临时公告 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。 一、本次增资概述 海南航空控股股份有限公司（以下简称"海航控股"或"公司"）分别于 2025 年 6 月 6 日召开第十届董事会第四十一次会议，审议通过《关于向控股子公司增资的议 案》，并于 2025 年 8 月 27 日第十届董事会第四十三次会议审议通过《关于向控股子 公司增资方案调整的议案》。公司拟与非关联方海南空港开发产业集团有限公司（以 下简称"海南空港"）以自有资金对公司控股子公司海航航空技术有限公司（以下简称 "海航技术"）同比例增资。本次增资交易，海航控股、海南空港各自按照当前股权比 例 以 现 金 方 式 合 计 出 资 人 民 币 2,401,610,336.17 元 。 海 航 控 股 增 资 金 额 为 1,634,764,147.78 元人民币，其中 815,844,386.17 元计入注册资本，818,919,761.61 元 计入资本公积金。海南空港增资金额为 766,846,188.39 元人民币，其中 382,701,785.27 元计入 ...

Market Performance - The Hainan Free Trade Zone concept index declined by 4.52%, ranking among the top losers in the concept sector as of the market close on November 19 [1] - Notable stocks within the Hainan Free Trade Zone that hit the daily limit down include Hainan Haiyao, Haima Automobile, and *ST Shuangcheng, while stocks like Xindazhou A, Junda Co., and Jinpan Technology saw slight increases of 1.96%, 0.77%, and 0.24% respectively [1] Capital Flow - The Hainan Free Trade Zone concept experienced a net outflow of 2.356 billion yuan from major funds today, with 26 stocks facing net outflows, and 10 stocks seeing outflows exceeding 100 million yuan [2] - The stock with the highest net outflow was Hainan Airport, which saw a net outflow of 294 million yuan, followed by Haima Automobile, Zhongtung High-tech, and Hainan Development with net outflows of 268 million yuan, 191 million yuan, and 185 million yuan respectively [2] Stock Performance - The top stocks with significant net outflows in the Hainan Free Trade Zone include: - Hainan Airport: -4.95% with a turnover rate of 3.02% and a net outflow of 293.96 million yuan - Haima Automobile: -10.00% with a turnover rate of 19.58% and a net outflow of 267.67 million yuan - Zhongtung High-tech: -3.47% with a turnover rate of 6.92% and a net outflow of 191.25 million yuan - Hainan Development: -8.81% with a turnover rate of 14.49% and a net outflow of 185.28 million yuan [2][3]

格隆汇11月19日丨海航控股(600221.SH)公布，截至本公告披露日，海航控股与海南空港已完成对海航 技术现金增资，海航技术已完成本次增资交易的工商变更登记手续，并取得海南省市场监督管理局换发 的《营业执照》，本次增资后海航技术的股权结构保持不变，海航技术的资产负债率降至约为 71.59%，较2025年期初下降约27.91个百分点。 ...

Core Insights - The aviation and airport sector experienced a decline of 0.62% on November 19, with Xiamen Airport leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - Spring Airlines (601021) closed at 56.05, up 1.95% with a trading volume of 97,300 shares and a transaction value of 54.5 million [1] - China National Aviation (601111) closed at 8.77, up 0.69% with a trading volume of 682,100 shares and a transaction value of 601 million [1] - Xiamen Airport (600897) closed at 16.66, down 3.25% with a trading volume of 96,500 shares and a transaction value of 162 million [2] Capital Flow - The aviation and airport sector saw a net outflow of 274 million from institutional investors and 175 million from retail investors, while retail investors had a net inflow of 449 million [2] - Major stocks like Spring Airlines and China National Aviation experienced mixed capital flows, with Spring Airlines seeing a net inflow of 42.9 million from institutional investors [3] Individual Stock Analysis - Xiamen Airport had a significant net outflow of 21.74 million from institutional investors, while retail investors contributed a net inflow of 28.31 million [3] - China Eastern Airlines (600115) faced a net outflow of 4.71 million from institutional investors but saw a net inflow of 51.1 million from retail investors [3]

