本公司及公司董事会全体成员保证本员工持股计划不存在虚假记载、误导性 陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 风险提示 （一）春秋航空股份有限公司（以下简称"春秋航空"或"公司"）2024 年 员工持股计划须经公司股东大会批准后方可实施，本次员工持股计划能否获得公 司股东大会批准，存在不确定性； （二）有关本次员工持股计划的具体的资金来源、出资比例、实施方案等属 初步结果，存在不确定性； （三）若员工认购资金较低时，本员工持股计划存在不成立的风险； （四）股票价格受公司经营业绩、宏观经济周期、国际/国内政治经济形势 及投资者心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活动， 投资者对此应有充分准备； 公司代码：601021 公司简称：春秋航空 春秋航空股份有限公司 2024 年员工持股计划 摘要（修订稿） 二〇二五年八月 1 声明 （五）敬请广大投资者谨慎决策，注意投资风险。 特别提示 本部分内容中的词语简称与"释义"部分保持一致。 1、春秋航空股份有限公司 2024 年员工持股计划（以下简称"员工持股计划" 或"持股计划"）系依据《中华人民共和国公司法》、《中华人民 ...

公司代码：601021 公司简称：春秋航空 春秋航空股份有限公司 2023 年员工持股计划 （修订稿） 二〇二五年八月 1 声明 本公司及公司董事会全体成员保证本员工持股计划不存在虚假记载、误导性 陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 风险提示 （一）春秋航空股份有限公司（以下简称"春秋航空"或"公司"）2023 年员工持股计划须经公司股东大会批准后方可实施，本次员工持股计划能否获 得公司股东大会批准，存在不确定性； （四）股票价格受公司经营业绩、宏观经济周期、国际/国内政治经济形势 及投资者心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活动 ，投资者对此应有充分准备； （五）敬请广大投资者谨慎决策，注意投资风险。 特别提示 本部分内容中的词语简称与"释义"部分保持一致。 1、春秋航空股份有限公司 2023 年员工持股计划（以下简称"员工持股计划" 或"持股计划"）系依据《中华人民共和国公司法》、《中华人民共和国证券法》、 《关于上市公司实施员工持股计划试点的指导意见》等有关法律、行政法规、规 章、规范性文件和《公司章程》的规定制定。 2、本员工持股计划遵循依法合规 ...

公司代码：601021 公司简称：春秋航空 春秋航空股份有限公司 2021 年员工持股计划 摘要（修订稿） 二〇二五年八月 1 声明 本公司及公司董事会全体成员保证本员工持股计划不存在虚假记载、误导性 陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 风险提示 （一）春秋航空股份有限公司（以下简称"春秋航空"或"公司"）2021 年 员工持股计划须经公司股东大会批准后方可实施，本次员工持股计划能否获得公 司股东大会批准，存在不确定性； （二）本员工持股计划设立后将委托专业机构进行管理，但能否达到计划规 模、目标存在不确定性； （三）有关本次员工持股计划的具体的资金来源、出资比例、实施方案等属 初步结果，存在不确定性； （四）若员工认购资金较低时，本员工持股计划存在不成立的风险； （五）有关资产管理计划的合同尚未正式签订，存在不确定性； （六）股票价格受公司经营业绩、宏观经济周期、国际/国内政治经济形势 及投资者心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活动， 投资者对此应有充分准备； （七）敬请广大投资者谨慎决策，注意投资风险。 特别提示 本部分内容中的词语简称与"释义"部 ...

公司代码：601021 公司简称：春秋航空 春秋航空股份有限公司 2021 年员工持股计划 （修订稿） 二〇二五年八月 1 （六）股票价格受公司经营业绩、宏观经济周期、国际/国内政治经济形 势及投资者心理等多种复杂因素影响。因此，股票交易是有一定风险的投资 活动，投资者对此应有充分准备； （七）敬请广大投资者谨慎决策，注意投资风险。 特别提示 风险提示 （一）春秋航空股份有限公司（以下简称"春秋航空"或"公司"）2021 年员工持股计划须经公司股东大会批准后方可实施，本次员工持股计划能否 获得公司股东大会批准，存在不确定性； （二）本员工持股计划设立后将委托专业机构进行管理，但能否达到计 划规模、目标存在不确定性； （三）有关本次员工持股计划的具体的资金来源、出资比例、实施方案 等属初步结果，存在不确定性； （四）若员工认购资金较低时，本员工持股计划存在不成立的风险； （五）有关资产管理计划的合同尚未正式签订，存在不确定性； 声明 本公司及公司董事会全体成员保证本员工持股计划不存在虚假记载、误导性 陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 本部分内容中的词语简称与"释义"部分保持 ...

