Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights that the recent decline in oil prices is expected to elevate the profit margins for the aviation sector, with Brent oil prices dropping below $70 per barrel and WTI prices below $67 per barrel [8] - The report suggests that if oil prices remain low, it could lead to cost savings of approximately 4-5 billion yuan for major airlines, equivalent to a ticket price reduction of about 3%-4% [8] - The report emphasizes the importance of monitoring supply-demand dynamics and macroeconomic conditions to ensure that the benefits of lower oil prices translate into profits for the airlines [13] Summary by Sections Weekly Focus - The focus of the week is on the accelerated decline in oil prices, which is expected to enhance the profit margins for the aviation industry [6] Industry Data Tracking (2025.03.02 - 03.08) Aviation High-Frequency Data Tracking - Domestic flight volume for the period was 81,367 flights, with a daily average of 11,624 flights, down 10.07% week-on-week and 7.47% year-on-year [10] - Domestic passenger volume reached 11.0615 million, down 12.05% week-on-week and 4.17% year-on-year [11] - The average full ticket price decreased by 4.76% week-on-week and 3.39% year-on-year [11] - The domestic passenger load factor was 83.18%, an increase of 3.73 percentage points year-on-year [12] - International passenger volume reached 1.315 million, down 5.27% week-on-week but up 26.01% year-on-year [14] Express Delivery High-Frequency Data Tracking - For the week of February 24 to March 2, the average daily express delivery volume was approximately 534 million pieces, with a delivery volume of about 541 million pieces, showing a slight decrease of 0.56% and an increase of 0.05% respectively compared to the previous week [19] - Year-to-date (January 1 to March 2), the average daily express delivery volume was approximately 488 million pieces, up 37.41% year-on-year [20] Shipping High-Frequency Data Tracking - The BDI index for the international dry bulk market was 1,263 points, up 17% week-on-week [51] - The CCFI index for the international container shipping market decreased by 3% week-on-week, while the SCFI index fell by 5% [51] - The VLCC-TCE rate for oil shipping was $39,359 per day, down 1% week-on-week [52] Recent Key Reports - The report includes a recommended investment portfolio consisting of companies such as COSCO Shipping Energy, Shandong Hi-Speed, and China Eastern Airlines, among others [5]

Investment Rating - The report maintains a "Positive" investment rating for the aviation industry [8] Core Insights - The aviation industry is expected to benefit from a recovery in demand and tightening supply, leading to improved pricing and profitability. The report highlights that most companies are currently valued in the top 20% historical percentile, indicating strong investment appeal [2][7] - The report recommends A-share private airlines (Jixiang, Spring Airlines, and Huaxia) and the three major Hong Kong airlines, with a particular focus on the three major A-share airlines if PMI indicators show significant reversal [2][7] Demand Trends - The 2025 Spring Festival travel season shows a shift from explosive demand to moderate growth, with domestic passenger volume increasing by 5% compared to 2024, and international passenger volume rising by 33% [4][15] - The report identifies three key demand trends: active return home travel, a surge in tourism, and delayed resumption of work. The return home travel demand is particularly strong due to the early start of the Spring Festival travel season [5][29] - The average tourism spending during the Spring Festival is reported to have recovered to 109% of the 2019 level, indicating a strong recovery in consumer spending [5][36] Supply Changes - The report notes that the supply of aircraft is tightening, with a significant number of A320NEO aircraft grounded due to engine issues, which further constrains capacity. The grounded aircraft represent about 2.6% of the total industry capacity [6][58] - The aircraft utilization rate has returned to pre-pandemic levels, with narrow-body aircraft utilization exceeding 104% of 2019 levels during the Spring Festival travel season [6][52] - Future supply growth is expected to remain low, with projections indicating a supply growth rate of only 2.3% in 2025 and 1.5% in 2026, leading to a favorable supply-demand balance [6][69] Outlook for 2025 - The report anticipates that the aviation industry's odds will become increasingly attractive due to a combination of recovering demand, tightening supply, and improving cost structures. The industry is poised for a cyclical rebound [2][7] - The report emphasizes that the industry is accumulating upward momentum, suggesting a potential reversal in the current cycle [2][7]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The dry bulk market is showing signs of recovery, with freight rates and FFA prices both increasing. Cape-sized vessel spot rates have doubled compared to the low point on February 12, reaching $11,584 per day, although still down 56% year-on-year. The market sentiment has improved due to better weather in Australia and a shift in coal shipping to Cape-sized vessels, leading to tight capacity in the Pacific market [5] - The Shanghai Containerized Freight Index (SCFI) reported a decrease of 5.0% to 1515 points as of February 28, with varying changes in rates for different routes [6] - The oil tanker freight rates have decreased, with the BDTI index down 3.2% to 888 points, and the TCE for VLCC down 8.8% [6] - The BDI index for dry bulk shipping increased by 20.5% to 1078 points, indicating a positive trend in the dry bulk shipping market [7] Summary by Sections Shipping Vessels - The dry bulk market is recovering with freight rates increasing significantly. Cape-sized vessel rates have reached $11,584 per day, while Panamax and Supramax rates have increased by 51% and 69% respectively. The FFA market is also showing a positive trend with March contract prices nearing $18,000 per day [5] - The oil tanker market is facing downward pressure with a decrease in freight rates across various vessel types [6] - The BDI index has shown a significant increase, indicating a recovery in the dry bulk shipping market [7] Aviation - The aviation sector is expected to benefit from macroeconomic recovery, with a long-term supply-demand gap driving growth. The spring travel season is showing positive booking data, indicating a potential rebound in demand [14] - Global air passenger demand increased by 10% in January, with the Asia-Pacific region performing particularly well [9] - The CAPSE report indicates a positive trend in travel willingness for March, suggesting a recovery in air travel demand [10] Express Logistics - The express delivery sector is showing resilience, with overall demand remaining strong. The leading companies in the sector are expected to benefit from cyclical recovery and cost reduction efforts [14] - The logistics sector has maintained smooth operations, with significant increases in freight volumes across various transport modes [11] Supply Chain Logistics - The logistics landscape is evolving with the introduction of new low-altitude logistics routes, enhancing delivery efficiency in urban areas [12] - Companies like Shenzhen International are expected to see performance improvements due to the transformation of logistics parks [16] Shipping and Shipbuilding - The oil tanker market is expected to see sustained demand due to limited new orders and an aging fleet, while the dry bulk market is anticipated to recover due to regulatory pressures on older vessels and new mining projects [14] - The shipbuilding sector is experiencing tight capacity, with new orders extending delivery times to 2027/28, driving up ship prices [14]

