Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Insights - The easing of the Israel-Iran conflict has led to a decline in oil tanker rates, with the VLCC market shifting from geopolitical influences to supply-demand fundamentals [3][14] - The establishment of the General Aviation and Low Altitude Economy Working Group by the Civil Aviation Administration of China (CAAC) aims to enhance the development of low-altitude economy and general aviation [3][16] - The price of unmanned logistics vehicles has dropped to around 20,000 yuan, contributing to a 5.3% year-on-year growth in national social logistics total in the first five months of 2025 [3][22] Industry Highlights - The VLCC market sentiment has transitioned to supply-demand fundamentals, with tanker rates under pressure due to increased competition among shipowners and no significant rise in cargo volumes [3][14] - As of July 4, 2025, the shipping rates from Shanghai to Europe increased by 3.5% to 2,101 USD/TEU, while rates to the US West and East coasts decreased by 19.0% and 12.6%, respectively [3][15] - In the first half of 2025, 117 new international air cargo routes were opened in China, with over 233 round-trip flights added weekly [3][16][18] - The logistics sector has seen a total of 138.7 trillion yuan in social logistics, reflecting a 5.3% year-on-year increase, with a slight deceleration in growth compared to previous months [3][24] High-Frequency Data Tracking - In June 2025, domestic cargo flights increased by 9.42% year-on-year, while international flights rose by 32.87% [26][33] - The express delivery sector experienced a 17.20% year-on-year increase in business volume in May 2025, with total express business volume reaching 173.2 billion pieces [56][58] - The national port cargo throughput reached 7.345 billion tons in the first five months of 2025, marking a 3.8% year-on-year growth [52]

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 2025-053 海南航空控股股份有限公司 关于重大资产购买进展的公告 为确保回复内容准确、完整，切实保护全体股东的合法权益，经向上海证券交易 所申请，公司于2025年7月3日披露《关于延期回复上海证券交易所〈关于对海南 航空控股股份有限公司重大资产购买草案的问询函〉的公告》（编号：临 2025-051），将延期回复《问询函》，延期时间不超过5个交易日。 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、本次交易的基本情况 海南航空控股股份有限公司（以下简称"公司"）拟以支付现金方式购买海 南空港开发产业集团有限公司（以下简称"海南空港"）持有的海南天羽飞行训 练有限公司（以下简称"天羽飞训"）100.00%股权（以下简称"本次交易"）， 交易金额为79,907.00万元，根据《上市公司重大资产重组管理办法》等相关法 律法规，本次交易构成重大资产重组。 本次交易完成后，公司将持有天羽飞训100%股权并将其纳入合并报表范围。 2025年 ...

此外，海南航空为教师和学生群体特别推出"师生关爱"产品，在海南航空官网或App通过教师/学生身份 认证的金鹏会员，为本人或与本人同行人员购买海南航空实际承运的指定航班指定舱位客票，可享最高 10%的价格优惠。旅客可通过海南航空官网及App、服务热线95339、各直属售票处了解及购票。（编 辑：张薇，校对：张彤，审核：韩磊） 据悉，海南航空新增的三条航线均为每天一班。其中南昌—乌鲁木齐航线，去程每日19：40从南昌起 飞，次日00：05落地乌鲁木齐；返程航班每日13：45从乌鲁木齐起飞，18：20抵达南昌；南昌-兰州航 线去程每日22：45从南昌起飞，次日01：15落地兰州；返程19：25从兰州起飞，22：05 抵达南昌；哈 尔滨—南昌—珠海航线，去程每日07：05从哈尔滨起飞，10：45落地南昌，短暂停留后11：35再次起 飞，13：20抵达珠海；返程14：10从珠海起飞，16：00落地南昌，短暂停留后17：10再次起飞，20：35 到达哈尔滨。具体航班信息以实际查询为准，旅客可通过海南航空官网及App、微信公众号及小程序、 服务热线95339、各直属售票处及授权代理购买机票。 中国民航网 通讯员王闯 报道： ...

Core Viewpoint - The company is progressing with its restructuring plan, which includes a debt repayment agreement involving the issuance of shares to settle outstanding debts totaling approximately $174.28 million [1][2][3]. Debt Situation - The restructuring plan was approved by the Hainan High Court on October 31, 2021, allowing the company and its subsidiaries to address their debts through a share issuance at a price of 3.18 RMB per share [1]. - The total amount of unpaid aircraft leasing payments is $174,284,960.95, which is classified as a common benefit debt under the restructuring plan [2]. Debt Repayment Arrangement - The company has reached an agreement with creditors to convert $140,850,155.34 owed to Hainan Airlines and $33,434,805.61 owed to Xiangpeng Airlines into shares, totaling 389,506,341 shares, which represents approximately 0.90% of the company's total share capital [3]. - The share transfer will occur after obtaining the necessary legal documents from the Hainan High Court [3]. Impact on the Company - The restructuring and debt repayment plan is expected to alleviate the company's financial pressure, reduce its debt ratio, and promote operational stability, benefiting the company and its shareholders [6].

