以下文章来源于快刀财经 ，作者快刀财经编辑部 快刀财经 . 欢迎关注这个洞察商业真相的公号。快刀财经，商业快媒体、思维孵化器、价值试验场和洗欲中心。 作者：宝璐 来源：快刀财经 你相信有几乎不靠卖机票赚钱，却还赚出泼天富贵的航空公司吗？ 曾经作为中国第二大民企的海航集团，就是这样的狠角色。 -------------------------- 过去两年里，国内最赚钱的航司，一直都是以"空中绿皮"著称的春秋航空。 然而开年一盘算，曾经身负巨债，还因为一张不到700元的票据被列为被执行人的海航， 居然还超 过了春秋航空与"三大航"，成为去年前三季度的"盈利王"。 从资产规模1.2万亿的航空巨兽，坍缩为国内史上最大的破产案，再到数年间便完成扭亏为盈，海 航的商海沉浮史，或许比恒大还要更为魔幻。 01 杠杆之王，资本狂飙 万达王健林曾经说，"企业经营的最高境界就是'空手道'—— 只要你有品牌，有能力，别人找上门 来，你一分钱不出就能挣钱。" 在这番蓝图的描绘下，只用了短短三个月，海航就募集到了2.5亿元资金，远超初始资本金的25 倍。 海航的资本狂飙，就是这样，两手空空，却靠杠杆套出了一个万亿帝国。 1993年，海航 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The current demand in the e-commerce express delivery industry remains resilient, with a top-down "anti-involution" policy driving up express prices, thereby releasing profit elasticity for companies. The long-term outlook for e-commerce express delivery is favorable due to healthy competition opportunities [16] - The oil transportation sector is expected to benefit from sustained crude oil production and tight capacity, with the "Changjin factor" reshaping pricing logic. Geopolitical changes may continue to catalyze sentiment or fundamentals, leading to a significant improvement in the oil transportation market in 2026 [16] - The bulk shipping market is anticipated to recover, driven by environmental regulations limiting the operation of aging fleets and increased production of iron ore from Australia, Brazil, and West Africa. The market is expected to enter a "new cycle" [16] - The shipping industry is experiencing a green renewal cycle, with demand driven by shipping market recovery and progress in green updates. The new shipbuilding market is expected to improve as constraints ease [16] Summary by Sections Shipping and Ports - Iran may establish a "safe passage" in the Strait of Hormuz, with multiple countries negotiating with Tehran for ship passage. However, security experts warn of potential delays or seizures by Iranian forces [4] - MSC Group has acquired a 50% stake in Changjin Shipping, supporting aggressive expansion of its VLCC fleet, which is estimated to control 150 VLCCs, significantly impacting market concentration and pricing [5] - The SCFI composite freight index decreased by 0.2% to 1707 points, with varying changes in freight rates across different routes [6] - The BDTI index for VLCC freight rates increased by 0.26% to 2821 points, while TCE rates for VLCCs decreased by 5.9% [7] - The BDI index for bulk carriers increased by 3.2% to 2046 points, indicating a rise in bulk shipping rates [8] - China's port cargo throughput increased by 9.52% to 25.617 million tons, with container throughput rising by 9.27% to 6.6 million TEU [10] Express Logistics - In January-February 2026, the express delivery industry volume grew by 7.1% year-on-year, with significant differentiation in market share among major players [9] - Zhongtong Express reported a stable net profit per ticket and committed to a shareholder return rate of no less than 50% [10] - Shentong plans to issue 3 billion yuan in convertible bonds for logistics network upgrades, with a commitment to distribute at least 30% of profits in cash over the next three years [11] - Price adjustments have been made in Yunnan and Jiangxi provinces, reflecting rising operational costs [12] Aviation and Airports - China and Thailand have suspended aviation fuel exports, potentially leading to fuel shortages for airlines [14] - The Ministry of Commerce has announced measures to promote travel service exports and expand inbound consumption [14] Road and Rail - From March 9 to March 15, 2026, national freight logistics operated smoothly, with rail freight increasing by 6.7% and highway truck traffic rising by 14.75% [15]

