Fundraising Overview - The company has received approval from the China Securities Regulatory Commission for a non-public offering of up to 304,070,293 shares, raising a total of no more than 2,435 million RMB [1] - The actual issuance was 264,673,906 shares at a price of 9.19 RMB per share, with the funds verified by an accounting firm [1] Changes in Fund Usage - The company has decided to change the project "Introduction of 4 A320 aircraft" to "Introduction of 2 A320 aircraft," reallocating the remaining funds to a new project "Introduction of 5 C909 aircraft" [2][3] - The original investment amount for the A320 project was 1,192.10 million RMB, which has been reduced to 754.10 million RMB, with the remaining 438 million RMB redirected to the new C909 project [2] - The project "Purchase of 14 aircraft spare engines" has been terminated, with its funds of 487 million RMB also redirected to the C909 project [2] Tripartite Supervision Agreement - A tripartite supervision agreement has been signed among the company, its wholly-owned subsidiary Yunfei Aircraft Leasing, and the banks involved to ensure proper management of the raised funds [4][6] - The agreement stipulates that the funds for the A320 project must be used solely for that purpose and outlines the responsibilities of each party in monitoring fund usage [4][5] - The new agreement includes provisions for regular checks and balances to protect the interests of small investors [4][5] Supplementary Agreement - A supplementary agreement has been signed to adjust the terms of the original tripartite supervision agreement regarding the new C909 project [6] - The dedicated account for the C909 project has a balance of 4,135,007.78 RMB as of August 7, 2025, and is restricted to the project's funding [6][7]

证券代码：002928 证券简称：华夏航空 公告编号：2025-036 华夏航空股份有限公司 经中国证券监督管理委员会《关于核准华夏航空股份有限公司非公开发行 股票的批复》（证监许可【2022】1662 号）的核准，华夏航空股份有限公司 （以下简称"公司""华夏航空"）向特定对象非公开发行人民币普通股不超 过 304,070,293 股，每股面值为人民币 1.00 元，募集资金总额不超过 243,500 万元。公司实际非公开发行 A 股股票 264,673,906 股，每股发行价格为人民币 9.20 元，募集资金总额为人民币 2,434,999,935.20 元，扣除发行费用人民币 25,397,899.32 元（不含税）后，募集资金净额为人民币 2,409,602,035.88 元。 立信会计师事务所（特殊普通合伙）已于 2022 年 11 月 04 日对公司非公开发行 A股股票的募集资金到位情况进行了审验，并出具了《华夏航空股份有限公司非 公开发行人民币普通股（A 股）实收股本的验资报告》（信会师报字[2022]第 ZK10390 号）。 2022 年 11 月 11 日，公司会同保荐机构东兴证券股份有限 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 002928 | 华夏航空 | 9.02 | 4.04% | | 36.87万 | 3.28亿 | | 603885 | 吉祥航空 | 12.73 | 1.43% | | 23.07万 | 2.93亿 | | 000099 | 中信海直 | 23.45 | 0.64% | | 27.27万 | 6.38亿 | | 601111 | 中国国航 | 7.33 | 0.55% | | 77.45万 | 5.67亿 | | 600115 | 中国东航 | 3.87 | 0.52% | | 73.55万 | 2.84亿 | | 000089 | 深圳机场 | 7.25 | 0.42% | | 10.87万 | 7856.87万 | | 600029 | 南方航空 | 5.76 | 0.35% | | 63.31万 | 3.64亿 | | 601021 | 春秋航空 | 52.85 | 0.28% | | 2.71万 | 1.43亿 | | 6 ...

公司研究丨深度报告丨华夏航空（002928.SZ） [Table_Title] 全球视野解码支线航空——华夏模式的中国"答 卷" %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 站在当下，华夏航空迎来了重打鼓、再开张的机遇，有望重回历史增长曲线：1）短期：机长缺 口弥合，利用率弹性释放。22 年开始公司机长缺口得到逐步缓解，飞机利用率随之改善，有望 重回历史增长曲线；2）中期：支线补贴大力倾斜，兜底行业β下行。公司航网更聚焦中西部等 偏远区域，显著获益支线补贴新政，中期盈利更具确定性；3）长期：与干线协同合作，实现二 次流量变现。公司在干支结合的中转联程合作上更具优势，通过推出通程产品，充分利用干线 航空公司的空置运力，实现支线流量的二次变现。预计公司 2025-2027 年实现归属净利润 7.0 亿、10.0 亿以及 12.1 亿元，对应 PE 分别为 15.8X、11.0X 以及 9.1X，维持"买入"评级。 分析师及联系人 [Table_Author] 韩轶超 赵超 张银晗 SAC：S0490512020001 SAC：S04905200 ...

