证券代码：002928 证券简称：华夏航空 公告编号：2025-079 华夏航空股份有限公司 第四届董事会第四次会议决议公告 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、董事会会议召开情况 1、会议通知、召开情况 华夏航空股份有限公司（以下简称"公司""华夏航空"）第四届董事会第 四次会议通知于 2025 年 12 月 25 日以电子邮件形式发出。 本次会议于 2025 年 12 月 30 日在重庆市渝北区江北国际机场航安路 30 号华 夏航空新办公楼 524 会议室以现场结合通讯表决方式召开。 2、会议出席情况 本次会议应出席董事 9 人，实际出席董事 9 人。其中 1 人现场出席（吴龙江 先生），8 人以通讯表决方式出席（胡晓军先生、胡不为先生、乔玉奇先生、范 鸣春先生、孙超先生、仇锐先生、彭泗清先生、刘文君先生）。 二、董事会会议审议情况 1、审议通过《关于拟签订〈A320 系列飞机采购协议〉的议案》。 表决结果：9 票同意，0 票反对，0 票弃权。 公司本次拟与空中客车公司（AIRBUS S.A.S，以下简称"空客"）签订《A320 系列飞机采 ...

Core Viewpoint - The aviation and airport sector experienced a decline of 1.18% on December 30, with China Southern Airlines leading the drop. The Shanghai Composite Index closed at 3965.12, down 0.0%, while the Shenzhen Component Index rose by 0.49% to 13604.07 [1]. Group 1: Stock Performance - The following stocks in the aviation and airport sector showed notable price changes: - China Southern Airlines (南方航空) closed at 7.66, down 1.03% with a trading volume of 545,000 shares and a transaction value of 418 million yuan [1]. - Xiamen Airport (厦门空港) closed at 17.48, down 2.35% with a trading volume of 100,200 shares and a transaction value of 176 million yuan [2]. - Spring Airlines (春秋航空) closed at 57.60, down 1.42% with a trading volume of 56,100 shares and a transaction value of 322 million yuan [2]. Group 2: Capital Flow - The aviation and airport sector saw a net outflow of 120 million yuan from institutional investors, while retail investors contributed a net inflow of 175 million yuan [2]. - The capital flow for specific stocks included: - China National Aviation (中国国航) had a net inflow of 46.13 million yuan from institutional investors, while retail investors had a net outflow of 47.90 million yuan [3]. - Xiamen Airport (厦门空港) experienced a net outflow of 26.25 million yuan from institutional investors, but a net inflow of 38.02 million yuan from retail investors [3].

Summary of the Airline Industry Conference Call Industry Overview - The airline industry is dominated by Boeing and Airbus, leading to significant price volatility due to supply adjustments lagging behind demand changes. [1] - The industry faced substantial losses during the pandemic, with business demand weak and ticket prices declining. However, the fundamentals and stock prices have reached historical lows, limiting downside risks. [1][4] - Over the next 3-5 years, the supply-demand relationship in the airline industry is expected to improve, with ticket prices likely to continue rising. [5] Demand Dynamics - Domestic business demand is under pressure but tourism demand is growing steadily, with significant potential for inbound and outbound travel. [1] - Inbound tourism in China is significantly lower than in Japan, with visa-free policies expected to boost airline demand, projecting double-digit growth in the future. [1][9] - The current structure of demand shows domestic business travel at 42%, tourism at 35%, outbound travel at 17%, and inbound travel at 6%. [5][6] - The rebound in business travel is anticipated to stabilize in 2026, with potential for upward movement if economic recovery occurs. [6] Supply Challenges - The global supply chain's efficiency has declined post-pandemic, extending aircraft delivery times from 2-3 years to 5-6 years. [11] - Geopolitical factors have increased collaboration difficulties, leading to a tight supply situation expected to persist for 5-6 years. [11] - Issues with Pratt & Whitney engines have exacerbated supply constraints, with maintenance cycles extended, affecting the grounded aircraft ratio. [11][13] - The average aircraft utilization and load factors are high, limiting further supply release potential. [11] Price and Profitability Outlook - The airline industry is projected to see ticket prices rise by approximately 10% annually, driven by a widening supply-demand gap. [3][16] - Under stable oil prices at $65 per barrel and a RMB exchange rate of 7, the expected profits for major airlines are approximately 7 billion RMB for the three major carriers, with Spring Airlines at 3 billion RMB, and others at lower figures. [3][17] - The industry is entering a phase of accelerated profitability improvement over the next 3-5 years. [17] Investment Strategy - The investment strategy suggests focusing on major airlines in the Hong Kong market and Spring Airlines, Juneyao Airlines, and China United Airlines in the A-share market. [18] - The overall sentiment is that this is a time when industry opportunities outweigh individual stock opportunities, with a significant focus on the industry's recovery and profitability acceleration starting in 2026. [19]

