海南航空控股股份有限公司 年报信息披露重大差错责任追究制度 第一章 总则 第五条 公司证券部在董事会秘书领导下负责收集、汇总与 追究责任有关的资料，按本制度的规定提出处理方案，并逐级上 报公司董事会批准。 第二章 责任追究的情形及考量因素 第六条 有下列情形之一的，应当追究相关责任人的责任： （一）违反《公司法》《证券法》《会计法》《企业会计准 则》和《企业会计制度》等国家法律、法规、规范性文件的规定， 使年报信息披露发生重大差错或造成不良影响的。 （二）违反《上市公司信息披露管理办法》《股票上市规则》 以及中国证监会和上海证券交易所发布的有关年报信息披露指 引、准则、通知等，使年报信息披露发生重大差错或造成不良影 响的。 第一条 为了提高公司的规范运作水平，增强信息披露的真 实性、准确性、完整性和及时性，提高年报信息披露的质量和透 明度，根据《中华人民共和国公司法》（以下简称《公司法》） 《中华人民共和国证券法》（以下简称《证券法》）《中华人民 共和国会计法》（以下简称《会计法》）《上市公司信息披露管 理办法》《上市公司治理准则》《上海证券交易所股票上市规则》 （以下简称《股票上市规则》）等法律、法规、规范 ...

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：2025- 111 海南航空控股股份有限公司 关于向海航货运有限公司增资暨关联交易的公告 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： 本次交易尚需提交股东大会审议，交易实施结果存在不确定性，未来 可能会面临行业变化、市场竞争、经营管理以及不可抗力等风险，公司本次 投资的收益具有不确定性，可能面临投资不达预期等情形，敬请投资者注意 投资风险。 一、关联对外投资概述 （一）对外投资的基本概况 1、本次交易概况 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，海南航空控股股份有限公司（以下简称"海 航控股"或"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 1 投资标的名称：海航货运有限公司 投资金额：75,000.00 万元人民币 本次交易构成关联交易，但不构成重大资产重组。 ...

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The report highlights an upward trend in crude oil freight rates, with the China Import Crude Oil Index (CTFI) reaching 2520.07 points, an increase of 8.4% from November 20 [3][13] - The postal industry revenue surpassed the telecommunications industry for the first time in history, reaching 1.47 trillion yuan, compared to 1.467 trillion yuan for telecommunications [3][24] - The civil aviation sector showed growth in both passenger and cargo transport volumes in October, with international routes performing particularly well [3][17] Summary by Sections Industry Hot Events - Crude oil freight rates are rising, with the Middle East route seeing a 10.76% increase in rates [13] - Qifly Aviation signed a procurement agreement for 105 eVTOL aircraft with three companies in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on low-altitude logistics [15][16] - The postal industry revenue for January to October 2025 reached 1.47 trillion yuan, marking a significant milestone [24][25] High-Frequency Data Tracking - The Baltic Air Freight Price Index decreased month-on-month but increased year-on-year [26] - Domestic freight flights in October 2025 increased by 0.32% year-on-year, while international flights rose by 11.12% [32] - The express delivery business volume in October 2025 increased by 7.90% year-on-year, with total revenue reaching 131.67 billion yuan [50] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy [5] - Attention to low-altitude economy investment opportunities, particularly in companies like CITIC Offshore Helicopter [5] - Consider investment opportunities in the express delivery sector, recommending SF Express and Jitu Express [5]

