Core Viewpoint - Hainan Airlines Holding Co., Ltd. has made progress in its restructuring plan, converting approximately $174.28 million (1.24 billion RMB) of debt into equity by issuing shares to Tianjin Bohai Leasing Co., Ltd. [2][3] Group 1: Restructuring Plan Execution - The company and its subsidiary, Yunnan Xiangpeng Airlines, reached a settlement with Tianjin Bohai Leasing Co., Ltd. for a total debt of approximately $174,284,960.95, converting this into 389,506,341 shares at a price of 3.18 RMB per share, representing about 0.90% of the total share capital [2][3] - As of December 31, 2025, 198,897,381 shares were registered with the China Securities Depository and Clearing Corporation Limited [3] - The remaining 190,608,960 shares were transferred to Tianjin Bohai Leasing Co., Ltd. on January 30, 2026, accounting for approximately 0.44% of the total share capital [4] Group 2: Impact on the Company - The implementation of the restructuring plan will not change the controlling shareholder or actual controller of the company and will not adversely affect daily operations [5] - The new shareholders, as part of Hainan Haihang No. 2 Trust Management Co., Ltd., will collectively hold 6.18% of the company's shares after the transfer [5] - The equity change is a result of the agreement made in the "Debt-to-Equity Agreement" signed earlier between the company and Tianjin Bohai Leasing's subsidiaries [12]

Performance Highlights - New Yi Sheng (300502.SZ) expects net profit between 9.4 billion and 9.9 billion CNY, a year-on-year increase of 231.24% to 248.86% due to rising demand for high-speed optical modules driven by global computing power investments[4] - Han's Chip (688256.SH) anticipates net profit between 1.85 billion and 2.15 billion CNY, turning from a loss of 450 million CNY last year, benefiting from the growing demand for AI computing power[5] - Zhongji Xuchuang (300308.SZ) projects net profit between 9.8 billion and 11.8 billion CNY, a year-on-year growth of 89.50% to 128.17%, driven by strong customer investment in computing infrastructure[6] - Runze Technology (300442.SZ) expects net profit between 5 billion and 5.3 billion CNY, a year-on-year increase of 179.28% to 196.03%, largely due to non-recurring gains from public REITs issuance[10] Underperformance Highlights - Great Wall Motors (601633.SH) forecasts net profit of 9.912 billion CNY, a year-on-year decline of 21.71% due to increased marketing expenses and competitive pressures[36] - GAC Group (601238.SH) expects a net loss between 8 billion and 9 billion CNY, turning from a profit of 824 million CNY last year, impacted by fierce competition and increased asset impairment provisions[39] - Xiexin Integrated (002506.SZ) anticipates a net loss between 890 million and 1.29 billion CNY, shifting from a profit of 68 million CNY last year due to structural supply-demand issues in the photovoltaic industry[41] - Baile Tianheng (688506.SH) projects a net loss of around 1.1 billion CNY, down from a profit of 3.708 billion CNY last year, primarily due to increased R&D expenses[42] Industry Trends - Technology-driven sectors like AI and innovative pharmaceuticals are leading growth, with companies like New Yi Sheng and Han's Chip benefiting from strong demand and technological advancements[69] - Cost control is becoming a critical competitive advantage, particularly in the energy and manufacturing sectors, as seen with companies like Datang Power (601991.SH) benefiting from lower coal prices[70] - Traditional cyclical industries such as real estate and agriculture are facing significant downward pressure, with companies like Vanke (000002.SZ) and Tianbang Foods (002124.SZ) experiencing substantial losses due to market adjustments[72]

