南方航空海南分公司市场销售副经理 李胜卫：目前，我们在海南至北京、上海、广州、成都、杭州的航 线，增加宽体客机投入，已经达到1100多班次，后续将进一步增加海南市场运力投入。 除了航空公司以外，机场也升级了节日期间的服务。海口美兰国际机场增设过夜躺椅，充电座椅、自助 售货机等设施，满足旅客出行需求。 （央视财经《经济信息联播》）随着春节临近，海南即将迎来全岛封关运作后的首个春运，海南各机场 与航空公司提前联动，全力保障旅客出行顺畅。 记者了解到，2月13日前后，海南将迎来入岛客流高峰，北京、上海、广州等地飞往海南的机票已经趋 紧。面对客流压力，各航空公司纷纷加大海南市场运力投放，春运期间，南方航空在海南市场计划执行 约9600班次航班。 海南航空除了稳定执飞海口往返北京、广州，和三亚往返上海、重庆等城市的核心航线外，春运期间还 将开通海口—烟台—哈尔滨等跨区域新航线，加密海口至重庆、博鳌至北京等热门航线班次。 交通衔接方面，海口美兰国际机场、三亚凤凰国际机场联动高铁开设空铁联运专柜，并提供租车异地还 车等服务，构建立体交通网，支持旅客"多地联游"。 转载请注明央视财经 编辑：王昕宇 ...

海航控股：预计归母净利润18亿元至22亿元 中国东航：预计归母净利润亏损13-18亿元 海航控股是25年的盈利王，其在业绩预告中表示，除了及时调整运力配给，持续加强精细化管理，推进 航线网络提质增效外，海南自由贸易港封关运作也带来了积极影响，带动了经营增长。此外，公司大多 数的租赁债务及部分贷款以外币结算（主要为美元），因2025年人民币升值，公司产生汇兑收益。 而南方航空净利润的扭亏则有厦航及货运的加持，四大航中南方航空是唯一物流资产仍在上市公司中 的。南方航空表示，公司积极主动作为，抢抓市场机遇，精准投放运力，优化客货经营布局，强化精益 成本管控，狠抓提质增效，经营效益持续改善。 据智通财经从南方航空获悉，截至2025年年底，南航集团新开及复航40余条国内国际航线，国际航线覆 盖全球46个国家和地区。 中国国航、中国东航的业绩预亏均归因于递延所得税资产。 就业绩预告来看，四大航空公司业绩分化明显： 中国国航：预计归母净利润亏损13亿元至19亿元 南方航空：预计归母净利润8亿元至10亿元 中国国航的情况也中国东航大致相同，其在公告中称，2025年公司全力以促生产、强经营、稳增长，经 营效益整体呈现增投增收降 ...

[Table_Page] 跟踪分析|航空机场 亏损收敛、扭亏兑现，内需叙事启新篇 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-01-31 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]许可 SAC 执证号：S0260523120004 SFC CE No. BUY008 0755-88285832 -10% -2% 6% 14% 22% 30% 02/25 04/25 06/25 09/25 11/25 01/26 航空机场 沪深300 | | xuke@gf.com.cn | | --- | --- | | 分析师： | 陈宇 | | | SAC 执证号：S0260524100002 | | | SFC CE No. BLW740 | | | 021-38003771 | | | shchenyu@gf.com.cn | 证券研究报告 [Table_ 相关研究： DocReport] [Table_Title] 航空机场行业 ...

