证券代码：002928 证券简称：华夏航空 公告编号：2025-076 华夏航空股份有限公司 关于部分募投项目结项并将节余募集资金 投入其他募投项目的公告 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。 华夏航空股份有限公司（以下简称"华夏航空""公司"）于 2025 年 12 月 17 日召开第四届董事会第三次会议审议通过了《关于部分募投项目结项并将 节余募集资金投入其他募投项目的议案》，鉴于公司非公开发行 A 股股票募集 资金投资项目（以下简称"募投项目"）"引进 5 架 C909 系列飞机"计划引进 的 5 架飞机已购买实施完毕，经结项评估，已达到预定可使用状态。为提高资 金使用效率，结合公司实际经营情况，公司拟将上述募投项目节余募集资金 1,332.65 万元（包括利息收入，具体金额以资金转出当日的募集资金专项账户 余额为准）用于公司募投项目"引进 2 架 A320 系列飞机"。节余资金划转完成 后，公司将对相关募集资金专项账户进行销户处理，对应的《募集资金三方监 管协议》及《补充协议》亦随之终止。公司保荐机构东兴证券股份有限公司对 本事项发表了无异议 ...

证券代码：002928 证券简称：华夏航空 公告编号：2025-075 华夏航空股份有限公司 3、本次会议的召开符合《中华人民共和国公司法》等有关法律、行政法规、 部门规章、规范性文件、深圳证券交易所业务规则以及《华夏航空股份有限公司 章程》的规定。 二、董事会会议审议情况 第四届董事会第三次会议决议公告 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 三次会议通知于 2025 年 12 月 12 日以电子邮件形式发出。 本次会议于 2025 年 12 月 17 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（胡晓军 先生），7 人以通讯表决方式出席（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），职工董事吴龙江先生因工作安 排原因不能亲自出席本次会议，委托董事长 ...

Investment Rating - The investment rating for the airline transportation industry is "Positive" [2][7]. Core Insights - The industry has maintained a high passenger load factor during the off-peak season, with both domestic and international travel thriving. The high load factor and slight recovery in ticket prices suggest a significant improvement in airline unit revenue. The implementation of "anti-involution" measures and the self-regulatory agreement by the China Air Transport Association is expected to reduce malicious low pricing, further supporting ticket price recovery and enhancing airline profitability. Additionally, the decline in oil prices is likely to reduce costs, contributing to further profit growth for airlines. Key airlines to focus on include China Southern Airlines, China Eastern Airlines, Air China, Spring Airlines, and Juneyao Airlines [3][13]. Summary by Sections 1. Investment Recommendations - The industry has seen sustained high passenger load factors since early 2025, with both domestic and international routes performing well. The off-peak season is not as weak as expected, with high load factors and a slight recovery in ticket prices, indicating a potential significant recovery in airline unit revenue. The implementation of self-regulatory measures is expected to mitigate low pricing practices, further supporting ticket price recovery and enhancing airline profitability [3][13]. 2. Off-Peak Passenger Load Factor and Ticket Prices 2.1 Supply and Demand - The capacity growth rate has rebounded, leading to an increase in passenger load factors. In October 2025, the industry’s Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) increased by 6.2% and 8.9% year-on-year, respectively, with a load factor of 87.4%, up 2.2 percentage points year-on-year [4][15]. 2.2 Ticket Prices - Ticket prices have weakened in December, with the average domestic ticket price at 839 yuan, down 7.0% year-on-year. The average ticket price for domestic routes, including fuel, was 709 yuan, down 6.2% year-on-year [4][23]. 2.3 Oil Prices and Exchange Rates - The average price of aviation fuel has slightly increased in December, with the domestic aviation fuel price at 6045 yuan per ton, up 3.9% year-on-year. The exchange rate of the Chinese yuan has appreciated against the US dollar, with the exchange rate at 7.0602 yuan per dollar as of December 16, 2025, down 1.78% from the end of 2024 [5][37]. 3. Airline Capacity and Load Factors 3.1 Operational Status - In November, most airlines maintained stable capacity growth, with significant increases in international capacity. The passenger load factors for both domestic and international routes have shown year-on-year improvements, significantly increasing compared to 2019 levels [4][43]. 3.2 Fleet Expansion - In November, Air China and China Southern Airlines each added 7 aircraft, marking the highest net increase among the six major airlines. From January to November, China Southern Airlines, Air China, and China Eastern Airlines saw net increases of 47, 26, and 21 aircraft, respectively [4][7].

