Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The battery swapping model is expected to enhance efficiency and profitability, with Cao Cao Mobility planning to deploy 100,000 Robotaxi vehicles by 2030 [3][13] - EHang is projected to achieve full-year GAAP profitability in 2026, with significant growth in orders and production validating the commercialization of eVTOL [3][15] - The U.S. Department of Transportation and FAA have initiated an eVTOL integration pilot program, with eight projects set to begin real-world operational testing in summer 2026 [3][16] - Cathay Pacific has raised fuel surcharges due to soaring oil prices, reflecting the impact of geopolitical tensions on ticket pricing [3][18] - Shipping traffic through the Strait of Hormuz has nearly halted due to escalating U.S.-Iran conflicts, increasing shipping risks and oil prices [3][29] Industry Dynamics Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year [4][31] - The shipping and port sector has seen a rise in container shipping rates, while oil shipping rates have declined [4][43] - The express logistics sector reported a 2.30% year-on-year increase in business volume for December 2025 [4][31] - In March 2026, the average daily international flights was 1,750.29, showing a 7.12% year-on-year increase [4][31] - The highway and railway sector reported a 40.64% month-on-month increase in truck traffic from March 2 to March 8 [4][31] Investment Recommendations - Focus on low-altitude economy and autonomous driving sectors for investment opportunities, recommending companies like CITIC Hainan and Cao Cao Mobility [5] - Monitor shipping opportunities in the context of Middle Eastern geopolitical developments, recommending companies such as China Merchants Energy and COSCO Shipping [5] - Explore international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Keep an eye on high-speed rail and highway investment opportunities, recommending companies like Beijing-Shanghai High-Speed Railway [5] - Dynamic monitoring of the airline sector, recommending companies such as Air China and China Southern Airlines [5]

海南航空控股股份有限公司 2026 年第一次临时股东会会议材料 二〇二六年三月 目录 | 1.关于 2026 | 年度日常生产性关联交易额度预计的议案 | 1 | | --- | --- | --- | | 2.关于全体员工 | 2026 年经营业绩奖励方案的议案 | 57 | 海南航空控股股份有限公司 关于 2026 年度日常生产性关联交易额度预计的议案 各位股东、股东代表： 根据日常业务开展的需要，公司及控股子公司 2026 年度拟与海南瀚巍投资 有限公司(以下简称"瀚巍投资")及其关联方、海南海航二号信管服务有限公司 （以下简称"二号信管"）及其关联方以及其他关联方企业就飞机租赁、维修及 保障服务、机票代销等日常生产性业务展开合作。预计公司及子公司 2026 年度 与关联方之间日常生产性关联交易金额为 145.6205 亿元。具体情况如下： 一、关联交易概述 公司及控股子公司 2026 年度预计与瀚巍投资、二号信管及其关联方以及其 他关联方企业间发生日常生产性关联交易金额为 145.6205 亿元。 1 关联 交易 类别 关联人 交易内容 2025 年度原 预计金额 （亿元） 2025 年实际 发生金额 ...

2026.03. 12 本文字数：644，阅读时长大约1分钟 作者 | 第一 财经 陈姗姗 从3月13日开始，国内几家已经恢复部分迪拜航班的航空公司，再次取消飞往迪拜的航班。 记者查询国航，东航等官网发现，3月13日到3月31日均没有国内飞往阿联酋迪拜的航班，最早的机票开售日期是4月1日。 | | | | 上海 -- 迪拜国际 ... | CNY v | | | --- | --- | --- | --- | --- | --- | | 日 | | = | = 四 | 五 | 六 | | 29 | 30 | 31 | 04-01 2 | 3 | 4 | | ¥2448 | ¥1988 | ¥1508 | ¥2448 | ¥2448 | ¥2448 | | 惠享东方 全球机票优惠券包 | | | | | > | | 北京时间 | | | 当地时间 | 税 含税价 | | | 12:45 | | 10h15m | 19:00 | ¥2448起 | | | 浦东T1 | | | 迪拜T1 | | 经济舱 | | & MU245 | (2) 空客333(宽) | | | | | 在此之前的几天，国航，东航，南航，海航 ...

