行 业 及 产 业 交通运输 行 业 研 究 / 行 业 点 评 2025 年 07 月 12 日 通胀叙事航运板块与大宗共振，船 价企稳推荐中国船舶、苏美达 看好 ——申万宏源交运一周天地汇(20250706-20250711) 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 证 券 证券分析师 张慧 A0230524100001 zhanghui@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 研究支持 罗石 A0230524080012 luoshi@swsresearch.com 严天鹏 A0230524090004 yantp@swsresearch.com 王易 A0230525050001 wangyi@swsresearch.com 刘衣云 A0230524100007 liuyy@swsresearch.com 王晨鉴 A0230525030001 wangcj@swsresearch.com 郑逸欢 A0230124010001 zhengyh@swsresearc ...

2025.07. 10 来源：政事儿 微信编辑 | 七三 推荐阅读 "黄金平替"，单日大跌6%！ 吉祥航空微博 7月10日发布关于HO1860航班的情况说明： 7月9日，公司广州飞往上海浦东的HO1860航班未能按时起飞， 在发动机启动阶段出现机械故障， 机组按程序处置滑回航站楼执行排故工作， 为了飞行绝对安全，公司决策取消该航班进行进一步检 查，同时积极做好旅客沟通和服务保障工作， 已为受影响旅客妥善安排住宿及补偿，并免费改签至 后续航班。 由此给旅客带来的不便公司深表歉意，感谢理解与配合。 据媒体此前报道，有网友发帖称，从广州至上海的吉祥航空HO1860航班未能按时起飞，在滑行阶 段由于发动机问题，又滑回航站楼下客。 本文字数：290，阅读时长大约1分钟 ...

7月9日，公司广州飞往上海浦东的HO1860航班未能按时起飞， 在发动机启动阶段出现机械故障， 机组 按程序处置滑回航站楼执行排故工作， 为了飞行绝对安全，公司决策取消该航班进行进一步检查，同时积 极做好旅客沟通和服务保障工作， 已为受影响旅客妥善安排住宿及补偿，并免费改签至后续航班。 由此 给旅客带来的不便公司深表歉意，感谢理解与配合。 据此前消息，有网友发帖称，从广州至上海的吉祥航空HO1860航班未能按时起飞，在滑行阶段由于发动 机问题，又滑回航站楼下客。 综合自：吉祥航空、政事儿 责编：王璐璐 校对：刘星莹 7月10日， 吉祥航空 发布关于HO1860航班的情况说明： 刚刚，大涨100%！周杰伦，彻底引爆！ 重大转变！特朗普，突然宣布！ 事关降息！美联储，重磅传来！ 深夜，暴跌！马斯克，突发！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 百万用户都在看 重大利好！暴增1883%！ ...

吉祥航空微博 7月10日发布关于HO1860航班的情况说明： 7月9日，公司广州飞往上海浦东的HO1860航班未能按时起飞， 在发动机启动阶段出现机械 故障， 机组按程序处置滑回航站楼执行排故工作， 为了飞行绝对安全，公司决策取消该航班 进行进一步检查，同时积极做好旅客沟通和服务保障工作， 已为受影响旅客妥善安排住宿及 补偿，并免费改签至后续航班。 由此给旅客带来的不便公司深表歉意，感谢理解与配合。 据媒体此前报道，有网友发帖称，从广州至上海的吉祥航空HO1860航班未能按时起飞，在滑 行阶段由于发动机问题，又滑回航站楼下客。 来源：政事儿 ...

晨光生物：上半年净利润预增102.33%–132.38% 7月9日晚，晨光生物（300138）发布2025年半年度业绩预告，公司预计2025年上半年实现归属于上市公 司股东的净利润2.02亿元至2.32亿元，同比增长102.33%至132.38%。 资料显示，晨光生物成立于2000年4月，主营业务是天然植物提取物。 所属行业：农林牧渔–农产品加工–其他农产品加工 北方稀土：上半年净利润预增1882.54%–2014.71% 7月9日晚，北方稀土（600111）发布2025年半年度业绩预告，公司预计2025年上半年实现归属于母公司 所有者的净利润9亿元至9.6亿元，同比增长1882.54%至2014.71%。 资料显示，北方稀土成立于1997年9月，主营业务是生产经营稀土原料产品、稀土功能材料产品及部分 稀土终端应用产品。 所属行业：有色金属–小金属–稀土 友发集团：上半年净利润预增151.69%–178.93% 7月9日晚，友发集团（601686）发布2025年半年度业绩预告，公司预计2025年上半年实现归属于公司股 东的净利润2.77亿元至3.07亿元，同比增长151.69%至178.93%。 资料显示，友 ...

