Core Viewpoint - The company has announced its third-quarter financial report for 2025, including significant updates on management changes and share repurchase plans [3][10][19]. Financial Data - The financial report is unaudited and covers the period from January to September 2025, with specific financial metrics presented in millions of RMB [3][9]. - The company has initiated a share repurchase plan, intending to buy back A-shares between RMB 250 million and RMB 500 million and H-shares within the same range, with the repurchase period set from November 8, 2024, to November 7, 2025 [6][10]. Management Changes - The company has appointed Gao Fei as the new General Manager, effective from October 30, 2025, with his term aligned with the current board's tenure [10][20]. - Gao Fei has a substantial background in the aviation industry, having held various senior positions in China Southern Airlines before joining China Eastern Airlines [12]. Board Decisions - The board meeting on October 30, 2025, approved several resolutions, including the third-quarter financial report and amendments to various internal regulations [13][15][18]. - The board also decided to nominate Gao Fei as a candidate for the tenth board of directors, pending approval at the next shareholders' meeting [20].

国家统计局10月31日发布数据显示，10月份，制造业采购经理指数（PMI）为49.0%，比上月下降0.8个百分点；非制造业商务活动指数为50.1%，比上月 上升0.1个百分点；综合PMI产出指数为50.0%，比上月下降0.6个百分点，我国经济总体产出保持总体稳定。三大重点行业保持扩张。10月份，高技术制造 业、装备制造业和消费品行业PMI分别为50.5%、50.2%和50.1%，继续位于扩张区间。 制造业PMI有所回落 国家统计局服务业调查中心首席统计师霍丽慧表示，10月份，受"十一"假期前部分需求提前释放及国际环境更趋复杂等因素影响，制造业生产活动较上月 放缓，PMI降至49%。 中国物流与采购联合会特约分析师张立群认为，10月份制造业PMI有所回落，应加大宏观经济政策逆周期调节力度，有效扩大需求，增加企业订单，尽快 带动企业生产投资回暖。 非制造业商务活动指数 升至扩张区间 图片来源：国家统计局 供需两端有所放缓。霍丽慧表示，10月份，生产指数和新订单指数分别为49.7%和48.8%，比上月下降2.2个和0.9个百分点，制造业企业生产和市场需求均 有所回落。从行业看，农副食品加工、汽车、铁路船舶航空航天设 ...

（原标题：10月制造业PMI回落至49% 三大重点行业保持扩张） 10月31日，国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。 10月份，制造业采购经理指数为49.0%，比上月下降0.8个百分点；非制造业商务活动指数为50.1%，比 上月上升0.1个百分点；综合PMI产出指数为50.0%，比上月下降0.6个百分点，我国经济总体产出保持总 体稳定。 分析认为，10月份，尽管制造业市场供需两端有所偏弱，企业活力也有所承压，但是制造业仍有亮点， 加上积极有为的宏观政策继续落地显效，宏观经济仍具备趋稳运行基础。非制造业商务活动指数的细分 指数变化显示，节日消费带动作用明显，基础建设投资相关活动有加速启动迹象。 制造业短期波动 10月份，制造业PMI为49%，结束连续2个月上升走势。13个分项指数同上月相比均有所下降，降幅在 0.1至2.6个百分点之间。大中小企业运行也均有所承压。 国家统计局服务业调查中心首席统计师霍丽慧表示，10月份，受"十一"假期前部分需求提前释放及国际 环境更趋复杂等因素影响，制造业生产活动较上月放缓。 数据显示，10月份，制造业生产指数为49.7%，较上月下降2.2个百 ...

分析认为，10月份，尽管制造业市场供需两端有所偏弱，企业活力也有所承压，但是制造业仍有亮点，加上积极有为的宏观政策继续落地显效，宏观经济仍 具备趋稳运行基础。非制造业商务活动指数的细分指数变化显示，节日消费带动作用明显，基础建设投资相关活动有加速启动迹象。 制造业短期波动 10月份，制造业PMI为49%，结束连续2个月上升走势。13个分项指数同上月相比均有所下降，降幅在0.1至2.6个百分点之间。大中小企业运行也均有所承 压。 国家统计局服务业调查中心首席统计师霍丽慧表示，10月份，受"十一"假期前部分需求提前释放及国际环境更趋复杂等因素影响，制造业生产活动较上月放 缓。 数据显示，10月份，制造业生产指数为49.7%，较上月下降2.2个百分点，在连续5个月运行在扩张区间后降至收缩区间，但指数仍接近50%，显示制造业生 产活动较上月小幅放缓。 10月31日，国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。 10月份，制造业采购经理指数为49.0%，比上月下降0.8个百分点；非制造业商务活动指数为50.1%，比上月上升0.1个百分点；综合PMI产出指数为 50.0%，比上月下降0.6个百分 ...

