格隆汇1月14日丨华夏航空(002928.SZ)公布，根据中华人民共和国财政部下发的《财政部关于下达2025 年民航发展基金预算（转移支付部分）的通知》，华夏航空股份有限公司应获政府补助合计人民币 52,590.00万元，占公司2024年度经审计的归属于上市公司股东净利润的196.25%，上述政府补助款项尚 未实际到账。 ...

证券代码：002928 证券简称：华夏航空 公告编号：2026-004 华夏航空股份有限公司 关于获得政府补助的公告 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。 一、获取补助的基本情况 3、补助对上市公司的影响 公司本次获得政府补助共 52,590.00 万元，其中，2024 年计提 52,589.78 万元，已计入"其他收益"会计科目，2024 年计提金额与通知下达金额之间的 差额 0.22 万元将计入 2025 年度当期损益，因此该笔政府补助对 2025 年利润总 额的影响为 0.22 万元。具体会计处理及影响金额以年度审计机构审计结果为准。 4、风险提示和其他说明。 根据中华人民共和国财政部下发的《财政部关于下达 2025 年民航发展基 金预算（转移支付部分）的通知》（财建〔2025〕468 号），华夏航空股份有 限公司（以下简称"公司""华夏航空"）应获政府补助合计人民币 52,590.00 万元，占公司 2024 年度经审计的归属于上市公司股东净利润的 196.25%，上述政府补助款项尚未实际到账，具体情况如下： | 获 | 得 | 是否 | 是 ...

Group 1: Aviation Industry - The aviation sector is expected to benefit from the anticipated appreciation of the RMB against the USD due to the Federal Reserve's interest rate cuts, leading to foreign exchange gains for airlines [1][2] - International crude oil prices are projected to decline in 2026, alleviating fuel cost pressures for airlines [1][2] - Limited capacity expansion for domestic airlines is attributed to engine issues, while economic growth is expected to drive structural growth in air travel demand, positively impacting ticket prices and airline profits [1][2] - Recommended stocks in the aviation sector include China Southern Airlines (600029), Spring Airlines (601021), and Huaxia Airlines (002928) [2] Group 2: Road Transportation Industry - The road transportation industry in China has entered a mature phase, with total expressway mileage surpassing that of the United States, making it the largest in the world as of 2024 [2] - With a slowdown in road construction investment and increasing pressure from expiring tolls, new regulations on toll road management may be introduced [2] - Future trends in the industry are expected to include renovation and expansion, mergers and acquisitions, and business diversification [2] - Recommended stock in the road transportation sector is Zhongyuan Expressway (600020) [2] Group 3: Shipping Industry - The global shipping industry is transitioning towards zero-emission energy, with green methanol emerging as a mainstream choice due to its mature technology and effective decarbonization performance [3] - As of November 2025, there are 252 renewable methanol projects tracked globally, with an expected total installed capacity of 45.1 million tons by 2030 [3] - The total installed capacity for all electro-methanol projects is projected to be 21.8 million tons, while bio-methanol projects are expected to reach 23.3 million tons by 2030 [3] - Recommended stocks in the shipping sector include CIMC Enric and COSCO Shipping International [3] Group 4: Dry Bulk Shipping - The focus has shifted from the increase in China's iron ore imports to the changes in the sources of iron ore imports, which are leading to longer transportation distances [3] - The increase in domestic alumina production and the strong growth trend in imports require ongoing attention [3] - Recommended stocks in the dry bulk shipping sector include China Merchants Energy Shipping (601872) and Haitong Development (603162) [3]

证券日报网讯1月12日，华夏航空（002928）在互动平台回答投资者提问时表示，公司将在定期报告中 及时披露相应时点的股东数量。 ...

Core Viewpoint - The aviation and airport sector experienced a slight increase of 0.23% on January 12, with CITIC Offshore Helicopter leading the gains. The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1]. Group 1: Stock Performance - CITIC Offshore Helicopter (000099) closed at 22.36, up 4.24% with a trading volume of 401,400 shares and a transaction value of 886 million yuan [1]. - Xiamen Airport (600897) closed at 17.47, up 1.22% with a trading volume of 82,500 shares and a transaction value of 143 million yuan [1]. - China Eastern Airlines (600115) closed at 6.00, up 0.33% with a trading volume of 1,101,000 shares [1]. Group 2: Capital Flow - The aviation and airport sector saw a net outflow of 18.41 million yuan from institutional investors, while retail investors had a net inflow of 25.28 million yuan [2]. - Major stocks like Hainan Airlines (600221) experienced a net inflow of 77.03 million yuan from institutional investors, but a net outflow of 49.07 million yuan from retail investors [3]. - Xiamen Airport (600897) had a net outflow of 9.17 million yuan from institutional investors, while retail investors contributed a net inflow of 469,890 yuan [3].

