Core Viewpoint - Spring Airlines' stock has experienced a decline of 6.12% year-to-date, with a notable drop of 2.00% on January 16, 2025, reflecting market volatility and investor sentiment [1]. Financial Performance - For the period from January to September 2025, Spring Airlines reported a revenue of 16.773 billion yuan, representing a year-on-year growth of 4.98%. However, the net profit attributable to shareholders decreased by 10.32% to 2.336 billion yuan [2]. - Cumulatively, since its A-share listing, Spring Airlines has distributed a total of 2.83 billion yuan in dividends, with 1.899 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Spring Airlines reached 30,200, an increase of 43.53% from the previous period. The average number of tradable shares per shareholder decreased by 30.33% to 32,433 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 21.9475 million shares, a decrease of 765,500 shares from the previous period [3].

资料显示，春秋航空股份有限公司位于上海市长宁区虹桥路2599号春秋航空总部办公楼，成立日期2004 年11月1日，上市日期2015年1月21日，公司主营业务涉及国内、国际及港澳航空客货运输业务及与航空 运输业务相关的服务。主营业务收入构成为：航空客运96.95%，其他(补充)2.38%，航空货运0.67%。 1月15日，春秋航空跌0.85%，成交额2.95亿元。两融数据显示，当日春秋航空获融资买入额2199.26万 元，融资偿还3571.45万元，融资净买入-1372.19万元。截至1月15日，春秋航空融资融券余额合计3.37 亿元。 融资方面，春秋航空当日融资买入2199.26万元。当前融资余额3.31亿元，占流通市值的0.59%，融资余 额低于近一年20%分位水平，处于低位。 融券方面，春秋航空1月15日融券偿还6600.00股，融券卖出6300.00股，按当日收盘价计算，卖出金额 35.91万元；融券余量10.45万股，融券余额595.65万元，超过近一年80%分位水平，处于高位。 责任编辑：小浪快报 截至9月30日，春秋航空股东户数3.02万，较上期增加43.53%；人均流通股32433股，较上期减少 ...

《中国民航报》、中国民航网 记者胡夕姮 报道：1月15日，春秋航空新大楼会议室里暖意融融，6名来 自云南红河大山的少数民族青年正式拜师，成为春秋航空 "蓝天筑梦计划 2.0" 中的首批航空安全学员， 用实打实的成效书写了"同心筑梦"的乡村振兴新篇章。 按照培养计划，每位学员将与师傅结对开展为期 3 个月的带飞训练，从理论规章到实操技能，从职业素 养到生活关怀实现全方位指导。"师傅要做到'学为人师，行为示范'，徒弟要秉持'谦逊好学，知行合 一'。" 许申圣的话道出了师徒双方的共同追求。在随后的宣誓环节，学员队长张睿琦带领全体学员庄 严宣誓："坚守安全底线，坚决维护空防安全！" 铿锵誓言，既是对蓝天的承诺，更是对帮扶使命的践 行。 近年来，春秋航空坚持在公司党委领导下，以产业帮扶为纽带，连续7年深入开展蓝天筑梦计划。既为 企业输送了多元化人才，又为边疆地区培育了可持续发展的力量，成为沪滇协作的创新实践。（编辑： 李季威 校对：张彤 审核：韩磊） 春秋航空秉承"传帮带"的优良传统，从众多员工中精心挑选出业务能力出众、口碑载道的资深员工，担 任这批安全学员的带教师父。通过这种"以老带新"的教学模式，帮助员工更快成长， ...

一、本月机队情况 本月无新增飞机。 截至本月末，公司共运营134架空客A320系列飞机。 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"）2025年12月份主要运营数据情况如下： ■ 二、本月主要新增航线情况 本月无新增航线。 三、本月运营数据主要情况 ■ 注：可用吨公里数、可用货邮吨公里数等指标因可提供座位对应的可提供业载标准数据更新，使得相关 指标同比差异较大。 以上运营数据来自公司内部统计，可能与相关期间定期报告披露的数据有差异。投资者应注意不恰当信 赖或使用以上信息可能造成投资风险。 特此公告。 春秋航空股份有限公司董事会 2026年1月16日 ...

Group 1 - The core viewpoint of the article is that the aviation aftermarket services market is shifting towards Asia, with China projected to become the largest market, growing from $24.8 billion in 2025 to $63.8 billion by 2044 [1] - Over the next 20 years, China is expected to receive approximately 9,570 new aircraft, reinforcing the demand for various services throughout the aircraft lifecycle [3] - Several Chinese airlines have recently announced new aircraft orders with Airbus, including Air China ordering 60 A320neo aircraft, with a total catalog price of approximately $9.53 billion [4] Group 2 - The maintenance and training market is expanding, becoming a critical component for fleet operation as Airbus secures more aircraft orders in China [5] - The Off-Wing Maintenance market is projected to grow from $17 billion in 2025 to $44.8 billion by 2044, while the On-Wing Maintenance market is expected to increase from $3 billion to $6.8 billion in the same period [6] - The digital and connected market is anticipated to be the fastest-growing segment, expanding from $1.4 billion in 2025 to $5.1 billion by 2044, focusing on smarter operations and predictive maintenance [6] Group 3 - The aviation maintenance market in China is expected to grow rapidly due to the increasing fleet size and aging aircraft, with maintenance costs for engines surpassing their purchase costs [7] - Chinese airlines are accelerating their digital transformation, with over 9,000 aircraft expected to have onboard connectivity, potentially saving over $2.2 billion in operational costs and an additional $5.7 billion through reduced fuel costs [7]

