Investment Rating - The report maintains an "Overweight" rating for the aviation industry, indicating a positive outlook for the sector compared to the overall market performance [3][4]. Core Insights - The civil aviation market saw a passenger transport volume of approximately 59.39 million in March, representing a year-on-year growth of 3.4% compared to 2024, while domestic capacity decreased by 1.8% [4]. - The average aircraft utilization rate in March was 7.6 hours per day, reflecting a month-on-month decline of 12% and a year-on-year decrease of 0.8% [4]. - The report highlights that the recovery of international routes is alleviating pressure on domestic capacity, leading to a decrease in domestic capacity deployment [4]. - The investment analysis suggests that the market is gradually emerging from the traditional off-season, with expectations for improved ticket prices and a rebound in domestic demand [4]. Summary by Sections Passenger Transport Data - In March, the passenger transport volume for major airlines showed slight growth, with China Southern Airlines at +2%, China Eastern Airlines at +7%, and Hainan Airlines at +3% year-on-year [4][5]. - The report provides detailed statistics on the ASK (Available Seat Kilometers) and RPK (Revenue Passenger Kilometers) for various airlines, indicating growth in international routes for China Eastern and Spring Airlines compared to 2019 [5][6]. Domestic and International Market Analysis - Domestic market capacity deployment saw a decline, with China Eastern Airlines and China Southern Airlines showing reductions of -1% and -3% respectively compared to 2024 [4][5]. - In the international market, China Eastern Airlines and Spring Airlines exceeded 2019 levels in both capacity and volume, with significant increases in ASK of +14% and +168% respectively [4][5]. Company Valuation and Recommendations - The report includes a valuation table for key airlines, recommending "Buy" for Spring Airlines and "Outperform" for several others, including China Southern Airlines and China Eastern Airlines [7]. - The estimated EPS for 2024 and 2025 shows positive growth for most airlines, indicating a favorable investment outlook [7].

海南航空控股股份有限公司 2025 年 3 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。 2025 年 3 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： | 载运量 | 2025 年 | 3 月 | 2025 年累计 | | | --- | --- | --- | --- | --- | | 数值 | | 同比变动（%） | 数值 | 同比变动（%） | | 收入客公里（RPK）（百万） | | | | | | 国内 | 8385.34 | 1.18 | 27101.77 | 3.78 | | 地区 | 20.85 | 80.31 | 60.71 | 80.25 | | 国际 | 2084.95 | 87.89 | 5987.61 | 90.76 | | 合计 | 10491.14 | 11.51 | 33150.08 | 13.19 | | 收入吨公里（RTK）（百万） | | | | | | 国内 | 803.99 | 1.61 | 2537.29 | 4.1 ...

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 2025-028 海南航空控股股份有限公司 关于为控股子公司提供担保的实施公告 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。 1 重要内容提示： 被担保人名称：海航航空技术有限公司（以下简称"海航技术"或"债务人"） 本次担保金额及已实际为其提供的担保余额：海南航空控股股份有限公司 （以下简称"海航控股"或"公司"）拟为控股子公司海航技术两笔授信贷款提供担保， 其中为其在广发银行股份有限公司海口分行（以下简称"广发银行"）申请的 2,500 万元敞口授信提供担保；为其在华夏银行股份有限公司海口分行（以下简称"华夏 银行"）申请的 2,000 万元的敞口授信提供担保。截至本公告披露日，公司已实际 为海航技术提供的担保余额为 0.50 亿元人民币。 本次担保是否有反担保：有。 对外担保逾期的累计数量：无逾期担保。 特别风险提示：海航技术资产负债率已超过 70%，且公司对外担保余额超过 最近一期经审计净资产 100%。敬请投资者关注担保风险 ...

