证券代码：002928 证券简称：华夏航空 公告编号：2025-070 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，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（以下简称"募投项目"）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。具体内容详见公司于 2025 年 05 月 09 日披露于巨潮资讯网的《华夏 航空股份有限公司关于使用部分闲置募集资金暂时补充流动资金的公告》（公 告编号：2025-025）。 华夏航空股份有限公司 董事会 2025 年 11 月 26 日 二、本次归还用于暂 ...

Market Overview - The A-share market saw all three major indices rise, with the Shanghai Composite Index up 0.87% to 3870 points, the Shenzhen Component Index up 1.53%, and the ChiNext Index up 1.77% [1][2] - The total market turnover reached 1.83 trillion yuan, an increase of 85.8 billion yuan compared to the previous trading day, with 4300 stocks rising [1] Sector Performance - The CPO concept and optical communication module sectors experienced significant gains, with stocks like Dekeli and Yongding shares hitting the daily limit [4] - The F5G concept also surged, with stocks like TeFa Information reaching the daily limit [4] - The flu concept stocks were active, with stocks like TeYi Pharmaceutical hitting the daily limit, and others like Kangzhi Pharmaceutical rising over 13% [4][11] - The gaming sector saw a rise, with stocks like Giant Network hitting the daily limit and FuChun shares increasing over 14% [10] - Conversely, the shipbuilding sector declined, with Jianglong Shipbuilding dropping nearly 10%, and the aquaculture sector also fell, with stocks like ZhongShui Fishery hitting the daily limit [4][13] Notable Stocks - Dekeli's stock price rose to 142.56 yuan, up 20.00%, while Guangku Technology also hit the daily limit at 147.00 yuan [5] - The gold sector saw gains, with Western Gold rising over 5% and several other gold-related stocks also increasing [8] - In the gaming sector, Giant Network's stock price reached 40.61 yuan, up 9.99% [10] - Flu-related stocks like TeYi Pharmaceutical and Kangzhi Pharmaceutical saw significant increases, with TeYi hitting the daily limit [12] Economic Indicators - The Federal Reserve officials signaled a dovish stance, supporting a potential rate cut in December, with an 82.9% probability of a 25 basis point cut [7]

证券之星消息，11月24日航空机场板块较上一交易日下跌0.2%，吉祥航空领跌。当日上证指数报收于 3836.77，上涨0.05%。深证成指报收于12585.08，上涨0.37%。航空机场板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000099 | 中信海直 | 20.46 | 3.49% | | 11.71万 | 2.37亿 | | 600004 | 白云机场 | 9.63 | 0.52% | | 17.38万 | 1.67亿 | | 000089 | 深圳机场 | 6.93 | -0.29% | 16.58万 | | 1.15亿 | | 601021 | 春秋航空 | 55.05 | -0.51% | 4.69万 | | 2.59亿 | | 600115 | 中国东航 | 5.14 | -0.77% | | 96.00万 | 4.95 乙 | | 600221 | 海航控股 | 1.67 | -1.18% | 517.39万 | | 8.68亿 | | ...