Core Viewpoint - The aviation and airport sector experienced a slight decline of 0.29% on January 15, with Xiamen Airport leading the drop. The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index rose by 0.41% to 14306.73 [1]. Group 1: Stock Performance - Xiamen Airport (600897) closed at 16.80, down 1.52% with a trading volume of 55,900 shares and a transaction value of 94.38 million [2]. - Huaxia Airlines (002928) saw a gain of 1.71%, closing at 10.68 with a trading volume of 184,300 shares and a transaction value of 197 million [1]. - China Eastern Airlines (600115) closed at 5.83, down 0.34% with a trading volume of 890,800 shares and a transaction value of 523 million [2]. Group 2: Capital Flow - The aviation and airport sector had a net inflow of 3.57 million from institutional investors, while retail investors saw a net outflow of 73.65 million [2]. - Spring Airlines (601021) had a net inflow of 27.87 million from institutional investors, representing 9.46% of its total trading [3]. - Xiamen Airport (600897) experienced a significant net outflow of 21.86 million from institutional investors, accounting for -23.17% of its total trading [3].

春秋航空 ：12月客运量同比增长12.4%，邮件及货运量同比增长9.5%。 ...

春秋航空股份有限公司 证券代码：601021 证券简称：春秋航空 公告编号：2026-002 一、本月机队情况 本月无新增飞机。 截至本月末，公司共运营 134 架空客 A320 系列飞机。 2025 年 12 月份主要运营数据公告 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。 春秋航空股份有限公司（以下简称"公司"）2025 年 12 月份主要运营数据情 况如下： | 指标 | | 当月数据 | 环比 | 同比 | 当年累计 | 同比 | | --- | --- | --- | --- | --- | --- | --- | | | 国际 | 106,545.37 | 6.81% | 0.67% | 1,322,322.03 | 28.52% | | | 地区 | 3,859.65 | 26.73% | 92.04% | 35,967.81 | -27.68% | | 可用货邮吨公里数 | (万吨公里) | 7,737.98 | 6.49% | 182.87% | 66,245.21 | 97.53% | | | 国内 | ...

春秋航空：12月客运量同比增长12.4%，邮件及货运量同比增长9.5%。 ...

Summary of Conference Call Notes Industry Overview - **Industry Focus**: Hong Kong/China Transportation and Infrastructure - **2026 Outlook**: More opportunities than risks, with a focus on supply-side opportunities in airlines, tanker shipping, and express delivery, while container shipping faces oversupply concerns [1][2][3] Airlines - **Pricing Trends**: Pricing inflation resumed since October 2025, supported by supply-side constraints and demand recovery from business travel, outbound travel growth, and inbound travel [2][11] - **Demand Drivers**: Business travel recovery positively correlated with capital expenditure, and inbound travel expected to grow, benefiting airlines [2][21] - **Airlines' Up-Cycle**: Chinese airlines are in a multi-year supply-driven up-cycle, with margin upside if pricing performance exceeds expectations [2][11] - **Key Stocks**: Overweight ratings on Air China (0753.HK), China Eastern Airlines (0670.HK), China Southern Airlines (1055.HK), and Spring Airlines (601021.SS) [9][10] Shipping - **Tanker Market**: Increasing demand for compliant tankers due to geopolitical tensions, with limited new supply additions due to low capital expenditure over the past decade [3] - **Container Shipping Risks**: Remains conservative on container shipping due to oversupply concerns [3] - **Key Stocks**: Overweight on COSCO Shipping (1138.HK) and China Merchants Energy Shipping (601872.SS), underweight on COSCO Shipping Holdings (1919.HK) and Orient Overseas (0316.HK) [3] Airports - **Bargaining Power**: Airports are regaining bargaining power through duty-free contract renewals, breaking monopoly dynamics, and increasing shareholdings in duty-free operators [4][54] - **Duty-Free Spending**: Expected upside in duty-free spending with expanded product categories and higher offline sales [4][58] - **Key Stocks**: Equal-weight ratings on Shanghai International Airport (600009.SS), Hainan Meilan Airport (0357.HK), and Guangzhou Baiyun International Airport (600004.SS), underweight on Beijing Capital International Airport (0694.HK) [53] Express Delivery - **Market Consolidation**: ZTO (ZTO.N) and YTO (600233.SS) are consolidating market share, leading to cost-efficiency gains and margin expansion [5] - **International Expansion**: J&T (1519.HK) expected to consolidate market share in overseas markets through e-commerce partnerships [5] Key Risks and Considerations - **Airlines**: Risks include faster-than-expected aircraft delivery, deterioration in travel demand, unfavorable RMB depreciation, and surging oil prices [52][51] - **Airports**: Continued underperformance in duty-free business due to weak consumption and competition from other channels [54][55] Conclusion - The transportation sector in Hong Kong/China is poised for growth in 2026, driven by supply-side opportunities in airlines and shipping, while airports are regaining power in duty-free operations. However, risks remain, particularly in container shipping and overall economic conditions.