Core Points - The report provides a summary of non-operating fund occupation and other related fund transactions for Bohai Leasing Co., Ltd for the year 2024, ensuring compliance with regulatory requirements [1][2][3] - The audit conducted by Ernst & Young Huaming confirmed that there were no inconsistencies in the financial statements and the summary of fund transactions [1][2] - The report highlights the company's responsibility for the authenticity, legality, and completeness of the disclosed information [1][2] Summary by Category Non-operating Fund Occupation - The summary table indicates that there were no non-operating fund occupations by the controlling shareholder or its subsidiaries as of the end of 2024 [2][3] - The total amount of funds involved in transactions with related parties was reported as 11,026,935 thousand RMB, with a significant portion being accounted for by other related parties [2][3] Related Party Transactions - The company reported a total of 618,147 thousand RMB in transactions with related parties, with no outstanding balances as of December 31, 2024 [2][3] - The report includes details of various transactions, including property leasing and management fees, with a total of 1,892,032 thousand RMB reported for other related party transactions [2][3] Guarantees and Pledges - The company provided guarantees amounting to 2,057,500 thousand RMB for Yunnan Xiangpeng Airlines, with the guarantee period extending until October 31, 2031 [3][4] - The company also pledged its 30% equity in Hong Kong Bohai Leasing Asset Management Co., Ltd as collateral for a loan taken by Hainan Airlines, with the guarantee remaining effective until the debt is settled [3][4]

Group 1 - The China Securities Index for Hong Kong, Shanghai, and Shenzhen interconnection logistics shows a recent performance with a 1.53% increase over the past month, a 3.20% decrease over the past three months, and a year-to-date decline of 3.20% [1] - The index is based on the comprehensive index samples and the China Securities 500 Index samples, reflecting the overall performance of securities listed in the interconnection range across the three markets [1] - The index's top ten holdings include companies such as Beijing-Shanghai High-Speed Railway (9.37%), SF Holding (6.77%), and COSCO Shipping Holdings (5.95%) [1] Group 2 - The industry composition of the index shows that railway transportation accounts for 18.28%, shipping for 17.98%, and express delivery for 16.64% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In case of special circumstances, temporary adjustments to the index samples may occur, including the removal of companies that are delisted or undergo significant corporate changes [2]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report highlights a significant increase in domestic supply and demand for air travel during peak seasons, with expectations for international travel demand to recover further due to improved international relations and favorable visa policies. The long-term investment logic for the aviation industry remains positive, driven by improved supply-demand dynamics and market-driven pricing [4][7] - In the express delivery sector, there has been a decline in single ticket revenue for major companies, indicating a challenging environment despite some month-on-month improvements [5] - The shipping sector is expected to benefit from a tight supply-demand balance, particularly in oil transportation, which shows potential for profit margin increases [5] - The highway sector is noted for its defensive attributes and investment value, especially in the context of a weak economic recovery and declining interest rates [5] Summary by Sections Air Transportation - The report anticipates a robust recovery in air travel demand, particularly during holidays, with a focus on airlines such as Spring Airlines, Hainan Airlines, and Juneyao Airlines for investment opportunities [4][7] Express Delivery - Major express companies reported declines in single ticket revenue, with specific figures showing a drop of 9.96% for SF Express and 11.40% for Yunda [5] Shipping - The report indicates a recovery in shipping rates due to increased demand influenced by geopolitical events, with a recommendation to focus on the oil shipping sector for investment opportunities [5] Highway Transportation - The highway sector is highlighted for its strong performance relative to the broader market, with a recommendation to consider investments in this area due to its defensive characteristics [5] Recent Developments - The report mentions the successful operation of China's first heavy-duty railway intelligent shunting system, which is expected to enhance operational efficiency significantly [30][31] - The completion of the Jialing River Lize shipping hub is noted as a significant infrastructure development, enhancing transportation capabilities in the region [32] - The successful tunneling of the Shantou Bay underwater tunnel is highlighted, marking a major achievement in high-speed rail infrastructure [34][35]

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：2025-027 海南航空控股股份有限公司 2025 年第二次临时股东大会决议公告 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。 重要内容提示： (五) 公司董事、监事和董事会秘书的出席情况 本次会议是否有否决议案：有 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 6,038 | | --- | --- | | 股股东人数 其中：A | 6,031 | | 境内上市外资股股东人数（B 股） | 7 | | 2、出席会议的股东所持有表决权的股份总数（股） | 22,288,955,682 | | 其中：A 股股东持有股份总数 | 22,288,806,082 | | 境内上市外资股股东持有股份总数(B 股) | 149,600 | | 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 | 51.5761 | | 份总数的比例（%） | | | 其中：A 股股东持股占股份总数的比例（%） | 51.5758 | ...

