转自：新华财经 新华财经北京11月24日电 A股7家上市航空公司2025年三季报均已披露完毕。 新华财经和面包财经研究员梳理公开资料显示，2025年前三季度，南方航空、中国国航、中国东航营收规模超过千亿元。归母净利润方面，7家航司普遍实 现盈利。春秋航空、吉祥航空前三季度归母净利润同比出现下滑。 客座率方面，2025年前三季度，春秋航空、吉祥航空、南方航空客座率居前。 吉祥航空营收同比微降 2025年前三季度，南方航空、中国国航、中国东航营业收入规模均超过千亿元，分别为1376.65亿元、1298.26亿元、1064.14亿元。 | | A股上市航司2025年前三季度 | | | --- | --- | --- | | 证券代码 | 证券简称 | 营业总收入 | | 600029.SH | 南方航空 | 1,376.( | | 601111.SH | 中国国航 | 1,298.2 | | 600115.SH | 中国东航 1,064.1 | | | 600221.SH | 海航控股 | 534.3 | | 601021.SH | 春秋航空 | 167.7. | | ୧୦3885 ટેમ | 吉祥航空 | 17 ...

Core Insights - The report highlights a significant increase in VLCC (Very Large Crude Carrier) freight rates, reaching a new high, driven by a notable decline in Russian oil exports, which has created additional demand for oil transportation from the Middle East to India and China [3][4] - The report suggests a positive outlook for the transportation sector, particularly in shipping and aviation, with recommendations for specific companies such as China Merchants Energy and COSCO Shipping Energy [3][4] - The report emphasizes the importance of monitoring seasonal trends in freight rates, particularly the potential for a "not-so-dull" off-season from December to February [3] Industry Overview - The transportation index has decreased by 5.00%, underperforming the CSI 300 index by 1.23 percentage points, with the express delivery sector showing the smallest decline at -2.75% and the public transport sector experiencing the largest drop at -9.35% [4][11] - The shipping sector has shown mixed performance, with the Baltic Dry Index increasing by 5.67% while the coastal dry bulk freight index fell by 3.47% [4][11] - The report notes that the average freight rate for VLCCs has risen by 5% week-on-week, reaching $126,371 per day, with the Middle East to Far East route hitting a new high of $138,144 per day [3][4] Shipping Sector Insights - The report indicates that the average freight rate for the fourth quarter is approaching $99,000 per day, marking it as one of the highest quarterly averages in history [3] - The decline in Russian oil exports has been significant, dropping from nearly 4 million barrels per day to around 3 million barrels per day, which has increased demand for oil from the Middle East [3][4] - The report also highlights the recovery of chartering activities following the Bahri conference, with shipowners beginning to control capacity due to tightening supply [3] Aviation Sector Insights - The report discusses the unprecedented challenges in the aircraft manufacturing supply chain, with an aging fleet expected to persist over the next 5-10 years, leading to constrained supply [3] - It anticipates a significant improvement in airline profitability as capacity is allocated to international routes, suggesting a potential golden era for airlines [3] - Recommendations include major airlines such as China Eastern Airlines and Spring Airlines, which are expected to benefit from these trends [3] Express Delivery Sector Insights - The express delivery industry is entering a new phase of competition, with three potential scenarios outlined: price recovery leading to utility-like profitability, continued competitive pressure, or higher-level consolidation [3] - Companies such as Shentong Express and YTO Express are highlighted as having strong potential due to their competitive advantages and market positioning [3] High Dividend Stocks in Transportation - The report lists high dividend yield stocks in the transportation sector, including Bohai Ferry with a yield of 8.08% and China Railway with a yield of 3.95% [21] - The focus on high dividend stocks is seen as a stable investment strategy amidst market fluctuations [21]

Core Viewpoint - Chinese airlines are significantly adjusting their flight services to Japan due to recent provocative remarks from the Japanese Prime Minister, leading to a substantial reduction in flight availability and cancellations of bookings [1][23]. Flight Adjustments - China International Airlines will maintain 4 weekly flights from Beijing Capital to Sapporo New Chitose from December 9, 2025, to March 7, 2026, canceling the planned increase to 7 flights [1]. - Flights from Chongqing to Tokyo Narita will decrease from 7 to 4 weekly starting December 1, 2025, using the 737-800 aircraft [3]. - The Shanghai Pudong to Fukuoka route will reduce from 7 to 6 weekly flights from February 3 to March 24, 2026, with the cancellation of the 7th flight [3]. - The Shanghai Pudong to Osaka Kansai route will see a reduction from 21 to 16 weekly flights starting November 30, 2025 [4]. - China Eastern Airlines will close bookings for 6 out of 14 weekly flights from Beijing Daxing to Osaka Kansai starting December 1, 2025 [6]. Booking Cancellations - Approximately 500,000 tickets for travel to Japan have been canceled, reflecting a significant drop in Chinese tourist enthusiasm for Japan [23]. - The cancellation rate for flights from China to Japan reached 13.4%, the highest in the past five days, indicating a downward trend in passenger volume [23]. - Travel agencies report a surge in cancellations, with over 50% of bookings for trips to Japan being canceled [24]. Industry Impact - The current situation represents the largest scale of ticket cancellations seen since early 2020, although the overall impact on the domestic Chinese airline industry may be limited [23]. - The passenger load factor for flights from mainland China to Japan has dropped significantly, with a 12.3 percentage point decrease week-on-week [23].