Core Viewpoint - The long-standing and controversial airline "seat locking" phenomenon is expected to undergo rectification following a special investigation by the Jiangsu Provincial Consumer Protection Committee, which has interviewed ten domestic airlines and requested written responses regarding corrective actions [1][5]. Group 1: Investigation Findings - The Jiangsu Provincial Consumer Protection Committee conducted an investigation into the "seat locking" practices of ten major airlines, revealing that the proportion of locked seats during the purchasing phase ranged from 19.9% to 62.1%, with an average of 38.7% [2][3]. - Notably, Spring Airlines' Nanjing-Lanzhou route had a seat locking rate exceeding 60%, while Shenzhen Airlines' Shenzhen-Zhanjiang route exceeded 50% [2][3]. - Other airlines like Hainan Airlines, Eastern Airlines, and Xiamen Airlines had locking rates between 40% and 46%, while Lucky Air had a relatively low rate of less than 20% [2][3]. Group 2: Reasons for Seat Locking - Airlines provided various justifications for seat locking, including reserving seats for special passengers, ensuring emergency seat availability, and maintaining flight load balance [4]. - The investigation identified common issues with the "seat locking" phenomenon, including a lack of clear communication regarding seat locking rules, vague explanations, differential resource allocation based on membership levels, and unilateral rights granted to airlines [4]. Group 3: Consumer Feedback and Reactions - Consumers expressed dissatisfaction with the differentiation of paid and free seating areas in economy class, indicating that such practices increase travel costs and lead to a frustrating experience [6][10]. - Feedback highlighted that many passengers were unaware of the specific rules regarding seat locking, leading to limited seat choices, especially for families traveling together [10][11]. Group 4: Regulatory Actions and Implications - The Jiangsu Provincial Consumer Protection Committee has mandated that the airlines submit written corrective actions within 15 working days, including self-inspections and revisions of unfair terms related to "seat locking" [5][15]. - Legal experts have commented that the "seat locking" practice infringes on consumer rights and may violate consumer protection laws, suggesting that the committee's actions could serve as a model for regulatory oversight in other regions [15][16].

Group 1 - Haikou Meilan International Airport has officially resumed its route to Macau, operated by Hainan Airlines using Boeing 737 aircraft, with flights scheduled twice a week on Tuesdays and Saturdays [1][2] - The outbound flight HU7935 departs Haikou at 19:30 and arrives in Macau at 20:45, while the return flight HU7936 leaves Macau at 21:45 and reaches Haikou at 23:15 [1] Group 2 - In November, Meilan Airport has opened direct flights to Kuching, Penang, and Nha Trang, and has increased the frequency of flights to Jeddah, London, Auckland, Sydney, Melbourne, and Kuala Lumpur [2] - By the end of the year, Meilan Airport is expected to launch international routes to Seoul, Ho Chi Minh City, and Hanoi, enhancing connectivity for Hainan Free Trade Port with the world [2]

Core Insights - Hainan Airlines Holding Co., Ltd. successfully held an "Investors Walk into Listed Companies" event, showcasing its solid operational status and the vibrant growth of the aviation industry [1][2] - The event was attended by representatives from 16 well-known securities firms and investment institutions, highlighting the company's commitment to transparency and investor relations [1][2] Group 1 - The event included a site visit to key operational areas such as the Guinness Engine Maintenance Company and the Aviation Operation Control Center, allowing investors to gain firsthand experience of the company's meticulous flight support processes and advanced maintenance capabilities [1] - Company executives, including Chairman Zhu Tao, expressed confidence in future development, aiming to become a world-class comprehensive aviation operator while integrating into national civil aviation strategies and the Hainan Free Trade Port initiative [2] Group 2 - The discussion covered recent operational performance, opportunities from the free trade port, and future development strategies, emphasizing the company's focus on optimizing route networks and enhancing operational efficiency [2] - The successful event strengthened investor recognition of Hainan Airlines' investment value and demonstrated the company's open communication approach, aiming to maintain close interactions with investors [2]

