Group 1: Hainan Free Trade Port - Hainan Free Trade Port will officially start its full customs closure operation on December 18, 2025, creating a special customs supervision area with policies characterized by "one line open, two lines controlled, and free flow within the island" [1] - The "one line open" policy allows for free and convenient entry and exit between Hainan and other countries, while the "two lines controlled" policy implements precise management for the content opened to the "one line" [1] Group 2: Hainan Airlines Opportunities - Hainan Airlines (HNA Holding) anticipates benefiting from multiple tax incentives post customs closure, which will effectively reduce financial costs and attract high-end talent [2] - The company will enjoy zero tariffs on aircraft purchases and certain aviation materials, as well as the full implementation of bonded aviation fuel policies, significantly lowering core operating costs [2] Group 3: International Transit Development - HNA Holding is actively developing its transit economy, having successfully opened its first international-to-international route at Haikou Airport within one month of the terminal's renovation [3] - The company has achieved a 100% opening rate for intercontinental transit routes from Haikou, including destinations like Sydney, Melbourne, Auckland, Moscow, and London [3] - A policy allowing international transit passengers to bypass border inspection procedures has been implemented, enhancing the efficiency of international transfers [3] Group 4: Passenger Growth and Financial Performance - From January to October, HNA Holding's international passenger transport volume at Haikou Meilan Airport increased by 79% year-on-year, marking a five-year high [4] - In Q3, HNA Holding's revenue grew by 1.84% to 20.354 billion yuan, while net profit attributable to shareholders decreased by 0.75% to 2.788 billion yuan [5] - In comparison, Air China reported a revenue increase of 0.9% to 49.1 billion yuan, with a net profit decline of 11.3% to 3.68 billion yuan during the same period [5] Group 5: Future Outlook - HNA Holding expresses confidence in the future, anticipating that the extended nine-day Spring Festival holiday in 2026 will inject new momentum into the market, leading to significant increases in return home visits, cross-border tourism, and long-distance travel [6]

Core Viewpoint - HNA Group expresses optimism about the upcoming Spring Festival travel market, anticipating significant growth due to an extended holiday period and a trend of "leave-sharing" travel [1] Group 1 - The 2026 Spring Festival will feature a 9-day extended holiday, which is expected to inject new momentum into the market [1] - The combination of the long holiday and the "leave-sharing" travel trend is projected to generate a large volume of return trips for family visits, cross-border tourism, and long-distance travel [1] - HNA Group forecasts that the performance of the Spring Festival travel market in 2026 is likely to surpass historical levels for the same period [1]

Core Insights - The aviation and airport sector experienced a decline of 0.34% on December 2, with Huaxia Airlines leading the drop [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Stock Performance - Xiamen Airport (600897) closed at 16.34, up 1.18% with a trading volume of 72,500 shares and a turnover of 119 million yuan [1] - Baiyun Airport (600004) closed at 9.75, up 0.93% with a trading volume of 176,000 shares and a turnover of 171 million yuan [1] - Shenzhen Airport (000089) closed at 6.99, up 0.72% with a trading volume of 108,500 shares and a turnover of 7.56 million yuan [1] - China Eastern Airlines (600115) remained unchanged at 5.12 with a trading volume of 674,100 shares and a turnover of 345 million yuan [1] - Huaxia Airlines (002928) closed at 9.93, down 2.36% with a trading volume of 206,800 shares and a turnover of 207 million yuan [2] Capital Flow - The aviation and airport sector saw a net outflow of 82.29 million yuan from institutional investors and 44.87 million yuan from retail investors, while individual investors had a net inflow of 127 million yuan [2] - Notable capital flows included: - Southern Airlines (600029) had a net inflow of 15.42 million yuan from institutional investors [3] - Spring Airlines (601021) saw a net inflow of 9.77 million yuan from institutional investors [3] - China Eastern Airlines (600115) experienced a net outflow of 5.52 million yuan from institutional investors [3]

公告还显示，包括海航控股在内的全体原股东放弃认缴增资额部分，由外部投资人重庆瀚翼盛航企业管 理合伙企业（有限合伙）、重庆盛翱鸿巍企业管理合伙企业（有限合伙）认缴，认缴金额分别为6亿元 人民币、9.5亿元人民币。本次增资完成后，海航控股持股比例预计由 28.43%稀释至 13.94%。 北京商报讯（记者关子辰牛清妍）12月1日晚间，海航控股发布公告，其参股公司西部航空有限责任公 司（以下简称"西部航空"）因业务需要，拟增加注册资本不低于15.5亿元人民币。 （文章来源：北京商报） ...

