Airline stocks experienced a broad-based pullback. At the time of writing, China Eastern Airlines (00670) fell 5.17% to HK$5.5; Air China (00753) dropped 4.95% to HK$7.11; China Southern Airlines (01055) declined 3.11% to HK$5.92; and Cathay Pacific (00293) decreased 1.51% to HK$12.42. The movement comes against a backdrop of recent fluctuations in oil prices and exchange rates. According to a Huachuang Securities research report, based on disclosures from various airlines' 2025 interim reports, a 10% change in oil prices corresponds to an annualized cost impact of approximately 4.3 to 5.1 billion yuan for the three major airlines, while a 1% fluctuation in the exchange rate affects them by 1.3 to 2.6 billion yuan. Cathay Haitong Securities recently indicated that demand for the 2026 Spring Festival travel rush is expected to remain robust; the civil aviation authority will strictly control route additions and frequency increases by airlines in major markets, suggesting limited additional flights for the holiday period; furthermore, the effect of combining leave around the Spring Festival is anticipated to be weaker than in previous years, which may lead to more concentrated passenger flows before and after the holiday, potentially benefiting airline revenue management.