Core Insights - The aviation sector is expected to see profit recovery driven by favorable exchange rates and declining international oil prices, which will alleviate fuel cost pressures for airlines. Structural growth in air travel demand is anticipated due to economic growth, with key recommendations including Southern Airlines, Spring Airlines, and Huaxia Airlines [4][19][22]. - The highway industry in China has entered a mature phase, with future trends expected to include renovation and expansion, mergers and acquisitions, and business diversification. A key recommendation is Zhongyuan Expressway [4][58]. - The shipping industry is transitioning towards green methanol as a mainstream choice for zero-emission energy, with significant growth in renewable methanol projects expected by 2030. Recommended companies include CIMC Enric and COSCO Shipping International [4][89]. - The dry bulk shipping sector is witnessing structural growth due to increased transportation distances for iron ore imports and strong demand for alumina imports. Recommended companies include China Merchants Energy Shipping and Haitong Development [4]. Aviation Sector - The recovery in airline profits is supported by a favorable exchange rate and lower oil prices, with the potential for ticket prices to rise as demand increases [4][22]. - Domestic airlines are facing limited capacity expansion due to engine supply issues, while the demand for air travel is expected to grow structurally [25][31]. - The average fuel price decline is projected to reduce operational costs significantly for airlines, enhancing profitability [24][22]. - The domestic air travel market is expected to grow as the per capita flight frequency in China remains lower than the global average, indicating room for growth [34][35]. Highway Sector - The highway industry is projected to see a slowdown in construction investment, with new regulations potentially extending toll periods for aging highways [4][64]. - The total length of highways in China has surpassed that of the United States, with ongoing investments expected to enhance the network further [63][58]. - The introduction of new toll regulations may provide a framework for sustainable development in the highway sector [67][68]. Shipping Sector - The global shipping industry is increasingly adopting green methanol technology, with a significant number of renewable methanol projects expected to come online by 2030 [4][89]. - The demand for dry bulk shipping is expected to grow due to changes in iron ore import sources and increased distances, presenting opportunities for shipping companies [4].

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [2] Core Insights - The shipping sector is experiencing a recovery in oil transportation due to improved demand post-holidays and geopolitical tensions [6][16] - The aviation industry aims to achieve a passenger volume of 810 million in 2026, reflecting a growth rate of 5.2% [23][24] - The express delivery sector is expected to see a gradual recovery in competition and profitability, with a focus on major players like SF Express [20] Shipping - The oil shipping sector is rebounding due to increased cargo availability from the Middle East and geopolitical sanctions affecting supply [6][16] - Container shipping rates are showing slight increases, with strong pricing power among shipowners before long-term contract negotiations [11][12] - Key stocks to watch include COSCO Shipping Energy, China Merchants Energy, and Pacific Shipping [16] Infrastructure - Weekly data indicates a decline in truck traffic and rail freight, with road truck traffic at 46.964 million vehicles, down 14.9% week-on-week [17][18] - Port throughput for the first week of 2026 was 25.4953 million tons, showing a slight decrease but a year-on-year increase of 7.7% in container throughput [18] - Recommended stock for infrastructure investment is Anhui Expressway [18] Express Delivery - In November 2025, express delivery volume reached 18.06 billion pieces, a year-on-year increase of 5%, while revenue decreased by 3.7% [19][20] - The competitive landscape is expected to stabilize, with major companies like SF Express anticipated to see profit growth in 2026 [20] - Recommended stocks include SF Express, ZTO Express, YTO Express, and Yunda Express [20] Aviation - The aviation sector is entering a critical period with the Spring Festival approaching, and passenger volume is projected to grow by 5.2% in 2026 [23][24] - Recent data shows a year-on-year increase in domestic passenger volume of 1.5% and a decrease in ticket prices [21][24] - Recommended stocks include Air China, China Southern Airlines, and Spring Airlines [24] Logistics - The cross-border air freight price index has decreased by 19.9% week-on-week, indicating a significant drop in logistics costs [25]