Industry Overview - The International Air Transport Association (IATA) forecasts that global airlines will achieve a total net profit of $41 billion by 2026, marking a historical high, although the net profit margin will remain at 3.9%, unchanged from 2025 [3] - The Asia-Pacific region is expected to generate a net profit of $6.6 billion in 2026, with China and India leading regional growth, but the profit per passenger is low at only $3.20 [3] - Supply chain bottlenecks continue to hinder the growth of the aviation industry, with aircraft availability being a significant constraint [3] Express Logistics - Emerging market logistics demand is robust, with J&T Express in Brazil achieving record daily collection volumes during Black Friday, with non-platform customer orders increasing nearly 40% month-on-month [1] - The Mexican and Egyptian markets are also experiencing stable year-on-year growth of around 20% due to Black Friday demand overflow [1] Shipping and Ports - The U.S. has intensified pressure on Venezuelan oil tankers, which may lead to increased demand for compliant oil transportation [6] - The Shanghai Containerized Freight Index (SCFI) rose by 7.8% week-on-week, indicating a positive trend in shipping rates [6] - The BDTI index for crude oil tankers decreased by 1.9% week-on-week, while the BCTI index for product tankers fell by 6.5% [7] Airports - Multiple airports are experiencing significant growth in international passenger volumes, with Guangzhou Baiyun Airport seeing a 19.01% year-on-year increase [4][5] - The end of the 26-year operation of Duty Free Shoppers at Shanghai airports marks a significant change in the airport retail landscape [4] Road and Rail - National logistics operations are running smoothly, with rail freight down 2.35% and highway truck traffic down 1.75% week-on-week [9] - The Central Plains Expressway reported a 3.8% year-on-year increase in toll revenue for November 2025, indicating stable traffic growth [10] Investment Recommendations - The express delivery sector is expected to benefit from resilient e-commerce demand, with companies like SF Express and JD Logistics poised for growth [11] - The shipping sector is anticipated to see improved demand due to increased oil production and favorable economic conditions, with companies like China Merchants Energy and COSCO Shipping being highlighted [12] - The aviation sector is advised to be monitored for potential long-term growth signals, with companies such as China Eastern Airlines and Hainan Airlines recommended for investment [13]

交运ETF(159662)紧密跟踪国证交通运输行业指数，国证细分行业指数将沪深北交易所证券根据国证行 业分类标准的二、三、四级行业进行划分，用以反映各细分行业上市公司的整体特征，进一步丰富指数 化投资标的，满足市场投资管理的需求。指数前十大权重股分别为京沪高铁、顺丰控股、中远海控、大 秦铁路、中国东航、上海机场、中国国航、南方航空、海机场、圆通速递。 交运ETF(159662)，场外联接(A类：019886；C类：019887)。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 航空市场需求持续回暖，国际航线恢复势头良好。华源证券认为，当前航空供需关系优化趋势明确，中 期受飞机制造商及上游供应商产能制约，供给增速放缓将推动票价提升，航司利润弹性有望释放。同 时，中韩放宽团体旅游签证及中国对外籍游客简化入境手续等政策将刺激入境需求增长。多地机场国际 旅客量大幅上升，白云机场国际旅客同比增19.01%，深圳机场同比增长23%，青岛机场同比增25.5%。 中信证券指出，民航机队产能释放受新增飞机低引进、发动机检修、航材备件等因素制约，旺季机队产 能利用率愈发临近极限状态，近期公商务需求持续复 ...

