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]

Core Viewpoint - HNA Group announced the introduction of one A321NEO aircraft and the retirement of one B737-800 aircraft by September 2025, resulting in a total fleet of 354 aircraft by the end of September 2025 [1] Operational Performance - Passenger capacity (measured in available seat kilometers) increased by 5.84% year-on-year as of September 2025 [1] - Revenue passenger kilometers grew by 7.04% year-on-year [1] - Passenger traffic volume rose by 2.53% year-on-year [1] - Load factor improved by 0.96 percentage points [1] Cargo Performance - Cargo and mail revenue ton kilometers increased by 23.42% year-on-year [1] - Cargo and mail volume grew by 15.96% year-on-year [1] - Cargo and mail load factor improved by 10.72 percentage points [1] New Routes - New route from Chongqing to Haikou to Auckland launched on September 13, operating two flights per week [1] - New route from Changchun to Haikou to Singapore launched on September 21, operating four flights per week [1] - New route from Haikou to Jakarta launched on September 26, operating four flights per week [1]

海南航空控股股份有限公司 2025 年 9 月主要运营数据公告 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。 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 2025-094 2025 年 9 月，海南航空控股股份有限公司及所属子公司（以下简称"本集团"） 合并主要运营数据如下： | 载运量 | 年 2025 9 | 月 | 年累计 2025 | | | --- | --- | --- | --- | --- | | 数值 | | 同比变动（%） | 数值 | 同比变动（%） | | 收入客公里（RPK）（百万） | | | | | | 国内 | 8828.98 | 3.48 | 82190.58 | 2.51 | | 地区 | 24.82 | 2.29 | 224.88 | 38.50 | | 国际 | 2294.39 | 23.47 | 19755.12 | 47.79 | | 合计 | 11148.19 | 7.04 | 102170.59 | 9.03 | | 收入吨公里（ ...

Core Insights - HNA Group announced a year-on-year increase in passenger capacity input (measured in available seat kilometers) of 5.84% by September 2025 [1] - Revenue passenger kilometers grew by 7.04% year-on-year, indicating a strong demand for air travel [1] - The number of passengers transported increased by 2.53% year-on-year, reflecting a steady growth in customer base [1] - The passenger load factor improved by 0.96 percentage points, suggesting better utilization of available capacity [1] - Cargo and mail revenue ton kilometers saw a significant year-on-year increase of 23.42%, highlighting robust growth in freight services [1] - The volume of cargo and mail transported rose by 15.96% year-on-year, indicating strong demand in the logistics sector [1] - The cargo and mail load factor increased by 10.72 percentage points, demonstrating improved efficiency in cargo operations [1]

Core Insights - HNA Holding reported a passenger volume of 5,706.39 thousand in September, representing a year-on-year increase of 2.53% [1] - The cargo and mail volume increased by 15.96% year-on-year [1] - Revenue passenger kilometers (RPK), revenue ton kilometers (RTK), and cargo revenue ton kilometers grew by 7.04%, 9.46%, and 23.42% respectively [1] - The company has launched several new international routes, including Chongqing=Haikou=Auckland, Changchun=Haikou=Singapore, and Haikou=Jakarta [1] - As of the end of September, the total number of operational aircraft reached 354 [1]

Core Insights - The aviation and airport sector experienced a significant increase of 4.15% on October 15, with Huaxia Airlines leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance Summary - Huaxia Airlines (002928) closed at 10.76, up 10.02% with a trading volume of 355,600 shares and a transaction value of 369 million [1] - China National Aviation (601111) closed at 8.27, up 6.99% with a trading volume of 1,570,800 shares and a transaction value of 1.269 billion [1] - 吉祥航空 (603885) closed at 14.05, up 6.76% with a trading volume of 391,300 shares and a transaction value of 539 million [1] - China Eastern Airlines (600115) closed at 4.39, up 5.78% with a trading volume of 2,425,000 shares and a transaction value of 1.046 billion [1] - China Southern Airlines (600029) closed at 6.30, up 5.18% with a trading volume of 1,435,300 shares and a transaction value of 889 million [1] - Spring Airlines (601021) closed at 53.68, up 2.85% with a trading volume of 107,000 shares and a transaction value of 566 million [1] - HNA Holding (600221) closed at 1.67, up 2.45% with a trading volume of 5,192,500 shares and a transaction value of 859 million [1] - Shenzhen Airport (000089) closed at 7.10, up 1.28% with a trading volume of 141,200 shares and a transaction value of 99.67 million [1] - Shanghai Airport (600009) closed at 31.88, up 0.92% with a trading volume of 91,400 shares and a transaction value of 290 million [1] - Baiyun Airport (600004) closed at 9.60, up 0.63% with a trading volume of 212,200 shares and a transaction value of 203 million [1] Capital Flow Analysis - The aviation and airport sector saw a net inflow of 362 million from institutional investors, while retail investors experienced a net outflow of 206 million [2] - Major stocks like HNA Holding and China Southern Airlines had varying net inflows and outflows from different investor types, indicating mixed investor sentiment [3] - HNA Holding had a net inflow of 11.7 million from institutional investors, while retail investors showed a net outflow of 47.34 million [3]

Core Viewpoint - HNA Group's stock price has shown a recent upward trend, with a 2.45% increase on October 15, 2023, and a total market capitalization of 72.17 billion yuan [1] Group 1: Stock Performance - As of October 15, 2023, HNA Group's stock price is 1.67 yuan per share, with a trading volume of 574 million yuan and a turnover rate of 1.06% [1] - Year-to-date, HNA Group's stock price has decreased by 1.76%, but it has increased by 3.09% over the last five trading days, 5.70% over the last 20 days, and 21.01% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on July 24, 2023, where it recorded a net purchase of 116 million yuan [1] Group 2: Financial Performance - For the first half of 2025, HNA Group reported operating revenue of 33.083 billion yuan, representing a year-on-year growth of 4.22%, and a net profit attributable to shareholders of 56.945 million yuan, which is an increase of 108.95% year-on-year [2] - Cumulatively, HNA Group has distributed a total of 3.424 billion yuan in dividends since its A-share listing, with no dividends distributed in the last three years [3] Group 3: Shareholder Information - As of June 30, 2025, HNA Group had 583,500 shareholders, a decrease of 5.71% from the previous period, with an average of 0 shares per shareholder [2] - The Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders as of June 30, 2025 [3]