交通运输 | 证券研究报告 — 行业周报 2026 年 3 月 22 日 强于大市 交通运输行业周报 霍尔木兹通航受阻下 VLCC 转向延布红海通 道，短期替代方案情景催生投资机会值得关注 航运方面，霍尔木兹通航受阻下 VLCC 转向延布红海通道，西非航线补位对冲 外运缺口。航空货运方面，中东局势扰动外溢导致亚欧空运运力仍偏紧且附加 费承压，国泰货运取消迪拜与利雅得货班至 3 月 31 日并增投欧洲运力。交通新 业态方面，英伟达宣布扩大与 Uber、Lyft 合作并开源推理 VLA 模型 Alpamayo 1，Robotaxi 计划于 2027 年起在美多城落地。低空经济方面，沃飞长空在成都 举办供应链大会集结百余家伙伴，发布百亿机遇清单并获工行 100 亿元授信支 持。国内首个"路空一体"汽车试验场投运，低空飞行器测试验证基础设施迈 出关键一步。 核心观点 ①霍尔木兹通航受阻下 VLCC 转向延布红海通道，西非航线补位对冲外运缺 口。中东局势升级致霍尔木兹通航实质受阻，亿海蓝 AIS 监测显示中资 VLCC 在延布港集结借沙特东西管道开辟绕行通道，并同步增配西非供给以对冲波斯 湾外运中断风险。②中东局势扰动 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 临时公告 证券代码：600221 、900945 证券简称：海航控股 、海控 B 股 公告编号：2026-016 海南航空控股股份有限公司 2026年第一次临时股东会决议公告 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 4,582 | | --- | --- | | 其中：A 股股东人数 | 4,578 | | 股） 境内上市外资股股东人数（B | 4 | | 2、出席会议的股东所持有表决权的股份总数（股） | 20,009,694,757 | | 其中：A 股股东持有股份总数 | 20,009,374,057 | | 境内上市外资股股东持有股份总数(B 股) | 320,700 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 46.3019 | | 其中：A 股股东持股占股份总数的比例（%） | 46.3012 | | 境内上市外资股股东持股占股份总数的比例（%） ...

上海市锦天城(深圳)律师事务所 关于海南航空控股股份有限公司 2026 年第一次临时股东会的 法律意见书 綿 天 域 律师事务 所 ALLBRIGHT LAW OFFICES 地址: 深圳市福田中心区福华三路卓越世纪中心 1 号楼 21/22/23 层 电话: 0755-82816698 传真: 0755-82816898 上海市锦天城（深圳）律师事务所 法律意见书 法律意见书 致:海南航空控股股份有限公司 上海市锦天城（深圳）律师事务所 关于海南航空控股股份有限公司 2026年第一次临时股东会的 上海市锦天城(深圳)律师事务所(以下简称"本所")接受海南航空控股股 份有限公司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下 简称"《公司法》"）、《上市公司股东会规则》（以下简称"《股东会规则》") 等现行有效的法律、行政法规、部门规章、规范性文件〈以下简称"法律法规") 以及《海南航空控股股份有限公司章程》（以下简称"《公司章程》"）的有关规 定，指派本所律师对公司2026年第一次临时股东会（以下简称"本次股东会"）进 行见证,并依法出具本法律意见书。 为出具本法律意见书,本所指派律师现场见证 ...