Group 1 - The aviation stocks experienced a significant increase, with Southern Airlines rising over 6% [1] - China Eastern Airlines and Huaxia Airlines both saw an increase of over 5% [1] - Juneyao Airlines reported a rise of over 4% [1]

Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, indicating a positive outlook for investment opportunities in the sector [4]. Core Insights - The aviation industry is experiencing a recovery, with domestic passenger load factors showing a year-on-year increase. International supply and demand are accelerating [1]. - The overall supply-demand balance is better than in 2019 and 2024, with structural improvements in demand, particularly in business travel and cross-border needs [4]. - Supply constraints are strengthening due to maintenance backlogs and low growth in new aircraft introductions, indicating a potential turning point in the "supply-demand-price" dynamic [4]. Summary by Sections Domestic Operations - In November, the ASK (Available Seat Kilometers) growth rates were led by Spring Airlines (15.6%), followed by China Southern Airlines (8.7%) and China Eastern Airlines (6.5%). The RPK (Revenue Passenger Kilometers) growth was also highest for Spring Airlines (18.0%) [1]. - Cumulative data from January to November shows Spring Airlines leading in both ASK (12.0%) and RPK (12.0%) growth rates [1]. International Operations - For international routes in November, the highest ASK growth was recorded by Juneyao Airlines (26.8%), while RPK growth was led by Juneyao Airlines (38.4%) [2]. - Cumulative data from January to November indicates Juneyao Airlines also leads in ASK (41.5%) and RPK (48.3%) growth rates [2]. Regional Operations - In November, Spring Airlines had the highest ASK growth (20.5%) for regional routes, while RPK growth was also led by Spring Airlines (26.4%) [2]. - Cumulative data shows China Southern Airlines leading in ASK growth (2.8%) and China National Airlines leading in RPK growth (4.7%) [2]. Passenger Load Factor - In November, Spring Airlines had the highest passenger load factor at 92.3%, with a year-on-year increase of 1.9 percentage points [3]. - Cumulative data from January to November shows Spring Airlines maintaining a load factor of 91.5%, unchanged from the previous year [3]. Fleet Growth - As of November 2025, the five listed airlines collectively added 17 aircraft, with a year-on-year fleet increase of 4.0% [3].

