Core Points - HNA Group announced plans to issue medium-term notes worth up to RMB 2 billion in the interbank market [2] - The registration for the medium-term notes has been accepted by the China Interbank Market Dealers Association, valid for two years from the date of the acceptance notice [2] - China Galaxy Securities Co., Ltd. will act as the lead underwriter for the issuance [2] Summary by Sections - **Medium-Term Notes Registration** - The company will apply for the registration of medium-term notes not exceeding RMB 2 billion [2] - The registration is valid for two years from the acceptance notice date [2] - **Issuance Management** - The company can issue the medium-term notes in tranches during the registration period [2] - Any issuance must be filed with the Dealers Association prior to the issuance [2] - **Disclosure Requirements** - After the issuance is completed, the company must disclose the results through channels recognized by the Dealers Association [2]

Core Viewpoint - HNA Group has received a registration notice from the Association of Dealers, allowing the company to register medium-term notes totaling 2 billion yuan [1] Group 1 - The registered amount for the medium-term notes is 2 billion yuan, and the registration is valid for two years from the date of the notice [1] - China Galaxy Securities Co., Ltd. is the lead underwriter for the medium-term notes [1] - The company can issue the medium-term notes in installments during the registration period, and any issuance must be filed with the Association of Dealers in advance [1]

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 2025-095 海南航空控股股份有限公司 关于中期票据获准注册的公告 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"）于 2025 年 4 月 29 日召开第十 届董事会第三十九次会议，于 2025 年 5 月 21 日召开 2024 年年度股东大会，审议通 过了《关于向中国银行间市场交易商协会申请注册中期票据的议案》，同意公司在中 国银行间市场交易商协会（以下简称"交易商协会"）申请注册发行不超过人民币 20 亿元的中期票据，具体信息详见公司于上海证券交易所网站（www.sse.com.cn）披 露的《关于向中国银行间市场交易商协会申请注册中期票据的公告》（公告编号：临 2025-034）。 二、公司在注册有效期内可分期发行中期票据，接受注册后如需备案发行，应事 前先向交易商协会备案。公司应按照有权机构决议及相关管理要求，进行发行管理。 发行完成后，应通过交易商协会认可的途径披露发行结果。 ...

Core Insights - The Free Trade Port concept has seen a rise of 0.71%, ranking fourth among concept sectors in terms of growth [1] - Within the sector, 20 stocks increased, with notable gains from Haixia Co., Haima Automobile, and Antong Holdings, which hit the daily limit [1] - The top gainers included Hainan Highway and Jinjiang Shipping, with increases of 6.38%, 3.45%, and 3.07% respectively [1] - Conversely, the biggest losers were Jiaoyun Co., Panda Dairy, and Jinjiang Online, with declines of 3.75%, 3.13%, and 2.63% respectively [1] Sector Performance - The Free Trade Port sector recorded a net inflow of 176 million yuan, with 19 stocks experiencing net inflows [2] - Five stocks had net inflows exceeding 30 million yuan, led by Haixia Co. with a net inflow of 108 million yuan [2] - Other significant net inflows were seen in HNA Holdings, Haikou Group, and Antong Holdings, with net inflows of 89.09 million yuan, 61.67 million yuan, and 54.10 million yuan respectively [2] Capital Flow Ratios - The top stocks in terms of net capital inflow ratios included Xiamen Port, Antong Holdings, and Haikou Group, with ratios of 13.65%, 12.12%, and 11.03% respectively [3] - Haixia Co. led the Free Trade Port concept with a daily increase of 10.03% and a turnover rate of 6.55% [3] - HNA Holdings and Haikou Group also showed positive performance with increases of 1.80% and 6.38% respectively [3] Notable Declines - The concept sector saw declines in various stocks, with Jiaoyun Co. and Panda Dairy leading the losses at 3.75% and 3.13% respectively [5] - Other notable declines included Jinjiang Online and Zhongyuan Shipping, which fell by 2.63% and 2.21% respectively [5] - The overall market sentiment reflected mixed performance across different sectors, with some experiencing significant capital outflows [5]

