Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the need for the express delivery industry to shift towards high-quality development, as the State Post Bureau opposes "involution" competition and aims to improve service quality [4] - The express delivery sector is currently experiencing a decline in per-package revenue, with major companies like Zhongtong, Yuantong, Yunda, and Shentong showing year-on-year decreases in revenue per package [4] - Jitu's Southeast Asian market has seen significant growth, with a total package volume of 7.392 billion pieces in Q2 2025, a year-on-year increase of 23.5% [5] - The airline industry is expected to benefit from macroeconomic recovery, with long-term supply-demand trends indicating potential for growth [12] - The shipping sector is anticipated to improve due to OPEC+ production increases and the Federal Reserve's interest rate cuts, with specific recommendations for companies like China Merchants Energy and COSCO Shipping [12] Summary by Sections Express Delivery - The express delivery market is facing intense competition, with major players experiencing a decline in revenue per package [4] - The report suggests that regulatory changes could help improve the situation by reducing low-cost competition and enhancing the performance of leading companies [4][12] Airline Industry - The airline sector is characterized by long-term low supply growth, but demand is expected to benefit from macroeconomic recovery [12] - Key companies to watch include China National Aviation Holding, Southern Airlines, and HNA Group [12] Shipping and Ports - The report indicates a positive outlook for oil transportation due to OPEC+ production increases and potential interest rate cuts [12] - Recommendations include focusing on companies like China Merchants Energy and COSCO Shipping for their growth potential in the shipping market [12] Road and Rail - The report notes that the Daqin Railway experienced a year-on-year decrease in freight volume in June 2025, while overall logistics operations remain stable [11][12] - Companies like Zhongyuan Expressway and Sichuan Chengyu are highlighted for their growth potential due to infrastructure developments [12]

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Insights - The easing of the Israel-Iran conflict has led to a decline in oil tanker rates, with the VLCC market shifting from geopolitical influences to supply-demand fundamentals [3][14] - The establishment of the General Aviation and Low Altitude Economy Working Group by the Civil Aviation Administration of China (CAAC) aims to enhance the development of low-altitude economy and general aviation [3][16] - The price of unmanned logistics vehicles has dropped to around 20,000 yuan, contributing to a 5.3% year-on-year growth in national social logistics total in the first five months of 2025 [3][22] Industry Highlights - The VLCC market sentiment has transitioned to supply-demand fundamentals, with tanker rates under pressure due to increased competition among shipowners and no significant rise in cargo volumes [3][14] - As of July 4, 2025, the shipping rates from Shanghai to Europe increased by 3.5% to 2,101 USD/TEU, while rates to the US West and East coasts decreased by 19.0% and 12.6%, respectively [3][15] - In the first half of 2025, 117 new international air cargo routes were opened in China, with over 233 round-trip flights added weekly [3][16][18] - The logistics sector has seen a total of 138.7 trillion yuan in social logistics, reflecting a 5.3% year-on-year increase, with a slight deceleration in growth compared to previous months [3][24] High-Frequency Data Tracking - In June 2025, domestic cargo flights increased by 9.42% year-on-year, while international flights rose by 32.87% [26][33] - The express delivery sector experienced a 17.20% year-on-year increase in business volume in May 2025, with total express business volume reaching 173.2 billion pieces [56][58] - The national port cargo throughput reached 7.345 billion tons in the first five months of 2025, marking a 3.8% year-on-year growth [52]

