北京商报讯（记者 关子辰 牛清妍）1月29日，华夏航空发布2025年度业绩预告。报告期内，华夏航空预 计归属于上市公司股东的净利润为5亿—7亿元，同比增长86.59%—161.22%。业绩变动的主要原因是国 内因私出行需求旺盛，公司紧盯支线市场需求变化，抓住支线旅游、淡季出行等市场机会，通过优化支 线网络结构、促进干支衔接等方式，推动航班量提升，满足更多旅客的航空出行需求，从而提升客座 率。 ...

每经头条（nbdtoutiao）——水贝黄金平台"杰我睿"兑付危机调查：40倍杠杆对赌，金价越涨平台越 亏！老板自称"还在深圳"，投资者：兑付方案本金打两折，无法接受 每经AI快讯，华夏航空1月29日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润50000万 元至70000万元，比上年同期增长86.59%~161.22%。2025年度，国内因私出行需求旺盛，公司紧盯支线 市场需求变化，抓住支线旅游、淡季出行等市场机会，通过优化支线网络结构、促进干支衔接等方式， 推动航班量提升，满足更多旅客的航空出行需求，从而提升客座率。 （记者 曾健辉） ...

华夏航空公告，预计2025年净利润5亿元—7亿元，同比增长86.59%—161.22%。2025年度，公司预计归 属于上市公司股东的净利润为50,000.00万元至70,000.00万元，同比增长86.59%~161.22%，主要系：国 内因私出行需求旺盛，公司紧盯支线市场需求变化，抓住支线旅游、淡季出行等市场机会，通过优化支 线网络结构、促进干支衔接等方式，推动航班量提升，满足更多旅客的航空出行需求，从而提升客座 率。 ...

证券代码：002928 证券简称：华夏航空 公告编号：2026-006 华夏航空股份有限公司 2025 年度业绩预告 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、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 2、业绩预告情况：预计净利润为正值且属于同向上升 50%以上情形 （1）以区间数进行业绩预告的 单位：万元 | 项 目 | | 本报告期 | | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股东的净利润 | | 50,000.00 | ～ | 70,000.00 | 26,797.30 | | | 比上年同期增长 | 86.59% | ～ | 161.22% | | | 扣除非经常性损益后的净利润 | | 48,000.00 | ～ | 68,000.00 | 11,234.10 | | | 比上年同期增长 | 327.27% | ～ | 505.30% | | | 基本每股收益（元/股） | | 0.3926 | ～ | ...

Market Overview - The aviation and airport sector declined by 0.49% on January 29, with Huaxia Airlines leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Stock Performance - Shanghai Airport (600009) closed at 30.95, up 1.14% with a trading volume of 196,800 shares and a turnover of 605 million yuan [1] - Xiamen Airport (600897) closed at 17.68, up 0.68% with a trading volume of 80,100 shares and a turnover of 141 million yuan [1] - Baiyun Airport (600004) closed at 9.58, up 0.21% with a trading volume of 197,200 shares and a turnover of 188 million yuan [1] - Shenzhen Airport (000089) closed at 7.24, down 0.14% with a trading volume of 212,700 shares and a turnover of 153 million yuan [1] - Spring Airlines (601021) closed at 55.95, down 0.25% with a trading volume of 42,400 shares and a turnover of 236 million yuan [1] - HNA Holding (600221) closed at 1.68, down 0.59% with a trading volume of 3,055,900 shares and a turnover of 513 million yuan [1] - China Southern Airlines (600029) closed at 7.20, down 1.10% with a trading volume of 1,070,300 shares and a turnover of 768 million yuan [1] Fund Flow Analysis - The aviation and airport sector experienced a net outflow of 242 million yuan from institutional investors, while retail investors saw a net inflow of 230 million yuan [3] - Major stocks like Shanghai Airport and Shenzhen Airport had varying net inflows and outflows from different investor types [4] - Shanghai Airport had a net inflow of 28.37 million yuan from institutional investors, while retail investors had a net outflow of 39.44 million yuan [4] - China Southern Airlines had a net outflow of 10.48 million yuan from institutional investors, but a net inflow of 22.85 million yuan from retail investors [4] ETF Performance - The Aerospace ETF (product code: 159227) tracked the National Aerospace Industry Index and saw a 3.00% increase over the last five days, with a net redemption of 78.67 million yuan [6] - The General Aviation ETF (product code: 159230) tracked the National General Aviation Industry Index and had a 2.17% increase, with a net redemption of 5.55 million yuan [7] - The Tourism ETF (product code: 562510) tracked the China Securities Tourism Theme Index and decreased by 4.77%, with a net inflow of 8.09 million yuan [7]