与此同时，南方航空同样预计2025年度实现扭亏为盈，归母净利润预计为人民币8.00亿元到10.00亿 元，扣非净利润预计为1.30亿元到1.90亿元。 南方航空在公告中提及，虽然面临外部环境不确定性、供应链紧张及飞机、航材等成本上涨压力， 但通过抢抓市场机遇、精准投放运力、优化经营布局与成本管控，经营效益持续改善。 值得注意的是，梳理各航司此前财报，上述四家航司在2025年的前三季度均实现了盈利。其中，中 国国航实现归母净利润18.70亿元，同比增长37.31%；东方航空为21.03亿元，同比成功扭亏为盈；南方 航空为23.07亿元，同比增长17.40%；海南航空为28.45亿元，同比增长30.93%。 在业绩预告中，中国国航解释称，在持续优化生产组织、加强成本管控、经营效益呈现增收降成本 特点的背景下，年度亏损主要源于严格执行企业会计准则，在资产负债表日对递延所得税资产账面价值 进行复核并转回部分资产所致。 东方航空亦表示，公司全年运输总周转量和旅客运输量同比分别增长10.82%和6.68%。然而，因在 报告期内根据会计准则转回部分前期可抵扣亏损形成的递延所得税资产，相应增加所得税费用。 2025年四大航空 ...

Core Viewpoint - The article highlights the performance forecast of various A-share listed companies, indicating a significant divergence in earnings growth across different sectors, driven by technological advancements, cost control, and industry cycles [4][62]. Group 1: Companies with Strong Earnings Growth - **New Yisheng (300502.SZ)**: Expected net profit of 9.4 billion to 9.9 billion, a year-on-year increase of 231.24% to 248.86%, driven by rising demand for high-speed optical modules due to global computing power investments [6]. - **Han's Laser (688256.SH)**: Expected net profit of 1.85 billion to 2.15 billion, turning from a loss of 0.452 billion in the previous year, benefiting from the increasing demand for AI computing power [8]. - **Zhongji Xuchuang (300308.SZ)**: Expected net profit of 9.8 billion to 11.8 billion, a year-on-year increase of 89.50% to 128.17%, supported by strong investment in computing infrastructure [10]. - **Runze Technology (300442.SZ)**: Expected net profit of 5 billion to 5.3 billion, a year-on-year increase of 179.28% to 196.03%, primarily due to non-recurring gains from public REITs issuance [12]. - **CITIC Securities (601995.SH)**: Expected net profit of 8.542 billion to 10.535 billion, a year-on-year increase of 50% to 85%, driven by steady growth in core business segments [15]. Group 2: Companies with Earnings Below Expectations - **Great Wall Motors (601633.SH)**: Expected net profit of 9.912 billion, a year-on-year decrease of 21.71%, impacted by increased marketing expenses and intense competition [34]. - **GAC Group (601238.SH)**: Expected net profit of -8 billion to -9 billion, turning from a profit of 0.824 billion in the previous year, due to fierce competition and adjustments in product structure [36]. - **GCL-Poly Energy (002506.SZ)**: Expected net profit of -0.89 billion to -1.29 billion, turning from a profit of 0.068 billion, affected by structural supply-demand issues in the photovoltaic industry [38]. - **Boli Tianheng (688506.SH)**: Expected net profit of -1.1 billion, turning from a profit of 3.708 billion, due to increased R&D expenses [39]. - **Daiyue City (000031.SZ)**: Expected net profit of -2.7 billion to -2.1 billion, continuing losses from the previous year, influenced by asset impairment provisions [42]. Group 3: Industry Trends - **Technological Breakthroughs**: Industries driven by technology, such as AI and innovative pharmaceuticals, are showing strong growth, with companies like New Yisheng and Rongchang Bio leading the way [62][63]. - **Cost Control**: The energy and manufacturing sectors are experiencing a clear divide, with companies like Datang Power benefiting from lower coal prices and effective cost management [64]. - **Downward Pressure from Industry Cycles**: The real estate, agriculture, and photovoltaic sectors are under significant pressure, with companies like Vanke and Tianbang Food facing substantial earnings declines [65][66].

观点网讯：2月2日，海航控股公告，公司及子公司祥鹏航空与天津渤海租赁下属子公司达成的1.24亿元 共益债转股方案已完成首批过户。 本次重整方案实施后，股票过入方及其一致行动人合计持股升至6.18%，但公司强调，交易不会导致控 股权变更，也不会对日常经营产生重大影响。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 根据协议，债权按3.18元/股折股，合计转增389,506,341股，占公司总股本0.9%。其中198,897,381股已 于2025年12月31日登记至债权人名下，剩余190,608,960股将于2026年1月30日完成过户。 ...