Investment Rating - The report maintains a positive investment rating for the transportation industry, highlighting potential opportunities in various segments such as shipping, infrastructure, aviation, and express delivery [2][4]. Core Insights - The report emphasizes the improvement in oil shipping market conditions and the potential for price increases in the express delivery sector, driven by a reduction in price competition due to "anti-involution" policies [1][8][24]. Shipping - The oil shipping industry is experiencing improved market conditions, with OPEC+ planning to increase production by 548,000 barrels per day in September, which may lead to better freight rates in the second half of the year [8][16]. - Container shipping rates have declined, necessitating close monitoring of US-China trade negotiations [8][12]. - The report suggests focusing on companies with strong Q2 performance, such as德翔海运, 海丰国际, 中谷物流, and 中远海特 [8][16]. Infrastructure - The report notes that highway passenger traffic decreased by 4.0% year-on-year in June 2025, while cargo traffic showed a slight decline [18][55]. - Port cargo throughput increased by 4.8% year-on-year, indicating stable growth in the infrastructure sector [18][55]. - The report recommends investing in leading highway and port companies, such as 招商公路, 皖通高速, 唐山港, and 青岛港, due to their attractive dividend yields [20][55]. Express Delivery - The express delivery sector is projected to maintain a growth rate of over 20% in 2024, with a 19.3% increase in business volume in the first half of 2025 [24][68]. - The report highlights the initiation of price increases in the express delivery sector in South China, which is expected to alleviate price competition and support valuation recovery [24][68]. - Recommended companies in this sector include 中通快递-W, 圆通速递, 申通快递, and 韵达股份 [24][68]. Aviation - The report indicates a 1.9% week-on-week increase in passenger traffic, with domestic ticket prices experiencing a year-on-year decline of 5.4% [25][26]. - The aviation sector is expected to benefit from "anti-involution" measures aimed at reducing excessive competition, which may enhance valuation recovery [25][26]. - Recommended airlines include 中国国航, 南方航空, 吉祥航空, 春秋航空, and 华夏航空 [26].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **express delivery and logistics industry** in China, with a focus on the impact of recent regulatory changes and market dynamics on various companies within the sector [1][2][3]. Core Insights and Arguments - **Price Increases in Express Delivery**: The express delivery industry is witnessing initial success in reversing the trend of price undercutting, with multiple regions experiencing price hikes due to severe losses among franchisees and regulatory pressure for market stability. This price increase is expected to be more sustainable compared to the isolated price hikes in Yiwu in 2021, benefiting from the upcoming peak demand season [1][6][7]. - **Recommendations for E-commerce Delivery Companies**: Companies with strong service quality and cash flow, such as **ZTO Express** and **YTO Express**, are recommended. Additionally, **J&T Express** is highlighted for its competitive position in Southeast Asia, while **SF Express** is noted for its stable high-end service business [1][8]. - **Cross-border E-commerce Logistics**: The volume of air cargo to the U.S. has recovered to 70% of pre-tariff levels, which is better than expected. Eastern Airlines Logistics is performing well with high load factors, and despite a decrease in freight rates, the situation remains favorable. A dividend yield of 4.7% suggests a potential investment opportunity if tariffs improve or volumes increase [1][9]. - **Airline Sector Performance**: The airline sector is experiencing weak ticket prices but good passenger volumes. The fundamentals are well-reflected, and factors like oil prices and exchange rates may provide benefits. **Huaxia Airlines** is recommended due to its leading position in regional aviation and improved subsidy standards, which enhance profit certainty [1][23]. - **Rail Freight Outlook**: **Tielong Logistics** is favored due to its special container business benefiting from equipment upgrades and strong synergy with upstream steel companies. The potential for profit elasticity exists due to the ongoing reversal of price undercutting [1][21][22]. Additional Important Insights - **July Performance of the Transportation Sector**: The overall transportation sector saw a decline of 0.2%, underperforming the CSI 800 index by 4.2 percentage points. Sub-sectors like airports, shipping, and logistics performed relatively well, with increases of 4.3%, 2.4%, and 1.2%, respectively [2]. - **Market Sentiment and Future Recommendations**: The call suggests a continued focus on companies benefiting from the reversal of price undercutting in express delivery, core assets in aviation and express sectors, and stocks in cross-border logistics with potential catalysts from mid-year earnings reports [3]. - **Logistics Sector Performance**: The logistics sector saw a 1.2% increase, with road freight leading at 5.9%. Cross-border logistics rose by 3.3%, while express delivery only increased by 0.6%, reflecting market skepticism about the sustainability of the recovery [5]. - **Future Trends in Container Shipping**: Container shipping rates have shown a downward trend in July, with expectations of continued pressure in August due to high base effects and tariff impacts. The overall volume is expected to stabilize, but rates may continue to decline [12]. - **Air Cargo Market Dynamics**: The air cargo market is expected to maintain low supply levels, particularly for long-haul routes, while domestic airlines are enhancing their logistics capabilities. Positive outcomes from U.S.-China negotiations could serve as a catalyst for growth [30]. - **Investment Recommendations for Airport Stocks**: The airport sector is advised to focus on companies with stable earnings and high dividend yields, especially in light of recent performance and potential geopolitical events that could impact market conditions [15][31]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the express delivery and logistics industry.

