Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - In October, the manufacturing PMI continued to be below the boom - bust line for the seventh consecutive month, with a larger - than - seasonal decline due to holiday disruptions and external factors. The new export order index was affected by trade frictions but is expected to rebound in November. The service industry's business activity index showed a mild expansion, and the new policy - based financial instruments are expected to promote economic development [2][3][10]. 3. Summary by Related Contents Manufacturing Industry - **Overall PMI**: In October, the manufacturing PMI was 49.0%, down from 49.8% in the previous month. The decline had some seasonal factors but was larger due to holiday and external impacts. Large - scale enterprises' PMI dropped below the boom - bust line after 5 - month expansion, medium - sized enterprises remained stable, and small - sized enterprises faced greater pressure [2][5]. - **Production and Demand**: The production index was 49.7% (previous 51.9%), and the new order index was 48.8% (previous 49.7%), indicating a slowdown in production and a decline in market demand. The new export order index was 45.9% (previous 47.8%), pulling down the overall new order index. It is expected to rebound in November due to Sino - US trade talks [2][5][6]. - **Industry Performance**: New - energy - related industries such as equipment manufacturing, high - tech manufacturing, and consumer goods manufacturing remained in the expansion range. The basic raw material industry's PMI continued to decline. Some industries like农副 food processing and automotive were active, while others like textile and chemical fiber had weak supply and demand [2][5]. - **Price and Inventory**: The main raw material purchase price index was 52.5% (previous 53.2%), and the ex - factory price index was 47.5% (previous 48.2%), squeezing corporate profits. The raw material inventory index was 47.3% (previous 48.5%), and the finished - product inventory index was 48.1% (previous 48.2%), showing cautious inventory increase [3][6][7]. - **Employment and Expectation**: The manufacturing employment index was 48.3% (previous 48.5%), with little change. The production and business activity expectation index was 52.8% (previous 54.1%), with a slight decline in expectations [8]. Non - manufacturing Industry - **Overall Non - manufacturing**: In October, the non - manufacturing business activity index was 50.1%, up slightly from 50.0% in the previous month [4][8]. - **Construction Industry**: The construction business activity index was 49.1% (previous 49.3%), with a slight decline. The new order index was 45.9% (previous 42.2%), and the employment index was 39.9% (previous 39.7%). The business activity expectation index was 56.0% (previous 52.4%). The real - estate market continued to drag down the construction industry [8]. - **Service Industry**: The service business activity index was 50.2% (previous 50.1%), showing a mild expansion. The new order index was 46.0% (previous 46.7%), the employment index was 46.1% (previous 45.9%), and the business activity expectation index was 56.1% (previous 56.3%). Some industries like railway and aviation were in a high - level boom range, while insurance and real - estate were weak [9]. Policy Impact As of the end of October, 500 billion yuan of new policy - based financial instruments were fully invested, and the supported projects are expected to be implemented intensively from October to December, driving over 7 trillion yuan in total project investment and promoting economic development [4][10].

证券研究报告 港股通 中国国航 (601111 CH/753 HK) 公司盈利或充分受益行业景气改善 华泰研究 季报点评 2025 年 10 月 31 日│中国内地/中国香港 航空运输 公司公布 9M25 业绩：收入 1298.26 亿元，同增 1.3%；归母净利润 18.70 亿元，同增 37.3%。其中三季度公司实现收入 490.69 亿元，同增 0.9%； 归母净利润 36.76 亿元，同降 11.3%。公司 3Q25 净利低于我们预期的 43.4 亿元，或由于 3Q 成本小幅超预期。往后展望，我们认为近期票价同比转正 有望在 4Q 延续。中长期行业供给增速或将保持低位，叠加反内卷和收益管 理精进，收益水平有望改善，同时油价下跌有望降低航司成本压力。公司拥 有优质航线，有望更为充分地兑现盈利弹性。维持"买入"。 3Q 客座率表现稳健，收益水平承压 3Q25 旺季公司运力投放较为谨慎，客座率有所提升。供/需分别同增 1.9%/3.6%，客座率为 82.3%，同增 1.3pct。其中国内线供给同比稍有收缩， 同降 0.6%，客座率同增 1.3pct 至 83.7%；国际线增速逐步回落，供给同增 9.3%，为 ...

