未来，华夏航空将继续以优质服务推动支线航线发展，提供更具文化内涵的航空出行体验，让更多旅客 感受中华传统文化的独特魅力，为区域经济和文旅发展积极贡献民航力量。（编辑：陈虹莹 校对：许 浩存 审核：韩磊） 活动当天，华夏航空"共赴那达慕盛宴"主题航班在G54893乌海—锡林浩特启航。旅客登机即获赠精美 的蒙古特色文创礼品，飞行途中，乘务云美工作室化身文化使者，在万米高空开启"传统文化微课堂"， 并组织"巧手折纸马"互动，让旅客在轻松氛围中感受草原文化魅力。 抵达锡林浩特机场后，马头琴演奏、蒙古族歌舞表演营造出浓郁的民族氛围。华夏航空内蒙基地乘务员 佩戴特色航线专属绢花配饰，以融合东方美学的T台秀展现传统与创新的结合。活动现场设置"草原谜 阁"文化答题、"非遗工坊"手工制作等互动环节，吸引众多旅客参与。此外，华夏航空特色航线推介 台，为计划探访那达慕盛会的旅客提供一站式资讯服务，助力文化之旅无缝衔接。 华夏航空服务委员会办公室负责人介绍，夏秋航季以来，华夏航空新增西安—乌海—锡林浩特、呼和浩 特—锡林浩特—济南两条独飞航线，由空客A320机型执飞，有效满足了旅客旺盛的暑期出行需求，为 探访草原风情的旅客提供了更多 ...

按所属板块统计，基金高比例持有个股中，创业板有36只、科创板有43只、沪深主板有42只、北交所有 5只。行业分布上，主要集中在电子、医药生物、汽车行业，分别有32只、21只、12只个股上榜。 证券时报 数据宝统计，二季度共有2950只股票入围基金重仓股名单，以基金合计持股量占流通股本的 比例来看，共有17股基金持股比例超过20%，持股比例在10%~20%之间的有109只，持股比例5%~10% 的有258只，持股比例在1%~5%的有771只，1794只重仓股基金持股比例不足1%。 基金控盘比例超10%的个股中，持股比例最高的是九号公司，共有216家基金集体持有，合计持股量 1.95亿股，占流通股本的比例为35.24%；其次是百济神州、诺诚健华，持股比例分别为33.47%、 32.70%。 高比例持仓个股中，从持股量环比变动看，二季度基金增持的有85只，增持幅度居前的有普源精电、华 虹公司、源杰科技，持股量环比增持409.08%、354.96%、317.64%。减持的有41只，减持幅度居前的有 恒玄科技、石头科技、纳睿雷达，减持幅度为37.29%、32.21%、30.98%。 一般来说，基金控盘比例高的个股都有多 ...

这一模式在当前政策环境下正迎来双重利好：中央加大力度支持化解地方政府债务风险，缓解了地方财政压力，这意味着华夏航空的航线补贴有望更快到 账，力度也有望加大。地方财政的"活水"，正转化为华夏航空确定性的现金流与宝贵的排他性航线资源。 | | 本报告期 | 上年同期 | | --- | --- | --- | | 项目 | (2025年01月01日-2025年06月30 | (2024年01月01日一 | | | 日) | 2024年06月30日) | | 归属于上市公 | 盈利:22,000.00 万元-29,000.00 万元 | | | 司股东的净利 | | 盈利: 2,615. 13 万元 | | 润 | 比上年同期增长:741.26%-1,008.93% | | | 归属于上市公 | 盈利:20,000.00 万元 - 28,000.00 万元 | | | 司股东的扣除 | | 盈利: 1.255.50 万元 | | 非经常性损益 | 比上年同期增长:1,493.00%-2,130.20% | | | 后的净利润 | | | | 基本每股收益 | 盈利:0.1727元/股-0.2277元/股 | 盈利: ...

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2025 年 07 月 21 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 联系人 板块表现： 快递 6 月数据明显分化，关注行业反内卷进程 投资评级： 看好（维持） —交通运输行业周报（2025 年 7 月 14 日-2025 年 7 月 20 日） 投资要点： 一、行业动态跟踪 快递物流： 1）各家快递公司发布 6 月经营业绩，顺丰业务量增速维持 30%+，"通达系"中圆 通增速保持领先。2025 年 6 月圆通/韵达/申通/顺丰完成业务量 26.27 / 21.73 /21 ...

