证券代码：000099 证券简称：中信海直 公告编号：2025-036 近日，公司收到中信证券出具的《关于变更中信海洋直升机股份有限公司 2020 年度非公开发行股票项目持续督导保荐代表人的函》，由于原保荐代表人王 玥女士工作变动，中信证券现委派李中晋先生（简历附后）负责公司 2020 年非 公开发行股票项目持续督导方面的工作，继续履行保荐职责。本次保荐代表人变 更后，中信证券委派公司项目的持续督导保荐代表人为吴晓光先生和李中晋先生。 公司董事会对王玥女士在持续督导期间所做出的贡献表示衷心感谢！ 特此公告。 中信海洋直升机股份有限公司 2025 年 12 月 5 日 1 附件 中信海洋直升机股份有限公司 关于变更持续督导保荐代表人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 中信海洋直升机股份有限公司（下称"公司"）2020 年非公开发行股票项目 的联合保荐机构为中信证券股份有限公司（下称"中信证券"）、西南证券股份有 限公司（下称"西南证券"）。中信证券指定王玥女士、吴晓光先生担任公司 2020 年非公开发行股票项目持续督导的保荐代表人。该项目的法 ...

Core Insights - The aviation and airport sector experienced a decline of 0.34% on December 2, with Huaxia Airlines leading the drop [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Stock Performance - Xiamen Airport (600897) closed at 16.34, up 1.18% with a trading volume of 72,500 shares and a turnover of 119 million yuan [1] - Baiyun Airport (600004) closed at 9.75, up 0.93% with a trading volume of 176,000 shares and a turnover of 171 million yuan [1] - Shenzhen Airport (000089) closed at 6.99, up 0.72% with a trading volume of 108,500 shares and a turnover of 7.56 million yuan [1] - China Eastern Airlines (600115) remained unchanged at 5.12 with a trading volume of 674,100 shares and a turnover of 345 million yuan [1] - Huaxia Airlines (002928) closed at 9.93, down 2.36% with a trading volume of 206,800 shares and a turnover of 207 million yuan [2] Capital Flow - The aviation and airport sector saw a net outflow of 82.29 million yuan from institutional investors and 44.87 million yuan from retail investors, while individual investors had a net inflow of 127 million yuan [2] - Notable capital flows included: - Southern Airlines (600029) had a net inflow of 15.42 million yuan from institutional investors [3] - Spring Airlines (601021) saw a net inflow of 9.77 million yuan from institutional investors [3] - China Eastern Airlines (600115) experienced a net outflow of 5.52 million yuan from institutional investors [3]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The report highlights an upward trend in crude oil freight rates, with the China Import Crude Oil Index (CTFI) reaching 2520.07 points, an increase of 8.4% from November 20 [3][13] - The postal industry revenue surpassed the telecommunications industry for the first time in history, reaching 1.47 trillion yuan, compared to 1.467 trillion yuan for telecommunications [3][24] - The civil aviation sector showed growth in both passenger and cargo transport volumes in October, with international routes performing particularly well [3][17] Summary by Sections Industry Hot Events - Crude oil freight rates are rising, with the Middle East route seeing a 10.76% increase in rates [13] - Qifly Aviation signed a procurement agreement for 105 eVTOL aircraft with three companies in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on low-altitude logistics [15][16] - The postal industry revenue for January to October 2025 reached 1.47 trillion yuan, marking a significant milestone [24][25] High-Frequency Data Tracking - The Baltic Air Freight Price Index decreased month-on-month but increased year-on-year [26] - Domestic freight flights in October 2025 increased by 0.32% year-on-year, while international flights rose by 11.12% [32] - The express delivery business volume in October 2025 increased by 7.90% year-on-year, with total revenue reaching 131.67 billion yuan [50] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy [5] - Attention to low-altitude economy investment opportunities, particularly in companies like CITIC Offshore Helicopter [5] - Consider investment opportunities in the express delivery sector, recommending SF Express and Jitu Express [5]

