Core Points - A new direct flight route from Yulin to Enshi is set to open, enhancing connectivity between Shaanxi and Hubei provinces, and promoting cultural and business exchanges [1][2] - The flight will be operated by Huaxia Airlines using an Airbus A320, with ticket prices starting at 400 RMB, and a flight duration of approximately 1 hour and 40 minutes [1] - Enshi, known as the "World Selenium Capital," offers stunning natural landscapes and rich cultural heritage, which will attract Yulin residents to explore its unique offerings [2] Summary by Sections New Flight Route - The new flight route will provide convenient travel options for Yulin residents, facilitating business interactions and cultural exchanges between the two regions [1] - The route is expected to boost tourism in Yulin by allowing easier access to Enshi's attractions [1] Cultural and Natural Attractions - Yulin is rich in history and culture, featuring significant landmarks such as the Great Wall ruins and unique local cuisine [1] - Enshi is celebrated for its breathtaking natural scenery and cultural heritage, including the Tujia and Miao ethnic cultures, which will appeal to tourists [2]

Group 1: Aviation Sector - The aviation sector is expected to see strong demand during the summer peak season, with a recommendation to focus on pre-peak investment opportunities. The industry has gradually emerged from the low-demand season since March, with rational pricing strategies from airlines supporting demand [3][12]. - In 2024, the total revenue of six listed airlines is projected to reach 521.8 billion yuan, a year-on-year increase of 14%, with a tax pre-profit of 3 billion yuan, a significant recovery from a loss of 9 billion yuan in 2023. Different airlines show varying degrees of profit improvement [10][12]. - The report highlights that the international oil price decline will significantly enhance airline profits. A 5% drop in Brent crude oil prices could increase the pre-tax profits of major airlines by 29 billion yuan for Air China and 23 billion yuan for Eastern Airlines [14][15]. Group 2: Express Delivery Sector - The express delivery sector is anticipated to maintain strong growth resilience, with business volumes expected to increase by 21.5% in 2024 and 21.6% in Q1 2025. The total business volume for 2024 is projected to reach 1.758 billion pieces [32][35]. - The market concentration in the express delivery industry is on the rise, with the CR8 index expected to reach 85.2% in 2024 and 86.9% in Q1 2025, indicating a more consolidated market [32][35]. - Revenue for the express delivery industry is forecasted to grow by 13.8% in 2024, reaching 1.4 trillion yuan, with a slight pressure on average ticket prices, which are expected to decline by 14.2% [35][36]. Group 3: Dividend and Asset Value - The report emphasizes the value of dividend assets in the transportation sector, with cash dividend ratios for highways, railways, and ports projected at 51%, 47%, and 36% respectively for 2024, indicating strong cash flow stability [44][45]. - The TTM dividend yields for these sectors are expected to be 3.0% for highways, 3.3% for railways, and 2.3% for ports, reflecting a stable increase compared to previous years [44][45]. Group 4: Shipping Sector - The shipping sector faces short-term pressure due to US-China tariff disputes, but structural opportunities may arise. The report suggests that the tariff situation could lead to a shift in import demands, particularly for agricultural products, which may benefit dry bulk shipping [48][56]. - Historical data indicates that previous trade disputes have led to increased shipping rates for certain routes, suggesting potential for similar outcomes in the current context [48][56].

Investment Rating - The investment rating for the aviation transportation industry is "Positive" [2]. Core Viewpoints - The report highlights that the supply in the aviation industry is gradually contracting, with a narrowing decline in ticket prices. An improvement in supply-demand dynamics is expected during the peak travel season [3][4]. - The industry is experiencing a high passenger load factor, with limited room for recovery in utilization rates. The supply contraction is intensifying, leading to a trend of narrowing year-on-year ticket price declines, which may improve the industry’s supply-demand relationship [14][3]. Summary by Sections Investment Recommendations - The report suggests focusing on key airlines such as Air China, China Southern Airlines, Spring Airlines, Juneyao Airlines, and China Eastern Airlines due to the anticipated recovery in air travel demand during the peak season [3][14]. Industry Supply Contraction and Ticket Price Trends - The industry’s passenger load factor remains high, with an increasing proportion of grounded aircraft. In April 2025, the industry’s Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) increased by 8.1% and 11.5% year-on-year, respectively, with a passenger load factor of 84.5%, up 2.6 percentage points year-on-year [4][16]. - The average ticket price in June 2025 was down 5.9% year-on-year, with the average domestic ticket price for 2025 year-to-date at 837 RMB, a decline of 9.4% year-on-year [5][26]. Oil Prices and Exchange Rates - The average price of aviation kerosene in Q1 and Q2 2025 was 5,952 RMB/ton and 5,385 RMB/ton, respectively, showing a year-on-year decrease of 10.0% and 17.0%. The Brent crude oil price averaged 67.95 USD/barrel as of June 16, 2025, down 18.1% year-on-year [6][37][38]. Airline Capacity and Load Factors - In May 2025, airlines increased their international capacity, with domestic load factors remaining high. The overall ASK for major airlines showed a year-on-year increase, with international routes recovering faster than domestic routes [45][46]. - The report indicates that the passenger load factors for domestic routes exceeded those of 2019, with significant increases noted for China Eastern and China Southern Airlines on international routes [45][47].

