Domestic Flight Schedule - Domestic airlines' average daily flight schedule for winter 2025 is 15,439 flights, a decrease of 1.8% compared to 2024 and an increase of 20% compared to 2019[4] - Total average daily flight schedule for domestic airlines is 16,911 flights, down 1.6% from 2024 and up 15% from 2019[4] - The average daily flight schedule for international flights is 1,276, an increase of 1.8% from 2024 but a decrease of 19% from 2019[4] International and Regional Flight Recovery - International flight schedules are recovering to 81% of 2019 levels, with domestic airlines' international flights averaging 1,472, maintaining the same recovery rate as 2024[6] - Flights to Australia, North America, Southeast Asia, and Europe are recovering to 79%, 25%, 77%, and 129% of 2019 levels respectively[6] - The average daily flight schedule for international and regional flights is 2,403, recovering to 77% of 2019 levels[52] Investment Insights - The aviation sector is expected to see significant improvements in profitability, driven by strong supply logic and elastic demand[6] - Recommended stocks include China Eastern Airlines, Spring Airlines, China National Aviation, and others, with a focus on the aviation sector's recovery potential[6] - Risks include fluctuations in oil prices, economic growth not meeting expectations, and aviation safety incidents[6]

Core Insights - The aviation and airport sector saw a slight increase of 0.31% on October 14, with China Eastern Airlines leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - China Eastern Airlines (600115) closed at 4.15, up 1.22% with a trading volume of 1.0534 million shares and a transaction value of 436 million [1] - Xiamen Airport (600897) closed at 14.56, up 1.04% with a trading volume of 19,800 shares [1] - Baiyun Airport (600004) closed at 9.54, up 0.85% with a trading volume of 179,400 shares [1] - HNA Holding (600221) closed at 1.63, up 0.62% with a trading volume of 5.3673 million shares [1] - Spring Airlines (601021) closed at 52.19, up 0.35% with a trading volume of 42,000 shares [1] Capital Flow - The aviation and airport sector experienced a net outflow of 54.71 million from institutional investors, while retail investors saw a net inflow of 97.49 million [2][3] - Major stocks like China Eastern Airlines and HNA Holding had mixed capital flows, with significant outflows from institutional and speculative investors [3]

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - The report highlights a slowdown in holiday shipments and a decline in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded [3][14] - Shenzhen has introduced detailed policies to support low-altitude economic development, and international flight routes have resumed during the 2025 National Day and Mid-Autumn Festival holidays [3][16] - China's express delivery volume reached 150 billion packages ahead of schedule, with strategic cooperation agreements signed between YTO Express and Huizhou [3][23] Summary by Sections Industry Hotspot Events - Holiday shipments have slowed, leading to a drop in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded. The China Import Crude Oil Comprehensive Index (CTFI) was reported at 1407.48 points, down 26.2% from September 25 [3][14] - Shenzhen's transportation bureau released measures to support low-altitude economic development, effective from October 9, 2025, to December 31, 2026. During the holiday, civil aviation transported 19.138 million passengers, with an average of 2.392 million passengers per day, a year-on-year increase of 3.2% [3][16][18] - As of October 11, 2025, China's express delivery volume surpassed 150 billion packages, achieving this goal 37 days ahead of schedule compared to 2024. A strategic cooperation agreement was signed between the Huizhou government and YTO Express [3][23][24] Industry High-Frequency Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was reported at 4621.00 points, down 5.3% year-on-year but up 1.3% month-on-month [28] - In September 2025, domestic cargo flights increased by 3.05% year-on-year, while international flights rose by 15.86% year-on-year [33] - The SCFI index for container shipping was reported at 1160.42 points, up 4.12% week-on-week but down 43.74% year-on-year [40] Investment Recommendations - The report suggests focusing on the equipment and manufacturing industrial product export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - It also highlights investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [4] - The report advises attention to the road and rail sector, recommending companies like Gansu Expressway, Beijing-Shanghai High-Speed Railway, and Anhui Expressway [4][5]

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 ...