Core Insights - The event "Entering the Legendary Secretary of the Board and the Launch of the Book 'Legendary Secretary of the Board'" was successfully held in Suzhou, attended by prominent figures from the Chinese listed companies and the publishing industry [1] - The book 'Legendary Secretary of the Board' features real cases from 38 exemplary individuals, showcasing the innovative spirit and compliance standards of the secretary profession, emphasizing its potential as a lifelong career [2] - Legendary secretaries have played a crucial role in the evolution of corporate governance in China, contributing to significant reforms and innovations in the capital market [3] Group 1 - The event was co-hosted by Guotai Junan Securities, Board Magazine, and Value Online, with over 20 executives from listed companies in attendance [1] - The book aims to provide a foundational logic for the new generation involved in corporate governance, promoting a spirit of innovation within regulatory frameworks [2] - The contributions of legendary secretaries have been pivotal in navigating challenges in the capital market, including the promotion of governance systems and the resolution of early governance crises [2][3] Group 2 - Notable figures such as Hu Zhi Kui and Luo Shou Sheng are highlighted for their innovative practices that have significantly impacted the capital market [3] - The event included discussions on key career milestones for secretaries, new thinking in mergers and acquisitions, and future planning for young professionals [3] - The book serves as a historical narrative of the evolution of Chinese listed companies, illustrating the transition from exploration to leading reforms [3]

截至2025年7月4日收盘，吉祥航空（603885）报收于12.9元，较上周的13.7元下跌5.84%。本周，吉祥 航空6月30日盘中最高价报13.91元。7月4日盘中最低价报12.84元。吉祥航空当前最新总市值281.74亿 元，在航空机场板块市值排名7/12，在两市A股市值排名540/5149。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总：吉祥航空将于2025年7月1日注销1500万股已回购股份 公司公告汇总：吉祥航空调整回购股份价格上限为不超过人民币15.7017元/股 关于注销部分已回购股份的实施公告：公司决定将2024年及2025年实施回购的1500万股股份用途 由原计划的员工持股计划或股权激励变更为注销并减少注册资本。注销后公司总股本将由 2199005268股减少至2184005268股，注册资本也将相应减少。本次注销股份有关情况为：回购专 用证券账户股份数量36945490股，本次注销股份数量15000000股，注销日期为2025年7月1日。公 司已履行通知债权人程序，公示期满45天未收到异议。此外 ...

Investment Rating - The report recommends the shipping sector and highlights investment opportunities in leasing companies listed in Hong Kong [1][20]. Core Views - The new ship price index has stabilized, and the merger of China Shipbuilding and China State Shipbuilding Corporation has been approved, with a focus on verifying the synergistic advantages post-merger [20]. - The shipping sector's market capitalization to order ratio is at a historical low, indicating sufficient safety margins [20]. - The report continues to recommend high-dividend stocks in the transportation sector, including COSCO Shipping International, Shenzhen International, and MTR Corporation [20]. Summary by Sections Shipping and Shipbuilding - New ship prices have stabilized, with the index recorded at 187.11 points, a slight increase of 0.12% [25]. - VLCC rates fell by 18% to $24,444 per day, influenced by increased capacity in the Pacific market [20]. - Suez crude oil tanker rates decreased by 12% to $35,557 per day, while Aframax rates dropped by 11% to $32,167 per day [20]. Oil Transportation - The Pacific market's high freight rates attracted more capacity, leading to continued pressure on rates [20]. - OPEC+ is expected to discuss production increases in August, with actual production and export conditions being closely monitored [20]. Dry Bulk and Container Shipping - The Baltic Dry Index (BDI) fell by 5.6% to 1,436 points, with Capesize rates under pressure due to seasonal factors [22]. - The Shanghai Containerized Freight Index (SCFI) dropped by 5.3% to 1,763.49 points, with the US West Coast route seeing a significant decline of 19% [24]. Air Transportation - The aviation sector is entering a peak season, with limited supply growth and natural increases in passenger volume expected to support airline revenues [38]. - Recommended stocks include Spring Airlines, China Eastern Airlines, and China Southern Airlines [38]. Express Delivery - The express delivery industry maintains high growth rates, with May's business volume reaching 17.32 billion items, a year-on-year increase of 17.2% [41]. - Recommended companies include SF Holding, YTO Express, and ZTO Express [42].

上海吉祥航空股份有限公司（以下简称"公司"）分别于2025年4月18日、2025年5月12日召开公司第五届 董事会第十六次会议及2024年年度股东会，审议通过《关于拟变更部分回购股份用途并注销的议案》 《关于减少公司注册资本及修订〈公司章程〉的议案》。公司同意变更部分已回购股份的用途，对于公 司2024年及2025年实施回购的其中1,500万股股份，用途由原回购方案"用于员工持股计划或者股权激 励"变更为"用于注销并减少注册资本"，注销完成后公司总股本将由2,199,005,268股减少至2,184,005,268 股，注册资本将由2,199,005,268元减少至2,184,005,268元。公司已于2025年7月1日注销该部分股份。上 述具体情况详见公司分别于2025年4月22日、2025年5月13日、2025年7月1日在上海证券交易所网站 （http://www.sse.com.cn）披露的《上海吉祥航空股份有限公司第五届董事会第十六次会议决议公告》 （公告编号：临2025-024）、《上海吉祥航空股份有限公司关于拟变更部分回购股份用途并注销的公 告》（公告编号：临2025-031）、《上海吉祥航空股份 ...

