长江商报消息 ●长江商报记者 沈右荣 知名民营航空公司吉祥航空（603885.SH）的大股东又抛出了一份减持计划。 11月21日晚，吉祥航空发布公告，公司控股股东均瑶集团拟在未来3个月内减持不超过公司6552.02万股股份，即 不超过公司总股本的3%。 如果以吉祥航空当日收盘价13.24元/股计算，顶格减持，均瑶集团将套现约8.68亿元。 这不是均瑶集团首次减持吉祥航空。2018年，均瑶集团通过引进战略投资者协议转让股权方式，一次性套现约 17.13亿元。 长江商报记者发现，均瑶集团可能"缺钱"。均瑶系旗下还有爱建集团、均瑶健康两家A股上市公司，均瑶集团所 持三家上市公司的股权均高比例质押。 2025年5月，均瑶集团清仓了直接持有的中国东航股票，套现亿元。 "以价换量"的吉祥航空经营业绩承压。2025年前三季度，公司实现的归母净利润为10.89亿元，同比下降14.28%。 公司解释称，主要是发动机维修导致的国内运力减少及发动机维修费用增加。 近年来，吉祥航空多次被关注，包括"未开空调致乘客中暑""向乘客提供过期食品"等。 大手笔减持，或与均瑶集团的"缺钱"有关。 大股东抛大手笔减持计划 吉祥航空的大股东计划再 ...

机构持仓方面，截止2025年9月30日，春秋航空十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股2194.75万股，相比上期减少76.55万股。中国证券金融股份有限公司位居第四大流通股 东，持股1689.28万股，持股数量较上期不变。工银可转债债券（003401）位居第八大流通股东，持股 956.55万股，相比上期增加110.84万股。华泰柏瑞沪深300ETF（510300）位居第九大流通股东，持股 827.10万股，相比上期减少44.08万股。易方达沪深300ETF（510310）位居第十大流通股东，持股 602.07万股，相比上期减少18.74万股。 责任编辑：小浪快报 资料显示，春秋航空股份有限公司位于上海市长宁区虹桥路2599号春秋航空总部办公楼，成立日期2004 年11月1日，上市日期2015年1月21日，公司主营业务涉及国内、国际及港澳航空客货运输业务及与航空 运输业务相关的服务。主营业务收入构成为：航空客运96.95%，其他(补充)2.38%，航空货运0.67%。 截至9月30日，春秋航空股东户数3.02万，较上期增加43.53%；人均流通股32433股，较上期减少 30.33%。 ...

Group 1 - The core point of the news is that Juneyao Airlines experienced a stock price increase of 5.05%, reaching 14.98 CNY per share, with a trading volume of 340 million CNY and a turnover rate of 1.07%, resulting in a total market capitalization of 32.716 billion CNY [1] - Juneyao Airlines, established on March 23, 2006, and listed on May 27, 2015, is primarily engaged in air passenger and cargo transportation, with passenger revenue accounting for 94.98%, cargo revenue for 3.75%, and other revenues for 1.27% [1] Group 2 - From the perspective of fund holdings, one fund under Guotai Haitong Asset Management has a significant position in Juneyao Airlines, with Guotai Junan Value Selection Mixed Fund A (016382) holding 32,600 shares, representing 3.16% of the fund's net value, ranking as the tenth largest holding [2] - The Guotai Junan Value Selection Mixed Fund A (016382) was established on August 9, 2022, with a latest scale of 9.2576 million CNY, achieving a year-to-date return of 5.23% and a one-year return of 17.18%, ranking 5740 out of 8210 and 5059 out of 7952 in its category, respectively [2]

