Core Viewpoint - The construction of Hainan Free Trade Port is expected to drive rapid growth in the aviation transport market, with Hainan Airlines planning to leverage relevant policies to expand international routes and enhance service offerings [1]. Financial Performance - In 2024, Hainan Airlines reported a net loss of 9.21 billion yuan, marking a significant decline from the previous year's profit of 3.11 billion yuan, making it the only unprofitable private airline among its peers [2][4]. - The airline's financial struggles were attributed to factors such as incomplete recovery of international routes, intensified domestic competition, high oil prices, and exchange rate fluctuations [4]. Exchange Rate Impact - Exchange rate losses significantly impacted Hainan Airlines' performance, with a reported financial exchange loss of 13.68 billion yuan in 2024, which was a major factor affecting profitability [7]. - The company's high level of foreign currency liabilities, totaling 648.47 billion yuan, exacerbates the impact of exchange rate fluctuations on its financial health [5][7]. Debt Structure - Hainan Airlines has a high debt ratio, with asset-liability ratios of 98.91% and 98.75% at the end of 2024 and the first quarter of 2025, respectively [7]. - The company plans to improve its debt structure through business development and potential equity financing [9]. Fleet Management - Hainan Airlines is actively reducing its fleet of wide-body aircraft, which are less flexible and have higher operating costs, by terminating leases and selling excess planes [10][11]. - The airline has opened 22 new international routes in 2024, aiming to increase the utilization of its wide-body aircraft and improve operational efficiency [11]. Future Outlook - By early 2025, Hainan Airlines expects to fully restore its international flight capacity to pre-pandemic levels, with plans to expand further [12]. - The airline is strategically positioning itself in second-tier international markets, benefiting from local subsidies for international route development [12][13].

证券代码：601021 证券简称：春秋航空 公告编号：2025-025 春秋航空股份有限公司 第五届监事会第九次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 二、监事会会议审议情况 一、监事会会议召开情况 春秋航空股份有限公司（以下简称"公司"）第五届监事会第九次会议于 2025 年 5 月 13 日以通讯方式召开。会议通知及材料于 2025 年 5 月 8 日以电子邮件 形式发出，并予以确认。 会议应出席监事 3 名，实际出席监事 3 名，监事会主席徐国萍、监事刘华丽以 及职工监事金晶出席了会议。 会议由监事会主席徐国萍召集和主持。公司全体监事认真审阅了会议议案，全 部 3 名监事对会议议案进行了表决。会议参与表决人数及召集、召开程序符合《公 司法》和《公司章程》的有关规定，所作决议合法有效。 （一）审议并通过《关于提请股东大会授权董事会制定 2025 年中期分红方案 的议案》 与会监事认为：该议案在综合考虑公司经营状况、现金流量状况、未来的业务 发展规划及资金需求等因素的基础上，能够进一步回馈投资者对公司的 ...

证券代码：601021 证券简称：春秋航空 公告编号：2025-024 春秋航空股份有限公司 第五届董事会第十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 春秋航空股份有限公司（以下简称"公司"）第五届董事会第十一次会议于 2025 年 5 月 13 日以通讯方式召开。会议通知及材料于 2025 年 5 月 8 日以电子邮件 形式发出，并予以确认。 会议应出席董事 9 名，实际出席董事 9 名，出席董事占应出席人数的 100%。 会议由董事长王煜先生召集并主持，公司全体董事认真审议了会议议案并进行 了表决。会议参与表决人数及召集、召开程序符合有关法律、法规和《公司章程》 的有关规定，所作决议合法有效。 二、董事会会议审议情况 （一）审议并通过《关于提请股东大会授权董事会制定 2025 年中期分红方案 的议案》 根据《公司法》《上市公司章程指引》《上海证券交易所股票上市规则》《上市 公司监管指引第 3 号——上市公司现金分红》《公司章程》等相关规定，在综合考 虑公司经营状况、现金流量状 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][18]. Core Views - The company has shown resilient ticket prices and stable pre-tax profit performance despite a challenging macroeconomic environment. The revenue for 2024 is projected to be 20.0 billion yuan, an increase of 11.5% year-on-year, with a net profit of 2.27 billion yuan, reflecting a slight increase of 0.7% [1][8]. - The company is expected to continue its operational recovery in 2025, supported by fleet expansion, international route recovery, and improved cost management, which will drive performance upward [3][17]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 20.0 billion yuan, with a net profit of 2.27 billion yuan. The fourth quarter of 2024 saw a revenue of 4.02 billion yuan, with a net profit loss of 0.33 billion yuan, indicating a reduction in losses year-on-year. For the first quarter of 2025, revenue was 5.32 billion yuan, down 16.4% in net profit to 0.68 billion yuan [1][8]. - The company maintained steady growth in operational metrics, with ASK (Available Seat Kilometers) increasing by 16.1% in 2024 and 6.9% in Q1 2025, while RPK (Revenue Passenger Kilometers) rose by 18.8% and 6.2% respectively [10][16]. Cost Management - The company has optimized cost management, with total operating costs for 2024 reaching 17.41 billion yuan, a year-on-year increase of 12.2%. Fuel costs accounted for 6.14 billion yuan, up 8.9%, while non-fuel costs were 11.27 billion yuan, up 14.1% [2][16]. - The daily aircraft utilization rate improved to 9.30 hours, recovering to 82.7% of the 2019 level, and the unit non-fuel cost per ASK decreased to 0.205 yuan, down 1.71% compared to 2019 [2][16]. Future Outlook - The company plans to introduce 8 new aircraft in 2024 and 5 in 2025, which is expected to support continued growth in performance. The forecasted net profits for 2025-2027 are 2.58 billion, 3.14 billion, and 3.76 billion yuan respectively, with adjustments reflecting a decrease of 30.8% and 28.3% for 2025 and 2026 [3][18].

