Core Insights - The aviation and airport sector saw a rise of 1.14% on December 10, with HNA Holding leading the gains [1] - The Shanghai Composite Index closed at 3900.5, down 0.23%, while the Shenzhen Component Index closed at 13316.42, up 0.29% [1] Stock Performance - HNA Holding (600221) closed at 1.80, up 4.05% with a trading volume of 8.32 million shares [1] - Shanghai Airport (600009) closed at 32.39, up 1.73% with a trading volume of 147,300 shares [1] - Southern Airlines (600029) closed at 6.98, up 1.16% with a trading volume of 258,000 shares [1] - Shenzhen Airport (000089) closed at 6.98, up 1.01% with a trading volume of 88,900 shares [1] - China National Aviation (601111) closed at 8.24, up 0.73% with a trading volume of 306,800 shares [1] - Baiyun Airport (600004) closed at 9.71, up 0.62% with a trading volume of 108,200 shares [1] - Huaxia Airlines (002928) closed at 10.02, up 0.60% with a trading volume of 120,500 shares [1] - Juneyao Airlines (603885) closed at 13.48, up 0.60% with a trading volume of 123,400 shares [1] - China Eastern Airlines (600115) closed at 5.08, up 0.59% with a trading volume of 473,000 shares [1] - CITIC Offshore Helicopter (000099) closed at 20.18, up 0.30% with a trading volume of 56,600 shares [1] Capital Flow - The aviation and airport sector experienced a net outflow of 3.6965 million yuan from institutional investors, while retail investors saw a net inflow of 8.92532 million yuan [2] - The overall capital flow indicates a mixed sentiment among different investor types within the sector [2] Individual Stock Capital Flow - HNA Holding saw a net inflow of 14.2 million yuan from institutional investors, but a significant outflow of 85.3144 million yuan from retail investors [3] - China Eastern Airlines had a net inflow of 23.1458 million yuan from institutional investors, with retail investors also experiencing a net outflow [3] - China National Aviation had a net inflow of 9.8210 million yuan from institutional investors, while retail investors had a net inflow of 660.88 million yuan [3] - Baiyun Airport had a net inflow of 3.9543 million yuan from institutional investors, but retail investors faced a net outflow [3] - Huaxia Airlines had a net inflow of 3.0489 million yuan from institutional investors, with retail investors showing a slight net inflow [3]

Core Viewpoint - Hainan Airlines Holding Co., Ltd. has launched a shareholder reward program that offers exclusive ticket discounts to shareholders, marking an innovative approach in the aviation industry to enhance shareholder experience and engagement [1][2] Group 1: Shareholder Reward Program - The program allows shareholders who registered on October 9 and October 15 to enjoy unlimited ticket discounts on domestic flights operated by Hainan Airlines and its subsidiaries from December 8, 2025, to January 20, 2026 [1] - New shareholders can also participate in the program by confirming their eligibility via email [1] - The initiative is the first of its kind among listed airlines in China, showcasing a commitment to rewarding shareholders [1] Group 2: Benefits and Strategic Implications - The reward program enhances shareholder experience by providing tangible travel benefits, thereby increasing shareholder loyalty [2] - For the company, the initiative aims to boost customer retention and flight occupancy rates while activating existing resources [2] - The program supports the development of the Hainan Free Trade Port by reducing travel costs and promoting resource aggregation [2] Group 3: Marketing Innovation and Corporate Governance - The shareholder reward initiative reflects a mature corporate governance structure and emphasizes the importance of shareholder culture [2] - In the context of the recovering civil aviation industry and the benefits of free trade policies, the program demonstrates a blend of practicality and foresight in the company's development strategy [2]

方大集团董事局主席方威近日对重庆业务表示了强烈不满——"事情都做了，但做得不理想"。 《BUG》栏目获悉，他在集团总部周例会上发表长篇讲话，直接批评了方大航空国际总部工作，还在 会上直接点名辽宁方大集团董事、副总裁兼方大航空国际总部董事长徐军，直言"徐军再这么干就得从 严从重处理"。 对于海航的重庆战略落实情况，方威为什么表现得那么急迫？ "想回家可以请假" 方威在内部会上点到徐军的名字总计8次，甚至指出了很具体的细节问题，比如： "徐军也要有危机感！" 2022年8月，徐军因未在定期报告中披露累计281.28亿元关联交易及311.02亿元关联担保等违法行为，被 中国证监会警告并处罚款100万元。2024年9月开始，徐军担任重庆方大航空国际总部董事长。 在重庆再造一个海航？ 为何方威在内部会议上毫不留情地直接点名批评在重庆的高管？按照他自己的说法是，"事情都做了， 但做得不理想"。 2025年是海航大力布局重庆的元年。1月，海航控股与CAEAviationTraining B.V.(简称 CAE)共同出资设 立海航世翼航空技术(重庆)有限公司，注册资本为1.1亿元人民币，双方各自认购注册资本总额的50%。 同 ...