Investment Rating - The investment rating for the aviation transportation industry is "Positive" [2][6] Core Viewpoints - The industry passenger load factor has recovered to 2019 levels, with January ticket prices showing a slight year-on-year increase [2][8] - The supply-demand dynamics indicate that the passenger load factor for the entire year of 2024 has returned to 2019 levels, with significant growth in both capacity and revenue passenger kilometers (RPK) compared to 2019 [8][14] - The average one-way ticket price in January 2025 was 902 RMB, reflecting a month-on-month increase of 29.6% and a year-on-year increase of 3.8% [3][17] - The average price of aviation kerosene in January and February 2025 was 5910 RMB per ton, a decrease of 10.1% compared to the same period in 2024 [21][22] Summary by Sections Industry Supply and Demand - In December 2024, the industry ASK (Available Seat Kilometers) and RPK increased by 8.1% and 9.7% respectively compared to December 2019, with a passenger load factor of 82.0%, exceeding the same period in 2019 by 1.2 percentage points [8][14] - Cumulatively for 2024, the ASK and RPK increased by 10.2% and 10.3% respectively compared to 2019, with an average load factor of 83.3% [8][14] Ticket Price Situation - The average one-way ticket price in January 2025 was 902 RMB, with domestic ticket prices averaging 865 RMB (up 2.9% year-on-year) and international ticket prices averaging 1812 RMB (up 6.5% year-on-year) [3][17] Fuel Price and Exchange Rate - The average price of aviation kerosene in January and February 2025 was 5910 RMB per ton, down 10.1% from the same period in 2024 [21][22] - The exchange rate remained stable, with the USD to RMB exchange rate at 7.1697 as of February 18, 2025, a decrease of 0.26% from the end of 2024 [21][22] Airline Operations - In January 2025, domestic airline capacity saw a slight year-on-year increase, with passenger load factors remaining high [4][26] - Major airlines introduced new aircraft, with China Eastern Airlines leading with six new aircraft, resulting in a net increase of four aircraft [4][41] Investment Recommendations - The report suggests a positive outlook for the recovery of air travel, recommending a focus on airlines such as Air China, China Southern Airlines, Spring Airlines, Juneyao Airlines, and China Eastern Airlines due to expected performance elasticity with rising ticket prices and stable fuel costs [5][45]

证券代码：002928 证券简称：华夏航空 公告编号：2024-048 华夏航空股份有限公司 关于为全资子公司提供担保的进展公告 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、担保额度审批情况概述 华夏航空股份有限公司（以下简称"公司"）分别于 2024 年 04 月 22 日召开 第三届董事会第十二次会议、第三届监事会第十一次会议，于 2024 年 05 月 14 日召开 2023 年年度股东大会，审议通过《关于为全资子公司提供担保的议案》， 同意公司为全资子公司向银行或其他金融机构申请授信不超过人民币 16 亿元或 等值外币提供担保，主要用于子公司引进飞机、飞机预付款、项目建设、购买航 材、设备采购、日常运营等事项；其中，对全资子公司华夏飞机维修工程有限公 司（以下简称"华夏维修"）担保额度为 4 亿元。上述担保额度不含此前已提供 且仍在担保期限内的担保余额（此前已提供且仍在担保期限内的担保余额继续有 效），自 2023 年年度股东大会审议通过之日起至 2024 年年度股东大会召开日期 间该担保额度可循环使用。具体内容详见公司于 2024 年 04 ...

