Core Insights - Hainan Airlines executed over 52,000 domestic and international passenger flights during the summer travel season from July 1 to August 31, transporting over 8.53 million passengers [1] - On August 15, Hainan Airlines achieved a peak daily passenger transport of 135,000 on domestic flights, marking the highest single-day transport volume during the summer season [1] - The airline's international flight operations included 4,262 flights, with a daily average of 68 flights, representing a 44% year-on-year increase, and international passenger transport exceeded 760,000, up 33% year-on-year [1] Domestic Operations - During the summer peak, Hainan Airlines deployed 226 aircraft, an increase of 4 aircraft compared to the previous year [1] - In the Xinjiang region, 17 wide-body aircraft were specifically allocated, an increase of 2 aircraft year-on-year [1] - The Urumqi route saw an 18.9% year-on-year increase in flight operations and a 22.9% increase in passenger volume, with overall seat capacity up 7.3% and passenger volume up 10.1% year-on-year [1] International Operations - Hainan Airlines operated over 60 international and regional routes, covering 30 countries and regions [1] - Routes such as Beijing-Tijuana-Mexico City, Haikou-Sydney, Haikou-Singapore, and Haikou-Moscow experienced passenger growth exceeding 100% year-on-year [1]

Core Points - Hainan Airlines plans to launch a direct flight route from Haikou to Jakarta starting September 26 [1] - The new international route will operate four round-trip flights per week on Tuesdays, Thursdays, Fridays, and Sundays [1] - The outbound flight is scheduled to depart from Haikou Meilan International Airport at 14:50 Beijing time and arrive at Soekarno-Hatta International Airport at 18:10 local time, with a flight duration of approximately 4 hours and 20 minutes [1] - The return flight is set to leave Soekarno-Hatta International Airport at 19:15 local time and arrive back in Haikou at 00:35 Beijing time, also with a flight duration of around 4 hours and 20 minutes [1]

第2笔成交价格为1.43元，成交128.00万股，成交金额183.04万元，溢价率为-9.49%，买方营业部为机构 专用，卖方营业部为中邮证券有限责任公司石家庄裕华东路证券营业部。 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为2849.99万元。该股近5个交易日累 计下跌1.86%，主力资金合计净流出2.43亿元。 责任编辑：小浪快报 第1笔成交价格为1.43元，成交1,865.00万股，成交金额2,666.95万元，溢价率为-9.49%，买方营业部为 机构专用，卖方营业部为长城证券股份有限公司青岛台东一路证券营业部。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 9月2日，海航控股收跌0.63%，收盘价为1.58元，发生2笔大宗交易，合计成交量1993万股，成交金额 2849.99万元。 ...

9月2日，海航控股大宗交易成交1993万股，成交额2849.99万元，占当日总成交额的2.95%，成交价1.43 元，较市场收盘价1.58元折价9.49%。 | 交易日期 | 任务简称 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 英入营业部 | | 美出营业部 | 是否为专场 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-02 | 海航控股 | 600221 | 1.43 | 2666.95 | 1865 | 机构专用 | 长城证券股份有限 公司青岛台东一路 | | 1991 | | | | | | | | | 短登昌非盟 | | | | 2025-09-02 | 海航控股 | 600221 | 1.43 | 183.04 | 128 | 机构专用 | 中郎证券有限责任 公司石家庄裕华东 | | る | | | | | | | | | 提证券器查费 | | | ...

Market Overview - On September 2, the aviation and airport sector declined by 0.63%, with Huaxia Airlines leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Key stocks in the aviation sector showed varied performance, with China Eastern Airlines closing at 4.01, up 0.50%, while Huaxia Airlines closed at 8.75, down 2.78% [1][2] - Other notable declines included China Southern Airlines at 5.91, down 1.01%, and Shanghai Airport at 32.17, down 0.59% [1][2] Trading Volume and Capital Flow - The aviation and airport sector experienced a net outflow of 322 million yuan from institutional investors, while retail investors saw a net inflow of 229 million yuan [2] - The trading volume for major stocks included China Eastern Airlines with 897,200 shares traded and a transaction value of 360 million yuan [1] Individual Stock Capital Flow - China National Airlines had a net inflow of 507,500 yuan from institutional investors, while Huaxia Airlines saw a net outflow of 20.93 million yuan [3] - The largest net outflow was recorded for Baiyun Airport at 30.11 million yuan, with retail investors contributing a net inflow of 25.12 million yuan [3]

