Group 1 - The company will hold a Q3 2025 earnings presentation on November 20, 2025, from 11:00 AM to 12:00 PM via online interaction at the Shanghai Stock Exchange Roadshow Center [2][3] - Investors can submit questions for the presentation from November 14 to November 19, 2025, by visiting the Roadshow Center website or emailing the company [2][4] - Key personnel attending the presentation include the Chairman, CFO, independent director, and the director of the board office [3] Group 2 - The presentation aims to address common investor concerns regarding the company's operational performance and financial results [2][4] - After the presentation, investors can access the main content and details of the event on the Roadshow Center website [6]

Core Viewpoint - Spring Airlines successfully launched its first technology innovation corporate bond, "25 Spring Airlines K1," with a scale of 800 million yuan and a coupon rate of 1.98%, attracting significant market interest and exceeding expectations [1][7]. Company Overview - Founded in 2004, Spring Airlines is one of China's first private airlines, listed on the Shanghai Stock Exchange in 2015, focusing on low-cost air travel and catering to price-sensitive travelers [2][6]. - The company operates 251 flight routes, including 192 domestic routes and 55 international routes, with a fleet of 133 Airbus A320 aircraft, making it a leading low-cost carrier in Northeast Asia [6]. Bond Issuance Insights - The bond issuance was driven by the need for capital expenditures and debt optimization, supported by a favorable monetary policy environment and a recent AAA credit rating [7][10]. - The bond's success reflects investor confidence in Spring Airlines as a "safe asset" and the supportive stance of regulatory bodies towards private enterprises [10]. Technology and Innovation Focus - Spring Airlines emphasizes technology innovation as a key differentiator in a competitive airline market, investing significantly in R&D with nearly 600 IT professionals [8][9]. - The company has implemented AI technologies across various operational areas, enhancing efficiency and reducing carbon emissions [9]. Future Business Strategy - The company aims to improve cost control while maintaining safety, with plans to expand international routes and tap into emerging travel markets in China [11]. - Spring Airlines intends to continue utilizing bond financing as a crucial funding source, with expectations of further bond issuances in the coming year [7][10].

Investment Rating - The report maintains a positive outlook on cyclical sectors, indicating that quality dividend stocks still have upward potential [1]. Core Insights - The transportation industry showed stable performance in the first three quarters of 2025, with infrastructure sector key stocks meeting expectations, shipping stocks recovering, and express delivery volumes and prices increasing due to anti-involution policies [1][7]. - The report emphasizes the importance of monitoring cyclical sector fundamentals and highlights the potential for further gains in quality dividend stocks [1][7]. Summary by Sections Overview of the Transportation Sector - The overall performance of the transportation industry from the beginning of 2025 to November 10 showed an increase of 8.5%, underperforming compared to the Shanghai and Shenzhen 300 index, which rose by 31.6% [11]. - The logistics sector benefited from anti-involution policies, while infrastructure sectors like highways and railways experienced declines [11]. Highway Sector - In the first three quarters of 2025, highway passenger transport decreased by 2.6% year-on-year, while freight transport increased by 4.1% [16]. - The performance of listed companies varied, with some showing stable toll revenue while others faced declines due to network adjustments and acquisitions [16][17]. Port Sector - National port cargo throughput reached 1.357 billion tons, a year-on-year increase of 4.6%, with container throughput growing by 6.3% [18]. - Key companies like China Merchants Port and Qingdao Port maintained stable performance, while Tangshan Port showed significant recovery in Q3 [18][19]. Railway Sector - Railway passenger volume grew by 6% year-on-year, while freight volume increased by 2.8% [22]. - The report anticipates continued growth in passenger transport, driven by new projects, although freight transport may face challenges due to economic conditions [22]. Shipping Sector - The shipping sector experienced a decline in container shipping rates in the first three quarters, but Q3 showed signs of recovery [25]. - The report forecasts improved performance for oil tanker companies in Q4 and 2026 due to favorable market conditions [28]. Express Delivery Sector - The express delivery industry saw a 17.2% increase in business volume in the first three quarters, although average prices fell by 7.1% [30]. - The report predicts a return to price increases in Q4, driven by anti-involution policies, with overall profitability expected to improve [31]. Logistics Supply Chain Sector - Cross-border air transport demand remained resilient, with a 6.4% year-on-year increase in cross-border e-commerce imports and exports [32]. - The report suggests that contract logistics volumes are expected to stabilize as economic conditions improve [33]. Aviation Sector - The aviation industry reported a 9.1% year-on-year increase in passenger turnover, with domestic routes showing a 4.2% increase [35]. - The report anticipates a significant reduction in losses for the industry in Q4, with a potential for profit recovery in 2026 [36]. Airport Sector - The airport sector experienced a 4.4% year-on-year increase in passenger throughput, with significant growth in international travel [38]. - The report highlights the ongoing recovery in airport operations and profitability due to increased passenger volumes and improved cost management [38].

