Core Viewpoint - Huaxia Airlines has experienced a decline in stock price and trading activity, with a notable drop in net outflow of funds, despite a year-on-year increase in revenue and net profit for the first nine months of 2025 [1][2]. Group 1: Stock Performance - On January 9, Huaxia Airlines' stock fell by 2.01%, trading at 10.71 yuan per share, with a total market capitalization of 13.69 billion yuan [1]. - The stock has decreased by 3.08% year-to-date and has shown a 3.08% decline over the last five trading days, while it has increased by 6.89% over the last 20 days [1]. - The company has a turnover rate of 0.31%, with a total trading volume of 43.06 million yuan [1]. Group 2: Financial Performance - For the period from January to September 2025, Huaxia Airlines reported a revenue of 5.734 billion yuan, reflecting a year-on-year growth of 11.25% [2]. - The net profit attributable to shareholders reached 620 million yuan, marking a significant increase of 102.17% compared to the previous year [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Huaxia Airlines was 21,100, a decrease of 4.88% from the previous period [2]. - The average number of circulating shares per shareholder increased by 5.13% to 60,533 shares [2]. - The company has distributed a total of 209 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3].

Core Insights - China's aviation population has surpassed 500 million, making it the world's largest aviation population country, with fixed asset investment in civil aviation reaching 630 billion yuan during the 14th Five-Year Plan period [1] - The growth in aviation population is supported by the steady expansion of the aviation industry's transport scale and accelerated infrastructure development, alongside measures to boost domestic demand and consumption [1] Group 1: Industry Growth and Performance - In 2025, China's civil aviation industry achieved a total transport turnover of 1,640.8 billion ton-kilometers and a passenger transport volume of 770 million, representing year-on-year growth of 10.5% and 5.5% respectively [2] - The international flight recovery reached over 90% of 2019 levels, with international passenger transport volume increasing by 21.6% year-on-year [2] - The civil aviation industry aims to achieve a transport turnover of 1,750 billion ton-kilometers and a passenger transport volume of 810 million in 2026, driven by macroeconomic development and policies to expand domestic demand [2] Group 2: Capacity and Operational Efficiency - The passenger load factor in 2025 reached 85.1%, an increase of 1.8 percentage points year-on-year, indicating a strong recovery in the passenger market [3] - Analysts predict that the load factor will continue to rise in 2026, suggesting potential for high price elasticity due to elevated load factors [3] - In 2025, the civil aviation industry reported a profit of 6.5 billion yuan, reflecting improved operational efficiency [4] Group 3: Route Expansion and Fleet Development - In 2025, significant route expansions were noted, including the resumption of regular flights between China and India and the launch of the longest single-route flight from Shanghai to Buenos Aires [4] - Airlines are actively opening new routes and increasing flight frequencies to enhance travel convenience, with Spring Airlines planning to open and restore several international and domestic routes in 2026 [4] - Major airlines have announced plans to purchase a total of 118 Airbus A320 aircraft, with a catalog price exceeding 18.1 billion USD, scheduled for delivery starting in 2028 [6] Group 4: Innovative Service Models - Airlines are exploring "Aviation+" business models, integrating services such as travel, culture, and education to enhance customer experience and stimulate consumption [7] - China Eastern Airlines plans to invest over 100 million yuan in aviation consumption vouchers in 2026 to promote travel and tourism consumption [7] - The average flight distance for domestic routes increased to 1,262 kilometers in 2025, indicating a shift towards longer-distance travel and a focus on underdeveloped markets [7][8] Group 5: Market Trends and Consumer Behavior - The demand for long-distance international routes is growing faster than domestic routes, indicating a structural improvement in overall aviation demand [8] - Airlines are leveraging local tourism resources to create unique travel experiences, contributing to local economic growth [8] - The recovery in business travel sentiment is expected to further drive aviation demand, supported by enhanced service quality and expanded consumer bases [8]

Market Overview - The aviation and airport sector experienced a decline of 0.33% on January 8, with Xiamen Airport leading the drop [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Stock Performance - Notable stock performances include: - CITIC Hainan Airlines (Code: 6600000) rose by 2.26% to close at 21.27 with a trading volume of 249,100 shares and a turnover of 530 million yuan [1] - Spring Airlines (Code: 601021) increased by 0.66% to 59.43 with a turnover of 310 million yuan [1] - China Eastern Airlines (Code: 600115) saw a rise of 0.65% to 6.18 with a trading volume of 827,800 shares [1] - Xiamen Airport (Code: 600897) fell by 1.86% to 17.39 with a turnover of 162 million yuan [2] Capital Flow - The aviation and airport sector saw a net outflow of 222 million yuan from major funds, while retail investors contributed a net inflow of 243 million yuan [2] - The capital flow for individual stocks indicates: - CITIC Hainan Airlines had a net outflow of 33.83 million yuan from major funds [3] - Shanghai Airport experienced a net inflow of 11.45 million yuan from major funds [3] - Xiamen Airport had a net outflow of 15.54 million yuan from major funds but a net inflow of 16.07 million yuan from retail investors [3]

