Core Viewpoint - The average stock price of A-shares is 13.92 yuan, with 20 stocks priced below 2 yuan, the lowest being *ST Yuan Cheng at 0.58 yuan [1] Stock Price Distribution - As of November 14, the Shanghai Composite Index closed at 3990.49 points, with a relatively small proportion of high-priced and low-priced stocks in the A-share market [1] - Among the low-priced stocks, 8 are ST stocks, accounting for 40% of those priced below 2 yuan [1] Market Performance - Out of the low-priced stocks, 18 saw an increase today, with notable gains from Rongsheng Development (10.17%), Yongtai Energy (9.82%), and *ST Jinke (4.76%) [1] Low-Priced Stock Rankings - The table lists various low-priced stocks, including their latest closing prices, daily price changes, turnover rates, price-to-book ratios, and industries [1] - For example, *ST Yuan Cheng has a closing price of 0.58 yuan, while *ST Suwu and *ST Jinke are at 0.97 yuan and 1.54 yuan respectively [1]

Core Insights - The Hainan sector experienced a strong rally on November 14, driven by favorable policies and expectations of the full closure operation of the Hainan Free Trade Port, with stocks like Kangzhi Pharmaceutical and Hainan Haiyao hitting the daily limit [1][3] - The direct catalyst for this rally was the significant impact of the new duty-free shopping policy, which saw a nearly 35% year-on-year increase in shopping amounts and a corresponding rise in the number of shoppers during the first week of implementation [3] - The Hainan Free Trade Port is set to officially launch its full closure operation on December 18, which is expected to enhance foreign openness and benefit industries such as tourism and retail [4] Market Performance - The Hainan sector has shown strong performance throughout the year, with an overall increase of over 40%, and Haima Automobile leading with a remarkable 164% rise [3] - The net profit of listed companies in the Hainan sector grew nearly 25% year-on-year in the first three quarters, with several companies achieving double-digit growth or successfully turning losses into profits [3] Investment Trends - Leveraged funds have already begun to position themselves in the Hainan sector, with net purchases exceeding 4 billion yuan this year, indicating strong market confidence in the future prospects of the sector [4] - Institutions believe that the duty-free policy will continue to support the consumption market in Hainan, while the full closure operation will open new avenues for economic development [4]

（文章来源：新华财经） 新华财经上海11月14日电国际航协消息，中国东方航空公司宣布加入国际航协航班计划数据交互项目 （SDEP）。至此，该计划已涵盖中国四大航空公司——中国国际航空公司、中国东方航空公司、中国 南方航空公司和海南航空公司，标志着该计划在中国市场的推进迈出了重要一步。随着中国四大航空公 司加入航班计划数据交互项目，该项目目前涵盖了中国民航75%以上的运力。 ...

人民财讯11月14日电，记者今日从国际航协获悉，中国东方航空公司宣布加入国际航协航班计划数据交 互项目(SDEP)。至此，该计划已涵盖中国四大航空公司——中国国际航空公司、中国东方航空公司、 中国南方航空（600029）公司和海南航空公司，标志着该计划在中国市场的推进迈出了重要一步。随着 中国四大航空公司加入航班计划数据交互项目，该项目目前涵盖了中国民航75%以上的运力。 ...

Core Viewpoint - HNA Group's stock price has shown a significant increase this year, with a year-to-date rise of 12.35% and notable gains over various trading periods, indicating positive market sentiment and potential growth in the aviation sector [1][2]. Financial Performance - For the period from January to September 2025, HNA Group reported a revenue of 53.438 billion yuan, reflecting a year-on-year growth of 3.30%. The net profit attributable to shareholders was 2.845 billion yuan, marking a substantial increase of 30.93% [2]. - Cumulatively, HNA Group has distributed 3.424 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Stock Market Activity - On November 14, HNA Group's stock rose by 2.14%, reaching 1.91 yuan per share, with a trading volume of 266 million yuan and a turnover rate of 0.43%. The total market capitalization stood at 82.542 billion yuan [1]. - The stock has seen significant trading activity, with a net inflow of 24.006 million yuan from major funds and a notable presence on the "Dragon and Tiger List" on July 24, where it recorded a net purchase of 116 million yuan [1]. Shareholder Information - As of September 30, 2025, HNA Group had 559,600 shareholders, a decrease of 4.09% from the previous period. The average circulating shares per person remained at zero [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited emerged as the eighth largest shareholder, holding 558 million shares as a new investor [3]. Industry Classification - HNA Group is classified under the transportation sector, specifically in the aviation and airport industry, and is associated with concepts such as civil aviation and the Hainan Free Trade Zone [2].