Core Viewpoint - Chinese airlines are significantly adjusting their flight services to Japan due to recent provocative remarks from the Japanese Prime Minister, leading to the cancellation of many flight bookings [1]. Group 1: Flight Adjustments by Airlines - Air China will maintain 4 weekly flights from Beijing Capital to Sapporo New Chitose from December 9, 2025, to March 7, 2026, canceling the planned increase to 7 flights [2]. - Flights from Chongqing to Tokyo Narita will reduce from 7 to 4 weekly starting December 1, 2025, using the 737-800 aircraft [4]. - Shanghai Pudong to Fukuoka will see a reduction from 7 to 6 weekly flights from February 3 to March 24, 2026, using the A321 [4]. - Shanghai Pudong to Osaka Kansai will decrease from 21 to 16 weekly flights starting November 30, 2025, using the A321 [5]. - China Eastern Airlines will close bookings for 6 out of 14 weekly flights from Beijing Daxing to Osaka Kansai starting December 1, 2025 [7]. - Several other routes, including those from Chengdu, Nanchang, and Wuhan to Osaka Kansai, will also see reductions in flight frequency or closures of bookings [8][10][11]. Group 2: Impact on Other Airlines - Juneyao Airlines will close bookings for 1 out of 2 daily flights from Beijing Daxing to Osaka Kansai starting November 30, 2025 [14]. - Spring Airlines will close bookings for 1 weekly flight from Dalian to Fukuoka starting November 28, 2025 [20]. - Tianjin Airlines will reduce flights from Tianjin to Osaka Kansai, closing bookings for 4 out of 7 flights starting November 27, 2025 [26]. - Sichuan Airlines has canceled its planned resumption of flights from Chengdu to Sapporo New Chitose, which was set to operate 3 weekly flights starting January 2, 2026 [28]. Group 3: Overall Market Impact - The total number of flights on the Japan routes operated by Juneyao Airlines will be reduced to a maximum of 114 weekly flights (one-way), with approximately 24% of the flights currently not accepting bookings [19].

Core Viewpoint - Juneyao Airlines' controlling shareholder, Juneyao Group, plans to reduce its stake by up to 3% of the total share capital, equating to a maximum of 65.52 million shares, within three months starting from 15 trading days after the announcement date [1][2]. Group 1: Shareholding and Reduction Plan - Juneyao Group holds 102.086 million shares, representing 46.74% of the total shares, and plans to reduce its holdings through centralized bidding and block trading [2][5]. - The reduction will consist of up to 21.84 million shares through centralized bidding and up to 43.68 million shares through block trading [2]. - The reduction is attributed to the shareholder's business arrangements and needs [2]. Group 2: Pledged Shares - Juneyao Group has pledged 68.9 million shares, which is 67.44% of its holdings, and 31.52% of the total shares [2][4]. - In the next six months, 38.2 million pledged shares will mature, accounting for 37.37% of Juneyao Group's holdings and 17.47% of the total shares, with a financing balance of 3.033 billion yuan [5]. - Within the next year, the total pledged shares maturing will be 61.9 million, representing 60.64% of Juneyao Group's holdings and 28.34% of the total shares, with a financing balance of 4.988 billion yuan [5]. Group 3: Financial Performance - For the first three quarters of the year, Juneyao Airlines reported total revenue of 17.48 billion yuan, a slight decrease of 0.06% year-on-year, and a net profit attributable to shareholders of 1.089 billion yuan, down 14.28% year-on-year [9].