证券代码：002928 证券简称：华夏航空 公告编号：2025-030 华夏航空股份有限公司 关于变更募集资金用途及部分募集资金 投资项目实施主体的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 华夏航空股份有限公司（以下简称"华夏航空""公司"）于2025年06月 17 日召开第三届董事会第十九次会议、第三届监事会第十八次会议，审议通过 了《关于变更募集资金用途及部分募集资金投资项目实施主体的议案》，同意 公司将募集资金投资项目（以下简称"募投项目"）"引进 4 架 A320 系列飞机" 变更为"引进 2 架 A320 系列飞机"，并将该募投项目的实施主体由华夏航空变 更为华夏航空的全资子公司云飞飞机租赁（上海）有限公司（以下简称"云飞 飞机"），后续所涉募集资金由华夏航空以借款形式提供给云飞飞机用于实施 募投项目，同时将拟投入原募投项目的部分剩余募集资金投资于"引进 5 架 C909 系列飞机"项目；终止募投项目"购买 14 台飞机备用发动机"，并将其募 集资金投资于"引进 5 架 C909 系列飞机"项目。 根据《上市公司募集资金监管规则》《深圳证 ...

证券代码：002928 证券简称：华夏航空 公告编号：2025-031 华夏航空股份有限公司 （2）网络投票时间： 关于召开 2025 年第一次临时股东大会的通知 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。 华夏航空股份有限公司（以下简称"公司"）将于 2025 年 07 月 03 日召开 2025 年第一次临时股东大会，审议相关议案。本次股东大会采取现场表决与网 络投票相结合的方式召开，现将本次股东大会有关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2025 年第一次临时股东大会 2、股东大会的召集人：公司董事会 公司召开本次股东大会已经公司第三届董事会第十九次会议审议通过。 3、会议召开的合法、合规性：本次股东大会的召开符合《中华人民共和国 公司法》等有关法律、行政法规、部门规章、规范性文件、深圳证券交易所业务 规则和《华夏航空股份有限公司章程》的规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2025 年 07 月 03 日（星期四）14:30 深圳证券交易所交易系统投票时间：2025 年 07 月 03 日 09:15～0 ...

证券代码：002928 证券简称：华夏航空 公告编号：2025-029 华夏航空股份有限公司 第三届监事会第十八次会议决议公告 本公司及监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。 2、会议出席情况 一、监事会会议召开情况 1、会议通知、召开情况 华夏航空股份有限公司（以下简称"公司"）第三届监事会第十八次会议通 知于 2025 年 06 月 12 日以电子邮件形式发出。 本次会议于 2025 年 06 月 17 日在重庆市渝北区江北国际机场航安路 30 号 华夏航空新办公楼 524 会议室以现场结合通讯表决方式召开。 本次会议应出席监事 3 人，实际出席监事 3 人，其中 2 人现场出席（邢宗熙 先生、柳成兴先生），1 人以通讯表决方式出席（罗彤先生）。 本次会议由公司监事会主席邢宗熙先生主持，公司部分高级管理人员列席本 次会议。 3、本次会议的召开符合《中华人民共和国公司法》等有关法律、行政法规、 部门规章、规范性文件、深圳证券交易所业务规则以及《华夏航空股份有限公司 章程》的规定。 二、监事会会议审议情况 1、审议通过《关于变更募集资金用途及部分募集资金投资项 ...

证券代码：002928 证券简称：华夏航空 公告编号：2025-028 1、会议通知、召开情况 华夏航空股份有限公司（以下简称"公司""华夏航空"）第三届董事会第 十九次会议通知于 2025 年 06 月 12 日以电子邮件形式发出。 本次会议于 2025 年 06 月 17 日在重庆市渝北区江北国际机场航安路 30 号 华夏航空新办公楼 524 会议室以现场结合通讯表决方式召开。 2、会议出席情况 本次会议应出席董事 9 人，实际出席董事 9 人。其中 1 人现场出席（胡晓军 先生），8 人以通讯表决方式出席（吴龙江先生、徐为女士、乔玉奇先生、范鸣 春先生、孙超先生、仇锐先生、彭泗清先生、刘文君先生）。 本次会议由公司董事长胡晓军先生主持，公司部分监事、高级管理人员列席 本次会议。 华夏航空股份有限公司 第三届董事会第十九次会议决议公告 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、董事会会议召开情况 表决结果：9 票同意，0 票反对，0 票弃权。 受宏观经济环境、供应商交付速度等因素的影响，结合市场发展趋势与公司 自身发展战略，为提高资金使用效率，推 ...