Index Performance - The CSI A500 Index increased by 1.32% this week, closing at 4662.51 points on July 4 [4] - The average daily trading volume for the week was 18341.42 billion yuan, with a week-on-week decrease of 9.22% [4] Top Performing Stocks - The top ten stocks with the highest gains this week included: 1. Tian Shou Pharmaceutical (600521.SH) with a gain of 23.34% 2. Daqian Energy (688303.SH) with a gain of 22.18% 3. Junshi Biosciences (688180.SH) with a gain of 18.93% 4. Lepu Medical (300003.SZ) with a gain of 17.99% 5. Giant Network (002558.SZ) with a gain of 17.42% 6. Tongwei Co., Ltd. (600438.SH) with a gain of 17.32% 7. Hualing Steel (000932.SZ) with a gain of 15.37% 8. Pengding Holdings (002938.SZ) with a gain of 14.57% 9. Shenzhou Taiyue (300002.SZ) with a gain of 13.70% 10. Dongshan Precision (002384.SZ) with a gain of 13.36% [3] Underperforming Stocks - The ten stocks with the largest declines this week included: 1. Hengxuan Technology (688608.SH) with a loss of 33.40% 2. Huazhi Shihua (688120.SH) with a loss of 32.34% 3. Northern Huachuang (002371.SZ) with a loss of 22.87% 4. Weining Health (300253.SZ) with a loss of 8.77% 5. China Eastern Airlines (600115.SH) with a loss of 7.07% 6. Xingyuan Material (300568.SZ) with a loss of 6.99% 7. Cambricon Technologies (688256.SH) with a loss of 6.50% 8. Beiyi Innovation (603986.SH) with a loss of 5.93% 9. Jixiang Airlines (603885.SH) with a loss of 5.84% 10. New Zhou Bang (300037.SZ) with a loss of 5.49% [3] Fund Performance - This week, 38 CSI A500 funds collectively rose, with Pu Yin An Sheng leading at a 1.72% increase [5] - The top three funds by size were Huatai-PB (200.88 billion yuan), Guotai (181.5 billion yuan), and GF Fund (174.22 billion yuan) [5] Market Trends - A new trend has emerged in the Hong Kong stock market where A-share listed technology companies are increasingly pursuing secondary listings in Hong Kong [7] - The secondary listings provide diversified financing channels and enhance international market recognition for the companies [7] - The median discount rate for five companies planning secondary listings in Hong Kong is approximately -17% [7] - The core factors driving asset performance are expected to shift from external to internal influences in the second half of the year [7]

证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-049 上海吉祥航空股份有限公司 关于完成工商变更登记的公告 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。 上海吉祥航空股份有限公司（以下简称"公司"）分别于 2025 年 4 月 18 日、2025 年 5 月 12 日召开公司第五届董事会第十六次会议及 2024 年年度股东 会，审议通过《关于拟变更部分回购股份用途并注销的议案》《关于减少公司注 册资本及修订<公司章程>的议案》。公司同意变更部分已回购股份的用途，对于 公司 2024 年及 2025 年实施回购的其中 1,500 万股股份，用途由原回购方案"用 于员工持股计划或者股权激励"变更为"用于注销并减少注册资本"，注销完成 后公司总股本将由 2,199,005,268 股减少至 2,184,005,268 股，注册资本将由 2,199,005,268 元减少至 2,184,005,268 元。公司已于 2025 年 7 月 1 日注销该 部分股份。上述具体情况详见公司分别于 2025 年 4 月 ...

公司分别于2025年4月18日、2025年5月12日召开公司第五届董事会第十六 次会议及2024年年度股东会，审议通过《关于拟变更部分回购股份用途并注销的 议案》，对于公司2024年及2025年实施回购的其中1,500万股股份，用途由原回购 方案"用于员工持股计划或者股权激励"变更为"用于注销并减少注册资本"，公 司已于2025年7月1日注销该部分股份。具体内容详见公司于2025年4月22日及 2025年7月1日在上海证券交易所网站（http://www.sse.com.cn）披露的《上海吉 证券代码：603885 证券简称：吉祥航空 公告编号：2025-048 上海吉祥航空股份有限公司 关于以集中竞价交易方式回购公司股份的回购进展公告 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： | 回购方案首次披露日 | 2025/2/6 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 2025 ...