Mergers and Acquisitions - Kaizhong Co., Ltd. is planning to acquire control of Anhui Tuosheng Automotive Parts Co., Ltd. through a combination of issuing shares and cash payment, with funds raised from no more than 35 specific investors to be used entirely for the transaction [1] - Yingli Co., Ltd. intends to purchase 100% equity of Foshan Zhiqiang Optoelectronics Co., Ltd. for 66.497 million yuan to enter the supply chain of a North American brand [2] - Gaoneng Environment is set to jointly invest with related parties to acquire 45.2% equity in three mining companies for a total of 82.6 million yuan, with the transaction amount for equity transfer being 63.28 million yuan [3] Shareholding Changes - Fujirui's shareholder, Shanghai Zhaoren, plans to reduce its stake by up to 0.21%, equating to 160,500 shares, due to personal funding needs, with the reduction period set from November 27, 2025, to February 26, 2026 [4] - Zhaoyi Innovation's executives plan to collectively reduce their holdings by 249,000 shares, with specific reductions from various executives ranging from 3,060 to 63,800 shares [5] - Juneyao Airlines' controlling shareholder, Shanghai Juneyao Group, intends to reduce its stake by up to 3%, amounting to 65.52 million shares, due to business arrangements from December 15, 2025, to March 14, 2026 [6] Regulatory Issues - Jushi Chemical has been investigated by the China Securities Regulatory Commission for suspected violations of information disclosure, having received a notice of investigation on November 21, 2025 [7] - Haosai has also been investigated by the China Securities Regulatory Commission for similar information disclosure violations, with the company stating that its operations remain normal [8] - Guolian Aquatic Products received a warning letter from the Guangdong Securities Regulatory Bureau for failing to disclose non-operating fund occupation of 7.8 million yuan in a timely manner, which was only reported in the annual report on April 28, 2025 [9]

Core Viewpoint - The announcement from 吉祥航空 indicates that its controlling shareholder, 上海均瑶（集团）有限公司, has decided to lift the pledge on a portion of its shares, specifically 12,210,000 shares [2] Group 1 - 吉祥航空 has received notification from its controlling shareholder regarding the lifting of share pledges [2] - The total number of shares involved in this pledge removal is 12,210,000 [2]

Core Points - The announcement from 吉祥航空 indicates that its controlling shareholder, 均瑶集团, holds 1,020,862,080 shares, representing 46.74% of the total share capital [2] - 均瑶集团 plans to reduce its holdings by up to 3% of the total share capital, which equates to a maximum of 65,520,157 shares, within three months starting from 15 trading days after the announcement [2] - The reduction will be executed through centralized bidding and block trading, with the specific selling price determined by market conditions [2] - Any changes in share capital due to stock dividends or capital reserve transfers will lead to adjustments in the number of shares to be reduced [2]

Core Insights - On November 21, eight A-share listed companies disclosed share reduction plans, with no companies announcing share increases on the same day [1][2]. Group 1: Companies and Their Share Reduction Plans - Tianyin Electromechanical: The controlling shareholder plans to reduce holdings by up to 3% [2]. - Feilong Co., Ltd.: The controlling shareholder intends to reduce holdings by no more than 2% [2]. - Zhongke Feice: The actual controller and some directors and executives plan to collectively reduce holdings by up to 0.0562% [2]. - Weihai Guangtai: The actual controller plans to reduce holdings by up to 2% [2]. - Tianhai Defense: Shareholder Changcheng Asset intends to reduce holdings by up to 1% [2]. - Fujirui: Shareholder Shanghai Zhaoren plans to reduce holdings by up to 0.21% [2]. - Zhaoyi Innovation: Some executives plan to collectively reduce 249,000 shares [2]. - Jixiang Airlines: The controlling shareholder Junyao Group intends to reduce holdings by up to 3% [2].

Group 1: Shareholding Changes - Company Zhaoyi Innovation announced that several directors and senior management personnel plan to reduce their holdings by a total of 249,000 shares, with specific reductions from the vice chairman and general manager, as well as other vice presidents [1] - Company Super Aerospace announced a stock suspension due to its controlling shareholders planning a significant matter that may lead to a change in control [2] - Company Haosai is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [5] Group 2: Major Contracts and Projects - Company Dajin Heavy Industry's wholly-owned subsidiary signed a contract worth approximately 1.339 billion yuan for a European offshore wind farm project, which represents 35.41% of the company's audited revenue for 2024 [3] - Company Ruifeng New Materials plans to increase capital by 200 million yuan in a related party to advance a lithium hexafluorophosphate project [6] Group 3: Regulatory Actions - Company Jushi Chemical received a notice from the CSRC regarding an investigation for suspected violations of information disclosure laws [4] - Company Huosai is also under investigation by the CSRC for similar reasons [5] Group 4: Investment and Acquisitions - Company Gao Neng Environment plans to acquire 45.2% equity in three mining companies [7] - Company Aerospace Electric intends to purchase 32% equity in Shenzhen Aerospace Electric Motor System Co., Ltd. through public bidding [8]