Core Viewpoint - The company has strategically positioned itself in the low-altitude economy, focusing on areas such as low-altitude transportation logistics, drone applications, infrastructure, and low-altitude consumption, with a particular emphasis on large drones and eVTOL operations [1] Group 1 - The company has successfully operated the Wing Loong II drone for provincial-level aviation emergency projects [1] - The company has utilized the Scorpion A drone to undertake weather modification tasks for meteorological departments [1] - The company has completed successful trial flights for cargo transport routes using ton-class eVTOL between Shenzhen and offshore oil platforms, as well as between Hefei and Anqing [1]

Core Viewpoint - The company has strategically positioned itself in the low-altitude economy, focusing on areas such as low-altitude transportation logistics, drone applications, infrastructure, and low-altitude consumption, with a particular emphasis on large drones and eVTOL operations [1] Summary by Categories Strategic Focus - The company is developing capabilities and market advantages in large drones and eVTOL operations [1] Operational Achievements - Successfully operated the Wing Loong II drone for provincial-level aviation emergency projects [1] - Utilized the Scorpion A drone for weather modification tasks assigned by meteorological departments [1] - Completed successful trial flights for cargo transport using a ton-class eVTOL between Shenzhen and offshore oil platforms, as well as between Hefei and Anqing [1]

Core Insights - The aviation and airport sector experienced a slight increase of 0.26% on November 28, with Xiamen Airport leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Stock Performance - Xiamen Airport (600897) closed at 16.26, up 3.17% with a trading volume of 54,400 shares and a transaction value of 87.63 million yuan [1] - Hainan Airlines (600221) closed at 1.73, up 2.37% with a trading volume of 4.72 million shares and a transaction value of 806 million yuan [1] - Shenzhen Airport (000089) closed at 6.94, up 0.58% with a trading volume of 99,880 shares and a transaction value of 68.31 million yuan [1] - China Eastern Airlines (600115) closed at 5.04, down 0.20% with a trading volume of 639,300 shares and a transaction value of 323 million yuan [1][2] Capital Flow - The aviation and airport sector saw a net outflow of 72.81 million yuan from institutional investors, while retail investors contributed a net inflow of 103 million yuan [2] - The detailed capital flow indicates that Hainan Airlines had a net inflow of 96.67 million yuan from institutional investors, while retail investors had a net outflow of 51.95 million yuan [3] - Xiamen Airport experienced a net outflow of 1.69 million yuan from institutional investors, but a net inflow of 4.48 million yuan from retail investors [3]

Core Viewpoint - The aviation and airport sector experienced a decline of 1.84% on November 25, with Huaxia Airlines leading the drop. In contrast, the Shanghai Composite Index rose by 0.87% and the Shenzhen Component Index increased by 1.53% [1]. Group 1: Market Performance - The aviation and airport sector saw a net inflow of 105 million yuan from institutional investors, while retail investors contributed a net inflow of 141 million yuan. However, speculative funds experienced a net outflow of 246 million yuan [2][3]. - Key stocks in the aviation sector showed varied performance, with Xiamen Airport rising by 3.26% to close at 16.17 yuan, while Huaxia Airlines fell by 3.93% to 10.50 yuan [1][2]. Group 2: Individual Stock Analysis - Major stocks such as China Eastern Airlines and China National Aviation Corporation saw declines of 3.89% and 3.01%, respectively, indicating a broader trend of negative performance within the sector [2][3]. - The trading volume for China Eastern Airlines reached 2.06 million shares, with a transaction value of 1.028 billion yuan, highlighting significant trading activity despite the stock's decline [2].

