南财智讯1月30日电，中国国航发布业绩预亏公告，公司预计2025年度归属于上市公司股东的净亏损约 为人民币13亿元到人民币19亿元。2025年，中国经济总体平稳向好，民航业延续稳健增长趋势，公司抓 住市场机遇、积极应对行业发展新常态，深入推进提质增效。持续优化生产组织，挖潜可用飞机资源确 保有效投入；动态把握市场流向，科学平衡量价关系稳定收益品质；全面升级成本管控，强化"过紧日 子"意识压降成本水平。公司全力以赴促生产、强经营、稳增长，经营效益整体呈现增投增收降本特 点，巩固了经营质量持续向优态势。公司严格执行企业会计准则，于资产负债表日对递延所得税资产的 账面价值进行复核，相应转回部分递延所得税资产，预计2025年归属于上市公司股东净利润出现亏损。 ...

Group 1 - The company expects a net loss attributable to shareholders of approximately 1.3 billion to 1.9 billion yuan for the year 2025, compared to a net loss of 237 million yuan in the same period last year [1] - The company is committed to enhancing production, strengthening operations, and stabilizing growth, with overall operational efficiency showing characteristics of increased investment, revenue growth, and cost reduction [1] - The company has strictly adhered to accounting standards and reviewed the carrying value of deferred tax assets on the balance sheet, leading to an expected net loss for 2025 [1]

Core Insights - The aviation sector has been on a continuous upward trend since Q4 2025, driven by strong high-frequency data performance and improved market expectations, with the aviation transportation index rising by 10% since September 30, 2025 [11] - The current supply constraints are expected to lead to a prolonged period of tight supply, with historical comparisons indicating that this cycle's sustainability will exceed previous cycles [4][11] - The supply-demand mismatch in the aviation industry is anticipated to become more pronounced over time, leading to significant price elasticity and performance improvements that may exceed market expectations [4][12] Group 1: Supply Constraints and Capacity - Supply constraints have become evident, with domestic passenger traffic growth slowing to approximately 680 million passengers in 2025, a 4% year-on-year increase, indicating that supply limitations are restricting growth [18] - The passenger load factor reached a historical high of 87.5% in August 2025, with limited capacity for further increases, reflecting the tight supply environment [45] - The average age of the aircraft fleet is increasing, with over 640 aircraft expected to retire by 2030, exacerbating supply constraints as existing orders are insufficient to meet replacement needs [12][49] Group 2: International Demand Recovery - Cross-border passenger traffic is recovering rapidly, with an estimated 130 million passengers in 2025, a 15% year-on-year increase, driven by strong inbound tourism and a low base from the previous year [31] - The domestic airlines have significantly increased their share of international flights, with domestic airlines operating 104% of 2019 levels compared to only 65% for foreign airlines [34] - The international demand is expected to be a core growth engine in 2026, supported by the expansion of visa-free policies that have led to a surge in foreign visitors [3][49] Group 3: Investment Recommendations - The aviation sector is recommended for investment due to strong supply logic and limited growth in fleet size, with significant performance improvement potential driven by demand elasticity and external factors such as oil prices [4][11] - Specific airlines such as China Eastern Airlines, China Southern Airlines, Air China, Spring Airlines, Huaxia Airlines, and Juneyao Airlines are highlighted as key investment opportunities [4] - The report also suggests monitoring global aircraft leasing companies and airport sectors with improving performance [4]