Macro and Strategy - The report predicts that China's GDP growth will be impacted by a loss of exports to the US, estimating that in extreme scenarios, GDP growth could fall to 3.2% in the latter three quarters of 2025, with an annual growth of approximately 3.7% [8][9] - The report highlights that the Chinese government has expanded its fiscal deficit by 2.4 trillion yuan in 2025 to counter external uncertainties, which is equivalent to 0.8% of the 2024 GDP [8][9] - The macroeconomic environment is showing signs of improvement following recent US-China trade talks, with a higher probability of achieving the 5.0% growth target for 2025 [9] Communication Industry - The communication industry is projected to see steady growth, with total revenue for listed companies in 2024 reaching 25,381 billion yuan, a year-on-year increase of 4.41%, and net profit increasing by 6.8% [17] - In Q1 2025, the communication sector maintained a growth momentum, with total revenue of 6,380 billion yuan, up 2.5% year-on-year, and net profit rising by 7.0% [17] - The report emphasizes the strong performance of the optical module/device sector, with revenue and net profit growth of 62% and 111% respectively in Q1 2025 [17] Food and Beverage Industry - The food and beverage sector saw a 1.88% increase in the week of May 6-9, 2025, with notable performers including Andeli and Ganhua [19] - The report indicates that the liquor industry is facing weak demand, with a consensus on slowing growth, while policies aimed at boosting domestic demand are expected to have a positive impact [20] - The report suggests that the beer and snack sectors are entering a phase of inventory replenishment and demand stabilization, with specific brands showing strong growth [21] Automotive Industry - The automotive sector reported a revenue increase of 6% year-on-year in Q1 2025, with net profit rising by 14% [22] - The report highlights that the overall market for passenger vehicles in April 2025 reached approximately 1.75 million units, a year-on-year increase of 14.4% [22] - The report recommends focusing on domestic brands and electric vehicles, with specific companies like Leap Motor and Xpeng Motors highlighted for their strong product cycles [24] Public Utilities and Environmental Protection - The environmental sector's revenue in Q1 2025 grew by 3.5% to 812.43 billion yuan, with net profit increasing by 3.8% [26] - The report discusses the implementation of a market-oriented pricing reform for renewable energy in Shandong, aiming for full market entry by the end of 2025 [25] - The report suggests that the public utility sector is benefiting from supportive government policies, particularly in renewable energy [26] Retail Industry - The beauty and personal care sector is experiencing low growth overall, but specific segments like personal care are showing strong performance due to product innovation [28] - The report notes that domestic brands are gaining market share, with the market share of domestic beauty products reaching 55.2% in 2024 [28] - The report emphasizes the importance of operational efficiency in the beauty sector as channel growth slows [29] Electronics Industry - The electronics sector is benefiting from high demand driven by AI and consumer electronics, with strong earnings reported in Q1 2025 [30] - The report indicates that the semiconductor sector is facing challenges due to ongoing trade tensions, but overall demand remains robust [30] - The report highlights the importance of innovation in driving growth within the electronics industry, particularly in semiconductor and consumer electronics segments [30]