Core Viewpoint - The aviation and airport sector experienced a slight decline of 0.2% on January 7, with CITIC Hainan Airlines leading the drop. The Shanghai Composite Index rose by 0.05%, while the Shenzhen Component Index increased by 0.06% [1]. Group 1: Stock Performance - Xiamen Airport (600897) closed at 17.72, up by 2.72% with a trading volume of 151,500 shares and a transaction value of 268 million yuan [1]. - Southern Airlines (600029) closed at 8.15, up by 0.74% with a trading volume of 448,600 shares and a transaction value of 366 million yuan [1]. - Spring Airlines (601021) closed at 59.04, up by 0.63% with a trading volume of 63,900 shares and a transaction value of 379 million yuan [1]. - China Eastern Airlines (600115) closed at 6.14, up by 0.16% with a trading volume of 873,400 shares and a transaction value of 538 million yuan [1]. - China National Aviation (601111) closed at 9.15, down by 0.54% with a trading volume of 581,300 shares and a transaction value of 534 million yuan [2]. Group 2: Capital Flow - The aviation and airport sector saw a net outflow of 247 million yuan from institutional investors, while retail investors contributed a net inflow of 184 million yuan [2]. - Xiamen Airport had a net inflow of 41.95 million yuan from institutional investors, accounting for 15.68% of its total trading [3]. - Shanghai Airport experienced a net inflow of 28.87 million yuan from institutional investors, representing 7.73% of its total trading [3]. - China Eastern Airlines had a net outflow of 21.72 million yuan from institutional investors, with retail investors contributing a net inflow of 13.25 million yuan [3].

Core Viewpoint - The aviation industry is expected to see a significant recovery in passenger turnover and profitability by 2025, with a projected passenger turnover of 1,099 billion person-kilometers in November 2025, representing an 18.2% increase compared to 2019 and a 9.6% increase compared to 2024 [1]. Aviation Passenger Transport Key Data - Demand: In November 2025, domestic passenger turnover (excluding regional) is projected to be 809 billion person-kilometers, up 19.6% from 2019 and 6.3% from 2024. International and regional passenger turnover is expected to reach 291 billion person-kilometers, reflecting a 14.5% increase from 2019 and a 19.9% increase from 2024 [1]. - Supply: The available seat kilometers in November 2025 are projected to be 1,283 billion, up 12.4% from 2019 and 6.4% from 2024. The passenger load factor is expected to be 85.7%, an increase of 4.2 percentage points from 2019 and 2.5 percentage points from 2024 [2]. - Ticket Prices: In November, the average full ticket price for domestic routes is expected to rise by 3.5% year-on-year, while the bare ticket price is expected to increase by 3.8% [2]. - Performance of Listed Airlines: In November, the year-on-year RPK changes for major airlines on domestic routes are as follows: China Southern +7.4%, Air China +7.4%, China Eastern +5.1%, Hainan Airlines +4.5%, Spring Airlines +17.9%, and Juneyao Airlines +0.8%. The ASK changes for these airlines are +5.4%, +3.8%, +2.1%, +2.8%, +16.3%, and -0.5% respectively [2]. Air Cargo Key Data - In November 2025, the number of international and regional cargo flights is expected to reach 15,977, reflecting a 12.4% increase month-on-month and a 14% increase year-on-year. The theoretical cargo capacity is projected to be 110 million tons, with an 8.2% month-on-month increase and a 12.2% year-on-year increase [3]. - The average TAC Shanghai outbound air freight price index is expected to be 5,469 points, reflecting a 1.5% month-on-month increase and a 16.2% year-on-year increase [3]. Investment Perspective - The increase in holiday time and significant year-on-year growth in industry volume and price suggest a positive outlook for Q1 spring travel performance. The recent seven-day passenger flow shows a year-on-year increase of 12.9%, with domestic passenger flow up 13.7% and bare ticket prices up 7.9% [4]. - The industry is expected to benefit from supply-demand recovery, improved oil and exchange rate conditions, and a clear trend of profitability recovery. The fourth quarter is anticipated to see a significant reduction in losses due to demand growth and stabilized ticket prices, with 2025 expected to be the first year of profitability for major airlines [4]. - Recommended stocks include Air China (601111), China Southern Airlines (600029), Juneyao Airlines (603885), Spring Airlines (601021), and Huaxia Airlines (002928), with a suggestion to pay attention to China Eastern Airlines (600115) [4].

