证券日报网讯1月22日，海航控股（600221）在互动平台回答投资者提问时表示，公司存在一定规模的 外币负债，汇率波动对公司利润产生影响，人民币升值将增加公司的税前利润；航油成本为公司营业成 本的重要组成部分，航油费用的下降将有效降低公司的运营成本。2025年上半年，公司共运营国内外航 线逾1400条，其中国内航线近1300条，覆盖内陆所有省、自治区和直辖市；国际及地区航线逾170条， 覆盖亚洲、欧洲、北美洲、大洋洲和非洲，通航境外46个城市。 ...

证券日报网讯1月22日，海航控股（600221）在互动平台回答投资者提问时表示，债转股股票的定价系 根据公司2021年12月31日已经执行完成的《重整计划》执行。 ...

证券日报网讯1月22日，海航控股（600221）在互动平台回答投资者提问时表示，2025年公司共运营20 条欧盟航线，在公司整体收入占比较低。 ...

证券日报网讯1月22日，海航控股（600221）在互动平台回答投资者提问时表示，1000架机队规模建设 目标，为海航航空集团层面整体计划，并非指上市公司机队规模。 ...

Core Viewpoint - HNA Group emphasizes the importance of market value management, believing that good performance is the foundation for effective market value management [1] Group 1: Company Performance and Investor Relations - The company actively engages with investors through performance briefings, institutional research, investor hotlines, and responses on the Shanghai Stock Exchange E-interaction platform to enhance investor understanding and confidence [1] - On the last trading day of 2025, the company's stock closed at 1.81 CNY per share, an increase of 8.38% from the closing price of 1.67 CNY per share on the first trading day of 2025 [1] Group 2: Future Strategies - The company plans to continue focusing on its core business operations, ensuring aviation safety, improving service quality, and developing a diverse range of aviation products to enhance brand competitiveness [1] - The company aims to strengthen governance standards to ensure sustainable and healthy development, striving to provide better returns for investors [1]

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：2026-007 海南航空控股股份有限公司 关于为控股子公司提供担保实施的公告 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： 担保对象及基本情况 | 被担保人名称 | 本次担保金 | | 实际为其提供的 | 是否在前 | 本次担保是否 | | --- | --- | --- | --- | --- | --- | | | 额 | | 担保余额（不含 | 期预计额 | 有反担保 | | | | | 本次担保金额） | 度内 | | | 北京舜航科技有 限责任公司 | 60,000 | 万元 | 0 万元 | 是 | 否 | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保余额（万元） | 308,121.74 | | 对外担保余额占上市公司最近一 期经审计净资产的比例（%） | 135.56% | | 特别风险提示（如有请勾选） ...

Investment Rating - The report maintains a "Buy" rating for major airlines, including China National Aviation (China Air), China Eastern Airlines, Southern Airlines, and others, based on their projected earnings growth and favorable market conditions [2][3]. Core Insights - The domestic passenger load factor has increased significantly, reaching a historical high of 85.7% in December 2025, with a year-on-year increase of 2.4 percentage points [7][10]. - The international passenger load factor has shown a slight increase, but the growth rate has slowed due to disruptions in the Japanese route, with December figures reflecting a year-on-year increase of 0.9 percentage points [14][15]. - The overall industry demand growth continues to outpace supply growth, with a combined ASK/RPK increase of 6.6% and 9.1% respectively for the six listed airlines in December [7][10]. Summary by Sections 1. December International Supply and Demand Trends - The demand growth in December 2025 exceeded supply growth, with both domestic and international load factors reaching historical highs [10][11]. - The domestic routes saw a supply increase of 4.2% in ASK and a demand increase of 7.2% in RPK, while international routes experienced a 12.0% increase in ASK and a 13.3% increase in RPK [7][14]. 2. Aircraft Introductions and Fleet Growth - The total fleet of the six airlines increased by 0.4% in December, with a net addition of 14 aircraft, bringing the total to 3,386 [22][24]. - The A320 series was the primary aircraft introduced, with significant contributions from China National Aviation and Southern Airlines [22][27]. 3. Investment Recommendations - The report suggests that the tight supply-demand relationship in domestic routes will lead to a moderate increase in ticket prices in 2026, supported by regulatory measures to address low pricing [7][11]. - The international routes are expected to benefit from increased inbound tourism, with airlines like China Eastern Airlines and Spring Airlines positioned to gain from this trend [7][15].