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The passenger load factor has reached a new high, and price expectations are improving. The civil aviation passenger volume in May 2025 showed good year-on-year performance, with major airlines experiencing an increase of over 5%, particularly Eastern Airlines with a growth of 10.8% and Spring Airlines with a 14.6% increase [4][13] - The domestic market remains stable while the international market is gradually expanding. The average daily flight volume in May 2025 was stable compared to April, with a year-on-year growth of 3.2%. Major airlines have shown slight growth in domestic routes, with Spring Airlines achieving double-digit growth [5][15] - Aircraft introduction remains low, and with the peak summer travel season approaching, the industry is expected to perform well in terms of volume and pricing. The fleet size of civil aviation is projected to grow by only 2.8% year-on-year, indicating a slow supply growth [6][25] Summary by Relevant Sections Industry Basic Situation - The closing point is 2012.96, with a 52-week high of 2398.85 and a low of 1625.59 [1] Recent Operational Data - In May 2025, major airlines reported a year-on-year increase in passenger transport volume, with Eastern Airlines at 10.8% and Spring Airlines at 14.6%. The overall passenger load factor for major airlines improved by approximately 3 percentage points [4][13] - Domestic flight volume remained stable, with a year-on-year increase of 3.2%. Eastern Airlines achieved a domestic load factor of 87.2%, up 4.4 percentage points year-on-year [5][15] Investment Recommendations - The report suggests a positive outlook for the civil aviation industry, with stable pricing and improved revenue management. Recommended stocks include Spring Airlines, Juneyao Airlines, and Huaxia Airlines, with a focus on the recovery of major airlines' performance [7][29]

Core Viewpoint - The company, Huaxia Airlines, is changing the use of raised funds and the implementation subject of some fundraising projects, including reducing the number of A320 series aircraft to be introduced and terminating the purchase of spare engines, reallocating the funds to introduce C909 series aircraft [2][4][6]. Group 1: Fundraising Changes - The original fundraising project to introduce 4 A320 series aircraft has been changed to 2 aircraft, with the investment amount adjusted from 1.192 billion yuan to 754 million yuan [2]. - The project to purchase 14 spare engines, originally planned for 487 million yuan, has been terminated, affecting a total of 925 million yuan, which accounts for 38.39% of the net fundraising amount [2][4]. - The adjusted funds will be used for a new project to introduce 5 C909 series aircraft, with a total investment of 1.366 billion yuan, of which 925 million yuan will come from the raised funds [6]. Group 2: Strategic Rationale - The company aims to expand its fleet size and strengthen its leading position in the regional aviation market to meet the growing demand for air travel in small and medium-sized cities [3][4]. - The decision to terminate the spare engine purchase was influenced by macroeconomic conditions and supplier delivery speeds, with a focus on maintaining efficient use of raised funds [4][6]. - The introduction of C909 series aircraft is expected to enhance the company's core competitiveness and is aligned with the increasing demand for regional air travel services [5][6]. Group 3: Financial Implications - Each C909 aircraft has a basic price of approximately 38 million USD, with the company expected to receive a credit line from COMAC to offset part of the purchase price [6]. - The introduction of 5 C909 series aircraft is projected to generate additional revenue of 343 million yuan [6].

证券代码：002928 证券简称：华夏航空 公告编号：2025-031 公司召开本次股东大会已经公司第三届董事会第十九次会议审议通过。 公司法》等有关法律、行政法规、部门规章、规范性文件、深圳证券交易所业务 规则和《华夏航空股份有限公司章程》的规定。 （1）现场会议召开时间：2025 年 07 月 03 日（星期四）14:30 （2）网络投票时间： 深圳证券交易所交易系统投票时间：2025 年 07 月 03 日 09:15～09:25， 深圳证券交易所互联网投票系统投票时间：2025 年 07 月 03 日 09:15～15:00。 召开。 华夏航空股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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。 华夏航空股份有限公司（以下简称"公司"）将于 2025 年 07 月 03 日召开 络投票相结合的方式召开，现将本次股东大会有关事项通知如下： 一、召开会议的基本情况 （1）截至股权登记日 2025 年 06 月 30 日（星期一）下午收市时，在中国证 券登记结算有限责任公司深圳分公司登记在册的公司全体普 ...