Core Viewpoint - The aviation and airport sector experienced a rise of 1.24% on November 13, with Huaxia Airlines leading the gains, while the overall market indices also showed positive performance [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4029.5, up 0.73%, and the Shenzhen Component Index closed at 13476.52, up 1.78% [1]. - Key stocks in the aviation and airport sector showed varying degrees of increase, with Huaxia Airlines rising by 3.19% to a closing price of 12.30 [1]. Group 2: Stock Performance - The following stocks in the aviation and airport sector had notable performances: - Huaxia Airlines: 12.30, +3.19%, volume 287,000 [1] - Xiamen Airport: 17.22, +2.32%, volume 141,500 [1] - Shanghai Airport: 34.55, +1.74%, volume 264,200 [1] - Spring Airlines: 59.82, +1.54%, volume 55,700 [1] - China National Aviation: 8.85, +1.26%, volume 560,500 [1] - Baiyun Airport: 10.33, +1.18%, volume 250,100 [1] - China Eastern Airlines: 5.32, +1.14%, volume 1,091,200 [1] - Southern Airlines: 7.32, +1.10%, volume 456,700 [1] - HNA Holding: 1.87, +1.08%, volume 7,282,400 [1] - Juneyao Airlines: 14.75, +0.55%, volume 216,000 [1]. Group 3: Capital Flow - The aviation and airport sector saw a net outflow of 46.93 million yuan from institutional investors and a net outflow of 104 million yuan from speculative funds, while retail investors contributed a net inflow of 151 million yuan [2]. - Detailed capital flow for specific stocks indicated that: - China Eastern Airlines had a net inflow of 62.69 million yuan from institutional investors [3]. - HNA Holding experienced a net outflow of 31.68 million yuan from speculative funds [3]. - Retail investors showed a net inflow of 22.73 million yuan into Juneyao Airlines [3].

证券代码：601021 证券简称：春秋航空 公告编号：2025-062 春秋航空股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： ● 会议召开方式：上证路演中心网络互动 ● 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.ssei nfo.com/） ● 会议开始时间：2025 年 11 月 20 日（星期四）上午 11:00—12:00 ● 会议主题：2025 年第三季度业绩说明会 ● 投资者可于 2025 年 11 月 14 日（星期五）至 11 月 19 日（星期三）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮箱 ir@ch.com（邮件请注明"601021 业绩说明会"）进行提问，公司将在说明会上对 投资者普遍关注的问题进行回答。 一、说明会类型 春秋航空股份有限公司（以下简称"公司"）已经于 2025 年 10 月 31 日披露 了公司 2025 年第三季度报告。为便于 ...

