Market Overview - On September 25, the aviation and airport sector declined by 0.11% compared to the previous trading day, with CITIC Heli leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - Key stocks in the aviation and airport sector showed mixed performance, with China Eastern Airlines up by 0.99% to 4.09, and Xiamen Airport down by 0.97% to 14.29 [1][2] - The trading volume and turnover for major stocks were significant, with China Eastern Airlines recording a turnover of 390 million yuan [1] Capital Flow - The aviation and airport sector experienced a net outflow of 283 million yuan from institutional investors, while retail investors saw a net inflow of 103 million yuan [2] - The detailed capital flow indicated that Southern Airlines had a net inflow of 8.66 million yuan from institutional investors, while China National Airlines faced a net outflow of 51.88 million yuan [3]

Market Overview - On September 22, the aviation and airport sector declined by 0.27%, with Xiamen Airport leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Notable stock performances included: - CITIC Hainan Airlines (Code: 6600000) closed at 22.68, up 2.81% with a trading volume of 220,300 shares and a turnover of 497 million yuan [1] - China National Aviation (Code: 601111) closed at 7.88, up 0.51% with a trading volume of 543,300 shares [1] - Xiamen Airport (Code: 600897) closed at 14.46, down 1.57% with a trading volume of 16,800 shares and a turnover of 24.29 million yuan [2] Capital Flow - The aviation and airport sector experienced a net outflow of 126 million yuan from institutional investors, while retail investors saw a net inflow of 126 million yuan [2] - The capital flow for individual stocks showed: - CITIC Hainan Airlines had a net inflow of 39.99 million yuan from institutional investors [3] - Xiamen Airport had a net inflow of 4.81 million yuan from institutional investors [3] - China Eastern Airlines (Code: 600115) had a net inflow of 24.98 million yuan from institutional investors [3]

证券代码：002928 证券简称：华夏航空 公告编号：2025-060 华夏航空股份有限公司 关于归还用于暂时补充流动资金的 金余额为 937,672,012.27 元。 三、备查文件 募集资金专户的银行收款回单。 特此公告。 部分闲置募集资金的公告 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、部分闲置募集资金用于暂时补充流动资金的审议披露情况 华夏航空股份有限公司（以下简称"公司"）于 2025 年 05 月 08 日召开第 三届董事会第十八次会议、第三届监事会第十七次会议，审议通过了《关于使 用部分闲置募集资金暂时补充流动资金的议案》，同意公司在保证募集资金投 资项目（以下简称"募投项目"）的资金需求、不影响募投项目正常进行的前 提下，使用公司 2022 年度非公开发行 A 股股票的闲置募集资金不超过 139,000.00 万元暂时补充流动资金，使用期限自董事会审议通过之日起不超过 十二个月。具体内容详见公司于 2025 年 05 月 09 日披露于巨潮资讯网的《华夏 航空股份有限公司关于使用部分闲置募集资金暂时补充流动资金的公告》（公 告编号：2 ...

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [13] Core Insights - The transportation industry is expected to see improvements in profitability across various sub-sectors in Q3 2025, driven by domestic demand recovery and resilient international demand [2][6][7][8][9][10][11][12] Summary by Sub-Sector Aviation - The aviation sector is experiencing subdued demand but is benefiting from reduced costs, leading to an overall improvement in profitability for Q3 2025. The international flight recovery remains strong, and oil prices have significantly decreased [6][19][24] Airports - Domestic airport traffic is recovering, with international flights also increasing. Revenue is expected to improve steadily, with key airports benefiting from both domestic and international demand growth [2][6][24][26] Express Delivery - The "anti-involution" policy is driving price increases in the express delivery sector, leading to improved profitability for e-commerce deliveries. However, operational costs are temporarily pressuring profit margins [2][6][28][30] Logistics - The logistics sector is stabilizing, with major players expected to see profit growth due to improved supply chain performance and resilient cross-border logistics profitability [2][6][7][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different shipping types. While container shipping faces challenges, oil tanker profits are improving due to favorable market conditions [2][6][8][33][37] Ports - Port operations are expected to see improved profitability in bulk cargo handling, while container throughput remains resilient despite external pressures [2][6][9][39] Highways - Highway traffic is relatively stable, with a slight increase in profitability anticipated for Q3 2025, supported by steady freight and passenger traffic [2][10][41] Railways - Railway passenger and freight volumes are showing mixed trends, with a focus on opportunities arising from high-speed rail transformations. Overall, passenger transport is expected to grow, while freight transport is improving [2][11][43][44]

Core Insights - The aviation and airport sector saw a slight increase of 0.24% on September 19, with Huaxia Airlines leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Huaxia Airlines (002928) closed at 9.80, up 2.40% with a trading volume of 180,100 shares and a transaction value of 174 million [1] - Xiamen Airport (600897) closed at 14.69, up 1.80% with a trading volume of 34,500 shares and a transaction value of 49.97 million [1] - China Eastern Airlines (600115) closed at 4.07, up 0.74% with a trading volume of 1,130,800 shares and a transaction value of 457 million [1] Capital Flow - The aviation and airport sector experienced a net outflow of 242 million from institutional investors, while retail investors saw a net inflow of 213 million [2] - The net inflow from speculative funds was 29.57 million [2] Individual Stock Capital Flow - Shanghai Airport (600009) had a net inflow of 19.13 million from institutional investors, while retail investors had a net outflow of 1.09 million [3] - Huaxia Airlines (002928) saw a net inflow of 4.48 million from institutional investors and a net outflow of 8.98 million from retail investors [3] - China Southern Airlines (600029) experienced a net outflow of 2.13 million from institutional investors, with a net inflow of 3.73 million from speculative funds [3]

