证券代码：002928 证券简称：华夏航空 公告编号：2025-079 华夏航空股份有限公司 第四届董事会第四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1、会议通知、召开情况 华夏航空股份有限公司（以下简称"公司""华夏航空"）第四届董事会第 四次会议通知于 2025 年 12 月 25 日以电子邮件形式发出。 本次会议于 2025 年 12 月 30 日在重庆市渝北区江北国际机场航安路 30 号华 夏航空新办公楼 524 会议室以现场结合通讯表决方式召开。 2、会议出席情况 本次会议应出席董事 9 人，实际出席董事 9 人。其中 1 人现场出席（吴龙江 先生），8 人以通讯表决方式出席（胡晓军先生、胡不为先生、乔玉奇先生、范 鸣春先生、孙超先生、仇锐先生、彭泗清先生、刘文君先生）。 二、董事会会议审议情况 1、审议通过《关于拟签订〈A320 系列飞机采购协议〉的议案》。 表决结果：9 票同意，0 票反对，0 票弃权。 公司本次拟与空中客车公司（AIRBUS S.A.S，以下简称"空客"）签订《A320 系列飞机采 ...

Core Viewpoint - The aviation and airport sector experienced a decline of 1.18% on December 30, with China Southern Airlines leading the drop. The Shanghai Composite Index closed at 3965.12, down 0.0%, while the Shenzhen Component Index rose by 0.49% to 13604.07 [1]. Group 1: Stock Performance - The following stocks in the aviation and airport sector showed notable price changes: - China Southern Airlines (南方航空) closed at 7.66, down 1.03% with a trading volume of 545,000 shares and a transaction value of 418 million yuan [1]. - Xiamen Airport (厦门空港) closed at 17.48, down 2.35% with a trading volume of 100,200 shares and a transaction value of 176 million yuan [2]. - Spring Airlines (春秋航空) closed at 57.60, down 1.42% with a trading volume of 56,100 shares and a transaction value of 322 million yuan [2]. Group 2: Capital Flow - The aviation and airport sector saw a net outflow of 120 million yuan from institutional investors, while retail investors contributed a net inflow of 175 million yuan [2]. - The capital flow for specific stocks included: - China National Aviation (中国国航) had a net inflow of 46.13 million yuan from institutional investors, while retail investors had a net outflow of 47.90 million yuan [3]. - Xiamen Airport (厦门空港) experienced a net outflow of 26.25 million yuan from institutional investors, but a net inflow of 38.02 million yuan from retail investors [3].

证券日报网讯12月29日，华夏航空（002928）在互动平台回答投资者提问时表示，公司最新的美元负债 情况请查阅公司2025年半年度报告，报告中的"合并财务报表项目注释"有相关信息披露。 ...

Investment Rating - Maintain "Buy" rating for the transportation sector [5] Core Views - The international passenger turnover for October and November 2025 is expected to grow by 12.9% and 14.3% year-on-year compared to the same months in 2019, indicating a recovery in demand [1][2] - The average economy class ticket price for the New Year holiday in 2026 is projected to be 597 RMB, reflecting a 1.1% decrease from 2024 and a 6.7% increase from 2025 [1][2] - The logistics sector is benefiting from explosive growth in overseas e-commerce, with TikTok Shop's GMV in Southeast Asia increasing by 2.7 times during the "12.12" promotion [1][3] Summary by Sections Weekly Insights and Market Review - The transportation sector index rose by 1.37%, underperforming the Shanghai Composite Index by 0.51 percentage points [1][19] - The top three performing sub-sectors were shipping, public transport, and logistics, with increases of 4.70%, 4.65%, and 1.96% respectively [1][19] Air Travel - From January to November 2025, civil aviation passenger turnover reached 12,865.80 billion person-kilometers, a 19.6% increase compared to the same period in 2019 [2][12] - Domestic routes saw a 25.6% increase, while international routes grew by 3.6% [2][12] - The aviation sector is expected to maintain a positive outlook due to low supply growth and recovering demand, with a focus on business travel and international flight recovery [2][12] Shipping and Ports - The oil and dry bulk freight rates are experiencing a decline, with VLCC rates significantly dropping due to seasonal factors and lower-than-expected January loading volumes [3][13] - The dry bulk shipping index continues to fall, with a focus on the impact of new iron ore production and geopolitical developments [3][14] - The LNG transportation market is anticipated to follow a different cycle compared to larger vessels, with new projects in hydrogen production [3][16] Logistics - The logistics sector is focusing on two investment themes: overseas expansion driven by e-commerce growth and internal competition management amid slowing industry growth [3][17] - The express delivery volume showed a modest increase of 1.6% year-on-year in December, indicating a competitive landscape where leading companies are expected to gain market share [3][17]