Core Viewpoint - The China Securities Tourism Index has shown mixed performance, with a recent increase but a decline over the past month and year-to-date [2]. Group 1: Index Performance - The China Securities Tourism Index rose by 0.9% to 2783.81 points, with a trading volume of 6.719 billion yuan [1]. - Over the past month, the index has decreased by 4.42%, while it has increased by 1.01% over the last three months. Year-to-date, it has declined by 5.28% [2]. Group 2: Index Composition - The index includes up to 50 listed companies involved in various sectors of the tourism industry, such as accommodation, sightseeing, shopping, entertainment, and transportation [2]. - The top ten weighted companies in the index are: China Duty Free Group (14.99%), Songcheng Performance (7.39%), Shanghai Airport (6.38%), Jinjiang Hotels (5.53%), Shougang Hotel (5.15%), China Eastern Airlines (5.13%), Southern Airlines (5.05%), Air China (4.48%), Spring Airlines (4.38%), and Hainan Airport (3.87%) [2]. - The industry composition of the index shows that consumer services account for 48.04%, transportation for 31.30%, retail for 14.99%, and real estate for 5.67% [2]. Group 3: Index Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]. Group 4: Related Funds - Public funds tracking the China Securities Tourism Index include the Fortune China Securities Tourism Theme ETF and the Huaxia China Securities Tourism Theme ETF [4].

丨证券研究报告丨 公司研究丨点评报告丨春秋航空（601021.SH） [Table_Title] 收益韧性凸显，Q1 经营利润逆势增加 报告要点 [Table_Summary] 春秋航空披露 2024 年年报与 2025 年一季报，2024 年全年公司实现营业收入 200 亿元，同比 增加 11.5%，实现归属净利润 22.7 亿元，同比增加 0.7%，其中 2024Q4 公司实现营业收入 40.23 亿元，同比增加 4.9%，实现归属净利润-3.3 亿元，同比减亏 0.9 亿元。2025Q1 公司实 现营业收入 53.2 亿元，同比增加 2.9%，实现利润总额 8.9 亿元，同比增加 0.5%，实现归属净 利润 6.8 亿元，同比下滑 16.4%，主要由于 2024Q1 公司有税盾影响未全额确认所得税，导致 税后利润波动较大。 分析师及联系人 [Table_Author] 韩轶超 赵超 张银晗 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490520080027 SFC：BQK468 research.95579.com 1 春秋航空（601021.SH） cjz ...

Core Viewpoint - Spring Airlines has been recognized for its outstanding performance in carbon finance and green aviation practices, receiving the "Low Carbon Practice Award" at the Shanghai Carbon Market 2024 Annual Evaluation Event, highlighting its role in promoting sustainable development in the civil aviation industry [1] Group 1: Carbon Market Participation - In May 2024, Spring Airlines completed a "carbon quota pledge loan" transaction in collaboration with China Construction Bank and Guotai Junan, aiming to activate corporate carbon assets and broaden financing channels [1] - By September 2024, Spring Airlines actively participated in the first batch of "carbon inclusive" demonstration trading, purchasing carbon inclusives for quota compliance, establishing itself as a pioneer in carbon finance practices within the civil aviation sector [1] - Spring Airlines has successfully fulfilled its obligations in the Shanghai carbon market for 11 consecutive years, demonstrating the company's sense of responsibility and execution capability [1] Group 2: Green Development Initiatives - Spring Airlines adheres to a "green aviation" development philosophy, implementing systematic measures such as fleet iteration, operational optimization, and sustainable aviation fuel (SAF) application to achieve a continuous reduction in carbon emission intensity [2] - In 2024, the company introduced 11 Airbus A320neo aircraft, increasing their proportion in the fleet to 42%, significantly improving fuel efficiency compared to traditional models [2] - The company has implemented detailed management measures, including optimized cruising altitude and single-engine taxiing, resulting in a cumulative reduction of 33,000 tons of carbon dioxide emissions in 2024 [2] - Spring Airlines has begun using a specific proportion of SAF on international scheduled flights, significantly reducing carbon emissions from long-haul flights, in response to global aviation emission reduction calls [2] - The electrification of ground vehicles at airports has accelerated, with the introduction of 31 new energy vehicles in 2024, raising the proportion of new energy vehicles in the fleet to 22% [2] - The company emphasizes that green development is essential for high-quality growth in the civil aviation industry and will continue to deepen its green development strategy [2]

