证券代码：603885 证券简称：吉祥航空 公告编号：临 2026-011 上海吉祥航空股份有限公司 关于控股股东股份解除质押及质押的公告 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： 上海吉祥航空股份有限公司（以下简称"公司"）控股股东上海均瑶（集 团）有限公司（以下简称"均瑶集团"）持有公司股份 955,352,015 股， 占公司股份总数的 43.74%，均瑶集团累计质押公司股票（含本次）69,280 万股，占其所持公司股份数的 72.52%，占公司股份总数的 31.72%。 单位：万股 股东 名称 持股数量 持股比 例 本次解除 质押股数 占其所 持股份 比例 占公 司总 股本 比例 解除日期 质权人 剩余被质 押股份数 量 剩余被质押 股份数量占 其所持股份 比例 剩余被质押 股份数量占 公司总股本 比例 均瑶 集团 95,535.20 43.74% 3,620 3.79% 1.66% 2026 年 3 月 11 日 上海农村 商业银行 股份有限 公司普陀 支行 65,500 68.56% 29.9 ...

证券代码：603885 证券简称：吉祥航空 公告编号：2026-010 上海吉祥航空股份有限公司 关于召开2026年第一次临时股东会的通知 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： 一、 召开会议的基本情况 2026年第一次临时股东会 召开的日期时间：2026 年 3 月 27 日 14 点 00 分 召开地点：上海市浦东新区康桥东路 2 弄 2 号楼 2212 会议室 (五) 网络投票的系统、起止日期和投票时间。 股东会召开日期：2026年3月27日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 (一) 股东会类型和届次 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 3 月 27 日 至2026 年 3 月 27 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易 ...

2026.03. 09 本文字数：781，阅读时长大约2分钟 3月9日A股开盘后，航空股全线大跌，截至中午收盘，跌幅最大的超过7%，集体大跌与中东战事和 油价暴涨有关。 周一（9日）亚太交易时段，国际油价飙升，自2022年首度突破110美元/桶。 燃油成本是航空公司最大的成本开支，占运营成本的三成以上。2024年，国航、东航、南航的燃油 成本分别达537.20亿元、454.99亿元、549.89亿元，占总成本的33.96%-35.97%。 以国航为例，其在2024年年报中指出，在其他变量保持不变的情况下，若平均航油价格上升或下降 5%，公司的燃油成本将上升或下降约26.86亿元人民币。 对于油价上涨，航空公司的应对方式除了提高燃油附加费，还有套期保值。据记者了解，虽然近年来 部分航司重启燃油套保，但目前的量还是比较保守，影响不大。 | 中国国航 | 7.13 | -7.28% | | --- | --- | --- | | 沪 601111 | | | | 美元兑人民币(CFETS) | 6.9211 | 0.33% | | FX USDCNY | | | | NYMEX WTI原油 | 114.93 | 2 ...

Investment Rating - The report assigns an "Overweight" rating for the industry [2] Core Insights - The aviation sector is expected to see good growth in both volume and price during the Spring Festival travel season, with a projected increase in passenger load factor by over 2 percentage points year-on-year and a domestic ticket price increase of over 4% [4][5] - The oil shipping sector is experiencing significant profit increases due to geopolitical tensions, with VLCC TCE rates soaring to around $480,000, indicating a strong market outlook [5][21] - Policies aimed at boosting consumption and reducing competition in the logistics sector are expected to benefit the aviation and express delivery industries [5] Summary by Sections Aviation - The report highlights a 4.9% year-on-year increase in overall passenger flow during the first 33 days of the Spring Festival, with aviation specifically seeing a 6.4% increase [6][7] - The estimated domestic ticket prices are expected to rise by over 4% year-on-year, while the average domestic aviation fuel price has decreased by 8%, leading to improved profit margins for airlines [5] - The report anticipates a "super cycle" in aviation profitability driven by sustained demand and low supply growth, recommending stocks such as Air China, China Eastern Airlines, and Spring Airlines [5] Oil Shipping - The report notes that geopolitical risks have driven oil shipping rates to record highs, with a focus on the changes in the gray market and their long-term implications [5] - The TCE for VLCCs from the Middle East to China has surged, with significant shifts in demand towards other oil-producing regions due to reduced Middle Eastern exports [5] - The report suggests monitoring gray market developments, which could create unexpected supply-demand dynamics and accelerate the retirement of older vessels [5] Policy Impact - The report discusses how government policies aimed at stimulating consumption and addressing "involution" in competition will positively impact the aviation and express delivery sectors [5] - It predicts that the express delivery industry will see stable volume growth and price increases, benefiting leading companies like ZTO Express and SF Express [5] - The report also emphasizes the potential for healthy growth in cross-border logistics driven by supportive policies [5]