Core Viewpoint - The overall passenger load factor of listed airlines in October improved by approximately 1.8 percentage points year-on-year and month-on-month, indicating a positive trend in the industry supply-demand relationship [2][3]. Group 1: Domestic Routes - In October, the capacity deployment for domestic routes by listed companies increased by about 3.6% year-on-year and 5.6% month-on-month, driven by the 8-day National Day holiday [3]. - The overall passenger load factor for listed companies in October rose by approximately 1.8 percentage points compared to the same month last year and also increased by 1.8 percentage points from September [3]. - Airlines such as China Southern, China Eastern, and Hainan Airlines achieved passenger load factors exceeding 89%, while Spring Airlines and Juneyao Airlines surpassed 90% [3]. - The passenger load factors for China Eastern and Air China improved by over 2% year-on-year, with all six listed airlines showing year-on-year increases [3]. - October saw the highest passenger load factors of the year for China Southern, Air China, and Spring Airlines, while China Eastern, Hainan Airlines, and Juneyao Airlines were slightly below the peak levels of August [3]. Group 2: International Routes - The capacity deployment for international routes by listed airlines increased by approximately 14.3% year-on-year and 6.7% month-on-month in October [3]. - The passenger load factor for international routes improved by 4.0 percentage points year-on-year and by about 0.1 percentage points month-on-month [3]. - Except for Air China, all other airlines saw their capacity deployment for international routes grow by over 15% year-on-year, with Hainan Airlines experiencing an increase of over 25% due to a low base last year [4]. - The data indicates a potential oversupply in international routes, as the airline with the most significant capacity increase, China Eastern, saw a decrease in passenger load factor by about 2 percentage points month-on-month [4]. Group 3: Industry Policy Changes - A recent travel advisory issued by the Ministry of Foreign Affairs regarding travel to Japan may impact demand for related routes in the coming months [5]. - Multiple airlines have announced special handling plans for tickets related to Japan routes, allowing free cancellations or changes for eligible tickets before December 31 [5]. Group 4: Investment Recommendations - The publication of the "Self-Regulation Convention for Air Passenger Transport" by the China Air Transport Association in August has laid the foundation for reducing market chaos and improving revenue levels [6]. - The ongoing efforts to combat excessive competition in the industry are expected to accelerate the process of industry rebalancing, significantly benefiting overall profitability [6]. - Large airlines are anticipated to benefit more from these changes, suggesting a focus on these companies for investment opportunities [6].

Core Viewpoint - Hainan Airport announced that its wholly-owned subsidiary, Hainan Airport, has completed cash capital increases with non-related party HNA Holding, amounting to 767 million yuan and 1.635 billion yuan respectively, for HNA Technology [1] Group 1 - The registered capital of HNA Technology increased from 3.746 billion yuan to 4.945 billion yuan following the capital increase [1] - The shareholding ratios of Hainan Airport and HNA Holding remain unchanged at 31.9305% and 68.0695% respectively [1] - The asset-liability ratio of HNA Technology decreased to approximately 71.59%, a reduction of about 27.91 percentage points compared to the beginning of 2025 [1]