北京德恒律师事务所 关于海南航空控股股份有限公司 2025 年第二次临时股东大会的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于海南航空控股股份有限公司 2025 年第二次临时股东大会的法律意见 德恒 01G20240517-6 号 致：海南航空控股股份有限公司 海南航空控股股份有限公司（以下简称"公司"）2025 年第二次临时股东大 会（以下简称"本次会议"）于 2025 年 3 月 31 日（星期一）召开。北京德恒律 师事务所（以下简称"德恒"）受公司委托，指派律师（以下简称"德恒律师"） 出席了本次会议。根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委 员会《上市公司股东大会规则》（以下简称"《股东大会规则》"）、《海南航 空控股股份有限公司章程》（以下简称"《公司章程》"）的规定，德恒律师就 本次会议的召集、召开程序、现场出席会议人员资格、表决程序等相关事项进行 见证，并发表法律意见。 为出具本 ...

Core Points - The Shanghai Composite Index decreased by 0.46%, while the China Securities Hong Kong-Shenzhen Connect Small Cap Composite Index reported 3455.56 points [1] - The China Securities Hong Kong-Shenzhen Connect Small Cap Composite Index has increased by 0.88% in the past month, 2.35% in the past three months, and 5.52% year-to-date [1] Index Composition - The index series includes the China Securities Hong Kong-Shenzhen 500 Index, the China Securities Hong Kong-Shenzhen Connect Small Cap Composite Index, and the China Securities Hong Kong-Shenzhen Connect Composite Index, reflecting the overall performance of listed companies in the Hong Kong, Shanghai, and Shenzhen markets [1] - The top ten weights in the China Securities Hong Kong-Shenzhen Connect Small Cap Composite Index are: Prudential (1.08%), Shenghong Technology (0.26%), Sanan Optoelectronics (0.22%), Runhe Software (0.21%), Huagong Technology (0.21%), OFILM (0.21%), Sichuan Changhong (0.20%), COSCO Shipping Holdings (0.20%), HNA Holdings (0.19%), and Chipone Technology (0.19%) [1] Market Distribution - The market distribution of the index holdings shows that the Shenzhen Stock Exchange accounts for 45.61%, the Shanghai Stock Exchange for 38.28%, and the Hong Kong Stock Exchange for 16.12% [1] Industry Breakdown - The industry composition of the index holdings is as follows: Industrial (23.31%), Information Technology (18.67%), Materials (11.87%), Healthcare (10.51%), Consumer Discretionary (9.41%), Communication Services (7.56%), Financials (7.11%), Consumer Staples (4.09%), Utilities (2.89%), Real Estate (2.63%), and Energy (1.95%) [2] Sample Adjustment - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [3] - The China Securities Hong Kong-Shenzhen 500 Index typically does not exceed a sample adjustment ratio of 10%, with a buffer zone for new samples based on market capitalization rankings [3] - New stocks that rank in the top 10 by market capitalization in the A-share or Hong Kong market will be quickly included in the index if they meet the connect eligibility criteria [3]

二〇二五年三月 目录 | 1.关于租入 架 飞机暨关联交易的议案 1 | 3 | B737-800 | | --- | --- | --- | | 2.关于向关联方提供担保的议案 4 | | | | 3.关于全体员工 年经营业绩奖励方案的议案 7 | | 2025 | | 4.关于子公司签订飞机租赁协议暨关联交易的议案 9 | | | | 5.关于子公司签订《飞机租赁代位协议》暨关联交易的议案 14 | | | | 6.关于 2025 年度日常生产性关联交易额度预计的议案 21 | | | 海南航空控股股份有限公司 2025 年第二次临时股东大会会议材料 （一）交易基本情况 公司为满足生产经营需要，拟向天航金服四号以经营性租 赁的方式租入 3 架 B737-800 飞机，交易金额预计不超过 1.01 亿 美元。 与天航金服四号同一控制下的主体合计持有公司5%以上的 股份，天航金服四号为公司关联方，故本次交易构成关联交易。 海南航空控股股份有限公司 关于租入 3 架 B737-800 飞机暨关联交易 的议案 各位股东、股东代表： 海南航空控股股份有限公司（以下简称"海航控股"或"公 司"）拟通过天航金服四号（天 ...