Group 1 - The company reported a revenue of 10.304 billion RMB for the first half of 2025, representing a year-on-year increase of 4.35% [1] - The net profit for the same period was 1.169 billion RMB, showing a year-on-year decline of 14.11% [1] - The company plans to distribute a cash dividend of 0.43 RMB per share (including tax), totaling 418 million RMB, which accounts for 35.74% of the net profit attributable to shareholders for the first half of 2025 [1]

Core Viewpoint - The article highlights the preparations made by airlines, particularly Spring Airlines, to accommodate the surge in student travelers returning to universities as the summer travel season comes to an end [1][3]. Group 1: Airline Operations - Spring Airlines at Yangzhou Taizhou International Airport is coordinating closely among various departments to ensure smooth travel for students [1]. - The airline has noted a high passenger volume on routes from Yangzhou Taizhou to cities like Chongqing, Zhuhai, Kunming, and Shenyang, primarily driven by students returning to school and travelers seeking off-peak vacations [3]. Group 2: Pricing and Travel Experience - In September, ticket prices have significantly decreased compared to the summer travel period, making it an attractive time for travelers to visit popular destinations such as Xiamen, Zhuhai, and Chongqing [3]. - The airline is offering various travel options, including sunset tours, free travel, semi-free travel, and small group tours, enhancing the travel experience by avoiding peak tourist congestion [3]. Group 3: Travel Regulations and Recommendations - Travelers are reminded to comply with Civil Aviation Administration regulations regarding the transport of power banks, ensuring they have the necessary 3C certification [3]. - It is advised that travelers check the weather conditions of their destinations and stay updated on the latest airline information to ensure a smooth journey [3].

Core Insights - The aviation and airport sector saw a slight increase of 0.39% on August 28, with Baiyun Airport leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Baiyun Airport (600004) closed at 9.94, up 1.02% with a trading volume of 289,200 shares and a turnover of 286 million yuan [1] - China Eastern Airlines (600115) closed at 4.15, up 0.97% with a trading volume of 1,051,800 shares and a turnover of 43.5 million yuan [1] - HNA Holding (600221) closed at 1.58, up 0.64% with a trading volume of 5,617,700 shares and a turnover of 887 million yuan [1] - Shenzhen Airport (000089) closed at 7.21, up 0.42% with a trading volume of 224,900 shares and a turnover of 162 million yuan [1] - Shanghai Airport (600009) closed at 32.65, up 0.40% with a trading volume of 159,000 shares and a turnover of 519 million yuan [1] - China National Aviation (601111) closed at 7.55, up 0.40% with a trading volume of 718,000 shares and a turnover of 538 million yuan [1] - Xiamen Airport (600897) closed at 14.94, up 0.34% with a trading volume of 29,500 shares and a turnover of 43.81 million yuan [1] - China Southern Airlines (600029) closed at 6.03, up 0.33% with a trading volume of 654,400 shares and a turnover of 393 million yuan [1] - Spring Airlines (601021) closed at 54.00, unchanged with a trading volume of 62,700 shares and a turnover of 337 million yuan [1] - Juneyao Airlines (603885) closed at 12.54, down 0.08% with a trading volume of 209,000 shares and a turnover of 262 million yuan [1] Capital Flow - The aviation and airport sector experienced a net outflow of 232 million yuan from institutional investors, while retail investors saw a net inflow of 219 million yuan [2] - The detailed capital flow for individual stocks shows varying trends, with some stocks experiencing significant outflows from institutional investors [3] Individual Stock Capital Flow - Shenzhen Airport (000089) had a net outflow of 30.91 million yuan from institutional investors, with a retail net inflow of 22.64 million yuan [3] - Juneyao Airlines (603885) had a net inflow of 3.39 million yuan from institutional investors, but a net outflow of 10.06 million yuan from retail investors [3] - China National Aviation (601111) saw a net outflow of 8.40 million yuan from institutional investors, with a retail net inflow of 7.28 million yuan [3] - China Eastern Airlines (600115) had a net outflow of 37.44 million yuan from institutional investors, with a retail net inflow of 22.91 million yuan [3]