Core Insights - The article discusses the launch of the world's first integrated sea-air low-altitude economic solution by Peak Fly Aviation Technology, which combines zero-carbon water airports with eVTOL (electric vertical takeoff and landing) aircraft, aimed at enhancing operational efficiency in the energy maintenance sector [1][3][10] Group 1: Sea-Air Integration - Peak Fly's eVTOL, named "Kairiou," successfully completed a 58-minute delivery flight of fresh fruits and emergency supplies to an offshore oil platform, significantly reducing the transportation time compared to traditional methods that took around 10 hours [3][4] - The eVTOL can carry a maximum load of 500 kg and has a range of 200 km, covering most offshore oil platforms in China's coastal areas [4][10] - The integration of eVTOL with a mobile water airport allows for on-demand deployment, enhancing response times and reducing the need for pre-stored spare parts on platforms [6][9] Group 2: Technological Innovations - The zero-carbon water airport features solar energy collection and smart scheduling, enabling it to operate without relying on shore power, thus improving efficiency and reducing costs [6][9] - The customized battery developed by CATL for the eVTOL has a high energy density of 500 Wh/kg, which is over 40% better than traditional lithium batteries, and is designed to operate in extreme conditions [9][10] - Future developments include a next-generation solid-state battery that could further enhance the eVTOL's range and safety [10][11] Group 3: Market Potential - The offshore oil platform maintenance market in the South China Sea alone is valued at over 10 billion yuan, indicating a stable demand for the services offered by Peak Fly [10][11] - Peak Fly's strategy focuses on binding its technology to specific industry needs, differentiating itself from competitors who are primarily targeting urban commuting and tourism [10][11] - The company has secured 2,000 eVTOL commercial orders, with 300 confirmed orders by the end of 2025, showcasing strong market interest [13]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates are rising while ocean freight rates are declining. The China Import Crude Oil Comprehensive Index (CTFI) reached 2325.40 points on November 20, up 4.2% from November 13. VLCC market activity remains strong, but overall market activity is expected to decline without actual cargo support [3][14] - Changlong Airlines has initiated its IPO process, and VOLANT has signed a confirmation order for the VE25-100 eVTOL aircraft with a state-owned investment group, with the order amount exceeding 100 million yuan [3][16] - The China-Europe Railway Express has surpassed 3500 trips this year, marking a historical high. A new "passenger-cargo-mail integration" model has been launched in cooperation between Rizhao Public Transport and SF Express [3][22] Summary by Sections Industry Hot Events - Crude oil freight rates are high while ocean freight rates are declining. The Shanghai port export price to Europe was $1367/TEU, down 3.5%, and to the US West and East Coast was $1645/FEU and $2384/FEU, down 9.8% and 8.3% respectively [3][15] - Changlong Airlines is preparing for its IPO, with a focus on expanding its operational capacity and market reach [3][16] - The China-Europe Railway Express has achieved a record of over 3500 trips this year, with a focus on high-value goods transportation [3][23] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased both month-on-month and year-on-year, indicating a positive trend in air freight pricing [4][28] - Domestic express delivery volume increased by 7.90% year-on-year in October 2025, with total express delivery volume reaching 176 billion pieces [4][50] - The national highway freight truck traffic increased by 2.57% week-on-week, indicating a recovery in road logistics [4][18] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the low-altitude economy sector, with recommendations for CITIC Offshore Helicopter [5] - Investment opportunities in the road and rail sectors, recommending companies such as Gansu Expressway and Beijing-Shanghai High-Speed Railway [5]

Core Viewpoint - The aviation and airport sector experienced a decline of 0.8% on November 20, with China Southern Airlines leading the losses. The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1]. Summary by Category Stock Performance - The following stocks in the aviation and airport sector showed notable performance: - Hainan Airlines (600221) closed at 1.77, up 0.57% with a trading volume of 5.3774 million shares and a transaction value of 9.57 billion yuan [1]. - China Eastern Airlines (600115) closed at 5.26, down 0.38% with a trading volume of 808.6 thousand shares and a transaction value of 4.28 billion yuan [2]. - Xiamen Airport (600897) closed at 16.50, down 0.96% with a trading volume of 69.3 thousand shares and a transaction value of 1.14 billion yuan [2]. Capital Flow - The aviation and airport sector saw a net outflow of 123 million yuan from institutional investors, while retail investors contributed a net inflow of 162 million yuan [2]. - The capital flow for specific stocks included: - Shanghai Airport (600009) had a net inflow of 45.5255 million yuan from institutional investors, but a net outflow of 47.5760 million yuan from retail investors [3]. - Hainan Airlines (600221) experienced a net outflow of 5.8716 million yuan from institutional investors, while retail investors had a net inflow of 22.9749 million yuan [3].