Investment Rating - The report maintains an "Overweight" rating for the transportation sector [2]. Core Insights - The aviation sector is expected to see improvements in both volume and pricing, with optimistic expectations continuing to develop. High passenger load factors are anticipated to drive ticket prices upward, supported by regulatory measures from the Civil Aviation Administration [4][5]. - The shipping industry is poised for a dual increase in volume and pricing due to multiple catalysts, including replenishment demand and seasonal peaks. The report highlights the potential for significant price increases in the shipping sector [5][6]. Summary by Sections Investment Highlights - Key companies recommended for investment include Spring Airlines, China Eastern Airlines, and China Southern Airlines, which are expected to show strong performance due to their operational resilience and market positioning [11]. - The report emphasizes the importance of infrastructure improvements and policy changes that could benefit the transportation sector, particularly in aviation and shipping [4][5]. Operational Tracking - Data from major airlines shows a positive trend in passenger traffic and load factors, with Southern Airlines reporting a 4.91% increase in available seat kilometers (ASK) in Q1 2025 compared to the previous year [14]. - The report tracks significant increases in cargo volumes across various transportation modes, indicating a robust recovery in logistics and freight services [5][6]. Aviation Data Tracking - The report provides detailed metrics on airline performance, including ASK and revenue passenger kilometers (RPK), showing growth across major carriers. For instance, China Eastern Airlines reported a 10.89% increase in RPK in Q1 2025 [14]. - The average ticket price for economy class during the Dragon Boat Festival is projected to rise, reflecting a strong demand environment [4]. Shipping Data Tracking - The report notes a 9.98% week-on-week increase in the SCFI index, indicating a positive trend in shipping rates, despite a year-on-year decline of 41.31% [5]. - The report highlights the impact of tariff changes on shipping demand, particularly in the US-China trade context, which is expected to stimulate replenishment and seasonal demand [5]. Logistics Data Tracking - The report tracks significant growth in express delivery volumes, with a 15.83% year-on-year increase in the number of packages collected during early May 2025 [5]. - The logistics sector is benefiting from improved cross-border trade conditions, which are expected to enhance the performance of logistics companies [5].

北京市金杜律师事务所 关于华夏航空股份有限公司 2024 年年度股东大会 的法律意见书 致：华夏航空股份有限公司 北京市金杜律师事务所（以下简称本所）接受华夏航空股份有限公司（以下 简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、《中华 人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上市公司 股东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以下简称中国 境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳门特别行政 区和中国台湾地区）现行有效的法律、行政法规、规章和规范性文件和现行有效 的《华夏航空股份有限公司章程》（以下简称《公司章程》）有关规定，指派律师 出席了公司于 2025 年 5 月 16 日召开的 2024 年年度股东大会（以下简称本次股 东大会），并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2022 年年度股东大会审议通过的《公司章程》； 2. 公司于 2025 年 4 月 26 日刊登于巨潮资讯网及深圳证券交易所网站的《华 夏航空股份有限公司第三届董事 ...

华夏航空股份有限公司 2024 年年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开情况： （1）会议召开时间：2025 年 05 月 16 日（星期五） 证券代码：002928 证券简称：华夏航空 公告编号：2025-027 1）现场会议时间：2025 年 05 月 16 日（星期五）14:30 2）网络投票时间： 深圳证券交易所交易系统投票时间：2025 年 05 月 16 日 09:15～09:25， 09:30～11:30，13:00～15:00； 深圳证券交易所互联网投票系统投票时间：2025 年 05 月 16 日 09:15～15:00。 （2）会议召开地点：重庆市渝北区江北国际机场航安路 30 号华夏航空新办 公楼 524 会议室 （3）会议召开方式：现场表决与网络投票相结合 （4）会议召集人：公司董事会 （5）会议主持人：公司董事长胡晓军先生 本次会议的召开符合《中华人民共和国公司法 ...

行 业 及 产 业 交通运输/ 《航司国内国际航线结构继续优化，国内 运力投放下降——航空行业 3 月数据点 评》 2025/04/17 《受"春运错位"影响，航空运力同比下 降—— 航空行业 2 月数据点评》 2025/03/20 《1 月春运启动，航空旅客运输量同比双 位数增长—— 航空行业 1 月数据点评》 2025/02/18 证券分析师 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 研究支持 郑逸欢 A0230124010001 zhengyh@swsresearch.com 刘衣云 A0230524100007 liuyy@swsresearch.com 航空机场 行 业 研 究 / 行 业 点 相关研究 联系人 郑逸欢 (8621)23297818× zhengyh@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 05 月 16 日 航司运力运量同比增长，国际市场 持续恢复 看好 ——航空行业 4 月数据点评 本期投资提示： 评 证 ...