Core Viewpoint - The China Air Transport Association has released a draft standard for public consultation regarding the reservation of seats on flights, aiming to regulate the classification and information disclosure of economy class seats by airlines [1][2]. Group 1: Seat Classification and Regulations - Airlines are required to categorize economy class seats into "free selectable seats" and "reserved seats" [2]. - Reserved seats are further divided into operationally necessary reserved seats (for safety and service needs) and value-added reserved seats (including reward points/miles redemption and paid reservations for international and regional flights) [2]. - Domestic flights must ensure that at least 70% of economy class seats are free selectable, while international and regional flights must have a minimum of 65% [2]. Group 2: Information Disclosure and Transparency - Airlines must clearly inform passengers about the categories of free and reserved seats, redemption standards, paid selection prices (for international and regional flights), and the release time of reserved seats [2]. - A clear seat map must be provided to distinguish between "free selectable," "member selectable," "not selectable online," and "selected seats" to avoid ambiguity and misleading information [2]. Group 3: Consumer Complaints and Industry Response - Several airlines have faced scrutiny for locking certain desirable seats, leading to consumer complaints about unfair practices [3]. - The Jiangsu Consumer Protection Committee has conducted investigations and engaged with multiple airlines regarding the locking of seats that should be part of standard services [3]. - Airlines such as 吉祥航空 and 四川航空 have acknowledged the issues and are undertaking internal evaluations and corrective actions in response to the consumer protection committee's findings [3].

Core Viewpoint - The China Air Transport Association has issued a draft for public consultation regarding the "Flight Seat Reservation Rules for Public Air Transport Enterprises," aiming to standardize seat reservation practices and enhance passenger rights in response to growing demand for personalized travel experiences [1][2]. Group 1: Overview of the New Rules - The new rules require that at least 70% of seats on domestic flights and 65% on international and regional flights be available for free selection by passengers [2]. - The draft aims to address discrepancies in seat selection services among airlines, ensuring a more uniform experience for travelers [1][2]. Group 2: Scope and Applicability - The rules apply to both domestic and international flights operated by public air transport enterprises within China, with foreign airlines encouraged to follow these guidelines [3]. Group 3: Seat Reservation Definitions - Free selectable seats are defined as those available for passengers to choose without additional charges [6]. - Reserved seats are those not open for selection due to safety, special passenger needs, or value-added services [8]. Group 4: General Principles - Safety is prioritized, with seat reservation and release practices needing to comply with safety regulations [18]. - The rules emphasize a passenger-centered approach, ensuring sufficient free seats and respecting diverse passenger needs [19]. Group 5: Seat Reservation Management - Airlines must establish a management system for seat reservations, detailing reasons, quantities, and rules for obtaining and releasing seats [5][21]. - For domestic flights, value-added reserved seats are limited to loyalty program members, and no paid seat selection is allowed [23]. Group 6: Release Rules - Domestic flights must release reserved seats for free selection no later than three hours before departure [27]. - For international flights, reserved seats should be released progressively starting 48 hours before departure, with specific rules for different seat categories [33]. Group 7: Information Disclosure - Airlines must clearly inform passengers about seat reservation options, including free and paid selections, and the rules governing these options [35]. - Seat maps must use clear icons to indicate different seat categories for both domestic and international flights [36][37].

Core Viewpoint - Company *ST Haichin (600753.SH) expects to achieve a profit total of between 48 million to 72 million yuan in 2025, indicating a turnaround from losses in the previous year [1] Financial Performance Expectations - The company anticipates a net profit attributable to shareholders of between 28 million to 42 million yuan for 2025 [1] - The net profit after deducting non-recurring gains and losses is expected to be between 16 million to 24 million yuan [1] - Projected operating revenue for 2025 is estimated to be between 1.45 billion to 1.85 billion yuan, with core operating revenue (excluding unrelated business income) expected to be between 800 million to 1.2 billion yuan [1]

Core Viewpoint - *ST Haichin (600753.SH) has reported continuous losses for three consecutive years from 2022 to 2024, leading to uncertainty regarding its ability to continue as a going concern, resulting in additional risk warnings for its stock starting April 29, 2025 [1] Financial Performance - The company has experienced losses for three consecutive years, specifically from 2022 to 2024 [1] - The recent audit report indicates uncertainty about the company's ability to continue its operations [1] Regulatory Compliance - The company may face delisting from the Shanghai Stock Exchange if it does not meet the conditions outlined in Article 9.3.7 of the Shanghai Stock Exchange Listing Rules regarding the removal of delisting risk warnings [1] - There is a specified deadline for the company to apply for the removal of the delisting risk warning [1] Investor Advisory - Investors are advised to be cautious regarding investment risks associated with the company's stock due to its financial instability and potential delisting [1]