Core Viewpoint - The aviation and airport sector experienced a 2.8% increase on December 26, with HNA Holding leading the gains, while the overall market indices showed modest increases [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3963.68, up 0.1%, and the Shenzhen Component Index closed at 13603.89, up 0.54% [1]. - HNA Holding's stock price rose by 2.27% to 1.80, with a trading volume of 10.22 million shares and a transaction value of 1.834 billion [1]. - Other notable performers included CITIC Offshore Helicopter, which increased by 1.14%, and Spring Airlines, which saw a slight increase of 0.16% [1]. Group 2: Stock Performance Summary - The table of stock performance shows various companies in the aviation sector, with HNA Holding leading in percentage increase, while several companies like China Eastern Airlines and Shanghai Airport experienced declines [2]. - The overall aviation and airport sector saw a net outflow of 313 million in main funds, while retail investors contributed a net inflow of 340 million [2]. Group 3: Fund Flow Analysis - HNA Holding had a net inflow of 18.76 million from main funds, but a net outflow of 17.27 million from retail investors [3]. - China Eastern Airlines experienced a significant net outflow of 26.35 million from main funds, while retail investors contributed a net inflow of 60.68 million [3]. - The analysis indicates that retail investors are actively participating in the market, contrasting with the outflows from institutional and speculative funds [3].

Core Viewpoint - The aviation and airport sector experienced a slight increase of 0.17% on December 25, with significant contributions from airlines like Juneyao Airlines, while the overall market indices also showed positive movements [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3959.62, up by 0.47%, and the Shenzhen Component Index closed at 13531.41, up by 0.33% [1]. - Juneyao Airlines led the aviation sector with a closing price of 14.08, reflecting a rise of 1.51% [1]. - Other notable performers included CITIC Offshore Helicopter and Spring Airlines, both showing increases of 1.51% and 1.46% respectively [1]. Group 2: Stock Performance and Trading Volume - The trading volume for Juneyao Airlines was 201,600 shares, with a transaction value of 285 million yuan [1]. - China Southern Airlines and China Eastern Airlines remained stable, with no change in their stock prices, while Shanghai Airport and Air China saw minor increases of 0.39% and 0.46% respectively [1]. - The overall trading volume in the aviation sector indicated a mixed performance, with some stocks experiencing declines [2]. Group 3: Capital Flow Analysis - The aviation sector saw a net outflow of 336 million yuan from institutional investors, while retail investors contributed a net inflow of 388 million yuan [2]. - The capital flow data indicated that Shanghai Airport had a net inflow of 27.85 million yuan from institutional investors, despite a net outflow from retail and speculative investors [3]. - Conversely, Air China experienced significant net outflows from institutional investors amounting to 60.80 million yuan, while retail investors showed a net inflow of 65.73 million yuan [3].

Core Insights - The 2025 Guizhou Top 100 Private Enterprises and Top 20 Private Manufacturing Enterprises were announced, showcasing the resilience and vitality of the private economy in Guizhou, which is becoming a significant force for high-quality development in the province [2][11]. Group 1: Rankings and Performance - The threshold for entering the 2025 Guizhou Top 100 Private Enterprises is set at 693 million yuan, an increase of 51 million yuan or 7.94% from the previous year [11]. - The total revenue of the top 100 enterprises reached 294.69 billion yuan, an increase of 7.96 billion yuan or 2.78% year-on-year [11]. - The manufacturing sector remains dominant, comprising over 60% of the top 100 enterprises, with 62 companies in this category [11]. Group 2: Characteristics of Top Enterprises - The top 100 enterprises exhibit five key characteristics: leading enterprises continue to excel, with three companies reporting revenues exceeding 10 billion yuan; the industrial structure is continuously optimized; R&D investment has significantly increased, with 2024 R&D expenses reaching 5.396 billion yuan, a year-on-year increase of 25.49% [11]. - There is a growing awareness of legal compliance and integrity, with 82 enterprises establishing legal risk control systems and 62 implementing bidding management systems [11]. - Social responsibility is actively pursued, with 51 enterprises participating in rural revitalization efforts, contributing to employment stability with an average of 1,738 jobs created per enterprise [11]. Group 3: Notable Companies - Zhongwei New Materials Co., Ltd. ranks first in the 2025 Guizhou Top 100 Private Enterprises, followed by Guizhou Tongyuan Group and Guizhou Geely Automobile Manufacturing Co., Ltd. [12][23]. - In the Top 20 Private Manufacturing Enterprises, Zhongwei New Materials Co., Ltd. also leads, followed by Guizhou Geely Automobile Manufacturing Co., Ltd. and Guiyang Hisense Electronics Co., Ltd. [23].

