Core Viewpoint - HNA Group's stock price is influenced by multiple factors including macroeconomic conditions, market trends, industry dynamics, and the company's own operational performance and investor confidence [2] Group 1: Company Performance - The company has shown continuous improvement in its operational performance in recent years [2] - HNA Group aims to deepen its focus on core business operations and enhance aviation safety and production [2] Group 2: Service and Product Development - The company is committed to improving service quality and developing a diverse range of aviation products [2] - HNA Group seeks to strengthen its brand competitiveness to enhance operational performance [2] Group 3: Investor Returns - The company strives to provide better returns to its investors [2]

Core Viewpoint - HNA Group (600221) reassures investors that there are no plans for share reduction by the controlling shareholder, emphasizing the company's commitment to improving operational performance and enhancing brand competitiveness [1] Group 1: Company Performance - The company has shown continuous improvement in operational performance in recent years [1] - HNA Group aims to deepen its core business operations and enhance service quality [1] Group 2: Market Influences - The company's stock price is influenced by multiple factors, including macroeconomic conditions, market trends, industry dynamics, and investor confidence [1] Group 3: Future Outlook - HNA Group is focused on developing a diverse range of aviation products and aims to improve operational performance to provide better returns for investors [1]

证券日报网讯1月22日，海航控股（600221）在互动平台回答投资者提问时表示，公司存在一定规模的 外币负债，汇率波动对公司利润产生影响，人民币升值将增加公司的税前利润；航油成本为公司营业成 本的重要组成部分，航油费用的下降将有效降低公司的运营成本。2025年上半年，公司共运营国内外航 线逾1400条，其中国内航线近1300条，覆盖内陆所有省、自治区和直辖市；国际及地区航线逾170条， 覆盖亚洲、欧洲、北美洲、大洋洲和非洲，通航境外46个城市。 ...

证券日报网讯1月22日，海航控股（600221）在互动平台回答投资者提问时表示，债转股股票的定价系 根据公司2021年12月31日已经执行完成的《重整计划》执行。 ...

证券日报网讯1月22日，海航控股（600221）在互动平台回答投资者提问时表示，2025年公司共运营20 条欧盟航线，在公司整体收入占比较低。 ...

证券日报网讯1月22日，海航控股（600221）在互动平台回答投资者提问时表示，1000架机队规模建设 目标，为海航航空集团层面整体计划，并非指上市公司机队规模。 ...

Core Viewpoint - HNA Group emphasizes the importance of market value management, believing that good performance is the foundation for effective market value management [1] Group 1: Company Performance and Investor Relations - The company actively engages with investors through performance briefings, institutional research, investor hotlines, and responses on the Shanghai Stock Exchange E-interaction platform to enhance investor understanding and confidence [1] - On the last trading day of 2025, the company's stock closed at 1.81 CNY per share, an increase of 8.38% from the closing price of 1.67 CNY per share on the first trading day of 2025 [1] Group 2: Future Strategies - The company plans to continue focusing on its core business operations, ensuring aviation safety, improving service quality, and developing a diverse range of aviation products to enhance brand competitiveness [1] - The company aims to strengthen governance standards to ensure sustainable and healthy development, striving to provide better returns for investors [1]

临时公告 证券代码：600221 、900945 证券简称：海航控股 海控 B 股 公告编号：2026-007 海南航空控股股份有限公司 关于为控股子公司提供担保实施的公告 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。 重要内容提示： 担保对象及基本情况 | 被担保人名称 | 本次担保金 | | 实际为其提供的 | 是否在前 | 本次担保是否 | | --- | --- | --- | --- | --- | --- | | | 额 | | 担保余额（不含 | 期预计额 | 有反担保 | | | | | 本次担保金额） | 度内 | | | 北京舜航科技有 限责任公司 | 60,000 | 万元 | 0 万元 | 是 | 否 | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保余额（万元） | 308,121.74 | | 对外担保余额占上市公司最近一 期经审计净资产的比例（%） | 135.56% | | 特别风险提示（如有请勾选） ...

Investment Rating - The report maintains a "Buy" rating for major airlines, including China National Aviation (China Air), China Eastern Airlines, Southern Airlines, and others, based on their projected earnings growth and favorable market conditions [2][3]. Core Insights - The domestic passenger load factor has increased significantly, reaching a historical high of 85.7% in December 2025, with a year-on-year increase of 2.4 percentage points [7][10]. - The international passenger load factor has shown a slight increase, but the growth rate has slowed due to disruptions in the Japanese route, with December figures reflecting a year-on-year increase of 0.9 percentage points [14][15]. - The overall industry demand growth continues to outpace supply growth, with a combined ASK/RPK increase of 6.6% and 9.1% respectively for the six listed airlines in December [7][10]. Summary by Sections 1. December International Supply and Demand Trends - The demand growth in December 2025 exceeded supply growth, with both domestic and international load factors reaching historical highs [10][11]. - The domestic routes saw a supply increase of 4.2% in ASK and a demand increase of 7.2% in RPK, while international routes experienced a 12.0% increase in ASK and a 13.3% increase in RPK [7][14]. 2. Aircraft Introductions and Fleet Growth - The total fleet of the six airlines increased by 0.4% in December, with a net addition of 14 aircraft, bringing the total to 3,386 [22][24]. - The A320 series was the primary aircraft introduced, with significant contributions from China National Aviation and Southern Airlines [22][27]. 3. Investment Recommendations - The report suggests that the tight supply-demand relationship in domestic routes will lead to a moderate increase in ticket prices in 2026, supported by regulatory measures to address low pricing [7][11]. - The international routes are expected to benefit from increased inbound tourism, with airlines like China Eastern Airlines and Spring Airlines positioned to gain from this trend [7][15].

Core Viewpoint - The aviation and airport sector experienced a decline of 1.17% on January 21, with China Eastern Airlines leading the drop, while the Shanghai Composite Index rose by 0.08% and the Shenzhen Component Index increased by 0.7% [1]. Group 1: Market Performance - The closing price of China Eastern Airlines was 6.22, reflecting a decrease of 2.20% with a trading volume of 1,109,700 shares and a transaction value of 6.95 million [2]. - The aviation and airport sector saw a net outflow of 84.83 million from major funds, while retail investors experienced a net outflow of 10.9 million, and speculative funds had a net inflow of 194 million [2][3]. Group 2: Individual Stock Performance - China National Aviation (China National Airlines) had a net outflow of 22.99 million from major funds, with a net inflow of 5.52 million from speculative funds and a net outflow of 28.51 million from retail investors [3]. - Xiamen Airport reported a net outflow of 2.03 million from major funds, while speculative funds had a net inflow of 1.35 million, and retail investors saw a net inflow of 0.68 million [3]. - Shenzhen Airport experienced a net inflow of 12.93 million from major funds, with a net inflow of 2.77 million from speculative funds and a net outflow of 15.69 million from retail investors [3].