Market Performance - The Hong Kong stock market continued its upward trend with all three major indices closing higher: Hang Seng Index up 2.58% at 27,826.91 points, Hang Seng Tech Index up 2.53% at 5,900.16 points, and the National Enterprises Index up 2.89% at 9,512.24 points [2] - Leading sectors included optical communications, oil, gold, telecommunications, and real estate, while tea and aviation stocks faced downward pressure [3] Optical Communications - Demand for AI infrastructure has spurred the optical communications industry, with Changfei Optical Fiber Cable (06869.HK) leading the sector, closing up 15.43% at 75.20 HKD [4][5] - Corning, a major player in the fiber optics market, saw a single-day increase of over 15%, reaching a historical high, following a long-term agreement with Meta for the procurement of $6 billion worth of fiber optic cables by 2030 [4] Energy Sector - Geopolitical risks have heightened energy security expectations, with China National Offshore Oil Corporation (00883.HK) and China Petroleum & Chemical Corporation (00857.HK) both reaching historical highs, closing up 4.85% and 4.99% respectively [5][6] - The U.S. military's recent military exercises in the Middle East have raised concerns about energy supply stability, contributing to the rise in oil stocks [6] Gold Market - The weakening U.S. dollar has stimulated international gold prices, with Chifeng Jilong Gold Mining (06693.HK) rising 10.65% [7] - The dollar index experienced its largest single-day drop since April 2023, pushing gold prices above $5,200 per ounce [7] Telecommunications - The telecommunications sector is entering a new phase of "deep integration," with China Telecom (00728.HK) rising 6.27% [9] - The Ministry of Industry and Information Technology reported that the three major operators have added 108,000 data center racks, indicating a shift in focus from "broad coverage" to "deep integration" [9] Real Estate - Regulatory optimizations have boosted confidence in the real estate sector, with China Jinmao (00817.HK) rising 11.92% [11] - Feedback from multiple real estate companies indicates that the regulatory body has lifted the monthly reporting requirements for most firms, enhancing market expectations for liquidity and operational environment improvements [11] Individual Stock Movements - Wuneng Zhixing (00800.HK) rose 2.11% as it prepares to launch autonomous buses in Abu Dhabi [17][18] - Kuaishou-W (01024.HK) increased by 4.44%, with its AI product, Keling, surpassing 12 million monthly active users and achieving a 350% growth in paid users [19]

Group 1 - Airline stocks experienced significant declines, with China Southern Airlines down 7.67% to HKD 5.54, China Eastern Airlines down 7.12% to HKD 5.22, and Air China down 3.5% to HKD 6.89 [1] - The Chinese Ministry of Foreign Affairs advised citizens to avoid traveling to Japan during the Spring Festival, leading to the cancellation of all 49 flights to Japan in February [1] - Major airlines including Air China, China Eastern, China Southern, and others announced an extension of their free ticket refund and change policy for flights to Japan until October 24 [1] Group 2 - Dongxing Securities reported that the demand for flights to Japan is affected, causing some capacity to overflow to other routes, which may lead to oversupply in the market [1] - Recent fluctuations in oil prices and exchange rates were noted, with Huachuang Securities indicating that a 10% change in oil prices could impact the annual costs of the three major airlines by approximately CNY 4.3 to 5.1 billion, while a 1% change in exchange rates could affect them by CNY 130 to 260 million [1]

每经AI快讯，港股航空股跌幅居前。截至发稿，南方航空(01055.HK)跌7.67%，报5.54港元；东方航空 (00670.HK)跌7.12%，报5.22港元；中国国航(00753.HK)跌3.5%，报6.89港元。 （文章来源：每日经济新闻） ...