Core Viewpoint - The aviation industry in China is experiencing a recovery in demand, with significant improvements in passenger load factors and a stabilization of domestic ticket prices following the conclusion of major foreign affairs activities in early September [1][4]. Industry Dynamics - In August, the aviation demand continued to grow year-on-year, with supply growth limited, leading to record-high passenger load factors and significant improvements compared to previous months [1]. - The six listed airlines in A-shares reported an increase in Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) by 4.8% and 5.5% year-on-year, respectively, with an overall passenger load factor of 86.9%, up by 0.6 percentage points [2]. - Domestic routes saw a year-on-year ASK/RPK increase of 1.7% and 2.8%, respectively, with a passenger load factor of 88.3%, reflecting a 0.9 percentage point increase compared to the previous year [2]. - International routes exceeded 2019 levels, with ASK/RPK growth of 13.3% and 13.4% year-on-year, indicating a recovery rate above 100% [2]. Performance Metrics - The aircraft utilization rate in August was reported at 8.9 hours, an increase of 1.0 hours year-on-year, with wide-body aircraft utilization up by 1.8% and narrow-body down by 0.4% [3]. - The domestic passenger load factor reached a historical high of 88.3%, up by 0.9 percentage points year-on-year and 1.0 percentage point compared to 2019 [3]. - Ticket prices for domestic economy class decreased by 5.5% year-on-year, while international ticket prices dropped by 14% [3]. Fleet Expansion - The fleet of the six listed airlines increased by 0.4% month-on-month, with a total of 3,329 aircraft managed as of August 2025, reflecting a net increase of 14 aircraft [3]. - The main aircraft types introduced were the A320 and B737 series, with a total of 16 narrow-body aircraft added [3]. Investment Recommendations - Continuous monitoring of demand recovery is advised, particularly regarding sales data during the National Day holiday and the performance of business routes post-holiday [4]. - The sustained improvement in demand during the latter half of the summer season, coupled with limited supply growth, is expected to stabilize domestic ticket prices and enhance investment sentiment in the sector [4].

证券代码：002928 证券简称：华夏航空 公告编号：2025-059 华夏航空股份有限公司 回购报告书 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。 重要内容提示： 1、华夏航空股份有限公司（以下简称"公司"）决定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 11,816,839 股，占公司总股本的比例为 0.92%，具体回购 数量以回购期限届满或回购股份实施完毕时实际回购的股份数量为准），回购 期间为自董事会审议通过之日起不超过 6 个月。 2、公司已于 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》，本议案已经三分 之二以上董事出席的董事会决议通过，无需提交股东会审议。 3、截至本公告披露日，公 ...

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：2025-058 华夏航空股份有限公司 关于回购股份事项前十名股东及 前十名无限售条件股东持股情况的公告 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 11,816,839 股，占公司总股本的比 例为 0.92%，具体回购数量以回购期限届满或回购股份实施完毕时实际回购的 股份数量为准），回购期间为自董事会审议通过之日起不超过 6 个月。具体内 容详见公司于 2025 年 9 月 16 日披露于巨潮资讯网的 ...

Core Viewpoint - The aviation and airport sector experienced a decline of 2.43% on September 18, with Huaxia Airlines leading the drop. The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1]. Group 1: Stock Performance - The following stocks in the aviation and airport sector showed notable performance: - Hainan Airlines (600221) closed at 1.73, up 1.17% with a trading volume of 15.53 million shares [1]. - Baiyun Airport (600004) closed at 9.54, down 1.24% with a trading volume of 265,400 shares [1]. - Shanghai Airport (600009) closed at 31.94, down 1.39% with a trading volume of 146,200 shares [1]. - Spring Airlines (601021) closed at 53.31, down 1.82% with a trading volume of 63,800 shares [1]. - Xiamen Airport (600897) closed at 14.43, down 1.84% with a trading volume of 44,300 shares [1]. - Shenzhen Airport (000089) closed at 7.06, down 1.94% with a trading volume of 172,400 shares [1]. - Juneyao Airlines (603885) closed at 13.25, down 2.50% with a trading volume of 254,300 shares [1]. - CITIC Offshore Helicopter (000099) closed at 22.35, down 2.78% with a trading volume of 253,700 shares [1]. - Air China (601111) closed at 7.81, down 3.46% with a trading volume of 859,500 shares [1]. - China Eastern Airlines (600115) closed at 4.04, down 3.81% with a trading volume of 1,648,800 shares [1]. Group 2: Capital Flow - The aviation and airport sector saw a net outflow of 370 million yuan from institutional investors, while retail investors contributed a net inflow of 210 million yuan [2]. - The following stocks experienced significant capital flow: - Shenzhen Airport (000089) had a net inflow of 9.26 million yuan from institutional investors, but a net outflow of 733.53 million yuan from retail investors [3]. - Huaxia Airlines (002928) had a net inflow of 5.35 million yuan from institutional investors, with a net outflow of 137.69 million yuan from retail investors [3]. - Xiamen Airport (600897) had a net inflow of 1.24 million yuan from institutional investors, but a net outflow of 890.25 million yuan from retail investors [3]. - Shanghai Airport (600009) experienced a net outflow of 17.38 million yuan from institutional investors, while retail investors contributed a net inflow of 453.53 million yuan [3]. - Baiyun Airport (600004) had a net outflow of 21.21 million yuan from institutional investors, but a net inflow of 1.26 million yuan from retail investors [3].

华夏航空股份有限公司 证券代码：002928 证券简称：华夏航空 公告编号：2025-057 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。 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 ...