临时公告 关于重整计划执行的后续进展公告 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： 2021 年 2 月 10 日，海南省高级人民法院（以下简称"海南高院"）裁定受 理债权人对海南航空控股股份有限公司（以下简称"海航控股"或"公司"）及其子 公司的重整申请并于 2021 年 10 月 31 日裁定通过《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》）。 根据《重整计划》，公司及子公司就欠付的 174,284,960.95 美元共益债与债 权人达成清偿方案，以海航控股股票进行清偿，股票抵债价格为 3.18 元/股。公司将 根据企业会计准则的相关规定对债务清偿事项进行账务处理，具体处理结果以会计师 审计为准。 一、债务的基本情况 2021 年 2 月 10 日，海南高院裁定受理债权人对海航控股及十家子公司中国新华 航空集团有限公司、山西航空有限责任公司、海航航空技术有限公司、福州航空有限 责任公司、云南祥鹏航空有限责任公司、长安航空有限责任公司、广西北部湾航空有 限责任公司、北京科航 ...

以下文章来源于Vista氢商业 ，作者肘子 Vista氢商业 . 关心都市白领的消费生活 提供易懂有趣的品牌报道 免费蛋糕的花语是： 下次坐飞机记得首选我们。 "第一次在经济舱享受到头等舱待遇。" 图源：小红书@闪闪 飞机生日服务已推出多年，之所以小众，大概是因为生日期间还飞在天上的，要么是时间和财富一样自由的老钱，要么是个月月出差、"每天早上睁眼都要 回忆一下自己在哪个城市"的高级牛马。 飞机上的"生日惊喜"比黄牛们明码标价的labubu更像盲盒：不用自己申请、不看舱位会员等级、礼物和蛋糕回回都不同。有人拿到精致小蛋糕，有人只得到 一瓶矿泉水。 文 ｜ 肘子 编辑 ｜ 橘总 来源｜ Vista氢商业（ID：Qingshangye666） 封面来源 ｜ 海航丨首都航空订阅号 坐飞机也能变成一次人生惊喜体验。 最近有人在生日当天被安排出差，清早起来赶飞机，正睡得不知天地为何物的时候，东航的空乘端来了一份专门为她准备的裱花生日蛋糕、"全体机组"的手 写贺卡，以及一杯特制茶。 "生日出差"的牛马之悲瞬间变成了 "万里高空上庆生" 的殊荣： 但普通牛马们最关心的还是， "一边哭穷一边涨票价，餐食和经济舱空间一齐缩水， ...

公司将继续积极推进相关工作，尽快回复并及时履行信息披露义务。有关信 息以公司在上海证券交易所网站及指定信息披露媒体发布的公告为准，敬请广大 投资者关注公司公告，注意投资风险。 特此公告。 海南航空控股股份有限公司 海南航空控股股份有限公司 关于延期回复上海证券交易所《关于对海南航空控股股份有限公 司重大资产购买草案的问询函》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。 海南航空控股股份有限公司（以下简称"公司"）于 2025 年 6 月 18 日收到 上海证券交易所《关于对海南航空控股股份有限公司重大资产购买草案的问询函》 （上证公函【2025】0871 号）（以下简称《问询函》），要求公司在 10 个交易 日内针对相关问题书面回复，并对草案作相应修改。详见公司于 2025 年 6 月 19 日披露的《关于收到上海证券交易所〈关于对海南航空控股股份有限公司重大资 产购买草案的问询函〉的公告》（编号：临 2025-050）。 公司收到《问询函》后高度重视，积极组织相关方针对《问询函》涉及的问 题进行逐项落实、回复。截至 ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The easing of tensions in the Middle East has led to a decline in oil tanker rates, with the VLCC market experiencing a significant price drop of 14.31% compared to June 19, with current rates at WS59.88 [3][12] - In the shipping sector, the demand for European routes has improved, resulting in a 10.6% increase in spot market booking prices, while the US routes have seen a decline of 7.0% and 11.9% for the West and East coasts, respectively [3][14] - During the summer travel season, Hainan Airlines plans to operate nearly 2,500 flights daily, with domestic ticket bookings reaching 17.9 million, a 5% increase year-on-year [3][15] - The newly unveiled Zhuque eVTOL has a range of 600 kilometers, and from January to May, national railway freight volume increased by 3.1% year-on-year, totaling 1.641 billion tons [3][22] Summary by Sections 1. Industry Hot Events - The Middle East situation has calmed, leading to a reduction in oil tanker rates and a return to supply-demand fundamentals [12] - Hainan Airlines is set to launch 75 new domestic and international routes during the summer travel season, with a daily flight plan of nearly 2,500 [15] - The Zhuque eVTOL was showcased, achieving a range of 600 kilometers, while railway freight volume showed a year-on-year increase [22] 2. High-Frequency Data Tracking - Air logistics: The overall trend for routes to the Asia-Pacific remains stable, with air freight prices showing a decline [25] - Shipping ports: The domestic container shipping price index has decreased, while dry bulk freight rates have also fallen [43] - Express logistics: In May 2025, express delivery volume increased by 17.20% year-on-year, with revenue rising by 8.20% [54] - Air travel: The average daily international flights in the last week of June 2025 increased by 17.51% year-on-year [3] - Road and rail: The number of freight trucks on highways increased by 0.88% week-on-week [3] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Investment opportunities in the road and rail sector, recommending Sichuan Chengyu, Gansu Expressway, and others [4] - Interest in cruise and ferry investment opportunities, recommending Bohai Ferry and Haixia Co [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, and others [4]

