三、重要说明 一、海南机场设施股份有限公司（以下简称"海南机场"或"公司"）2026 年 2 月机场业务生产经营数据快报如下： | 项目 | 月度 | | 累计 | | | --- | --- | --- | --- | --- | | | 本月数 | 同比增长 | 累计数 | 同比增长 | | 一、起降架次（架次） | 34,602 | 2.30% | 69,665 | -1.74% | | 其中：境内航线 | 32,745 | 1.22% | 65,663 | -2.94% | | 地区航线 | 382 | 18.27% | 741 | 8.49% | | 国际航线 | 1,475 | 28.26% | 3,261 | 27.13% | | 二、旅客吞吐量（万人次） | 600.77 | 7.09% | 1,146.61 | 1.36% | | 其中：境内航线 | 577.22 | 6.21% | 1,094.46 | 0.13% | | 地区航线 | 5.09 | 31.05% | 10.02 | 22.82% | | 国际航线 | 18.46 | 35.37% | 42.13 | 40.07% | | ...

股票代码：600515 股票简称：海南机场 公告编号：临 2026-006 海南机场设施股份有限公司（以下简称"公司"）第十届董事会将于 2026 年 3 月 19 日任期届满，公司正在积极筹备换届相关事宜。鉴于公司新一届董事会董事候 选人的推荐、提名、审核流程尚未完成，相关工作仍在进行中，为确保公司董事会 相关工作的连续性和稳定性，公司第十届董事会将延期换届。同时，公司董事会各 专门委员会和高级管理人员的任期亦相应顺延。 在公司董事会换届选举工作完成之前，公司第十届董事会全体董事、董事会各 专门委员会成员及高级管理人员将依照相关法律法规和《公司章程》等规定继续履 行相应的职责和义务。公司将积极推进相关工作进程，尽快完成董事会的换届选 举，并及时履行信息披露义务。公司董事会延期换届不会影响公司的正常运营。 特此公告。 海南机场设施股份有限公司董事会 二〇二六年三月十四日 1 海南机场设施股份有限公司 关于董事会延期换届选举的提示性公告 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。 ...

Investment Rating - The report assigns a "Buy" rating to Hainan Airport, with a target price of 5.31 CNY per share [7]. Core Insights - Hainan Airport is positioned to benefit from the "One Main Two Wings" strategy, focusing on airport operations while developing complementary businesses such as duty-free, real estate, and hotel services [7]. - The company has undergone significant financial restructuring, reducing its debt ratio from 85.8% in 2020 to 51.39% in the first half of 2025, enhancing its financial stability [7]. - The release of customs closure benefits is expected to drive growth in passenger and cargo traffic, with international passenger numbers projected to increase significantly due to policy changes [7]. Financial Forecast - Revenue is projected to grow from 6,762 million CNY in 2023 to 9,472 million CNY by 2027, with a notable increase of 59.0% in 2025 [2]. - The net profit attributable to shareholders is expected to decline to 392 million CNY in 2025 before recovering to 721 million CNY by 2027 [2]. - The company's EBITDA is forecasted to rise from 1,490 million CNY in 2025 to 2,165 million CNY in 2027 [2]. Business Segments Airport Operations - The airport business is the core revenue driver, expected to contribute 42% of total revenue in 2024, with significant growth anticipated following the acquisition of Meilan Airport [7][36]. - The company operates 12 airports, with a focus on enhancing operational efficiency and passenger capacity [36]. Duty-Free Business - The duty-free segment is projected to generate 2.26 billion CNY in revenue in 2024, with the company participating in the operation of five duty-free stores [56]. - The duty-free business benefits from high margins, contributing significantly to overall profitability [7]. Real Estate Business - The real estate segment has seen a decline in revenue contribution, dropping from over 60% in 2016-2020 to 24.8% in 2021, as the company shifts focus towards airport-related developments [61]. - The company is actively pursuing the development of logistics and processing facilities to support its airport operations [61]. Property Management - Property management revenue is expected to reach 7.53 billion CNY in 2024, with a focus on enhancing service quality and expanding project management [67]. - The company manages over 2,100 million square meters of property, reflecting a 41.64% increase in managed area [67]. Other Businesses - The hotel and flight training segments generated 6.52 billion CNY in revenue in 2024, with ongoing efforts to expand hotel offerings and training capabilities [73].

