证券代码：601021 证券简称：春秋航空 公告编号：2025-042 春秋航空股份有限公司 关于股份回购实施结果暨股份变动的公告 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： | 回购方案首次披露日 | 2024/11/6 | | | | | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 6 日~2025 年 8 月 | 11 | 月 | 22 日 | | 预计回购金额 | 15,000万元~30,000万元 | | | | | 回购价格上限 | 59.1842元/股 | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | 实际回购股数 | □为维护公司价值及股东权益 5,787,255股 | | | | | 实际回购股数占总股本比例 | 0.5915% | | | | | 实际回购金额 | 299,946,510.69元 | | | | | 实际回购价格区间 | 48.25元/股~55. ...

Market Overview - On August 22, the aviation and airport sector declined by 0.92%, with China Eastern Airlines leading the drop [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - Key stocks in the aviation and airport sector showed mixed performance, with notable declines in several major companies: - China Eastern Airlines (code: 600115) closed at 4.08, down 1.69% with a trading volume of 952,200 shares and a turnover of 389 million yuan [2] - China Southern Airlines (code: 600029) closed at 5.88, down 1.34% with a trading volume of 951,400 shares and a turnover of 558 million yuan [2] - Spring Airlines (code: 601021) closed at 52.70, down 1.42% with a trading volume of 81,200 shares and a turnover of 427 million yuan [2] Capital Flow - The aviation and airport sector experienced a net outflow of 178 million yuan from institutional investors, while retail investors saw a net inflow of 191 million yuan [2] - The capital flow for individual stocks indicated that: - CITIC Hainan Airlines (code: 6600000) had a net inflow of 42.84 million yuan from institutional investors [3] - Shenzhen Airport (code: 000089) had a net inflow of 41.85 million yuan from institutional investors [3] - China Eastern Airlines saw a net outflow of 14.21 million yuan from institutional investors [3]

证券时报·数据宝统计，截至今日下午13:59，上证综指3777.53点，收于年线之上，涨跌幅为0.30%，A 股总成交额为19493.27亿元。到目前为止，今日有28只A股价格突破了年线，其中乖离率较大的个股有 美好医疗、长虹美菱、康乐卫士等，乖离率分别为13.20%、3.88%、3.73%；春秋航空、青岛港、上海 医药等个股乖离率较小，刚刚站上年线。 （文章来源：证券时报网） | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 301363 | 美好医 疗 | 16.34 | 29.76 | 20.38 | 23.07 | 13.20 | | 000521 | 长虹美 菱 | 5.74 | 6.32 | 7.81 | 8.11 | 3.88 | | 833575 | 康乐卫 士 | 3.83 | 3.18 | 17.52 | 18.17 | 3.73 | | 300760 | 迈瑞医 疗 | 4. ...

证券之星消息，8月20日，春秋航空（601021）融资买入1764.17万元，融资偿还1616.64万元，融资净买 入147.53万元，融资余额4.61亿元，近3个交易日已连续净买入累计2944.58万元，近20个交易日中有14 个交易日出现融资净买入。 融资融券余额4.66亿元，较昨日上涨0.4%。 | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 2025-08-20 | 4.66亿 | 184.86万 | 0.40% | | 2025-08-19 | 4.64亿 | 1434.35万 | 3.19% | | 2025-08-18 | 4.50亿 | 1320.78万 | 3.03% | | 2025-08-15 | 4.37亿 | 741.37万 | 1.73% | | 2025-08-14 | 4.29亿 | 1495.20万 | 3.61% | | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-08-20 | 147.53万 | 4. ...

