（编辑 任世碧） 证券日报网讯 12月15日晚间，华夏航空发布公告称，公司于2025年05月08日召开第三届董事会第十八 次会议、第三届监事会第十七次会议，审议通过了《关于使用部分闲置募集资金暂时补充流动资金的议 案》，同意公司在保证募集资金投资项目的资金需求、不影响募投项目正常进行的前提下，使用公司 2022年度非公开发行A股股票的闲置募集资金不超过139，000.00万元暂时补充流动资金，使用期限自董 事会审议通过之日起不超过十二个月。公司于2025年12月12日归还上述用于暂时补充流动资金的闲置募 集资金217，494，289.95元至募集资金专户。截至本公告披露日，公司尚未归还的用于暂时补充流动资 金的闲置募集资金余额为458，014，684.94元。 ...

证券之星消息，12月15日航空机场板块较上一交易日上涨0.63%，华夏航空领涨。当日上证指数报收于 3867.92，下跌0.55%。深证成指报收于13112.09，下跌1.1%。航空机场板块个股涨跌见下表： 从资金流向上来看，当日航空机场板块主力资金净流出6398.72万元，游资资金净流入1929.99万元，散 户资金净流入4468.73万元。航空机场板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

证券代码：002928 证券简称：华夏航空 公告编号：2025-074 华夏航空股份有限公司 三、公司与上海银行浦西支行签订的《借款保证合同》主要内容 关于为全资子公司提供担保的进展公告 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、担保额度审批情况概述 华夏航空股份有限公司（以下简称"公司"）分别于 2025 年 04 月 24 日召开 第三届董事会第十七次会议、第三届监事会第十六次会议，于 2025 年 05 月 16 日召开 2024 年年度股东大会，审议通过《关于为全资子公司提供担保的议案》， 同意公司为全资子公司向银行或其他金融机构申请授信不超过人民币 17 亿元或 等值外币提供担保，主要用于子公司引进飞机、飞机预付款、项目建设、购买航 材、设备采购、日常运营等事项；其中，对全资子公司华夏云飞融资租赁（上海） 有限公司（以下简称"华夏云飞"）及其全资子公司云飞飞机租赁（上海）有限 公司（以下简称"云飞租赁"）担保额度合计为 10 亿元。上述担保额度不含此 前已提供且仍在担保期限内的担保余额（此前已提供且仍在担保期限内的担保余 额继续有效），自 ...

证券代码：002928 证券简称：华夏航空 公告编号：2025-073 公司在使用闲置募集资金暂时补充流动资金期间，严格遵守相关法律、法 规和规范性文件的规定，对募集资金进行了合理的安排与使用，没有影响募投 项目的正常实施进度，没有改变或变相改变募集资金用途，没有使用募集资金 直接或者间接进行证券投资、衍生品交易等高风险投资。 公司于 2025 年 12 月 12 日归还上述用于暂时补充流动资金的闲置募集资金 217,494,289.95 元至募集资金专户，并将上述募集资金的归还情况及时通知了 公司保荐机构东兴证券股份有限公司及保荐代表人。 截至本公告披露日，公司尚未归还的用于暂时补充流动资金的闲置募集资 金余额为 458,014,684.94 元。 华夏航空股份有限公司 关于归还用于暂时补充流动资金的 部分闲置募集资金的公告 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。 一、部分闲置募集资金用于暂时补充流动资金的审议披露情况 华夏航空股份有限公司（以下简称"公司"）于 2025 年 05 月 08 日召开第 三届董事会第十八次会议、第三届监事会第十七次会议 ...

