Core Viewpoint - HNA Group's stock price has experienced a decline of 4.71% year-to-date, with a recent drop of 2.41% on September 22, 2023, indicating ongoing market challenges for the company [1][2]. Financial Performance - For the first half of 2025, HNA Group reported a revenue of 33.083 billion yuan, reflecting a year-on-year growth of 4.22%, while the net profit attributable to shareholders was 56.945 million yuan, showing a significant increase of 108.95% [2]. - Cumulatively, HNA Group has distributed a total of 3.424 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Stock Market Activity - As of September 22, 2023, HNA Group's stock was trading at 1.62 yuan per share, with a total market capitalization of 70.009 billion yuan and a trading volume of 696 million yuan [1]. - The stock has seen a 0.00% change over the last five trading days, a 1.89% increase over the last 20 days, and a 20.90% increase over the last 60 days [2]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of 116 million yuan on July 24, 2023 [2]. 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 circulating shares per shareholder [2]. - Notably, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3]. Business Overview - HNA Group, established on December 29, 1995, and listed on November 25, 1999, primarily engages in scheduled and non-scheduled air passenger and cargo transportation, with passenger transport accounting for 87.52% of its revenue [2]. - The company operates within the transportation sector, specifically in the aviation industry, and is associated with concepts such as Hainan Free Trade Zone and civil aviation [2].

Core Insights - In August, China's civil aviation transportation scale reached a historical high, with total turnover surpassing 150 billion ton-kilometers for the first time, showing a positive operational trend [1] - The overall transportation turnover was 151.8 billion ton-kilometers, with passenger transport volume at 75.36 million and cargo mail transport volume at 865,000 tons, representing year-on-year growth of 8%, 3.3%, and 13.3% respectively [1] - Domestic passenger transport volume increased by 2.2% to 67.89 million, while international routes saw a 15.3% increase to 7.465 million passengers [1] Industry Performance - From January to August, the total transportation turnover reached 1,083.3 billion ton-kilometers, a year-on-year increase of 10.5%, with domestic and international routes growing by 4.7% and 22.4% respectively [2] - Cargo mail transport volume for the same period was 651.6 thousand tons, up 14.5% year-on-year [2] Airline Operations - China International Airlines reported a 2.3% increase in passenger capacity and a 3.2% rise in passenger turnover for August, with cargo capacity up 1.5% and cargo turnover up 10.2% [2] - China Southern Airlines saw a 6.37% increase in passenger capacity and a 0.90% increase in cargo capacity in August, with a total of 952 operational aircraft [3] Market Trends - Airlines are actively expanding international routes, with China Eastern Airlines resuming and increasing flights on several international routes [4] - Hainan Airlines plans to enhance its international route network, focusing on Southeast Asia and Europe, to strengthen its competitive position in the international market [5] Future Outlook - Analysts express cautious optimism regarding the annual performance of listed airlines, anticipating improvements in supply-demand relationships and potential profitability recovery [5]

Group 1 - The new regular passenger route "Singapore ⇌ Haikou ⇌ Changchun" has been launched at Haikou Meilan International Airport, providing more travel options for passengers during the National Day and Mid-Autumn Festival holidays [1] - This launch marks a significant step in the substantive cooperation between Meilan Airport, Jilin Province Civil Aviation Airport Group, and Hainan Airlines, following the signing of a tripartite strategic cooperation agreement on September 20 [1] - The route is operated by Hainan Airlines using a B737 aircraft, with flights scheduled every Monday, Wednesday, Friday, and Sunday [1] Group 2 - The outbound flight HU448 departs from Singapore at 4:40 AM local time and arrives in Haikou at 8:10 AM Beijing time, then departs Haikou at 10:15 AM and arrives in Changchun at 3:15 PM [1] - The return flight HU447 departs from Changchun at 5:00 PM Beijing time, arrives in Haikou at 10:00 PM, and then departs Haikou at 11:50 PM, arriving in Singapore at 3:10 AM the next day local time [1] - Passengers traveling during the upcoming holidays are advised to purchase round-trip tickets in advance due to expected high travel volume [1] Group 3 - Haikou Meilan International Airport offers incentives for international transfer passengers, including dining vouchers worth 60 or 100 yuan or a free night’s stay at the airport hotel [1] - Non-Haikou residents traveling on international and regional outbound flights from Meilan Airport can also enjoy similar benefits [1]

