Aviation stocks remain under pressure. At the time of writing, CHINA EAST AIR (00670) fell 2.38% to HKD 4.10; AIR CHINA (00753) dropped 2.14% to HKD 5.04; CHINA SOUTH AIR (01055) declined 1.16% to HKD 4.25. On the news front, U.S.-Iran negotiations have shown no progress, keeping oil prices elevated. It was reported that on May 11 local time, former U.S. President Trump stated the current ceasefire agreement between the U.S. and Iran is "extremely fragile" and in a "precarious" state. Earlier reports indicated Iran formally rejected the U.S.-proposed plan, viewing acceptance as submission to what it termed excessive demands from Trump. Trump subsequently responded on social media, calling Iran's response "completely unacceptable." Shenwan Hongyuan Securities noted that recent geopolitical conflicts have driven a significant rise in oil prices, putting short-term operational pressure on airlines, but external shocks do not alter the long-term positive supply-demand trend for the industry.