Investment Rating - The investment rating for the aviation transportation industry is "Positive" [2][8] Core Viewpoints - The industry has maintained a high passenger load factor since the beginning of 2025, with a slight year-on-year decline in domestic capacity in January and February. The recent decline in ticket prices has narrowed, and if travel demand continues to grow, ticket prices may turn positive year-on-year in the second and third quarters [3][10] - The supply growth rate for capacity in 2025 is expected to slow down, and with ticket prices at low levels following significant declines in 2024, there is potential for airline performance to rebound with economic recovery and increased travel demand. Factors such as declining oil prices and stable exchange rates also suggest upward potential for airline profits [3][10] Summary by Sections Industry Supply and Demand - The monthly passenger load factor remains high, with January 2025 data showing a year-on-year increase in Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) of 13.7% and 18.1%, respectively. The load factor reached 82.8%, up 3.1 percentage points year-on-year [4][13] - Domestic line turnover increased by 10% year-on-year in January 2025, while international and regional lines recovered to 107.5% of 2019 levels [18] Ticket Pricing - After the Spring Festival, the year-on-year difference in ticket prices has gradually narrowed. As of early March 2025, the average ticket price was 560 yuan, down 12.6% year-on-year. The weekly average ticket prices showed a decreasing trend in year-on-year declines, indicating a potential stabilization in pricing [20][21] Oil and Exchange Rates - The average price of aviation kerosene in Q1 2025 was 5,952 yuan per ton, down 10% year-on-year. Brent crude oil prices were stable, with a settlement price of $71.07 per barrel as of March 17, 2025, a decrease of 4.8% from the end of 2024. The exchange rate remained stable, with the USD to RMB exchange rate at 7.1733 as of March 18, 2025, a slight decrease of 0.21% from the end of 2024 [5][32] Airline Operations - In January and February 2025, domestic airline capacity saw a slight year-on-year decline, while the passenger load factor remained high. Most airlines reported international capacity and turnover exceeding 2019 levels, although there were still discrepancies in load factors [38][40] - In February, China Eastern Airlines had the highest net increase in aircraft, adding 5 aircraft, while other airlines also saw increases. Cumulatively, China Eastern, China Southern, and Air China saw net increases of 8, 6, and 4 aircraft, respectively [52]

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [2] Core Viewpoints - The report highlights a significant increase in domestic supply and demand for air travel during peak seasons, with expectations for international flight demand to recover further due to improved international relations and favorable visa policies [5] - The report suggests that the profitability of airlines is expected to rise, with a focus on investment opportunities in the airline sector, particularly in Spring Airlines, Hainan Airlines, and Juneyao Airlines [5] - In the express delivery sector, the report notes a decline in single ticket revenue for major companies, indicating a challenging environment [6] - The shipping sector is expected to benefit from a recovery in demand due to geopolitical events, with a recommendation to focus on investment opportunities in the oil shipping segment [6] - The highway sector is highlighted for its defensive attributes and investment value amid a weak economic recovery [6] Summary by Sections Market Review - The transportation index increased by 1.1% from March 10 to March 14, 2025, underperforming the Shanghai Composite Index, which rose by 1.4% [23] - Among sub-sectors, express delivery saw a rise of 3.6%, while highway transportation decreased by 1.1% [23] Shipping Observations - The BDI index reached 1669 points, up 19.2% from the previous week, indicating a strong recovery in the bulk shipping sector [26] - The SCFI index fell by 8.1%, reflecting challenges in the container shipping segment [26] Recent Highlights - The report discusses a national initiative to boost consumption, which includes measures to support the automotive sector and enhance logistics infrastructure [32][33] - The report also mentions the successful implementation of a streamlined process for ship registration in Chongqing, which significantly reduces downtime for shipping companies [34] Investment Recommendations - The report recommends investing in Spring Airlines, Hainan Airlines, and Juneyao Airlines, while also suggesting attention to SF Express, Air China, YTO Express, and Yunda Holdings [8][39]

