春秋航空股份有限公司 关于股份回购进展的公告 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： 证券代码：601021 证券简称：春秋航空 公告编号：2026-001 根据《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，公司在回购股份期间，应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将公司截至上月末回购股份的进展情 况公告如下： 2025 年 12 月，公司通过集中竞价交易方式已累计回购股份 2,463,800 股，占 公司目前总股本的比例为 0.2518%，购买的最高价为 54.99 元/股、最低价为 52.01 元/股，支付的金额为 132,148,114.00 元（不含交易佣金、过户费等交易费用）。 截至 2025 年 12 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易 方式回购公司股份 3,208,350 股，占公司目前总股本的 0.3279%，回购最高价格为 人民币 55.99 元/股，回购最低价格为人民币 52.01 ...

Summary of Key Points from Conference Call Industry Overview - The focus is on the aviation sector, particularly in the context of the appreciation of the Renminbi (RMB) and its impact on various industries including airports and light industry paper manufacturing [1][3]. Core Insights and Arguments - The appreciation of the RMB is expected to enhance the financial performance of sectors like aviation and light industry paper due to improved cost and debt structures [1][3]. - Historical data indicates that different sectors lead the market during phases of rapid RMB appreciation, with core assets leading in 2017, new energy and military industries in 2020-2021, and economic recovery valuation logic in late 2022 to early 2023 [1][6]. - The current phase of RMB appreciation differs from previous ones, with reduced foreign capital influence and increased domestic pricing power, shifting market focus towards technological transformation rather than mere economic recovery [1][7]. - The aviation sector is highlighted as a key beneficiary, with significant cost components (over 60%) being dollar-denominated, meaning even slight RMB appreciation can lead to substantial profit increases [3][9]. Investment Opportunities - Short-term investment opportunities are identified in the aviation and light industry paper sectors, particularly as companies prepare to release annual reports [1][8]. - The second tier of investment opportunities includes foreign-invested blue-chip stocks such as electric equipment, electronics, and food and beverage sectors, which have shown resilience during past RMB appreciation phases [5]. - The third tier includes large financial and real estate sectors, which have a high proportion of RMB-denominated assets, benefiting from balance sheet improvements during RMB appreciation [5]. Additional Important Insights - The global aircraft manufacturing industry is facing supply chain bottlenecks due to de-globalization, affecting the availability of materials and components [11]. - The performance of Chinese airlines has significantly outpaced the Shanghai and Shenzhen 300 index, driven by increased international route demand and favorable pricing dynamics [12]. - Airlines like China Southern, China Eastern, Air China, and budget carriers such as Spring Airlines are identified as high-elasticity investment opportunities due to their potential recovery from historical lows [3][12]. - The upcoming delivery of new aircraft orders (e.g., Spring Airlines and Juneyao Airlines) is expected to support fleet updates and future growth [10].

Core Insights - Multiple domestic airlines in China have signed agreements with Airbus to purchase a total of 148 A320 series aircraft, indicating strong demand for narrow-body planes in the market [2][5]. Group 1: Aircraft Orders - Air China and its subsidiary signed a purchase agreement for 60 A320neo aircraft, with a total catalog price of approximately $9.53 billion, scheduled for delivery between 2028 and 2032 [3]. - Huaxia Airlines ordered 3 A320 series aircraft, expected to be delivered over three years starting in 2030, pending government approval [3]. - Spring Airlines and Juneyao Airlines announced orders for 30 and 25 A320neo aircraft, respectively, with delivery planned between 2028 and 2032 [3]. - China Aircraft Leasing Company also signed an agreement for 30 A320neo aircraft, with deliveries planned before 2033 [4]. Group 2: Market Trends - Airbus has seen a significant increase in orders from China, with a market share expected to exceed Boeing's, reaching 55% by 2025 [5]. - The demand for narrow-body aircraft is rising, with older models like A320CEO and B737NG decreasing by 10% and 8.4%, while new models A320neo and B737max have surged by 286.3% and 97.9% respectively [8]. - The introduction of wide-body aircraft has stagnated, with only a net increase of 4 aircraft from 2019 to 2025, largely due to slow recovery in international routes [9]. Group 3: Operational Challenges - Airlines are facing operational challenges due to engine shortages, leading to increased grounded aircraft and delayed new deliveries [7]. - The International Air Transport Association reported over 5,000 grounded aircraft, the highest level historically, exacerbated by trade tensions affecting supply chains [7]. - Despite the operational challenges, the current tightness in capacity has somewhat alleviated the oversupply in the domestic market [7].

