Core Viewpoint - Hainan is enhancing its international trade and transportation capabilities through the expansion of air and sea routes, facilitating global connectivity and trade efficiency [2][4][12]. Group 1: Transportation Infrastructure - Hainan has implemented a direct shipping route from Yangpu Port to Abu Dhabi, significantly reducing travel time and saving at least 200,000 yuan per trip [2]. - The province has established 60 stable international and domestic shipping routes, creating a new pattern of connectivity that integrates both domestic and international trade [2][10]. - Hainan's air travel has also expanded, with new direct flights to London and increased frequencies on existing routes to Malaysia and Hong Kong, catering to growing trade and tourism demands [4][5]. Group 2: Economic Impact - The expansion of transportation routes has positioned Hainan as a critical hub in the dual circulation strategy, connecting to 21 countries and regions within a 4-hour flight, covering approximately 47% of the global population and 30% of global GDP [6]. - The province's international shipping capacity has seen significant growth, with over 60 registered vessels and a total capacity of 5.8365 million deadweight tons, ranking among the top in the nation [10]. Group 3: Trade Development - Hainan's agricultural exports, such as the volcanic lychee, have successfully entered new international markets, with over 200 batches exported worth more than 53 million yuan in 2023 [12][13]. - The province has seen a 7% increase in seafood exports, with significant growth in trade with the EU, Japan, Canada, and the UK, indicating a robust demand for Hainan's products [13]. Group 4: Policy and Innovation - Hainan has introduced a "zero tariff" policy for foreign vessels and export tax rebates for domestically built ships, enhancing the attractiveness of the Yangpu Port as an international shipping registry [8][9]. - The establishment of the Hainan International Ship Registration Administration marks a significant step in creating a high-standard shipping service system, facilitating the registration and management of international vessels [10].

Core Viewpoint - HNA Holding's acquisition of 100% equity in Tianyu Flight Training Co., Ltd. for approximately 799 million yuan has raised market concerns regarding the financial implications and the quality of the asset being acquired [1][2][8] Financial Overview - HNA Holding's debt ratio exceeds 98% as of the end of Q1 this year, with financial expenses reaching 850 million yuan [1][9] - The acquisition price of 799 million yuan represents a premium of approximately 204 million yuan over Tianyu's net assets of 595 million yuan, resulting in a premium rate of about 34.37% [2][4] - HNA Holding's financial performance has been under pressure, with revenues of 586.41 billion yuan and 652.36 billion yuan for 2023 and 2024 respectively, but a net profit of only 3.11 billion yuan in 2023, followed by a loss of 9.21 billion yuan in 2024 [10] Asset Quality Concerns - Tianyu Flight Training's net profit for 2024 is projected to be 69.86 million yuan, a significant decline of 62.16% year-on-year [1][10] - The company has a high customer concentration, with the top five clients accounting for 95.82% and 97% of total revenue in 2023 and 2024 respectively, indicating potential risks in revenue stability [6][10] - The asset has undergone multiple ownership changes, raising questions about its current value and operational stability [4][5] Strategic Implications - HNA Holding aims to enhance its control over flight simulation training resources through this acquisition, which is expected to support the development of a comprehensive qualification management system for pilots and crew [3][8] - The acquisition is positioned as a strategic move to extend the airline's operational capabilities and improve safety and compliance measures [3][8]

近日，海航控股(600221.SH)发布公告称，拟以支付现金的方式购买海南空港开发产业集团有限公司持 有的海南天羽飞行训练有限公司(以下简称"天羽飞训")100.00%股权，交易对价为7.9907亿元人民币。交 易完成后，天羽飞训将成为海航控股全资子公司。 公告显示，天羽飞训主要从事飞行、乘务及其他航空特业人员的模拟机训练、模拟机维护及维修业务， 现有海口、三亚、北京等训练基地。作为一家综合型现代航空训练服务企业，天羽飞训先后获得中国民 航CCAR-60部、CCAR-61部及CCAR-142部训练资质认证，具有A320/A330/B737/B787/E190等五大机型 理论及模拟机训练能力，此外还具备ATPL、ACPC、CRM、型别教员基础理论培训、海南省科普教育 基地等资质，建立了包括从学员到副驾驶、机长、教员和检查员的全生命周期训练管理体系。 2024年4月12日国务院发布的《关于加强监管防范风险推动资本市场高质量发展的若干意见》即新"国九 条"，对上市公司并购重组作出了相关指引，明确鼓励上市公司聚焦主业，综合运用并购重组、股权激 励等方式提高发展质量。 值得一提的是，本次海航控股收购天羽飞训，也是新"国 ...