春秋航空股份有限公司（以下简称"公司"）分别于2020年12月7日、2021年1月15日召开第四届董事会第 四次会议、2021年第一次临时股东大会，审议通过了《春秋航空股份有限公司2020年员工持股计划（草 案）》及其摘要等相关议案，详见公司于2020年12月9日、2021年1月16日披露的相关公告。公司于2025 年8月27日召开第五届董事会第十二次会议，审议通过《关于修订2020-2025年各年〈员工持股计划〉及 其摘要以及〈员工持股计划管理办法〉的议案》，详见公司于2025年8月29日披露的《春秋航空关于修 订员工持股计划相关文件的公告》（公告编号：2025-047）。 截止2021年3月31日，公司2020年员工持股计划"兴证资管鑫众春秋航空3号员工持股单一资产管理计 划"通过二级市场集中竞价交易方式累计买入公司股票521,200股，占公司当时总股本的0.06%，成交总 金额30,407,033元，成交均价为人民币58.34元/股，详见公司于2021年3月31日披露的《春秋航空2020年 员工持股计划实施进展暨完成股票购买的公告》（公告编号：2021-011）。 根据《关于上市公司实施员工持股计划试点 ...

近日，由东方金诚评级的"春秋航空股份有限公司2025年面向专业投资者公开发行科技创新公司债券(第一期)"（以下简称"本期债券"）在上交所债券市场成功发行。本期债券发行规模8.00亿 春秋航空股份有限公司(以下简称"春秋航空")成立于2004年，是中国首批民营航空公司之一，2015年在上交所主板上市（股票代码：601021.SH）。经过二十余年的发展，春秋航空已成长为 未来，东方金诚将以发挥国有机构在评级行业引领作用为使命，持续助力债券市场"科技板"和多层次债券市场建设，推动科技创新企业拓宽融资渠道，激发科技创新动力和市场活力。 ...

Core Points - Spring Airlines announced the complete sale of all stocks held under its 2020 employee stock ownership plan as of the announcement date [2] - The company will proceed with asset liquidation and distribution according to the agreements related to the employee stock ownership plan and will terminate the plan [2]

Market Overview - The aviation and airport sector increased by 0.18% on November 12, with Juneyao Airlines leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Juneyao Airlines (603885) closed at 14.67, up 2.88% with a trading volume of 330,300 shares and a turnover of 483 million yuan [1] - Shanghai Airport (600009) closed at 33.96, up 1.28% with a trading volume of 304,800 shares and a turnover of 1.041 billion yuan [1] - China Southern Airlines (600029) closed at 7.24, down 0.69% with a trading volume of 369,200 shares and a turnover of 26.9 million yuan [1][2] Capital Flow - The aviation and airport sector experienced a net outflow of 90.94 million yuan from institutional investors, while retail investors saw a net inflow of 72.62 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - HNA Holding (600221) had a net inflow of 11.8 million yuan from institutional investors, but a net outflow of 80.67 million yuan from retail investors [3] - China Eastern Airlines (600115) saw a net inflow of 9.36 million yuan from institutional investors, while retail investors had a net outflow of 22.33 million yuan [3] - Shenzhen Airport (000089) experienced a significant net outflow of 14.59 million yuan from institutional investors, but a net inflow of 12.94 million yuan from retail investors [3]

春秋航空股份有限公司 关于 2020 年员工持股计划股票出售完毕暨终止的公告 截止 2021 年 3 月 31 日，公司 2020 年员工持股计划"兴证资管鑫众春秋航空 3 号员工持股单一资产管理计划"通过二级市场集中竞价交易方式累计买入公司股 票 521,200 股，占公司当时总股本的 0.06%，成交总金额 30,407,033 元，成交均价 为人民币 58.34 元/股，详见公司于 2021 年 3 月 31 日披露的《春秋航空 2020 年员 工持股计划实施进展暨完成股票购买的公告》（公告编号：2021-011）。 根据《关于上市公司实施员工持股计划试点的指导意见》《上海证券交易所上 市公司自律监管指引第 1 号——规范运作》《春秋航空 2020 年员工持股计划管理 办法》等相关规定，截至本公告披露日，公司 2020 年员工持股计划所持有的股票 已全部出售完毕。公司后续将根据本次员工持股计划的相关约定进行相应资产清算 和分配等工作，并终止本次员工持股计划。 证券代码：601021 证券简称：春秋航空 公告编号：2025-061 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 ...