Core Viewpoint - Multiple domestic airlines in China have signed significant aircraft purchase agreements with Airbus, totaling 148 A320 series aircraft, indicating a strong demand for narrow-body planes despite current market challenges [3][8]. Group 1: Aircraft Orders - China National Airlines and its subsidiary signed an agreement to purchase 60 A320neo aircraft, with a total list price of approximately $9.53 billion, scheduled for delivery between 2028 and 2032 [5]. - Spring Airlines and Juneyao Airlines announced orders for 30 and 25 A320neo aircraft, respectively, with total prices of up to $4.128 billion and approximately $4.1 billion, to be delivered from 2028 to 2032 [6]. - China Aircraft Leasing Company ordered 30 A320neo aircraft, with deliveries planned before 2033 [7]. Group 2: Market Dynamics - Airbus has secured a total of 148 aircraft orders from China in a short period, reflecting a growing trend of large orders from Chinese airlines [8]. - By 2025, Airbus is expected to hold a market share of over 55% in China, making it the largest single-country market for the company [9]. - The global second-largest aircraft leasing company, Avolon, indicated that popular aircraft models like the Boeing 737 MAX and Airbus A320neo are sold out by 2030, highlighting strong demand [9]. Group 3: Operational Challenges - The recent aircraft orders may be a strategic move to secure aircraft availability and mitigate operational challenges caused by engine shortages, which have led to increased grounded aircraft [11]. - The International Air Transport Association reported that over 5,000 aircraft are currently grounded, the highest level in history, exacerbated by supply chain issues due to U.S.-China trade tensions [11]. - Despite the current overcapacity in the domestic market, the introduction of new aircraft is slowing, with the fleet size growing at a compound annual growth rate of 2.6% from 2019 to 2025 [12]. Group 4: Aircraft Type Trends - The introduction of wide-body aircraft has nearly stagnated, with only a net increase of 4 aircraft from 2019 to 2025, primarily due to slow recovery in international routes [13]. - The domestic market is seeing a shift towards narrow-body aircraft, with significant increases in new models like the A320neo and B737 MAX, while older models are being phased out [12][13]. - The share of domestic aircraft in the fleet has increased from 1.3% in 2019 to 4.5%, indicating a growing presence of domestic manufacturers in the narrow-body market [13].

Core Insights - Airbus has secured a significant order for 148 narrow-body aircraft from multiple Chinese airlines, indicating strong demand in the narrow-body segment [1][5]. Group 1: Aircraft Orders - China National Airlines and its subsidiary signed a purchase agreement for 60 Airbus A320neo aircraft, with a total catalog price of approximately $9.53 billion, scheduled for delivery between 2028 and 2032 [2]. - Huaxia Airlines ordered 3 A320 series aircraft, while Spring Airlines and Juneyao Airlines ordered 30 and 25 A320neo aircraft, respectively, with deliveries planned from 2028 to 2032 [3]. - China Aircraft Leasing Company also signed an agreement for 30 A320neo aircraft, with deliveries expected before 2033 [4]. Group 2: Market Dynamics - Airbus's market share in China is projected to exceed Boeing's, reaching 55% by 2025, making China Airbus's largest single-country market for several consecutive years [6]. - The global second-largest aircraft leasing company, Avolon, indicated that models like Boeing 737 MAX and Airbus A320neo are expected to be sold out by 2030, highlighting the demand for these narrow-body aircraft [6]. Group 3: Production Capacity - To meet increasing demand, Airbus is enhancing its production capacity by activating a second A320 assembly line in Tianjin, aiming for a monthly production target of 75 A320 aircraft by 2027 [7]. Group 4: Industry Challenges - The recent aircraft orders may be a strategic move by Chinese airlines to secure aircraft availability and mitigate operational challenges caused by engine issues, which have led to temporary groundings [8]. - Despite a shortage of new aircraft, over 5,000 grounded planes represent a historical high, exacerbated by trade tensions affecting supply chains and increasing maintenance costs [8]. - The domestic market is experiencing a slowdown in fleet growth, with a projected fleet size of 4,180 aircraft by the end of 2025, reflecting a compound annual growth rate of 2.6% since 2019 [8]. Group 5: Aircraft Composition - The narrow-body aircraft segment is seeing a shift, with older models like A320 CEO and B737 NG decreasing by 10% and 8.4%, while new models like A320neo and B737 MAX have surged by 286.3% and 97.9% respectively [9]. - The introduction of wide-body aircraft has stagnated, with only a net increase of 4 aircraft from 2019 to 2025, largely due to slow recovery in international routes [10]. - Domestic airlines are accelerating the retirement of older wide-body aircraft, focusing on acquiring narrow-body models, which explains the recent orders being exclusively for narrow-body aircraft [10].