Investment Rating - The report maintains a "Buy" rating for the major airlines, including China National Aviation (China Southern Airlines, China Eastern Airlines, and Spring Airlines) [2][7]. Core Insights - The air transport industry is experiencing a tight supply-demand situation leading to price increases, with domestic ticket prices rising by 19.9% year-on-year in February 2026 [10][11]. - The overall capacity growth in the industry has slowed, with domestic capacity growth lagging behind demand growth, resulting in an increase in passenger load factors [10][11]. - International routes are showing strong recovery, with a year-on-year increase in available seat kilometers (ASK) and revenue passenger kilometers (RPK) of 9.0% and 12.4%, respectively, in January-February 2026 [14][17]. Summary by Sections 1. Supply and Demand Dynamics - In January-February 2026, the overall supply growth in the industry slowed, with domestic ASK/RPK increasing by 3.2%/4.7% and a passenger load factor of 86.7%, up 1.3 percentage points year-on-year [10][11]. - The international market is benefiting from strong demand recovery, with international ASK/RPK at 114.3%/115.3% compared to the same period in 2019 [14][17]. 2. Pricing Trends - The industry saw a year-on-year increase in ticket prices, with domestic economy class prices rising by 1.8% and international prices increasing by 14.1% [10][11]. - The report highlights that the rising fuel surcharge due to increased oil prices will likely lead to further increases in ticket prices, testing the elasticity of demand [10][14]. 3. Fleet Management - As of February 2026, the six major listed airlines managed a total of 3,377 aircraft, with a net decrease of 4 aircraft from the previous month [22][29]. - The report notes that China Southern Airlines and China Eastern Airlines had the largest net reductions in fleet size, each losing 2 aircraft [22][29].

Investment Rating - The industry investment rating is "Positive" [6] Core Insights - The Spring Festival travel season in February 2026 showed strong performance, with domestic airlines increasing capacity by approximately 11.4% year-on-year and 7.3% month-on-month, primarily due to the later timing of the Spring Festival compared to 2025 [2][11] - International routes saw a significant year-on-year capacity increase of about 16.5% in February 2026, with a notable rise in passenger load factor exceeding 4 percentage points [3][54] - The recent instability in the Middle East has positively impacted direct flights from China to Europe, leading to increased demand and ticket prices for these routes [3][59] Summary by Sections Domestic Routes - In February 2026, listed companies' domestic route capacity increased by approximately 11.4% year-on-year and 7.3% month-on-month, attributed to the Spring Festival occurring later this year [2][15] - The overall passenger load factor for February 2026 improved by about 0.7 percentage points compared to the same month in 2025, with a more significant month-on-month increase of approximately 2.9 percentage points [35][45] - The combined capacity and load factor metrics indicate a robust demand performance during the Spring Festival travel season [49] International Routes - The international route capacity for listed airlines in February 2026 increased by approximately 16.5% year-on-year, with a slight month-on-month decrease of about 3.2% [3][54] - The passenger load factor for international routes saw a significant year-on-year increase of over 4 percentage points, with a month-on-month rise of 2.8 percentage points [57][58] - The demand for direct flights from China to Europe has surged due to reduced flight options through the Middle East, resulting in higher ticket prices [3][59] Oil Price Impact - The recent rise in oil prices, driven by geopolitical events, has reached nearly $100 per barrel for Brent crude, but its sustainability remains uncertain [4][14] - The negative impact of rising oil prices on airline stock prices has been largely reflected already, suggesting a focus on supply-demand dynamics moving forward [4][14] Investment Recommendations - There is a recommendation to focus on large airlines that are expected to benefit more significantly from the industry's recovery and improved profitability due to constrained supply growth and rising load factors [5][6]

