Summary of Key Points from Conference Call Records Industry Overview - **Global Market Impact**: The global multi-asset market has experienced significant declines due to rising risk aversion stemming from U.S. export controls on Boeing aircraft parts and increased tariffs on Chinese goods, leading to the largest single-day and weekly drops in the Nasdaq and S&P 500 indices since April [1][2][4]. - **Oil Price Decline**: Oil prices have plummeted, with Brent crude and WTI reaching their lowest levels since May, at $62 and $58 respectively, primarily due to improved expectations of oil supply stability following a ceasefire agreement between Israel and Hamas [1][5][4]. Company-Specific Insights - **Boeing and Chinese Airlines**: The U.S.-China trade war may position Boeing aircraft and parts as key negotiation points, potentially leading to delays in deliveries to Chinese airlines, which currently hold at least 222 Boeing aircraft orders [1][6][7]. - **Airline Sector Performance**: The increase in passenger load factors during the National Day holiday and the drop in oil prices are favorable for airline stocks, with recommendations for Huaxia Airlines and major Hong Kong banks [1][6][7]. - **Shipping Industry**: The initial impacts of the U.S.-China trade war on goods trade may paradoxically benefit shipping rates due to potential stockpiling after a short-term decline in imports, with COSCO Shipping recommended as a core investment [1][8]. Sector Analysis - **Express Delivery Industry**: A price increase in express delivery services in Henan signals the start of a second wave of price hikes, with expectations for similar increases in other regions ahead of the Double Eleven shopping festival. Companies like YTO Express and Shentong Express are recommended [3][10]. - **Chemical Industry**: Chemical product prices have slightly decreased due to the trade war, with a focus on resource-based fertilizers and agricultural chemicals for growth opportunities. Berkshire Hathaway's acquisition of a chemical division indicates investment potential in leading chemical firms [3][11]. - **Coal Industry**: Coal demand has exceeded expectations, with long-term contracts priced higher than spot prices, indicating strong winter replenishment demand. Companies like China Shenhua and Shaanxi Coal are highlighted for their high dividend yields [3][19]. Additional Insights - **Trade War Effects on Logistics**: The trade war's impact on logistics and shipping may create volatility, but it also presents opportunities for investment in companies less affected by U.S.-China tensions, such as JIAYOU International and Jitu Express [1][9]. - **Chemical Sector Recovery**: The chemical sector is expected to see a recovery in profitability, with price increases anticipated in October. Key players like Sanyou Chemical and Zhongtai Chemical are recommended for investment [11][13][17]. - **Agricultural Chemicals**: The market for agricultural chemicals is showing signs of recovery, with price increases expected for glyphosate and potassium fertilizers, suggesting investment in leading firms like Xingfa Group and Jiangshan Chemical [15]. This summary encapsulates the critical insights and recommendations from the conference call records, providing a comprehensive overview of the current market dynamics and investment opportunities across various sectors.

Investment Rating - The report does not explicitly state an investment rating for the industry Core Views - The shipping and shipbuilding industry is poised for historical opportunities due to China's countermeasures against the U.S. shipping fees, which may lead to non-linear price increases in the short term and a reduction in available vessels in the medium term [19][20] - The report highlights the potential for a surge in shipbuilding orders if U.S. investments in Chinese shipbuilding are exempted from tariffs, and the implications of U.S.-China negotiations on the industry [19][20] Summary by Sections 1. Industry Market Performance - The transportation index increased by 1.09%, outperforming the CSI 300 index by 1.60 percentage points, with the road freight sector showing the highest increase of 3.04% [4][5] - Shipping data indicates that the coastal dry bulk freight index in China remained stable, while the Shanghai export container freight index rose by 4.12% [4][5] 2. Sub-industry Weekly Insights - The shipping and shipbuilding sector is expected to benefit from China's recent regulatory changes, which impose special port fees on U.S. vessels, potentially leading to increased operational costs for U.S. shipping companies [20][21] - The report identifies key companies to watch, including China Shipping and China State Shipbuilding, as they may benefit from these developments [19] 3. High Dividend Stocks in Transportation - The report lists high dividend stocks in the transportation sector, including China Shipping (603167.SH) with a projected dividend yield of 10.92% and Daqin Railway (601006.SH) with a yield of 3.75% [17] - The report emphasizes the importance of dividend yields as a factor for investment decisions in the transportation sector [17] 4. ETF Size Changes - The report provides data on the changes in the size of various ETFs related to the transportation sector, indicating a general trend of growth in assets under management [13][14] 5. Potential Investment Opportunities - The report suggests that the shipping sector, particularly oil tankers and dry bulk carriers, may present significant investment opportunities due to the ongoing geopolitical tensions and regulatory changes [19][20] - Companies such as China Shipping and China State Shipbuilding are highlighted as potential beneficiaries of these market dynamics [19]

