Trash,
That is an excellent assessment of the current situation. I'll add that most of the terminal and runway expansion at HKIA will go to the competition's growth, not CX's. Yield is likely to remain suppressed going forward. Agile cargo competitors will provide excess supply to meet market demand fluctuations. New CX services to secondary markets using the A350 will only strengthen the HK hub to levels already present in the Middle East and elsewhere. Smaller long-haul aircraft like the 787 will continue to offer connectivity between destinations without the use of large hubs like Hong Kong. CX will be reduced to low yield traffic similar to EK, but without the scope of operations to embrace the economies of scale.