Investment Rating - The report maintains a "Positive" investment rating for the aviation industry [13]. Core Insights - The aviation industry is expected to experience a supply-demand mismatch, with demand trends showing a determined upward trajectory while actual supply is projected to decline. This situation is anticipated to lead to a price reversal starting in 2026, with profitability gradually improving until 2030 [3][10]. - The demand structure is diverse, comprising domestic business travel, personal travel, inbound foreign tourists, and outbound Chinese tourists. The industry is projected to maintain a compound annual growth rate (CAGR) of 4.1% from 2026 to 2028, with international demand growth outpacing domestic [8][45]. - Supply constraints are primarily driven by prolonged engine maintenance cycles and geopolitical tensions affecting aircraft manufacturing, leading to a forecasted decline in actual supply growth from 2026 to 2028 [9][25]. Summary by Sections Introduction - The aviation industry operates under a multi-factor model influenced by demand, supply, oil prices, and exchange rates. The supply is predominantly controlled by overseas manufacturers, making it a seller's market with long aircraft introduction cycles [7][25]. Demand - The demand is categorized into four segments: domestic business (42%), domestic personal travel (35%), inbound foreign tourists (17%), and outbound Chinese tourists (6%). The demand is expected to show resilience against economic fluctuations, with a projected CAGR of 4.1% from 2026 to 2028 [8][45]. Supply - The supply side is constrained by extended engine maintenance cycles, which are expected to triple starting in 2025, leading to a decrease in available aircraft. The net introduction of new aircraft is anticipated to remain low, with a compound growth rate of approximately 2.6% over the next three years [9][25]. Investment Opportunities - The report suggests focusing on investment opportunities in major airlines such as China National Aviation (H+A), Spring Airlines, Huaxia Airlines, and Juneyao Airlines, as the industry prepares for a cyclical recovery driven by improving supply-demand dynamics and potential cost reductions in oil and exchange rates [3][10].

吉祥航空于2025年11月22日披露了《上海吉祥航空股份有限公司关于控股股东减持股份计划公告》，因自身业务安排及需要，均瑶集团拟在减持计划公告披 露日起15个交易日后的3个月内，通过集中竞价交易及大宗交易方式合计减持不超过吉祥航空总股本的3%，即不超过65,520,157股。 中国经济网北京12月24日讯 吉祥航空(603885.SH)昨日晚间发布公告称，公司近日收到公司控股股东上海均瑶（集团）有限公司（以下简称"均瑶集团"）的 通知，获悉均瑶集团通过集中竞价交易方式减持公司股份。 新浪财经的数据显示，均瑶集团最初持股11.34亿股，占总股本的63.12%。均瑶集团从2018年11月23日起，第一次减持吉祥航空股份，迄今为止，累计减持 公司股票1.13亿股，累计套现约15.45亿元。 | 咸持期间 | 减持均价（元/股）减持股数（万股）套现金额（万元）减持后 | | | | --- | --- | --- | --- | | 20181123-2019010813.62 | 11342.91 | 154490.46 | 56.81% | | 合计 | 11342.91 | 154490.46 | | (责任编 ...

Group 1 - The core viewpoint of the article highlights that on December 23, brokerages set target prices for listed companies, with significant increases noted for companies such as Juneyao Airlines, Tianci Materials, and Bertly, with target price increases of 56.46%, 50.22%, and 44.34% respectively [1] - The companies with the highest target price increases belong to the aviation, battery, and automotive parts industries [1] - A total of 22 listed companies received brokerage recommendations on December 23, with Sanhua Intelligent Control receiving recommendations from 3 brokerages, while Hualian Holdings and Hongqi Chain received recommendations from 1 brokerage each [1]