Group 1: Core Insights - The report highlights a turning point in the aviation industry, with strong attractiveness in odds and a multi-factor resonance leading to improvement, indicating that profitability is on the rise quarter by quarter [4][24]. - The supply side is tightening, with clear signals of supply-demand improvement, and the cyclical elasticity is finally being released [4][24]. - Most companies in the industry currently have a single-machine market value in the historical top 40% percentile, making the odds highly attractive [4][24]. Group 2: Aviation Sector Analysis - The report reviews the price challenges faced in 2024, noting a significant decline in domestic ticket prices, which has negatively impacted stock performance [22][25]. - Starting from Q2 2025, the decline in naked ticket prices has significantly narrowed, with passenger load factors and aircraft utilization rates approaching historical highs [22][41]. - The demand side is evolving, with trends similar to Japan's past, including increased travel frequency and stable business demand, driven by demographic changes and economic structure [23][64]. Group 3: Supply Side Dynamics - The report indicates that engine issues during the off-season have further squeezed about 5% of capacity, complicating global aircraft introductions due to tariff impacts on the supply chain [23][24]. - It forecasts a 2.3% year-on-year growth in industry supply for 2025 and 1.7% for 2026, suggesting a continuous improvement in supply-demand relationships [23][24]. Group 4: Investment Recommendations - The report recommends A-share private airlines (Hua Xia, Spring Airlines, and Ji Xiang) and the three major Hong Kong airlines, considering performance elasticity and valuation percentiles [4][24]. - If the PMI index shows a significant reversal, it suggests recommending the three major A-share airlines as elastic targets [4][24]. Group 5: Airport Sector Insights - The airport sector is expected to see steady profit growth, with its business model's sustainability and the upgrade of duty-free operations closely tied to long-term economic recovery expectations [8]. - The report anticipates accelerated recovery of international passenger flows, with rising per capita consumption driving steady increases in airport duty-free and taxable commercial spending [8]. Group 6: Highway Sector Analysis - The highway sector is characterized by stable profit foundations, with low-interest rates enhancing the cost-effectiveness of road investments [9]. - The report suggests focusing on stable growth and dividend-paying stocks like China Merchants Highway, Ninghu Highway, and Guangdong Highway, which are backed by monopolistic core assets [9].

北京市金杜律师事务所 关于华夏航空股份有限公司 2025 年第一次临时股东大会 的法律意见书 致：华夏航空股份有限公司 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2022 年年度股东大会审议通过的《公司章程》； 2. 公司于 2025 年 6 月 18 日刊登于巨潮资讯网及深圳证券交易所网站的《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》《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》； 3. 公司于 2025 年 6 月 18 日刊登于巨潮资讯网及深圳证券交易所网站的《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》（以下简称《股 东大会通知》）； 4. 公司本次股东大会股权登记日的股东名册； 5. 出席现场会议的股东的到会登记记录及凭证资料； 北京市金杜律师事务所（以下简称本所）接受华夏航空股份有限公司（以下 简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、《中华 人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上市公司 股东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以 ...

证券代码：002928 证券简称：华夏航空 公告编号：2025-032 华夏航空股份有限公司 2025 年第一次临时股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开情况： （1）会议召开时间：2025 年 07 月 03 日（星期四） 1）现场会议时间：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， 09:30～11:30，13:00～15:00； 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。 （2）会议召开地点：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 （3）会议召开方式：现场表决与网络投票相结合 （4）会议召集人：公司董事会 （5）会议主持人：公司董事长胡晓军先生 本次会议的召开符合《中华人民共和国 ...

Core Points - The successful inaugural flight of the "Xilin Hot—Wuhai—Xi'an" route marks a significant development for Xilin Hot Airport, utilizing the Airbus A320 model for the first time [1][4] - The flight schedule is designed for efficiency, allowing travelers to experience three cities in a shorter time frame, enhancing travel convenience [4] - A promotional ticket reduction campaign has been launched, with one-way fares starting at 330 yuan from Xilin Hot to Wuhai and 520 yuan to Xi'an, aimed at boosting passenger travel intentions [4] Industry Developments - Xilin Hot Airport has seen a continuous improvement in air connectivity, with 22 routes opened this year, reaching 23 cities both within and outside the region [5] - During the peak summer travel season, the airport has expanded its reach to 10 cities outside the region, covering major areas across China, including East, South, North, Northwest, Southwest, and Northeast regions [5] - A themed travel activity titled "Grassland Style·Yellow River Culture" was organized in conjunction with the inaugural flight, with 50 tourists participating in an 8-day cultural experience journey [4][5]