本报记者 李雯珊 迎着清晨的第一缕阳光，海南自贸港一站式飞机维修产业基地内，海南航空控股股份有限公司（以下简称"海航控股"）的 飞机维修团队已严阵以待，开启一天的精密作业。检测仪器屏幕上的数据流实时跳动，技术人员紧盯参数逐一核对——这些标 准化的操作流程，勾勒出维修现场严谨高效的日常图景。 今年12月18日，海南自贸港将正式启动全岛封关运作，这场历史性跨越正为本土龙头企业海航控股注入澎湃动能。作为深 耕海南的航空主力军，海航控股搭乘自贸港发展东风，近年来以精细化管理为抓手，在经营业绩提振、航线网络扩容、飞机维 修产业升级等领域多点突破，交出了一份出色的发展答卷。 近日，《证券日报》记者走进海航控股生产运营一线，近距离感受海南自贸港航空业的蓬勃脉动，探寻企业持续向好的发 展密码。 推进精细化管理 公开资料显示，2025年前三季度，海航控股多项经营核心指标全面突破，向市场传递出强劲信号。前三季度公司实现营业 收入534.38亿元，归母净利润28.45亿元，同比增长30.93%，盈利能力显著提升。2025年上半年，海航控股在众多上市航司中脱 颖而出，实现扭亏为盈。 海航控股曾因历史原因进行破产重整，2021年12月 ...

Core Viewpoint - The trend of "physical dividends" is gaining momentum in the A-share market, with over 30 companies offering unique shareholder rewards that integrate their business and products in 2025 [2] Group 1: Overview of Physical Dividends - Companies are increasingly engaging in shareholder reward activities, with examples including tickets, food items, and discounts, reflecting a wave of "creative rewards" in the capital market [2][5] - The concept of "physical dividends" is popular among investors, who refer to these stocks as "wool stocks" that can be passed down through generations [2] - Experts warn that while this trend can strengthen shareholder relationships if aligned with long-term strategies, it risks becoming a short-term marketing gimmick if it deviates from core business [2] Group 2: Examples of Shareholder Rewards - Emei Mountain A (000888.SZ) offers tickets, cable cars, hotels, hot springs, skiing, and tea as rewards for shareholders holding over 500 shares [4] - Qianwei Central Kitchen (001215.SZ) provides product gift packages for shareholders holding 100 shares or more [4] - Other companies like Hainan Airlines (600221.SH) and Xiangxiang Cultural Tourism (600576.SH) offer various discounts and free access to attractions for all shareholders [4][5] Group 3: Industry Trends and Patterns - The consumer sector, particularly food and beverage, remains the primary driver of "creative rewards," with companies like Wufangzhai (603237.SH) giving out rice dumpling gift boxes [5] - Many companies have established regular "physical dividend" mechanisms, such as Xiangyuan Cultural Tourism (600576.SH), which has been rewarding shareholders for three consecutive years [6] - Continuous rewards are seen in companies like Zhongjing Food (300908.SZ), which provides mushroom sauce annually, and Jiahua Food (605300.SH), which has been giving coffee products for five years [7] Group 4: Strategic Implications - The trend of "physical dividends" represents a shift in investor relations management from a focus on financial returns to a more interactive value creation approach [8][9] - This strategy allows companies, especially small to mid-cap consumer firms, to reduce financial pressure while enhancing shareholder loyalty and market reach [10] - However, the sustainability of this model is questioned, as it relies heavily on the event's popularity and lacks fundamental support, which may lead to stock price volatility [10]

Core Viewpoint - The trend of "physical dividends" is gaining momentum in the A-share market, with over 30 companies offering unique shareholder rewards that integrate their core business and products in 2025, reflecting a shift towards enhancing shareholder relationships through tangible benefits [1][2]. Group 1: Company Initiatives - Companies like Emei Mountain A (000888.SZ) and Qianwei Yangchun (001215.SZ) are leading the trend by offering tickets, discounts, and product gift packages to shareholders, showcasing a variety of rewards across different sectors including tourism, consumption, and technology [1][2][4]. - A significant number of companies have established regular "physical dividend" mechanisms, such as Xiangyuan Culture (600576.SH) and Jiangjing Food (300908.SZ), which have consistently provided rewards to shareholders over multiple years [5][6]. Group 2: Market Dynamics - The "physical dividend" trend is primarily driven by small to mid-cap consumer companies, which leverage their products for shareholder rewards, thereby reducing financial pressure while enhancing market reach and shareholder loyalty [8][9]. - The practice of offering physical rewards is seen as a novel approach to investor relations and brand marketing, allowing companies to create a "value co-creation" environment with shareholders [6][7]. Group 3: Investor Sentiment - Shareholders are increasingly attracted to stocks with "physical dividend" offerings, often referred to as "wool stocks," indicating a growing interest in tangible benefits over traditional cash dividends [1][2]. - However, experts caution that while these initiatives can temporarily boost stock prices, their sustainability is contingent upon the underlying business fundamentals and cash flow quality [8][9].

