证券代码：002928 证券简称：华夏航空 公告编号：2025-054 华夏航空股份有限公司 第四届董事会第一次会议决议公告 本次会议应出席董事 9 人，实际出席董事 9 人。其中 2 人现场出席（胡晓军 先生、吴龙江先生），6 人以通讯表决方式出席（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），董事胡不为先生因工作安排原 因不能亲自出席本次会议，委托董事胡晓军先生代表其出席并表决。 本次会议由公司过半数董事共同推举的董事胡晓军先生主持，公司高级管理 人员列席本次会议。 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。 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 一次会议通知于 2025 年 09 月 10 日以电子邮件形式发出。 本次会议于 2025 年 09 月 15 日在重庆市渝北区江北国际机场航安路 3 ...

华夏航空(002928)9月15日晚间公告，公司拟使用自有资金及股票回购专项贷款资金以集中竞价交易方 式回购部分公司已发行的社会公众股份（A股人民币普通股），用于员工持股计划或者股权激励。本次 回购金额不低于8000万元且不超过1.6亿元，回购价格不超过13.54元/股，回购期间为自董事会审议通过 之日起不超过6个月。截至本公告披露日，公司已经取得中信银行股份有限公司重庆分行出具的《贷款 承诺函》，承诺向公司提供金额最高不超过1.44亿元的股票回购专项贷款，贷款期限不超过36个月，贷 款年利率为1.8%。 ...

Group 1 - The company plans to repurchase part of its publicly issued shares using its own funds and a special loan for stock repurchase, aimed at employee stock ownership plans or equity incentives [1] - The total amount for the repurchase will be no less than RMB 80 million and no more than RMB 160 million, with a maximum repurchase price of RMB 13.54 per share [1] - The repurchase period will last no more than six months from the date of board approval [1] Group 2 - The company has obtained a loan commitment letter from CITIC Bank's Chongqing branch, promising to provide a maximum of RMB 144 million for the stock repurchase [1] - The loan term will not exceed 36 months, with an annual interest rate of 1.80% [1]

Summary of Key Points Core Viewpoint - Huaxia Airlines plans to repurchase a portion of its publicly issued shares using its own funds and a special loan for stock repurchase, aimed at employee stock ownership plans or equity incentives. The total amount for the repurchase will be no less than RMB 80 million and no more than RMB 160 million, with a maximum repurchase price of RMB 13.54 per share [1]. Company Specifics - The repurchase is expected to cover approximately 11.82 million shares, which represents about 0.92% of the company's total share capital [1]. - The repurchase period will last no more than six months from the date the board of directors approves the plan [1]. - As of the report, Huaxia Airlines has a market capitalization of RMB 12.1 billion [1]. Revenue Composition - For the first half of 2025, Huaxia Airlines' revenue composition shows that 98.73% comes from the air transportation sector, while other business revenues account for 1.27% [1].

Core Viewpoint - The event held at Chongqing Jiangbei Airport aims to enhance public awareness and protective capabilities regarding cybersecurity, transforming safety concepts into concrete actions [1]. Group 1: Event Overview - The cybersecurity awareness campaign took place on September 15, 2025, at the T3 terminal of Chongqing Jiangbei Airport [1]. - The event was organized collaboratively by the Civil Aviation Administration of Chongqing, the Chongqing Airport Police Bureau, Chongqing Airport Information Company, and Huaxia Airlines [3]. Group 2: Engagement and Activities - The campaign promoted a collaborative atmosphere where everyone is responsible for and shares cybersecurity [4]. - The event featured interactive quizzes and fun rewards to engage travelers in learning about cybersecurity [4]. - Participants could answer questions related to personal information protection, prevention of telecom fraud, and safe internet usage habits, with correct answers earning them exclusive stamps for a prize draw [4].