Shareholder Reductions - Zhang Fan from 壹网壹创 plans to reduce his holdings by no more than 2.5% [1] - Yan Jun, honorary chairman and chief scientist of 航宇微, intends to reduce his holdings by no more than 1.66% [1] - 长安信托·中保投1号信托, a shareholder of 紫光股份, plans to reduce its holdings by no more than 1% [1] - Jiang Shuguang, deputy general manager of 崇达技术, plans to reduce his holdings by no more than 200,000 shares [1] - 热景生物 intends to sell back repurchased shares not exceeding 1.8542 million shares [1] - Yuan Meihe, a shareholder of 欧科亿, plans to reduce his holdings by no more than 1.89% [1] - Zhu Fengxue and his concerted actions from 中曼石油 will collectively reduce their holdings by 0.35% [1] - Tokyo Guorui, a shareholder of 燕东微, has already reduced its holdings by 0.88% [1] - Huaguang New Materials' shareholder, Huan Guang Investment, has cumulatively reduced its holdings by 1.60% [1] - Jiayuan Group has reduced its holdings in 吉祥航空 by 8.6065 million shares [1] - Longgao Electric New from 富特科技 has cumulatively reduced its holdings by 1.00% [1] - Actual controller Shi Huiqing from 可川科技 has reduced his holdings by 1.05% [1] - Lu Xinchun, a shareholder of 华海清科, has reduced his holdings by 3.3156 million shares [1] Other Corporate Actions - 建设机械 has terminated the issuance of shares to specific objects [1] - 蒋伟, the controlling shareholder of 吴海生科, has been fined 14.6292 million yuan by the China Securities Regulatory Commission [1]

格隆汇12月23日丨吉祥航空(603885.SH)公布，2025年12月23日，公司收到均瑶集团的《关于减持吉祥 航空股份比例权益变动触及1%刻度的告知函》。均瑶集团已于2025年12月16日至2025年12月23日通过 集中竞价交易方式减持公司股份860.65万股，占公司总股本的0.39%。本次权益变动后，均瑶集团持有 公司股份数量从9.77亿股减少至9.69亿股，其持股比例由44.74%降至44.35%；均瑶集团及其一致行动人 合计持有公司股份数量从10.13亿股减少至10.05亿股，均瑶集团及其一致行动人持股比例由46.39%降至 46.00%，权益变动触及1%刻度。 ...

权益变动触及 1%刻度的提示性公告 控股股东上海均瑶（集团）有限公司及其一致行动人上海均瑶航空投资有限公司保证 向本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 证券代码：603885 证券简称：吉祥航空 公告编号：2025-087 上海吉祥航空股份有限公司 关于控股股东及其一致行动人 | 权益变动方向 | 比例增加□ | | 比例减少√ | | --- | --- | --- | --- | | 权益变动前合计比例 | 46.39% | | | | 权益变动后合计比例 | 46.00% | | | | 本次变动是否违反已作出的承 | 是□ | 否√ | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否√ | | 上海吉祥航空股份有限公司（以下简称"公司"）近日收到公司控股股东上 海均瑶（集团）有限公司（以下简称"均瑶集团"或"信息披露义务人"）的通 知，获悉均瑶集团通过集中竞价交易方式减持公司股份，现将相关情况公告如下： 一、 信息披露义务人及其一致行动人的基本信 ...

中新网重庆12月23日电 (梁钦卿)记者23日从重庆江北国际机场获悉，"渝沪快线"跨航司自愿签转服务22 日正式上线运行。 自12月22日起，乘坐东航、国航、厦航或吉祥航空承运的"重庆江北—上海虹桥"双向航班，且购买经济 舱6折(含)以上舱位(含超级经济舱、公务舱，限同物理舱位等级)的旅客，可在原购票航班当日起飞前， 签转至原航班起飞时间前后4小时(含)内同航段其他参与航司航班。同一客票首次签转免收变更费。 据悉，"渝沪快线"日均计划往返航班量达到32班，预计2025年该航线运输旅客将超过183万人次，在服 务两地人员往来、经济发展、文化交流等方面发挥重要作用。(完) 这一创新服务是由重庆江北国际机场、上海虹桥国际机场联合东航、国航、厦航、吉祥航空共同推出， 旨在进一步提升国内航空快线服务品质，更好满足成渝地区与长三角地区间商务旅客及高频出行人群的 灵活、高效出行需求。 与此前上线的京广、京沪、深沪国内航空快线跨航司签转服务相比，"渝沪快线"首次实现隔离区内、有 托运行李旅客的跨航司签转，进一步拓展了签转服务场景，提高旅客出行选择灵活性，增强航空出行竞 争力。 重庆江北国际机场和上海虹桥国际机场在隔离区内均设 ...