Investment Rating - The report maintains a "Positive" investment rating for the aviation industry [13]. Core Insights - The aviation industry is expected to experience a supply-demand mismatch, with demand trends showing a determined upward trajectory while actual supply is projected to decline. This situation is anticipated to lead to a price reversal starting in 2026, with profitability gradually improving until 2030 [3][10]. - The demand structure is diverse, comprising domestic business travel, personal travel, inbound foreign tourists, and outbound Chinese tourists. The industry is projected to maintain a compound annual growth rate (CAGR) of 4.1% from 2026 to 2028, with international demand growth outpacing domestic [8][45]. - Supply constraints are primarily driven by prolonged engine maintenance cycles and geopolitical tensions affecting aircraft manufacturing, leading to a forecasted decline in actual supply growth from 2026 to 2028 [9][25]. Summary by Sections Introduction - The aviation industry operates under a multi-factor model influenced by demand, supply, oil prices, and exchange rates. The supply is predominantly controlled by overseas manufacturers, making it a seller's market with long aircraft introduction cycles [7][25]. Demand - The demand is categorized into four segments: domestic business (42%), domestic personal travel (35%), inbound foreign tourists (17%), and outbound Chinese tourists (6%). The demand is expected to show resilience against economic fluctuations, with a projected CAGR of 4.1% from 2026 to 2028 [8][45]. Supply - The supply side is constrained by extended engine maintenance cycles, which are expected to triple starting in 2025, leading to a decrease in available aircraft. The net introduction of new aircraft is anticipated to remain low, with a compound growth rate of approximately 2.6% over the next three years [9][25]. Investment Opportunities - The report suggests focusing on investment opportunities in major airlines such as China National Aviation (H+A), Spring Airlines, Huaxia Airlines, and Juneyao Airlines, as the industry prepares for a cyclical recovery driven by improving supply-demand dynamics and potential cost reductions in oil and exchange rates [3][10].

Core Viewpoint - The recent educational trip organized by the Kurla City No. 17 Middle School for 150 students to Chongqing represents a significant practice of the integration of civil aviation and cultural tourism, highlighting the expansion of the civil aviation industry's value and the innovation of science education models [1][6]. Group 1: Event Overview - The trip was supported by the Kurla Pear City Airport and Huaxia Yunyin, which established an "Aviation Science Popularization Base" to provide comprehensive service for the students, ensuring a smooth travel experience through a "green channel" [1][6]. - The educational journey included three core areas: aviation technology, revolutionary spirit, and urban culture, combining knowledge exploration, practical experience, and spiritual inheritance [3][6]. Group 2: Educational Activities - Students received professional guidance on aviation safety regulations and aircraft structure, participated in emergency escape simulations, and learned practical skills such as CPR and fire extinguisher operation [3][6]. - The trip included visits to historical sites like the Zhazidong and Baigongguan, where students learned about revolutionary history and the significance of Chongqing during the War of Resistance [4][6]. Group 3: Industry Implications - This initiative sets a benchmark for the "civil aviation + cultural tourism" model, creating a new paradigm that integrates technology exploration, cultural transmission, and experiential learning [6][7]. - The program expands the service boundaries of the civil aviation industry, extending traditional passenger transport into the realms of quality education and cultural dissemination, fostering new growth points [7][9]. Group 4: Future Outlook - With the ongoing deepening of policies integrating cultural tourism and civil aviation, more collaborative products are expected to emerge, promoting industry synergy and broad cultural dissemination [9].

Investment Rating - The investment rating for the transportation industry is "Positive" and is maintained [15] Core Insights - The report provides a forward-looking analysis of the transportation industry for Q4 2025, highlighting improvements in passenger demand and operational efficiencies across various sub-sectors [2][6] Aviation - The aviation sector is expected to see marginal demand improvements, with significant reductions in losses anticipated for Q4 2025. Domestic business demand is stabilizing, and international flights continue to perform well despite short-term disruptions from flight cancellations [6][23] Airports - Domestic airport traffic is projected to increase, with international flights also climbing. Revenue is expected to improve as a result of rising passenger volumes and operational efficiencies [7][26] Express Delivery - The express delivery sector is experiencing a slowdown in growth but is improving profitability through price adjustments and a focus on high-value services. The net profit is expected to turn positive in Q4 2025 [8][29] Logistics - The logistics sector is stabilizing at the bottom of its performance cycle, with cross-border logistics showing signs of recovery. However, overall demand remains weak, leading to a slight decline in performance for major supply chain players [9][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different vessel types. While container shipping faces pressure on earnings, oil and bulk shipping are expected to see improvements due to increased demand and operational efficiencies [10][32] Ports - Port operations are expected to benefit from improved handling of bulk goods and stable container throughput, supported by easing trade tensions and increased exports to ASEAN and EU regions [11][38] Highways - The highway sector is projected to see limited growth, with stable profitability expected as truck traffic shows slight improvements compared to the previous year [12][40] Railways - The railway sector is experiencing a split in performance, with passenger transport growth accelerating while freight transport growth is slowing down. The focus on expanding non-coal business is expected to impact profitability negatively [13][42]