Core Viewpoint - The aviation and airport sector experienced a decline of 1.17% on January 21, with China Eastern Airlines leading the drop, while the Shanghai Composite Index rose by 0.08% and the Shenzhen Component Index increased by 0.7% [1]. Group 1: Market Performance - The closing price of China Eastern Airlines was 6.22, reflecting a decrease of 2.20% with a trading volume of 1,109,700 shares and a transaction value of 6.95 million [2]. - The aviation and airport sector saw a net outflow of 84.83 million from major funds, while retail investors experienced a net outflow of 10.9 million, and speculative funds had a net inflow of 194 million [2][3]. Group 2: Individual Stock Performance - China National Aviation (China National Airlines) had a net outflow of 22.99 million from major funds, with a net inflow of 5.52 million from speculative funds and a net outflow of 28.51 million from retail investors [3]. - Xiamen Airport reported a net outflow of 2.03 million from major funds, while speculative funds had a net inflow of 1.35 million, and retail investors saw a net inflow of 0.68 million [3]. - Shenzhen Airport experienced a net inflow of 12.93 million from major funds, with a net inflow of 2.77 million from speculative funds and a net outflow of 15.69 million from retail investors [3].

Core Viewpoint - The aviation and airport sector experienced a notable increase of 2.53% on January 20, with Southern Airlines leading the gains, while the overall stock market indices showed slight declines [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4113.65, down 0.01%, and the Shenzhen Component Index closed at 14155.63, down 0.97% [1]. - Southern Airlines saw a closing price of 8.13, with a rise of 4.90%, and a trading volume of 936,000 shares, resulting in a transaction value of 750 million yuan [1]. - China Eastern Airlines closed at 6.36, up 3.75%, with a trading volume of 1,763,300 shares and a transaction value of 1.111 billion yuan [1]. Group 2: Individual Stock Performance - China National Aviation Holdings closed at 9.10, increasing by 3.29%, with a trading volume of 991,800 shares and a transaction value of 895 million yuan [1]. - Shenzhen Airport's closing price was 7.16, up 2.43%, with a trading volume of 294,900 shares and a transaction value of 209 million yuan [1]. - Shanghai Airport closed at 32.37, rising by 2.05%, with a trading volume of 206,900 shares and a transaction value of 666 million yuan [1]. Group 3: Capital Flow - The aviation and airport sector saw a net inflow of 137 million yuan from main funds, while retail investors experienced a net outflow of 1.22 billion yuan [2]. - Southern Airlines had a net outflow of 57.22 million yuan from main funds, with retail investors also showing a net outflow of 38.10 million yuan [3]. - Shanghai Airport recorded a net inflow of 45.37 million yuan from main funds, while retail investors had a net outflow of 34.33 million yuan [3].

Core Insights - The article discusses the prevalent practice of airlines locking certain economy class seats, which limits consumer choice and is seen as a method for airlines to increase revenue through service tier differentiation [1][2] Group 1: Airline Practices - A survey conducted by the Jiangsu Consumer Protection Committee revealed that none of the 10 major airlines fully open all economy class seats for selection, indicating that seat locking has become a common practice in civil aviation services [1] - The airlines surveyed include Eastern Airlines, Southern Airlines, Air China, Hainan Airlines, Xiamen Airlines, Shenzhen Airlines, Shandong Airlines, Sichuan Airlines, Spring Airlines, and Juneyao Airlines [1] Group 2: Seat Locking Statistics - The proportion of locked seats during the purchasing phase varies significantly among the surveyed airlines, ranging from 19.9% to 62.1%, with an average of 38.7% [1] - Specific routes with high seat locking include Spring Airlines' "Nanjing-Lanzhou" route, which has over 60% of economy seats locked, and Shenzhen Airlines' "Shenzhen-Zhanjiang" route, with over 50% locked [1] Group 3: Consumer Concerns - Consumers have raised questions regarding the reasons for seat locking, the extent of locked seats, unlocking methods, and related rules, but airline customer service responses have been vague regarding these issues [2]