Core Points - The Hainan Free Trade Zone concept has seen a significant increase of 3.54%, ranking second among concept sectors, with 27 stocks rising, including Hainan Ruize which hit the daily limit, and notable increases from Shennong Agriculture and Jinpan Technology at 8.89% and 8.86% respectively [1][2] Market Performance - The Hainan Free Trade Zone concept sector attracted a net inflow of 9.64 billion yuan, with 21 stocks receiving net inflows, and 6 stocks exceeding 50 million yuan in net inflow. Hainan Ruize led with a net inflow of 1.80 billion yuan, followed by Jinpan Technology and Haima Automobile with 1.39 billion yuan and 1.22 billion yuan respectively [2][3] - The top stocks by net inflow ratio include Hainan Ruize at 12.97%, HNA Holding at 11.82%, and Hainan Rubber at 11.54% [3] Stock Highlights - Key stocks in the Hainan Free Trade Zone concept include: - Hainan Ruize: 10.07% increase, 19.83% turnover rate, net inflow of 179.84 million yuan [3] - Jinpan Technology: 8.86% increase, 5.67% turnover rate, net inflow of 139.24 million yuan [3] - Haima Automobile: 5.12% increase, 14.43% turnover rate, net inflow of 122.40 million yuan [3] - HNA Holding: 2.37% increase, 1.44% turnover rate, net inflow of 95.32 million yuan [3]

Group 1 - The average stock price of A-shares is 13.58 yuan, with 23 stocks priced below 2 yuan, the lowest being *ST Yuan Cheng at 0.58 yuan [1] - Among the low-priced stocks, 9 are ST stocks, accounting for 39.13% of the total [1] - The Shanghai Composite Index closed at 3888.60 points as of November 28 [1] Group 2 - Among the low-priced stocks, 15 increased in price today, with the highest gainers being Jin Zheng Da, Ya Bo Shares, and HNA Holdings, rising by 3.24%, 2.87%, and 2.37% respectively [1] - The stocks that decreased in price include Jiu Gang Hong Xing and Shan Ying International, with declines of 1.80% and 0.58% respectively [1] - The table lists various low-priced stocks along with their latest closing prices, daily price changes, turnover rates, price-to-book ratios, and industries [1]

Core Insights - The aviation and airport sector experienced a slight increase of 0.26% on November 28, with Xiamen Airport leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Stock Performance - Xiamen Airport (600897) closed at 16.26, up 3.17% with a trading volume of 54,400 shares and a transaction value of 87.63 million yuan [1] - Hainan Airlines (600221) closed at 1.73, up 2.37% with a trading volume of 4.72 million shares and a transaction value of 806 million yuan [1] - Shenzhen Airport (000089) closed at 6.94, up 0.58% with a trading volume of 99,880 shares and a transaction value of 68.31 million yuan [1] - China Eastern Airlines (600115) closed at 5.04, down 0.20% with a trading volume of 639,300 shares and a transaction value of 323 million yuan [1][2] Capital Flow - The aviation and airport sector saw a net outflow of 72.81 million yuan from institutional investors, while retail investors contributed a net inflow of 103 million yuan [2] - The detailed capital flow indicates that Hainan Airlines had a net inflow of 96.67 million yuan from institutional investors, while retail investors had a net outflow of 51.95 million yuan [3] - Xiamen Airport experienced a net outflow of 1.69 million yuan from institutional investors, but a net inflow of 4.48 million yuan from retail investors [3]

Core Viewpoint - HNA Group's stock price has shown fluctuations, with a recent increase of 2.37% and a total market capitalization of 74.763 billion yuan, reflecting ongoing investor interest and activity in the stock [1]. Financial Performance - For the period from January to September 2025, HNA Group reported operating revenue of 53.438 billion yuan, representing a year-on-year growth of 3.30%, and a net profit attributable to shareholders of 2.845 billion yuan, which is a significant increase of 30.93% [2]. Stock Market Activity - HNA Group's stock has experienced a year-to-date increase of 1.76%, with a recent five-day increase of 2.37%. However, it has seen a decline of 2.26% over the past 20 days and a rise of 9.49% over the last 60 days [1]. - The stock has appeared on the "龙虎榜" (a stock trading list) once this year, with the most recent appearance 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 0 [2]. - The company has cumulatively distributed 3.424 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Institutional Holdings - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the eighth largest, holding 558 million shares as a new shareholder [3].