Group 1 - The company announced the transfer of 100% equity of Hainan Tianyu Flight Training Co., Ltd. for a price of RMB 799.07 million to Hainan Airlines Holding Co., Ltd. [2] - The board meetings held on June 6, 2025, and August 27, 2025, approved the equity transfer and a supplementary agreement, respectively, which included adjustments related to impairment testing and compensation arrangements [2] - The equity transfer payment has been received, and the business registration changes have been completed, resulting in Hainan Airlines Holding Co., Ltd. owning 100% of Tianyu Flight Training [2]

Group 1 - Hainan Airlines has introduced a new Airbus A330 aircraft featuring 301 seats, including 24 business class and 277 economy class seats [2] - The cabin layout for business class is designed in a 1-2-1 staggered configuration, allowing direct aisle access and enhanced privacy for passengers [2] - The economy class seats have a pitch of 30-34 inches, providing ample legroom for travelers [2] Group 2 - The new A330 aircraft has a maximum range increase of 700 nautical miles compared to its predecessor, enhancing route planning and capacity allocation [2] - Hainan Airlines is committed to green and sustainable development, aligning the new aircraft's operational efficiency and environmental performance with its corporate philosophy [2] - The airline has implemented a comprehensive carbon emission management network, achieving a reduction of over 3.27 million tons of CO2 emissions, equivalent to the annual absorption of CO2 by approximately 120,000 acres of forest [3]

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 重大资产购买之实施情况 的法律意见 | 一、本次交易方案 3 | | --- | | 二、本次交易的批准和授权 6 | | 三、本次交易的资产过户或交付、相关债权债务处理等事宜的办 | | 理情况 8 | | 四、相关实际情况与此前披露的信息是否存在差异 8 | | 五、董事、监事、高级管理人员的更换情况及其他相关人员的调 | | 整情况 8 | | 六、重组过程中，是否发生上市公司资金、资产被实际控制人或 | | 其他关联人占用的情形，或上市公司为实际控制人及其关联人提 | | 供担保的情形 8 | | 七、相关协议及承诺的履行情况 9 | | 八、相关后续事项的合规性及风险 9 | 北京德恒律师事务所 关于海南航空控股股份有限公司重大资产购买之实施情况的法律意见 北京德恒律师事务所 关于 海南航空控股股份有限公司 重大资产购买之实施情况 的法律意见 德恒 01F20250170-06 号 致：海南航空控股股份有限公司 ...

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 重大资产购买实施情况 之 独立财务顾问核查意见 本核查意见不构成对海南航空控股股份有限公司的任何投资建议或意见，本独立财 务顾问对投资者根据本核查意见作出的投资决策可能产生的风险，不承担任何责任。本 独立财务顾问特别提请广大投资者认真阅读海南航空控股股份有限公司发布的与本次 交易相关的公告文件全文。 2 独立财务顾问 二〇二五年十一月 1 声 明 中国银河证券股份有限公司接受海南航空控股股份有限公司董事会的委托，担任本 次海南航空控股股份有限公司重大资产重组之独立财务顾问。 根据《公司法》《证券法》《重组管理办法》《26 号准则》等法律法规的相关规定， 按照证券行业公认的业务规范，本着诚实守信、勤勉尽责的精神，遵循独立、客观、公 正的原则，在认真审阅相关资料并充分了解本次交易行为的基础上，本独立财务顾问出 具了本核查意见。 本核查意见所依据的文件、材料由本次交易相关各方提供，本次交易相关各方已承 诺所提供文件和材料真实、准确和完整，不存在虚假记载、误导性陈述或者重大遗漏。 本独立财务顾问不承担由此引起的任何风险责任。 本独立财务顾问未委托或授权其他任何 ...

证券代码：600221、900945 证券简称：海航控股、海控 B 股 编号：临 2025-103 海南航空控股股份有限公司 关于重大资产购买之标的资产完成过户的公告 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。 海南航空控股股份有限公司（以下简称"公司"）拟以支付现金方式购买海南空港 开发产业集团有限公司（以下简称"海南空港"）持有的海南天羽飞行训练有限公司（以 下简称"天羽飞训"或"标的公司"）100.00%股权（以下简称"本次交易"），交易金额 为79,907.00万元。 2025年6月6日，公司召开了第十届董事会第四十一次会议及第十届监事会第十一 次会议，审议通过了《关于〈海南航空控股股份有限公司重大资产购买报告书（草案）〉 及其摘要的议案》等与本次交易相关的各项议案，具体内容详见公司于2025年6月7 日披露的相关公告。 临时公告 2025年8月27日，公司召开第十届董事会第四十三次会议及第十届监事会第十二 次会议，审议通过《关于签署重大资产购买补充协议暨调整本次重大资产重组方案的 议案》，双方签署《股权转让补充协 ...