Core Viewpoint - The company plans to repurchase its shares using its own funds and a special loan for share repurchase, with a total amount between RMB 80 million and RMB 160 million, aimed at employee stock ownership plans or equity incentives [1] Group 1: Share Repurchase Plan - The company intends to repurchase a portion of its publicly issued shares (A-shares) through centralized bidding, with a maximum repurchase price of RMB 13.54 per share [1] - The estimated number of shares to be repurchased is approximately 11,816,839 shares, which represents 0.92% of the company's total share capital [1] - The repurchase period is set to be within six months from the date of the board's approval [1] Group 2: Progress Update - As of September 30, 2025, the company has not yet implemented the share repurchase plan [2] Group 3: Compliance and Future Actions - The company will implement the repurchase plan based on market conditions and will comply with relevant regulations regarding information disclosure [3]

Investment Rating - The report maintains an "Overweight" rating for the transportation industry, indicating a positive outlook compared to the overall market performance [12]. Core Insights - The report highlights a recovery in profits for the express delivery sector driven by anti-competition policies, with an expected increase in prices leading to improved profitability for companies like Shentong Express and YTO Express [5][6]. - The shipping sector is experiencing strong demand, particularly for oil tankers, with historical high freight rates observed in August and September 2025. The report anticipates continued demand growth due to OPEC+ production increases and a release of pent-up inventory demand [5]. - The shipbuilding industry is in a phase of profit release as high-priced orders are being delivered, with a strong demand for replacing old vessels. The report notes that the implementation of the 301 policy is expected to stimulate order volumes and ship prices [5]. - The airline sector is projected to see significant improvements in operational performance due to increased capacity and a recovery in international travel, with major airlines like China Eastern Airlines and Southern Airlines expected to benefit [5][6]. - The report also indicates that the highway and railway sectors are likely to maintain growth in traffic volumes, with improvements in railway freight performance anticipated due to the retraction of previous freight rate reductions [5]. Summary by Sections Shipping - Oil tanker freight rates reached historical highs in August and September 2025, with a projected 14% decline in VLCC market rates for Q3, while Cape-sized bulk carriers are expected to see a 19% increase in rates [5]. - The report recommends companies such as China Merchants Energy Shipping and China Merchants Heavy Industry, highlighting the strong demand and supply constraints in the sector [5]. Shipbuilding - The shipbuilding industry is characterized by a tight supply-demand balance, with ongoing demand for replacing old vessels. The report suggests that the implementation of the 301 policy will positively impact order volumes and ship prices [5]. - Recommended companies include China Shipbuilding Industry Corporation and China State Shipbuilding Corporation, which are expected to benefit from the current market dynamics [5]. Airlines - The airline sector is entering a peak travel season with increased capacity and improved passenger flow. The report anticipates significant operational improvements for major airlines due to favorable external factors such as lower oil prices [5][6]. - Companies like China Eastern Airlines and Spring Airlines are highlighted as key beneficiaries of this trend [5]. Express Delivery - The express delivery sector is expected to see a recovery in profits due to rising prices and reduced competition. The report notes a 12.3% year-on-year growth in express delivery volume in August 2025 [5]. - Recommended companies include Shentong Express and YTO Express, which are expected to benefit from the ongoing price increases [5]. Highway and Railway - The report forecasts growth in highway traffic and railway passenger and freight volumes, with a notable increase in railway freight performance expected in Q3 2025 [5]. - Recommended companies include Zhejiang Huhangyong and Beijing-Shanghai High-Speed Railway, which are expected to perform well in the current environment [5].