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates are rising while ocean freight rates are declining. The China Import Crude Oil Comprehensive Index (CTFI) reached 2325.40 points on November 20, up 4.2% from November 13. VLCC market activity remains strong, but overall market activity is expected to decline without actual cargo support [3][14] - Changlong Airlines has initiated its IPO process, and VOLANT has signed a confirmation order for the VE25-100 eVTOL aircraft with a state-owned investment group, with the order amount exceeding 100 million yuan [3][16] - The China-Europe Railway Express has surpassed 3500 trips this year, marking a historical high. A new "passenger-cargo-mail integration" model has been launched in cooperation between Rizhao Public Transport and SF Express [3][22] Summary by Sections Industry Hot Events - Crude oil freight rates are high while ocean freight rates are declining. The Shanghai port export price to Europe was $1367/TEU, down 3.5%, and to the US West and East Coast was $1645/FEU and $2384/FEU, down 9.8% and 8.3% respectively [3][15] - Changlong Airlines is preparing for its IPO, with a focus on expanding its operational capacity and market reach [3][16] - The China-Europe Railway Express has achieved a record of over 3500 trips this year, with a focus on high-value goods transportation [3][23] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased both month-on-month and year-on-year, indicating a positive trend in air freight pricing [4][28] - Domestic express delivery volume increased by 7.90% year-on-year in October 2025, with total express delivery volume reaching 176 billion pieces [4][50] - The national highway freight truck traffic increased by 2.57% week-on-week, indicating a recovery in road logistics [4][18] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the low-altitude economy sector, with recommendations for CITIC Offshore Helicopter [5] - Investment opportunities in the road and rail sectors, recommending companies such as Gansu Expressway and Beijing-Shanghai High-Speed Railway [5]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profit elasticity, and creating favorable competition opportunities in the medium to long term [15] - The shipping market is expected to benefit from the OPEC+ production increase cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market's outlook for Q4 2025 [15] - The shipping market is anticipated to recover, supported by environmental regulations limiting the operation of older fleets and the upcoming production of the West Manganese iron ore by the end of 2025 [15] Summary by Sections Express Logistics - In October 2025, the express delivery industry achieved a business volume of 17.6 billion pieces, a year-on-year increase of 7.9%, with revenue reaching 131.67 billion yuan, up 4.7% year-on-year [4][24] - Major players like YTO, Shentong, and Yunda showed varied growth rates, with YTO's volume increasing by 12.78% and Shentong by 3.97%, while Yunda's volume decreased by 5.11% [4][30] - The industry is transitioning towards high-quality development, with significant improvements in single-ticket revenue due to price increases driven by the de-involution trend [4] Shipping and Ports - VLCC freight rates reached a new high of $136,843 per day, the highest since Q2 2020, driven by tight available capacity and stable inquiry rhythms [8] - The Capesize bulk carrier spot freight rates surpassed $30,000 per day, reflecting a 20% increase over the past week, supported by seasonal demand recovery and strong import demand from China [8] - The BDI index increased by 7.1% to 2225 points, indicating a robust recovery in the bulk shipping market [9] Aviation - In October 2025, civil aviation transported approximately 68 million passengers, a year-on-year increase of 5.8%, and cargo/mail transport reached 917,000 tons, up 13.3% [58] - The overall passenger load factor for major airlines was 86.88%, showing a slight increase from the previous month [62] Road and Rail - From November 10 to November 16, 2025, national freight logistics operated smoothly, with rail freight reaching 81.8 million tons, a 0.17% increase week-on-week [14] - In October 2025, road freight volume was 3.706 billion tons, a year-on-year increase of 0.08% [64] Supply Chain Logistics - The logistics landscape is evolving, with companies like Shenzhen International expected to benefit from the transformation of logistics parks, providing performance elasticity [15] - The industry is witnessing a slowdown in competition, with companies like Debang and Aneng Logistics showing significant profit improvements due to strategic transformations [15]

