重要内容提示： 2026年3月24日，上海吉祥航空股份有限公司（以下简称"公司"）第五届董 事会第二十四次会议审议通过了《关于维护公司价值及股东权益暨以集中竞价方 式回购公司股份的议案》，同意公司以自有资金通过集中竞价交易方式回购公司股 份，并将回购股份全部用于维护公司价值及股东权益（出售）。回购资金总额不低 于人民币25,000万元（含），不超过人民币50,000万元（含），回购价格不超过人民 币14.50元/股（含），回购期限为自董事会审议通过回购股份方案之日起3个月内。 详见公司于2026年3月25日披露的《上海吉祥航空股份有限公司关于维护公司价值 及股东权益暨以集中竞价方式回购股份的回购报告书》（公告编号：2026-014）。 证券代码：603885 证券简称：吉祥航空 公告编号：2026-019 上海吉祥航空股份有限公司 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。 | 回购方案首次披露日 | 2026/3/25 | | | | | --- | --- | --- ...

行 业 及 产 业 交通运输 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 严天鹏 A0230524090004 yantp@swsresearch.com 张慧 A0230524100001 zhanghui@swsresearch.com 王晨鉴 A0230525030001 wangcj@swsresearch.com 王易 A0230525050001 wangyi@swsresearch.com 王凯婕 A0230525110001 wangkj@swsresearch.com 郑逸欢 A0230526010001 zhengyh@swsresearch.com 范晨轩 A0230525070003 fancx@swsresearch.com 联系人 范晨轩 A0230525070003 fancx@swsresearch.com 2026 年 03 月 31 日 重视海外油轮股 Q1 对 Q2TCE ...

Core Insights - The report emphasizes the long-term logic of a "super cycle" in the Chinese aviation industry, driven by a significant demand growth and a supply bottleneck that is expected to persist. The report suggests that the geopolitical oil prices will not alter this long-term trend, and it recommends increasing holdings in the sector [3][6]. Industry Overview - The Chinese aviation industry is entering a low growth phase in supply, with an estimated annual compound growth rate of about 3.2% during the "14th Five-Year Plan" period, significantly lower than previous periods [6][7]. - The demand for air travel in China is expected to continue its robust growth, supported by a rising consumer base and government policies aimed at boosting consumption. The aviation consumption penetration rate remains low, indicating substantial long-term growth potential [6][10]. Supply Dynamics - The report identifies internal factors, such as airlines' expectations of a prolonged supply bottleneck and a rational reduction in capital expenditure, as key drivers for the slowdown in fleet growth. The external factors include the slow recovery of aircraft manufacturing capacity due to recent geopolitical events and supply chain disruptions [6][10]. Demand Drivers - The aviation population dividend is expected to persist, with a focus on business travel and family tourism. The report highlights that the "80s" baby boom generation will continue to be a significant source of business travel, while family travel, particularly "parent-child" tourism, will remain strong due to demographic trends [6][10]. - International travel demand is anticipated to grow, aided by favorable policies such as visa exemptions and incentives for inbound tourism [6][10]. Pricing Trends - The report notes that domestic ticket prices have begun to rise, reflecting improved profitability for airlines. The upward trend in ticket prices is expected to continue, supported by the recovery in demand and the airlines' ability to pass on fuel cost increases to consumers [6][10]. Strategic Recommendations - The report advises investors to seize the opportunity presented by the geopolitical oil price situation and strategically position themselves for the upcoming super cycle in aviation. It recommends focusing on high-quality airline networks, specifically mentioning companies like Air China, Spring Airlines, China Eastern Airlines, and China Southern Airlines as favorable investment options [6][10].