Investment Rating - The report does not explicitly state an overall investment rating for the transportation sector, but highlights specific companies and segments with positive outlooks, such as logistics and aviation [2][3][4]. Core Insights - The transportation index increased by 3.3% in the last week, outperforming the Shanghai Composite Index by 2.2%, with the shipping sector showing the highest growth at 11.9% [1][11]. - In the express delivery segment, some companies are benefiting from price increases due to reduced competition, with a focus on leading firms like Zhongtong Express and Jitu Express [2]. - The logistics sector is expected to improve as chemical product prices rise, with a focus on companies like Milkyway and Hongchuan Wisdom [2]. - The aviation sector is experiencing a slight decline in flight numbers but remains optimistic about ticket prices and profitability due to high passenger load factors [3][55]. - The shipping sector is positively impacted by geopolitical tensions, particularly in oil transportation, with expectations of price increases [4]. Summary by Sections Shipping and Ports - The shipping sector is seeing a stabilization in container shipping rates, while oil transportation rates are expected to rise due to geopolitical factors [4][21]. - The China Export Container Freight Index (CCFI) is at 1044.57 points, down 4.0% week-on-week and down 20.8% year-on-year [21]. - The oil transportation index (BDTI) increased by 2.2% week-on-week and 91.5% year-on-year, indicating strong demand in this segment [4][37]. Aviation and Airports - The average daily flights in China increased by 17.58% year-on-year, with domestic flights showing a similar growth rate [3]. - The Brent crude oil price is at $72.48 per barrel, with domestic aviation kerosene prices decreasing by 4.3% week-on-week [66]. - Airlines are expected to benefit from improved load factors and ticket pricing, with specific recommendations for China National Aviation and Southern Airlines [3][55]. Logistics - The chemical logistics sector is anticipated to improve as chemical prices rise, with a focus on companies like Milkyway and Hongchuan Wisdom [2]. - The overall logistics environment is supported by a stable demand for chemical products, with operational rates for key chemicals showing positive trends [2]. Road and Rail - The road transport sector is showing signs of recovery, with a notable increase in truck traffic, although there was a significant drop in traffic volume recently [84]. - The railway sector is also experiencing a positive trend, with passenger turnover increasing by 8.52% year-on-year [82].

Core Viewpoint - The report provides an update on the operational data of Hainan Airport's business for January 2026, highlighting changes due to the delayed start of the Spring Festival travel season compared to the previous year [1][2][3]. Group 1: Operational Data - Hainan Airport's operational data for January 2026 includes statistics from seven controlled airports and two managed airports, excluding any airports in which the company holds a minority stake [1]. - The company completed the transfer of 90% equity in Sanya Airport Infrastructure Co., Ltd. in December 2025, resulting in the exclusion of Yingkou Airport from operational data starting January 2026 [2]. - The start date of the Spring Festival travel season in 2026 is February 2, which is later than January 14 in 2025, leading to fluctuations in operational data compared to the same period last year [2][3]. Group 2: Important Notes - There may be discrepancies between the sum of individual items and the total due to rounding and other forms of flight [4]. - The operational data presented is preliminary and may differ from actual figures, serving only as a reference for investors [4]. - The company has designated specific media outlets for official information disclosure, emphasizing that any information from non-designated sources should not be considered official [4].

Core Viewpoint - The report provides an update on the operational data of Hainan Airport for January 2026, highlighting changes in airport management and the impact of the delayed Spring Festival travel period on performance metrics [1][2][3]. Group 1: Operational Data - Hainan Airport's operational data for January 2026 includes statistics from seven controlled airports and two managed airports, excluding the previously controlled Yingkou Airport [1][2]. - The Spring Festival in 2026 starts on February 2, which is later than the previous year's start date of January 14, leading to fluctuations in operational data compared to the same period last year [2][3]. Group 2: Changes in Management - The company completed the transfer of 90% equity in Sanya Airport Infrastructure Co., Ltd. in December 2025, resulting in the loss of control over Yingkou Airport from January 2026 [2]. - Adjustments have been made to the operational data to reflect the exclusion of Yingkou Airport from the statistics [2]. Group 3: Important Notes - The operational data reported is based on internal statistics and may differ from actual figures, serving as a reference for investors [4]. - The company emphasizes that all official information is disclosed through designated media, and investors should be cautious of information from non-official sources [4].

海南机场设施股份有限公司 2026 年 1 月机场业务生产经营数据快报 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、海南机场设施股份有限公司（以下简称"海南机场"或"公司"）2026 年 1 月机场业务生产经营数据快报如下： | 项目 | 月度 | | 累计 | | | --- | --- | --- | --- | --- | | | 本月数 | 同比增长 | 累计数 | 同比增长 | | 一、起降架次（架次） | 35,063 | -5.43% | 35,063 | -5.43% | | 其中：境内航线 | 32,918 | -6.75% | 32,918 | -6.75% | | 地区航线 | 359 | -0.28% | 359 | -0.28% | | 国际航线 | 1,786 | 26.22% | 1,786 | 26.22% | | 二、旅客吞吐量（万人次） | 545.84 | -4.29% | 545.84 | -4.29% | | 其中：境内航线 | 517.24 | -5.88% | 517.24 ...