Core Viewpoint - The 2025 China Cultural Tourism Industry Expo was held in Wuhan, showcasing the integration of aviation and tourism, with Huaxia Airlines as the only participating airline from Southwest China [1][3]. Group 1: Event Overview - The expo took place on September 12 at the Wuhan International Expo Center [1]. - Huaxia Airlines presented an immersive interactive exhibition themed "Savoring Branch Lines, Enjoying Huaxia" [3]. Group 2: Product Offerings - The exhibition featured a deep integration model of "Aviation + Tourism," showcasing various travel products such as free travel, themed tours, customized trips, and regional specialties [3]. - The display included cultural accessories that blend traditional culture with Huaxia Airlines' unique route culture, enhancing the travel experience [3]. Group 3: Strategic Insights - The Vice Director of Huaxia Airlines Marketing Committee emphasized the interdependence of aviation and tourism, stating that the route network is essential for tourism development [4]. - The company aims to continue developing the "deep integration of aviation and tourism," focusing on innovative and comprehensive product systems to enhance the travel experience [4].

Market Overview - On September 15, the aviation and airport sector declined by 0.43%, with Huaxia Airlines leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Key stocks in the aviation and airport sector showed varied performance, with Hainan Airlines closing at 1.62, up 0.62%, and Huaxia Airlines closing at 9.43, down 1.46% [1][2] - The trading volume and turnover for major stocks included Hainan Airlines with 6.048 million shares traded and a turnover of 983 million yuan, while Huaxia Airlines had 171,800 shares traded with a turnover of 163 million yuan [1][2] Capital Flow - The aviation and airport sector experienced a net outflow of 281 million yuan from institutional investors, while retail investors saw a net inflow of 236 million yuan [2] - The capital flow data indicated that major stocks like China Eastern Airlines and Huaxia Airlines faced significant net outflows from institutional investors, amounting to 4665.96 million yuan and 4426.03 million yuan respectively [3] Individual Stock Analysis - Baiyun Airport had a net inflow of 8.754 million yuan from institutional investors, while Shenzhen Airport saw a net inflow of 7.5584 million yuan [3] - In contrast, stocks like Spring Airlines and Hainan Airlines faced substantial net outflows, with Spring Airlines experiencing a net outflow of 33.8408 million yuan [3]

Core Viewpoint - The 2025 China Cultural Tourism Industry Expo, held in Wuhan from September 12 to 14, focuses on the integration of civil aviation and cultural tourism, featuring over 30 airlines and related enterprises showcasing innovative ideas and achievements in this sector [1]. Group 1: Event Overview - The expo is jointly organized by the Ministry of Culture and Tourism and the Civil Aviation Administration of China, highlighting the theme of "Integration of Civil Aviation and Cultural Tourism" [1]. - A dedicated "Aviation and Cultural Tourism Integration Theme Exhibition Area" was established to attract various stakeholders from the aviation and tourism industries [1]. Group 2: Popular Exhibits - Southern Airlines showcased a variety of aircraft models, particularly limited edition painted models that drew significant attention from aviation enthusiasts [4]. - Qinghai Airport presented a series of cultural products based on the snow leopard, promoting biodiversity conservation and creating a unique airport memory for travelers [4]. - The Wuhan Airport's self-operated tea brand "Aipo's Tea" offers a popular drink made from local tea, aiming to share Hubei's tea culture with travelers [5]. Group 3: Innovative Products and Services - The "Ningxia Aviation Tourism Passport 2.0" offers external travelers discounts across various sectors, expanding from single attraction tickets to a comprehensive range of services including dining, accommodation, and transportation [7][8]. - The "Shanghai PASS" card integrates multiple discounts for transportation, tourism, shopping, and dining, enhancing the travel experience for international visitors [8]. Group 4: Enhanced Transit Services - Wuhan Airport introduced the "Super Transfer" service, providing travelers with complimentary meals, accommodation, and cultural experiences during layovers [9][12]. - Lanzhou Airport has expanded its route network and offers significant discounts and free services for travelers transiting to Xinjiang, promoting the region's tourism potential [14].