Investment Rating - The report maintains a "Positive" outlook on the shipping industry, highlighting strong performance in the sector despite seasonal challenges [4]. Core Insights - The shipbuilding sector is expected to show significant earnings growth, with Su Mei Da's Q4 net profit forecasted at 2.5 billion, a year-on-year increase of 71%, driven by strong contributions from shipbuilding and power generation [5]. - The shipping market continues to experience robust demand, with one-year charter rates for VLCCs rising by 2.8% to $64,000 per day, and Cape rates increasing by 8.4% to $28,700 per day [5]. - The report emphasizes the ongoing volatility in oil transportation rates, with VLCC rates experiencing a 62% increase in a single day due to supply-demand imbalances and geopolitical tensions [5]. - The dry bulk shipping market is also showing resilience, with the BDI index rising by 21.9% week-on-week, driven by strong demand from Australia and Brazil [5]. Summary by Sections Shipbuilding Sector - Su Mei Da's Q4 net profit is projected at 2.5 billion, up 71% year-on-year, exceeding expectations [5]. - ST Songfa's Q4 net profit is estimated between 11-14 million, with a net profit margin of 14%, reflecting a 1.6 percentage point increase from Q3 [5]. - Attention is drawn to China Shipbuilding's upcoming full consolidation of assets and the release of high-priced orders in Q1 2026 [5]. Shipping Market - The report notes a continued upward trend in shipping rates, with VLCC rates increasing by 2.8% and Cape rates by 8.4% [5]. - The VLCC average rate rose by 16% week-on-week, reaching $122,326 per day, with Middle East to Far East rates dropping by 25% [5]. - The report highlights the impact of geopolitical tensions on oil transportation, particularly in the context of the Ukraine conflict [5]. Dry Bulk Shipping - The BDI index recorded a 21.9% increase, with Capesize rates rising by 35.8% to $31,809 per day [5]. - Strong demand from Australia and Brazil is noted, with limited supply contributing to higher rates [5]. Air Transportation - The report indicates a significant opportunity for airlines due to rising passenger volumes and historical high load factors, suggesting a potential "golden era" for the industry [5]. - Airlines such as China Eastern Airlines and Spring Airlines are highlighted as key players to watch [5]. Express Delivery - The report anticipates uncertainty in the express delivery sector due to fluctuating demand and industry self-regulation policies, but notes that leading companies like Zhongtong Express and YTO Express are expected to maintain their market share and profitability [5]. Rail and Road Transportation - Rail freight volumes and highway truck traffic are showing resilience, with recent data indicating a slight decline in volumes but overall stability [5]. - The report suggests that high dividend investment themes and potential value management catalysts in the highway sector are worth monitoring [5].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [5]. Core Insights - The company is expected to achieve a net profit of 800-1,000 million yuan in 2025, marking a significant turnaround from previous losses, with a year-on-year increase of 2.5-2.7 billion yuan [3]. - The company anticipates a non-recurring net profit of 130-190 million yuan for 2025, reflecting a year-on-year increase of 408-414 million yuan [3]. - The report highlights that the company is increasing its passenger capacity and optimizing its cargo operations, which are expected to enhance profitability [5]. - The decline in oil prices is projected to improve cost structures, with a significant foreign exchange gain expected due to the appreciation of the yuan against the dollar [5]. - The report suggests that the aviation industry is entering a golden investment era, driven by supply-demand mismatches and increasing international travel demand [5]. Financial Data and Profit Forecast - Total revenue for 2025 is projected at 179.291 billion yuan, with a year-on-year growth rate of 2.9% [4]. - The net profit for 2025 is forecasted at 702 million yuan, with a substantial increase of 598.7% compared to the previous year [4]. - Earnings per share (EPS) for 2025 is estimated at 0.05 yuan, with a significant increase expected in subsequent years [4]. - The gross profit margin is projected to improve from 9.8% in 2025 to 16.9% by 2027 [4]. - Return on equity (ROE) is expected to rise from 2.5% in 2025 to 22.1% by 2027 [4].

格隆汇1月31日｜据澎湃，时隔五年，南航预计在三大航中率先实现年度扭亏。截至1月30日晚间，中国 国航、中国东航、南方航空、海航控股、华夏航空集中披露完2025年度业绩预告。其中，南航和海航预 计实现年度扭亏为盈，华夏航空净利润同比扩大，东航亏损同比收窄，而国航亏损同比扩大。 ...

