中国国航全年净亏损初步数据13亿元人民币至19亿元人民币。 ...

南财智讯1月30日电，中国国航发布业绩预亏公告，公司预计2025年度归属于上市公司股东的净亏损约 为人民币13亿元到人民币19亿元。2025年，中国经济总体平稳向好，民航业延续稳健增长趋势，公司抓 住市场机遇、积极应对行业发展新常态，深入推进提质增效。持续优化生产组织，挖潜可用飞机资源确 保有效投入；动态把握市场流向，科学平衡量价关系稳定收益品质；全面升级成本管控，强化"过紧日 子"意识压降成本水平。公司全力以赴促生产、强经营、稳增长，经营效益整体呈现增投增收降本特 点，巩固了经营质量持续向优态势。公司严格执行企业会计准则，于资产负债表日对递延所得税资产的 账面价值进行复核，相应转回部分递延所得税资产，预计2025年归属于上市公司股东净利润出现亏损。 ...

【中国国航：预计2025年净亏损13亿元-19亿元】智通财经1月30日电，中国国航(601111.SH)公告称，预 计2025年度归属于上市公司股东的净亏损约为13亿元到19亿元。上年同期归属于上市公司股东的净亏损 为2.37亿元。2025年，公司全力以赴促生产、强经营、稳增长，经营效益整体呈现增投增收降本特点， 巩固了经营质量持续向优态势。公司严格执行企业会计准则，于资产负债表日对递延所得税资产的账面 价值进行复核，相应转回部分递延所得税资产，预计2025年归属于上市公司股东净利润出现亏损。 转自：智通财经 ...

行 业 及 产 业 交通运输/ 航空机场 2026 年 01 月 30 日 相关研究 《航空"反内卷"初见成效——航空迎来 黄金时代系列报告》 2026/01/20 《景气度持续提升，从量变到质变—— 2025 下半年航空板块投资策略》 2025/06/12 《全球格局持续演变，静待我国航司迈入 成熟期——2025 航空及海外飞机制造链 年度策略》 2024/11/27 《航空出行渐入常态，再强调"国际+供 给"双主线——2024 航空机场中期策 略》 2024/06/14 《不同周期阶段的不同演绎，民航业东升 西降趋势确定-2024 航空机场投资展望》 2023/12/05 证券分析师 王凯婕 A0230525110001 wangkj@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 郑逸欢 A0230526010001 zhengyh@swsresearch.com 联系人 王凯婕 A0230525110001 wangkj@swsresearch.com 本 ...

Core Viewpoint - The China Air Transport Association has released a draft standard for public consultation regarding the reservation of seats on flights, aiming to regulate the classification and information disclosure of economy class seats by airlines [1][2]. Group 1: Seat Classification and Regulations - Airlines are required to categorize economy class seats into "free selectable seats" and "reserved seats" [2]. - Reserved seats are further divided into operationally necessary reserved seats (for safety and service needs) and value-added reserved seats (including reward points/miles redemption and paid reservations for international and regional flights) [2]. - Domestic flights must ensure that at least 70% of economy class seats are free selectable, while international and regional flights must have a minimum of 65% [2]. Group 2: Information Disclosure and Transparency - Airlines must clearly inform passengers about the categories of free and reserved seats, redemption standards, paid selection prices (for international and regional flights), and the release time of reserved seats [2]. - A clear seat map must be provided to distinguish between "free selectable," "member selectable," "not selectable online," and "selected seats" to avoid ambiguity and misleading information [2]. Group 3: Consumer Complaints and Industry Response - Several airlines have faced scrutiny for locking certain desirable seats, leading to consumer complaints about unfair practices [3]. - The Jiangsu Consumer Protection Committee has conducted investigations and engaged with multiple airlines regarding the locking of seats that should be part of standard services [3]. - Airlines such as 吉祥航空 and 四川航空 have acknowledged the issues and are undertaking internal evaluations and corrective actions in response to the consumer protection committee's findings [3].