Core Viewpoint - The aviation and airport sector experienced a decline of 2.33% on January 28, with China Eastern Airlines leading the drop, while the Shanghai Composite Index rose by 0.27% and the Shenzhen Component Index increased by 0.09% [1][3]. Market Performance - The closing prices and performance of key stocks in the aviation and airport sector are as follows: - Shenzhen Airport: 7.25, +1.26%, volume 211,700, turnover 153 million [1] - Xiamen Airport: 17.56, +0.98%, volume 60,500, turnover 106 million [1] - Baiyun Airport: 9.56, +0.53%, volume 226,700, turnover 217 million [1] - China Eastern Airlines: 5.44, -5.88%, volume 2,833,500, turnover 1.571 billion [3] - China Southern Airlines: 7.28, -3.58%, volume 1,041,200, turnover 767 million [3] - China National Aviation: 8.37, -2.33%, volume 985,600, turnover 828 million [3] Capital Flow - The aviation and airport sector saw a net outflow of 99.48 million from institutional investors, while retail investors experienced a net outflow of 14.7 million, and speculative funds had a net inflow of 247 million [4]. - The capital flow for specific stocks includes: - China Eastern Airlines: net inflow from institutions 29.99 million, net outflow from retail -12.8 million [4] - Shenzhen Airport: net inflow from institutions 28.87 million, net outflow from retail -24.85 million [4] - China National Aviation: net inflow from speculative funds 48.49 million, net outflow from retail -49.32 million [4] ETF Performance - Aerospace ETF (Product Code: 159227) tracked the aerospace industry index, with a five-day decline of 2.64% and a net subscription of 85.38 million [6]. - General Aviation ETF (Product Code: 159230) tracked the general aviation industry index, with a five-day decline of 2.52% and a net redemption of -39.41 million [7]. - Tourism ETF (Product Code: 562510) tracked the tourism theme index, with a five-day decline of 4.37% and a net subscription of 7.42 million [7].

Core Viewpoint - The aviation and airport sector experienced a decline of 0.82% on January 27, with Spring Airlines leading the drop, while the overall Shanghai Composite Index rose by 0.18% [1]. Market Performance - The Shanghai Composite Index closed at 4139.9, up 0.18% - The Shenzhen Component Index closed at 14329.91, up 0.09% [1]. Individual Stock Performance - Xiamen Airport (600897) closed at 17.39, up 0.58% with a trading volume of 50,100 shares and a turnover of 86.41 million yuan - Shenzhen Airport (000089) closed at 7.16, up 0.14% with a trading volume of 167,000 shares and a turnover of 119 million yuan - Shanghai Airport (600009) closed at 30.94, down 0.35% with a trading volume of 183,700 shares and a turnover of 569 million yuan - Spring Airlines (601021) closed at 57.01, down 1.93% with a trading volume of 49,400 shares and a turnover of 28.5 million yuan [1][3]. Capital Flow Analysis - The aviation and airport sector saw a net outflow of 53.6 million yuan from institutional investors, while retail investors experienced a net outflow of 46.2 million yuan - Speculative funds had a net inflow of 99.8 million yuan [3][4]. Individual Stock Capital Flow - China National Airlines (601111) had a net outflow of 41.69 million yuan from institutional investors, with a retail net outflow of 32.64 million yuan - Shenzhen Airport (000089) saw a net inflow of 25.27 million yuan from institutional investors, while retail investors had a net outflow of 19.11 million yuan - Shanghai Airport (600009) had a net inflow of 4.72 million yuan from speculative funds, but a net outflow of 54.46 million yuan from retail investors [4]. ETF Performance - Aerospace ETF (159227) tracked the national aerospace industry index, with a recent five-day change of 6.64% and a net subscription of 190 million yuan - General Aviation ETF (159230) tracked the national general aviation industry index, with a recent five-day change of 5.15% and a net redemption of 14.27 million yuan - Tourism ETF (562510) tracked the China Securities tourism theme index, with a recent five-day change of -1.79% and a net subscription of 10.83 million yuan [6][7].