Investment Rating - The report does not explicitly state an investment rating for the aviation industry or Hainan Airlines. Core Insights - The demand for air travel during the 2025 Spring Festival is expected to increase significantly, with domestic routes showing strong growth, particularly in traditional routes and short-haul tourist destinations. The company anticipates a trend of peak shifting due to travelers' behavior and competition from high-speed rail [19][20]. - Hainan Airlines is strategically positioning itself in key economic regions such as the Hainan Free Trade Port and major city clusters, with a focus on expanding its presence at Beijing Capital Airport and second-tier city hubs [20][21]. - The company is implementing cost reduction and efficiency improvement measures, including a daily cost management system to enhance operational efficiency and profitability [23][24]. - Hainan Airlines aims to become a world-class airline by prioritizing safety, service, and profitability, while expanding its route network and enhancing customer service [24][25]. - The company benefits from favorable policies in the Hainan Free Trade Port, which include tax reductions and exemptions, aiding in cost management and operational efficiency [25][26]. Summary by Sections 1. Research Overview - The research focused on Hainan Airlines within the aviation airport industry, with a meeting held on March 13, 2025, involving key personnel from the company and representatives from Everbright Securities and Xinhua Asset Management [13][14]. 2. Demand Forecast - Domestic air travel demand is expected to show resilience during peak holiday seasons, with significant growth in passenger transport volume compared to previous years [19]. - International routes are anticipated to see varying demand based on regional influences, with a notable increase in demand for destinations like Japan and Southeast Asia [19]. 3. Strategic Development - Hainan Airlines is actively developing its operations in major economic zones and enhancing its market share at Beijing Capital Airport, where it ranks second in passenger volume among major airlines [21]. - The company is also focusing on expanding its presence in second-tier cities, leveraging local market potential and enhancing its route network [22]. 4. Cost Management - The airline is adopting a market-oriented approach to cost management, utilizing a daily cost management system to optimize operational efficiency and reduce expenses [23]. 5. Future Outlook - Hainan Airlines is committed to becoming a leading global airline by enhancing safety and service quality while expanding its route network and improving customer engagement [24]. - The company is poised to capitalize on the growth opportunities presented by the Hainan Free Trade Port, which is expected to boost tourism and trade, thereby increasing air travel demand [26][28].

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 2025-015 海南航空控股股份有限公司 2025 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。 2025 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： 2 临时公告 | 地区 | 85.69 | 11.27pts | 86.78 | 11.06pts | | --- | --- | --- | --- | --- | | 国际 | 83.10 | 10.80pts | 84.28 | 10.33pts | | 合计 | 85.92 | 5.99pts | 85.94 | 5.55pts | 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 ...

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 2025-017 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： 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（天津）租赁有限公司（以下简称"天航金服四号"），以经营性租赁的方式 租入 3 架 B737-800 飞机，租金预计不超过 1.01 亿美元。 天航金服四号为公司的关联方，本次交易构成关联交易，但不构成《上市公 司重大资产重组管理办法》规定的重大资产重组。 2025 年 3 月 14 日，公司第十届董事会第三十六次会议审议通过了《关于租 入 3 架 B737-800 飞机暨关联交易的议案》。该事项需提交股东大会审议。 本次关联交易为公司正常生产经营的需要，交易严格遵守平等互利的市场交 易原则，不存在损害上市公司和股东利益的情形，不会对公司持续经营能力及独立性 造成不利影响。 二、关联人介绍 一、关 ...

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 2025-018 海南航空控股股份有限公司 关于向关联方提供担保的公告 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： 被担保人名称：天航金服四号（天津）租赁有限公司（以下简称"天航金服 四号"） 本次担保金额：担保金额不超过天航金服四号在 3 架 B737-800 飞机租赁期间 的租金及其他与租赁相关的应付未付的到期金额。 一、担保情况概述 （一）担保基本情况 根据公司生产经营需要，海南航空控股股份有限公司（以下简称"海航控股"或 "公司"）拟向天航金服四号租赁 3 架 B737-800 飞机。该 3 架飞机为天航金服四号从 CELESTIAL AVIATION TRADING 31 LIMITED 和 CELESTIAL AVIATION TRADING 32 LIMITED (以下分别或合称为"出租人")租赁而来。应出租人要求，海航控股拟为 1 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 临时公告 ...