Core Viewpoint - The article discusses the significant decline in Chinese airline stocks due to rising oil prices and geopolitical tensions in the Middle East, which have led to increased operational costs and flight cancellations [3][4]. Group 1: Impact of Oil Prices - International oil prices surged, surpassing $110 per barrel for the first time since 2022, significantly impacting airline operational costs, which are over 30% fuel-related [4]. - In 2024, the fuel costs for major Chinese airlines are projected to be: Air China at 53.72 billion yuan, China Eastern Airlines at 45.50 billion yuan, and China Southern Airlines at 54.99 billion yuan, constituting 33.96% to 35.97% of their total costs [4]. - A 5% increase or decrease in average jet fuel prices could lead to a change of approximately 2.686 billion yuan in Air China's fuel costs, assuming other variables remain constant [4]. Group 2: Airline Stock Performance - As of March 9, 2026, major Chinese airlines experienced significant stock declines, with Air China down 7.28%, China Eastern Airlines down 7.62%, and Spring Airlines down 6.55% [5]. - The Shanghai Composite Index fell by 1.13%, indicating a broader market downturn alongside the airline sector [5]. Group 3: Geopolitical Tensions and Flight Operations - The ongoing military actions in the Middle East have led to the closure of airspace by several countries, severely restricting airline operations [6]. - Major airports in the region, including Dubai and Abu Dhabi, have suspended flights, with Doha International Airport still closed, affecting the routes that Chinese airlines had been expanding post-pandemic [6]. - Flight cancellation rates from mainland China to the Middle East have been high, peaking at 54.1% on March 8, 2026, indicating ongoing operational challenges for airlines [6].

Core Viewpoint - The article discusses the recent disruptions in flight operations at Dubai International Airport due to security threats, highlighting the challenges faced by airlines and passengers in returning to China from the Middle East amid ongoing geopolitical tensions [3]. Flight Operations and Disruptions - On March 7, a series of explosions at Dubai International Airport led to the temporary suspension of all flights, causing significant delays and cancellations for airlines, including Air China and Emirates [6][8]. - Air China flight CA9541, which was en route to Dubai, had to circle for over an hour before the airport reopened, eventually landing safely after a two-hour delay [3]. - Emirates Airlines canceled all flights to and from Dubai until further notice, emphasizing passenger safety as a priority [6]. Passenger Experiences - Passengers, such as Ms. Liu, faced multiple flight cancellations, with her original return flight on March 2 being canceled twice, leading her to rebook several times before finally securing a flight [9]. - Many travelers reported needing luck to find available flights, as the situation remained fluid and uncertain [8]. Airline Recovery Efforts - Airlines like China Eastern, China Southern, and Hainan Airlines are working to restore flights to bring stranded passengers back to China [12]. - China Southern successfully completed its first return flight from Riyadh, bringing back 275 passengers, most of whom were Chinese nationals stranded due to previous flight cancellations [13][15]. - The Chinese Ministry of Foreign Affairs has been actively coordinating with airlines to facilitate the return of citizens, providing updates on available flights through official channels [16]. Flight Availability and Updates - As of March 8, several flights were scheduled to operate, including Air China CA9542 from Dubai to Beijing and China Southern flights from Dubai to Guangzhou and Shenzhen [17]. - Airlines are continuously updating their flight schedules, with China Southern announcing the resumption of flights between Guangzhou and Dubai from March 8 to 11 [18].

Core Viewpoint - The article discusses the impact of military actions by the US and Israel against Iran on flight operations in the Middle East, highlighting the gradual recovery of flight services by Chinese airlines amidst ongoing safety assessments and geopolitical tensions [3]. Flight Operations Recovery - Since February 28, military strikes have severely affected flight operations in the Middle East, with many flights grounded [3]. - As of March 2 and 4, Hainan Airlines successfully operated flights from Haikou to Jeddah, Saudi Arabia [3]. - Air China plans to operate flights from Beijing to Riyadh and Dubai on March 5, 6, and 7 [3]. - Eastern Airlines and Southern Airlines are also resuming flights to Oman and Riyadh, respectively, with Southern Airlines starting operations from Shenzhen to Riyadh on March 10 [4][5]. Passenger Demand and Flight Capacity - Current flights to the Middle East are operating at low capacity, with only 30-40 passengers on average, primarily consisting of long-term residents [6]. - Return flights are nearly full, indicating high demand for repatriation, with ticket prices for routes like Dubai to Guangzhou exceeding 40,000 yuan for first-class [6]. - Air China has implemented a reservation system for international tickets, requiring passengers to apply for changes or purchases through their app [6]. Regional Flight Status - Qatar has not resumed flights since closing its airspace on February 28, and its airline is in a temporary suspension state [8]. - Israel plans to reopen its airspace for outbound flights on March 8, contingent on security conditions [9]. - Saudi Arabia has maintained open airspace, allowing its airlines to continue operations, which has led to a preference for Saudi routes among Chinese airlines [9]. Recovery Rates and Alternatives - As of March 5, the recovery rate for flights from China to the UAE is only 13.5%, while the recovery rate for flights to Saudi Arabia is 42.9% [10]. - With direct flights still hindered, Southeast Asian and South Asian countries are being considered as alternative transit points for travel to the Middle East [10]. - A table shows the recovery rates of various airlines operating between China and the UAE, with a total recovery rate of 13.5% as of March 2 [11].