另外两家航司的业绩仍处亏损中。其中，中国国航预计2025年实现归母净利润约为-13亿元至-19亿元； 中国东航预计2025年归母净利润约为-13亿元至-18亿元。 对于亏损的原因，两家航司皆提及，报告期内转回部分前期可抵扣亏损形成的递延所得税资产，增加所 得税费用，导致归母净利润为负值。 其中，南方航空、海航控股预计2025年净利润同比扭亏为盈，中国国航、中国东航仍亏损，亏损规模较 为接近。 南方航空方面，2025年，公司预计实现归属于上市公司股东的净利润8亿元-10亿元，上年同期为-16.96 亿元。至于盈利的原因，南方航空表示，主要是因为公司积极主动作为，抢抓市场机遇，精准投放运 力，优化客货经营布局，强化精益成本管控，狠抓提质增效，经营效益持续改善。 智通财经记者还从南方航空获悉，截至2025年年底，南航集团新开及复航40余条国内国际航线，国际航 线覆盖全球46个国家和地区。 海航控股预计去年实现归母净利润18亿元-22亿元。公司表示，除了及时调整运力配给，持续加强精细 化管理，推进航线网络提质增效外，海南自由贸易港封关运作也带来了积极影响，带动了经营增长。此 外，公司大多数的租赁债务及部分贷款以外币结 ...

Group 1: Earnings Forecasts - Han's Laser expects a net profit of 1.85 billion to 2.15 billion yuan for 2025, marking a turnaround from losses in the previous year [9] - Zhongji Xuchuang anticipates a net profit increase of 89.50% to 128.17% for 2025, projecting profits between 9.8 billion to 11.8 billion yuan [2] - Perfect World forecasts a net profit of 720 million to 760 million yuan for 2025, also reversing previous losses [25] - Yihua Lifestyle expects a net profit of 8 billion to 10 billion yuan for 2025, compared to a loss of 1.696 billion yuan in the previous year [21] - Guizhou Mingzhu anticipates a staggering net profit increase of 2908.49% to 3577.04% for 2025, projecting profits between 166 million to 203 million yuan [25] - Kexing Pharmaceutical expects a net profit increase of 328.83% to 455.89% for 2025, projecting profits between 135 million to 175 million yuan [28] Group 2: Capital Raising and Investments - Newray plans to raise no more than 1.316 billion yuan through a private placement for high-performance CNC blade industrial park projects [3] - Liyang Chip intends to raise up to 970 million yuan for integrated circuit testing projects and other initiatives [4] - Kid King plans to invest 3.3 million yuan to establish a joint venture focused on online business model innovation for family consumption [6] Group 3: Industry Developments - Tianqi Lithium's subsidiary has produced its first batch of chemical-grade lithium concentrate as part of its expansion project [5] - Yihua Lithium's subsidiary has signed a framework agreement with Indonesian state-owned enterprises to collaborate on the entire supply chain for electric vehicle batteries [7] - Longyuan Power expects a net profit increase of 51% to 73% for 2025, driven by improved profitability in its core thermal power business and expansion in renewable energy [18]

2025年，民航业发展仍面临较多挑战，外部环境不确定性上升，供应链紧张局面仍是全行业面临的重大 挑战，飞机、航材、发动机涨价带来的生产经营压力持续扩大。公司积极主动作为，抢抓市场机遇，精 准投放运力，优化客货经营布局，强化精益成本管控，狠抓提质增效，经营效益持续改善，2025年度归 属于上市公司股东的净利润及归属于上市公司股东的扣除非经常性损益的净利润均实现扭亏为盈。 智通财经APP讯，中国南方航空股份(01055)公布，预计公司2025年度将实现扭亏为盈，实现归属于上市 公司股东的净利润为人民币8亿元到人民币10亿元。预计归属于上市公司股东扣除非经常性损益后的净 利润为人民币1.30亿元到人民币1.90亿元。 ...

格隆汇1月30日丨中国南方航空股份(01055.HK)公告，经公司财务部门初步测算，预计公司2025年度将 实现扭亏为盈，实现归属于上市公司股东的净利润为人民币8亿元到人民币10亿元。 2025年，民航业发展仍面临较多挑战，外部环境不确定性上升，供应链紧张局面仍是全行业面临的重大 挑战，飞机、航材、发动机涨价带来的生产经营压力持续扩大。公司积极主动作为，抢抓市场机遇，精 准投放运力，优化客货经营布局，强化精益成本管控，狠抓提质增效，经营效益持续改善，2025年度归 属于上市公司股东的净利润及归属于上市公司股东的扣除非经常性损益的净利润均实现扭亏为盈。 ...