证券代码：002928 证券简称：华夏航空 公告编号：2025-025 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 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。 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。 一、募集资金基本情况 经中国证券监督管理委员会《关于核准华夏航空股份有限公司非公开发行 股票的批复》（证监许可【2022】1662 号）的核准，公司向特定对象非公开发 行人民币普通股不超过 304,070,293 股，每股面值为人民币 1.00 元，募集资金 总额不超过 243,500 万元。公司实际非公开发行 A 股股 ...

证券代码：002928 证券简称：华夏航空 公告编号：2025-024 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"）第三届监事会第十七次会议通 知于 2025 年 04 月 30 日以电子邮件形式发出。 华夏航空股份有限公司 第三届监事会第十七次会议决议公告 本公司及监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、监事会会议召开情况 二、监事会会议审议情况 1、审议通过《关于使用部分闲置募集资金暂时补充流动资金的议案》。 表决结果：3 票同意，0 票反对，0 票弃权。 经审核，监事会认为：公司本次使用部分闲置募集资金暂时补充流动资金事 项及审议程序符合有关法律法规的规定，不会影响募集资金投资项目的正常进行， 不存在变相改变募集资金投向或损害股东利益的情况。监事会同意公司使用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。 公司保荐机构东兴证券股份有限公司对本事项发表无异议的核查意见，本议 案无需提交公司股东大会审议。具体内容详见公司同日披露于巨 ...

证券代码：002928 证券简称：华夏航空 公告编号：2025-023 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（徐为女士、乔玉奇先生、范鸣 春先生、仇锐先生、彭泗清先生、刘文君先生），董事孙超先生因工作安排原因 不能亲自出席本次会议，委托董事吴龙江先生代表其出席并表决。 本次会议由公司董事长胡晓军先生主持，公司部分监事、高级管理人员列席 本次会议。 华夏航空股份有限公司 第三届董事会第十八次会议决议公告 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。 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"）第三届董事会第十八次会议通 知于 2025 年 04 月 30 日以电子邮件形式发出。 本次会议于 2025 年 05 月 08 日在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 会议室以现场结合通讯表决方式召开。 2、会议出席情况 2、东兴证券股份有限公司出具的《关于华夏航空股份有限公司使用部分闲 置募集资金暂时补充流 ...

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [7]. Core Views - The report recommends focusing on the improving supply-demand dynamics in the aviation, oil shipping, and highway sectors while advising caution in container shipping, cross-border logistics, express delivery, and railways [1]. Aviation - The aviation sector is expected to benefit from a slowdown in supply growth, with demand for domestic and international flights increasing by 1.7% and 26.9% respectively in March [2][14]. - The report highlights that the overall passenger load factor remains high at 83.3%, with a notable reduction in the year-on-year decline of ticket prices [14][17]. - Recommended stocks include China National Aviation, China Eastern Airlines, and Huaxia Airlines, which are expected to benefit from the improving market conditions [29]. Airports - Airports have seen a steady increase in passenger traffic, with Shanghai's two airports experiencing a 7.5% year-on-year increase in passenger throughput in Q1 2025 [30]. - The report emphasizes the need for airports to enhance their non-aeronautical revenue streams to improve profitability [30][34]. Shipping and Ports - The report notes that the international freight market has been volatile due to tariff policies, with expectations of a decline in container volumes in April and May [3][37]. - Oil shipping rates are projected to improve in May due to OPEC+ production increases, while refined oil shipping rates may remain stable [39]. Highways - The highway sector demonstrated strong performance in Q1 2025, with a notable increase in net profits, making it a favorable sector for dividend plays [4]. - The report suggests that the current low interest rates and risk-averse sentiment support the valuation of dividend-paying stocks in this sector [4]. Logistics and Express Delivery - The express delivery sector is facing intensified price competition, with a significant year-on-year increase in parcel volume but a corresponding decline in average prices [5][61]. - The report advises caution regarding franchise-based express delivery companies while maintaining a positive long-term outlook for well-capitalized and service-oriented leaders in the sector [5][61].

Core Viewpoint - The airline industry is experiencing intense competition, leading to a decline in net profits despite slight revenue growth for companies like 吉祥航空 in Q1 2025 [1][4]. Financial Performance - 吉祥航空 reported a revenue of 57.22 billion yuan in Q1 2025, a year-on-year increase of 0.05%, while net profit decreased by 7.87% to 3.45 billion yuan [1]. - The company's net profit excluding non-recurring items fell by 29.50% to 2.63 billion yuan [1][3]. - In 2024, 吉祥航空 achieved a total revenue of 220.95 billion yuan, a 9.95% increase, and a net profit of 9.14 billion yuan, up 17.52% [3]. Industry Trends - The aviation industry is adopting a "price for volume" strategy due to heightened competition and pressure from high-speed rail, resulting in a decline in average ticket prices by over 10% in 2024 [2][4]. - The average revenue per passenger kilometer decreased by 12.5% year-on-year [2]. International Business Expansion - 吉祥航空 significantly increased its international flight operations, executing over 20,000 international flights in 2024, a 90% increase from 2023 [5]. - The international business revenue for 吉祥航空 reached 46.95 billion yuan in 2024, marking an 82.15% increase, while domestic revenue slightly declined by 1.00% [6]. - The company is focusing on expanding its international routes, including new destinations in Europe and Oceania, and enhancing its hub network [6][7]. Market Outlook - The airline industry is expected to see a potential improvement in ticket prices in Q2 2025, driven by seasonal travel demand [4]. - The overall international passenger volume for Chinese airlines increased by 34% year-on-year in Q1 2025, indicating a recovery trend in international travel [6].

