Core Viewpoint - The announcement from the company indicates a positive growth trend in passenger turnover and operational capacity for December 2025 compared to the previous year [1] Group 1: Operational Performance - The company's passenger capacity input increased by 0.21% year-on-year for December 2025 [1] - The passenger turnover volume rose by 2.02% year-on-year for December 2025 [1] - The seat occupancy rate reached 83.93%, reflecting a year-on-year increase of 1.49% [1]

Group 1 - The controlling shareholder of Shanghai Juneyao Airlines, Juneyao Group, holds approximately 955 million shares, accounting for 43.74% of the total shares of the company [1] - Juneyao Group has pledged a total of approximately 696 million shares, which represents 72.91% of its holdings and 31.89% of the total shares of the company [1] Group 2 - Haili Biological's valuation has decreased by 50% over eight months despite a ninefold increase in the value of its acquisition [1] - The company's largest client is a company that has not yet been established, indicating unusual circumstances surrounding its business operations [1]

证券代码：603885 证券简称：吉祥航空 公告编号：临 2026-003 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）69,650 万股，占其所持公司股份数的 72.91%，占公司股份总数的 31.89%。 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： 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 ...

上海吉祥航空股份有限公司（以下简称"吉祥航空"或"公司"）及所属子 公司九元航空有限公司（以下简称"九元航空"）2025 年 12 月份合并主要运营 数据： （一）运营情况 2025 年 12 月，公司客运运力投入（按可用座位公里计）同比上升 0.21%， 其中国内、国际和地区航线客运运力投入同比变动分别为-1.93%、6.03%和 -20.22%；旅客周转量（按收入客公里计）同比上升 2.02%，其中国内、国际和 地区航线旅客周转量同比变动分别为 0.85%、5.77%和-15.90%；客座率为 83.93%， 同比上升 1.49%，其中国内、国际和地区航线客座率同比变动分别为 2.40%、 -0.19%和 4.52%。 2025 年 12 月，公司国内客运运力投入（按可用座位公里计）较上月环比上 升 6.47%，国内旅客周转量（按收入客公里计）环比上升 6.49%，国内航线客座 率环比上升 0.01%。国际客运运力投入（按可用座位公里计）较上月环比上升 10.49%，国际旅客周转量（按收入客公里计）环比上升 4.30%，国际航线客座率 环比下降 4.55%。 2025 年 12 月，吉祥航空新增以下定期航 ...

Core Viewpoint - The company, 吉祥航空, reported a slight increase in passenger capacity and passenger turnover for December 2025, with varying performance across domestic, international, and regional routes [1] Group 1: Passenger Capacity and Turnover - The company's passenger capacity (measured in available seat kilometers) increased by 0.21% year-on-year, with domestic, international, and regional routes showing changes of -1.93%, 6.03%, and -20.22% respectively [1] - Passenger turnover (measured in revenue passenger kilometers) rose by 2.02% year-on-year, with domestic, international, and regional routes experiencing changes of 0.85%, 5.77%, and -15.90% respectively [1] - The overall passenger load factor was 83.93%, an increase of 1.49% year-on-year, with domestic, international, and regional routes showing changes of 2.40%, -0.19%, and 4.52% respectively [1] Group 2: Month-on-Month Performance - Domestic passenger capacity (available seat kilometers) increased by 6.47% month-on-month, while domestic passenger turnover (revenue passenger kilometers) rose by 6.49% month-on-month [1] - The domestic route load factor increased by 0.01% month-on-month [1] - International passenger capacity (available seat kilometers) increased by 10.49% month-on-month, while international passenger turnover (revenue passenger kilometers) rose by 4.30% month-on-month [1] - The international route load factor decreased by 4.55% month-on-month [1] Group 3: Fleet Information - As of December 31, 2025, the company operated 93 A320 series aircraft, including 27 A321 models, 22 A320neo models, and 14 A321neo models, along with 10 Boeing 787 series aircraft [2] - The subsidiary, 九元航空, operated 26 Boeing 737 series aircraft [2]

格隆汇1月14日｜吉祥航空公告，2025年12月，公司客运运力投入（按可用座位公里计）同比上升 0.21%，其中国内、国际和地区航线客运运力投入同比变动分别为-1.93%、6.03%和-20.22%；旅客周转 量（按收入客公里计）同比上升2.02%，其中国内、国际和地区航线旅客周转量同比变动分别为 0.85%、5.77%和-15.90%；客座率为83.93%，同比上升1.49%，其中国内、国际和地区航线客座率同比 变动分别为2.40%、-0.19%和4.52%。 ...

