Core Viewpoint - The investigation by Jiangsu Consumer Protection Committee highlights the prevalent practice of airlines locking premium seats, which may infringe on consumer rights and calls for airlines to optimize service rules and respond to consumer demands [1] Group 1: General Findings - The survey included 10 domestic airlines, all of which confirmed the existence of seat locking practices in their economy class [2] - The average seat locking rate across the surveyed airlines was 38.7%, with some routes showing rates as high as 62.1% [2] Group 2: Issues Identified - **Issue 1: Prevalence of Seat Locking** All surveyed airlines had locked seats in economy class, with no airline offering complete access to all economy seats [2] - **Issue 2: Payment for Unlocking Seats** Some airlines require consumers to use miles or points to unlock preferred seats, effectively turning basic seat selection into a paid service [3] - **Issue 3: Lack of Transparency** Airlines provided vague explanations for seat locking, often citing reasons that contradicted the high locking rates observed [4][5] - **Issue 4: Unfair Contract Terms** The seat selection agreements of the airlines contained unfair terms, lacking clear communication about seat locking rules and fees, which may violate consumer rights [6]

Core Viewpoint - The investigation by Jiangsu Consumer Protection Committee highlights that airlines are locking premium seats, which may infringe on consumer rights and fair trading practices, prompting a call for self-examination and service optimization by airlines [1] Group 1: General Findings - The survey included 10 domestic airlines, all of which confirmed the existence of seat locking practices in their economy class, with no airline fully opening all economy seats [2] - The average seat locking rate across the surveyed airlines was 38.7%, with some routes showing rates as high as 62.1% [2] Group 2: Issues Identified - **Issue 1: Prevalence of Seat Locking** All surveyed airlines exhibited seat locking behavior, with significant proportions of seats locked during the purchasing phase [2] - **Issue 2: Indirect Payment for Unlocking Seats** Some airlines require consumers to use miles or points to unlock preferred seats, effectively turning basic seat selection into a paid service [3] - **Issue 3: Lack of Transparency** Airlines provided vague explanations for seat locking, often citing reasons that contradicted the high locking rates observed [4][5] - **Issue 4: Unfair Contract Terms** The seat selection agreements of the airlines contained unfair terms, lacking clear communication about seat locking rules and fees, which may violate consumer rights [6]

Core Viewpoint - The investigation by Jiangsu Consumer Protection Committee highlights that airlines are locking premium seats during the ticket purchasing process, which may infringe on consumers' rights to fair trade and choice [1] Group 1: General Findings - The survey included 10 domestic airlines, all of which confirmed the existence of seat locking practices in their economy class [2] - The average seat locking rate across the surveyed airlines is 38.7%, with some routes showing rates as high as 62.1% [2] Group 2: Issues Identified - **Issue 1: Prevalence of Seat Locking** All surveyed airlines have locked economy class seats, with no airline fully opening all economy seats for selection [2] - **Issue 2: Indirect Payment for Seat Unlocking** Some airlines require consumers to use miles or points to unlock preferred seats, effectively turning basic seat selection into a paid service [3] - **Issue 3: Lack of Transparency** Airlines provided vague explanations for seat locking, often citing reasons that contradict the high locking rates observed [4][5] - **Issue 4: Unfair Contract Terms** The seat selection agreements of the airlines contain unfair clauses, lacking clear communication about seat locking rules and fees, which may violate consumer rights [6]

Group 1: Core Insights - The tourism and travel sector in China is experiencing significant growth, driven by increased consumer demand and favorable government policies [5][6] - The upcoming Spring Festival is expected to boost travel, with a notable increase in ticket bookings and travel service reservations [4][6] - Social security funds have heavily invested in key tourism stocks, indicating strong institutional interest in the sector [6] Group 2: Company Performance - China Duty Free Group (中国中免) has seen a cumulative stock increase of 30.91% since October 2025, supported by its expansion into city duty-free stores [6] - Spring Airlines (春秋航空) reported a 23.68% year-on-year increase in available ton-kilometers in December 2025, reflecting growth in operational capacity [7] - China National Aviation Holding (中国国航) and Spring Airlines are among the top holdings by social security funds, with market values of 5.56 billion and 6.01 billion yuan respectively [6] Group 3: Market Trends - The domestic tourism market showed strong recovery in 2025, with 4.85 trillion yuan in spending, an 11.5% increase year-on-year [5] - The "reverse Spring Festival" trend is gaining traction, with a 35% increase in ticket bookings for parents traveling to their children's work locations [4] - The Wind tourism index rose by 2.5% on January 19, 2026, indicating a positive market sentiment ahead of the Spring Festival [3]