Core Insights - The report emphasizes the steady growth of the postal industry, with a total delivery volume of 2,165.1 billion pieces in 2025, marking an 11.8% year-on-year increase, and express delivery volume reaching 1,989.5 billion pieces, up 13.6% year-on-year [15][14] - The social service sector has shown a 4.78% increase in the last two trading weeks, ranking 8th among 31 industries, with expectations for continued growth in consumer spending driven by various policies [8][12] - The logistics sector is experiencing structural optimization, with the national postal bureau reporting robust growth in the industry, while the airline sector sees a slight decrease in average ticket prices compared to 2019 due to timing issues [15][14] Market Performance - The Shanghai Composite Index closed at 4,132.61, down 0.09%, while the Shenzhen Component Index fell by 0.85% to 14,316.64 [1] - The social service sector outperformed the CSI 300 index by 5.97 percentage points, indicating strong relative performance [9][8] Industry Dynamics - The report highlights the successful first flight of a 500kg tilt-rotor drone, indicating advancements in the low-altitude economy and the potential for eVTOL applications [15][14] - The report notes a general decline in freight rates for major shipping routes due to geopolitical tensions affecting demand [15][14] Investment Recommendations - The report suggests focusing on companies with strong earnings growth certainty in the travel chain and related industries, such as Tongcheng Travel and Huangshan Tourism [12] - It also recommends monitoring opportunities in the express logistics sector, particularly for companies like SF Express and Jitu Express, as well as in the airline industry due to increased demand during the Spring Festival [17][12]

证券研究报告 交通运输 行业定期报告 投资要点： hyzqdatemark 2026 年 01 月 26 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 民航春运有望景气，快递格局分化延续 投资评级： 看好（维持） —交通运输行业周报（2026 年 1 月 19 日-2026 年 1 月 25 日） 板块表现： 2）中通快递召开 2026 全国网络工作会议，强调"行稳致远"。1 月 20 日，中通快 递召开 2026 年全国网络工作会议。会议剖析当前中通面临的挑战和机遇，展望行业 未来发展，明确了中通作为行业龙头对维护行业健康高质量发展的责任定位，要求 全网调优降本练好内功，旗帜鲜明带头"反内卷"。董事长赖梅松要求中通全网思 想统一，步调一致，以 ...

Market Overview - The aviation and airport sector declined by 1.1% on January 26, with CITIC Hainan Airlines leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Notable stock performances include: - Spring Airlines (601021) closed at 58.13, up 0.05% with a trading volume of 50,900 shares and a turnover of 297 million yuan - China Eastern Airlines (600115) closed at 5.81, down 1.19% with a trading volume of 2,620,300 shares and a turnover of 1.536 billion yuan - CITIC Hainan Airlines (000099) closed at 20.44, down 3.90% with a trading volume of 251,500 shares and a turnover of 518 million yuan [1][3] Capital Flow - The aviation and airport sector experienced a net outflow of 999.1 million yuan from institutional investors, while retail investors saw a net inflow of 624.0 million yuan [3][4] - The capital flow for specific stocks shows: - Shenzhen Airport (000089) had a net outflow of 6.15 million yuan from retail investors - CITIC Hainan Airlines (000099) had a significant net outflow of 60.43 million yuan from institutional investors [4] ETF Performance - The Aerospace ETF (product code: 159227) tracked the National Aerospace Industry Index and saw a 6.64% increase over the past five days, with a net subscription of 190 million yuan [6] - The General Aviation ETF (product code: 159230) tracked the National General Aviation Industry Index and had a 5.15% increase, but saw a decrease of 10 million shares in its latest subscription [7]