Investment Rating - The report maintains an "Overweight" rating for the aviation sector [6] Core Viewpoints - The domestic airline supply continues to contract year-on-year, with a 3.7% decrease, which may support an upcoming improvement in the domestic aviation market [2][3] - The first quarter of 2025 is expected to see continued pressure on airline profitability due to weak ticket prices, despite high passenger load factors [4] - The impact of reciprocal tariffs on the aviation sector remains to be observed, particularly regarding supply constraints and cost increases for aircraft and materials [5] Summary by Sections Supply and Demand Dynamics - In March 2025, domestic airline supply decreased by 3.7%, while international supply increased by 25.2%, indicating a shift in capacity allocation [3] - The overall passenger load factor for major airlines improved by 1.9 percentage points to 83.3% [3][4] Financial Performance - The average ticket price for domestic flights fell by 11.3% year-on-year to 753 RMB, contributing to a challenging profit environment for airlines in Q1 2025 [4] - Despite the decline in ticket prices, the report anticipates that low supply growth will eventually lead to improved pricing power for airlines [4] Recommendations - The report recommends several airlines for investment, including China National Aviation (753 HK), China Eastern Airlines (670 HK), and China Southern Airlines (1055 HK), all rated as "Buy" with target prices set above current market levels [9][24]

证券代码：601021 证券简称：春秋航空 公告编号：2025-010 春秋航空股份有限公司 | 指标 | | 当月数据 | 环比 | 同比 | 当年累计 | 同比 | | --- | --- | --- | --- | --- | --- | --- | | 运力 | | | | | | | | 可用吨公里数(万吨公里) | | 44,156.87 | -3.24% | 1.83% | 139,736.11 | 7.18% | | | 国内 | 34,240.41 | 1.00% | -4.65% | 104,701.37 | -3.01% | | | 国际 | 9,637.39 | -16.00% | 42.04% | 34,251.28 | 66.77% | | | 地区 | 279.07 | 7.34% | -58.21% | 783.45 | -58.46% | | 可用座公里数 (万人公里) | | 460,129.13 | -3.11% | 1.69% | 1,454,810.61 | 6.90% | 本月新增 2 架 A320neo 飞机。 截止本月末，公司共运营 131 架空客 A320 系 ...

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [1][4][7]. Core Views - The report highlights the impact of US-China tariffs on shipping patterns, suggesting a focus on domestic demand and high-dividend sectors [1][3]. - The oil shipping market remains strong, but VLCC rates have declined due to tariff uncertainties, with potential recovery if US-China negotiations succeed [1][21]. - The air travel market is expected to stabilize in 2025, with domestic airlines showing signs of recovery in profitability [2][45]. - The express delivery sector shows resilience, with major players like SF Express and ZTO Express expected to maintain growth despite competitive pressures [3][55][59]. Summary by Sections Shipping Sector - Oil shipping rates have shown fluctuations, with VLCC rates impacted by tariff policies and global economic uncertainties [1][21]. - The report recommends companies like COSCO Shipping Energy and China Merchants Energy for their potential value amidst market volatility [1][25]. Aviation Sector - Domestic passenger flight volumes are stabilizing, with a year-on-year increase expected in 2025 [2][45]. - Major airlines like Air China and China Southern Airlines are projected to recover profitability as supply-demand gaps narrow [2][45]. Express Delivery Sector - The express delivery market is experiencing strong growth, particularly in Southeast Asia and China, with companies like SF Express and ZTO Express leading the way [3][55][59]. - The report emphasizes the importance of monitoring pricing trends in the express delivery sector due to competitive dynamics [3][59]. Investment Recommendations - The report suggests focusing on companies with stable operations and potential for steady returns, including SF Express, ZTO Express, and major airlines [3][2][45].

从中证全指运输指数持仓样本的行业来看，铁路运输占比18.18%、航运占比16.69%、航空运输占比 14.11%、快递占比13.27%、物流综合占比12.05%、高速公路占比9.70%、港口占比9.57%、机场占比 5.34%、公路运输占比1.09%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证全指指数调整样本时，中证全指行业指数样 本随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对中证全指行业指 数样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形 的处理，参照计算与维护细则处理。 跟踪运输指数的公募基金包括：华夏中证全指运输联接A、华夏中证全指运输联接C、华夏中证全指运 输ETF。 从指数持仓来看，中证全指运输指数十大权重分别为：京沪高铁（9.83%）、顺丰控股（9.29%）、中 远海控（8.23%）、大秦铁路（6.17%）、上海机场（3.74%）、 ...