Group 1 - The "Inbound to Karamay" and Shanghai-Karamay tourism promotion conference was successfully held on the 15th of last month, announcing the opening of two new flights to Karamay [1] - Karamay has established an "air corridor" with 14 routes covering 18 key cities, including Beijing, Shanghai, and Urumqi, with daily flights to cities like Xi'an and Chengdu [3] - The collaboration between Shanghai and Karamay has evolved significantly over the past decade, transforming Karamay from a city with only two external routes to a hub with extensive connections [3][4] Group 2 - Karamay's tourism and cultural bureau signed cooperation agreements with several tourism enterprises to enhance the "Wild Journey Fashion Capital" brand and optimize the "Inbound to Karamay" strategy [4] - The recent flight promotion conference led to the addition of three new routes, including a Shanghai-Xi'an-Karamay route by Eastern Airlines and a resumed Lanzhou-Karamay route by Spring Airlines [4] - The new terminal at Karamay Guohai Airport was completed in September 2023, expanding its area from 5,000 square meters to 13,000 square meters, accommodating 2 million passengers annually [5][6] Group 3 - In 2024, Karamay Guohai Airport's passenger throughput reached 716,000, with the city receiving 23.27 million domestic tourists, a 20.81% increase from 2023 [6] - The total revenue from tourism in Karamay for the year was 14.143 billion yuan, reflecting a 27.51% growth compared to 2023 [6] - The ongoing development of Karamay's transportation and tourism sectors aims to create a synergistic effect, enhancing the overall service level and infrastructure for tourism [6]

2024年，中国国航、南方航空、中国东航、海航控股、春秋航空、吉祥航空、华夏航空共实现营业收入5870.26亿元，同比增长13.63%；实现净利润-36.25亿元，同比增长67.24%。 具体来看，国航、南航、东航和海航四大航司均处于亏损，而华夏航空、吉祥航空与春秋航空三家民营航司实现盈利。其中，东航归母净利润-42.3亿，在7家航司中亏损最多，春秋航空归母净 从净利率数据来看，春秋航空表现最为出色，净利率达到 11.36%，吉祥航空和华夏航空也有较好表现，分别为 4.14% 和 4.00%。南方航空、中国国航、海航控股和中国东航净利率分别为- 在销售费用率方面，春秋航空最低，为 1.25%，这表明其在销售环节的成本控制较为有效。中国东航销售费用率相对较高，达到4.18%，相比2023年继续增加39个百分点，位列四大航之首。 管理费用率上，各航司差异相对较小，海航控股最低，为 1.83%，华夏航空最高，为 4.04%。 专题：新浪财经上市公司研究院 出品：新浪财经上市公司研究院 作者：昊 截至4月30日，A股7家上市航司均已披露2024年年报。 财务费用率方面，华夏航空和海航控股较高，分别为 9.46% 和 ...

专题：新浪财经上市公司研究院 作者：昊 近期，7 家上市航空公司2024年年报陆续出炉。作为民航的核心业务，市场对各家航司的客运业务和整体运营效率情况颇为关注。 2024年，中国民航客运经济舱平均票价同比下降超过10%，国际客运航班的恢复率仅为疫情前的84%。此外，航空公司还需应对高铁竞争加剧、油价和汇率 波动等不利因素。 客座率是反映客运收入能力的收入客公里与反映客运运力供给规模的可用座位公里的比值，也是衡量航空公司客运业务效益的重要指标，反映了飞机座位的 利用程度。 在几家航司中，春秋航空以91.49%的客座率拔得头筹，显示出其强大的市场吸引力和高效的运营能力。吉祥航空和南方航空也表现不俗，客座率分别为 84.62%和84.38%，处于行业较高水平。 相比之下，华夏航空和中国国航的客座率均低于80%，分别为79.61%和79.85%，位列最末两位。 值得注意的是，华夏航空客座率较低可能与其航线布局有关，其更多专注于支线航空市场，支线市场客源相对分散，市场培育难度较大，导致客座率提升面 临挑战。 出品：新浪财经上市公司研究院 而中国国航作为大型航司，特别是今年一季度以80.2%的客座率，垫底各家航司，令市场 ...