华夏航空公告称，公司此前同意为全资子公司申请不超17亿元或等值外币授信提供担保，其中对华夏云 飞及其子公司云飞租赁担保额度合计10亿元。近日，公司与上海银行浦西支行签订合同，为云飞租赁 7941万元债务提供连带责任保证担保。签署前，对云飞租赁担保余额为4.88亿元，截至公告披露日，实 际担保余额为5.68亿元，对华夏云飞和云飞租赁尚余可担保额度8.02亿元。截至披露日，公司及子公司 累计对外担保余额9.43亿元，占2024年末净资产的28.07%，无逾期对外担保。 ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - The report highlights that during the "Black Friday" shopping season, Jitu Express achieved a record high in daily collection volume in Brazil, and the first domestically produced heavy-duty eVTOL successfully completed its maiden flight [2][3] - In shipping, crude oil freight rates have declined from high levels, while freight rates on long-distance routes have shown mixed trends [3][15] - The report notes that the domestic logistics market is experiencing significant growth, particularly in emerging markets [3][25] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, with the China Import Crude Oil Composite Index (CTFI) reported at 2324.92 points, a slight increase of 0.1% from December 4 [3][15] - The first domestically produced heavy-duty eVTOL, AR-E800, successfully completed its maiden flight, marking a significant milestone in China's aviation industry [3][17] - Jitu Express reported a record high in daily collection volume in Brazil during the "Black Friday" shopping season, reflecting strong growth in logistics operations [3][25] High-Frequency Dynamic Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year [29] - In October 2025, the express delivery business volume increased by 7.90% year-on-year, with revenue rising by 4.70% [56] - The shipping market has shown mixed trends, with the Shanghai Export Container Freight Index (SCFI) reported at 1506.46 points, a week-on-week increase of 7.79% but a year-on-year decrease of 36.82% [43] Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - It also highlights investment opportunities in low-altitude economy sectors, recommending CITIC Offshore Helicopter [5] - The report emphasizes the potential in the express delivery sector, recommending companies like SF Express, Jitu Express, and Yunda [5]

Group 1 - The conference "2025 14th Annual Meeting on the Development of Listed Companies and Hainan Free Trade Port Opportunities Exchange Conference" was successfully held in Haikou, with over 400 listed companies and more than 20 institutions participating, discussing policy paths and global opportunities under the new customs closure [1][3] - Hainan Free Trade Port's core policy is characterized by "one line open, two lines controlled, and free within the island," offering three major benefits: zero tariffs, low tax rates, and greater freedom for enterprises [3][4] - After the customs closure, 6,637 imported goods will be subject to zero tariffs, and enterprises in encouraged industries will enjoy a 15% corporate income tax rate [3][4] Group 2 - The conference focused on the theme "Embracing Diversity, Open Cooperation," aiming to build a platform for collaboration and explore innovative paths for project implementation [4] - The former Vice Minister of the Ministry of Industry and Information Technology highlighted that the next five years will be a critical period for the digital transformation of industrial enterprises, emphasizing the need for deep integration of the real economy and digital economy [5] - The analysis from the capital market perspective indicated that high-tech sectors in the stock market are expected to lead the market, as a healthy market ecosystem requires a group of long-term performing listed companies [5] Group 3 - The first roundtable discussion focused on AI's value propositions, with industry leaders emphasizing the importance of understanding target customers and industry data governance [6][7] - The second roundtable highlighted the strategic planning of companies in the robotics industry and the importance of understanding local cultures when expanding into international markets [7] - The discussions on new consumption trends emphasized the shift from production-driven to consumption-driven models, with a focus on creating new consumer experiences and emotional value [8][9]

证券研究报告 | 行业周报 gszqdatemark 2025 12 14 年 月 日 交通运输 快递、民航"反内卷"整治持续，VLCC 受制裁名单再扩大 周观点：中央经济工作会议 12 月 10 日至 11 日在北京举行，会议明确"制 定全国统一大市场建设条例，深入整治'内卷式'竞争"。继续看好快递、 航空在"反内卷"整治下的投资机会。快递反内卷线：快递行业份额逐步 向头部快递集中，反内卷政策下恶性价格战得到有效遏制，头部快递份额、 利润同步提升，有望迎来双击。快递出海线：快递出海，天地广阔，海外 电商 GMV 爆发式增长，带动快递业务量迅猛增长，相关标的为极兔速递。 看好"反内卷"整治下航空板块中长期景气度：运力供给维持低增速、需 求持续恢复，供需缺口缩小叠加油价中枢下移及"反内卷"政策继续推进， 静待票价持续修复、航司盈利不断改善。 行情回顾：本周交通运输板块行业指数下跌 1.55%，跑输上证指数 1.21 个百分点（上证指数下跌 0.34%）。从申万交通运输行业三级分类看，仅 公路货运板块上涨，涨幅为 4.76%；跌幅前三名分别为公交、高速公路、 铁路运输板块，对应跌幅分别为-4.97%、-2.49% ...