Group 1 - The article highlights that since February 28, the military strikes by the US and Israel against Iran have severely impacted flight operations in multiple countries in the Middle East [1] - The Civil Aviation Administration of China has reported that based on safety assessments, Chinese airlines have resumed some flights to the Middle East [1] Group 2 - Hainan Airlines has successfully completed two round trips between Haikou and Jeddah, Saudi Arabia on March 2 and 4 [2] - Air China plans to operate one round trip flight from Beijing Capital to Riyadh, Saudi Arabia on March 5, 6, and 7, and one round trip flight to Dubai, UAE on March 6, 7, and 8 [3] - Eastern Airlines intends to operate one round trip flight from Beijing Daxing to Muscat, Oman on March 5, while Southern Airlines plans one round trip flight from Guangzhou to Riyadh on March 6 to repatriate stranded passengers and crew [3]

临时公告 证券代码：600221、900945 股票简称：海航控股、海控 B 股 编号：临 2026-012 海南航空控股股份有限公司 第十一届董事会第三次会议决议公告 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。 2026 年 3 月 4 日，海南航空控股股份有限公司（以下简称"公司"）第十一届董 事会第三次会议以通讯方式召开，应参会董事 9 名，实际参会董事 9 名，符合《中华 人民共和国公司法》和《海南航空控股股份有限公司章程》的有关规定。会议审议并 通过如下议案： 一、关于 2026 年度日常生产性关联交易额度预计的议案 公司董事会同意 2026 年与关联方发生日常经营相关的关联交易，预计公司及子 公司 2026 年度与关联方之间日常生产性关联交易金额为 145.6205 亿元。具体内容详 见同日披露的《关于 2026 年度日常生产性关联交易额度预计的公告》（编号：临 2026-013）。 表决结果：赞成 3 票，反对 0 票，弃权 0 票，回避表决 6 票。 该事项尚需提交公司股东会审议。 1 临时公告 该事项涉及 ...

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 2026-013 海南航空控股股份有限公司 关于 2026 年度日常生产性关联交易额度预计的公告 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： ● 本次日常关联交易事项尚需公司股东会审议 ● 交易对上市公司持续经营能力、损益及资产状况的影响 公司与关联方之间日常生产性关联交易的目的是满足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影响。 根据日常业务开展的需要，公司及控股子公司 2026 年度拟与海南瀚巍投资有限 公司(以下简称"瀚巍投资")及其关联方、海南海航二号信管服务有限公司（以下简称 "二号信管"）及其关联方以及其他关联方企业就飞机租赁、维修及保障服务、机票代 销等日常生产性业务展开合作。现将公司 2026 年度日常生产性关联交易额度预计公 告如下： 一、关联交易概述 （一）日常关联交易履行的审议程序 2026 年 3 月 ...

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：2026-014 海南航空控股股份有限公司 关于召开2026年第一次临时股东会的通知 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： 召开的日期时间：2026 年 3 月 20 日 14 点 30 分 至2026 年 3 月 20 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 网投票平台的投票时间为股东会召开当日的 9:15-15:00。 股东会召开日期：2026年3月20日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 召开地点：海南省海口市国兴大道 7 号海航大厦会议室 一、 召开会议的基本情况 (五) 网络投票的系统、起止日期和投票时间。 (一) 股东会类型和届次 网络投票系统：上海证券交易所股东会网络投票系统 2026年第一次临时股东会 网络投票起止时间：自20 ...