（文章来源：中国新闻网） 中新网海口9月21日电 (蔡莲珠林杉)海口美兰国际机场(下称"美兰机场")21日开通"新加坡海口长春"定期 客运航线，为旅客在国庆、中秋假期出行提供更多选择。 9月20日，美兰机场与吉林省民航机场集团、海南航空共同签署三方战略合作协议。根据协议，三方将 聚焦航线结构优化、中转市场开发、服务品质提升及市场营销推广等方面展开协同合作，通过资源互 补、信息共享与协同创新，共同打造高效顺畅的区域航空服务网络，为国内外旅客提供更便捷、舒适的 航空出行体验。(完) 据介绍，该航线由海南航空运营，采用B737客机执飞，计划每周一、三、五、日各执飞一班。来程航 班HU448于当地时间4时40分从新加坡起飞，北京时间8时10分抵达海口，10时15分由海口起飞，15时15 分抵达长春；返程航班HU447于北京时间17时从长春起飞，22时抵达海口，23时50分由海口起飞，次日 当地时间3时10分抵达新加坡。 ...

9月20日，美兰机场与吉林省民航机场集团、海南航空共同签署三方战略合作协议。根据战略合作协议，美兰机场与吉林省民航机场集团、海南航空三方将 聚焦航线结构优化、中转市场开发、服务品质提升及市场营销推广等方面的协同合作，旨在通过资源互补、信息共享与协同创新，共同打造高效顺畅的区域 航空服务网络，为国内外旅客提供更便捷、舒适的航空出行体验。 北京商报讯（记者 关子辰 牛清妍）9月21日，北京商报记者从海口美兰国际机场（以下简称"美兰机场"）获悉，新加坡—海口—长春定期客运航线正式开 通。 据悉，该航线由海南航空运营，采用B737客机执飞，计划每周一、三、五、日各执飞一班。去程航班HU448于当地时间4:40从新加坡起飞，北京时间8:10抵 达海口，10:15由海口起飞，15:15抵达长春；返程航班HU447于北京时间17:00从长春起飞，22:00抵达海口，23:50由海口起飞，次日当地时间3:10抵达新加 坡。具体时间以航司官方发布为准。 ...

中新网海口9月21日电 (蔡莲珠 林杉)海口美兰国际机场(下称"美兰机场")21日开通"新加坡⇌海口⇌长 春"定期客运航线，为旅客在国庆、中秋假期出行提供更多选择。 9月20日，美兰机场与吉林省民航机场集团、海南航空共同签署三方战略合作协议。根据协议，三方将 聚焦航线结构优化、中转市场开发、服务品质提升及市场营销推广等方面展开协同合作，通过资源互 补、信息共享与协同创新，共同打造高效顺畅的区域航空服务网络，为国内外旅客提供更便捷、舒适的 航空出行体验。(完)【编辑:田博群】 据介绍，该航线由海南航空运营，采用B737客机执飞，计划每周一、三、五、日各执飞一班。来程航 班HU448于当地时间4时40分从新加坡起飞，北京时间8时10分抵达海口，10时15分由海口起飞，15时15 分抵达长春；返程航班HU447于北京时间17时从长春起飞，22时抵达海口，23时50分由海口起飞，次日 当地时间3时10分抵达新加坡。 ...

| | | 沪指9月19日下跌0.30%，申万所属行业中，今日上涨的有16个，涨幅居前的行业为煤炭、有色金属， 涨幅分别为1.97%、1.19%。交通运输行业今日上涨0.65%。跌幅居前的行业为汽车、医药生物，跌幅分 别为1.94%、1.41%。 资金面上看，两市主力资金全天净流出587.33亿元，今日有8个行业主力资金净流入，有色金属行业主 力资金净流入规模居首，该行业今日上涨1.19%，全天净流入资金8.72亿元，其次是传媒行业，日涨幅 为0.49%，净流入资金为6.92亿元。 主力资金净流出的行业有23个，计算机行业主力资金净流出规模居首，全天净流出资金107.23亿元，其 次是汽车行业，净流出资金为79.29亿元，净流出资金较多的还有机械设备、电力设备、医药生物等行 业。 交通运输行业今日上涨0.65%，全天主力资金净流入6.57亿元，该行业所属的个股共127只，今日上涨的 有81只，涨停的有2只；下跌的有41只。以资金流向数据进行统计，该行业资金净流入的个股有68只， 其中，净流入资金超亿元的有5只，净流入资金居首的是南京港，今日净流入资金2.49亿元，紧随其后 的是申通快递、中远海控，净流入资金分 ...