Investment Rating - The report maintains a "Positive" outlook on the shipping industry, particularly highlighting companies such as China Merchants Energy, COSCO Shipping Energy, and ST Songfa as key recommendations [3][5]. Core Insights - The report emphasizes that the theoretical upper limit for tanker freight rates is influenced by geopolitical risks and supply chain disruptions, with current freight rates reflecting a premium due to risk assessments rather than actual transaction prices [5]. - The report notes a significant increase in VLCC average freight rates, which rose by 89% week-on-week, reaching $390,970 per day, driven by geopolitical tensions in the Middle East [5]. - The report highlights the resilience of the railway and highway freight volumes, with a notable increase in national railway freight volume by 9.77% and highway truck traffic by 229.69% [5]. Summary by Sections Shipping - The report indicates that the theoretical freight rate for oil tankers is approximately $93 per barrel, translating to a TCE of about $3.66 million per day, while the lower limit for shipowners is estimated between $40 to $87.5 per barrel [5]. - The report observes that the average freight rate for VLCCs has surged, particularly on the Middle East to China route, which jumped 108% to $480,557 per day [5]. Dry Bulk - The report states that the geopolitical situation in the Middle East has limited direct impacts on the dry bulk market, although high fuel prices are exerting pressure on TCE [5]. - The BDI recorded a decrease of 6.1% week-on-week, with Capesize rates dropping by 13.9% to $23,858 per day [5]. Air Transport - The report highlights that the global aircraft manufacturing chain is facing unprecedented challenges, with an aging fleet and supply constraints expected to continue [5]. - It suggests that airlines are poised for significant profit improvements as demand for international travel increases [5]. Express Delivery - The report anticipates that policies ensuring end-user rights will stabilize delivery fees, allowing for gradual recovery in pricing and profitability for leading companies in the sector [5]. - Companies such as ZTO Express and YTO Express are noted for their expanding market positions and profitability potential [5]. Rail and Road - The report indicates that freight volumes in both rail and highway sectors are showing resilience, with significant increases reported in recent weeks [5]. - It suggests that traditional high-dividend investment themes and potential market management catalysts are worth monitoring in the highway sector [5].

运价上行关注油运，避险重点推荐高速 交通运输 证券研究报告/行业定期报告 2026 年 03 月 07 日 | 评级： 增持（维持） | | | 重点公司基本状况 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | | 分析师：杜冲 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | | 执业证书编号：S0740522040001 | | 南方航空 | 6.63 | -0.23 | -0.09 | 0.30 | 0.44 | 0.54 | -28.83 | -73.67 | 21.95 | 15.22 | 12.17 | 买入 买入 | | | | | 中国东航 | 5.12 | ...

上海吉祥航空股份有限公司（以下简称"公司"）控股股东上海均瑶（集 团）有限公司（以下简称"均瑶集团"）持有公司股份 955,352,015 股， 占公司股份总数的 43.74%，均瑶集团累计质押公司股票（含本次）69,120 万股，占其所持公司股份数的 72.35%，占公司股份总数的 31.65%。 公司于近日收到公司控股股东均瑶集团通知，获悉其将所持有公司的部分股 份办理了解除质押及质押业务，具体事项如下： 一、本次股东股份解除质押基本情况： 证券代码：603885 证券简称：吉祥航空 公告编号：临 2026-009 上海吉祥航空股份有限公司 关于控股股东股份解除质押及质押的公告 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： 注：若有尾差，则是因四舍五入所致。 单位：万股 股东 名称 持股数量 持股比 例 本次解除 质押股数 占其所 持股份 比例 占公 司总 股本 比例 解除日期 质权人 剩余被质 押股份数 量 剩余被质押 股份数量占 其所持股份 比例 剩余被质押 股份数量占 公司总股本 比例 均瑶 集团 ...

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Insights - The report emphasizes the continuation of anti-involution regulations, which are expected to enhance the growth certainty of leading companies in the logistics sector. The focus is on improving compliance levels and optimizing algorithms within courier companies to balance interests among headquarters, franchisees, and couriers [2][4] - The report highlights that the adjustment of delivery fees in provinces like Sichuan aims to secure the income levels of frontline workers, while regulatory measures in grain-producing areas like Guangdong and Yiwu help maintain stable prices. The pressure from social security compliance provides cost support for courier prices, limiting the risk of price declines [2][4] - The advancement of e-commerce value-added tax is accelerating the industry's process of eliminating inefficiencies, with low-efficiency practices like fake orders rapidly declining. This environment favors leading courier companies such as Zhongtong, Yuantong, and Shentong, which are expected to see increases in market share, profitability, and valuation [5] Summary by Sections Regulatory Environment - The report indicates that the national postal work meeting in 2026 will focus on comprehensive rectification of "involution-style" competition, marking a shift from "end correction" to "system reconstruction" in industry regulation [4] - The report notes that the anti-involution regulations are becoming a consensus in the industry, with a strong emphasis on compliance transformation for courier companies [4] Market Dynamics - The report states that the courier business volume growth rate has improved, with a cumulative year-on-year growth rate of 6.4% as of March 1, 2026. The volume of postal courier collected during the Spring Festival period increased by 13.2% year-on-year [7] - The air freight market is showing resilience, with air freight price indices reflecting strong demand during the off-peak season, particularly for high-tech products [7] Company Recommendations - The report recommends focusing on leading courier companies such as Zhongtong, Yuantong, and Shentong, which are expected to benefit from the favorable regulatory environment and market dynamics [5]