Investment Rating - The report maintains a "Recommend" rating for the aviation industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [11]. Core Insights - The report highlights a positive medium-term supply-demand logic despite short-term pressure on oil prices. It notes that high passenger load factors are expected to drive price elasticity [11]. - The report emphasizes the strong performance of Spring Airlines, which leads in both ASK (Available Seat Kilometers) and RPK (Revenue Passenger Kilometers) growth among domestic airlines [1][2][3][4]. Summary by Sections 1. Airline Data Analysis - In February, the ASK growth rates were led by Spring Airlines (22.8%), followed by China Southern Airlines (14.4%) and Air China (13.8%). RPK growth was also led by Spring Airlines (25.6%) [1]. - Cumulative data for January-February shows Spring Airlines leading in ASK (13.2%) and RPK (15.4%) growth [1]. 2. Domestic Routes - For February, Spring Airlines had the highest ASK growth at 23.9% and RPK growth at 25.5%. Cumulatively, Spring Airlines also led with an ASK growth of 18.4% [2]. 3. International Routes - In February, China Southern Airlines led with an ASK growth of 22.7% and RPK growth of 23.0%. Cumulatively, ASK growth was highest for China Southern Airlines at 16.1% [3]. 4. Regional Routes - Spring Airlines showed the highest ASK growth in February at 39.7% and RPK growth at 45.1%. Cumulatively, Spring Airlines also led with an ASK growth of 40.6% [4]. 5. Load Factor - In February, Spring Airlines had the highest load factor at 93.5%, with a year-on-year increase of 2.1 percentage points. Cumulatively, Spring Airlines also led with a load factor of 92.8% [5]. 6. Fleet Size - As of February 2026, the six listed airlines collectively saw a net exit of 4 aircraft, with a total net exit of 9 aircraft compared to December 2025, reflecting a year-on-year growth of 3% [5].

Investment Rating - The industry investment rating is "Buy" [4] Core Views - The Spring Festival has catalyzed demand release in civil aviation, with both supply and demand showing strong growth. The passenger load factor has increased to a high level, with domestic routes seeing a larger increase compared to international routes. In February, the total supply and demand of six listed airlines increased by 12.9% and 15.2% year-on-year, respectively, reaching approximately 125.2% and 127.3% of the levels in the same period of 2019 [9] - The performance of airlines varies, with Spring Airlines and Eastern Airlines leading in passenger load factors. The three major airlines reported a year-on-year increase in supply and demand of 13.7% and 15.8%, respectively, continuing the recovery trend. Domestic supply and demand have recovered to 134.5% and 137.4% of the levels in 2019 [9] - Ticket prices have increased year-on-year, and the overall supply-demand pattern in the industry remains positive. The average ticket price for domestic economy class in February reached 987.1 CNY (including tax), a year-on-year increase of 21.9% and an increase of 8.3% compared to 2019 [9] Summary by Sections Industry Overview - The civil aviation industry is experiencing a robust recovery, driven by the Spring Festival and increasing passenger demand. The load factors for domestic and international routes have shown significant improvement compared to pre-pandemic levels [9] Airline Performance - The three major airlines have shown a strong recovery in both supply and demand, with Eastern Airlines leading in passenger load factors. The performance of private airlines like Spring Airlines and Juneyao Airlines has also been notable, with their supply and demand recovering significantly compared to 2019 [9] Pricing Trends - The average ticket prices have risen significantly, indicating a positive trend in the industry. Despite rising oil prices due to geopolitical conflicts, the demand for flights, especially on international routes, has increased, helping to offset some of the cost pressures [9]

临时公告 证券代码：600221、900945 证券简称：海航控股、海控 B 股 编号：临 2026-015 海南航空控股股份有限公司 2026 年 2 月主要运营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2026 年 2 月，海南航空控股股份有限公司及所属子公司（以下简称"本集团"） 合并主要运营数据如下： | 地区 | 88.11 | 2.42pts | 88.64 | 1.86pts | | --- | --- | --- | --- | --- | | 国际 | 85.77 | 2.67pts | 86.01 | 1.73pts | | 合计 | 87.83 | 1.91pts | 87.90 | 1.96pts | 注：1. 以上数据包括海南航空控股股份有限公司、中国新华航空集团有限公司、长安航空有限 责任公司、山西航空有限责任公司、云南祥鹏航空有限责任公司、福州航空有限责任公 司、乌鲁木齐航空有限责任公司和广西北部湾航空有限责任公司的生产运输统计数据； 2. 本公告部分合计数若与各明细数之和存在尾数 ...