证券日报网讯12月29日，华夏航空（002928）在互动平台回答投资者提问时表示，公司最新的美元负债 情况请查阅公司2025年半年度报告，报告中的"合并财务报表项目注释"有相关信息披露。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601111 | 中国国航 | 9.10 | 4.36% | 132.56万 | 12.10亿 | | 601021 | 春秋航空 | 58.43 | 3.51% | 7.04万 | 4.07亿 | | 600029 | 南方航空 | 7.74 | 2.93% | C 83.93万 | 6.50亿 | | 600115 | 中国东航 | 5.69 | 2.52% | 143.38万 | 8.16亿 | | 603885 | 吉祥航空 | 14.25 | 1.64% | 24.13万 | 3.43亿 | | 600221 | 海航控股 | 1.81 | 0.56% | 1039.67万 | 19.03亿 | | 6600000 | 中信海直 | 20.48 | 0.34% | 15.36万 | 3.16亿 | | 600009 | 上海机场 | 33.39 | 0.03% | 10.75万 | 3.61亿 | | 002928 | 华夏航空 | 10 ...

Summary of Airline Industry Conference Call Industry Overview - The airline industry is expected to experience a supply-demand reversal in 2026, with ASK (Available Seat Kilometers) growth projected at approximately 2.7%, lower than RPK (Revenue Passenger Kilometers) growth of 5% due to aircraft capacity and engine issues leading to tight effective supply [1][2][3] - Boeing and Airbus are facing capacity bottlenecks, with delivery volumes below pre-pandemic levels and slow production increases, while COMAC's delivery volumes are insufficient to significantly fill the gap, exacerbating supply tightness [1][5][6] - A significant number of in-service aircraft are grounded due to issues with Pratt & Whitney engines, with maintenance cycles extending over two years, further intensifying the effective supply crunch [1][7][8] Demand and Capacity Insights - In 2025, aircraft utilization rates are expected to improve primarily due to rapid growth in international route capacity, but ASK growth is anticipated to slow to 2.7% in 2026, with an average growth rate below 3% over the next three years [1][10] - The demand for air travel in 2025 is projected to grow over 5% domestically, driven by strong private travel demand, while international demand is expected to maintain a high growth rate of around 20% [11] - The competitive landscape shows that high-speed rail is beginning to substitute for air travel, narrowing the growth gap between the two modes of transport, although air travel demand growth remains higher overall [12][13] Pricing and Revenue Projections - Despite a record high passenger load factor exceeding 85% in 2025, ticket prices are expected to decline by approximately 6% year-on-year, with a modest increase of 3-4% anticipated in 2026 [15][18] - The current valuation of airline stocks reflects historical average profit levels, but cyclical nature of the industry suggests that valuations should consider profit peaks, indicating potential for further upside in stock prices [4][21] Aircraft Manufacturing and Supply Chain Challenges - Boeing and Airbus are struggling with production capacity, with Boeing's monthly delivery targets significantly lower than pre-pandemic levels, and Airbus also facing delays in meeting its production goals [5] - COMAC's delivery numbers are insufficient to alleviate the production shortfall, with a notable decline in deliveries of its ARJ21 and C919 aircraft [6] - The global supply chain issues are severely impacting the production capabilities of major aircraft manufacturers, leading to a prolonged recovery period [5][8] Future Outlook and Investment Recommendations - The airline industry is expected to enter a moderate growth cycle over the next few years, contrasting with previous sharp cycles, due to reduced aircraft orders and slow production increases [19] - Investment recommendations focus on large airline stocks, particularly those listed in H-shares, which are currently undervalued compared to their A-share counterparts. Specific recommendations include Huaxia Airlines, with a projected profit of approximately 900 million yuan in 2026, indicating a potential upside of 30-40% [25]