Core Viewpoint - Huaxia Airlines experienced a stock price increase of 5.42%, reaching 11.68 CNY per share, with a trading volume of 151 million CNY and a turnover rate of 1.04%, resulting in a total market capitalization of 14.93 billion CNY [1] Company Overview - Huaxia Airlines Co., Ltd. is located at Jiangbei International Airport, Chongqing, and was established on April 18, 2006, with its listing date on March 2, 2018 [1] - The company's main business involves domestic and international air passenger and cargo transportation, with revenue composition as follows: passenger transport 98.46%, other services 1.27%, and cargo transport 0.27% [1] Fund Holdings - According to data, one fund under China Merchants Fund has a significant holding in Huaxia Airlines. The fund, China Merchants Jingyuan Flexible Allocation Mixed (002249), held 364,500 shares in the third quarter, accounting for 3.34% of the fund's net value, ranking as the eighth largest holding [2] - The estimated floating profit from this holding is approximately 218,700 CNY [2] - The fund was established on December 15, 2015, with a current size of 109 million CNY, and has achieved a year-to-date return of 27.79%, ranking 3352 out of 8219 in its category [2]

Group 1 - The core point of the news is that Juneyao Airlines experienced a stock price increase of 5.29%, reaching 13.93 CNY per share, with a trading volume of 210 million CNY and a turnover rate of 0.71%, resulting in a total market capitalization of 30.423 billion CNY [1] - Juneyao Airlines, established on March 23, 2006, and listed on May 27, 2015, is primarily engaged in air passenger and cargo transportation, with passenger revenue accounting for 94.98%, cargo revenue for 3.75%, and other revenues for 1.27% [1] Group 2 - From the perspective of fund holdings, one fund under Guotai Haitong Asset Management has a significant position in Juneyao Airlines, with Guotai Junan Value Selection Mixed Fund A (016382) holding 32,600 shares, representing 3.16% of the fund's net value, ranking as the tenth largest holding [2] - The Guotai Junan Value Selection Mixed Fund A (016382) was established on August 9, 2022, with a latest scale of 9.2576 million CNY, achieving a year-to-date return of 5.23%, ranking 5740 out of 8210 in its category, and a one-year return of 17.18%, ranking 5059 out of 7952 [2]

Investment Rating - The report initiates coverage with a rating of "Buy" for China Eastern Airlines [1][6]. Core Insights - China Eastern Airlines is one of the three major state-owned airlines in China, benefiting from dual core hubs in Beijing and Shanghai. The company is positioned to capitalize on the recovering tourism market, which is expected to drive air travel demand. The report highlights a trend of decreasing growth in the civil aviation fleet size in China, influenced by global supply chain disruptions affecting aircraft manufacturers [1][4][9]. - The average price of aviation kerosene has decreased compared to the previous year, which is anticipated to enhance the company's profitability [4][9]. - The projected revenue for China Eastern Airlines from 2025 to 2027 is estimated at RMB 143.18 billion, RMB 152.11 billion, and RMB 159.50 billion, respectively, with year-on-year growth rates of 8.4%, 6.2%, and 4.9% [6][8]. Summary by Sections Company Overview - China Eastern Airlines, established on June 25, 1988, is a leading state-owned airline in China, with a significant presence in the aviation market. The company operates a modern fleet of 816 aircraft, making it one of the youngest fleets globally [17][23]. - The airline's main business is passenger and cargo transportation, with passenger services accounting for over 90% of total revenue in normal circumstances [24][9]. Financial Performance - In 2024, the total revenue reached RMB 132.12 billion, marking a 16.11% increase year-on-year, and the highest revenue in nearly a decade. The company has shown a recovery trend post-COVID-19, with significant revenue growth in 2023 and 2024 [38][45]. - The net profit attributable to shareholders is projected to be RMB 1.405 billion, RMB 4.528 billion, and RMB 7.055 billion for 2025, 2026, and 2027, respectively [6][8]. Market Dynamics - The Chinese aviation market has seen a 172.8% increase in passenger transport volume over the past 15 years, with a growing trend towards market-based pricing for airfares [53][54]. - The three major airlines (Air China, China Eastern Airlines, and China Southern Airlines) accounted for 62.64% of the total transport turnover in 2024, indicating a consolidated market structure [55][56]. Operational Metrics - In 2024, the available seat kilometers (ASK) were 296.91 billion, reflecting a 21.20% year-on-year increase, while revenue passenger kilometers (RPK) reached 245.89 billion, up 34.89% year-on-year, resulting in a passenger load factor of 82.76% [28][36]. - The cargo segment has shown fluctuations, with available cargo ton kilometers at 9.51 billion and cargo turnover at 3.68 billion in 2024, indicating a recovery in cargo operations [36][40].

