华夏航空股份有限公司 董事和高级管理人员所持本公司股份及其变动管理制度 第一章 总 则 （二）本人离职后半年内； （三）公司因涉嫌证券期货违法犯罪，被中国证监会立案调查或者被司法机 关立案侦查，或者被行政处罚、判处刑罚未满 6 个月的； 第一条 为加强对华夏航空股份有限公司（以下简称"公司"）董事和高 级管理人员所持本公司股份及其变动的管理，进一步明确管理程序，根据《中华 人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以 下简称《证券法》）、中国证券监督管理委员会（以下简称"中国证监会"）发 布的《上市公司董事和高级管理人员所持本公司股份及其变动管理规则》《深圳 证券交易所股票上市规则》（以下简称《股票上市规则》）、《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》（以下简称《规范运 作指引》）、《深圳证券交易所上市公司自律监管指引第 10 号——股份变动管 理》等有关法律、法规、规章、规范性文件和《华夏航空股份有限公司章程》 （以下简称《公司章程》）的有关规定，并结合本公司的实际情况，制定本制度。 第二条 本制度适用于公司董事和高级管理人员所持本公司股份及其变动 ...

华夏航空股份有限公司 内幕信息知情人登记备案制度 第三条 公司董事会为内幕信息的管理机构，应当保证内幕信息知情人档案真实、 准确和完整，内幕信息知情人档案和重大事项进程备忘录自记录（含补充完善）之日起 至少保存十年。董事长为内幕信息保密工作的主要责任人。董事会秘书负责组织和协调 公司信息披露事务，具体实施内幕信息的保密、登记备案和管理工作，汇集公司应予披 露的信息并报告董事会，持续关注媒体对公司的报道并主动求证报道的真实情况。 第一章 总则 第一条 为规范华夏航空股份有限公司（以下简称"公司"）的内幕信息管理，加 强内幕信息知情人登记备案工作，杜绝相关人员利用内幕信息从事内幕交易，以维护信 息披露的公开、公平、公正原则，根据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司信息披露管理办法》《上市公司监管指引第5号——上市公司内幕信息 知情人登记管理制度》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律 监管指引第1号——主板上市公司规范运作》等相关法律法规和《华夏航空股份有限公 司章程》《华夏航空股份有限公司信息披露管理办法》的规定，制定本制度。 第二条 本制度的适用范围包括母公司、分公 ...

Core Insights - The aviation and airport sector saw a slight increase of 0.39% on August 28, with Baiyun Airport leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Baiyun Airport (600004) closed at 9.94, up 1.02% with a trading volume of 289,200 shares and a turnover of 286 million yuan [1] - China Eastern Airlines (600115) closed at 4.15, up 0.97% with a trading volume of 1,051,800 shares and a turnover of 43.5 million yuan [1] - HNA Holding (600221) closed at 1.58, up 0.64% with a trading volume of 5,617,700 shares and a turnover of 887 million yuan [1] - Shenzhen Airport (000089) closed at 7.21, up 0.42% with a trading volume of 224,900 shares and a turnover of 162 million yuan [1] - Shanghai Airport (600009) closed at 32.65, up 0.40% with a trading volume of 159,000 shares and a turnover of 519 million yuan [1] - China National Aviation (601111) closed at 7.55, up 0.40% with a trading volume of 718,000 shares and a turnover of 538 million yuan [1] - Xiamen Airport (600897) closed at 14.94, up 0.34% with a trading volume of 29,500 shares and a turnover of 43.81 million yuan [1] - China Southern Airlines (600029) closed at 6.03, up 0.33% with a trading volume of 654,400 shares and a turnover of 393 million yuan [1] - Spring Airlines (601021) closed at 54.00, unchanged with a trading volume of 62,700 shares and a turnover of 337 million yuan [1] - Juneyao Airlines (603885) closed at 12.54, down 0.08% with a trading volume of 209,000 shares and a turnover of 262 million yuan [1] Capital Flow - The aviation and airport sector experienced a net outflow of 232 million yuan from institutional investors, while retail investors saw a net inflow of 219 million yuan [2] - The detailed capital flow for individual stocks shows varying trends, with some stocks experiencing significant outflows from institutional investors [3] Individual Stock Capital Flow - Shenzhen Airport (000089) had a net outflow of 30.91 million yuan from institutional investors, with a retail net inflow of 22.64 million yuan [3] - Juneyao Airlines (603885) had a net inflow of 3.39 million yuan from institutional investors, but a net outflow of 10.06 million yuan from retail investors [3] - China National Aviation (601111) saw a net outflow of 8.40 million yuan from institutional investors, with a retail net inflow of 7.28 million yuan [3] - China Eastern Airlines (600115) had a net outflow of 37.44 million yuan from institutional investors, with a retail net inflow of 22.91 million yuan [3]