Summary of Conference Call Notes Industry Overview - **Global Market Trends**: Recent adjustments in global risk assets, particularly in US stocks and Bitcoin, with significant declines noted. The Shanghai Composite Index fell below its upward trend line, but the Federal Reserve's signals of easing have reduced the risk of further declines in the short term [3][1]. Key Points by Industry Transportation Sector - **Impact of Japan-China Relations**: The transportation sector faced challenges due to reduced flights on Japan-China routes. However, the three major airlines were minimally affected as this route only accounts for a small percentage of their total flights. Spring Airlines and Juneyao Airlines experienced larger adjustments, while Huaxia Airlines remained unaffected [5][1]. Express Delivery Industry - **October Data and Financial Performance**: The express delivery sector showed positive trends with October data and ZTO's Q3 financial report. YTO Express had the fastest growth rate at 13%, while Shentong Express grew by over 4%, and Yunda Express saw a decline of 5%. The overall outlook for the sector remains optimistic, with expectations of continued growth into Q1 2026 [6][1]. Shipping Industry - **Freight Rates and Future Outlook**: The shipping sector saw freight rates reach multi-year highs before a slight correction. The peak season may last longer than expected, with further potential for rate increases. Key companies to watch include China Merchants Energy Shipping and Hainan Airlines [7][8]. Chemical Industry - **Current Market Conditions**: The CCPI index remained stable, while crude oil prices fell, leading to a decline in the chemical output index. The fourth quarter is typically a demand lull, with price sustainability needing validation in Q1 2026. Key sub-sectors include polyester filament and viscose staple fiber, with specific companies recommended for investment [11][12][17]. Lithium and Battery Materials - **Price Increases and Demand**: Lithium hexafluorophosphate prices surged to 167,000 CNY/ton, with significant increases in electrolyte and additive prices. The demand for energy storage is expected to drive profitability, with a recovery anticipated in 2026. Recommended companies include Sinoma Technology and Lianhua Technology [14][12]. Coal Industry - **Market Performance and Future Expectations**: The coal sector experienced a significant drop of 5.67%, with some companies like China Shenhua showing resilience. Despite short-term declines, the long-term fundamentals remain unchanged, and there are opportunities in quality stocks [21][22]. Organic Silicon and Soda Ash - **Market Dynamics**: The organic silicon industry reached a consensus on production cuts, with prices rising. The soda ash market saw price increases following production halts. Both sectors are expected to improve significantly by 2026, with key companies highlighted for investment [16][12]. Additional Insights - **Investor Confidence**: Jitu International's management has been actively repurchasing shares to bolster investor confidence, particularly in Southeast Asia and emerging markets [9][10]. - **Investment Recommendations**: The call emphasized focusing on high dividend-paying coal companies and other resilient sectors, suggesting a strategic approach to navigating potential market fluctuations [25][10]. This summary encapsulates the key insights and recommendations from the conference call, providing a comprehensive overview of the current market landscape across various industries.

Core Viewpoint - The A-share listed airlines in China have reported their financial results for the first three quarters of 2025, showing significant revenue and profit growth, with some companies experiencing declines in net profit. Group 1: Revenue Performance - In the first three quarters of 2025, Southern Airlines, Air China, and China Eastern Airlines all achieved revenue exceeding 100 billion yuan, with revenues of 137.67 billion yuan, 129.83 billion yuan, and 106.41 billion yuan respectively [2][4] - Six listed airlines reported year-on-year revenue growth, with China National Aviation achieving a revenue increase of 11.25% to 57.34 billion yuan, attributed to improved aircraft utilization and expanded route coverage [5] Group 2: Profitability - All seven listed airlines reported profitability in the first three quarters of 2025, with Hainan Airlines leading with a net profit of 2.845 billion yuan [5][6] - Southern Airlines reported a net profit of 3.84 billion yuan in the third quarter alone, the highest among the airlines [5] - China Eastern Airlines turned a profit with a net profit of 2.103 billion yuan, benefiting from strategic initiatives and improved operational metrics [7] Group 3: Passenger Load Factor - Spring Airlines, Juneyao Airlines, and Southern Airlines had the highest passenger load factors in the first three quarters of 2025, all exceeding 80% [8] - China Eastern Airlines saw a year-on-year increase in passenger load factor by 3.13 percentage points, while Spring Airlines experienced a decline of 0.53 percentage points [8]