10月22日，春秋航空跌0.95%，成交额1.77亿元。两融数据显示，当日春秋航空获融资买入额2010.96万 元，融资偿还1139.37万元，融资净买入871.59万元。截至10月22日，春秋航空融资融券余额合计4.76亿 元。 分红方面，春秋航空A股上市后累计派现28.30亿元。近三年，累计派现18.99亿元。 机构持仓方面，截止2025年6月30日，春秋航空十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股2271.30万股，相比上期增加54.55万股。华泰柏瑞沪深300ETF（510300）位居第八大流通 股东，持股871.18万股，相比上期增加77.25万股。工银可转债债券（003401）位居第九大流通股东，持 股845.71万股，为新进股东。易方达沪深300ETF（510310）位居第十大流通股东，持股620.81万股，相 比上期增加61.83万股。广发睿毅领先混合A（005233）退出十大流通股东之列。 责任编辑：小浪快报 融券方面，春秋航空10月22日融券偿还1.70万股，融券卖出3900.00股，按当日收盘价计算，卖出金额 21.18万元；融券余量8.35万股，融券余额453.4 ...

Core Points - On October 15, Juneyao Airlines saw a stock increase of 5.02%, reaching a price of 13.82 CNY per share, with a trading volume of 217 million CNY and a turnover rate of 0.74%, resulting in a total market capitalization of 30.183 billion CNY [1] - Juneyao Airlines, established on March 23, 2006, and listed on May 27, 2015, is primarily engaged in air passenger and cargo transportation, with passenger revenue accounting for 94.98%, cargo revenue for 3.75%, and other revenues for 1.27% [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Guotai Haitong Asset Management has a significant position in Juneyao Airlines. The Guotai Junan Value Selection Mixed Fund A (016382) held 32,600 shares in the second quarter, representing 3.16% of the fund's net value, ranking as the tenth largest holding [2] - The Guotai Junan Value Selection Mixed Fund A (016382) was established on August 9, 2022, with a latest scale of 9.2576 million CNY. Year-to-date returns are 5.23%, ranking 5740 out of 8210 in its category; the one-year return is 17.18%, ranking 5059 out of 7952; and since inception, it has a loss of 4.99% [2]

Group 1 - Spring Airlines, a low-cost carrier in China, is reportedly considering an IPO in Hong Kong next year, potentially raising several hundred million dollars [2] - The company has selected JPMorgan and UBS to handle the listing process [2] - As of June 2025, Spring Airlines operates 192 domestic routes and 55 international routes, making it one of the largest private airlines in China by passenger volume [2] Group 2 - Spring Airlines has a fleet of 133 A320 aircraft, positioning it as a leading low-cost airline in Northeast Asia [2] - The company was established in 2005 and focuses on domestic, international, and Hong Kong-Macau-Taiwan air transportation services [2]

Core Viewpoint - Spring Airlines' stock price has shown fluctuations, with a current price of 53.71 CNY per share and a market capitalization of 52.546 billion CNY, reflecting a year-to-date decline of 5.53% [1] Financial Performance - For the first half of 2025, Spring Airlines reported operating revenue of 10.304 billion CNY, representing a year-on-year growth of 4.35%, while net profit attributable to shareholders decreased by 14.11% to 1.169 billion CNY [2] - Cumulative cash dividends since the company's A-share listing amount to 2.412 billion CNY, with 1.482 billion CNY distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 7.43% to 21,000, with an average of 46,551 circulating shares per shareholder, an increase of 8.02% [2] - The top circulating shareholder is Hong Kong Central Clearing Limited, holding 22.713 million shares, an increase of 545,500 shares from the previous period [3]