Core Insights - The aviation and airport sector saw a slight increase of 0.24% on September 19, with Huaxia Airlines leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Huaxia Airlines (002928) closed at 9.80, up 2.40% with a trading volume of 180,100 shares and a transaction value of 174 million [1] - Xiamen Airport (600897) closed at 14.69, up 1.80% with a trading volume of 34,500 shares and a transaction value of 49.97 million [1] - China Eastern Airlines (600115) closed at 4.07, up 0.74% with a trading volume of 1,130,800 shares and a transaction value of 457 million [1] Capital Flow - The aviation and airport sector experienced a net outflow of 242 million from institutional investors, while retail investors saw a net inflow of 213 million [2] - The net inflow from speculative funds was 29.57 million [2] Individual Stock Capital Flow - Shanghai Airport (600009) had a net inflow of 19.13 million from institutional investors, while retail investors had a net outflow of 1.09 million [3] - Huaxia Airlines (002928) saw a net inflow of 4.48 million from institutional investors and a net outflow of 8.98 million from retail investors [3] - China Southern Airlines (600029) experienced a net outflow of 2.13 million from institutional investors, with a net inflow of 3.73 million from speculative funds [3]

Group 1 - The average stock price of A-shares is 13.49 yuan, with 24 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.51 yuan [1] - Among the low-priced stocks, 12 are ST stocks, accounting for 50% of the total [1] - The Shanghai Composite Index closed at 3831.66 points as of September 18 [1] Group 2 - Among the low-priced stocks, 11 increased in price today, with the highest gainers being Yongtai Energy (up 10.32%), Liao Port Co. (up 2.75%), and *ST Su Wu (up 2.15%) [1] - Conversely, 11 stocks decreased in price, with the largest declines seen in Rongsheng Development (down 8.54%), *ST Gao Hong (down 5.56%), and Zhitian Tui (down 5.36%) [1] - The stock price performance of low-priced stocks shows a mixed trend, indicating volatility in this segment [1]

Core Viewpoint - The aviation and airport sector experienced a decline of 2.43% on September 18, with Huaxia Airlines leading the drop. The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1]. Group 1: Stock Performance - The following stocks in the aviation and airport sector showed notable performance: - Hainan Airlines (600221) closed at 1.73, up 1.17% with a trading volume of 15.53 million shares [1]. - Baiyun Airport (600004) closed at 9.54, down 1.24% with a trading volume of 265,400 shares [1]. - Shanghai Airport (600009) closed at 31.94, down 1.39% with a trading volume of 146,200 shares [1]. - Spring Airlines (601021) closed at 53.31, down 1.82% with a trading volume of 63,800 shares [1]. - Xiamen Airport (600897) closed at 14.43, down 1.84% with a trading volume of 44,300 shares [1]. - Shenzhen Airport (000089) closed at 7.06, down 1.94% with a trading volume of 172,400 shares [1]. - Juneyao Airlines (603885) closed at 13.25, down 2.50% with a trading volume of 254,300 shares [1]. - CITIC Offshore Helicopter (000099) closed at 22.35, down 2.78% with a trading volume of 253,700 shares [1]. - Air China (601111) closed at 7.81, down 3.46% with a trading volume of 859,500 shares [1]. - China Eastern Airlines (600115) closed at 4.04, down 3.81% with a trading volume of 1,648,800 shares [1]. Group 2: Capital Flow - The aviation and airport sector saw a net outflow of 370 million yuan from institutional investors, while retail investors contributed a net inflow of 210 million yuan [2]. - The following stocks experienced significant capital flow: - Shenzhen Airport (000089) had a net inflow of 9.26 million yuan from institutional investors, but a net outflow of 733.53 million yuan from retail investors [3]. - Huaxia Airlines (002928) had a net inflow of 5.35 million yuan from institutional investors, with a net outflow of 137.69 million yuan from retail investors [3]. - Xiamen Airport (600897) had a net inflow of 1.24 million yuan from institutional investors, but a net outflow of 890.25 million yuan from retail investors [3]. - Shanghai Airport (600009) experienced a net outflow of 17.38 million yuan from institutional investors, while retail investors contributed a net inflow of 453.53 million yuan [3]. - Baiyun Airport (600004) had a net outflow of 21.21 million yuan from institutional investors, but a net inflow of 1.26 million yuan from retail investors [3].