证券之星消息，12月31日航空机场板块较上一交易日上涨3.31%，吉祥航空领涨。当日上证指数报收于 3968.84，上涨0.09%。深证成指报收于13525.02，下跌0.58%。航空机场板块个股涨跌见下表： 从资金流向上来看，当日航空机场板块主力资金净流入1.85亿元，游资资金净流入2395.96万元，散户资 金净流出2.09亿元。航空机场板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600221 海航控股 | | 1.04亿 | 7.91% | -8182.14万 | -6.21% | -2242.16万 | -1.70% | | 600115 中国东航 | | 5473.53万 | 5.77% | 1830.44万 | 1.93% | -7303.97万 | -7.70% | | 601111 | 中国国航 | 4663.30万 | 5.07% | 3114.92万 | 3.38% ...

Group 1 - Starbucks is closing approximately 400 underperforming urban stores in the U.S. and shifting investments towards renovating stores and drive-through locations in suburban areas to adapt to changes in customer traffic and cost pressures [2] - Gree Electric is monitoring the price trends of key raw materials and has implemented digital management for inventory and demand, along with flexible reserve strategies and regular futures hedging to mitigate adverse impacts from price volatility [3] - Multiple jewelry brands have significantly reduced their gold jewelry prices, with Chow Sang Sang pricing at 1353 yuan per gram, indicating a market adjustment [4] Group 2 - Barclays Bank reports that UK consumers have reduced card spending for the first time in five years, with a 0.2% year-on-year decline compared to a 1.6% increase last year [5] - Zhipu plans to globally issue 37,419,500 H-shares at a price of 116.20 HKD per share, with trading expected to commence on January 8, 2026 [6] - Pop Mart has begun selling products at half price, with second-hand platforms showing significant price drops for Labubu items, indicating a cooling market for trendy toys [7][8] Group 3 - Huawei's rotating chairman Meng Wanzhou emphasizes the start of a new journey in the intelligent era, highlighting the importance of innovation and self-criticism in navigating future uncertainties [9] - Spring Airlines and Juneyao Airlines announced plans to purchase a total of 55 Airbus A320 aircraft, with a transaction value exceeding 82 billion USD (approximately 574.48 billion yuan) [10] - EVE Energy's Hong Kong IPO application has expired after six months, with CITIC Securities as the sole sponsor [11] Group 4 - The Financial Accounting Standards Board (FASB) will explore cryptocurrency-related issues in 2026, including whether certain cryptocurrencies can be classified as cash equivalents [12] - Samsung Electronics is reportedly supplying automotive chips for BMW's electric vehicles, marking a significant expansion in its automotive component offerings [13] - Concerns arose regarding the production of a sofa sold during a live stream by a prominent host, with Gujia Home clarifying that the products are manufactured in its own factories [14]

Group 1 - The core viewpoint of the news is that Spring Airlines has shown a slight increase in stock price, reaching 58.19 yuan per share, with a market capitalization of 56.929 billion yuan as of December 31 [1] - Spring Airlines, established on November 1, 2004, and listed on January 21, 2015, primarily engages in domestic and international passenger and cargo transportation, with passenger transport accounting for 96.95% of its revenue [1] - The company is headquartered in Shanghai, specifically at 2599 Hongqiao Road, Changning District [1] Group 2 - From the perspective of fund holdings, Guolian An Fund has a significant position in Spring Airlines, with its Guolian An Dividend Mixed Fund (257040) holding 90,000 shares, unchanged from the previous period, representing 5.97% of the fund's net value [2] - The Guolian An Dividend Mixed Fund has a total scale of 80.601 million yuan and has achieved a year-to-date return of 14.98%, ranking 5107 out of 8085 in its category [2] - The fund manager, Xu Jun, has been in position for 6 years and 193 days, with the best fund return during his tenure being 58.4% [3]