Core Viewpoint - The transportation industry is expected to have an overall increase of +2.6% in 2025, underperforming the CSI 300 index, which is projected to rise by +23.6% [1] Transportation Industry Overview - The transportation industry shows significant structural differentiation, with logistics benefiting from advancements in unmanned logistics vehicle technology and anti-involution policies, while the infrastructure sector weakens due to market style shifts [1] - From the beginning of 2025 to mid-year, the logistics sector performed relatively well, while the infrastructure sector declined [1] Logistics Sector - The logistics sector is expected to continue benefiting from the "anti-involution" policy, with price recovery anticipated [4] - The first half of 2025 saw rapid growth in demand for the logistics industry, but profitability was pressured by price competition [4] - Price recovery began in May 2025, with various regions starting to increase prices in August [4] Infrastructure Sector - The port container throughput maintained rapid growth in the first half of 2025, with expectations for this trend to continue in the second half [2] - Major highways are expected to show stable performance, with dividend expectations remaining stable despite recent stock price adjustments [2] - The current valuation of major ports is considered low within the infrastructure asset category, presenting a potential investment opportunity [2] Shipping Sector - The shipping sector experienced weak performance in the first half of 2025, but a marginal improvement is expected in the second half, particularly for oil tankers [3] - The outlook for oil tankers is positive due to OPEC+ production increases and limited industry supply [3] - The dry bulk shipping sector is anticipated to benefit from new project launches and longer shipping distances, which may lead to price recovery [3] Aviation Sector - The aviation industry saw overall profitability recovery in the first half of 2025, driven by demand growth and declining oil prices [5] - Major airlines reported reduced losses, with some low-cost carriers experiencing profit growth [5] - The recovery of international routes is expected to continue, positively impacting hub airports [5]

Group 1: Express Delivery Industry - The Anhui Provincial Express Association has launched an initiative to resist "involution" competition, aiming to promote high-quality development in the industry and maintain market order [1][7] - Starting from September 15, 2025, express delivery prices in Anhui Province will increase by no less than 0.2 yuan per ticket, which is expected to help close the price gap in central and eastern regions of China [1][7] - The express delivery business volume in Anhui Province accounted for 3.6% of the national total from 2024 to July 2025, indicating significant regional influence [1] Group 2: Shipping and Maritime Industry - The VLCCTD3cTCE rate surged to $82,674 per day, a 34.13% increase from the previous week, indicating a strong demand in the shipping market as the peak season approaches [2] - The attack on Russia's largest oil loading port in the Baltic Sea could lead to a 24% reduction in Russian oil exports, which may further boost VLCC short-term demand and pricing [3] - The outlook for VLCC rates is optimistic, with potential to reach $200,000 per day during the peak season, driven by OPEC+ production increases and tightening supply [2][3] Group 3: Aviation Industry - Airline ticket prices have shown a positive trend since August 13, with significant year-on-year growth observed in early September, driven by increased passenger volume and business travel recovery [4][7] - The aviation sector is expected to benefit from macroeconomic recovery, with a long-term supply-demand imbalance likely to enhance the sector's performance [8] Group 4: Logistics and Infrastructure - National logistics operations have been running smoothly, with rail freight volumes reported at 79.04 million tons from September 1 to September 7, despite a slight decrease [5][6] - The National Development and Reform Commission is encouraging the submission of REITs projects in mature asset types, including toll roads and clean energy, to enhance infrastructure investment [6] Group 5: Investment Opportunities - In the express delivery sector, companies like YTO Express, Shentong Express, and ZTO Express are expected to benefit from improved market conditions and operational efficiencies [7][8] - In the shipping industry, companies such as China Merchants Energy and COSCO Shipping are recommended due to favorable market conditions and potential demand growth [8] - The aviation sector presents investment opportunities in companies like China Southern Airlines and HNA Group, which are positioned to benefit from the recovery in air travel demand [8]