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：2025-019 海南航空控股股份有限公司 关于召开 2025 年第二次临时股东大会的通知 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： 一、 召开会议的基本情况 召开的日期时间：2025 年 3 月 31 日 14 点 30 分 召开地点：海南省海口市国兴大道 7 号海航大厦会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 至 2025 年 3 月 31 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 股东大会召开日期：2025年3月31日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一) 股东大会类型和届次 2025 年第二次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会 ...

临时公告 一、关于租入 3 架 B737-800 飞机暨关联交易的议案 公司董事会同意公司从天航金服四号（天津）租赁有限公司（以下简称"天航金 服四号"）以经营性租赁的方式租入 3 架 B737-800 飞机，租金总额预计不超过 1.01 亿美元。由于与天航金服四号同一控制下的主体合计持有公司 5%以上股份，因此天 航金服四号为公司关联方。具体内容详见同日披露的《关于租入 3 架 B737-800 飞机 暨关联交易的公告》（编号：临 2025-017）。 表决结果：赞成 12 票，反对 0 票，弃权 0 票。（无需要回避表决的董事） 该事项尚需提交公司股东大会审议。 证券代码：600221、900945 股票简称：海航控股、海控B股 编号：临2025-016 海南航空控股股份有限公司 第十届董事会第三十六次会议决议公告 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。 2025 年 3 月 14 日，海南航空控股股份有限公司（以下简称"公司"）第十届董事 会第三十六次会议以通讯方式召开，应参会董事 12 名，实际参会董事 12 ...

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 2025-014 公司于 2023 年 6 月 8 日披露《关于子公司作为第三人参加诉讼及已披露诉讼进 展的公告》（编号：临 2023-057），其中福州国有资产投资控股有限公司（以下简称"福 州国投"）与海通证券股份有限公司（以下简称"海通证券"）、国家开发银行海南省分 行（以下简称"国开行海南分行"）及公司之控股子公司福州航空之间涉及《海南航空 控股股份有限公司及其十家子公司重整计划》（以下简称"《重整计划》"）留债纠纷案 近日已进行终审判决，现将案件判决结果公告如下： 一、子公司作为第三人参加诉讼的基本情况 2021 年 2 月 10 日，海南省高级人民法院（以下简称"海南高院"）裁定受理债权 人对海航控股及包括福州航空在内的十家子公司的重整申请，并于 2021 年 10 月 31 日裁定通过《重整计划》。根据《重整计划》，救助贷款债权本金及利息部分参照有财 产担保债权的清偿方式清偿，留债主体为十一家公司，具体由海航控股根据实际财务 状况指定。 1 案件所处的诉讼阶段：二审 上市公司所处的当事人地位：海南航空控股 ...

为履行海航航空集团与 Avolon Holdings Limited 及债转股股东安隆（天津）航空 租赁有限公司（以下简称"安隆天津"）《股份回购协议》的约定，海航航空集团之全 资子公司航农投资于 2024 年 5 月 24 日通过大宗交易的方式从债转股股东安隆天津回 购公司 27,669,725 股股票，成为持有公司 0.06%股份的股东，并计划在 2025 年年底 前继续以大宗交易的方式从安隆天津回购公司股票，拟回购数量为 326,681,525 股（约 占公司总股本的 0.76%）。详见公司于 2024 年 5 月 28 日披露的《关于间接控股股东 之全资子公司回购破产重整债转股股票暨控股股东增加一致行动人的公告》（编号： 临 2024-039）。 公司于 2025 年 2 月 24 日收到航农投资《关于回购海航控股破产重整债转股股票 进展情况的通知》，截至 2025 年 2 月 21 日，航农投资已根据回购计划回购海航控股 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 2025-013 海南航空控股股份有限公司 关于控股股东及其一致行动人权益变动触及 1% ...