高负债率和有息负债规模反映出航空公司在机队扩张、航线拓展等方面的资金需求大，通过大量举债来满足业务发展。然而，这也意味着沉重的利息负担和 财务风险，尤其是在市场环境波动、盈利能力下降时，偿债压力将进一步加剧。 从负债率来看，海航控股以98.9%的高负债率位居榜首，逼近资不抵债的边缘。中国国航、中国东航、南方航空、华夏航空和吉祥航空的负债率也均在80% 以上，春秋航空的负债率相对较低，为60.3%。 有息负债方面，中国国航以 2359.81 亿元的规模领先，南方航空和中国东航紧随其后，分别为 2069.21 亿元和 1784.54 亿元。华夏航空和吉祥航空的有息负 债相对较少，分别为 146.06亿元和 330.29亿元，春秋航空则仅为196.37亿元。 专题：新浪财经上市公司研究院 出品：新浪财经上市公司研究院 作者：昊 近期，7 家上市航空公司2024年年报陆续出炉。作为杠杆率较高的行业之一，市场对各家航司的负债和财务费用情况颇为关注。 财务费用方面，中国国航以67.67亿元位居首位，南方航空和中国东航分别为 66.28 亿元和 58.4 亿元。海航控股的财务费用也较高，为 51.60亿元。华夏航空 和吉祥 ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - Maersk reported a 70.4% year-on-year increase in EBITDA for Q1 2025, with total revenue reaching $13.32 billion, a 7.8% increase [3][14] - Hainan Airlines transported over 617,000 passengers during the "May Day" holiday, setting a record for passenger volume at Beijing Daxing Airport [3][16] - SF Express saw an 87% year-on-year increase in business volume during the "May Day" holiday, with the e-commerce logistics index rising to 111.1 points in April [3][24] Summary by Sections 1. Industry Hot Events - Maersk's Q1 2025 report showed EBITDA growth of 70.4%, with net profit increasing by 480.3% to $1.21 billion [3][14] - Hainan Airlines executed approximately 3,883 flights and transported over 617,000 passengers during the "May Day" holiday, marking a 9% increase year-on-year [3][16] - SF Express's business volume surged by 87% during the holiday, with significant growth in various categories [3][24] 2. Industry High-Frequency Data Tracking - Air freight prices remained stable from early to mid-April 2025, with the Shanghai outbound air freight price index at 4,304 points, up 8.6% year-on-year [28] - Domestic cargo flight volumes decreased by 1.67% year-on-year in April 2025, while international flights increased by 25.08% [37] - The SCFI index for Shanghai's export container freight rates was reported at 1,345.17 points, reflecting a 41.66% year-on-year increase [42] 3. Investment Recommendations - The report suggests focusing on the industrial goods export chain, recommending companies like COSCO Shipping, China Merchants Energy, and Huamao Logistics [5] - It highlights investment opportunities in low-altitude economy trends and suggests companies like CITIC Offshore Helicopter [5] - Recommendations also include opportunities in the cruise and ferry sectors, as well as in e-commerce logistics, with specific companies identified for potential investment [5]

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - Maersk reported a 70.4% year-on-year increase in EBITDA for Q1 2025, with total revenue reaching $13.32 billion, a 7.8% increase [3][14] - Hainan Airlines transported over 617,000 passengers during the "May Day" holiday, setting a record for Beijing Daxing Airport [3][16] - SF Express saw an 87% year-on-year increase in business volume during the "May Day" holiday, with the e-commerce logistics index rising to 111.1 points in April [3][23] Summary by Sections 1. Industry Hot Events - Maersk's Q1 2025 report shows EBITDA growth of 70.4%, with net profit increasing by 480.3% to $1.21 billion [3][14] - Hainan Airlines executed approximately 3,883 flights and transported over 617,000 passengers during the "May Day" holiday, marking a 9% increase year-on-year [3][16] - SF Express reported an 87% increase in business volume during the holiday, with significant growth in various categories [3][23] 2. High-Frequency Data Tracking - Air freight prices remained stable from early to mid-April 2025, with a slight decline in some indices [4][27] - Domestic cargo flight volumes decreased by 1.67% year-on-year in April 2025, while international flights increased by 25.08% [4][36] - The SCFI index for container shipping reported a 0.32% week-on-week increase, but a 41.66% year-on-year decrease [4][40] 3. Investment Recommendations - The report suggests focusing on the industrial goods export chain, recommending companies like COSCO Shipping, China Merchants Energy, and Huamao Logistics [5] - It highlights investment opportunities in low-altitude economy trends and the cruise and ferry sectors [5] - Recommendations for the express delivery sector include SF Holdings, Jitu Express, and Yunda Express, with a focus on the aviation industry as well [5]