9、中央第四指导组组长车俊近日在中国汽车工业协会调研时强调，汽车企业特别是龙头企业要依法合 规理性竞争，发挥示范带动作用。行业协会要发挥好桥梁纽带作用，引导行业加强自律，联合抵制行业 非理性竞争，共同维护公平公正的市场竞争秩序。 10、中钢协7月15日在成都组织召开钢铁工业规划部长会，提出研究建立产能治理新机制，防范钢铁行 业产能过剩风险持续加剧，着力破除"内卷式"竞争，维护钢铁行业健康有序的生存和发展环境等。 智通财经7月21日早间新闻精选 1、雅鲁藏布江下游水电工程开工仪式7月19日上午在西藏自治区林芝市举行。国务院总理李强出席开工 仪式，并宣布工程正式开工。雅鲁藏布江下游水电工程将建设5座梯级电站，总投资约1.2万亿元。工程 电力以外送消纳为主，兼顾西藏本地自用需求。 2、工业和信息化部总工程师谢少锋在7月18日国新办新闻发布会上表示，加快发展生物制造、低空产 业，推动人形机器人、元宇宙、脑机接口等未来产业创新发展，超前布局新领域新赛道；将实施新一轮 钢铁、有色金属、石化、建材等十大重点行业稳增长工作方案，具体工作方案将在近期陆续发布。 3、工信部新闻发言人陶青在7月18日国新办新闻发布会上表示，近期将 ...

Investment Rating - The investment rating for the airline transportation industry is "Positive" [2]. Core Viewpoints - The industry has maintained a high passenger load factor since the beginning of 2025, with domestic flight capacity growth being low while international routes are seeing increased capacity. The supply remains tight with a net fleet growth rate of less than 3% [14]. - The passenger load factor has improved compared to both the previous year and the same period in 2019, particularly in domestic routes. Domestic flight turnover has shown steady growth, while international turnover has significantly recovered to levels close to those of 2019 [14]. - Although ticket prices have shown a weak performance due to increased capacity in the second quarter, there is an expectation for price recovery during the summer travel peak season as demand gradually increases [3][14]. Summary by Sections Investment Recommendations - The report suggests focusing on airlines such as Air China, China Eastern Airlines, China Southern Airlines, Spring Airlines, and Juneyao Airlines due to the anticipated recovery in ticket prices driven by improved supply-demand dynamics during the summer peak season [3][14]. Industry Capacity and Ticket Prices - The industry has seen a continuous high passenger load factor, with the flight cancellation rate decreasing as the travel peak season approaches. In May 2025, the industry’s Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) increased by 8.0% and 11.5% year-on-year, respectively, with a passenger load factor of 84.6%, up 2.7 percentage points year-on-year [4][16]. - Ticket prices in the second quarter have shown a narrowing decline compared to the previous quarter, with an average ticket price of 848 RMB, down 9.2% year-on-year. The average ticket price in early July was down 7.9% year-on-year [5][27]. Fuel Prices and Exchange Rates - The average price of aviation fuel has decreased significantly, with a year-on-year decline of 12.8% in July. The average aviation kerosene price in the first and second quarters was down 10.0% and 17.0% year-on-year, respectively [6][39]. - The exchange rate has remained stable, with the USD to RMB exchange rate at 7.1526 as of July 16, 2025, a decrease of 0.50% from the end of 2024 [6][39]. Operational Performance of Airlines - In the first half of 2025, domestic airlines have shown low growth in capacity, with the exception of a few airlines. The passenger load factor for major airlines has increased year-on-year, with significant improvements noted in domestic routes [8][46]. - In June 2025, the overall ASK growth for major airlines was led by Spring Airlines at 12.4%, while the international routes have shown recovery rates close to 2019 levels for some airlines [46][49].

华夏航空股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、担保额度审批情况概述 华夏航空股份有限公司（以下简称"公司"）分别于 2025 年 04 月 24 日召开 第三届董事会第十七次会议、第三届监事会第十六次会议，于 2025 年 05 月 16 日召开 2024 年年度股东大会，审议通过《关于为全资子公司提供担保的议案》， 同意公司为全资子公司向银行或其他金融机构申请授信不超过人民币 17 亿元或 等值外币提供担保，主要用于子公司引进飞机、飞机预付款、项目建设、购买航 材、设备采购、日常运营等事项；其中，对全资子公司华夏飞机维修工程有限公 司（以下简称"华夏维修"）担保额度为 5 亿元。上述担保额度不含此前已提供 且仍在担保期限内的担保余额（此前已提供且仍在担保期限内的担保余额继续有 效），自 2024 年年度股东大会审议通过之日起至 2025 年年度股东大会召开日期 间该担保额度可循环使用。具体内容详见公司于 2025 年 04 月 26 日披露于巨潮 资讯网（http://www.cninfo.com.cn）的《华夏航空股份有限公司关 ...