Group 1 - The Hainan Free Trade Zone concept rose by 2.58%, ranking first among concept sectors, with 22 stocks increasing, including Haixia Co., Haima Automobile, and ST Huawen hitting the daily limit [1][2] - Notable gainers included Haikou Group, Hainan Haiyao, and Kangzhi Pharmaceutical, which rose by 6.38%, 6.14%, and 5.69% respectively [1] - The stocks with the largest declines were Hainan Huatie, Junda Co., and *ST Shuangcheng, which fell by 1.30%, 1.23%, and 1.06% respectively [1] Group 2 - The Hainan Free Trade Zone concept saw a net inflow of 358 million yuan from main funds, with 18 stocks receiving net inflows, and 6 stocks exceeding 50 million yuan [2] - The top net inflow stock was Haixia Co., with a net inflow of 108 million yuan, followed by HNA Holding, Hainan Development, and Haide Co. with net inflows of 89.09 million yuan, 82.73 million yuan, and 64.19 million yuan respectively [2][3] - The highest net inflow ratios were seen in Haide Co., ST Huawen, and Hainan Haiyao, with ratios of 14.30%, 13.37%, and 12.49% respectively [3] Group 3 - The top stocks in the Hainan Free Trade Zone concept included Haixia Co. with a daily increase of 10.03% and a turnover rate of 6.55%, followed by HNA Holding with a 1.80% increase and a turnover rate of 2.30% [3][4] - Other notable performers included Hainan Development with a 2.99% increase and a turnover rate of 8.46%, and Haikou Group with a 6.38% increase and a turnover rate of 7.54% [4] - Stocks such as Hainan Huatie and Junda Co. experienced declines of 1.30% and 1.23% respectively, with negative main fund flows [4]

Core Viewpoint - The aviation and airport sector experienced a slight increase of 0.01% on October 16, with HNA Holding leading the gains. The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25 [1]. Group 1: Stock Performance - HNA Holding closed at 1.70, up 1.80%, with a trading volume of 7.57 million shares and a transaction value of 1.268 billion [1]. - China Eastern Airlines closed at 4.45, up 1.37%, with a trading volume of 1.857 million shares and a transaction value of 824 million [1]. - China Southern Airlines closed at 6.26, down 0.63%, with a trading volume of 801,400 shares and a transaction value of 505 million [1]. - Xiamen Airport closed at 14.61, down 0.20%, with a trading volume of 15,700 shares and a transaction value of 22.9132 million [1]. Group 2: Capital Flow - The aviation and airport sector saw a net inflow of 77.165 million from institutional investors, while retail investors contributed a net inflow of 196 million. However, speculative funds experienced a net outflow of 273 million [2][3]. - China National Airlines had a net inflow of 126 million from institutional investors, representing 14.80% of its total capital flow [3]. - HNA Holding experienced a net inflow of 99.195 million from institutional investors, accounting for 7.82% of its total capital flow [3].