Core Viewpoint - The article highlights the successful integration of vocational education and industry practice through the collaboration between Shanghai Civil Aviation Vocational College and Spring Airlines, exemplified by the experience of teacher Wu Jianghua, who transitioned from teaching to practical training in the aviation sector [1][12]. Group 1: Collaboration and Training Initiatives - The modern apprenticeship pilot project between the Civil Aviation Vocational College and Spring Airlines officially started in February 2024, with Wu Jianghua serving as both project leader and a mentor for the 2023 apprentice class [3]. - Wu Jianghua participated in nearly 400 hours of intensive training alongside students, covering essential topics such as aviation regulations, aircraft equipment, and safety protocols, culminating in the successful completion of over 30 rigorous assessments [3][4]. Group 2: Practical Experience and Skill Development - After completing ground training, Wu Jianghua advanced to the flight operation phase, where she actively participated in flight duties, ensuring meticulous attention to detail in safety checks and service procedures [5]. - During her time in the air, she completed 20 flight segments and over 50 hours of flight tasks, demonstrating exceptional professional skills and practical abilities [5]. Group 3: Impact on Vocational Education - Wu Jianghua's experience represents a significant shift towards the "integration of knowledge and action" in vocational education, allowing her to bring real-world practices back to the classroom, thereby enhancing the collaboration between educational institutions and the aviation industry [12]. - This journey has provided valuable insights into transforming theoretical knowledge into practical skills, offering a replicable model for training "dual-qualified" teachers in vocational education [12].

Core Viewpoint - The Civil Aviation Administration of China has established a joint review working group to validate the enhanced meteorological information system developed by Spring Airlines, ensuring compliance with relevant guidelines and improving operational efficiency in adverse weather conditions [1][2] Group 1: System Validation and Features - The working group conducted a detailed compliance check on the functionality, manual system, and personnel training of Spring Airlines' enhanced meteorological information system [1] - The demonstration showcased the entire process from collecting and analyzing original meteorological data to outputting various weather forecast products, emphasizing structured forecasting for turbulence, thunderstorms, strong winds, and wind shear [1] Group 2: Goals for Improvement - The working group set three main objectives for Spring Airlines: 1. Improve warning accuracy to enhance the precision of forecasts regarding dangerous weather areas, periods, and intensities [2] 2. Optimize operational efficiency by matching various dangerous weather conditions with flight operations to improve the accuracy of the entire flight assessment process, including fuel calculations and decisions on weather diversions or flight delays [2] 3. Innovate communication methods to strengthen collaboration among meteorologists, dispatchers, and flight crews through the enhanced meteorological system, creating an integrated intelligent hub for weather warnings, release assessments, and decision-making [2]

Core Insights - The aviation and airport sector saw a slight increase of 0.18% on August 19, with China Eastern Airlines leading the gains [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Stock Performance Summary - China Eastern Airlines (600115) closed at 4.07, up 0.99% with a trading volume of 860,800 shares [1] - China Southern Airlines (600029) closed at 5.90, up 0.51% with a trading volume of 730,400 shares [1] - Xiamen Airport (600897) closed at 14.91, up 0.40% with a trading volume of 38,900 shares [1] - Shanghai Airport (600009) remained unchanged at 31.87 with a trading volume of 118,900 shares [1] - Hainan Airlines (600221) remained unchanged at 1.53 with a trading volume of 2,981,900 shares [1] - Spring Airlines (601021) remained unchanged at 52.81 with a trading volume of 42,500 shares [1] - The overall performance of the aviation and airport sector showed mixed results with some stocks gaining while others remained flat or declined [1][2] Capital Flow Analysis - The aviation and airport sector experienced a net outflow of 236 million yuan from major funds, while retail investors saw a net inflow of 169 million yuan [2] - Speculative funds had a net inflow of 67.72 million yuan into the sector [2]

Core Insights - Spring Airlines' stock price as of August 18, 2025, is reported at 52.81 yuan, reflecting a slight decrease of 0.02 yuan from the previous trading day [1] - The company operates as a low-cost airline based in Shanghai, focusing on domestic and international passenger and cargo transport services [1] - As of the end of July 2025, Spring Airlines operates a fleet of 134 Airbus A320 aircraft [1] Operational Performance - In July 2025, Spring Airlines' passenger capacity increased by 10.41% year-on-year, while passenger turnover rose by 8.6%, achieving a seat occupancy rate of 91.86% [1] - The airline expanded its route network by adding new routes, including flights from Pudong to Hanoi and Ningbo to Hanoi [1] - The available ton-kilometers for July reached 611 million ton-kilometers, marking a year-on-year growth of 20.32% [1] Financial Flow - On August 18, 2025, Spring Airlines experienced a net outflow of 362,100 yuan in principal funds, with a cumulative net outflow of 4.44 million yuan over the past five days [2]