Investment Rating - The report assigns an "Overweight" rating for the aviation industry [6]. Core Insights - The demand for air travel during the 2026 Spring Festival is robust, with post-holiday ticket prices continuing to rise, indicating a promising Q1 profitability for airlines. The escalation of geopolitical tensions in the Middle East has led to oil price risks, but this does not alter the long-term value and cyclical logic of airlines, suggesting a strategic opportunity for reverse positioning [3][6]. Summary by Relevant Sections Industry Overview - The Spring Festival demand is strong, with a year-on-year increase in overall passenger flow of 5.8% as of March 1, 2026. Specifically, air travel saw a 6.9% increase, while rail and road transport grew by 8.1% and 5.6%, respectively. The limited increase in flight schedules and strict control over capacity by authorities have contributed to a rise in passenger load factors [6][9]. Passenger Flow Trends - Pre-holiday air travel increased by 5.1%, with mid-holiday growth reaching 7.6% due to extended holiday periods boosting family visits and travel. Post-holiday, the growth rate further increased to 9.8%, driven by concentrated return travel and a gradual recovery in business travel [6][9]. Ticket Pricing Dynamics - Ticket prices have shown a positive trend post-holiday, with domestic ticket prices estimated to rise by 4-5% year-on-year. The high load factors during the holiday period have supported a significant price increase of nearly 8% during the mid-holiday period. The report anticipates that ticket prices will continue to rise in March, supported by a low base effect and high load factors [6][9]. Profitability Outlook - The report estimates that the average load factor for January and February 2026 increased by approximately 1-2 percentage points year-on-year, with domestic ticket prices (including fuel) rising by about 6%. Despite a 9% year-on-year decrease in average fuel prices, the net profit for major airlines is expected to improve significantly in Q1 2026, potentially leading to industry-wide profitability [6][9]. Geopolitical Oil Price Risks - The report highlights that the escalation of geopolitical tensions has led to an increase in oil prices, with the average crude oil price rising from $60 to $70 per barrel. The impact of oil prices on airline profitability is significant, as fuel costs account for nearly 40% of airline expenses. However, the report suggests that the strong demand and high load factors in the Chinese aviation market may mitigate the adverse effects of rising oil prices [6][9]. Long-term Industry Outlook - The report emphasizes that the long-term growth logic of the aviation industry remains intact, with expectations of a "super cycle" driven by sustained demand growth and a shift towards market-oriented pricing. The report recommends strategic investments in major airlines such as Air China, Spring Airlines, China Eastern Airlines, China Southern Airlines, and Juneyao Airlines [6][9].

Investment Rating - The report maintains a "Buy" recommendation for key companies in the transportation sector, including East China Airlines Logistics, SF Holding, and others, indicating a positive outlook for their performance [2][3]. Core Insights - The geopolitical situation in the Middle East is evolving towards full-scale conflict, which is expected to drive up oil and shipping prices due to increased risk premiums and potential supply disruptions [7][28]. - The Spring Festival period saw a significant increase in passenger traffic and ticket prices in the civil aviation sector, suggesting a recovery in domestic demand [7][50]. - The adjustment of U.S. tariff policies may lead to improved export performance for Chinese goods to the U.S., enhancing cross-border transportation demand [63]. Summary by Sections Oil Transportation - The ongoing conflict in the Middle East, particularly the closure of the Strait of Hormuz by Iran, is expected to raise oil prices significantly, with Brent crude risk premiums potentially reaching $7-13 per barrel [28][31]. - Historical analysis shows that previous conflicts have led to substantial increases in oil prices and shipping rates, indicating a pattern that may repeat [10][13]. Aviation Sector - During the Spring Festival (February 15-23), the average daily passenger volume reached 2.449 million, a year-on-year increase of 7.7%, with average ticket prices rising by 6.6% [7][50]. - The report highlights the importance of monitoring ticket price performance as the industry enters a seasonal lull, with expectations of continued demand recovery [59]. Air Cargo - Air cargo rates have shown a year-on-year increase, with the Shanghai Pudong Airport export rate index rising by 7.4% [63]. - The utilization rates of major cargo airlines have decreased due to the Spring Festival, but there is optimism for recovery in demand post-holiday [65][68].