Investment Rating - The report maintains a recommendation for the express delivery industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - The express delivery industry is experiencing price increases due to rising oil prices and a trend against excessive competition, with multiple regions implementing price hikes [1][10]. - The industry is entering a new phase of high-quality development, focusing on improving service quality and maintaining stable pricing, which is expected to benefit leading companies [3][84]. - The volume growth in the express delivery sector is gradually recovering, with a notable increase in the growth rate of delivery volumes in early 2026 compared to the previous year [2][12]. Summary by Sections Price Adjustments - Multiple express delivery companies have raised prices in response to increased transportation costs due to rising oil prices, with adjustments starting from March 23, 2026, in various provinces [1][10]. - The price adjustments reflect a broader trend of stabilizing prices in the industry, with significant increases in single-package revenue reported by major companies [2][11]. Volume Growth - The growth rate of express delivery volumes has shown signs of recovery, with January and February 2026 reporting a 7.1% increase compared to previous months [2][12]. - Major companies like YTO and ZTO have outperformed the market in terms of volume growth, indicating a strengthening competitive position [15][16]. Market Positioning - Leading companies in the express delivery sector are expected to gain market share as they benefit from improved volume structures and pricing strategies [3][13]. - ZTO is highlighted as a key player with a commitment to enhancing investor returns, while YTO continues to show strong performance metrics [18][19][86]. Investment Recommendations - The report suggests continued investment in leading express delivery companies such as ZTO, YTO, and Shentong, emphasizing their potential for growth in the evolving market landscape [3][20][21]. - The report also highlights the importance of maintaining a focus on performance elasticity and dividend value in the transportation sector, particularly in shipping and express delivery [7][82].

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [4]. Core Insights - The aviation sector is expected to benefit from the spring holiday travel, with domestic fuel surcharges and rising ticket prices in the China-Europe routes aiding oil price transmission. The report suggests taking advantage of the geopolitical oil price opportunities [3][4]. - The oil shipping trade remains chaotic, with expectations that Chinese shipping companies' profits may exceed forecasts due to the high demand and strategic value of oil shipping [4]. - The highway sector is seeing a recovery in traffic demand, with various regions initiating expansion projects that could significantly impact long-term investment returns [4]. Summary by Sections Aviation - The spring holiday is anticipated to boost travel during the Qingming Festival, with high passenger load factors supporting a continued increase in domestic ticket prices. The average domestic aviation fuel price is expected to rise by over 4% year-on-year, while the gross profit margin for airlines is projected to improve significantly [4]. - The report highlights that the Chinese aviation supply has entered a low growth phase, and demand is expected to benefit from increased consumer spending, ensuring that the impact of oil prices is less than market concerns [4]. Oil Shipping - The oil shipping sector has entered a high prosperity phase, with the geopolitical situation in the Middle East providing unexpected opportunities for supply and demand dynamics. The report notes that the average daily earnings for Very Large Crude Carriers (VLCC) are currently over $10,000 [4]. - Short-term disruptions in the Strait of Hormuz and ongoing trade chaos are expected to keep shipping rates high, with Chinese shipowners adapting to maximize profits [4]. Highways - The report identifies five key policy trends in highway expansion that could significantly influence investment returns. These include the ability to reassess toll periods and standards, treating expansion projects as new constructions, and extending operational periods from 30 to 40 years [4]. - The stable cash flow and dividends from highway companies make them attractive for investment, with recommendations for specific companies in this sector [4].

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Views - The report highlights the ongoing price increases in the express delivery sector, with regions like Sichuan, Yiwu, Yunnan, and Jiangxi leading the way in implementing price hikes. This trend is expected to improve the profitability of leading companies in the industry [6] - The logistics and express delivery sectors are experiencing a shift towards high-quality development, driven by policies aimed at reducing internal competition and enhancing service quality. The report suggests that the "anti-involution" policies will boost industry profitability [6] - The aviation sector is anticipated to benefit from a recovery in demand, with expectations of improved performance for major airlines as they navigate high oil prices and operational challenges [4][6] Summary by Sections Investment Highlights - The report emphasizes the potential for significant returns in the aviation sector, particularly for major airlines like China Southern Airlines, China Eastern Airlines, and Hainan Airlines, which are expected to see improved profitability due to a recovery in travel demand and operational efficiencies [4][6] - The express delivery sector is highlighted for its resilience and growth potential, with companies like ZTO Express, YTO Express, and Shentong Express recommended for investment due to their strong market positions and expected benefits from rising prices [6] Operational Tracking - Data from March 16 to March 22 indicates a total of 54.58 million truck passages on highways, reflecting a week-on-week increase of 3.38% [6] - The report tracks the performance of major airlines, noting that Eastern Airlines and Southern Airlines have seen increases in their average daily flights and aircraft utilization rates, indicating a recovery in operational capacity [4][6] Logistics Data Tracking - The express delivery sector reported a total of approximately 3.845 billion packages collected and 3.891 billion delivered during the week of March 16 to March 22, with year-on-year increases of 4.43% and 5.53%, respectively [6] - The report notes that the logistics infrastructure, particularly highways, is expected to benefit from increased demand as the economy stabilizes and consumer spending rises [6] Market Comparison - The report compares the performance of the transportation sector against broader market trends, indicating that the sector is poised for growth as economic conditions improve and consumer confidence returns [2][6]