Core Viewpoint - Shijiazhuang Zhengding International Airport has launched eight major action initiatives to promote the integration of aviation, culture, and tourism, aiming to enhance travel efficiency and cultural experiences for passengers [1] Group 1: Action Initiatives - The airport's initiatives include enhancing route networks, improving service efficiency, and innovating diverse products to create a new travel experience [1] - By 2026, the airport plans to expand its passenger routes to 160, achieving over 95% connectivity for trunk routes and over 60% coverage for branch routes [3] - The airport aims to reduce the minimum connection time for transit flights to 40 minutes, making transfers more convenient than taking a taxi [3] Group 2: Service Efficiency - Shijiazhuang Airport maintains a domestic flight check-in time of under 8 minutes for 95% of passengers, with luggage retrieval times of under 3 minutes for the first bag and under 9 minutes for the last bag [3] - The airport has upgraded its intermodal transport services, including dedicated transfer channels and enhanced luggage handling services [3] - New value-added services include off-site check-in and luggage transfer, as well as customized shuttle services to improve the overall travel experience [3] Group 3: Targeted Services - The airport has developed a "one trip, one policy" service system tailored to different traveler demographics, including seniors, families, and international tourists [5] - Specific services include priority assistance for elderly travelers, family-friendly amenities, and specialized services for winter sports enthusiasts [5] - The airport is enhancing its facilities to provide a one-stop service center for tourism, including direct transportation to local attractions and improved accessibility features [5] Group 4: Cultural Integration and Product Innovation - Shijiazhuang Airport aims to become a "Yanzhao Cultural Reception Hall" by incorporating local cultural elements into the travel experience [7] - The airport will feature local cuisine and cultural exhibitions, as well as hands-on experiences with traditional crafts [7] - New product offerings include bundled travel packages and themed travel routes that highlight regional cultural resources [7][8]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. Long-term competition opportunities are expected in the e-commerce express delivery sector. Companies like SF Express and JD Logistics are likely to benefit from cyclical recovery and ongoing cost reductions, with significant potential for both performance and valuation increases [16] - In the shipping sector, oil transportation is expected to benefit from increased crude oil production and demand driven by the Federal Reserve's interest rate cuts. The market is anticipated to see significant improvement in 2026, with companies like China Merchants Energy and COSCO Shipping Energy being recommended for attention [16] - The aviation sector shows stable demand growth, with supply constraints and cost improvements expected to create a favorable environment for investment. Companies such as China Southern Airlines and Air China are suggested for early positioning [16] Summary by Sections Express Logistics - The Black Friday logistics demand in emerging markets is showing robust growth, with J&T Express in Brazil achieving record daily collection volumes, with non-platform customer orders increasing nearly 40% month-on-month [5] - The Shentong Changde Transit Center is set to process 500 million packages annually upon full operation, significantly enhancing logistics efficiency in the region [6] Aviation - The International Air Transport Association (IATA) forecasts a net profit of $41 billion for global airlines in 2026, despite ongoing supply chain bottlenecks. The net profit margin is expected to remain at 3.9% [7] - The easing of group travel visa restrictions between China and South Korea is anticipated to stimulate inbound demand [7] Shipping and Ports - The SCFI composite freight index increased by 7.8% week-on-week, indicating rising export container freight rates [10] - The BDI index for bulk shipping decreased by 8.1% week-on-week, reflecting a decline in shipping rates across various categories [11] Road and Rail - National logistics operations are running smoothly, with rail freight volume at 80.19 million tons, down 2.35% week-on-week [14] - The revenue from tolls on the Zhongyuan Expressway increased by 3.8% year-on-year, indicating stable traffic flow [15]

Investment Rating - The industry investment rating is "Buy" [2] Core Views - The industry is experiencing a robust supply and demand growth, with November data showing a year-on-year increase in both supply and demand. The passenger load factor has improved, particularly in domestic routes, which have seen a significant increase compared to 2019 levels. In November, the total supply and demand for six listed airlines increased by 7.1% and 10.3% year-on-year, respectively, reaching 110.4% and 116.7% of the levels seen in the same period of 2019. The passenger load factor rose by 2.5 percentage points to 85.6%, which is 4.6 percentage points higher than in November 2019 [6][6][6]. Summary by Sections Supply and Demand Dynamics - In November, domestic routes saw supply and demand increase by 4.2% and 6.8% year-on-year, respectively, achieving 113.3% and 118.2% of the levels from 2019. The passenger load factor for domestic routes improved by 2.1 percentage points to 86.6%, which is 3.6 percentage points higher than in 2019. International routes experienced a more significant increase, with supply and demand rising by 15.0% and 20.7% year-on-year, reaching 104.8% and 113.5% of 2019 levels. The passenger load factor for international routes increased by 3.9 percentage points to 83.4%, which is 6.4 percentage points higher than in 2019 [6][6]. Airline Performance - Performance among airlines varied, with Spring Airlines and Eastern Airlines leading in passenger load factors. In November, the three major airlines reported a year-on-year increase in supply and demand of 6.7% and 10.3%, respectively, continuing their recovery trend. Domestic routes for these airlines have returned to 111.6% and 116.6% of 2019 levels. Eastern Airlines had the highest passenger load factor, increasing by 3.0 percentage points to 87.4%, while China National Airlines showed the fastest recovery, with a 3.9 percentage point increase to 83.3% [6][6]. External Factors - External events continue to disrupt demand, particularly on the China-Japan route, which is experiencing short-term weakness. However, the long-term recovery trend for international routes remains intact. Recent policy changes have extended the free cancellation and modification policy for flights on this route until March 28, 2026. Despite the current challenges, the demand for international flights is expected to recover in the medium to long term, supported by resilient ticket prices [6][6].