Core Viewpoint - The article summarizes important announcements from various listed companies in the Shanghai and Shenzhen stock markets, providing insights for investors regarding their operational status and significant developments. Group 1: Company Announcements - Jinshi Technology (002951) stated that it has not engaged in any business related to stablecoins and confirmed no undisclosed significant matters [3] - New Asia Electronics (605277) reported that revenue from its "lotus core structure" technology application is less than 3.31% of total revenue, and the technology has not yet been mass-produced [4] - New Zhonggang (605162) confirmed that its main business has not undergone significant changes and its operational status remains normal [6] - Zhuoyue New Energy (688196) plans to invest 700 million yuan in a bioenergy project in Thailand, which includes a biodiesel production line with an annual capacity of 300,000 tons [7] - Zhengfan Technology (688596) intends to acquire 62.23% of Han Jing Semiconductor, aiming to enhance its competitiveness in the semiconductor sector [8] - Alliance Electronics (688311) announced that five shareholders plan to transfer 3.68% of the company's shares through a pricing inquiry [9] - Xinpeng Co., Ltd. (002328) reported that its subsidiary's investment project has been listed on the STAR Market [10] - Bayi Shikong (688181) is expanding into edge computing services, partnering with China Broadcasting Network [12] - Dafu Technology (300134) plans to invest up to 100 million yuan in Anhui Yunta Electronics [14] - Jinchengzi (688291) noted that revenue from its laser 3D printing control systems will account for less than 2% of total revenue in 2024 [15] - Dazhi (601519) confirmed that its daily operations are normal and there are no significant changes [16] - Senlin Packaging (605500) clarified that its consumer packaging business currently represents a small portion of its overall operations [17] - Guangyunda (300227) intends to acquire 56.0299% of Yilian Unlimited for 352 million yuan [18] - Xinning Electric (301388) reported no significant changes in its operational environment [19] - Shangwei New Materials (688585) announced progress in its controlling shareholder's control change plan [20] - Yong'an Futures (600927) confirmed no undisclosed significant information [21] Group 2: Performance Reports - Jingji Zhino (000048) reported June sales of 176,400 pigs, generating revenue of 310 million yuan [23] - Kemin Foods (002661) noted a 111.22% year-on-year increase in June sales revenue from its subsidiary [24] - Lihua Co., Ltd. (300761) reported a 21.3% year-on-year decline in June chicken sales revenue [25] - Xiaoming Co., Ltd. (300967) experienced a 182.52% year-on-year increase in June chicken product sales revenue [26] - Tiankang Bio (002100) reported a 19.53% year-on-year decline in June pig sales revenue [27] - Shen Shen Fang A (000029) expects a net profit increase of 1411.7% to 2034.17% for the first half of the year [29] - Juhua Co., Ltd. (600160) anticipates a net profit increase of 136% to 155% for the first half of the year [30] - Jieshun Technology (002609) expects a net profit increase of 105.68% to 193.82% for the first half of the year [31] - Haopeng Technology (001283) forecasts a net profit increase of 228.03% to 271.77% for the first half of the year [32] - Dajin Heavy Industry (002487) expects a net profit increase of 193.32% to 227.83% for the first half of the year [33] - Huace Navigation (300627) anticipates a net profit increase of 27.37% to 33.34% for the first half of the year [34] - Yatai Co., Ltd. (002284) expects a net profit increase of 81.97% to 101.13% for the first half of the year [35] - Huagong Technology (000988) forecasts a net profit increase of 42.43% to 52.03% for the first half of the year [36] - Shangwei Co., Ltd. (603333) expects a net loss of 27 million to 35 million yuan for the first half of the year [37] Group 3: Major Contracts and Share Transactions - Hongyuan Green Energy (603185) signed a cooperation agreement with Jiangsu Shunfeng Photovoltaic Technology [38] - Pulite (002324) announced a procurement contract for a 30MWh sodium-ion battery energy storage system [40] - Hisense Home Appliances (000921) plans to increase its shareholding by 6.92 million to 13.86 million shares [41] - Yanpai Co., Ltd. (301081) intends to increase its shareholding by 17 million to 34 million yuan [42] - Yuanzu Co., Ltd. (603886) announced a plan to reduce its shareholding by up to 1% [43] - 吉祥航空 (603885) plans to reduce its shareholding by up to 1% [44] - Jin Domain Medical (603882) intends to reduce its shareholding by up to 1% [45] - Chao Tu Software (300036) announced plans for its controlling shareholder to reduce its shareholding by up to 2.01% [46] - Xintong Lian (603022) plans to reduce its shareholding by up to 3% [47] - Dongfang Zhongke (002819) intends to reduce its shareholding by up to 3% [48] - Shuo Beid (300322) plans to repurchase shares worth 20 million to 30 million yuan [49]

