Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Probe / Caixin Explains: EU probe into Chinese EV-makers’ alleged state support</li><li>China-Australia /: China, Australia agree to boost engagement in trade, energy</li><li>Property /: China should avoid a real estate ‘hard landing,’ former Chongqing mayor says</li></ul>

Probe / Caixin Explains: EU probe into Chinese EV-makers’ alleged state supportChina-Australia /: China, Australia agree to boost engagement in trade, energyProperty /: China should avoid a real estate ‘hard landing,’ former Chongqing mayor says

CX Daily: EU Probe Into Chinese EV-Makers’ Alleged State Support 

Thematic (Sector/Industry)

<ul><li>The number of weekly flights between China and the U.S. will increase again next month, sparking hopes that more supply will put downward pressure on sky-high ticket prices.</li><li>But industry insiders warned that the cost of a ticket won’t drop significantly anytime soon, as low travel demand means American airlines are taking a “cautious” approach to resuming operations.</li><li>From Nov. 9, Chinese carriers will be able to operate 35 weekly round-trips to the U.S., according to a U.S. Department of Transportation order issued Friday. </li></ul>

The number of weekly flights between China and the U.S. will increase again next month, sparking hopes that more supply will put downward pressure on sky-high ticket prices.But industry insiders warned that the cost of a ticket won’t drop significantly anytime soon, as low travel demand means American airlines are taking a “cautious” approach to resuming operations.From Nov. 9, Chinese carriers will be able to operate 35 weekly round-trips to the U.S., according to a U.S. Department of Transportation order issued Friday. 

More China-U.S. Flights Unlikely to Bring Down High Ticket Prices 

<ul><li>AI / In Depth: The opportunities and roadblocks facing China’s AI models</li><li>Li Keqiang /: Li Keqiang’s remains to be cremated in Beijing on Thursday</li><li>China-U.S. /: California Governor Newsom visit boosts U.S.-China relations, climate collaboration</li></ul>

AI / In Depth: The opportunities and roadblocks facing China’s AI modelsLi Keqiang /: Li Keqiang’s remains to be cremated in Beijing on ThursdayChina-U.S. /: California Governor Newsom visit boosts U.S.-China relations, climate collaboration

CX Daily: The Opportunities and Roadblocks Facing China’s AI Models 

<ul>
<li>Family / Cover Story: China’s family-run businesses face succession issues </li>
<li>China-U.S. /: China, U.S. ‘working together’ on Biden-Xi meeting at APEC next month</li>
<li>Personnel /: Communist Party names new economic czar</li>
</ul>


Family / Cover Story: China’s family-run businesses face succession issues 
China-U.S. /: China, U.S. ‘working together’ on Biden-Xi meeting at APEC next month
Personnel /: Communist Party names new economic czar


CX Daily: China’s Family-Run Businesses Face Succession Issues 

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>The underperformance of Chinese airlines looks unjustified to us, especially in view of the significant narrow-down in losses in 2Q23, particularly for <a href="https://www.smartkarma.com/entities/air-china-ltd-h" target="_blank" data-smartkarma-citation="entities:8239:1" rel="noopener">Air China Ltd (753 HK)</a>. </li>
<li>While domestic passenger capacity has fully recovered, international capacity is still more than 50% below Jun 2019. We anticipate its recovery will drive profitability over the next 12 months.</li>
<li>We prefer <a href="https://www.smartkarma.com/entities/air-china-ltd-h" target="_blank" data-smartkarma-citation="entities:8239:1" rel="noopener">Air China Ltd (753 HK)</a> given its excellent leverage to international routes and exposure to <a href="https://www.smartkarma.com/entities/cathay-pacific-airways-ltd" target="_blank" data-smartkarma-citation="entities:243:1" rel="noopener">Cathay Pacific Airways (293 HK)</a>. Its FY24F ROE of 45% is impressive too. </li>
</ul>


The underperformance of Chinese airlines looks unjustified to us, especially in view of the significant narrow-down in losses in 2Q23, particularly for Air China Ltd (753 HK). 
While domestic passenger capacity has fully recovered, international capacity is still more than 50% below Jun 2019. We anticipate its recovery will drive profitability over the next 12 months.
We prefer Air China Ltd (753 HK) given its excellent leverage to international routes and exposure to Cathay Pacific Airways (293 HK). Its FY24F ROE of 45% is impressive too. 


China

Air China is the flag carrier airline of the People's Republic of China, primarily providing air passenger and air cargo services, including both domestic and international flights. The company also offers a range of airline-related services such as aircraft engineering and airport ground handling. It was founded in 1988 and is headquartered in Beijing, People's Republic of China.

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Air China (753 HK)

CX Daily: EU Probe Into Chinese EV-Makers’ Alleged State Support

Probe / Caixin Explains: EU probe into Chinese EV-makers’ alleged state support Chinese electric-vehicle (EV) manufacturers’ European business has...

Caixin Global

More China-U.S. Flights Unlikely to Bring Down High Ticket Prices

The number of weekly flights between China and the U. S. will increase again next month, sparking hopes that more supply will put downward...

Caixin Global

CX Daily: The Opportunities and Roadblocks Facing China’s AI Models

AI / In Depth: The opportunities and roadblocks facing China’s AI models Since Beijing lifted the floodgates for Chinese firms to launch their...

Caixin Global

CX Daily: China’s Family-Run Businesses Face Succession Issues

Family / Cover Story: China’s family-run businesses face succession issues China’s economic boom over the past four decades has driven the...

Caixin Global

Chinese Airlines: Taking off Again

The underperformance of Chinese airlines is unjustified. Recovery of international routes over the next 12 months and exposure to Cathay Pacific...

Osbert Tang, CFA

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