10月30日晚，中国国航发布公告，公司拟向控股股东中航集团与关联方中航控股定增募资不超过200亿 元，发行价格为每股6.57元。 受此影响，10月31日收盘，中国国航股价大跌8.07%，报收7.86元/股，最新市值为1371亿元。按此价格 计算，此次定增发行价格仍然折价了16.41%。 至于本次定增募资的用途，中国国航表示，募集资金净额拟全额用于偿还债务及补充流动资金，以降低 资产负债率、优化资本结构，增强公司资金实力，进一步提升公司抗风险能力。 由于航空业具有显著的资本密集型特征，导致中国国航的经营杠杆较重。截至三季度末，中国国航存在 短期借款97.59亿元、应付短期融资债券115.67亿元、长期借款725.21亿元、应付债券290.00亿元，有息 负债规模较大。 并且近年来，中国国航的负债率一直维持在高位，2022年末、2023年末、2024年末和2025年9月末，公 司资产负债率分别为92.69%、89.48%、88.16%和87.88%。 事实上，在此之前，中国国航为扩大业务规模，已进行了多轮增发股票募资行为。2023年，中国国航以 每股人民币8.95元的发行价格非公开发行A股股票16.76亿股，募集 ...

Core Viewpoint - The seventh Small Airport and Regional Economic Development Forum was held in Chengdu, Sichuan, focusing on collaborative innovation and exploring new paths for the safe and innovative development of small airports [1][4]. Group 1: Forum Overview - The forum was co-hosted by the Civil Aviation Administration of China (CAAC) and the Chengdu Shuangliu Economic Development Zone Management Committee, with participation from various industry leaders and representatives from government, airports, airlines, and research institutions [1][2]. - Key attendees included Ma Zhigang, Director of the Airport Division of CAAC, and Ouyang Ting, Director of the Southwest Regional Administration of Civil Aviation [1]. Group 2: Challenges and Development of Small Airports - Ma Zhigang emphasized that small airports are crucial to the national airport system and play a significant role in addressing the imbalance in civil aviation development and meeting public needs [2]. - Current challenges for small airports include the need for improved operational safety, better planning and design, and enhanced construction management capabilities [2]. - The development of small airports requires a collaborative effort to enhance safety management, planning, construction safety, and regulatory standards [2]. Group 3: Discussions and Collaborations - The forum featured discussions on airport safety system construction, risk prevention, engineering quality, air traffic control support, emergency management, and the digital and green transformation of airports [3]. - Local governments, airlines, research institutions, and industry representatives shared experiences on the relationship between small airports and regional economic development, as well as the practical exploration of route network layouts [3]. Group 4: Agreements and Promotions - During the forum, the Shuangliu District government signed cooperation agreements with several companies, including Chuanfa Aviation Investment and Yizhan Aviation Technology [5]. - The forum also hosted a promotional event for the 2025 Airport Technology and Service Innovation, focusing on cutting-edge technologies and innovative solutions in the domestic airport sector [5].

Core Insights - China Eastern Airlines' e-commerce platform has partnered with JD.com to enhance its offerings by integrating nearly one million JD self-operated products into the Eastern Airlines Mall [1][3] - This collaboration aims to build a cross-industry ecosystem by combining aviation and e-commerce, providing Eastern Airlines members with a wider range of options for redeeming loyalty points [1][3] Group 1: Partnership Details - The partnership involves JD.com’s subsidiary, JD Yuanmai, which will manage the self-operated business operations for JD.com [3] - Eastern Airlines Mall has integrated various JD product categories, including 3C digital products, home appliances, and books, allowing members to shop through the Eastern Airlines app [3] - Members can redeem products using "Oriental Mileage" points or a combination of points and cash, ensuring flexibility in payment options [3] Group 2: Strategic Implications - This initiative is part of Eastern Airlines' strategy to deepen its "aviation + e-commerce" approach and explore cross-industry ecosystem development [3] - The Eastern Airlines app already offers a range of services, including hotel bookings, instant car services, airport transfers, in-flight Wi-Fi, and ticket reservations, indicating a comprehensive service platform [3] - The product offerings on Eastern Airlines Mall are continuously expanding, with nearly one million items available, including cultural products, daily necessities, and entertainment tickets [3]

Group 1: Manufacturing Purchasing Managers Index (PMI) - In October, the manufacturing PMI decreased to 49.0%, down by 0.8 percentage points from the previous month, indicating a slowdown in production activities [1][2] - Both production index and new orders index fell to 49.7% and 48.8%, respectively, reflecting a decline in production and market demand [2] - Large enterprises maintained a PMI above the critical point, with indices at 50.9% for production and 50.1% for new orders, indicating sustained expansion in this segment [2][3] Group 2: Non-Manufacturing Business Activity Index - The non-manufacturing business activity index rose to 50.1%, an increase of 0.1 percentage points, indicating slight expansion [4][5] - The service sector's business activity index reached 50.2%, showing improvement, particularly in sectors like transportation and hospitality, which benefited from holiday effects [5] - The construction sector's business activity index slightly declined to 49.1%, but the business activity expectation index improved to 56.0%, suggesting a more optimistic outlook [5] Group 3: Comprehensive PMI Output Index - The comprehensive PMI output index stood at 50.0%, indicating overall stability in production and business activities across sectors [6]