Investment Rating - The report maintains a positive outlook on the shipping industry, specifically recommending China Power, China Shipbuilding, and China Ship Defense, while also highlighting Yangtze River and Songfa shares as potential investments [4]. Core Insights - The report indicates an improvement in new ship orders during November and December, reinforcing the logic of the replacement cycle. The strong second-hand ship prices are positively influencing the new ship market [4]. - The report notes that VLCC (Very Large Crude Carrier) freight rates have exceeded expectations, with a current average of $114,420 per day, despite a slight week-on-week decline of 1%. The report anticipates significant upward potential for both charter rates and second-hand ship prices [4]. - The report emphasizes the resilience of the railway freight volume and highway truck traffic, suggesting steady growth in these sectors [4]. Summary by Sections Shipping Market - VLCC freight rates have shown a 110% increase in Q4 compared to Q3, with one-year charter rates rising by 23%. The report highlights that the second-hand ship prices have yet to reflect these changes [4]. - The Suezmax crude oil tanker rates have decreased by 4% to $71,888 per day, while Aframax rates increased by 3% to $62,987 per day [4]. Air Transportation - The report discusses the unprecedented challenges in the aircraft manufacturing chain and the ongoing trend of aging aircraft globally. It predicts a significant improvement in airline profitability as the industry approaches a turning point [4]. - Recommended airlines include China Eastern Airlines, China Southern Airlines, and Spring Airlines, among others, due to their strong demand and supply dynamics [4]. Express Delivery - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined: price stabilization leading to profit recovery, continued competitive pressure, and potential mergers and acquisitions [4]. - Companies to watch include Shentong Express, YTO Express, and ZTO Express, with a focus on their performance in the upcoming annual reports [4]. Road and Rail - The report cites data from the Ministry of Transport indicating that from December 1 to December 7, national railway freight volume was 80.19 million tons, a decrease of 2.35% week-on-week [4]. - The report suggests that the highway sector will benefit from two main investment themes throughout 2025: high dividend yields and potential value management catalysts [4].

椰风海韵间，资本市场的热望与时代的浪潮迎面相逢。 12月11日至13日，由每日经济新闻与海南国际经济发展局联合主办的2025第十四届上市公司发展年会暨 海南自贸港开放机遇交流大会（以下简称上市公司发展年会）系列活动在海口举行。400余家上市公司 及各路精英汇聚一堂，探寻中国经济新机遇、新答案。 12月10日至11日，擘画明年中国经济发展蓝图的中央经济工作会议在北京召开。上市公司发展年会的举 行恰逢其时，成为解读和洞悉中央经济工作会议精神的一个窗口。 引人瞩目的是，中央经济工作会议上，"坚持创新驱动，加紧培育壮大新动能"成为排序第二的重点任 务。其中，人工智能被赋予更加重要的角色——深化拓展"人工智能+"，完善人工智能治理。 笔者注意到，上市公司发展年会上，AI（人工智能）也成为全场热议的关键词。这不仅是一场议题的 呼应，更是从国家战略到市场脉动的生动映照。人工智能为什么被热议？因为它是资本市场的新风口， 也是中国经济的新引擎。 在海南自贸港全岛封关运作即将到来之际，人工智能成为一场盛会的关键词，折射出中国经济发展深层 逻辑的变迁：它既是国家战略重心，也是市场价值锚点；既是企业核心竞争力所在，也是投资价值源 泉 ...