1. Macroeconomic Data Overview - GDP in Q1 2025 grew by 5.4% year-on-year, the same as the previous quarter and slightly higher than the same period last year [1] - In April 2025, the manufacturing PMI was 49.0%, down from 50.5% in the previous month; the non - manufacturing PMI for business activities was 50.4%, down from 50.8% in the previous month [1] - In April 2025, the Caixin manufacturing PMI was 50.4%, down from 51.2% in the previous month; the Caixin services business activity index was 50.7%, down from 51.9% in the previous month [1] - In March 2025, the year - on - year growth rates of M0, M1, and M2 were 11.5%, 1.6%, and 7.0% respectively [1] - In April 2025, CPI was down 0.1% year - on - year, and PPI was down 2.7% year - on - year [1] - In April 2025, exports increased by 8.1% year - on - year, and imports decreased by 0.2% year - on - year [1] 2. Commodity Investment Reference 2.1 Comprehensive - The China - US high - level economic and trade talks on May 10 - 11 in Geneva were productive, and a consultation mechanism will be established [2] - The central bank will implement a moderately loose monetary policy in the next stage, and boosting consumption is the key to expanding domestic demand [2] - In April 2025, CPI turned from a 0.4% decline in the previous month to a 0.1% increase month - on - month, and core CPI rose 0.2% month - on - month [3] 2.2 Metals - Gold prices are volatile, and many wealth management companies have launched gold - linked wealth management products [5] - Goldman Sachs raised its copper price forecasts for Q2 and Q3 2025 to $9330/ton and $9150/ton respectively [6] 2.3 Coal, Coke, Steel, and Minerals - China will carry out a special campaign to combat the smuggling of strategic minerals [7] 2.4 Energy and Chemicals - Iraq plans to export 3.2 million barrels of crude oil per day in June [9] - Oman is considering selling an $8 billion stake in a natural gas field [9] 2.5 Agricultural Products - On May 9, the average wholesale price of pork increased by 0.1% compared to April 30 [10] - In April 2025, China's soybean imports increased by 72.59% month - on - month [10] 3. Financial News Compilation 3.1 Open Market - On May 9, the central bank conducted 77 billion yuan of 7 - day reverse repurchase operations, with a net investment of 77 billion yuan [12] - This week, 836.1 billion yuan of reverse repurchases and 125 billion yuan of MLF will mature [12] 3.2 Key News - The China - US high - level economic and trade talks achieved important consensus and substantial progress [13] - The State Council called for in - depth planning of the "15th Five - Year Plan" and support for free trade zones [15] - China's goods trade imports and exports in the first four months increased by 2.4% year - on - year [16] 3.3 Bond Market Summary - Treasury bond futures mostly fell slightly, and the yield of the 10 - year Treasury bond active bond rose 0.4bp [22] - The money market funds were loose, and the repo rates of deposit - type institutions decreased [22] 3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed at 7.2461 on May 12, down 106 points from the previous trading day [27] - In Q1 2025, China's current account surplus was $165.6 billion [28] 3.5 Research Report Highlights - Huatai Fixed Income said that the bond market has several new trends this year [29] - CITIC Securities believes that the credit spread is unlikely to decline trendily in May [29] 4. Stock Market Key News - This week, 28 A - share stocks will face restricted - share unlocking, with a total market value of 18.63 billion yuan [33] - Since May, many fund companies have conducted intensive research on listed companies [33] - Some private equity firms believe that the stage of the greatest impact of tariffs has passed [34]

地址：北京市朝阳区朝阳门外大街甲6号万通中心D座20层（100020） 总机：010-8535 6666 资讯早间报 制作日期： 2025/05/12 隔夜夜盘市场走势 1. 国内期货主力合约收盘涨跌不一，纯碱和玻璃跌超 2%，合成橡胶、20 号胶、 烧碱、焦炭、PVC 等跌超 1%，螺纹钢跌 0.3%，棕榈油收平；原油涨 1.34%，沥 青、燃料油涨近 1%。基本金属涨跌不一，沪镍涨 2.05%，沪铅涨 0.54%，不锈钢 涨 0.43%，沪铝涨 0.36%，沪锡涨 0.30%，沪铜涨 0.15%。沪金涨 0.33%，沪银涨 0.88%。 2. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 0.70%报 3329.10 美元/盎司， 本周累计上涨 2.52%。COMEX 白银期货涨 0.81%报 32.88 美元/盎司，本周累计上 涨 2.18%。美国政府关税政策调整的表态及美联储货币政策的不确定性令避险 资产黄金需求增加，欧元区政策动态及全球贸易环境也对贵金属市场形成支撑。 3. 国际油价走强，美油主力合约收涨 1.92%，报 61.06 美元/桶，周涨 4.75%； 布伦特原油主力合约涨 1.65%， ...