12月18日，国货航涨0.65%，成交额9499.52万元。两融数据显示，当日国货航获融资买入额405.93万 元，融资偿还830.97万元，融资净买入-425.04万元。截至12月18日，国货航融资融券余额合计2.43亿 元。 融资方面，国货航当日融资买入405.93万元。当前融资余额2.43亿元，占流通市值的4.53%。 机构持仓方面，截止2025年9月30日，国货航十大流通股东中，华泰柏瑞沪深300ETF（510300）位居第 一大流通股东，持股1444.26万股，相比上期增加12.67万股。易方达沪深300ETF（510310）位居第二大 流通股东，持股1051.64万股，相比上期减少36.20万股。华夏沪深300ETF（510330）位居第三大流通股 东，持股784.87万股，相比上期减少10.24万股。嘉实沪深300ETF（159919）位居第五大流通股东，持 股676.94万股，相比上期减少8.19万股。香港中央结算有限公司位居第六大流通股东，持股669.57万 股，相比上期减少276.71万股。 责任编辑：小浪快报 资料显示，中国国际货运航空股份有限公司位于北京市顺义区天柱路29号院1幢1至9 ...

答:公司在北京主要依托于国航系腹舱运力，开展航空货运服务。 格隆汇12月11日丨国货航(001391.SZ)在投资者关系中表示，有被问到:请介绍下公司在北京运力布局情 况。 ...

Core Viewpoint - The company reported a year-on-year increase in gross margins across its three main business segments, driven by five key factors [1] Group 1: Business Segments Performance - The aviation segment has continued to increase capacity and optimize route layouts [1] - The cargo station segment has strengthened capacity building and is exploring digital and automated development [1] - The integrated logistics solutions segment has expanded its cross-border e-commerce business and emphasized revenue growth from freight forwarding, while further developing contract logistics market operations [1] Group 2: Cost Management and External Factors - Fuel prices are currently in a relatively favorable range, effectively reducing pressure on aviation fuel costs [1] - The company has deepened internal lean management, achieving solid results in cost control [1]

Core Viewpoint - The company is closely monitoring the impact of tariff policies from the US and other regions on its business, highlighting a trend of easing global tariff policies since November 2025 [1] Economic Context - China's economy grew by 5.3% year-on-year in the first half of the year, demonstrating strong resilience and development potential [1] - The company emphasizes the importance of enhancing economic resilience and vitality in the face of trade protectionism and the variability of international tariff policies [1] Strategic Focus - The company aims to align with the national "dual circulation" development strategy, supporting innovation and growth in Chinese manufacturing and facilitating industrial and consumption upgrades [1] - There is a commitment to continuously expand the route network and strengthen communication and collaboration with upstream and downstream partners to enhance the scale and quality of China's logistics imports and exports [1] Risk Management - The company plans to strengthen its operational management and risk resilience while actively responding to policy changes and market reactions in collaboration with partners [1] - The focus is on achieving high-quality and sustainable development through proactive engagement with stakeholders [1]

Group 1 - The company currently operates a fleet of 23 long-range cargo aircraft, which includes 3 B747 freighters, 13 B777 freighters, and 7 A330 freighters [1]

Core Viewpoint - The company is actively optimizing its capacity structure and expanding its cargo flight routes in response to global tariff policy uncertainties, with several new routes planned for 2025 [1] Group 1: Route Expansion - In the first half of 2025, the company plans to open new cargo routes including Chengdu-Dubai, Chengdu-Frankfurt, Chengdu-Amsterdam, Shanghai-Hanoi, Guangzhou-Paris, and Guangzhou-Glasgow [1] - In the second half of 2025, additional routes such as Chengdu-Glasgow and Chengdu-Pudong will be launched to further enhance supply chain resilience [1]

Core Viewpoint - The company reported that all three major segments achieved year-on-year growth in gross margin, driven by five key factors [1] Group 1: Factors Contributing to Gross Margin Growth - The aviation segment has continuously increased capacity deployment and optimized route layout [1] - The cargo station segment has strengthened capacity building and explored digitalization and automation development [1] - The integrated logistics solutions segment has expanded the scale of cross-border e-commerce business and emphasized revenue and profit growth from freight forwarding [1] - Fuel prices are in a relatively favorable range, effectively reducing fuel cost pressure [1] - Internal lean management has deepened, resulting in solid achievements in cost control [1]