Core Points - Huaxia Airlines held its fourth board meeting on September 15, 2025, and approved a share repurchase plan through centralized bidding [1] - The company plans to use its own funds and special loans for share repurchase, targeting public shares (A-shares) for employee stock ownership plans or equity incentives [1] - The repurchase amount is set between 80 million and 160 million RMB, with a maximum repurchase price of 13.54 RMB per share, potentially repurchasing up to 11.816839 million shares, accounting for 0.92% of the total share capital [1] - The repurchase period will not exceed six months from the board's approval date, with progress updates required to be disclosed within the first three trading days of each month [1] - As of September 30, 2025, the company has not yet implemented the share repurchase [1]

Group 1 - The core point of the article is that Huaxia Airlines has announced it will not implement its share repurchase plan by September 30, 2025 [1] - As of the first half of 2025, the revenue composition of Huaxia Airlines shows that the airline transportation sector accounts for 98.73% of total revenue, while other business revenues make up 1.27% [1] - The current market capitalization of Huaxia Airlines is 12.9 billion yuan [1]

公司后续将根据《上市公司股份回购规则》《深圳证券交易所上市公司自 律监管指引第 9 号——回购股份》的相关规定及公司股份回购方案，在回购期 限内根据市场情况择机实施本次回购计划，并根据相关法律、法规和规范性文 件的规定及时履行信息披露义务，敬请广大投资者注意投资风险。 证券代码：002928 证券简称：华夏航空 公告编号：2025-062 特此公告。 华夏航空股份有限公司 关于回购股份进展情况的公告 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"公司"）于 2025 年 09 月 15 日召开公 司第四届董事会第一次会议审议通过了《关于以集中竞价交易方式回购公司股 份方案的议案》。公司拟使用自有资金及股票回购专项贷款资金以集中竞价交 易方式回购部分公司已发行的社会公众股份（A 股人民币普通股），用于员工 持股计划或者股权激励。本次回购金额不低于人民币 8,000.00 万元且不超过人 民币 16,000.00 万元，回购价格不超过人民币 13.54 元/股（按回购金额上限和 回购价格上限测算，预计可回购股份数量为 11,816 ...

Investment Rating - The investment rating for the aviation industry is "Overweight" [2]. Core Insights - The domestic aviation market has shown strong performance during the National Day holiday, with passenger transport volume averaging approximately 2.15 million people per day, a year-on-year increase of 31% compared to 2019 and 4% compared to 2024 [1]. - The average ticket price (including fuel) has increased by 7% compared to 2019 and 3% compared to 2024, indicating a positive trend in pricing despite some regional weather disruptions [1]. - The industry is expected to enter a "golden era" over the next 5-10 years, driven by supply chain improvements and increasing demand, with major airlines likely to continue reporting strong earnings [1]. Summary by Sections Passenger Transport Data - Daily average domestic passenger transport volume: 2.15 million, +31% YoY vs. 2019, +4% YoY vs. 2024 [1]. - Daily average domestic flight volume: 14,500 flights, +19% YoY vs. 2019, +2% YoY vs. 2024 [1]. - International passenger transport volume: 380,000, -13% YoY vs. 2019, +11% YoY vs. 2024 [1]. Market Perception - There are misconceptions regarding the recovery of Boeing and Airbus production capacity, which may not reverse the aging trend of aircraft [1]. - Current low domestic ticket prices do not necessarily correlate with poor airline profitability, as many airlines have seen international market recovery exceeding pre-pandemic levels [1]. Future Outlook - The aviation industry is expected to experience significant improvements in profitability, with a shift from losses to profitability anticipated in the coming years [1]. - The supply chain issues leading to aircraft shortages are projected to persist for 5-10 years, creating a favorable environment for airlines [1]. Investment Recommendations - Continued focus on the aviation sector is recommended, with specific attention to airlines such as China Eastern Airlines, Spring Airlines, and China Southern Airlines, among others [1][2].