Investment Rating - The report maintains a "Buy" rating for key companies in the transportation sector, including SF Holding, Spring Airlines, and China Eastern Airlines, among others [2][3]. Core Insights - The report highlights the recovery of the aviation industry as flight volumes increase, with domestic flights reaching 89,086 flights from January 10 to January 16, 2026, a 2.7% increase from the previous week [29]. - SF Holding is noted for its high safety margin and low valuation, with a current PE ratio of 18X, indicating potential for valuation recovery as market conditions improve [6][24]. - The logistics company Shimon Holdings is preparing for its IPO, showcasing strong resource integration capabilities and a stable revenue growth trajectory [46][48]. Summary by Sections SF Holding - SF Holding has a substantial cash reserve, with cash accounting for 14.2% to 20.5% of its market value from 2022 to 2024, providing a strong support for its stock price [9]. - The company is expected to achieve a shareholder return rate of 3.8% in 2025 and 2026, with dividend yields projected at 2.57% and 2.88% respectively [12][15]. - The current valuation is at a ten-year low, suggesting a potential for recovery as demand in the mid-to-high-end express market improves [21][24]. Aviation Sector - The aviation industry is emerging from a low season, with flight utilization rates improving to 7.89 hours per day, which is 92.6% of the levels seen in 2019 [30]. - The upcoming Spring Festival travel season is anticipated to boost passenger numbers, with a projected 5.39 billion travelers expected on railways, marking a 5% year-on-year increase [6][29]. - The average ticket price for domestic economy class has increased by 3.5% year-on-year, indicating a recovery in pricing power [39]. Logistics Sector - Shimon Holdings is recognized for its strong resource integration and stable revenue growth, with expected revenues of 9.2 billion yuan in 2025, despite a projected decline due to client revenue drops [48][51]. - The company has established long-term partnerships with major clients, ensuring a stable business model and low replacement risk [46][47]. - Revenue from the supply chain logistics service segment is expected to contribute significantly to overall earnings, with a projected revenue of 3.4 billion yuan in the first half of 2025 [48]. Express Delivery Industry - The express delivery sector is experiencing a gradual improvement in pricing, with single ticket revenue for major companies like SF Holding and Yunda showing positive trends [59][62]. - The overall express delivery business volume has increased by 5% year-on-year, indicating robust demand despite a slight decline in revenue [59]. - The report emphasizes the importance of monitoring the performance of express delivery companies as they adapt to market conditions and pricing strategies [80].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 海外市場公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條的規定而發表。 附件為中國國際航空股份有限公司於上海證券交易所刊發之 1. 中國國際航空股份有限公司關於向特定對象 發行A股股票申請文件的審核問詢函回覆的提示性公告 2. 關於中國國際航空股份有限公司向特定對象 發行股票申請文件的審核問詢函的回覆 3. 德勤華永會計師事務所（特殊普通合夥）關於 《關於中國國際航空股份有限公司向特定對象 發行股票申請文件的審核問詢函》的回覆 4. 北京市君合律師事務所關於中國國際航空股份有限公司 2025年度向特定對象發行A股股票的補充法律意見書（一） 承董事會命 中國國際航空股份有限公司 公司秘書 肖烽 中國北京，二零二六年一月十九日 於本公告日期，本公司的董事為劉鐵祥先生、王明遠先生、崔曉峰先生、Patrick Healy ...