《中国民航报》、中国民航网 记者胡夕姮 通讯员韩宇俊 报道：4月9日下午，民航华东地区管理局、民 航上海监管局与上海市应急管理局走进春秋航空，在其总部办公楼5楼ERC会议室，就隐患内部报告奖 励机制展开深入调研。会议由春秋航空安全总监宋鹏主持，上海市应急管理局法规处领导、华东地区管 理局航安办领导以及公司安全部、安监部、维修工程部等关键部门负责人齐聚一堂，共商航空安全大 计。 会议还举行了意义非凡的条例释义赠书仪式，由应急管理局法规处赠送专业书籍，为春秋航空进一步完 善机制提供法律依据，助力企业依法依规完善安全管理体系，筑牢安全防线。（编辑：张薇，校对：张 彤，审核：程凌） （华东局供图） 正式会议中，春秋航空率先汇报了隐患内部报告奖励机制的实施情况，从基层员工发现隐患，到通过公 司安全网上报，再到审核确认、奖励发放的全流程，数据详实、案例生动，展示了企业在安全管理上的 创新与努力。紧接着，技术人员对公司安全网进行深度解读，该安全网借助大数据分析、智能预警等功 能，极大地提高了隐患排查效率，让隐患无所遁形。 会前，调研团参观了飞行准备室，了解飞行员如何在起飞前细致排查潜在隐患，将安全工作前置。随 后，一行人来 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601021 证券简称：春秋航空 公告编号：2025-009 春秋航空股份有限公司 2025年4月8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。 春秋航空股份有限公司（以下简称"公司"）于2024年11月4日召开第五届董事会第八次会议，审议通过 了《关于以集中竞价交易方式回购公司股份的议案》（以下简称"本次回购方案"），同意公司拟使用自 有资金和自筹资金通过上海证券交易所交易系统以集中竞价交易方式回购公司已发行的部分人民币普通 股股票，并将回购股份全部用于员工持股计划，回购价格不超过60元/股（含），回购资金总额不低于 人民币15,000万元（含），不超过人民币30,000万元（含），回购期限自公司董事会审议通过本次回购 方案之日起不超过12个月。具体内容详见公司于2024年12月14日在上海证券交易所网站 （www.sse.com.cn）上披露的《春秋航空股份有限公司关于以集中竞价交易方式回购公司股份的回购报 告书》（公告编号：2024-070）。 公司自董事 ...

国泰君安公告，公司董事长朱健于2025年4月7日提议，公司通过集中竞价交易方式回购部分公司A股股 份，回购股份将用于维护公司价值及股东权益。回购股份种类为人民币普通股(A股)股票，价格上限不 高于董事会审议通过回购股份方案决议前30个交易日公司股票交易均价的150%，资金总额为10亿元-20 亿元，资金来源为公司自有资金，回购期限为自董事会审议通过方案之日起3个月内。 东方证券：拟以2.5亿元-5亿元回购股份 A股市场剧烈波动关键时刻，上市公司回购潮再起！据不完全统计，从昨日收盘到今晨，A股超20家上 市公司发布回购计划或提速回购计划。 "招商系"7家上市公司：坚定信心提速回购 招商局集团旗下7家上市公司招商蛇口（001979）、招商港口（001872）、招商轮船（601872）、招商 公路（001965）、中国外运（601598）、辽港股份（601880）、招商积余（001914），4月8日盘前集体 发布公告，基于对公司未来发展前景的坚定信心及内在价值的高度认可，计划提速实施股份回购计划， 切实维护上市公司全体股东权益，持续巩固市场对上市公司的信心，提升上市公司投资价值。 国泰君安：董事长提议以10亿元-2 ...