Investment Rating - The investment rating for the aviation transportation industry is "Positive" [2]. Core Viewpoints - The industry has maintained a high passenger load factor, and ticket prices have shown a positive trend since October 2025. This is expected to lead to a significant recovery in airline unit revenue. The implementation of measures against "involution" and the "Self-Regulation Convention" is anticipated to reduce malicious low pricing, further supporting ticket price recovery and airline profitability. Additionally, the decline in oil prices is expected to lower costs, enhancing airline earnings potential. Key airlines to focus on include China Southern Airlines, China Eastern Airlines, Air China, Spring Airlines, and Juneyao Airlines [2][13]. Summary by Sections 1. Investment Recommendations - Since the beginning of 2025, the industry has seen sustained high passenger load factors. The supply-demand dynamics indicate a slowdown in capacity growth, with airlines focusing on international routes. The overall passenger turnover has shown steady growth, and ticket prices have been recovering since October, leading to improved airline unit revenue and performance in the fourth quarter [12][13]. 2. Passenger Load Factor and Ticket Prices - The industry has experienced a continued high passenger load factor, with the September 2025 load factor reaching 86.3%, an increase of 2.4 percentage points year-on-year. In October, the combined passenger turnover for six major airlines showed a year-on-year increase of 9.2% [3][21]. - Ticket prices have shown a positive trend since November, with the average domestic ticket price at 850 RMB, down 7.2% year-on-year. However, from October to mid-November, the average ticket price for domestic routes was 738 RMB, reflecting a 0.3% increase year-on-year [4][22]. 3. Oil Prices and Exchange Rates - The average price of aviation fuel remained stable year-on-year, with domestic aviation fuel prices at 5572 RMB/ton in October and 5625 RMB/ton in November, showing minimal change. The exchange rate of the RMB has appreciated since the beginning of 2025, with the USD to RMB exchange rate decreasing by 1.43% from the end of 2024 to mid-November 2025 [4][36]. 4. Airline Capacity and Operations - In October 2025, most airlines reported a year-on-year increase in capacity, with domestic routes showing steady growth. The passenger load factor for domestic routes was notably high, with significant increases in turnover for major airlines. The introduction of new aircraft has also been observed, with Hainan Airlines adding four new aircraft in October, the highest among the six major airlines [5][43].

Economic News - The People's Bank of China and 12 departments issued a plan to enhance financial support for consumption in Beijing, focusing on the automotive sector, especially new energy vehicles, with measures including reasonable loan ratios, terms, and interest rates [1] - The Ministry of Industry and Information Technology released guidelines for building high-standard digital parks, aiming to establish around 200 parks by 2027 and promote digital transformation for industrial enterprises [1] - The State Post Bureau reported that the postal industry generated a revenue of 156.42 billion yuan in October, a year-on-year increase of 7.9%, with express delivery revenue reaching 131.67 billion yuan, up 4.7% [1][4] Company Insights - Xiaomi Group reported an adjusted net profit of 11.311 billion yuan for the third quarter, representing a year-on-year increase of 80.9% [4] - O-film Technology plans to issue shares to acquire a 28.2461% stake in O-film Microelectronics [4] - Tianyi Ma intends to purchase a 98.56% stake in Xingyun Kaiwu for a transaction amount of 1.189 billion yuan [4] Industry Analysis: Agriculture and Animal Husbandry - In October, pig prices showed a slight rebound but lacked sustained support, with average prices for piglets, live pigs, and pork at 25.80 yuan/kg, 12.57 yuan/kg, and 23.41 yuan/kg respectively, reflecting month-on-month declines of 14.19%, 8.95%, and 4.47% [7] - The supply side saw a decrease in the breeding sow inventory, with a reported 40.35 million heads, down 0.70% from the previous month, indicating potential for accelerated capacity reduction due to low prices and policy adjustments [8] - The industry anticipates a gradual acceleration in capacity reduction, with leading companies like Muyuan Foods reducing their breeding sow inventory significantly [9] Industry Analysis: Transportation - The airline industry experienced an overall improvement in supply-demand dynamics, with an increase in passenger load factors in October, reflecting a year-on-year increase of approximately 1.8 percentage points [12][13] - Domestic airlines increased capacity by about 3.6% year-on-year in October, driven by the National Day holiday, which boosted travel demand [13] - International route capacity saw a significant year-on-year increase of approximately 14.3%, although there are concerns about potential oversupply as passenger load factors remained stable [14] Investment Recommendations - The report suggests focusing on leading companies in the pig farming sector, such as Muyuan Foods, which have strong cost advantages and high performance visibility [9] - In the airline sector, the report highlights the importance of maintaining supply control and improving load factors to enhance profitability, recommending attention to major airlines benefiting from these trends [17]