吉祥航空公告称，公司控股股东均瑶集团于2025年12月16 - 23日通过集中竞价交易减持860.646万股， 占总股本0.39%。本次权益变动后，均瑶集团持股从9.77亿股降至9.69亿股，比例由44.74%降至 44.35%；其与一致行动人合计持股从10.13亿股降至10.05亿股，比例由46.39%降至46.00%，触及1%刻 度。本次减持未违反承诺，不触发要约收购，不会使实控人变更，减持计划尚未实施完毕。 ...

Core Insights - 吉祥航空 and Shanghai Jiao Tong University School of Medicine's Ruijin Hospital have announced a strategic partnership aimed at enhancing airborne medical emergency capabilities, focusing on aviation medicine, employee health services, and passenger care [1][2] Group 1: Strategic Collaboration - The collaboration will establish a "remote medical emergency guidance platform" on 吉祥航空's Boeing 787 aircraft, allowing crew members to connect with Ruijin Hospital's support team for real-time medical consultation during flights [2] - This platform aims to improve the timeliness and effectiveness of in-flight medical responses, ensuring better coordination with ground medical resources for post-landing care [2] Group 2: Health Services Integration - The partnership will integrate professional medical resources into the aviation service ecosystem, enhancing health and safety levels for civil aviation practitioners [3] - Ruijin Hospital will provide comprehensive health services for 吉祥航空 employees, including pre-employment physicals and customized health management [3] - The collaboration will also explore tailored health care services for 吉祥航空's members and business travelers, creating a new "aviation + health" experience throughout the travel journey [3]

Investment Rating - The investment rating for the transportation industry is "Positive" and is maintained [15] Core Insights - The report provides a forward-looking analysis of the transportation industry for Q4 2025, highlighting improvements in passenger demand and operational efficiencies across various sub-sectors [2][6] Aviation - The aviation sector is expected to see marginal demand improvements, with significant reductions in losses anticipated for Q4 2025. Domestic business demand is stabilizing, and international flights continue to perform well despite short-term disruptions from flight cancellations [6][23] Airports - Domestic airport traffic is projected to increase, with international flights also climbing. Revenue is expected to improve as a result of rising passenger volumes and operational efficiencies [7][26] Express Delivery - The express delivery sector is experiencing a slowdown in growth but is improving profitability through price adjustments and a focus on high-value services. The net profit is expected to turn positive in Q4 2025 [8][29] Logistics - The logistics sector is stabilizing at the bottom of its performance cycle, with cross-border logistics showing signs of recovery. However, overall demand remains weak, leading to a slight decline in performance for major supply chain players [9][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different vessel types. While container shipping faces pressure on earnings, oil and bulk shipping are expected to see improvements due to increased demand and operational efficiencies [10][32] Ports - Port operations are expected to benefit from improved handling of bulk goods and stable container throughput, supported by easing trade tensions and increased exports to ASEAN and EU regions [11][38] Highways - The highway sector is projected to see limited growth, with stable profitability expected as truck traffic shows slight improvements compared to the previous year [12][40] Railways - The railway sector is experiencing a split in performance, with passenger transport growth accelerating while freight transport growth is slowing down. The focus on expanding non-coal business is expected to impact profitability negatively [13][42]