Core Viewpoint - Hainan Airlines plans to launch a direct flight route from Haikou to Jakarta starting September 26, 2025, enhancing economic and cultural exchanges between the two regions [1][2]. Group 1: Flight Details - The new route will operate four round-trip flights weekly on Tuesdays, Thursdays, Fridays, and Sundays [1]. - Departure from Haikou Meilan International Airport is scheduled at 14:50 Beijing time, arriving at Soekarno-Hatta International Airport at 18:10 local time, with a flight duration of approximately 4 hours and 20 minutes [1]. - The return flight will leave Soekarno-Hatta International Airport at 19:15 local time, arriving back in Haikou at 00:35 Beijing time, also with a flight duration of about 4 hours and 20 minutes [1]. Group 2: Market Context - Jakarta is Indonesia's largest city and a significant economic and cultural center in Southeast Asia, serving as a major aviation hub [2]. - Hainan Airlines has an extensive network of international and regional routes from Haikou, including destinations such as Seattle, London, Moscow, and Sydney, which enhances connectivity for travelers [2]. - Starting February 9, 2024, China will expand visa-free entry for citizens from 59 countries to Hainan for various purposes, further promoting tourism and business exchanges [2]. Group 3: Future Plans - Hainan Airlines has restored, newly opened, and plans to operate over 70 international and regional routes from various cities, including Beijing, Shanghai, and Guangzhou [3]. - The airline aims to accelerate the resumption and launch of international and regional flights to meet market demand for inbound and outbound travel [3]. - As the only SKYTRAX five-star airline in mainland China, Hainan Airlines emphasizes safety and quality service to enhance the travel experience for passengers [3].

Core Insights - HNA Holding (600221.SH) reported a total operating revenue of 33.083 billion yuan for the first half of 2025, ranking 4th among disclosed peers, with a year-on-year increase of 1.341 billion yuan, marking a 4.22% growth compared to the same period last year [1] - The net profit attributable to shareholders reached 56.945 million yuan, an increase of 0.693 billion yuan year-on-year, achieving three consecutive years of growth [1] - The net cash inflow from operating activities was 5.627 billion yuan, also ranking 4th among disclosed peers [1] Financial Ratios - The latest debt-to-asset ratio stands at 98.74%, unchanged from the previous quarter, but down by 0.64 percentage points compared to the same period last year [3] - The latest gross profit margin is 6.73% [3] - The return on equity (ROE) is 2.22%, reflecting an increase of 46.92 percentage points year-on-year [3] Earnings Per Share - The diluted earnings per share is 0.00 yuan, an increase of 0.02 yuan compared to the same period last year, achieving three consecutive years of growth [4] Asset Management - The total asset turnover ratio is 0.23 times, ranking 4th among disclosed peers, while the inventory turnover ratio is 13.93 times [5] - The number of shareholders is 583,500, with the top ten shareholders holding a total of 22.795 billion shares, accounting for 52.75% of the total share capital [5] Shareholding Structure - The top shareholders include: - Hainan Hanwei Investment Co., Ltd. - 24.41% - Hainan Fangda Aviation Development Co., Ltd. - 9.72% - Daxinhua Aviation Co., Ltd. - 7.65% - Hainan Airlines Holding Co., Ltd. Bankruptcy Asset Disposal Special Account - 2.98% - Hainan Lucky National Travel Charter Co., Ltd. - 1.53% - China Construction Bank Hainan Branch - 1.47% - HNA Group Co., Ltd. - 1.37% - Bank of China Financial Asset Investment Co., Ltd. - 1.23% - Hainan HNA Business Services Co., Ltd. - 1.20% - Export-Import Bank of China Hainan Branch - 1.19% [5]