Investment Rating - The report recommends a "Buy" rating for the aviation sector, highlighting potential long-term benefits from the civil aviation authority's "anti-involution" policy and the expected recovery in airline revenues [90][91]. Core Insights - The global aviation market is experiencing a normalization phase with a year-on-year increase in passenger turnover (RPK) of 5.1% in H1 2025, driven by a higher growth rate in international RPK at 7.0% compared to domestic RPK at 2.0% [3][5]. - The U.S. aviation industry shows signs of stabilization with a profit margin of 3.6% in H1 2025, an increase of 0.9 percentage points year-on-year, despite a 1% increase in revenue and a 1% rise in costs [30][32]. - The European aviation market faces uncertainties but shows potential for profit growth, with ticket prices fluctuating significantly due to seasonal factors [66][72]. - In Asia, key markets like Southeast Asia and Japan are witnessing a recovery in passenger volumes, with some airports exceeding pre-pandemic levels [78][81]. Summary by Sections Global Aviation Market Overview - The global aviation market's growth rate has slowed, with H1 2025 showing a 5.1% increase in RPK and a 4.8% increase in available seat kilometers (ASK) [3][5]. - The market's load factor improved to 82.5%, reflecting a 0.2 percentage point increase year-on-year [3]. U.S. Aviation Market Tracking - The U.S. aviation sector's profit margin reached 3.6% in H1 2025, with a 1% increase in revenue and a 1% rise in costs, including a 13% decrease in fuel costs [30][32]. - Ticket prices in the U.S. have seen a decline, with a 5.1% drop in inflation-adjusted prices from January to July 2025 [34][38]. European Aviation Market Tracking - The European aviation market's ticket prices showed volatility, with significant fluctuations in early 2025, but overall recovery in passenger volumes is noted [66][63]. - Major airlines like Lufthansa and IAG reported profit growth in Q2 2025, driven by increased ticket prices and demand recovery [66][72]. Asian Aviation Market Tracking - Southeast Asia and Japan's airports are experiencing a resurgence in passenger traffic, with notable increases in throughput compared to pre-pandemic levels [78][81]. - Key transit airports in the region, such as Singapore and Doha, also reported growth in passenger numbers [81]. Investment Analysis Opinion - The report suggests that the seasonal increase in passenger volume coupled with a decrease in ticket prices has been adequately reflected in market expectations, indicating a favorable outlook for airline profitability [90]. - The report recommends focusing on airlines such as China Southern Airlines, China Eastern Airlines, and Spring Airlines, as well as global aircraft leasing companies and airport operators [90][91].

Market Overview - On August 27, the aviation and airport sector declined by 1.27% compared to the previous trading day, with CITIC Hainan leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Spring Airlines closed at 54.00, up 0.52% with a trading volume of 113,200 shares and a transaction value of 616 million yuan [1] - China Southern Airlines closed at 6.01, down 0.99% with a trading volume of 852,200 shares and a transaction value of 516 million yuan [1] - Shanghai Airport closed at 32.52, down 1.90% with a trading volume of 191,200 shares and a transaction value of 629 million yuan [1][2] Capital Flow Analysis - The aviation and airport sector experienced a net outflow of 369 million yuan from institutional investors, while retail investors saw a net inflow of 217 million yuan [2][3] - Major stocks like Shenzhen Airport and China Eastern Airlines had significant net outflows from institutional investors, indicating a shift in investment sentiment [3] Detailed Stock Capital Flow - Shenzhen Airport had a net inflow of 33.24 million yuan from retail investors but a net outflow of 19.39 million yuan from institutional investors [3] - China Eastern Airlines saw a net outflow of 54.94 million yuan from institutional investors, while retail investors contributed a net inflow of 41.58 million yuan [3] - The overall trend indicates a preference for retail investment in certain stocks despite the overall sector decline [3]

Core Viewpoint - The aviation and airport sector experienced a slight increase of 0.78% on August 26, with CITIC Heli leading the gains, while the overall market showed mixed results with the Shanghai Composite Index down by 0.39% and the Shenzhen Component Index up by 0.26% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3868.38, down 0.39% [1] - The Shenzhen Component Index closed at 12473.17, up 0.26% [1] - CITIC Heli's stock price increased by 3.65% to 25.27, with a trading volume of 733,100 shares and a transaction value of 1.835 billion yuan [1] Group 2: Individual Stock Performance - Major stocks in the aviation sector showed varied performance, with Hainan Airlines up by 1.26% to 1.61 and Southern Airlines up by 1.17% to 6.07 [1] - Shanghai Airport's stock price rose by 1.10% to 33.15, with a trading volume of 210,400 shares and a transaction value of 695 million yuan [1] - Xiamen Airport's stock price increased by 0.13% to 15.14, with a trading volume of 26,000 shares and a transaction value of 39.3871 million yuan [2] Group 3: Fund Flow Analysis - The aviation and airport sector saw a net outflow of 15.1482 million yuan from institutional funds, while retail funds experienced a net inflow of 19.8807 million yuan [2] - The main stocks with significant net inflows included Shanghai Airport with 62.3442 million yuan and CITIC Heli with 62.0524 million yuan [3] - Conversely, China Eastern Airlines experienced a net outflow of 17.5615 million yuan from institutional funds [3]

从重庆机场集团获悉，9月21日起，西部航空(PN)、首都航空(JD)、祥鹏航空(8L)、长安航空(9H)、金鹏 航空(Y8)、福州航空(FU)、北部湾航空(GX)、乌鲁木齐航空(UQ)、春秋航空(9C)、青岛航空(QW)、九 元航空(AQ)、桂林航空(GT)、龙江航空(LT)共计13家航空公司在重庆江北国际机场运营的所有国内进、 出港客运航班，将由T2航站楼调整至T3航站楼运营。此外，四川航空(3U)、华夏航空(G5)、湖南航空 (A6)、东海航空(DZ)目前仍在T2航站楼运营，值机安检区域、接送旅客流程等保持不变。 ...