Investment Rating - The report assigns an "Overweight" rating for the aviation industry [6]. Core Insights - The Chinese civil aviation industry is expected to continue its recovery in supply and demand in 2025, with a forecasted industry-wide turnaround from losses to profitability [3][6]. - Demand is projected to grow steadily, with an estimated 5-6% increase in passenger traffic in 2025, including a 4% rise in domestic routes and over 20% in international routes [6][10]. - The supply side is entering a low growth phase, with a projected 3.7% increase in the fleet size of seven A-share airlines by November 2025 compared to the end of 2024 [6][19]. - The passenger load factor is expected to reach a historical high of 85%, an increase of 1.8 percentage points year-on-year [6][22]. - Ticket prices remain at historically low levels, with domestic ticket prices estimated to decrease by 2-3% year-on-year in 2025 [6][25]. - The industry is anticipated to significantly reduce losses and turn profitable in 2025, with quarterly performance showing improvements in profitability [6]. Summary by Sections Demand and Supply - Passenger traffic is expected to grow by 5-6% in 2025, with domestic routes increasing by 4% and international routes by over 20% [6][10]. - The industry is entering a low growth phase, with a projected 6% increase in available seat kilometers (ASK) [6][19]. Load Factor and Pricing - The passenger load factor is projected to increase by 1.8 percentage points to 85% [6][22]. - Domestic ticket prices are estimated to decrease by 2-3% year-on-year, while international ticket prices may see significant increases in the latter half of the year due to strong inbound demand [6][25]. Profitability Outlook - The industry is expected to turn profitable in 2025, with significant reductions in losses anticipated throughout the year [6]. - Quarterly performance indicates that the first quarter may see limited profit improvement due to high base effects, while the second quarter is expected to show substantial recovery [6].

Core Insights - Spring Airlines and Juneyao Airlines announced plans to purchase a total of 55 Airbus A320 series aircraft, signaling strong vitality in the Chinese aviation market [1][2] - The orders reflect a strategic move to enhance operational efficiency and fleet composition, with deliveries expected between 2028 and 2032 [1][3] Group 1: Company Orders - Spring Airlines plans to acquire 30 A320neo aircraft at a catalog price of approximately $4.128 billion (about 28.856 billion RMB) [1] - Juneyao Airlines intends to purchase 25 A320 aircraft at a catalog price of around $4 billion (about 28.660 billion RMB) [1] - Both airlines' orders are subject to shareholder approval and regulatory clearance in China [1] Group 2: Market Implications - The orders indicate that the Chinese aviation market remains robust, covering various segments from low-cost to full-service operations [1] - It is projected that China will require thousands of new aircraft over the next two decades, primarily narrow-body jets, driven by economic growth and rising disposable incomes [1][2] - Domestic delivery demand is expected to account for about 20% of global new aircraft deliveries [1] Group 3: Aircraft Specifications - The A320neo series has a maximum range of 3,400 nautical miles and achieves approximately 20% reduction in fuel consumption and CO2 emissions per seat [2] - The maximum cabin layout can accommodate 194 seats [2] Group 4: Strategic Considerations - Juneyao Airlines has historically utilized the A320 series for short to medium-haul routes, demonstrating good operational economics [3] - The order is part of a forward-looking capacity planning strategy and aims to replace older A320ceo models to enhance fleet efficiency [3] - Spring Airlines stated that the transaction aligns with its future development plans and market needs, optimizing fleet structure and improving operational efficiency [3] Group 5: Industry Trends - Analysts suggest that Chinese airlines are increasingly favoring Airbus over Boeing due to reliability concerns and geopolitical factors [3] - The majority of the aircraft from these orders are expected to be assembled in China, contributing to the domestic aviation equipment industry's development and upgrade [4]