Core Viewpoint - The trend of "reverse Spring Festival travel" is becoming more pronounced, with families shifting from the traditional model of children returning home to parents traveling to their children's work locations for the holiday [1] Group 1: Travel Trends - The booking volume for "reverse Spring Festival" flights has seen a significant increase of approximately 35% year-on-year since January [1] - Popular departure cities for this trend include Zhengzhou, Wuhan, Xi'an, Changsha, Chengdu, Harbin, and Changchun, while major destinations are Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou [1] Group 2: Demographics and Services - The majority of travelers opting for "reverse Spring Festival" are first-time flyers from the senior demographic, often facing challenges during check-in, baggage handling, and navigation [1] - In response, the company has launched the "Parents Travel Safe Escort" program in collaboration with several airlines, providing comprehensive online and offline guidance services for passengers aged 55 and above [1]

《关于中国国际航空股份有限公司向特定对象发行股票 申请文件的审核问询函》的回复 德师报(函)字(26)第 Q00035 号 中国国际航空股份有限公司： 德勤华永会计师事务所(特殊普通合伙)(以下简称"我们")接受委托，审计了中国国际航空 股份有限公司(以下简称"公司"、"中国国航"或"发行人")2024 年度、2023 年度及 2022 年度的财务报表，并分别于 2025 年 3 月 27 日、2024 年 3 月 28 日及 2023 年 3 月 30 日出具 了德师报(审)字(25)第 P03582 号、德师报(审)字(24)第 P02372 号及德师报(审)字(23)第 P01765 号无保留意见的审计报告。这些财务报表的编制及公允列报是公司管理层的责任，我们的责 任是在实施审计工作的基础上对上述财务报表整体发表意见。我们的审计是根据中国注册会 计师审计准则进行的。 我们于 2026 年 1 月 9 日收到了公司转来的上海证券交易所(以下简称"上交所")出具的《关 于中国国际航空股份有限公司向特定对象发行股票申请文件的审核问询函》(上证上审(再融 资)〔2026〕10 号)(以下简称"审核问询函")。按 ...

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 北京市君合律师事务所 关于中国国际航空股份有限公司 2025 年度向特定对象发行 A 股股票的 补充法律意见书（一） 二零二六年一月 | 北京总部 | 电话: (86-10) 8519-1300 | 上海分所 | 电话: (86-21) 5298-5488 | 广州分所 | 电话: (86-20) 2805-9088 | 深圳分所 | 电话: (86-755) 2939-5288 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 传真: (86-10) 8519-1350 | | 传真: (86-21) 5298-5492 | | 传真: (86-20) 2805-9099 | | 传真: (86-755) 2939-5289 | | 杭州分所 | 电话: (86-571) 2689-8188 | 成都分所 | 电话: (86-28) 6739-8000 | 西安分所 | 电话: (86-29) 85 ...

证券代码：601111 证券简称：中国国航 关于中国国际航空股份有限公司 向特定对象发行股票申请文件的 审核问询函的回复 保荐人（主承销商） 广东省深圳市福田区中心三路8号卓越时代广场（二期）北座 上海证券交易所： 中国国际航空股份有限公司（以下简称"发行人""公司"或"中国国航"） 于 2026 年 1 月 9 日收到上海证券交易所（以下简称"上交所"）出具的《关于中 国国际航空股份有限公司向特定对象发行股票申请文件的审核问询函》（上证上 审（再融资）〔2026〕10 号），中信证券股份有限公司（以下简称"中信证券" 或"保荐人"）作为公司本次向特定对象发行股票的保荐人（主承销商），会同发 行人及发行人律师北京市君合律师事务所（以下简称"发行人律师"）和申报会 计师德勤华永会计师事务所（特殊普通合伙）（以下简称"申报会计师"）等相关 方，本着勤勉尽责、诚实守信的原则，就审核问询函所列示的问题逐项进行了核 查、落实和认真讨论，现回复如下，请予审核。 本审核问询函回复中的字体代表以下含义： | 黑体 | 审核问询函所列问题 | | --- | --- | | 宋体 | 对问询函所列问题的回复 | 本审核问询函回 ...