吉祥航空公告称，控股股东均瑶集团持有公司43.74%股份。2026年1月13日，均瑶集团将5100万股解除 质押，占其所持股份的5.34%；同日又质押4650万股，占比4.87%，用于为债务提供履约担保。截至公 告披露日，均瑶集团及其一致行动人累计质押72,400万股，占合计持股的73.03%、公司总股本的 33.15%。均瑶集团及一致行动人未来半年、一年到期的质押股份对应融资余额分别达42.72亿元、55.41 亿元，目前质押风险可控，不存在平仓风险。 ...

Core Viewpoint - The aviation and airport sector experienced a slight increase of 0.23% on January 12, with CITIC Offshore Helicopter leading the gains. The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1]. Group 1: Stock Performance - CITIC Offshore Helicopter (000099) closed at 22.36, up 4.24% with a trading volume of 401,400 shares and a transaction value of 886 million yuan [1]. - Xiamen Airport (600897) closed at 17.47, up 1.22% with a trading volume of 82,500 shares and a transaction value of 143 million yuan [1]. - China Eastern Airlines (600115) closed at 6.00, up 0.33% with a trading volume of 1,101,000 shares [1]. Group 2: Capital Flow - The aviation and airport sector saw a net outflow of 18.41 million yuan from institutional investors, while retail investors had a net inflow of 25.28 million yuan [2]. - Major stocks like Hainan Airlines (600221) experienced a net inflow of 77.03 million yuan from institutional investors, but a net outflow of 49.07 million yuan from retail investors [3]. - Xiamen Airport (600897) had a net outflow of 9.17 million yuan from institutional investors, while retail investors contributed a net inflow of 469,890 yuan [3].

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [2] Core Insights - The shipping sector is experiencing a recovery in oil transportation due to improved demand post-holidays and geopolitical tensions [6][16] - The aviation industry aims to achieve a passenger volume of 810 million in 2026, reflecting a growth rate of 5.2% [23][24] - The express delivery sector is expected to see a gradual recovery in competition and profitability, with a focus on major players like SF Express [20] Shipping - The oil shipping sector is rebounding due to increased cargo availability from the Middle East and geopolitical sanctions affecting supply [6][16] - Container shipping rates are showing slight increases, with strong pricing power among shipowners before long-term contract negotiations [11][12] - Key stocks to watch include COSCO Shipping Energy, China Merchants Energy, and Pacific Shipping [16] Infrastructure - Weekly data indicates a decline in truck traffic and rail freight, with road truck traffic at 46.964 million vehicles, down 14.9% week-on-week [17][18] - Port throughput for the first week of 2026 was 25.4953 million tons, showing a slight decrease but a year-on-year increase of 7.7% in container throughput [18] - Recommended stock for infrastructure investment is Anhui Expressway [18] Express Delivery - In November 2025, express delivery volume reached 18.06 billion pieces, a year-on-year increase of 5%, while revenue decreased by 3.7% [19][20] - The competitive landscape is expected to stabilize, with major companies like SF Express anticipated to see profit growth in 2026 [20] - Recommended stocks include SF Express, ZTO Express, YTO Express, and Yunda Express [20] Aviation - The aviation sector is entering a critical period with the Spring Festival approaching, and passenger volume is projected to grow by 5.2% in 2026 [23][24] - Recent data shows a year-on-year increase in domestic passenger volume of 1.5% and a decrease in ticket prices [21][24] - Recommended stocks include Air China, China Southern Airlines, and Spring Airlines [24] Logistics - The cross-border air freight price index has decreased by 19.9% week-on-week, indicating a significant drop in logistics costs [25]

Core Viewpoint - The aviation and airport sector experienced a decline of 1.19% on January 9, with China Eastern Airlines leading the drop, while the overall Shanghai Composite Index rose by 0.92% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4120.43, up 0.92%, and the Shenzhen Component Index closed at 14120.15, up 1.15% [1] - The aviation and airport sector saw a net outflow of 408 million yuan from major funds, while retail investors contributed a net inflow of 377 million yuan [2] Group 2: Individual Stock Performance - China Eastern Airlines (600115) closed at 5.98, down 3.24%, with a trading volume of 1.3034 million shares and a transaction value of 778 million yuan [2] - Other notable declines included Spring Airlines (601021) down 1.87% and China National Airlines (601111) down 1.64% [2] - The highest trading volume was recorded for Hainan Airlines (600221) with 4.4577 million shares traded, despite a decline of 10.85% in net inflow from major funds [3] Group 3: Fund Flow Analysis - Major funds showed significant outflows in several stocks, including Hainan Airlines with a net outflow of 83.62 million yuan, and Spring Airlines with a net outflow of 28.47 million yuan [3] - Retail investors showed a positive net inflow in several stocks, with Hainan Airlines seeing a retail net inflow of 64.82 million yuan [3]