证券之星消息，8月7日航空机场板块较上一交易日上涨0.23%，深圳机场领涨。当日上证指数报收于 3639.67，上涨0.16%。深证成指报收于11157.94，下跌0.18%。航空机场板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000089 | 深圳机场 | 7.24 | 1.54% | 14.82万 | 1.07亿 | | 600897 | 厦门空港 | 14.86 | 0.68% | 2.41万 | 3568.08万 | | 601021 | 春秋航空 | 52.86 | 0.63% | 2.90万 | 1.53亿 | | 600115 | 中国东航 | 3.83 | 0.52% | 44.66万 | 1.71亿 | | 002928 | 华夏航空 | 8.54 | 0.47% | 10.27万 | 8710.47万 | | 600029 | 南方航空 | 5.74 | 0.35% | 26.51万 | 1.52亿 | | 603885 | 吉祥航空 | 12.47 ...

Core Viewpoint - The tourism industry is experiencing a shift from growth to efficiency, where companies must enhance cost, structure, and scenario effectiveness to convert competitors' declines into their own gains [1] Duty-Free Industry - China Duty Free Group (中国中免) reported a net profit of 259,324.91 thousand yuan for the first half of 2025, a significant decrease of 6.4% from 323,770.03 thousand yuan in the same period last year [7] - The decline is attributed to pressures on Hainan's offshore duty-free sales, outbound consumption diversion, and intensified market competition [7] - Despite challenges, China Duty Free's market share increased by nearly 1 percentage point year-on-year, and inventory turnover improved by 10% [7] Hotel Industry - Jin Jiang Hotels (锦江酒店) expects a net profit of 39,000 to 41,000 thousand yuan for the first half of 2025, showing slight growth from 38,851.52 thousand yuan year-on-year [10] - The growth is driven by a light-asset operation model that effectively reduced cost pressures, despite the absence of similar revenue items as in the previous year [10] - In contrast, Nanjing Tourism (南京商旅) anticipates a net profit of 550 to 850 thousand yuan, a notable decline from 1,028.37 thousand yuan, primarily due to underperformance in its tourism service segments [10] Airline Industry - Major state-owned airlines, including China Southern Airlines, China Eastern Airlines, and Air China, are projected to incur losses ranging from 175,400 thousand to 240,000 thousand yuan, 160,000 thousand to 210,000 thousand yuan, and 180,000 thousand to 240,000 thousand yuan respectively, although losses are narrowing compared to the previous year [11] - The losses are attributed to imbalances in market supply, a downward shift in customer demographics, competition from high-speed rail, and uncertainties in the international environment [11] - Conversely, Huaxia Airlines (华夏航空) expects a profit of 20,000 to 28,000 thousand yuan, a significant increase from 1,255.50 thousand yuan, benefiting from improved demand in civil aviation and optimized route structures [11] Regional Tourism - Qinhuai Scenic Area (秦淮风光) reported a net profit of 4,299.41 thousand yuan, down from 5,037.84 thousand yuan, due to decreased consumer spending and visitor numbers [14] - Daming Cruises (大美游轮) achieved a net profit of 2,454.81 thousand yuan, slightly down from 2,850.74 thousand yuan, with operational metrics showing stable performance despite minor declines in average ticket prices and hotel occupancy rates [15] - Tengxuan Tourism (腾轩旅游) reported a loss of 523.59 thousand yuan, nearly unchanged from the previous year's loss, impacted by reduced income from