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - The shipping rates on the Asia-Brazil route have surged by 100% due to a shortage of available vessels and containers, with rates reaching $3,300 per container [2][12] - The global new ship order volume has dropped to a four-year low, with only 439 vessels ordered in the first four months of 2025, a significant decrease from 980 vessels in the same period of 2024 [2][13] - During the Dragon Boat Festival in 2025, civil aviation passenger volume reached 5.63 million, with a total of 101 new international air cargo routes opened in the first five months [2][14] - The express delivery industry saw a 15.4% year-on-year increase in package volume during the Dragon Boat Festival, with a total of 1.511 billion packages collected nationwide [2][21] Summary by Sections 1. Industry Hot Events - The Asia-Brazil shipping rates increased by 100% due to a shortage of vessels and containers, influenced by trade policies and seasonal demand [12] - The civil aviation passenger volume during the Dragon Boat Festival reached 5.63 million, with 101 new international air cargo routes opened [14] - The express delivery industry experienced a 15.4% year-on-year growth in package volume during the Dragon Boat Festival [21] 2. High-Frequency Data Tracking - In May 2025, domestic cargo flight operations decreased by 6.76%, while international flights increased by 26.98% [33] - The shipping price index for domestic trade decreased, while dry bulk freight rates increased [41] - The express delivery business volume in April 2025 rose by 19.10% year-on-year, with revenue increasing by 10.80% [52] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Haixia Co [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, China Southern Airlines, and Spring Airlines [4]

Core Viewpoint - Hainan Airlines emphasizes the importance of model worker spirit in driving high-quality development, showcasing the dedication and innovation of its employees to enhance operational efficiency and service quality [1][6][7]. Group 1: Employee Contributions - Li Xuefeng, a senior captain and flight instructor at Hainan Airlines, has received numerous honors for his dedication and loyalty, contributing significantly to both military and civil aviation sectors over a 40-year career [2][3]. - Li Peng, a key figure in the operations control department, has led innovative initiatives that have improved flight safety and efficiency, earning multiple national awards for his contributions [4][5]. Group 2: Innovation and Development - Hainan Airlines has established innovation studios to tackle technical challenges and improve operational processes, contributing to the development of important operational standards and systems [5][6]. - The company actively promotes a culture of innovation through skill competitions and recognition programs, fostering a workforce that embodies both technical expertise and craftsmanship [7]. Group 3: Safety and Quality Achievements - The airline has successfully completed numerous critical transport missions during the COVID-19 pandemic, demonstrating its commitment to safety and operational excellence [4][6]. - Hainan Airlines has received multiple accolades, including the "Diamond One Star Award for Flight Safety" and "SKYTRAX Five-Star Airline" recognition, reflecting its high standards in safety and service quality [7]. Group 4: Future Goals - The company aims to continue promoting model worker spirit, enhance talent development, and advance digital transformation, striving to become a world-class comprehensive airline operator focused on safety, service, and profitability [7].

Core Viewpoint - HNA Holding plans to acquire 100% equity of Tianyu Flight Training Co., Ltd. from Hainan Airport Development Industry Group for a cash consideration of 799 million yuan, which is recognized as a major asset restructuring [1] Group 1: Transaction Details - The acquisition will allow HNA Holding to regain control of Tianyu Flight Training, which was previously a wholly-owned subsidiary [1] - Tianyu Flight Training's main business includes flight training, cabin training, simulator maintenance, and flight experience services, which align with HNA Holding's core operations [1] Group 2: Financial Performance - Tianyu Flight Training's revenue for 2023 and 2024 is projected to be 421.09 million yuan and 384.74 million yuan, respectively, with net profits of 184.65 million yuan and 69.86 million yuan [1] - The business has a high revenue concentration, with sales from the top five customers accounting for 95.82% and 97% of total revenue in 2023 and 2024, respectively [2] - Revenue from the largest customer, Hainan Airlines Group, represents 82.83% and 82.49% of total revenue for the same periods [2] Group 3: HNA Holding Overview - HNA Holding, established in January 1993, primarily engages in domestic and international air passenger and cargo transportation, operating over 1,400 routes as of 2024 [2] - The company reported a revenue of 65.236 billion yuan in 2024, an increase of 11.25% year-on-year, but incurred a net loss of 921 million yuan [2] - HNA Holding's debt-to-asset ratio was 98.82% and 98.91% at the end of 2023 and 2024, respectively, indicating significant financial pressure [2]