Market Overview - The Hang Seng Index fell by 0.89%, down 232 points, closing at 26,050 points, while the Hang Seng Tech Index dropped by 1.91% [1] - The early trading volume in the Hong Kong stock market reached HKD 142.3 billion [1] Biotechnology Sector - The Hang Seng Biotechnology Index rebounded by 2.16%, with notable gains in several stocks: - InnoCare Pharma (09606) surged by 10.88% - 3SBio (01530) increased by over 10% - Innovent Biologics rose by 6.82% - Kelun-Biotech (06990) gained 5.69% [1] - Fosen Pharmaceuticals (01652) saw a significant increase, with a peak rise of nearly 74% and an early gain of 59.42% following the approval of Enzalutamide soft capsules and the potential selection of Metformin and Empagliflozin for national procurement [1] - Rongchang Biopharma (09995) rose by 6.75%, reporting a 40% year-on-year revenue growth and a significant reduction in losses for the first three quarters [1] Medical Sector - Spring Medical (01858) increased by over 21%, turning a profit of HKD 77.06 million in the third quarter as the company actively expands its international market [2] New Stocks Performance - Newly listed Dipo Technology (01384) continued to rise, gaining 18.97% and doubling its stock price within three days of listing [3] Financial Sector - China Everbright Bank (06818) fell by 5% post-earnings, with both revenue and profit declining in the third quarter, facing pressure from fair value changes [4] Other Notable Stocks - Huahao Zhongtian Pharmaceutical-B (02563) experienced a significant drop of over 37% due to a large unlock of shares after one year of listing [5] - Lion Holdings (02562) plummeted over 24% to a new low, planning to issue convertible bonds to raise approximately HKD 260 million for investments in gold and related products [6] - Air China (00753) dropped over 8%, with a more than 11% decline in net profit for the third quarter, and plans to raise up to HKD 20 billion through A-share placement [7]

春立医疗(01858)涨超21%，三季度扭亏为盈赚7706.19万元，公司积极开拓国际市场业务。 港股恒生指数跌0.89%，跌232点，报26050点；恒生科技指数跌1.91%。港股早盘成交1423亿港元。 恒生生物科技指数反弹2.16%。指数成份股中，映恩生物-B(09606)涨10.88%；三生制药(01530)涨超 10%；信达生物涨6.82%；科伦博泰生物-B(06990)涨5.69%。 福森药业(01652)盘中涨近74%，早盘涨59.42%；恩扎卢胺软胶囊获批上市，二甲双胍恩格列净片拟中 选国家集采。 荣昌生物(09995)涨6.75%，前三季度收入同比增长四成，亏损明显收窄。 中国光大银行(06818)绩后跌5%，前三季度收入利润双降，公允价值变动损益承压。 华昊中天医药-B(02563)一度跌超37%，上市届满一年迎来大额解禁。 狮腾控股(02562)重挫逾24%创新低，拟发行可转债募资约2.6亿港元，投资黄金及相关产品。 中国国航（601111）(00753)重挫逾8%，第三季度纯利下滑逾11%，拟定增A股筹资不超200亿元。 次新股滴普科技(01384)继续大涨18.97%，上市后三天股价 ...

Group 1: Yonghui Supermarket - Yonghui Supermarket's application for a private placement has been accepted by the Shanghai Stock Exchange for review [1] Group 2: Suzhou Bank - Suzhou Bank reported a net profit of 4.477 billion yuan for the first three quarters, a year-on-year increase of 7.12% [2] - The bank's operating income for the same period was 9.477 billion yuan, up 2.02% year-on-year [2] Group 3: Guohai Securities - Guohai Securities achieved a net profit of 705 million yuan in the first three quarters, marking a significant year-on-year increase of 282.96% [4] - The company's operating income for the same period was 2.617 billion yuan, up 24.22% year-on-year [4] Group 4: China Baoneng - China Baoneng reported a net profit of 283 million yuan for the first three quarters, a decline of 26.51% year-on-year [5] - The company's operating income for the same period was 16.812 billion yuan, an increase of 14.87% year-on-year [5] Group 5: Shahe Co., Ltd. - Shahe Co., Ltd. plans to acquire 70% of the shares of Shenzhen Jinghua Display Electronics Co., Ltd. [7] - The company reported a net loss of 32.22 million yuan in the first three quarters [9] Group 6: China Power - China Power reported a net profit of 1.208 billion yuan for the first three quarters, a year-on-year increase of 62.5% [10] - The company's operating income for the same period was 40.971 billion yuan, up 11.88% year-on-year [10] Group 7: Shanghai Electric - Shanghai Electric achieved a net profit of 1.065 billion yuan in the first three quarters, a year-on-year increase of 8.48% [11] - The company's operating income for the same period was 81.789 billion yuan, up 7.50% year-on-year [11] Group 8: China Shipbuilding Defense - China Shipbuilding Defense reported a net profit of 655 million yuan for the first three quarters, a year-on-year increase of 249.84% [12] - The company's operating income for the same period was 14.315 billion yuan, up 12.83% year-on-year [12] Group 9: China Merchants Shekou - China Merchants Shekou reported a net profit of 2.497 billion yuan for the first three quarters, a decline of 3.99% year-on-year [13] - The company's operating income for the same period was 89.766 billion yuan, up 15.07% year-on-year [13] Group 10: Zhejiang Merchants Bank - Zhejiang Merchants Bank reported a net profit of 11.668 billion yuan for the first three quarters, a decline of 9.59% year-on-year [17] - The bank's operating income for the same period was 48.931 billion yuan, down 6.78% year-on-year [17] Group 11: Inspur Information - Inspur Information reported a net profit of 1.482 billion yuan for the first three quarters, a year-on-year increase of 15.35% [17] - The company's operating income for the same period was 120.669 billion yuan, up 44.85% year-on-year [17] Group 12: China National Aviation - China National Aviation reported a net profit of 1.870 billion yuan for the first three quarters, a year-on-year increase of 37.31% [27] - The company's operating income for the same period was 129.826 billion yuan, up 1.31% year-on-year [27] Group 13: Huayin Power - Huayin Power reported a net profit of 357 million yuan for the first three quarters, a year-on-year increase of 954.94% [28] - The company's operating income for the same period was 6.362 billion yuan, up 3.23% year-on-year [28]