Investment Rating - The investment rating for the aviation industry is "Overweight" indicating a positive outlook for the sector [7]. Core Insights - The civil aviation passenger transport volume continued to grow steadily in June, with a year-on-year increase of 3.8%, reaching approximately 60.9 million passengers. Capacity saw a slight increase of 0.3% year-on-year [4]. - The average aircraft utilization rate in June was 7.8 hours per day, showing a month-on-month decrease of 1% but remained stable year-on-year [4]. - Major airlines reported growth in capacity and passenger turnover, with notable increases from Spring Airlines (+12%) and China Eastern Airlines (+10%) in passenger turnover compared to the previous year [4]. - The international market is recovering, with June international flight numbers reaching 55,000, recovering to 87.1% of the same period in 2019 [4]. - The report highlights a structural differentiation in recovery across regions, with demand expected to accelerate as the summer travel season begins [4]. Summary by Sections Passenger Transport Data - In June, the total passenger transport volume was approximately 60.9 million, a 3.8% increase year-on-year. Domestic market capacity increased by 0.3%, while international flights reached 55,000, recovering to 87.1% of 2019 levels [4][5]. - Airlines' passenger turnover (RPK) showed growth, with China Eastern Airlines at +10% and Spring Airlines at +12% year-on-year [4]. Airline Performance - The report provides a summary of key airline metrics for June, including ASK (Available Seat Kilometers) and RPK, with China Eastern Airlines and Spring Airlines showing significant growth [5]. - The passenger load factor for June was highest for Spring Airlines at 92.1%, while China Southern Airlines and China Eastern Airlines also reported strong load factors [4][5]. Investment Recommendations - The report recommends continued investment in the aviation sector, highlighting the strong supply logic and demand elasticity, with specific recommendations for China National Aviation, China Eastern Airlines, Spring Airlines, and others [4][7].

证券代码：002928 证券简称：华夏航空 公告编号：2025-034 上述担保事项在公司董事会及股东大会审议通过的对外担保额度范围内，担 保程序符合《上市公司监管指引第 8 号——上市公司资金往来、对外担保的监管 要求》《深圳证券交易所股票上市规则》及其他有关监管法规的要求。本次担保 对象为公司的全资子公司，财务状况和偿债能力较好；公司为其提供担保，有利 于促进全资子公司业务发展，提高其经济效益和盈利能力。 华夏航空股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、担保额度审批情况概述 华夏航空股份有限公司（以下简称"公司"）分别于 2025 年 04 月 24 日召开 第三届董事会第十七次会议、第三届监事会第十六次会议，于 2025 年 05 月 16 日召开 2024 年年度股东大会，审议通过《关于为全资子公司提供担保的议案》， 同意公司为全资子公司向银行或其他金融机构申请授信不超过人民币 17 亿元或 等值外币提供担保，主要用于子公司引进飞机、飞机预付款、项目建设、购买航 材、设备采购、日常运营等事项 ...

Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [7]. Core Insights - The report highlights a significant improvement in the performance of major airlines in Q2, driven by resilient domestic demand and ongoing recovery in international routes [7]. - The report emphasizes the constraints on supply and the reduction in oil prices, which are expected to alleviate cost pressures for airlines [7]. - The report suggests a positive outlook for specific airlines, particularly Huaxia Airlines and Spring Airlines, due to their competitive advantages in the domestic market [7]. Summary by Sections Airline Data Analysis - In June, the overall ASK (Available Seat Kilometers) growth rates were led by Spring Airlines (12.4%), followed by Eastern Airlines (6.5%) and Southern Airlines (4.6%) [1]. - For the first half of the year, cumulative ASK growth was highest for Spring Airlines (9.5%) and Eastern Airlines (7.5%) [1]. - In June, the RPK (Revenue Passenger Kilometers) growth rates were also led by Spring Airlines (11.6%) and Eastern Airlines (10.0%) [1]. - Cumulatively, Eastern Airlines had the highest RPK growth in the first half of the year at 12.2% [1]. Domestic and International Routes - Domestic route performance in June showed Spring Airlines leading with an ASK growth of 10.5%, while international routes saw significant growth from 吉祥航空 (46.9%) [2][3]. - Cumulatively, for the first half of the year, 吉祥航空 had the highest ASK growth in international routes at 65.6% [2]. Passenger Load Factor - In June, the passenger load factor was highest for Spring Airlines at 92.1%, with a year-on-year decrease of 0.6 percentage points [3]. - For the first half of the year, Spring Airlines maintained the highest load factor at 90.5%, despite a year-on-year decrease of 0.8 percentage points [3]. Fleet Growth - As of June 2025, the total fleet of the five listed airlines increased by 5 aircraft, with a year-on-year growth of 3.3% [3][19]. Financial Performance Forecast - The report forecasts significant improvements in the financial performance of major airlines for the first half of 2025, with Huaxia Airlines expected to achieve a net profit of approximately 2.55 billion yuan, a year-on-year increase of 875% [7][9]. - In contrast, the three major airlines (Air China, Eastern Airlines, and Southern Airlines) are expected to report losses, but with reduced loss margins compared to the previous year [7][10].