根据《国务院办公厅关于进一步加强资本市场中小投资者合法权益保护工作 的意见》（国办发[2013]110 号）、《国务院关于进一步促进资本市场健康发展 的若干意见》（国发[2014]17 号）以及《关于首发及再融资、重大资产重组摊薄 即期回报有关事项的指导意见》（中国证券监督管理委员会公告[2015]31 号）等 相关规定，中国银河证券股份有限公司（以下简称"本独立财务顾问"）受海南 航空控股股份有限公司（以下简称"公司"或"上市公司"）委托，担任本次上 市公司重大资产购买（以下简称"本次交易"）的独立财务顾问，就本次交易对 上市公司即期回报摊薄的影响进行了认真、审慎、客观的核查。核查的具体情况 如下： 中国银河证券股份有限公司 关于海南航空控股股份有限公司本次交易 摊薄即期回报情况及填补措施的核查意见 一、本次交易对上市公司每股收益的影响 根据上市公司 2024 年度审计报告以及 2024 年度备考审阅报告，本次交易前 后上市公司的主要财务数据比较如下： | 项目 | 截至2024年12月31日 | | | --- | --- | --- | | | 交易前 | 交易后 （备考） | | 净利润（万元） | ...

中国银河证券股份有限公司 关于本次重组符合《上市公司监管指引第 9 号--上市公司筹 划和实施重大资产重组的监管要求》第四条规定的 核查意见 海南航空控股股份有限公司（以下简称"上市公司"）拟以支付现金的方式 购买海南空港开发产业集团有限公司所持有的海南天羽飞行训练有限公司（以下 简称"天羽飞训"）100%股权（以下简称"本次交易"）。 中国银河证券股份有限公司（以下简称"本独立财务顾问"）作为上市公司 本次交易的独立财务顾问，就本次交易是否符合《上市公司监管指引第9号--上 市公司筹划和实施重大资产重组的监管要求》第四条规定进行核查，具体核查情 况如下： 3、本次交易有利于提高公司资产的完整性，有利于公司在人员、采购、生 产、销售、知识产权等方面保持独立。 4、本次交易有利于公司改善财务状况、增强持续盈利能力，有利于公司突 出主业、增强抗风险能力，有利于公司规范关联交易、避免同业竞争、增强独立 性。 综上所述，本独立财务顾问认为，本次交易符合《上市公司监管指引第 9 号--上市公司筹划和实施重大资产重组的监管要求》第四条相关规定。 （本页无正文，系《中国银河证券股份有限公司关于本次重组符合<上市公司监 管指 ...

中国银河证券股份有限公司 关于海南航空控股股份有限公司内幕信息知情人登记 制度的制定和执行情况的核查意见 中国银河证券股份有限公司（以下简称"中国银河"或"本独立财务顾问"） 接受海南航空控股股份有限公司（以下简称"海航控股"、"上市公司"或"公 司"）委托，担任上市公司以支付现金方式购买海南空港开发产业集团有限公司 持有的海南天羽飞行训练有限公司 100%股权（以下简称"本次交易"）的独立 财务顾问，对公司内幕信息知情人登记制度的制定和执行情况进行了核查，具体 如下： 4、上市公司提醒和督促内幕信息知情人员履行保密义务和责任，并将在董 事会正式披露本次交易后，向中国证券登记结算有限责任公司上海分公司申请查 询自查期间内本次交易内幕信息知情人是否存在买卖上市公司股票的行为。 三、独立财务顾问核查意见 一、公司内幕信息知情人登记制度的制定情况 上市公司按照《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司信息披露管理办法》等相关法律、法规及规范性文件的有关规定，制定了《内 幕信息知情人登记制度》，明确内幕信息及内幕信息知情人范围、内幕信息知情 人登记管理、内幕信息知情人的交易限制及处罚措施等内容。 2 ...

中国银河证券股份有限公司 关于海南航空控股股份有限公司 本次重大资产重组前业绩异常或拟置出资产情形之 一、海航控股上市后的承诺履行情况，是否存在不规范承诺、承诺未履行或未履行 完毕的情况 根据海航控股历年年度报告等公开披露文件，并经本独立财务顾问登录上海证券交 易所（以下简称"上交所"）网站（http://www.sse.com.cn）查阅上市公司"监管信息公 开""承诺事项及履行情况"等信息，自海航控股上市之日起至本核查意见出具之日， 海航控股及相关承诺方作出的主要承诺事项及履行情况（不包括本次重组中相关方作出 的承诺）如下： 1 | 序 | 承诺 | 承诺方 | 承诺内容 | 承诺时间 | | 承诺 | 履行情况 | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 事由 | | | | | 期限 | | | 1 | 其他 | 天津航空有限责任 | 近年来，在新冠肺炎疫情、国际地缘冲突等多方面因素影响下，民航业发展遭受了巨大冲击。2024年， | 2025 | 年 4 | 3年 | 正常履行 | | | | 公司、北京首都航 | 虽然国内民航客 ...