证券代码：600221、900945 证券简称：海航控股、海控 B 股 编号：临 2026-006 海南航空控股股份有限公司 2025 年 12 月主要运营数据公告 临时公告 临时公告 | 地区 | 88.55 | 3.39pts | 88.28 | 3.06pts | | --- | --- | --- | --- | --- | | 国际 | 86.36 | -0.64pts | 86.49 | 2.93pts | | 合计 | 88.08 | 0.27pts | 87.58 | 2.10pts | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2025 年 12 月，海南航空控股股份有限公司及所属子公司（以下简称"本集团"） 合并主要运营数据如下： | 载运量 | 年 2025 12 | 月 | 年累计 2025 | | | --- | --- | --- | --- | --- | | 数值 | | 同比变动（%） | 数值 | 同比变动（%） | | 收入客公里（RPK）（百万） | | | | | | 国内 | ...

Investment Rating - The industry investment rating is not explicitly stated in the provided content, but the analysis suggests a cautious outlook for 2026 due to supply constraints and demand resilience. Core Insights - The report indicates that 2026 is expected to be a turning point for the aviation industry, with a genuine reversal in supply and demand dynamics anticipated [60][64]. - Supply constraints are highlighted, with aircraft manufacturers Boeing and Airbus expected to continue facing delivery delays, impacting overall capacity [9][12]. - Demand remains resilient, with a projected growth rate of approximately 5% for 2026, despite supply limitations [36][56]. Supply Summary - Aircraft manufacturers are experiencing capacity shortages, with Boeing and Airbus not expected to return to pre-pandemic delivery levels [9][10]. - The report notes that the delivery volume for Boeing's B737MAX and Airbus's A320NEO remains below pre-pandemic figures, with 2026 targets still not reaching those levels [10]. - Engine issues are affecting the industry, with an increase in grounded aircraft expected in 2026 due to problems with Pratt & Whitney engines [16][17]. - The aircraft utilization rate is projected to increase slightly in 2026, but the growth potential is limited [21]. Demand Summary - The demand for air travel is expected to show resilience, with a projected passenger turnover growth of 8% in 2025, leading to a 5% growth in 2026 [37][56]. - Domestic air travel demand is anticipated to outpace rail travel, with increasing flight distances to counter competition from high-speed rail [41][44]. - The report suggests that the passenger load factor is expected to reach historical highs, with a forecasted increase to 87% in 2026 [50][56]. - Potential demand growth is expected to exceed 5%, but actual demand growth will be constrained by supply limitations [53][56]. Conclusion - The aviation industry is poised for a significant shift in 2026, with supply constraints likely to create a supply-demand imbalance, leading to increased ticket prices and a focus on capacity management [60][66].

Core Insights - HNA Holding's stock closed at 1.75 yuan on December 15, 2025, marking a 1.16% increase from the previous trading day, with a total market capitalization of 75.627 billion yuan [1] Operational Performance - In November 2025, HNA Holding reported a 6.87% year-on-year increase in passenger capacity, with international capacity rising by 22.20% [1] - Revenue passenger kilometers increased by 8.14% year-on-year, with international revenue passenger kilometers growing by 24.36% [1] - Passenger transport volume saw a year-on-year growth of 5.08%, with international passenger transport volume increasing by 16.09% [1] - Cargo and mail revenue ton kilometers rose by 17.80% year-on-year, with international figures up by 23.75% [1] - Cargo and mail volume increased by 14.32% year-on-year, with international volume growing by 21.20% [1] - The cargo and mail load factor improved by 3.36 percentage points [1] - The company added one A320NEO and three B737-8MAX aircraft in November, and launched a new route from Chongqing to Brussels [1] - As of the end of November 2025, the company operated a total of 362 aircraft [1]