Core Insights - The 2025 summer transportation period will last from July 1 to August 31, totaling 62 days, with airlines actively preparing by increasing capacity and deploying multiple C919 aircraft to meet demand [1] - The number of available flights during the summer transportation period is expected to increase by approximately 7.3% year-on-year, with a projected total of 1.9597 million flights, although actual passenger flights are expected to grow by about 2.3% due to weather and cancellations [1] Group 1: Airline Operations - China Southern Airlines plans to operate over 3200 flights daily across 970 domestic and 260 international routes, with 5 C919 aircraft deployed on 13 routes [2] - China Eastern Airlines aims to execute over 1150 passenger routes with more than 3200 daily flights, including 11 C919 aircraft in commercial operation [2] - Hainan Airlines expects to operate approximately 53,000 flights, transporting nearly 9.06 million passengers, with a significant increase in international flights [3] Group 2: Route Adjustments - Airlines are strategically adjusting their route offerings, with China Southern Airlines opening new routes to popular tourist destinations and increasing flight frequencies [4] - 吉祥航空 is adding multiple cool destination routes and increasing flights to Japan and South Korea by over 19% [4] - Hainan Airlines is adjusting capacity based on passenger demand, focusing on popular international destinations as travel restrictions ease [5] Group 3: Market Trends - The expansion of China's visa-free travel and improved payment facilitation for foreigners is expected to boost inbound tourism, with cities like Manchester and Tokyo becoming popular destinations [5] - The international route structure is anticipated to continue evolving due to changes in international trade and tourism, with emerging markets becoming focal points for new route development [5]

Core Viewpoint - The summer travel season is approaching, with airlines increasing capacity and launching new routes, particularly to the northwest and northeast regions of China, leading to a decrease in ticket prices for flights from Beijing to Xinjiang [1][3][5]. Group 1: Airline Capacity and Route Expansion - Multiple airlines, including China Southern Airlines and Hainan Airlines, are enhancing flight capacity to popular destinations in the northwest, such as Xinjiang, Inner Mongolia, and Qinghai, with new routes and increased flight frequencies [3][7]. - China Southern Airlines plans to operate over 2,300 flights weekly from Beijing Daxing, with new routes to Changbai Mountain, Xining, and other tourist destinations [3]. - The planned flight volume to Xinjiang during the summer travel period is expected to increase by over 20% year-on-year, with significant growth in smaller airports in the region [3]. Group 2: Ticket Price Trends - Ticket prices for direct flights from Beijing to various destinations in Xinjiang have decreased, with prices for flights dropping by over 1,000 yuan for some routes compared to two weeks prior [1][5]. - As of June 30, the lowest prices for flights from Beijing to Urumqi, Alatai, and Hami were reported at 2,430 yuan, 1,930 yuan, and 2,577 yuan, respectively, reflecting significant price reductions [5][6]. - The average ticket price for summer travel has decreased by 1.3% year-on-year, attributed to high pre-sale prices in 2024 and increased demand [6]. Group 3: Enhanced Passenger Services - Airlines are introducing targeted passenger services for the summer season, including expanded pet transport services and dedicated charter services for students [1][7]. - China Eastern Airlines has upgraded its "pet in cabin" service, adding 16 new routes, while Hainan Airlines is focusing on services for students and unaccompanied minors [7].