air freight and domestic ticket commissions [15] Hong Kong Tourism - Hong Kong China Travel Service (香港中旅) reported a loss of 0.70 billion HKD, a reversal from a profit of 0.63 billion HKD, primarily due to investment property impairments [16] - Despite a 12% increase in total visitors to Hong Kong, the company faces challenges from reduced group tours and rising operational costs [16] Cultural and Sports Equipment - Dafen Industrial (大丰实业) expects a net profit of 6,423 to 7,252 thousand yuan, a significant increase from 4,144.08 thousand yuan, driven by strong demand for technology solutions in cultural and tourism sectors [17]

华夏航空8月6日股价报8.50元，与前一交易日持平。当日成交量为118484手，成交额达1亿元，振幅 1.41%。 来源：金融界 8月6日主力资金净流出1158.43万元，占流通市值0.11%。近五日主力资金净流出5963.44万元，占流通 市值0.55%。 风险提示：航空运输业受宏观经济、油价波动、市场竞争等因素影响较大，投资者需注意相关风险。 华夏航空属于航空机场板块，是国内支线航空运输企业。公司主要经营国内支线航空客货运输业务，构 建了以支线航线网络为核心的航空运输体系。 公司暑运计划执行航线211条，通达国内138个城市及2个国际城市，新开32条航线，加密8条航线。上半 年公司预计归母净利润为2.2亿元至2.9亿元，同比增长741.26%至1008.93%。 ...

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [8] Core Views - The express delivery sector is expected to see significant profit recovery due to an early price increase trend, while the aviation sector is still at the bottom of the economic cycle, with potential for mid-term improvements in supply and demand [1][2][3] Summary by Sections Express Delivery - In June, the retail sales and express delivery volumes showed year-on-year increases of 5.3% and 15.8% respectively, although the growth rate has slowed compared to May [3] - The price increase trend has started in core grain-producing areas, which could lead to significant profit recovery for express delivery companies if this trend spreads across all price ranges [3][10] - Key companies recommended include ZTO Express, YTO Express, and Shunfeng Express [10] Aviation - The summer travel season has shown weak performance, with domestic ticket prices declining by 7.5% year-on-year, despite a slight increase in passenger load factor [2][16] - The aviation sector is currently at a low point, but improvements in supply growth and demand could enhance profitability in the medium term [26] - Recommended stocks include China National Aviation and Huaxia Airlines, which are expected to benefit from supply-demand improvements [26] Logistics - The logistics sector is experiencing an early price increase in express delivery, and the bulk supply chain is expected to recover alongside rising commodity prices [3][65] - The cross-border e-commerce logistics sector is showing resilience as tariff impacts diminish [3] Shipping and Ports - In July, shipping rates for container shipping and oil transport declined, while dry bulk shipping rates increased due to seasonal demand [35][36] - The report anticipates stable supply-demand dynamics in August, with shipping rates expected to remain volatile [35] Road and Rail - The road transport sector is under pressure due to rising risk preferences and potential impacts from upstream industry dynamics [5] - Rail transport is expected to see flat growth in passenger traffic during the summer, with ongoing observations needed for the impact of upstream industry changes [5]