证券代码：600221、900945 证券简称：海航控股、海控 B 股 编号：临 2025-117 海南航空控股股份有限公司 临时公告 关于股东回馈活动的补充公告 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。 在 2025 年 12 月海南自由贸易港正式封关运作以及海南航空控股股份有限公司 （以下简称"公司"）加入辽宁方大集团 4 周年之际，公司推出股东回馈活动，以践 行上市公司股东回报责任，回馈广大投资人对新海航的认可和支持。详见公司于 2025 年 12 月 9 日披露的《关于股东回馈活动的自愿性信息披露公告》（编号：临 2025-116）。 根据活动开展情况及股东对本次活动建议，现拟对股东回馈活动方案作出补充说 明，具体如下： 一、补充活动范围 以 2025 年 10 月 9 日 15:00 交易结束后，当日在中国证券登记结算有限责任公司 上海分公司登记在册的持有本公司 A 股股票（股票代码：600221）的所有股东和 2025 年 10 月 15 日在中国证券登记结算有限责任公司上海分公司登记在册的持有本公司 B 股 ...

方大集团董事局主席方威 近日对重庆业务表示了强烈不满 —— " 事情都做了，但做得不理 想 " 。 《 BUG》栏目获悉，他在 集团总部周例会上 发表长篇 讲话 ， 直接批评了方大航空国际 总部工作，还在会上直接点名辽宁方大集团董事、副总裁兼方大航空国际总部董事长徐军， 直言 "徐军再这么干就得从严从重处理"。 对于海航的重庆战略落实情况，方威为什么表现得那么急迫？ 文 | 《BUG》栏目 刘丽丽 方威在内部会上点到徐军的名字总计 8次，甚至指出了很具体的细节问题，比如： " 徐军也要有危机感 ！ " " 希望徐军要转换思想，包括如果想回家可以请假，不要说 成 ' 上天津航空检查 '！" " 我在重庆调研了十来天，一直说没事，我一离开重庆，汇报的文件就报过来了，为什么不 早提？还给自己找理由。那你要是早汇报，我在重庆不是更方便现场协调吗？你们有问题不 提就证明脑子里没数，徐军再这么干就得从严从重处理。 " ………… 徐军是海航老资格，他于 1992年加入海航集团，曾担任北京首都航空总裁、天津航空董事 长，2018年2月起任海南航空控股股份有限公司总裁，2019年7月当选董事长并卸任总裁 职务。 2022年8月 ...

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，12月9日航空机场板块较上一交易日下跌2.16%，海航控股领跌。当日上证指数报收于 3909.52，下跌0.37%。深证成指报收于13277.36，下跌0.39%。航空机场板块个股涨跌见下表： 从资金流向上来看，当日航空机场板块主力资金净流出2.32亿元，游资资金净流入1.4亿元，散户资金净 流入9258.36万元。航空机场板块个股资金流向见下表： ...

根据股东持股数量不同，海航给出的机票折扣不同。持股10万股以上自然人股东或机构股东代表（含10万股），可享海南航空及控股子公司执飞航班机票 市价9折购票优惠，如果是起飞或降落在海南地区的航班，可在机票市价9折购票优惠基础上叠加9折购票优惠。持股5万股至10万股的，享受9.5折，叠加 也是9.5折；持股5万股以下的，折扣均为9.8折。 海航推出的股东回馈引发投资者热议，主要关注点在于回馈力度是否有诚意，以及未来能否对股价形成有力支撑。有投资者称，"几十万就打九折，存支 付宝都比这实惠，还指望他涨，做梦了。"Wind数据显示，10月9日，海航控股收盘价为1.64元/股，10万股对应市值16.4万元，放入余额宝两个月可产生的 利息在290元左右，对比海航提供的机票折扣力度，近期需多次飞行的投资者可获得较大实惠。 齐鲁晚报·齐鲁壹点记者 黄寿赓 实习生 李名洋 继峨眉山A、千味央厨之后，12月8日晚间，海航控股（600221.SH）及海控B股也加入了A股公司"花式"股东回馈之列，为股东提供的是打折机票。 海航控股公告称，为感谢股东长期以来对海南航空的支持，在2025年12月海南自由贸易港正式封关运作以及海南航空加入辽 ...