证券代码：002928 证券简称：华夏航空 公告编号：2024-044 华夏航空股份有限公司 关于变更持续督导工作保荐代表人的公告 2024 年 08 月 31 日 附件：陆丹彦女士简历 陆丹彦，东兴证券投资银行总部副总裁，保荐代表人，管理学硕士。主要负 责或参与的项目包括：先惠技术（688155）IPO、华夏航空（002928）可转债、华 夏航空非公开发行股票、先惠技术向特定对象发行股票等项目，具备丰富的相关 法律、财务专业知识。 华夏航空股份有限公司（以下简称"公司"）于近日收到东兴证券股份有限 公司（以下简称"东兴证券"）出具的《关于变更华夏航空股份有限公司 2022 年 度非公开发行股票的持续督导保荐代表人的说明》。东兴证券作为公司 2022 年 度非公开发行股票项目（以下简称"该项目"）的保荐机构和持续督导机构，原 委派汤毅鹏先生、陆猷先生为该项目的保荐代表人。汤毅鹏先生因工作变动原因， 不再继续负责该项目的持续督导工作。为保证持续督导工作的有序进行，东兴证 券委派陆丹彦女士接替汤毅鹏先生担任公司 2022 年度非公开发行股票项目的持 续督导保荐代表人，继续履行持续督导职责。 本次保荐代表人变更后， ...

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"）近日接到公司控股股东之一致 行动人深圳融达供应链管理合伙企业（有限合伙）通知，获悉上述股东将其所持 有的公司部分股份办理了质押，具体事项如下： 本次质押股份不涉及负担重大资产重组等业绩补偿义务的情况。 二、控股股东及其一致行动人股份累计质押情况 截至本公告披露日，公司控股股东及其一致行动人所持股份质押情况如下： 华夏航空股份有限公司 关于控股股东之一致行动人 部分股份质押的公告 证券代码：002928 证券简称：华夏航空 公告编号：2024-031 3、股份质押事项目前不会对公司生产经营、公司治理、业绩补偿义务履行 等产生实质性影响。 4、截至公告披露日，公司控股股东及其一致行动人未发生股份被冻结、拍 卖或设定信托的情况。公司控股股东及其一致行动人所质押的股份不存在平仓或 被强制过户风险，本次质押行为不会导致公司实际控制权变更。 公司将持续关注相关质押情况及质押风险情况，严格遵守相关规定，及时履 行信息披露义务。敬请广大投资者注意投资风险。 四、备查文件 | | | | | ...

北京市金杜律师事务所 关于华夏航空股份有限公司 2023 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 大会规则（2022 年修订）》（以下简称《股东大会规则》）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 2024 年 5 月 14 日召开的 2023 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 2024 年 4 月 24 日刊登于巨潮资讯网及深圳证券交易所网站的《华 夏航 ...

华夏航空股份有限公司 审计报告及财务报表 二○二三年度 华夏航空股份有限公司 审计报告及财务报表 （2023 年 01 月 01 日至 2023 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-4 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动 | 9-12 | | | 表 | | | | 财务报表附注 | 1-114 | 审计报告 信会师报字[2024]第 ZK10261 号 华夏航空股份有限公司全体股东： 一、 审计意见 我们审计了华夏航空股份有限公司（以下简称华夏航空）财务报 表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度 的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所 有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编制 ...

华夏航空股份有限公司 董事会 2024 年 04 月 24 日 华夏航空股份有限公司 董事会关于独立董事独立性自查情况的专项报告 一、董事会关于独立董事独立性自查情况的专项意见 根据《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指 引第 1 号——主板上市公司规范运作》《华夏航空股份有限公司章程》（以下简 称《公司章程》）及《华夏航空股份有限公司独立董事工作制度》等相关规定， 并结合独立董事出具的《独立董事关于独立性自查情况的报告》，华夏航空股份 有限公司（以下简称"公司"）董事会就公司在任独立董事仇锐先生、彭泗清先 生、刘文君先生的独立性情况进行评估并出具如下专项意见： 经核查独立董事仇锐先生、彭泗清先生、刘文君先生的任职经历以及签署的 相关自查文件等内容，公司董事会认为公司独立董事均能够胜任独立董事的职责 要求，其未在公司担任除独立董事以外的任何职务，也未在公司主要股东公司担 任任何职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍其进行独 立客观判断的关系，不存在影响独立董事独立性的情况，符合《上市公司独立董 事管理办法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司 ...