Investment Rating - The report gives an "Overweight" rating for the aviation industry, indicating a positive outlook for the sector's performance compared to the overall market [8]. Core Insights - The National Day holiday data for the aviation industry exceeded expectations, signaling an upcoming golden era for airlines. The domestic aviation market showed stable performance despite adverse weather conditions, with daily passenger transport volume averaging approximately 2.15 million, a 31% increase compared to 2019 and a 4% increase compared to 2024 [2]. - The growth in passenger volume is primarily dependent on the increase in aircraft numbers, and a low growth rate in passenger volume amidst high load factors is seen as a positive indicator for profitability. If fleet size does not grow, passenger volume may stagnate or decline, leading to potential supply-demand mismatches and price fluctuations [2]. - The report highlights two misconceptions in the market: first, the belief that the recovery of Boeing and Airbus production capacity will reverse the aging trend of aircraft; second, the notion that lower ticket prices will negatively impact airline profitability. The report argues that many domestic airlines have already surpassed 2019 levels in international market recovery, and as long as the reduction in unit costs exceeds the decline in unit revenues, airline profitability will improve [2]. - The Chinese civil aviation sector is entering a golden age, expected to last 5-10 years, driven by supply chain improvements. Short-term indicators include record profits for major airlines during the National Day holiday, while medium-term expectations include a transition from losses to profitability for airlines [2]. - Investment recommendations include focusing on the aviation sector, with a strong supply-side logic and elastic demand. Airlines such as China Eastern Airlines, Spring Airlines, and China Southern Airlines are highlighted as potential investment opportunities, along with global aircraft leasing companies and airport sectors showing continuous recovery [2][3]. Summary by Sections - **Passenger Transport Data**: Daily domestic passenger transport volume reached approximately 2.15 million, with a 31% increase from 2019 and a 4% increase from 2024. Daily domestic flight volume averaged about 14,500 flights, a 19% increase from 2019 and a 2% increase from 2024 [2]. - **International Market Performance**: Daily international passenger transport volume averaged around 380,000, a 13% decrease from 2019 but an 11% increase from 2024. The average ticket price for international flights decreased by 12% compared to 2024 [2]. - **Company Valuation Table**: Key companies in the aviation sector, such as China Southern Airlines and China Eastern Airlines, have been rated as "Outperform" or "Buy," with projected earnings per share (EPS) growth indicating strong future performance [3].

Core Viewpoint - The aviation and airport sector experienced a rise of 0.82% on October 9, with Southern Airlines leading the gains, while the Shanghai Composite Index rose by 1.32% and the Shenzhen Component Index increased by 1.47% [1]. Group 1: Stock Performance - Southern Airlines (600029) closed at 6.17, up by 1.98% with a trading volume of 1.2 million shares and a transaction value of 724 million yuan [1]. - China Eastern Airlines (600115) closed at 4.22, up by 1.69% with a trading volume of 2.3 million shares and a transaction value of 941 million yuan [1]. - Hainan Airlines (600221) closed at 1.64, up by 1.23% with a trading volume of 4.6 million shares and a transaction value of 752 million yuan [1]. - Xiamen Airport (600897) closed at 14.37, down by 0.62% with a trading volume of 19,700 shares and a transaction value of 28.2 million yuan [2]. - Baiyun Airport (600004) closed at 9.44, down by 0.42% with a trading volume of 201,000 shares and a transaction value of 18.9 million yuan [2]. Group 2: Capital Flow - The aviation and airport sector saw a net outflow of 119 million yuan from institutional investors, while retail investors contributed a net inflow of 27.67 million yuan [2]. - China National Airlines (601111) had a net inflow of 33.72 million yuan from institutional investors, but a net outflow of 36.14 million yuan from retail investors [3]. - Hainan Airlines (600221) experienced a net inflow of 22.03 million yuan from institutional investors, while retail investors had a net inflow of 231,800 yuan [3].