同时，华夏航空还强调从未委托任何第三方机构或个人开展招聘工作；从未要求应聘者前往非本华夏航 空官方指定的场所参加面试或培训；严禁以任何名义向应聘者收取任何费用，包括但不限于押金、保证 金、推荐费、介绍费、招待费、活动费、中介费等。 (华夏航空) 华夏航空（002928）发布"关于防范虚假招聘的严正声明"。声明表示，近期，部分网络平台及社交媒体 上出现了冒用"华夏航空"名义发布的虚假招聘信息，此类信息内容具有较强误导性与欺诈性，可能对应 聘者权益造成损害。 在声明中，华夏航空列出其官方招聘信息发布平台，分别为华夏航空的招聘官网、名为"华夏航空伯乐 君"的招聘公众号以及智联招聘网、猎聘网、民航资源网、BOSS直聘4个招聘网站。其他渠道发布的招 聘信息均为非官方信息。 ...

证券之星消息，1月6日航空机场板块较上一交易日上涨0.5%，吉祥航空领涨。当日上证指数报收于 4083.67，上涨1.5%。深证成指报收于14022.55，上涨1.4%。航空机场板块个股涨跌见下表： 从资金流向上来看，当日航空机场板块主力资金净流出1.46亿元，游资资金净流入1.35亿元，散户资金净 流入1053.36万元。航空机场板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603885 | 吉祥航空 | 4273.13万 | 11.28% | 322.19万 | 0.85% | -4595.31万 | -12.13% | | 600009 | 上海机场 | 3454.39万 | 8.69% | 618.99万 | 1.56% | -4073.38万 | -10.25% | | 600004 | 白云机场 | 1682.46万 | 9.16% | -808.08万 | -4.40% | ...

北京商报讯（记者 关子辰 牛清妍）1月6日，华夏航空发布"关于防范虚假招聘的严正声明"。声明表示，近期，部分网络平台及社交媒体上出现了冒 用"华夏航空"名义发布的虚假招聘信息，此类信息内容具有较强误导性与欺诈性，可能对应聘者权益造成损害。 华夏航空在声明中列出其官方招聘信息发布平台，分别为华夏航空的招聘官网、名为"华夏航空伯乐君"的招聘公众号以及智联招聘网、猎聘网、民航资 源网、BOSS直聘4个招聘网站。其他渠道发布的招聘信息均为非官方信息。 华夏航空还强调，从未委托任何第三方机构或个人开展招聘工作；从未要求应聘者前往非本华夏航空官方指定的场所参加面试或培训；严禁以任何名义 向应聘者收取任何费用，包括但不限于押金、保证金、推荐费、介绍费、招待费、活动费、中介费等。 华夏航空向广大应聘者发出提醒：务必提高警惕，仔细甄别信息真伪，保护个人隐私与财产安全。如遇可疑情况，及时通过官方渠道核实；若已遭受损 失，请立即向公安机关报案。 三、对于任何冒用华夏航空名义发布或传播虚假招 聘信息的行为,我司将保留追究当事人法律责任的 权利。请广大应聘者务必提高警惕，仔细甄别信息 真伪,保护个人隐私与财产安全。如遇可疑情况, 请及 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601111 | 中国国航 | 9.20 | -1.81% | 122.27万 | 11.13亿 | | 600221 | 海航控股 | 1.78 | -1.66% | 682.03万 | 12.12亿 | | 002928 | 华夏航空 | 10.91 | -1.27% | 20.95万 | 2.26亿 | | 603885 | 吉祥航空 | 14.77 | -0.74% | 18.90万 | 2.76亿 | | 601021 | 春秋航空 | 59.21 | -0.49% | 5.64万 | 3.33亿 | | 000089 | 深圳机场 | 6.97 | -0.29% | 11.68万 | 8132.58万 | | 600009 | 上海机场 | 32.70 | -0.18% | 11.74万 | 3.83亿 | | 600004 | 白云机场 | 9.46 | 0.00% | 18.46万 | 1.74亿 | | 600897 | 厦门空港 ...

格隆汇1月5日丨华夏航空(002928.SZ)公布，截至2025年12月31日，公司通过回购专用证券账户以集中 竞价交易方式累计回购股份数量为13,203,450股，占公司股份总数的比例为1.03%，最高成交价为人民 币11.74元/股，最低成交价为人民币9.75元/股，成交总金额为人民币139,001,185.25元（不含交易费 用）。本次回购股份资金来源为股票回购专项贷款及自有资金，回购价格未超过回购方案中拟定的上限 13.54元/股（含），本次回购符合相关法律法规的要求，符合既定的回购股份方案。 ...