Core Viewpoint - The issue of "seat locking" and paid seat selection services by airlines has sparked widespread discussion among consumers, with many reporting that desirable seats in economy class are often locked and require additional fees to select [1] Group 1: Investigation Results - The Jiangsu Provincial Consumer Rights Protection Committee conducted a survey of 10 domestic airlines, including China Southern Airlines, Air China, Hainan Airlines, Xiamen Airlines, Shenzhen Airlines, Shandong Airlines, Sichuan Airlines, Eastern Airlines, Spring Airlines, and Juneyao Airlines [1] - The survey revealed that all 10 airlines engage in seat locking practices, with Xiamen Airlines having a seat locking rate as high as 42.5%, while most airlines reported seat locking rates exceeding 30%, and some even surpassing 50% [1] - The Jiangsu Provincial Consumer Rights Protection Committee has issued clear rectification requirements to the 10 airlines regarding the seat locking issue, demanding written reports on corrective actions within 15 working days [1]

Core Viewpoint - The recent practice of airlines locking seats and charging for seat selection has sparked widespread consumer dissatisfaction, with many feeling that their rights to choose seats are being unfairly restricted [1][19]. Group 1: Consumer Feedback - Many consumers, like Ms. Zhang, have experienced locked seats and expressed frustration over the additional costs required to select preferred seats, which they believe should be included with the purchase of an economy class ticket [3][19]. - The investigation revealed that consumers are often required to use points or pay extra fees to unlock desirable seats, which they feel is an unfair practice [11][13]. Group 2: Investigation Findings - The Jiangsu Provincial Consumer Protection Committee conducted an investigation into 10 domestic airlines, finding that all had locked seats in economy class, with the locking rate ranging from 19.9% to 62.1%, averaging 38.7% [4][5]. - The investigation highlighted that the locked seats are primarily located in the front rows and preferred window or aisle positions, limiting consumer choices to less desirable seats [9][11]. Group 3: Airline Justifications - Airlines have provided various justifications for locking seats, such as reserving them for special passengers or maintaining flight balance, but these reasons have been contradicted by the investigation results showing high locking rates [15][16]. - The lack of a unified standard for seat locking across airlines has led to significant discrepancies in how and why seats are locked [16]. Group 4: Legal and Regulatory Concerns - The practice of locking seats has been deemed to infringe upon multiple consumer rights, including the right to know, the right to choose, and the right to fair trade [19][22]. - Experts have pointed out that airlines' failure to clearly communicate seat selection policies and locking criteria violates consumer protection laws [20][22]. Group 5: Regulatory Actions - The Jiangsu Provincial Consumer Protection Committee has called for the 10 airlines to rectify their practices, specifically addressing the excessive locking of seats and the imposition of fees for seat selection [23][24]. - Airlines are required to ensure transparency in their policies, provide equal selection opportunities for all passengers, and respect consumer rights [27][29].

海航控股（600221）(600221.SH)发布公告，海航货运有限公司(简称"海航货运")为增强资本实力，优化 资产负债结构，促进其业务发展拟增资扩股，公司为把握航空货运市场增长机遇，提升与腹舱货运代理 单位战略协同，拟以自有资金7.5亿元对海航货运进行增资，本次增资完成后，公司将持有海航货运 16.2227%股权。 ...

格隆汇12月1日丨海航控股(600221.SH)公布，海航货运有限公司(以下简称"海航货运")为增强资本实 力，优化资产负债结构，促进其业务发展拟增资扩股，公司为把握航空货运市场增长机遇，提升与腹舱 货运代理单位战略协同，拟以自有资金75,000.00万元人民币对海航货运进行增资，其中5,015.6170万元 人民币计入注册资本，剩余69,984.3830万元人民币计入资本公积。本次增资完成后，海航控股将持有海 航货运16.2227%股权。 ...

人民财讯12月1日电，海航控股（600221）12月1日公告，公司为把握航空货运市场增长机遇，提升与腹 舱货运代理单位战略协同，拟以自有资金7.5亿元对海航货运有限公司(简称"海航货运")进行增资。海航 货运为与公司同一实控下的主体。增资完成后，海航控股将持有海航货运约16.22%股权。 ...

格隆汇12月1日丨海航控股(600221.SH)公布，西部航空系公司的参股公司，公司持有其28.43%股权。现 西部航空因企业发展需要拟增加注册资本不低于155,000.00万元人民币（每一元注册资本金价格为1元人 民币）。西部航空当前的注册资本为人民币149,179.4422万元，本次增资完成后，西部航空注册资本将 增至不低于304,179.4422万元人民币。 本轮增资拟对外定向募集155,000.00万元。原股东可按原出资比例优先认缴，股东放弃对外定向增资优 先认购权的，其他股东有权优先认缴放弃部分。全体原股东放弃认缴增资额部分，由外部投资人重庆瀚 翼盛航企业管理合伙企业（有限合伙）（以下简称"瀚翼盛航"）、重庆盛翱鸿巍企业管理合伙企业（有 限合伙）（以下简称"盛翱鸿巍"）认缴，认缴金额分别为60,000万元人民币、95,000万元人民币。 根据西部航空与原股东沟通情况，原股东海航航空集团有限公司、重庆西部航空控股有限公司、深圳市 国瑞投资咨询有限公司拟放弃增资及增资优先认缴权（最终以各股东完成内部决策程序后确认）。经综 合考虑西部航空实际情况及公司整体发展规划，公司拟放弃前述增资认缴权，本次西部航空增 ...