1、 1 500 1931,3172018669 2018 2 2018123115.0014,524,815,185101.03282018 3 .4 .5 .6 .11 .16 .37 .45 .49 .61 .66 .71 .72 4 2018 58.74%8+2 19562810.1%45.9%29.6%50%5,60011.6%20182018 20181,367.7499.5873.361.33%224.526.14%275.188.40%1.108.02%190.843.62%201970 5 /AMECO /6 Air China Limited Air China 30 30 8
2、6-10-61461049 86-10-61462794 86-10-61462805 86-10-61462805 28 101312 30 101312 A 601111/H 00753/H AIRC AIRC/22230 7 8835 2BE3 201731020181231 2018 2017/()2016 136,774,403 121,362,899 12.70%112,677,080 9,957,905 11,480,887(13.27%)10,219,376 7,336,327 7,240,312 1.33%6,814,015 6,620,005 7,226,790(8.40%
3、)6,171,639 31,418,890 26,389,301 19.06%30,724,360 2018 2017/()2016 93,216,239 86,120,794 8.24%68,876,496 243,716,006 235,717,816 3.39%224,128,192 14,524,815 14,524,815 0.00%13,084,751 8 2018 2017/()2016/0.53 0.54(1.85%)0.55/0.48 0.54(11.11%)0.50%8.17 8.96(8.82%)10.61%7.38 8.94(17.45%)9.61 7,336,327
4、7,240,312 93,216,239 86,120,794 (4,778)(1,336)64,854 69,632 19,112 5,345(263,671)(282,783)-139,919 139,919 7,350,661 7,244,321 93,157,341 86,047,562 (1)199411 9(2)(3)2018 1-3 4-6 7-9 10-12 31,606,754 32,635,568 38,637,773 33,894,308 2,628,202 840,317 3,468,889 398,919 2,600,253 534,717 3,391,258 93,
5、777 7,237,628 5,957,294 11,419,891 6,804,077 2018 2017 2016 82,966 (170,115)(39,562)474,295 48 395,393 1,000,249 5,906 452 1,838 301,280 -568,727 -149,480 (148,734)77,922(474,871)(41,803)(138,428)(391,461)(21,671)(259,643)716,322 13,522 642,376 413,497-60 8,581 654,961 1,040,419 17,558 34,502 10 302
6、,035 270,114(31,921)7,418 1,370,493 1,310,533(14,303)50,501 11 1(IATA)20179,783.540.96,188.58.5%7.3%7.9%IATA20196%20186.5%201945.920182.53.7%20184.1%6,590201822020367835 IATA20198,8503551667410496.9%2 20181,206.46.1738.511.4%10.9%4.6%20191,3606.879311.8%11%5.7%20174,4183,615968031,082.9748.3 12 2018
7、6045159107 20207.210%IATA2024203513 2018/201812311,604.031,582.7421.291.34%1,452.961,433.8519.111.33%20181231204.388.39%20072018500200746120182871,452.9520182018114.8155201820182018BrandZ50BrandZ100 2018-13 2019 2018123175413827589421846631153614,0871931,317 201812315,60045.1%11.6%201834618.2%10%2,5
8、38141 2018 20182018362875 1 1222018 2 4050,709839.8 14 3 53539.491,23127 4 45-12200 5 510 530-2730020 6 66 7 710T1V02 8 88A350-900814A350-900A350-9001-2-1 892022 9 914 926MRO China 2018MRO 10 10192018 11 15 1122 1123 12 1220 122851%12312018224.5280.11.10 16 20181,367.7499.5873.36 20182,736.0010.41%2
9、,205.289.67%80.60%0.54142.406.92%79.705.52%55.96%0.74 2018 -O&D6,23093.5835-10-2019-15575413827589421846631153614,0871931,317 571410.1%582,400 17 12%29.6%50%40153.245.9%59%27%152%5,60011.6%30%292022A350IP5001,452.9520182018BrandZ50 2018T195583458101A350 711.1%8.2%10.5%100%10 18 ,783.9620182,45120181