Investment Rating - The report maintains an "Overweight" rating for the aviation industry, indicating a positive outlook for the sector [4][7]. Core Insights - The aviation industry is experiencing a recovery, with September data showing a 4.6% year-on-year increase in passenger transport volume, reaching approximately 62.7 million passengers [4]. - Domestic capacity increased by 1.0% year-on-year, while domestic passenger flow grew by 3.6% [4]. - The average aircraft utilization rate in September was 7.8 hours per day, reflecting a 0.6% increase year-on-year [4]. - Airlines are increasing capacity, with passenger turnover growth outpacing capacity growth [4]. - The report highlights significant growth in low-cost carriers, particularly Spring Airlines, which saw a 21% increase in capacity [4]. - The international market is recovering, with some airlines exceeding pre-pandemic levels in flight frequency [4]. Summary by Sections September Data Overview - In September, the total passenger transport volume was approximately 62.7 million, a 4.6% increase from the previous year [4]. - Domestic capacity (ASK) for major airlines showed varied growth: China Eastern Airlines (+4%), Southern Airlines (+4%), and Spring Airlines (+21%) [4]. - The average passenger load factor for Spring Airlines was the highest at 91.8%, with a year-on-year increase of 1.3 percentage points [4]. Domestic Market Analysis - The domestic market is balanced in terms of supply and demand, with major airlines showing single-digit growth [4]. - Year-on-year changes in RPK for major airlines included: China Eastern Airlines (+6%), Southern Airlines (+4%), and Spring Airlines (+23%) [4]. International Market Analysis - The international market is seeing further recovery, with significant growth from Spring Airlines and China Eastern Airlines [4]. - Year-on-year changes in ASK compared to 2019 showed China Eastern Airlines (+5%) and Spring Airlines (+131%) [4]. Investment Recommendations - The report suggests that the aviation industry is at a turning point, with airlines expected to see significant improvements in profitability [4]. - Recommended stocks include China Eastern Airlines, China Southern Airlines, Spring Airlines, and others, based on strong supply and demand dynamics [4][7].

Core Insights - Hainan Airlines will implement its winter-spring flight schedule starting October 26, adding over 100 domestic routes and increasing flight frequencies on popular routes to enhance travel convenience for passengers [2] Domestic Routes - The airline plans to operate nearly 500 domestic routes, connecting around 80 cities across China [2] - New routes will include over 100 round-trip domestic flights from cities such as Haikou, Guangzhou, Shenzhen, Harbin, and Dalian [2] - Popular routes will see increased flight frequencies, including round trips from Beijing Capital to Sanya, Chongqing, and Xi'an, as well as from Guangzhou to Shanghai Pudong, Hangzhou, Xi'an, and Chengdu Tianfu [2] - Hainan Airlines will also deploy wide-body aircraft on key routes, including those from Beijing Capital to Haikou, Guangzhou, Shenzhen, and Shanghai Hongqiao, as well as from Guangzhou to Chongqing, Chengdu Tianfu, Shanghai Pudong, and Nanjing [2] International and Regional Routes - The airline will continue to operate 140 international and regional routes, providing access to 31 countries and regions from 12 cities, including Beijing, Haikou, and Chongqing [2] - A new direct flight from Chongqing to Brussels International will be added to expand the international route network [2]

Group 1 - Hainan Airlines Holdings Co., Ltd. reported significant growth in operational data for September 2025, with revenue passenger kilometers (RPK) reaching 11,148.19 million kilometers, a year-on-year increase of 23.47% in international RPK, totaling 2,294.39 million kilometers [1] - The passenger transport volume increased by 2.53% year-on-year, reaching 5,706.39 thousand passengers, with international passenger transport volume growing by 18.47% to 330.38 thousand passengers [1] - The company’s passenger capacity input, measured in available seat kilometers, grew by 5.84% year-on-year, amounting to 13,097.57 million kilometers, reflecting a robust operational strategy and innovation-driven growth [1] Group 2 - Hainan Airlines is actively responding to the global supply chain restructuring trend by expanding its international cargo flight network and enhancing logistics service capabilities, resulting in a significant increase in international cargo transport volume [2] - The international cargo load factor rose by 17.44 percentage points compared to the same period last year, indicating effective business expansion and sustained growth momentum [2] - The company plans to continue its refined management and innovative development, leveraging resources from Liaoning Fangda Group to enhance public welfare projects and contribute to the health of the nation [2]

Core Points - HNA Group announced a year-on-year increase in passenger capacity input by 5.84% for September 2025 [2] - Revenue passenger kilometers increased by 7.04% year-on-year [2] - Passenger transport volume grew by 2.53% year-on-year [2] - Passenger load factor improved by 0.96 percentage points [2] - Cargo and mail revenue ton-kilometers increased by 23.42% year-on-year [2] - Cargo and mail transport volume rose by 15.96% year-on-year [2] - Cargo and mail load factor increased by 10.72 percentage points [2]