Core Insights - The report highlights a significant increase in VLCC (Very Large Crude Carrier) freight rates, reaching a new high, driven by a notable decline in Russian oil exports, which has created additional demand for oil transportation from the Middle East to India and China [3][4] - The report suggests a positive outlook for the transportation sector, particularly in shipping and aviation, with recommendations for specific companies such as China Merchants Energy and COSCO Shipping Energy [3][4] - The report emphasizes the importance of monitoring seasonal trends in freight rates, particularly the potential for a "not-so-dull" off-season from December to February [3] Industry Overview - The transportation index has decreased by 5.00%, underperforming the CSI 300 index by 1.23 percentage points, with the express delivery sector showing the smallest decline at -2.75% and the public transport sector experiencing the largest drop at -9.35% [4][11] - The shipping sector has shown mixed performance, with the Baltic Dry Index increasing by 5.67% while the coastal dry bulk freight index fell by 3.47% [4][11] - The report notes that the average freight rate for VLCCs has risen by 5% week-on-week, reaching $126,371 per day, with the Middle East to Far East route hitting a new high of $138,144 per day [3][4] Shipping Sector Insights - The report indicates that the average freight rate for the fourth quarter is approaching $99,000 per day, marking it as one of the highest quarterly averages in history [3] - The decline in Russian oil exports has been significant, dropping from nearly 4 million barrels per day to around 3 million barrels per day, which has increased demand for oil from the Middle East [3][4] - The report also highlights the recovery of chartering activities following the Bahri conference, with shipowners beginning to control capacity due to tightening supply [3] Aviation Sector Insights - The report discusses the unprecedented challenges in the aircraft manufacturing supply chain, with an aging fleet expected to persist over the next 5-10 years, leading to constrained supply [3] - It anticipates a significant improvement in airline profitability as capacity is allocated to international routes, suggesting a potential golden era for airlines [3] - Recommendations include major airlines such as China Eastern Airlines and Spring Airlines, which are expected to benefit from these trends [3] Express Delivery Sector Insights - The express delivery industry is entering a new phase of competition, with three potential scenarios outlined: price recovery leading to utility-like profitability, continued competitive pressure, or higher-level consolidation [3] - Companies such as Shentong Express and YTO Express are highlighted as having strong potential due to their competitive advantages and market positioning [3] High Dividend Stocks in Transportation - The report lists high dividend yield stocks in the transportation sector, including Bohai Ferry with a yield of 8.08% and China Railway with a yield of 3.95% [21] - The focus on high dividend stocks is seen as a stable investment strategy amidst market fluctuations [21]

Core Viewpoint - The aviation and airport sector experienced a decline of 2.05% on November 21, with Hainan Airlines leading the drop, while the Shanghai Composite Index fell by 2.45% and the Shenzhen Component Index decreased by 3.41% [1] Market Performance - The closing prices and percentage changes for key stocks in the aviation and airport sector are as follows: - Hainan Airlines: 1.69, -4.52% - Xiamen Airport: 15.85, -3.94% - CITIC Offshore Helicopter: 19.77, -3.09% - Shenzhen Airport: 6.95, -2.39% - China Southern Airlines: 7.08, -1.67% - China Eastern Airlines: 5.18, -1.52% [1] Capital Flow - The aviation and airport sector saw a net outflow of 571 million yuan from institutional investors, while retail investors contributed a net inflow of 430 million yuan [1] - The detailed capital flow for selected stocks indicates: - China Eastern Airlines: -55.71 million yuan from institutional investors, +34.46 million yuan from retail investors - Xiamen Airport: -19.70 million yuan from institutional investors, +25.76 million yuan from retail investors [2]

广发证券发布研报称，据10月六家上市航司主要运营数据公告，六家上市航司10月总供给与总需求同比 各增加6.4%/9.2%，约为19年同期的113.2%/119.5%；客座率同比提升2.2个百分点至87.1%，较19年同期 提升4.6个百分点。三大航10月供需同比各增加6.2%/9.3%，延续修复节奏。其中国内线供需分别恢复至 19年同期的120.0%/126.5%。此外，受外部事件影响，中日航线需求受挫，对航司国际线短期需求构成 一定压力，但整体需求具备韧性，中长期复苏趋势不改，叠加票价弹性显现。 外交部领事司于11月14日晚提醒中国公民近期避免前往日本，随后多家主要航司宣布12月31日前日本航 线客票可免费退改。11月以来，中日航班量已出现明显下滑，第45周(11.03-11.09)航班量恢复率(较2019 年同期)为82.9%，环比第40周下降14.5%。 广发证券主要观点如下： 10月全行业供需双旺，客座率同比提升至高位，其中国内线增幅持续拉大，国际线全面超过2019年水平 从航司受影响程度看，春秋航空(中日航线ASK占比11.3%)和吉祥航空（603885）(9.9%)敞口最大，国 航、东航、南航占比 ...