10、,9241,590334 8+21715388717 19 380255 1 (%)136,774,403 121,362,899 12.70 115,131,815 100,273,896 14.82 6,348,107 6,107,185 3.94 4,675,651 4,309,230 8.50 5,276,273 53,178 9,821.91 31,418,890 26,389,301 19.06 (8,949,696)(14,652,757)38.92 (21,382,899)(12,853,904)(66.35)107,064 94,503 13.29 2 /()/()/()12
11、0,429,994 12.82%11,405,573 11.22%1,550,369 21.03%133,385,936 112,801,347 15.43%12.77%15.06%(1.69)/()83,132,379 10.19%50,253,557 17.32%3 20181,367.7412.70%1,333.8612.77%12.82%11.22%33.889.88%20181,204.30136.86111.077.8233.61 2018 2018 2017 273,600.29 247,815.03 10.41%80.60%81.14%(0.54)0.5461 0.5307 2
12、.90%20 2018 2017(%)(%)(%)79,627,346 66.12 72,237,959 67.68 10.23 5,622,473 4.67 4,901,628 4.59 14.71 11,064,799 9.19 9,080,477 8.51 21.85 8,069,082 6.70 7,454,590 6.98 8.24 6,854,749 5.69 5,221,763 4.89 31.27 9,191,545 7.63 7,847,153 7.35 17.13 120,429,994 100.00 106,743,570 100.00 12.82 2018114.061
13、1.517.091.435.85 2018 2018 2017 14,240.47 13,319.36 6.92%55.96%56.70%(0.74)1.4312 1.3578 5.41%2018 2017(%)(%)(%)1,954,665 17.14 1,926,312 18.781.47 406,972 3.57 373,174 3.649.06 3,800,901 33.33 3,767,678 36.740.88 3,737,035 32.76 3,045,317 29.7022.71 21 752,702 6.60 563,990 5.5033.46 753,298 6.60 57
14、8,170 5.6430.29 11,405,573 100.00 10,254,641 100.0011.22 2018126.919.28%4 (%)(%)(%)38,481,303 33.42 28,409,213 28.33 35.45 15,354,941 13.34 13,863,338 13.83 10.76 13,895,921 12.07 12,968,872 12.93 7.15 6,612,844 5.74 6,209,182 6.19 6.50 18,700,678 16.24 17,118,473 17.07 9.24 3,787,134 3.29 3,462,347
15、 3.45 9.38 7,165,554 6.22 7,310,649 7.29(1.98)8,802,972 7.66 8,690,771 8.68 1.29 2,330,468 2.02 2,241,051 2.23 3.99 /115,131,815 100.00 100,273,896 100.00 14.82 22 2018216.6321.97%412.3641.81%5 2018164.0758.4363.482.4146.763.6652.7652.2323.7729.3829.141.41 6 107,064 0 107,064(%)0.08 23 1 20180.135.9
16、65.832.64 2 20187.493.762.029.86 1 (%)(%)(%)5,374,375 2.21 3,490,775 1.48 53.96 3,031,157 1.24 2,009,253 0.85 50.86 1,188,879 0.49 3,113,262 1.32(61.81)0 0.00 283,562 0.12(100.00)1,142,235 0.47 784,339 0.33 45.63 170,942 0.07 330,768 0.14(48.32)3,467,482 1.42 1,214,962 0.52 185.40 1,428,926 0.59 2,3
17、61,253 1.00(39.48)3,185,481 1.31 7,608,289 3.23(58.13)(962,968)(0.40)(1,693,743)(0.72)(43.15)2 201812312,437.163.39%237.269.74%2,199.9090.26%24 78.0832.91%24.72%53.7418.84 1,604.0372.91%1.34%321.8014.63%6.06%3 201812311,431.591.69%722.3150.46%709.2849.54%343.203.30%614.342.55%2018 2017(%)(%)(%)28,81
18、4,309 30.10 38,797,204 40.67(25.73)65,442,352 68.34 55,351,733 58.02 18.23 1,497,402 1.56 1,248,730 1.31 19.91 95,754,063 100.00 95,397,667 100.00 0.37 4 2018123158.74%201712310.99 201812310.33201712310.290.041,345.95 25 214.841,131.11 5 2018166.59157.888.71 6 20181231855.1720171231810.670.282017123
19、10.3410.44201712316.977.582.40 7 20181231392.6920171231591.7833.64%20181231513.950.01%201812310.59201712310.580.01 8 2018314.192017263.8919.06%89.502017146.5338.92%213.832017128.5466.35%1 (%)(%)A320 42,488,872 81.79 72.71 9.14 A330 12,636,114 78.86 65.33 11.87 A350 394,108 79.71 60.70 11.25 B737 45,