证券代码：603885 证券简称：吉祥航空 公告编号：2025-050 上海吉祥航空股份有限公司 关于持有 5%以上股东集中竞价减持股份计划公告 本公司董事会、全体董事及相关股东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： ? 关于本次减持计划的特别说明 自2019年以来，上海均瑶（集团）有限公司及上海吉祥航空股份有限公司（以 下简称"吉祥航空"或"公司"）通过股权及业务纽带与东方航空产业投资有限 公司（以下简称"东航产投"）母公司中国东方航空集团有限公司及关联公司中 国东方航空股份有限公司达成了长期战略合作伙伴关系。本次东航产投减持计划 不影响双方的正常业务合作及战略合作，东航产投将维持对吉祥航空的战略持股。 ? 大股东持股的基本情况 截至本公告披露日，东航产投持有吉祥航空股份291,467,826股，占公司总 股本的13.35%。上述股份系通过非公开发行、协议受让方式取得的股份。东航产 投所持有的吉祥航空全部股份已经解除限售。 ? 减持计划的主要内容 因自身业务安排及需要，股东东航产投拟在本公告披露日起15个交易日后的 合计减 ...

证券代码：603885 证券简称：吉祥航空 公告编号：2025-050 上海吉祥航空股份有限公司 关于持有 5%以上股东集中竞价减持股份计划公告 本公司董事会、全体董事及相关股东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： 关于本次减持计划的特别说明 自2019年以来，上海均瑶（集团）有限公司及上海吉祥航空股份有限公司（以 下简称"吉祥航空"或"公司"）通过股权及业务纽带与东方航空产业投资有限 公司（以下简称"东航产投"）母公司中国东方航空集团有限公司及关联公司中 国东方航空股份有限公司达成了长期战略合作伙伴关系。本次东航产投减持计划 不影响双方的正常业务合作及战略合作，东航产投将维持对吉祥航空的战略持股。 大股东持股的基本情况 截至本公告披露日，东航产投持有吉祥航空股份291,467,826股，占公司总 股本的13.35%。上述股份系通过非公开发行、协议受让方式取得的股份。东航产 投所持有的吉祥航空全部股份已经解除限售。 减持计划的主要内容 因自身业务安排及需要，股东东航产投拟在本公告披露日起15个交易日后的 3个月内，通过集中 ...

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Insights - The easing of the Israel-Iran conflict has led to a decline in oil tanker rates, with the VLCC market shifting from geopolitical influences to supply-demand fundamentals [3][14] - The establishment of the General Aviation and Low Altitude Economy Working Group by the Civil Aviation Administration of China (CAAC) aims to enhance the development of low-altitude economy and general aviation [3][16] - The price of unmanned logistics vehicles has dropped to around 20,000 yuan, contributing to a 5.3% year-on-year growth in national social logistics total in the first five months of 2025 [3][22] Industry Highlights - The VLCC market sentiment has transitioned to supply-demand fundamentals, with tanker rates under pressure due to increased competition among shipowners and no significant rise in cargo volumes [3][14] - As of July 4, 2025, the shipping rates from Shanghai to Europe increased by 3.5% to 2,101 USD/TEU, while rates to the US West and East coasts decreased by 19.0% and 12.6%, respectively [3][15] - In the first half of 2025, 117 new international air cargo routes were opened in China, with over 233 round-trip flights added weekly [3][16][18] - The logistics sector has seen a total of 138.7 trillion yuan in social logistics, reflecting a 5.3% year-on-year increase, with a slight deceleration in growth compared to previous months [3][24] High-Frequency Data Tracking - In June 2025, domestic cargo flights increased by 9.42% year-on-year, while international flights rose by 32.87% [26][33] - The express delivery sector experienced a 17.20% year-on-year increase in business volume in May 2025, with total express business volume reaching 173.2 billion pieces [56][58] - The national port cargo throughput reached 7.345 billion tons in the first five months of 2025, marking a 3.8% year-on-year growth [52]

行业研究丨深度报告丨航空 [Table_Title] 破局时刻：在周期规律中寻找突破口 ——航空机场高速行业 2025年度中期投资策略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 展望后市，赔率具强吸引力，多因素共振向好，Q2 拐点已至，盈利逐季上行；供给刚性收紧， 供需改善信号鲜明；收入与成本共振，周期弹性终释放。当前时点行业大多数公司单机市值居 于历史前 40%分位数，赔率具有强吸引力；考虑飞机引进持续受困、供给中期进一步刚性收紧， 叠加燃油成本大幅改善，行业积蓄向上动能，酝酿周期反转机遇。综合考虑业绩弹性以及估值 分位数，首先推荐 A 股民营航司（华夏、春秋以及吉祥）以及港股三大航；若 PMI 指标显著反 转，推荐弹性标的 A 股三大航。 分析师及联系人 [Table_Author] 韩轶超 赵超 张银晗 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490520080027 SFC：BQK468 请阅读最后评级说明和重要声明 2 / 37 %% %% %% %% research ...