Core Viewpoint - The recent coordinated action by six major Chinese airlines to allow free ticket changes and cancellations for all flights to Japan signals a significant concern regarding safety and security for Chinese citizens traveling to Japan, rather than a typical promotional strategy [6][26]. Group 1: Airline Actions - On November 15, six major Chinese airlines, including Air China and China Southern Airlines, simultaneously announced that all tickets for flights to Japan could be changed or canceled for free, indicating a collective response to emerging risks [6][11]. - The specific rules set by each airline reveal a strategic approach: Air China limited changes to tickets issued before noon on the 15th for core cities, while China Southern expanded the scope to include layover flights [8][18]. - Sichuan Airlines set a later deadline for ticket changes, suggesting an intention to provide travelers with a last-minute opportunity to avoid potential risks [11][18]. Group 2: Underlying Risks - The primary driver behind this wave of ticket changes is the deteriorating social security situation in Japan, with a notable increase in incidents targeting Chinese citizens, leading to a growing trend of risk [13][14]. - Political tensions have exacerbated the situation, particularly due to inappropriate remarks from Japanese leaders regarding Taiwan, which are seen as a direct challenge to China's core interests [16][22]. - The collective airline response serves as a warning about the escalating risks, emphasizing the need for travelers to be vigilant and prepared [20][28]. Group 3: Implications for Sino-Japanese Relations - The coordinated airline actions reflect a deeper concern about the erosion of trust in Sino-Japanese relations, which is fragile and requires mutual respect and acknowledgment of historical issues [22][26]. - The current situation serves as a "pressure test" for the relationship, highlighting the vulnerabilities in maintaining mutual trust and the potential consequences of ignoring safety concerns [28]. - The airlines' actions are not merely operational decisions but are indicative of a broader warning regarding the need for both countries to safeguard the foundations of their exchanges [26][28].

Investment Rating - The investment rating for the airline industry is "Overweight" indicating a positive outlook for the sector [2][5]. Core Insights - The October National Day holiday has driven an increase in travel demand, with passenger transport volume reaching approximately 68.41 million, a year-on-year growth of 6.7% compared to 2024 [2]. - Domestic capacity increased by 2.1% year-on-year, while domestic passenger flow grew by 4.5% [2]. - The average aircraft utilization rate in October was 7.99 hours per day, reflecting a 1.4% increase year-on-year [2]. - Airlines are increasing capacity, with passenger turnover growth outpacing capacity growth. For instance, China Eastern Airlines and China Southern Airlines both saw a 7% increase in ASK (Available Seat Kilometers) compared to 2024 [2][3]. - The international market has shown recovery, with international flights reaching approximately 60,000, recovering to 90% of the levels seen in 2019 [2]. - The report highlights a significant increase in international capacity for airlines like China Eastern Airlines and Spring Airlines, with year-on-year ASK growth of 14% and 153% respectively compared to 2019 [2][3]. - The report suggests that the airline industry is at a turning point, with potential for significant improvement in airline profitability due to rising demand and constrained supply [2]. Summary by Sections Domestic Market - Overall demand growth is outpacing capacity growth, with Spring Airlines showing significant increases in both capacity and volume [2]. - ASK and RPK for major airlines like China Southern and China Eastern have shown positive growth compared to 2024 and 2019 [3]. International Market - Major airlines have exceeded 2019 levels in international operations, with significant year-on-year growth in ASK and RPK for airlines like China Eastern and Spring Airlines [2][3]. Regional Market - Capacity and volume recovery is uneven across regions, with China Southern and China Eastern showing strong recovery compared to 2019 [2][3]. Investment Analysis - The report emphasizes the unprecedented challenges in the aircraft manufacturing chain and the aging fleet, predicting a continued supply constraint over the next 5-10 years [2]. - The report recommends focusing on the airline sector, highlighting strong supply logic and elastic demand, with specific recommendations for airlines such as China Eastern, China Southern, and Spring Airlines [2][5].