Core Insights - The Civil Aviation Administration of China reported a total profit of 1.2 billion yuan for the aviation industry in 2024, marking a significant improvement of 20.61 billion yuan year-on-year, representing the first overall "loss reduction and profit increase" since the pandemic [1] - Private airlines demonstrated significantly better profitability compared to state-owned carriers, with Spring Airlines, Juneyao Airlines, and China United Airlines achieving net profits of 2.273 billion yuan, 914 million yuan, and 268 million yuan respectively [1] - State-owned airlines, including China Southern Airlines, China Eastern Airlines, and Air China, continued to face losses for the fifth consecutive year, with an average loss reduction from 5 billion USD in 2022 to 286 million USD in 2024 [2] Industry Structure - The profitability of private airlines is attributed to their low-cost operating models, with Spring Airlines exemplifying this approach by maintaining a focus on core metrics such as flight utilization, passenger load factor, and cost control [3] - Private airlines have shown greater flexibility in route selection, prioritizing market demand and profitability, which has allowed them to fill market gaps that state-owned airlines have overlooked [3] - The operational efficiency and decision-making agility of private airlines have enabled them to recover more quickly from the pandemic compared to state-owned counterparts [4] Future Outlook - The aviation market in China is expected to undergo a reshuffling in the coming years as it emerges from the pandemic, with private airlines likely to continue focusing on differentiated and segmented market strategies [4] - State-owned airlines may need to implement deep structural reforms in their organizational, financial, and operational mechanisms to escape the cycle of losses, potentially exploring mixed-ownership trials for non-core routes and subsidiaries [4]

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The easing of tensions in the Middle East has led to a decline in oil tanker rates, with the VLCC market experiencing a significant price drop of 14.31% compared to June 19, with current rates at WS59.88 [3][12] - In the shipping sector, the demand for European routes has improved, resulting in a 10.6% increase in spot market booking prices, while the US routes have seen a decline of 7.0% and 11.9% for the West and East coasts, respectively [3][14] - During the summer travel season, Hainan Airlines plans to operate nearly 2,500 flights daily, with domestic ticket bookings reaching 17.9 million, a 5% increase year-on-year [3][15] - The newly unveiled Zhuque eVTOL has a range of 600 kilometers, and from January to May, national railway freight volume increased by 3.1% year-on-year, totaling 1.641 billion tons [3][22] Summary by Sections 1. Industry Hot Events - The Middle East situation has calmed, leading to a reduction in oil tanker rates and a return to supply-demand fundamentals [12] - Hainan Airlines is set to launch 75 new domestic and international routes during the summer travel season, with a daily flight plan of nearly 2,500 [15] - The Zhuque eVTOL was showcased, achieving a range of 600 kilometers, while railway freight volume showed a year-on-year increase [22] 2. High-Frequency Data Tracking - Air logistics: The overall trend for routes to the Asia-Pacific remains stable, with air freight prices showing a decline [25] - Shipping ports: The domestic container shipping price index has decreased, while dry bulk freight rates have also fallen [43] - Express logistics: In May 2025, express delivery volume increased by 17.20% year-on-year, with revenue rising by 8.20% [54] - Air travel: The average daily international flights in the last week of June 2025 increased by 17.51% year-on-year [3] - Road and rail: The number of freight trucks on highways increased by 0.88% week-on-week [3] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Investment opportunities in the road and rail sector, recommending Sichuan Chengyu, Gansu Expressway, and others [4] - Interest in cruise and ferry investment opportunities, recommending Bohai Ferry and Haixia Co [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, and others [4]

Core Insights - The 2025 summer transportation period will last from July 1 to August 31, totaling 62 days, with airlines actively preparing by increasing capacity and deploying multiple C919 aircraft to meet demand [1] - The number of available flights during the summer transportation period is expected to increase by approximately 7.3% year-on-year, with a projected total of 1.9597 million flights, although actual passenger flights are expected to grow by about 2.3% due to weather and cancellations [1] Group 1: Airline Operations - China Southern Airlines plans to operate over 3200 flights daily across 970 domestic and 260 international routes, with 5 C919 aircraft deployed on 13 routes [2] - China Eastern Airlines aims to execute over 1150 passenger routes with more than 3200 daily flights, including 11 C919 aircraft in commercial operation [2] - Hainan Airlines expects to operate approximately 53,000 flights, transporting nearly 9.06 million passengers, with a significant increase in international flights [3] Group 2: Route Adjustments - Airlines are strategically adjusting their route offerings, with China Southern Airlines opening new routes to popular tourist destinations and increasing flight frequencies [4] - 吉祥航空 is adding multiple cool destination routes and increasing flights to Japan and South Korea by over 19% [4] - Hainan Airlines is adjusting capacity based on passenger demand, focusing on popular international destinations as travel restrictions ease [5] Group 3: Market Trends - The expansion of China's visa-free travel and improved payment facilitation for foreigners is expected to boost inbound tourism, with cities like Manchester and Tokyo becoming popular destinations [5] - The international route structure is anticipated to continue evolving due to changes in international trade and tourism, with emerging markets becoming focal points for new route development [5]