Core Insights - The Civil Aviation Administration of China reported a total profit of 1.2 billion yuan for the aviation industry in 2024, marking a significant improvement of 20.61 billion yuan year-on-year, representing the first overall "loss reduction and profit increase" since the pandemic [1] - Private airlines demonstrated significantly better profitability compared to state-owned carriers, with Spring Airlines, Juneyao Airlines, and China United Airlines achieving net profits of 2.273 billion yuan, 914 million yuan, and 268 million yuan respectively [1] - State-owned airlines, including China Southern Airlines, China Eastern Airlines, and Air China, continued to face losses for the fifth consecutive year, with an average loss reduction from 5 billion USD in 2022 to 286 million USD in 2024 [2] Industry Structure - The profitability of private airlines is attributed to their low-cost operating models, with Spring Airlines exemplifying this approach by maintaining a focus on core metrics such as flight utilization, passenger load factor, and cost control [3] - Private airlines have shown greater flexibility in route selection, prioritizing market demand and profitability, which has allowed them to fill market gaps that state-owned airlines have overlooked [3] - The operational efficiency and decision-making agility of private airlines have enabled them to recover more quickly from the pandemic compared to state-owned counterparts [4] Future Outlook - The aviation market in China is expected to undergo a reshuffling in the coming years as it emerges from the pandemic, with private airlines likely to continue focusing on differentiated and segmented market strategies [4] - State-owned airlines may need to implement deep structural reforms in their organizational, financial, and operational mechanisms to escape the cycle of losses, potentially exploring mixed-ownership trials for non-core routes and subsidiaries [4]

Core Viewpoint - The event organized by Huaxia Airlines aimed to enhance aviation safety skills and celebrate the party's anniversary through practical training and competition [1]. Group 1: Competition Overview - The fifth aviation safety personnel skills competition was held in Chongqing, featuring 8 teams from various bases of Huaxia Airlines [1][3]. - The competition consisted of two main segments: theoretical duty competition and comprehensive physical fitness competition, integrating professional knowledge with competitive elements [3]. Group 2: Theoretical Duty Competition - The theoretical duty competition showcased the results of scenario-based training, including individual and group answering formats, as well as rapid response questions [3]. - Participants engaged with video presentations of real security incidents, enhancing their understanding of aviation security regulations and demonstrating their professional knowledge and psychological resilience [3]. Group 3: Comprehensive Physical Fitness Competition - The physical fitness segment combined high-intensity physical tasks, information memorization, psychological pressure resistance, and emergency response skills, creating a multi-dimensional assessment system [5][6]. - Contestants were required to memorize key information quickly, overcome physical obstacles, and respond to simulated emergencies using professional tactics, rigorously testing their emergency response capabilities [6]. Group 4: Results and Future Plans - After intense competition, the Inner Mongolia base security team won the group first prize, with six individual awards distributed among participants [7]. - Huaxia Airlines has successfully hosted this event for five consecutive years, significantly improving the operational capabilities and teamwork of aviation security personnel, while reinforcing the company's air defense safety measures [7]. - The company plans to continue prioritizing safety and strengthening its aviation security team to ensure passenger safety and contribute positively to the party's initiatives [7].

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The easing of tensions in the Middle East has led to a decline in oil tanker rates, with the VLCC market experiencing a significant price drop of 14.31% compared to June 19, with current rates at WS59.88 [3][12] - In the shipping sector, the demand for European routes has improved, resulting in a 10.6% increase in spot market booking prices, while the US routes have seen a decline of 7.0% and 11.9% for the West and East coasts, respectively [3][14] - During the summer travel season, Hainan Airlines plans to operate nearly 2,500 flights daily, with domestic ticket bookings reaching 17.9 million, a 5% increase year-on-year [3][15] - The newly unveiled Zhuque eVTOL has a range of 600 kilometers, and from January to May, national railway freight volume increased by 3.1% year-on-year, totaling 1.641 billion tons [3][22] Summary by Sections 1. Industry Hot Events - The Middle East situation has calmed, leading to a reduction in oil tanker rates and a return to supply-demand fundamentals [12] - Hainan Airlines is set to launch 75 new domestic and international routes during the summer travel season, with a daily flight plan of nearly 2,500 [15] - The Zhuque eVTOL was showcased, achieving a range of 600 kilometers, while railway freight volume showed a year-on-year increase [22] 2. High-Frequency Data Tracking - Air logistics: The overall trend for routes to the Asia-Pacific remains stable, with air freight prices showing a decline [25] - Shipping ports: The domestic container shipping price index has decreased, while dry bulk freight rates have also fallen [43] - Express logistics: In May 2025, express delivery volume increased by 17.20% year-on-year, with revenue rising by 8.20% [54] - Air travel: The average daily international flights in the last week of June 2025 increased by 17.51% year-on-year [3] - Road and rail: The number of freight trucks on highways increased by 0.88% week-on-week [3] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Investment opportunities in the road and rail sector, recommending Sichuan Chengyu, Gansu Expressway, and others [4] - Interest in cruise and ferry investment opportunities, recommending Bohai Ferry and Haixia Co [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, and others [4]

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]