Core Viewpoint - Hainan Airport announced its operational data for January 2026, indicating a decline in overall airport operations while showing growth in international routes [1] Group 1: Operational Data - The scope of operational data includes 7 controlled airports and 2 managed airports [1] - Total takeoffs and landings reached 35,063, a year-on-year decrease of 5.43% [1] - Passenger throughput was 5.4584 million, reflecting a year-on-year decline of 4.29% [1] - Cargo and mail throughput totaled 36,249 tons, down 9.91% year-on-year [1] Group 2: International Route Performance - International route takeoffs and landings increased by 26.22% year-on-year [1] - International passenger throughput grew by 43.98% compared to the previous year [1] - Cargo and mail throughput for international routes surged by 81.22% year-on-year [1] Group 3: Domestic Route Performance - Domestic operations at three airports in Hainan saw takeoffs and landings decrease by 5.20% year-on-year [1] - Domestic passenger throughput declined by 4.33% compared to the previous year [1] - Domestic cargo and mail throughput fell by 10.18% year-on-year [1]

Core Viewpoint - The real estate ETF (512200) has shown a positive trend, with a 2.15% increase as of February 25, 2026, indicating a potential recovery in the real estate market following the Chinese New Year holiday [1]. Group 1: Market Performance - The real estate ETF (512200) recorded a trading volume of 69.0258 million yuan, with significant gains in constituent stocks such as Guangming Real Estate (up 10.07%), Chengdu Investment Holdings (up 9.96%), and I Love My Home (up 4.56%) [1]. - The market experienced a decline in overall trading volume during the previous week due to the Spring Festival holiday, but there was a rebound in market transactions compared to the same period in the previous year [1]. Group 2: Industry Outlook - Guotai Junan Securities suggests that the overall market transaction volume has shown signs of stabilization since the beginning of 2026, indicating a positive outlook for high-quality enterprises in the future [1]. - Huayuan Securities believes that the length and depth of the real estate adjustment in China have reached a relatively sufficient level, with current adjustments nearing historical averages in terms of both magnitude and duration [1]. - The central government's emphasis on "good housing" construction, accelerated REITs pilot programs, and expanded financial support for affordable housing are expected to contribute to the industry nearing the end of its adjustment phase [1]. Group 3: Investment Strategy - Bank of China Securities highlights the importance of early positioning for "policy turning points," while the "fundamental turning point" opportunities may last longer, requiring price stabilization for sustained recovery [2]. - The "policy turning point" may manifest through increased policy enthusiasm on both the supply and demand sides of the real estate market, while the "fundamental turning point" is indicated by a narrowing decline in second-hand housing prices [2]. - Some real estate companies have adequately accounted for impairments in 2025, which may reduce impairment pressure in 2026 and 2027, presenting potential for reversal [2]. - Companies holding commercial real estate have proactively adapted to new business models and consumption trends, positioning themselves to capitalize on opportunities in the new consumption era [2]. Group 4: ETF Composition - The real estate ETF (512200) closely tracks the CSI All Share Real Estate Index, which categorizes sample securities into various industry classifications, providing a comprehensive analysis tool for investors [2]. - The top ten weighted stocks in the index include Poly Developments, China Merchants Shekou, Vanke A, Zhangjiang Hi-Tech, Hainan Airport, Wantong Development, New City Holdings, Quzhou Development, Binhai Group, and Xianlead [2].

Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 Index by more than 5% in the next six months [10]. Core Insights - The real estate sector is experiencing a positive market trend, with the Shanghai Composite Index and Shenzhen Composite Index rising by 0.87% and 1.23% respectively on February 24, 2026. The Shenwan Real Estate Index also increased by 0.28% [3]. - A recent land auction in Yiwu saw a small residential plot sold at a total price of 116 million yuan, with a premium rate of 22.14%. The plot covers an area of 4,120.58 square meters and has a planned construction area of 10,301.45 square meters [5]. - The top five performing stocks in the real estate sector included Phoenix Holdings, Jingneng Real Estate, Ningbo Fuda, Hefei Urban Construction, and Beijing Investment Development, with respective increases of 9.63%, 8.37%, 6.44%, 6.17%, and 5.96% [4]. Market Trends - The Guangzhou Housing and Urban-Rural Development Bureau, along with six other departments, is conducting a two-month campaign to regulate real estate media, aiming to reduce false advertising and malicious speculation [6][7]. - Shenzhen Overseas Chinese Town Holdings has initiated a non-public offering of corporate bonds, with a scale of 2.5 billion yuan, which has been accepted for review [8].