华夏航空股份有限公司 证券代码：002928 证券简称：华夏航空 公告编号：2025-022 三、本次归还用于暂时补充流动资金的闲置募集资金情况 关于归还用于暂时补充流动资金的 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 2024 年 08 月 05 日召开第 三届董事会第十三次会议、第三届监事会第十二次会议，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 134,000.00 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 2024 年 08 月 06 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：2024-039）。 二、此前已经归还用于暂时补充流动资 ...

Investment Rating - The report rates the transportation industry as "Outperform the Market" [1] Core Insights - COSCO Shipping Specialised Carriers reported a revenue of 5.196 billion yuan in Q1 2025, a year-on-year increase of 51.47%, with a net profit of 345 million yuan, up 1.56% [2][12] - HNA Holding achieved a revenue of 65.236 billion yuan in 2024, reflecting an 11.25% increase, while Guangzhou Baiyun Airport's net profit doubled [2][14] - YTO Express reported a business volume growth of 25.32% in 2024, with a total logistics value of 91 trillion yuan in Q1 2025, marking a 5.7% year-on-year increase [2][18] Summary by Sections 1. Industry Hot Events - COSCO Shipping Specialised Carriers maintained steady growth despite global shipping market volatility, with a Q1 revenue of 5.196 billion yuan, a 51.47% increase year-on-year [12] - HNA Holding's 2024 revenue reached 65.236 billion yuan, an 11.25% increase, while Guangzhou Baiyun Airport's net profit surged by 109.51% [14][16] - YTO Express's business volume grew by 25.32% in 2024, with a logistics total of 91 trillion yuan in Q1 2025, up 5.7% year-on-year [18][19] 2. Industry High-Frequency Data Tracking - In April 2025, domestic air cargo flights decreased by 1.67% year-on-year, while international flights increased by 25.08% [33] - The SCFI index for container shipping reported a decrease of 1.66% week-on-week, while the PDCI index for domestic shipping increased by 0.67% [40] - In March 2025, express delivery volume rose by 20.30% year-on-year, with total revenue reaching 124.6 billion yuan [51] 3. Company Performance - COSCO Shipping Specialised Carriers added 13 new vessels in Q1 2025, increasing total capacity to 691.5 thousand deadweight tons, a 12.53% increase from the end of 2024 [13] - HNA Holding's passenger transport volume exceeded 68 million in 2024, a 14.36% increase, with international passenger transport volume growing by 132.68% [15] - YTO Express's capital expenditure exceeded 6.7 billion yuan in 2024, focusing on automation upgrades and expanding its logistics network [19]

Core Viewpoint - A-shares experienced a strong opening in May, with significant gains across major indices and sectors, particularly in gold and aviation stocks, indicating a positive market sentiment and potential investment opportunities [1][2][4]. Market Performance - On May 6, the Shanghai Composite Index rose by 1.13%, the Shenzhen Component Index increased by 1.84%, and the ChiNext Index gained 1.97% [2]. - The total trading volume reached 1.36 trillion yuan, an increase of 171.4 billion yuan compared to the previous trading day [1]. Sector Highlights - Gold concept stocks saw substantial gains, with East Jiang Environmental Protection and Lai Shen Tong Ling hitting the daily limit, and several other gold-related stocks rising over 5% [5][6]. - The price of spot gold reached a high of $3,387.09 per ounce, leading to an increase in domestic gold jewelry prices [6]. Company Specifics - East Jiang Environmental Protection reported a net loss of 146 million yuan in Q1, an improvement from a loss of 156 million yuan in the same period last year. The company focuses on resource utilization and recycling of precious metals [12][24]. - Shandong Molong's A-shares and H-shares both surged, with the A-shares hitting the daily limit and H-shares increasing by nearly 200% during trading [21][22]. The company recently had its risk warning lifted and was included in the Hong Kong Stock Connect [24]. Aviation Sector - The aviation sector showed strong performance, with stocks like Huaxia Airlines and China Eastern Airlines rising over 5% [14][15]. - The Ministry of Culture and Tourism reported that domestic travel during the May Day holiday reached 314 million trips, a year-on-year increase of 6.4%, indicating a recovery in travel demand [18][19]. - Analysts expect that falling oil prices will support airline performance, and there is optimism regarding the impact of consumption policies on aviation demand [20].

Group 1 - The A-share airport and shipping sector experienced a significant rise in the afternoon, with Huaxia Airlines increasing by nearly 7.5% [1] - China National Airlines saw an increase of over 5%, while Southern Airlines rose nearly 5% [1] - Other companies such as China Eastern Airlines, Juneyao Airlines, Hainan Airlines, Spring Airlines, CITIC Offshore Helicopter, and Hainan Airport also reported gains of over 2% [1]

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]