金融界消息 截至2025年8月25日收盘，华夏航空（002928）报收于9.16元，上涨0.99%，换手率1.3%， 成交量16.63万手，成交金额1.51亿元。 天眼查商业履历信息显示，华夏航空股份有限公司，成立于2006年，位于贵阳市，是一家以从事航空运 输业为主的企业。企业注册资本127824.155万人民币，实缴资本36000万人民币。公司法定代表人为胡 晓军。 通过天眼查大数据分析，华夏航空股份有限公司共对外投资了35家企业，参与招投标项目386次，知识 产权方面有商标信息268条，专利信息9条，此外企业还拥有行政许可22个。 资金流向方面，今日主力资金净流入1355.23万元，占比成交额8.97%。其中，超大单净流出101.34万 元、占成交额0.67%，大单净流入1456.57万元、占成交额9.64%，中单净流出流出349.97万元、占成交 额2.32%，小单净流出1005.26万元、占成交额6.66%。 华夏航空最新一期业绩显示，截至2025一季报，公司营业总收入17.74亿元、同比增长9.78%，归属净利 润8197.68万元，同比增长232.31%，扣非净利润7590.25万元，同比增长3 ...

证券之星消息，8月25日航空机场板块较上一交易日上涨1.54%，中信海直领涨。当日上证指数报收于 3883.56，上涨1.51%。深证成指报收于12441.07，上涨2.26%。航空机场板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000099 | 中信海直 | 24.38 | 2.22% | 42.25万 | | 10.22亿 | | 600115 | 中国东航 | 4.17 | 2.21% | 83.65万 | | 3.45亿 | | 600029 | 南方航空 | 6.00 | 2.04% | 84.93万 | | 5.05亿 | | 600221 | 海航控股 | 65" I | 1.92% | 520.64万 | | 8.23亿 | | 601111 | 中国国航 | 7.54 | 1.89% | 121.59万 | | 2660'6 | | 601021 | 春秋航空 | 53.46 | 1.44% | 6.90万 | | 3.67亿 | | ...

Investment Rating - The report maintains a "Positive" outlook on the shipping sector, particularly highlighting the potential for VLCC (Very Large Crude Carrier) rates to strengthen in the upcoming months [4]. Core Insights - The report indicates that tanker rates have exceeded expectations during the off-season, with VLCC rates expected to perform strongly from September to December due to reduced exports from Iran and increased production in the Middle East [4]. - The report recommends specific companies such as China Merchants Energy Shipping and highlights the potential for consolidation in the Chinese shipping industry [4]. - The report emphasizes the resilience of freight volumes in rail and highway transport, suggesting steady growth in these sectors [4]. Summary by Sections Shipping Sector - VLCC rates increased by 32% this week, reaching $45,800 per day, driven by limited supply and increased demand from the Atlantic market [4]. - The report notes that the average export volume from Iran has decreased to 1.3-1.5 million barrels per day, down from 1.7-1.9 million barrels per day in July [4]. - The Suez crude oil tanker rates rose by 15% to $59,563 per day, supported by strong demand from the West African market [4]. Dry Bulk Shipping - The Baltic Dry Index (BDI) fell by 4.9% to 1,944 points, primarily due to a decline in large vessel rates, while smaller vessels showed stronger performance [5]. - The report remains optimistic about the Capesize bulk carrier market in the second half of the year, citing expected increases in shipments from major miners [4]. Air Transport - The report suggests that the "anti-involution" policy from the Civil Aviation Administration is likely to optimize competition in the airline industry, benefiting airline profitability in the long term [4]. - Recommended airlines include China Eastern Airlines, Spring Airlines, and China Southern Airlines, with a focus on the potential for improved earnings due to supply constraints and demand recovery [4]. Express Delivery - The report anticipates a price increase in the express delivery sector driven by the "anti-involution" policy, with expectations for sustained profitability in the e-commerce delivery segment [4]. - Companies such as Shentong Express and YTO Express are highlighted as having strong potential for recovery and valuation improvement [4]. Rail and Highway Transport - Data from the Ministry of Transport indicates that rail freight volume increased by 1.22% week-on-week, while highway freight traffic rose by 3.06% [4]. - The report identifies two main investment themes in the highway sector: high dividend yield stocks and potential value recovery in undervalued stocks [4].