上 市 公 司 交通运输 —— 公司盈利逐步兑现，三季度经营持续增长 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： 2025 年 10 月 30 日 | | | --- | --- | | 收盘价（元） | 10.80 | | 一年内最高/最低（元） | 11.29/6.50 | | 市净率 | 3.8 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 13,805 | | 上证指数/深证成指 3,986.90/13,532.13 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 3.12 | | 资产负债率% | 83.16 | | 总股本/流通 A 股（百万） | 1,278/1,278 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 10-30 11-30 12-31 01-31 02-28 03-31 04-30 05-31 06-30 07-31 08-31 09-30 -40% -20% 0% 20% ...

Group 1 - Airline stocks experienced a broad decline, with China National Aviation (601111) down 8.51% to HKD 5.59, Southern Airlines (600029) down 3.56% to HKD 4.61, Beijing Capital Airport (00694) down 1.4% to HKD 2.81, Eastern Airlines (00670) down 0.75% to HKD 3.96, and Meilan Airport (00357) down 0.57% to HKD 10.49 [1] - Huatai Securities reported that in September, after the summer travel season, the growth rate of airline capacity slightly slowed, while the passenger load factor remained high. Due to a recovery in business travel demand, ticket prices began to show positive year-on-year growth [1] - The three major airlines, along with Spring Airlines and Juneyao Airlines, saw ASK/RPK growth of 3.9% and 7.1% respectively, leading to a 2.6 percentage point increase in passenger load factor to 86.0% [1] Group 2 - Cinda Securities indicated that during the National Day and Mid-Autumn Festival holiday, the industry saw a year-on-year increase in ticket prices, with sustained positive pricing in early October and relatively strong demand [2] - As the fourth quarter enters a low season dominated by business travel, there is potential for significant year-on-year improvement due to last year's low base, which may drive the recovery of airline unit revenue [2] - The industry continues to maintain a high passenger load factor, with both domestic and international routes performing well, and recent ticket prices have consistently shown positive growth [2]

Group 1 - Airline stocks experienced a broad decline, with China National Aviation (00753) down 8.51% to HKD 5.59, China Southern Airlines (01055) down 3.56% to HKD 4.61, Beijing Capital International Airport (00694) down 1.4% to HKD 2.81, China Eastern Airlines (00670) down 0.75% to HKD 3.96, and Meilan Airport (00357) down 0.57% to HKD 10.49 [1] - According to Huatai Securities, after the summer travel season, the growth rate of airline capacity slightly slowed in September, while the passenger load factor remained high at 86.0%, an increase of 2.6 percentage points year-on-year [1] - The outlook for the new flight season indicates a continued tightening of flight schedules year-on-year, with signs of improvement in the industry, alongside a potential continuation of positive ticket prices in Q4 due to lower oil prices reducing cost pressures for airlines [1] Group 2 - According to Cinda Securities, during the National Day and Mid-Autumn Festival holiday, the industry saw a year-on-year increase in ticket prices, with demand remaining relatively strong in early October [2] - The fourth quarter is entering a low season primarily driven by business travel, with significant year-on-year improvements expected due to last year's low base, which will help restore unit revenue for airlines [2] - The ongoing "anti-involution" measures and the implementation of the "Convention" are expected to reduce malicious low pricing in the industry, further supporting the recovery of ticket prices and unit revenue for airlines [2]