Group 1: Company Performance - In the first three quarters of 2025, the company achieved a revenue of 16.636 billion yuan, a year-on-year increase of 16.92% [2] - The net profit attributable to shareholders was 1.836 billion yuan, up 66.21% year-on-year, while the net profit excluding non-recurring gains and losses was 1.793 billion yuan, reflecting a growth of 64.05% [2] - The growth was primarily driven by the expansion and optimization of fleet size and route structure, along with a decrease in aviation fuel prices [2] Group 2: Impact of Tariff Policies - Since November 2025, global tariff policies have shown a trend of easing, with the company closely monitoring external factors affecting the logistics industry [3] - China's economy grew by 5.3% year-on-year in the first half of 2025, demonstrating resilience and potential for development [3] - The company plans to enhance its operational management and expand its route network to adapt to the evolving tariff landscape [3] Group 3: Market Demand and Trends - In 2025, the demand for air logistics transportation is expected to continue growing, with cross-border e-commerce import and export value reaching 1.37 trillion yuan in the first half, a 10.3% increase from the same period in 2024 [3] - The total import and export value of China's goods trade for the first 11 months of 2025 was 41.21 trillion yuan, reflecting a year-on-year growth of 3.6% [3] - Air cargo demand increased by 4.1% year-on-year in October 2025, marking the eighth consecutive month of growth [3] Group 4: Route Expansion and Capacity - In 2025, the company opened several new cargo routes, including Chengdu-Dubai and Chengdu-Frankfurt, to enhance supply chain resilience [4] - As of now, the company operates 23 freighters, including 3 B747s, 13 B777s, and 7 A330s [4] Group 5: Profitability and Margins - The gross profit margin for all three business segments increased year-on-year, attributed to enhanced capacity deployment and optimized route layouts [4] - The gross profit from the air cargo station for the first three quarters of 2025 was 65.5361 million yuan, a year-on-year increase of 74.61%, with a gross margin of 6.32%, up 2.49 percentage points [4]

Core Viewpoint - The company has signed a firm order for six A350F freighters with Airbus, with deliveries expected between 2029 and 2031, and holds an option for four additional A350F freighters to be exercised by the end of 2026 [1] Group 1 - The procurement aims to optimize the fleet structure and supplement long-term capacity, establishing a collaborative capacity system for large and medium-sized freighters [1] - The A350F freighter is noted for its high fuel efficiency and strong payload and range performance, which will enhance the company's long-term operational resilience [1]

Group 1: Aircraft Acquisition and Utilization - The company has signed a confirmed order for 6 A350F freighters, with deliveries expected between 2029 and 2031, and holds an option for 4 additional units, exercisable by the end of 2026 [2][3] - The average daily utilization of all-cargo aircraft for the first half of 2025 was 13.29 hours, showing a significant improvement compared to the same period in 2024 [3] Group 2: Financial Performance - In the first three quarters of 2025, the air cargo segment's revenue increased by 11.95% year-on-year, with a gross margin rise of 2.28 percentage points, attributed to fleet expansion and optimization, as well as a decrease in aviation fuel prices [3] - The logistics solutions segment saw a revenue increase of 41.11% year-on-year, with a gross margin increase of 5.04 percentage points, driven by the expansion of cross-border e-commerce partnerships [3] Group 3: Cost Sensitivity and Market Trends - Aviation fuel costs are a significant variable cost for the company, with a potential fluctuation of approximately CNY 52 million for every CNY 100 per ton change in fuel procurement price based on 2024 usage [3] - The company's performance showed a trend of decline followed by recovery in 2023, influenced by increased bellyhold capacity from passenger aircraft and a return to normal market conditions [4] Group 4: Competitive Advantages - The company benefits from its unique position as a flag carrier, a diversified ownership structure, a large fleet, and a robust route network [4] - The company emphasizes digital empowerment to enhance service quality and operational efficiency [4]