Summary of Key Points from Conference Call Records Industry Overview Commodities - Recent strong performance in commodity prices, with gold surpassing 4,600 yuan, silver increasing by 11% to 80 USD, and LME copper stabilizing above 12,000 USD. Early year copper prices were below 75,000 yuan [2][7] - Short-term price fluctuations due to factors like silver delivery month squeeze, not driven by supply-demand improvements. Long-term outlook remains positive due to a weaker dollar and anticipated Fed rate cuts [2][7] - The current commodity cycle is influenced by international competition, differing from previous cycles driven by real estate and infrastructure [3][8] Aviation Sector - Positive outlook for the aviation sector in 2026, with New Year ticket prices up by 6-7% and passenger load factors increasing by 1-2%. Recovery in China-Japan-Korea routes noted [4] - Anticipated recovery in airline profitability to exceed 2019 levels due to extended holiday periods and improved travel demand [4] Express Delivery Industry - Jitu's stable growth in Southeast Asia, recommended as a stock with potential for doubling in three years. SF Express exited the Douyin return segment to protect profits, with a 30% increase in package volume but unfulfilled profit expectations [5][6] - Focus on bottoming SF Express stock, while waiting for data from other express companies for validation of growth potential [6] Non-Ferrous Metals - Positive outlook for the non-ferrous metals sector in 2026, though growth may not match 2025 levels. Current valuations are lower than in 2025, with high certainty of EPS recovery [10] - Energy metals remain undervalued, presenting investment opportunities [10] Coal Industry - Recent decline in coal prices, with the coal index down by 0.89%. However, coking coal fundamentals remain strong, with prices up 170 yuan per ton year-on-year [11][12] - High inventory levels suppress price rebounds, but potential stabilization due to weather factors is noted. Recommendations include investing in high-dividend coal companies [12] Core Insights and Arguments - The commodity price center is expected to rise long-term, supported by macroeconomic factors such as a weaker dollar and Fed rate cuts [2][7] - The aviation sector is projected to recover significantly, driven by increased travel demand and favorable pricing trends [4] - The express delivery market shows resilience, with specific companies like Jitu and SF Express highlighted for their growth potential [5][6] - Non-ferrous metals are positioned for a strong performance, with a focus on energy metals as attractive investment options [10] - The coal industry faces challenges with price declines but offers opportunities in high-dividend stocks amidst stable fundamentals [12] Additional Important Points - The equity market is not overheated, with P/E and P/B ratios at historical lows, indicating a favorable environment for investment [9] - The end of the current commodity cycle will depend on factors such as the restoration of dollar credit, supply chain restructuring, and domestic policies [8]

Investment Rating - The report indicates a positive outlook for the shipping sector, expecting a strong start in 2026, particularly for companies like ST Song, China Shipbuilding, and China Power [5]. Core Insights - The shipping industry has seen improvements in new ship orders and pricing since October, with expectations for a strong performance in 2026. The report highlights the potential for a seasonal price increase in January, particularly in the oil and bulk cargo sectors [5]. - The report emphasizes the resilience of the railway and highway freight volumes, with steady growth observed. Data from the Ministry of Transport shows a slight decrease in railway freight but an increase in highway truck traffic [5][6]. - The airline industry is at a turning point, with expectations for significant improvements in airline profitability due to supply constraints and increasing passenger volumes [5]. - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined for future profitability and market dynamics [5]. Summary by Sections Shipping Sector - New ship orders and pricing have improved since October, with expectations for a strong performance in 2026. Companies like ST Song, China Shipbuilding, and China Power are highlighted as key players [5]. - The report notes a significant drop in VLCC rates, with a 34.4% decrease observed on December 24, while crude oil tanker rates showed a 7.6% increase due to supply constraints [5]. Railway and Highway - Railway freight volume was reported at 78.37 million tons, a 1.96% decrease week-on-week, while highway truck traffic increased by 2.02% to 55.44 million vehicles [5][6]. Airline Industry - The report suggests that the airline industry is poised for a golden era, with supply constraints and increased international travel expected to enhance profitability [5]. Express Delivery - The express delivery sector is undergoing a transformation, with three scenarios proposed for future market dynamics, focusing on price recovery and potential mergers [5]. Overall Transportation Index - The transportation sector index rose by 1.37%, underperforming compared to the Shanghai Composite Index, which increased by 1.95% [6].