Investment Rating - The report maintains a positive outlook on the aviation industry, indicating a "Look Favorably" rating for the sector [2][4]. Core Insights - The summer travel season has seen a steady increase in both capacity and passenger volume, with domestic flights up by 2.2% and international flights up by 14.1% year-on-year [4]. - The average daily aircraft utilization in July was 8.8 hours, reflecting a 13% increase month-on-month and a 0.6% increase year-on-year [4]. - The report highlights that the demand for air travel remains strong, with airlines increasing capacity to meet this demand [4]. Summary by Sections Capacity and Passenger Volume - In July, the overall capacity (ASK) increased by 3.5% year-on-year, with domestic passenger volume rising by 2.0% and international passenger volume increasing by 13.1% [4]. - The report provides detailed statistics for major airlines, showing varied growth rates in capacity and passenger turnover [5]. Airline Performance - Six listed airlines showed different performance metrics in July, with China Eastern Airlines and Spring Airlines leading in capacity growth [4]. - The report notes that Spring Airlines continues to have the highest passenger load factor at 91.9% [4]. Domestic and International Markets - The domestic market shows a balanced growth in supply and demand, with significant increases in capacity and passenger volume for China Eastern Airlines and Southern Airlines [4]. - In the international market, airlines have significantly increased capacity, with China Eastern Airlines and Spring Airlines recovering to pre-pandemic levels [4]. Investment Recommendations - The report suggests a continued positive outlook for the aviation sector, with expectations of a gradual increase in passenger volume and load factors over the next 3-5 years [4]. - Recommended stocks include China National Aviation, Spring Airlines, and China Eastern Airlines, among others, based on their strong performance and growth potential [7].

Investment Rating - The report maintains a "Buy" recommendation for several airlines, including China National Aviation, China Eastern Airlines, Southern Airlines, Spring Airlines, Juneyao Airlines, and Huaxia Airlines, indicating a positive outlook for these companies [5]. Core Insights - The aviation demand growth rate has slowed down year-on-year in July 2025, with the overall capacity growth limited. The six listed airlines in A-shares reported a year-on-year increase of 5.0% in Available Seat Kilometers (ASK) and 5.5% in Revenue Passenger Kilometers (RPK), with an overall load factor of 83.7%, up 0.4 percentage points [1][11]. - The industry is experiencing a price decline, with both domestic and international ticket prices dropping. The domestic economy class ticket prices fell by 7.4% year-on-year, while international ticket prices decreased by 16% [2][12]. - The international routes have recovered to 2019 levels, with ASK and RPK increasing by 12.5% and 12.7% year-on-year, respectively, indicating a strong recovery trend in international travel [1][16]. Summary by Sections Section 1: Demand and Supply Dynamics - In July 2025, the domestic aviation demand growth rate remained flat compared to June, with domestic ASK and RPK increasing by 3.1% and 2.3%, respectively, and a load factor of 85.0% [1][11]. - The international routes showed a significant recovery, with a year-on-year increase in ASK and RPK, reflecting a strong demand recovery driven by policy changes and market needs [16][19]. Section 2: Pricing Trends - The industry is characterized by a price-for-volume strategy, with high aircraft utilization and load factors not translating into revenue growth. The average aircraft utilization remained at 8.8 hours, unchanged from the previous year [2][12]. - The report highlights a significant drop in ticket prices, with domestic economy class prices down by 7.4% and international prices down by 16% year-on-year, indicating a challenging pricing environment [2][12]. Section 3: Fleet Expansion - The fleet of the six listed airlines increased by 0.3% month-on-month in July 2025, with a total of 3,315 aircraft managed. The report notes that the airlines are gradually receiving new Boeing aircraft, contributing to fleet growth [3][24]. - The report details the specific aircraft additions, including 12 narrow-body aircraft, primarily from the A320 series and B737 MAX, indicating a focus on modernizing the fleet [3][24][26]. Section 4: Investment Recommendations - The report suggests monitoring the recovery of business travel demand, as any marginal improvement could provide a basis for price increases in the fourth quarter, enhancing investor sentiment in the sector [4]. - The report emphasizes the importance of seasonal demand fluctuations and suggests that airlines like Huaxia Airlines, Juneyao Airlines, and Spring Airlines could benefit from improved business travel conditions [4].