证券代码：601021 证券简称：春秋航空 公告编号：2025-009 春秋航空股份有限公司 公司自董事会审议通过本次回购方案以来，积极实施股份回购，截至 2025 年 4 月 7 日，公司通过上海证券交易所交易系统以集中竞价交易方式已累计回购公司 股份 3,703,000 股，占公司目前总股本的 0.3785%，使用资金总额为人民币 189,959,951.44 元（不含交易佣金、过户费等交易费用），占本次拟回购资金总额 上限的 63.32%。 当前中国经济运行总体平稳、稳中有进，2025 年国内生产总值增长预期目标 为 5%左右，长期向好的基本面没有改变。同时航空出行需求也愈加旺盛，旅客运 输需求充分释放，2024 年中国民航完成旅客运输量 7.3 亿人次，创历史新高。基于 对未来发展和公司价值的充分认可，公司将继续实施回购股份，以增强投资者信 心，有效维护广大投资者利益。 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，根据回购股份事项进展情况及时履行信 息披露义务，敬请广大投资者注意投资风险。 特此公告。 春秋航空股份有限公司董事会 20 ...

Macroeconomic Insights - China will impose a 34% tariff on all imports from the United States starting April 10, 2025, which is expected to significantly reduce agricultural imports from the U.S. [3] - In 2024, China imported agricultural products worth $24.9 billion from the U.S., with major imports including soybeans (22.1 million tons), sorghum (5.7 million tons), corn (2.1 million tons), and wheat (1.9 million tons) [3]. Agricultural Sector - The increase in tariffs is likely to enhance domestic grain prices and benefit the planting industry chain, emphasizing the need for self-sufficiency in grain production [3]. - The report highlights the importance of technological advancements in agriculture, particularly in genetically modified and gene-edited crops, which are expected to accelerate, benefiting seed companies with leading technology reserves [3]. - The report recommends focusing on companies that are actively expanding their domestic brands in the pet food sector, such as Guibao Pet and Zhongchong Co., which primarily generate revenue from domestic sales [4]. Livestock Industry - The report indicates that the pig farming sector is expected to see a significant improvement in profitability for the 2024 annual report and the first quarter of 2025, driven by favorable pig prices and reduced costs [5]. - The analysis of March's supply and demand dynamics in the pig farming industry shows a balanced market, but a potential downward trend in prices is anticipated if there is no support from state reserves [4][5]. Investment Recommendations - Recommended stocks in the poultry sector include Shengnong Development, Yisheng Shares, and Lihua Shares; for the post-cycle sector, recommended stocks are KQ Bio, Haida Group; in the pig farming sector, recommended stocks include Muyuan Foods, Wens Foodstuff Group, Tiankang Bio, and Shennong Group [7]. - In the seed industry, recommended stocks include Fengle Seed Industry, Quanyin High-Tech, Longping High-Tech, and Dabeinong [7]. - In the pet sector, recommended stocks are Guibao Pet, Zhongchong Co., and Ruipu Bio [7]. Chemical Industry - The report suggests that the imposition of a 34% tariff on U.S. imports will accelerate the domestic substitution process for chemical products, particularly in high-end markets [17]. - Beneficiary products include lubricant additives, nucleating agents, adsorption separation resins, and nano-silica, with specific companies recommended for investment [19]. Rare Earth Industry - The report maintains an "overweight" rating on the rare earth sector, anticipating that the recent tariffs will enhance China's strategic advantages in rare earth production and lead to price increases due to supply-demand mismatches [22]. - The export control measures on heavy rare earths are expected to stimulate overseas stockpiling, further driving up prices [23]. Insurance Sector - The insurance sector is projected to see stable growth in 2025, with a focus on improving asset-liability matching strategies [25]. - The report recommends increasing holdings in companies like China Pacific Insurance and New China Life Insurance, which are expected to benefit from improved investment returns and stable business strategies [40].

证券代码：601021 证券简称：春秋航空 公告编号：2025-008 春秋航空股份有限公司 关于股份回购进展公告 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： | 回购方案首次披露日 | 2024/11/6 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 万元~30,000 万元 15,000 | | 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 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 股 3,602,200 | | 累计已回购股数占总股本比例 | 0.3682% | | 累计已回购金额 | 184,993,141.63 元 | | 实际回购价格区间 | 49.99 元/股~55.99 元/股 | 一、 回购股份的基本情况 公司于 2024 年 11 月 4 日召开第五届董事会第八次会议，审议通过了《关于 以集中竞价交易方式回购公司股份的议案》（以下简称"本次回购方案"），同意 ...