Investment Rating - Maintain "Buy" rating for the transportation sector [5] Core Views - The international passenger turnover for October and November 2025 is expected to grow by 12.9% and 14.3% year-on-year compared to the same months in 2019, indicating a recovery in demand [1][2] - The average economy class ticket price for the New Year holiday in 2026 is projected to be 597 RMB, reflecting a 1.1% decrease from 2024 and a 6.7% increase from 2025 [1][2] - The logistics sector is benefiting from explosive growth in overseas e-commerce, with TikTok Shop's GMV in Southeast Asia increasing by 2.7 times during the "12.12" promotion [1][3] Summary by Sections Weekly Insights and Market Review - The transportation sector index rose by 1.37%, underperforming the Shanghai Composite Index by 0.51 percentage points [1][19] - The top three performing sub-sectors were shipping, public transport, and logistics, with increases of 4.70%, 4.65%, and 1.96% respectively [1][19] Air Travel - From January to November 2025, civil aviation passenger turnover reached 12,865.80 billion person-kilometers, a 19.6% increase compared to the same period in 2019 [2][12] - Domestic routes saw a 25.6% increase, while international routes grew by 3.6% [2][12] - The aviation sector is expected to maintain a positive outlook due to low supply growth and recovering demand, with a focus on business travel and international flight recovery [2][12] Shipping and Ports - The oil and dry bulk freight rates are experiencing a decline, with VLCC rates significantly dropping due to seasonal factors and lower-than-expected January loading volumes [3][13] - The dry bulk shipping index continues to fall, with a focus on the impact of new iron ore production and geopolitical developments [3][14] - The LNG transportation market is anticipated to follow a different cycle compared to larger vessels, with new projects in hydrogen production [3][16] Logistics - The logistics sector is focusing on two investment themes: overseas expansion driven by e-commerce growth and internal competition management amid slowing industry growth [3][17] - The express delivery volume showed a modest increase of 1.6% year-on-year in December, indicating a competitive landscape where leading companies are expected to gain market share [3][17]

Core Viewpoint - The aviation and airport sector experienced a 2.8% increase on December 26, with HNA Holding leading the gains, while the overall market indices showed modest increases [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3963.68, up 0.1%, and the Shenzhen Component Index closed at 13603.89, up 0.54% [1]. - HNA Holding's stock price rose by 2.27% to 1.80, with a trading volume of 10.22 million shares and a transaction value of 1.834 billion [1]. - Other notable performers included CITIC Offshore Helicopter, which increased by 1.14%, and Spring Airlines, which saw a slight increase of 0.16% [1]. Group 2: Stock Performance Summary - The table of stock performance shows various companies in the aviation sector, with HNA Holding leading in percentage increase, while several companies like China Eastern Airlines and Shanghai Airport experienced declines [2]. - The overall aviation and airport sector saw a net outflow of 313 million in main funds, while retail investors contributed a net inflow of 340 million [2]. Group 3: Fund Flow Analysis - HNA Holding had a net inflow of 18.76 million from main funds, but a net outflow of 17.27 million from retail investors [3]. - China Eastern Airlines experienced a significant net outflow of 26.35 million from main funds, while retail investors contributed a net inflow of 60.68 million [3]. - The analysis indicates that retail investors are actively participating in the market, contrasting with the outflows from institutional and speculative funds [3].