Group 1: Silver Capital Co., Ltd. (银都股份) - The company is experiencing phase-specific profit pressure due to tariffs and shipping costs, leading to a downward adjustment of EPS forecasts for 2025/2026/2027 to 1.02/1.20/1.35 CNY [3] - In H1 2025, the company achieved revenue of 1.426 billion CNY (up 4.35% YoY) and a net profit of 347 million CNY (flat YoY), with a significant drop in non-recurring net profit by 20.60% YoY [3][4] - The company is focusing on brand autonomy and globalization strategies, expanding channels and upgrading production capacity, with notable improvements in the North American market [4] Group 2: New Oriental Energy Co., Ltd. (新奥股份) - The company maintains a stable performance with a well-integrated upstream and downstream natural gas layout, and after acquiring New Oriental Energy, future growth is expected [6] - In Q1 2025, the company reported total revenue of 33.73 billion CNY, a slight decrease of 1.40% YoY, while core profit grew by 0.09% YoY [8] - The company plans to privatize New Oriental Energy, which is expected to enhance its operational capabilities and dividend capacity [9] Group 3: Aviation Industry - The summer transportation season is characterized by low supply growth and a decline in business travel demand, leading to a subdued peak season, although significant profits are still anticipated [10] - Domestic air traffic is projected to grow by over 3% YoY in July-August, with a slight increase in passenger load factor [10] - Aircraft orders are expected to remain aligned with planned low growth, with the industry maintaining a rational approach to fleet expansion [12][13]

Investment Rating - The report recommends a "Buy" rating for the aviation sector, highlighting potential long-term benefits from the civil aviation authority's "anti-involution" policy and the expected recovery in airline revenues [90][91]. Core Insights - The global aviation market is experiencing a normalization phase with a year-on-year increase in passenger turnover (RPK) of 5.1% in H1 2025, driven by a higher growth rate in international RPK at 7.0% compared to domestic RPK at 2.0% [3][5]. - The U.S. aviation industry shows signs of stabilization with a profit margin of 3.6% in H1 2025, an increase of 0.9 percentage points year-on-year, despite a 1% increase in revenue and a 1% rise in costs [30][32]. - The European aviation market faces uncertainties but shows potential for profit growth, with ticket prices fluctuating significantly due to seasonal factors [66][72]. - In Asia, key markets like Southeast Asia and Japan are witnessing a recovery in passenger volumes, with some airports exceeding pre-pandemic levels [78][81]. Summary by Sections Global Aviation Market Overview - The global aviation market's growth rate has slowed, with H1 2025 showing a 5.1% increase in RPK and a 4.8% increase in available seat kilometers (ASK) [3][5]. - The market's load factor improved to 82.5%, reflecting a 0.2 percentage point increase year-on-year [3]. U.S. Aviation Market Tracking - The U.S. aviation sector's profit margin reached 3.6% in H1 2025, with a 1% increase in revenue and a 1% rise in costs, including a 13% decrease in fuel costs [30][32]. - Ticket prices in the U.S. have seen a decline, with a 5.1% drop in inflation-adjusted prices from January to July 2025 [34][38]. European Aviation Market Tracking - The European aviation market's ticket prices showed volatility, with significant fluctuations in early 2025, but overall recovery in passenger volumes is noted [66][63]. - Major airlines like Lufthansa and IAG reported profit growth in Q2 2025, driven by increased ticket prices and demand recovery [66][72]. Asian Aviation Market Tracking - Southeast Asia and Japan's airports are experiencing a resurgence in passenger traffic, with notable increases in throughput compared to pre-pandemic levels [78][81]. - Key transit airports in the region, such as Singapore and Doha, also reported growth in passenger numbers [81]. Investment Analysis Opinion - The report suggests that the seasonal increase in passenger volume coupled with a decrease in ticket prices has been adequately reflected in market expectations, indicating a favorable outlook for airline profitability [90]. - The report recommends focusing on airlines such as China Southern Airlines, China Eastern Airlines, and Spring Airlines, as well as global aircraft leasing companies and airport operators [90][91].

上海监管局依据CCAR121-R8中修订的性能相关条款及咨询通告要求，采取"制度审查＋程序验证＋实 战演练"的多维检查方式，重点针对高原机场、污染跑道、单发失效、释压飘降等复杂运行场景下的性 能评估，系统检验其分析的有效性、计算的准确性和结果的可靠性。为了严守跑道安全的底线，必须精 确计算跑道限制和越障能力；为了保障航路运行的安全，必须动态管理性能裕度和特情处置能力。监察 员分别从起飞着陆性能和航路运行性能两大模块入手，深入检查公司在程序标准制定、数据维护与校 验、人员资质与训练、流程合规性以及单发失效、障碍物评估等方面的实际表现，对"数据采集－计算 －应用"全流程的精确性和稳定性进行了全面验证，确保性能安全要求嵌入运行全链条。 上海监管局的航务监察员强调，飞机性能管理是支撑飞行安全的关键技术体系，其分析的精确性与输出 的可靠性直接关系到起降安全裕度和航路运行能力。针对监察中发现的薄弱短板，监察员要求公司性能 管理部门高度重视，以此次监察为契机，持续完善性能管理机制，推进数字化性能工具建设与深度融 合，增强风险的早期感知和预警能力。同时，必须始终将人才培养作为核心目标，着力培育既懂法规、 又通运行、精通性能分 ...