth noted in Southeast Asia, South Asia, the Middle East, and Africa [1] - There is an increased demand for specialized cargo transport solutions, with expectations for continued strong demand in the air cargo sector through December [1]

Core Insights - China National Airlines (601111.SH) reported an increase in passenger turnover volume (measured in revenue passenger kilometers) for July 2025 compared to the previous year [1] - The company's passenger capacity input (measured in available seat kilometers) rose by 2.3% year-on-year [1] - In terms of cargo, the cargo capacity input (measured in available cargo ton kilometers) increased by 3.3% year-on-year, while cargo mail turnover volume (measured in revenue cargo ton kilometers) saw a rise of 7.9% [1] - The cargo load factor was recorded at 42.9%, which is an increase of 1.8 percentage points year-on-year [1]