10月31日，沪深三大指数调整，创业板指跌超2.3%。 解析： ‼今日A股三大指数调整，创业板表现相对疲弱，主要受多因素交织影响。一方面，中美经贸磋商取得 阶段性共识，市场对部分关税及管制措施的缓和已有预期，利好落地后部分资金选择阶段性兑现收益。 另一方面，10月制造业采购经理指数为49.0%，比上月下降0.8个百分点，其中生产指数和新订单指数较 上月均有回落，显示制造业活动出现短期波动。同时，主要指数在前期积累一定涨幅后，自身存在技术 性整固需求，叠加部分上市公司三季报业绩波动，对市场风险偏好形成一定抑制。 ‼10月制造业PMI虽回落至49.0%，但产业结构呈现分化与优化特征。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，且明显高于制造业总体水平，显示产业 升级态势延续，对经济形成重要支撑。非制造业商务活动指数微升至50.1%，重返扩张区间，其中铁路 运输、航空运输、住宿、文化体育娱乐等行业受节日效应带动，商务活动指数均位于60.0%以上的高位 景气区间，反映内需韧性依然稳固。 ♨博时基金市场异动陪伴 市场表现： ‼展望后市，中美经贸关系的缓和迹象有 ...

Manufacturing PMI Overview - In October, the Manufacturing Purchasing Managers' Index (PMI) was 49.0%, a decrease of 0.8 percentage points from the previous month, indicating a decline in manufacturing activity [1][17] - The PMI for large, medium, and small enterprises was 49.9%, 48.7%, and 47.1%, respectively, all below the critical point [1][18] - The production index was 49.7%, down 2.2 percentage points, signaling a slowdown in manufacturing production [2][18] - The new orders index was 48.8%, a decrease of 0.9 percentage points, reflecting a drop in market demand [3][18] - The raw materials inventory index was 47.3%, down 1.2 percentage points, indicating a continued reduction in inventory levels [4][18] - The employment index was 48.3%, a slight decrease of 0.2 percentage points, suggesting a minor decline in employment levels within the manufacturing sector [5][18] Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index was 50.1%, an increase of 0.1 percentage points, indicating expansion in the non-manufacturing sector [6][17] - The service sector's business activity index was 50.2%, up 0.1 percentage points, showing a slight recovery in service sector activity [6][20] - The new orders index for non-manufacturing was 46.0%, unchanged from the previous month, indicating weak market demand [6][20] - The input prices index was 49.4%, an increase of 0.4 percentage points, suggesting a narrowing decline in input prices for non-manufacturing businesses [6][20] - The employment index for non-manufacturing was 45.2%, a slight increase of 0.2 percentage points, indicating a minor improvement in employment conditions [7][20] Composite PMI Overview - The Composite PMI Output Index was 50.0%, a decrease of 0.6 percentage points, indicating overall stability in production and business activities [8][21] - The manufacturing production index was 49.7%, while the non-manufacturing business activity index was 50.1%, contributing to the composite index's position at the critical point [21]

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本次向特定对象发行A股股票的数量为不超过3,044,140,030股（含本数），不超过发行前公司总股 本的30%。 本次向特定对象发行A股股票的发行对象为中航集团和中航控股，中航集团为公司控股股东，中航 控股为中航集团全资子公司，中航集团和中航控股均为公司的关联方，其参与本次向特定对象发行A股 股票的认购构成关联交易。 本次向特定对象发行A股股票完成后，中航集团仍为公司控股股东，公司的控股股东与实际控制人 不变，不会导致公司的控制权发生变化。 本次向特定对象发行A股股票的发行对象为中国航空集团有限公司（以下简称"中航集团"）和中国 航空资本控股有限责任公司（以下简称"中航控股"），中航集团和中航控股拟以现金方式认购公司本次 发行的全部A股股票。其中，中航集团拟认购不低于人民币50亿元；中航控股拟认购不超过人民币150 亿元。 中航集团为中国国航的控股股东；中航控股为中航集团全资子公司，为上市公司控股股东控制的关 联方。中航集团和中航控股参与认购本次向特定对象发行A股股票构成与公司的关联交易，公司将根据 相关法规要求履行相应的关联交易审批及披露程序。 本次向特定对象发行A股股票的价格为6.57元/股，不低于定价 ...