Core Viewpoint - The China Air Transport Association has issued a draft for public consultation regarding the "Flight Seat Reservation Rules for Public Air Transport Enterprises," aiming to standardize seat reservation practices and enhance passenger rights in response to growing demand for personalized travel experiences [1][2]. Group 1: Overview of the New Rules - The new rules require that at least 70% of seats on domestic flights and 65% on international and regional flights be available for free selection by passengers [2]. - The draft aims to address discrepancies in seat selection services among airlines, ensuring a more uniform experience for travelers [1][2]. Group 2: Scope and Applicability - The rules apply to both domestic and international flights operated by public air transport enterprises within China, with foreign airlines encouraged to follow these guidelines [3]. Group 3: Seat Reservation Definitions - Free selectable seats are defined as those available for passengers to choose without additional charges [6]. - Reserved seats are those not open for selection due to safety, special passenger needs, or value-added services [8]. Group 4: General Principles - Safety is prioritized, with seat reservation and release practices needing to comply with safety regulations [18]. - The rules emphasize a passenger-centered approach, ensuring sufficient free seats and respecting diverse passenger needs [19]. Group 5: Seat Reservation Management - Airlines must establish a management system for seat reservations, detailing reasons, quantities, and rules for obtaining and releasing seats [5][21]. - For domestic flights, value-added reserved seats are limited to loyalty program members, and no paid seat selection is allowed [23]. Group 6: Release Rules - Domestic flights must release reserved seats for free selection no later than three hours before departure [27]. - For international flights, reserved seats should be released progressively starting 48 hours before departure, with specific rules for different seat categories [33]. Group 7: Information Disclosure - Airlines must clearly inform passengers about seat reservation options, including free and paid selections, and the rules governing these options [35]. - Seat maps must use clear icons to indicate different seat categories for both domestic and international flights [36][37].

Core Viewpoint - Company *ST Haichin (600753.SH) expects to achieve a profit total of between 48 million to 72 million yuan in 2025, indicating a turnaround from losses in the previous year [1] Financial Performance Expectations - The company anticipates a net profit attributable to shareholders of between 28 million to 42 million yuan for 2025 [1] - The net profit after deducting non-recurring gains and losses is expected to be between 16 million to 24 million yuan [1] - Projected operating revenue for 2025 is estimated to be between 1.45 billion to 1.85 billion yuan, with core operating revenue (excluding unrelated business income) expected to be between 800 million to 1.2 billion yuan [1]

Core Viewpoint - *ST Haichin (600753.SH) has reported continuous losses for three consecutive years from 2022 to 2024, leading to uncertainty regarding its ability to continue as a going concern, resulting in additional risk warnings for its stock starting April 29, 2025 [1] Financial Performance - The company has experienced losses for three consecutive years, specifically from 2022 to 2024 [1] - The recent audit report indicates uncertainty about the company's ability to continue its operations [1] Regulatory Compliance - The company may face delisting from the Shanghai Stock Exchange if it does not meet the conditions outlined in Article 9.3.7 of the Shanghai Stock Exchange Listing Rules regarding the removal of delisting risk warnings [1] - There is a specified deadline for the company to apply for the removal of the delisting risk warning [1] Investor Advisory - Investors are advised to be cautious regarding investment risks associated with the company's stock due to its financial instability and potential delisting [1]

Market Overview - The aviation and airport sector declined by 0.49% on January 29, with Huaxia Airlines leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Stock Performance - Shanghai Airport (600009) closed at 30.95, up 1.14% with a trading volume of 196,800 shares and a turnover of 605 million yuan [1] - Xiamen Airport (600897) closed at 17.68, up 0.68% with a trading volume of 80,100 shares and a turnover of 141 million yuan [1] - Baiyun Airport (600004) closed at 9.58, up 0.21% with a trading volume of 197,200 shares and a turnover of 188 million yuan [1] - Shenzhen Airport (000089) closed at 7.24, down 0.14% with a trading volume of 212,700 shares and a turnover of 153 million yuan [1] - Spring Airlines (601021) closed at 55.95, down 0.25% with a trading volume of 42,400 shares and a turnover of 236 million yuan [1] - HNA Holding (600221) closed at 1.68, down 0.59% with a trading volume of 3,055,900 shares and a turnover of 513 million yuan [1] - China Southern Airlines (600029) closed at 7.20, down 1.10% with a trading volume of 1,070,300 shares and a turnover of 768 million yuan [1] Fund Flow Analysis - The aviation and airport sector experienced a net outflow of 242 million yuan from institutional investors, while retail investors saw a net inflow of 230 million yuan [3] - Major stocks like Shanghai Airport and Shenzhen Airport had varying net inflows and outflows from different investor types [4] - Shanghai Airport had a net inflow of 28.37 million yuan from institutional investors, while retail investors had a net outflow of 39.44 million yuan [4] - China Southern Airlines had a net outflow of 10.48 million yuan from institutional investors, but a net inflow of 22.85 million yuan from retail investors [4] ETF Performance - The Aerospace ETF (product code: 159227) tracked the National Aerospace Industry Index and saw a 3.00% increase over the last five days, with a net redemption of 78.67 million yuan [6] - The General Aviation ETF (product code: 159230) tracked the National General Aviation Industry Index and had a 2.17% increase, with a net redemption of 5.55 million yuan [7] - The Tourism ETF (product code: 562510) tracked the China Securities Tourism Theme Index and decreased by 4.77%, with a net inflow of 8.09 million yuan [7]

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