Core Insights - The aviation and airport sector experienced a decline of 0.94% on September 1, with Huaxia Airlines leading the drop [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Stock Performance Summary - The following stocks in the aviation and airport sector showed varied performance: - CITIC Haizhi: Closed at 24.77, up 0.20%, with a trading volume of 281,600 shares and a turnover of 695 million yuan [1] - Shanghai Airport: Closed at 32.36, up 0.12%, with a trading volume of 187,500 shares and a turnover of 608 million yuan [1] - HNA Holding: Closed at 1.59, unchanged, with a trading volume of 4.89 million shares and a turnover of 779 million yuan [1] - Xiamen Airport: Closed at 14.95, down 0.07%, with a trading volume of 26,500 shares and a turnover of 39.51 million yuan [1] - Shenzhen Airport: Closed at 7.22, down 0.55%, with a trading volume of 230,700 shares and a turnover of 166 million yuan [1] - Baiyun Airport: Closed at 9.95, down 0.60%, with a trading volume of 252,800 shares and a turnover of 252 million yuan [1] - Air China: Closed at 7.48, down 0.93%, with a trading volume of 617,800 shares and a turnover of 463 million yuan [1] - China Southern Airlines: Closed at 5.97, down 1.16%, with a trading volume of 545,400 shares and a turnover of 326 million yuan [1] - Juneyao Airlines: Closed at 12.43, down 1.35%, with a trading volume of 205,300 shares and a turnover of 256 million yuan [1] - Spring Airlines: Closed at 52.38, down 1.82%, with a trading volume of 74,000 shares and a turnover of 390 million yuan [1] Capital Flow Analysis - The aviation and airport sector saw a net outflow of 293 million yuan from institutional investors, while retail investors contributed a net inflow of 279 million yuan [2] - The following capital flows were noted for specific stocks: - HNA Holding: Net inflow of 45.64 million yuan from institutional investors, but a net outflow of 36.41 million yuan from retail investors [3] - Shenzhen Airport: Net inflow of 13.27 million yuan from institutional investors, with a net outflow of 20.78 million yuan from retail investors [3] - China Southern Airlines: Net outflow of 1.21 million yuan from institutional investors, but a net inflow of 2.78 million yuan from retail investors [3] - Xiamen Airport: Net outflow of 1.79 million yuan from institutional investors, with a net inflow of 178.71 million yuan from retail investors [3] - Huaxia Airlines: Net outflow of 3.68 million yuan from institutional investors, but a net inflow of 542.84 million yuan from retail investors [3] - Air China: Net outflow of 7.48 million yuan from institutional investors, with a net inflow of 38.94 million yuan from retail investors [3] - Juneyao Airlines: Net outflow of 7.64 million yuan from institutional investors, but a net inflow of 682.32 million yuan from retail investors [3] - Spring Airlines: Net outflow of 29.52 million yuan from institutional investors, with a net inflow of 283.88 million yuan from retail investors [3] - Baiyun Airport: Net outflow of 32.34 million yuan from institutional investors, with a net inflow of 239.79 million yuan from retail investors [3]

Core Viewpoint - The financial performance of major Chinese airlines in the first half of 2025 shows a mixed picture, with state-owned airlines continuing to incur losses but at a reduced rate, while private airlines have achieved profitability. Group 1: State-Owned Airlines Performance - China National Airlines reported operating revenue of 80.757 billion yuan, a year-on-year increase of 1.6%, with a net loss of 1.806 billion yuan, a reduction in losses compared to the previous year [2] - China Eastern Airlines achieved operating revenue of 66.822 billion yuan, a year-on-year increase of 4.09%, with a net loss of 1.431 billion yuan, down from a loss of 2.768 billion yuan in the same period last year [2] - Southern Airlines reported operating revenue of 86.291 billion yuan, a year-on-year increase of 1.77%, with a net loss of 1.533 billion yuan, which is a 24.84% increase in losses compared to the previous year [3] Group 2: Private Airlines Performance - Hainan Airlines, Spring Airlines, Juneyao Airlines, and China Express Airlines all reported profits, with a total net profit of nearly 2 billion yuan [1] - Spring Airlines achieved a net profit of 1.169 billion yuan, although this represents a year-on-year decline of 14.11% [4] - Juneyao Airlines reported a net profit of 505 million yuan, an increase of 3.29% year-on-year [6] - China Express Airlines reported a net profit of 251 million yuan, a significant increase of 858.95% year-on-year [7] Group 3: Market Conditions and Trends - The aviation industry is experiencing a "volume up, price down" trend, with significant pressure on ticket prices leading to reduced revenue per passenger kilometer for major airlines [8] - The Civil Aviation Administration of China has emphasized the need to address "involution" in the aviation sector, which may improve airline profitability in the short term [8] - Airlines are actively expanding their markets and optimizing services, with China National Airlines implementing AI-driven customer service and China Eastern Airlines enhancing its product marketing strategies [9][10]

投资要点 25H1 盈利0.6 亿元，重整以来首次中报盈利2025H1，公司实现营业总收入331 亿元，同比+4%，归母净 利润0.6 亿元（24 年同期为-6.4 亿元），扭亏为盈。其中25Q2 营业总收入约155 亿元，同比+9%，归母 净利润-2.2 亿元，同比减亏11.1 亿元。 收益分析：票价下滑导致客收下跌，单位成本改善，上半年扭亏为盈收入端：25H1 单位ASK 收入0.425 元，同比-7%，单位RPK 收入0.513 元，同比-7%，主要因为票价下滑。其中25Q2 单位ASK 收入0.407 元，同比-2%，单位RPK 收入0.494 元，同比-2%。 盈利预测与投资建议 中长期看行业供给受限预计较持久，需求有望稳健增长，供需关系逆转在即，票价弹性兑现可期。预计 公司25-27 年归母净利润分别为12.7、31.0、54.4 亿元，维持"增持"评级。 风险提示 经营端：飞机利用率进一步恢复，25H1 客座率同比提升0.2pct截至25H1 末，公司运营飞机共348 架， 上半年净增0 架。2025H1 公司飞机日利用率9.6 小时，同比增加约0.5 小时；ASK、RPK 同比+12%、 +1 ...