一、信息披露义务人及其一致行动人的基本信息 （一）身份类别 | | □控股股东/实际控制人及其一致行动人 其他 5%以上大股东及其一致行动人 | | --- | --- | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他______________（请注明） | 证券代码：600221 、900945 证券简称：海航控股 、海控 B 股 公告编号：2026-010 海南航空控股股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 投资者及其一致行动人保证向本公司提供的信息真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 临时公告 （二）信息披露义务人信息 | | □ | 控股股东/实控人 | | | | --- | --- | --- | --- | --- | | 广州南沙渤海八号租 | □ | 控股股东/实控人的一致 |  | 91440115MA59D9LP8W | | 赁有限公司 | 行动人 | | □ | 不适 ...

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 2026-009 海南航空控股股份有限公司 关于重整计划相关事项执行进展的公告 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： 根据《海南航空控股股份有限公司及其十家子公司重整计划》（以下简称《重 整计划》），海南航空控股股份有限公司（以下简称"海航控股"或"公司"）及子公司云 南祥鹏航空有限责任公司（以下简称"祥鹏航空"）就欠付的合计约 174,284,960.95 美 元(折合 1,238,630,163.81 元人民币)共益债与天津渤海租赁有限公司下属子公司达成 清偿方案，以 3.18 元/股的价格转换为海航控股 389,506,341 股股票，约占公司总股本 的 0.90%。上述股票中的 198,897,381 股股票已于 2025 年 12 月 31 日在中国证券登记 结算有限责任公司上海分公司完成过户登记手续。 2026 年 1 月 30 日，剩余 190,608,960 股股票已过户至天津渤海租赁有限公司 ...

海航控股公告称，公司及子公司祥鹏航空约1.24亿元共益债与天津渤海租赁下属子公司达成清偿方案， 以3.18元/股转389,506,341股公司股票，占总股本0.90%。其中198,897,381股于2025年12月31日完成过 户，剩余190,608,960股（占0.44%）于2026年1月30日完成。本次重整不影响控股权和日常经营，股票 过入方成股东，与一致行动人合计持股6.18%。 ...

Core Viewpoint - The overall performance forecast for Chinese airlines in 2025 indicates a trend of "significantly reduced losses, some airlines turning profitable, and accelerated profit differentiation" [2][3]. Group 1: Annual Performance Forecast - China Southern Airlines and Hainan Airlines have turned profitable, contributing significantly to the sector's profit recovery, while Air China and China Eastern Airlines remain in the loss zone, with China Eastern's losses narrowing [1][2]. - China Southern Airlines and Hainan Airlines are the core contributors to profit recovery, while Huaxia Airlines continues to show growth, reflecting the relative advantages of regional routes and operational flexibility [2][3]. Group 2: Quarterly Performance Insights - In Q4 2025, the industry remains under pressure with losses prevailing, but most airlines show significant year-on-year improvements, indicating a continued recovery trend despite seasonal profitability pressures [1][2]. Group 3: Future Outlook - Demand remains a key variable for ticket price recovery and profit improvement, with domestic passenger volume expected to grow moderately due to normalized consumer travel and enhanced leisure tourism [4]. - The supply constraints and cost pressures are likely to amplify profit elasticity, with slow aircraft deliveries maintaining capacity control and policies aimed at reducing disorderly competition stabilizing revenue quality [4]. Group 4: Recommended Stocks - The top picks include Hainan Airlines (600221.SH) and Huaxia Airlines (002928.SZ), with a focus on China National Aviation (601111.SH, 00753), Juneyao Airlines (603885.SH), and Spring Airlines (601021.SH) [5].

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2026 年 02 月 02 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 1）圆通速递举行 2025 年工作总结暨 2026 年工作部署大会，强调"守底线、强基 石、开新路"。1 月 26 日，圆通速递 2025 年工作总结暨 2026 年工作部署大会召开， 圆通速递董事局主席喻渭蛟表示：要打造安全畅通、便捷高效、自主可控、可持续、 有韧性的供应链；要贯彻执行国家邮政局局长赵冲久关于深入推进交通强国邮政篇 建设等 9 个方面的工作，要以"守底线、强基石、开新路"为管理理念和工作指南， 做好各项重点工作。圆通速递总裁潘水苗围绕"守底线、强基石、开新路"对 2026 年重点工作作了具 ...