Core Viewpoint - The 2026 summer and autumn flight season will start on March 29 and run until October 24, featuring increased flight capacity for business routes and popular tourist destinations, while rising fuel prices have led to an early surge in ticket bookings for the "May Day" holiday [1][5]. Group 1: Flight Capacity and Airline Plans - The average weekly flights for the entire civil aviation sector in the 2026 summer season is projected to reach 127,000, a decrease of 1.63% compared to the 2025 summer season, with domestic flights down by 2.71% and international flights up by 3.34% [2]. - China Eastern Airlines plans to deploy 823 aircraft (including 14 domestic C919 aircraft) and operate over 950 passenger routes, with a daily average of over 3,200 flights, marking a 1.3% increase year-on-year [3]. - 吉祥航空 will have nearly 150 routes, covering 15 countries and regions, with plans to increase flights on routes to Europe and Manchester during peak travel periods [3]. Group 2: Airport Operations and New Routes - Shanghai Airport plans to execute an average of 2,516 flights per day, a 2.8% increase year-on-year, with new international routes to Kolkata and Tbilisi, and increased flights to popular destinations like Kuala Lumpur and Bangkok [4]. - Hainan Airlines plans to add four new routes in Northeast China and two in Anhui province, expanding its network significantly [3][4]. - Hainan Airport Group aims to operate 294 routes with over 150 destinations, adding 22 domestic and 19 international points compared to last year [4]. Group 3: Ticket Booking Trends and Fuel Prices - From April 1 to June 30, planned flights to cities like Altay and Dali have increased by approximately 20% year-on-year, with international routes to Europe and Southeast Asia also seeing increased frequency [5]. - As of the latest data, Brent crude oil prices are at $106.29 per barrel, leading to expectations of an increase in aviation fuel surcharges, which has resulted in a nearly 20% year-on-year increase in ticket bookings for the "May Day" holiday [5].

本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 607 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,507,300,765 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 70.0369 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 证券代码：603885 证券简称：吉祥航空 公告编号：2026-018 上海吉祥航空股份有限公司 2026年第一次临时股东会决议公告 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： 议案 1 为需特别决议通过的议案，已经出席会议的全体股东或者股东代表所持有 表决权股份总数的三分之二以上通过。 本次会议由公司董事长召集，采用现场会议、现场投票与网络投票的方式召开。 公司董事长王均金先生主持会议，符合《公司法》等法律、法规及《公司章程》 的有关规定，会议各项决议合法有效。 (五) 公司董事和董事会秘书的列席情况 ...

北京 上海 深圳 杭州 广州 昆明 天津 成都 宁波 福州 西安 南京 南宁 济南 香港 巴黎 马德里 硅谷 BEIJING SHANGHAI SHENZHEN HANGZHOU GUANGZHOU KUNMING TIANJIN CHENGDU NINGBO FUZHOU XI'AN NANJING NANNING JINAN H O N G K O N G PARIS MADRID S I L I C O N V A L L E Y 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 5234 1670 网址/Website: http://www.grandall.com.cn 国浩律师（上海）事务所 关于上海吉祥航空股份有限公司 2026 年第一次临时股东会的 法律意见书 致：上海吉祥航空股份有限公司 根据《中华人民共和国公司法》（以下简称 ...

证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-017 上海吉祥航空股份有限公司 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》等法律、法规的相关规定，现将董事会公告回购股份决议的 前一个交易日（即 2026 年 3 月 24 日）登记在册的前 10 大股东和前 10 大无限售 条件股东的名称及持股数量、比例情况公告如下： | 序号 | 股东名称 | 持股数量（股） | 占公司总股本比例（%） | | --- | --- | --- | --- | | 1 | 上海均瑶（集团）有限公司 | 955,352,015 | 43.74 | | 2 | 东方航空产业投资有限公司 | 260,304,636 | 11.92 | | 3 | 上海均瑶航空投资有限公司 | 36,066,977 | 1.65 | | 4 | 张奥星 | 34,680,105 | 1.59 | | 5 | 上海吉祥航空股份有限公司回 | 31,854,390 | 1.46 | | | 购专用证券账户 | | | | 6 | 中国建设银行股份有限公司－ 汇丰晋信中小盘股票型证券投 | ...