Core Viewpoint - The aviation and airport sector experienced a decline of 1.19% on January 9, with China Eastern Airlines leading the drop, while the overall Shanghai Composite Index rose by 0.92% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4120.43, up 0.92%, and the Shenzhen Component Index closed at 14120.15, up 1.15% [1] - The aviation and airport sector saw a net outflow of 408 million yuan from major funds, while retail investors contributed a net inflow of 377 million yuan [2] Group 2: Individual Stock Performance - China Eastern Airlines (600115) closed at 5.98, down 3.24%, with a trading volume of 1.3034 million shares and a transaction value of 778 million yuan [2] - Other notable declines included Spring Airlines (601021) down 1.87% and China National Airlines (601111) down 1.64% [2] - The highest trading volume was recorded for Hainan Airlines (600221) with 4.4577 million shares traded, despite a decline of 10.85% in net inflow from major funds [3] Group 3: Fund Flow Analysis - Major funds showed significant outflows in several stocks, including Hainan Airlines with a net outflow of 83.62 million yuan, and Spring Airlines with a net outflow of 28.47 million yuan [3] - Retail investors showed a positive net inflow in several stocks, with Hainan Airlines seeing a retail net inflow of 64.82 million yuan [3]

Core Viewpoint - The commercial aerospace and satellite industry is experiencing significant market interest, driven by a combination of policy, technology, and capital, leading to rapid development in this sector [1][5]. Market Performance - As of January 9, the China Securities Satellite Industry Index has increased by 22% year-to-date, while the National Certificate Commercial Satellite Communication Industry Index has risen over 18%, both showing a trend of consecutive daily gains [1][5]. - Several satellite and general aviation-themed ETFs have dominated the top of the ETF performance list, with notable returns: - The satellite ETF from Fortune Fund (563230.SH) has a year-to-date return of 15.99% and a three-month return of 61.42% - The satellite industry ETF from China Merchants Fund (159218.SZ) has a year-to-date return of 15.95% and a three-month return of 61.59% [2][6]. Fund Flows - The satellite ETF from Yongying Fund (159206.SZ) has seen a net inflow of 1.864 billion yuan, nearing a total scale of 9.426 billion yuan. Other satellite ETFs from Fortune and China Merchants have also experienced net inflows exceeding 1 billion yuan [2][7]. - In contrast, some aerospace-themed ETFs have shown signs of profit-taking, with the China Merchants Aerospace ETF (159227.SZ) experiencing a net outflow of 405 million yuan year-to-date [4][8]. Industry Outlook - The year 2026 is anticipated to be a significant year for China's commercial aerospace launches, with expected launch counts surpassing 100. Several private aerospace companies plan to complete key model first flights or recovery validations [4][8]. - Breakthroughs in rocket recovery technology are projected to reduce launch costs by 70% to 90%, facilitating a shift towards a "flight-like" era for satellite launches. Additionally, large-scale networking plans from companies like China Star Network are expected to drive demand across the entire supply chain, including satellite manufacturing, rocket launches, and ground equipment [4][8].

华夏航空股份有限公司 关于为全资子公司提供担保的进展公告 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。 证券代码：002928 证券简称：华夏航空 公告编号：2026-003 一、担保额度审批情况概述 华夏航空股份有限公司（以下简称"公司"）分别于 2025 年 04 月 24 日召开 第三届董事会第十七次会议、第三届监事会第十六次会议，于 2025 年 05 月 16 日召开 2024 年年度股东大会，审议通过《关于为全资子公司提供担保的议案》， 同意公司为全资子公司向银行或其他金融机构申请授信不超过人民币 17 亿元或 等值外币提供担保，主要用于子公司引进飞机、飞机预付款、项目建设、购买航 材、设备采购、日常运营等事项；其中，对全资子公司华夏云飞融资租赁（上海） 有限公司（以下简称"华夏云飞"）及其全资子公司云飞飞机租赁（上海）有限 公司（以下简称"云飞租赁"）担保额度合计为 10 亿元。上述担保额度不含此 前已提供且仍在担保期限内的担保余额（此前已提供且仍在担保期限内的担保余 额继续有效），自 2024 年年度股东大会审议通过之日起至 2025 年年度 ...