20、395,299 81.55 76.52 8.92 B747 1,172,719 81.61 57.59 7.52 B777 5,571,680 79.94 64.06 13.08 B787 2,067,710 80.35 64.75 11.63 109,726,502 80.60 69.25 9.53 (%)B747 82.90 5.91 26 B757 61.06 4.59 B777 86.59 12.83 85.32 9.25 2018 2017 273,600.29 247,815.03 10.41%103,475.62 90,723.28 14.06%160,134.78 147,93
21、8.97 8.24%9,989.88 9,152.77 9.15%14,240.47 13,319.36 6.92%9,610.71 8,871.19 8.34%4,347.17 4,169.82 4.25%282.59 278.35 1.52%38,920.17 35,672.57 9.10%220,528.34 201,078.49 9.67%80,390.72 71,039.18 13.16%132,102.72 122,876.89 7.51%8,034.91 7,162.42 12.18%7,969.51 7,552.65 5.52%6,207.65 5,791.72 7.18%1,
22、649.10 1,646.49 0.16%112.76 114.44 (1.47%)109,726.59 101,576.66 8.02%15,365.15 13,487.46 13.92%89,257.14 83,524.14 6.86%5,104.30 4,565.07 11.81%1,908,369.07 1,841,636.93 3.62%1,425.35 1,323.36 7.71%2,245.15 2,115.24 6.14%716,718 670,505 6.89%94,783 86,005 10.21%584,723 549,955 6.32%37,212 34,545 7.7
23、2%27,518.49 25,385.38 8.40%/80.60%81.14%(0.54)77.69%78.30%(0.61)82.49%83.06%(0.57)80.43%78.25%2.18 27 /55.96%56.70%(0.74)64.59%65.29%(0.70)37.94%39.49%(1.55)39.90%41.11%(1.21)/70.70%71.16%(0.46)9.52 9.47 0.05 0.5461 0.5307 2.90%0.4376 0.4167 5.02%0.6028 0.5877 2.57%0.6998 0.6844 2.25%1.4312 1.3578 5
24、.41%1.4569 1.3735 6.07%1.1853 1.1700 1.31%3.6093 3.2608 10.69%0.4208 0.4046 4.00%2.9582 2.8110 5.24%2 2018506A350 1B787-9 2B777-300ER 3A330-30014B737-8MAX9B737-8002B737-7008A320NEO3A321NEO2A32053411211B747-4004B777-2004B737-8002A3202A3197B737-7001 20186696.624096.77281513 664 276 188 200 6.62 329 13
25、6 94 99 7.04 A319 45 32 6 7 11.64 A320/A321 214 76 75 63 6.35 A330 64 28 7 29 6.75 A350 6 06 00.23 335 140 94 101 6.21 B737 283 116 74 93 6.46 B747 10 8 2 09.47 B777 28 4 18 6 4.71 B787 14 12 02 1.86 15 10 5 011.54 B747F 3 3 0016.53 B757F 4 4 0022.35 B777F 8 3 5 04.26 28 5 1 04 6.41 684 287 193 204
26、6.73 2018122851%15 2019 2020 2021 2019 2020 2021 39 24 1 6 8 1 A319 0002 2 0A320/A321 34 24 1 4 6 1 A330 1 00000A350 4 00000 33 33 5 11 3 0B737 32 33 5 11 3 0B787 100000 72 57 6 17 11 1 B737 ()()116 8.46 8.76 353,766.95 74 3.59 9.20 213,187.45 93 6.25 8.93 292,347.02 283 6.46 8.92 859,301.42 B747 ()
27、()11 12.45 6.50 26,104.71 2 3.65 10.70 7,811.67 0 0 0 0 13 11.10 7.15 33,916.38 B757 ()()4 22.35 4.59 6,694.72 0 0 0 0 0 0 0 0 4 22.35 4.59 6,694.72 B777 ()()7 5.59 13.00 39,937.43 23 4.61 13.08 104,781.55 6 3.46 12.86 28,153.90 36 4.61 13.02 172,872.88 B787 ()()12 1.83 12.27 53,238.05 0 0 0 0 29 2
28、2.03 7.80 5,692.37 14 1.86 11.63 58,930.42 A320 ()()108 9.58 8.84 348,302.73 81 4.80 9.44 261,406.05 70 6.57 9.27 226,355.60 259 7.27 9.14 836,064.38 A330 ()()28 9.83 11.38 116,284.62 7 2.15 12.62 26,890.80 29 4.89 12.21 128,902.75 64 6.75 11.87 272,078.17 A350 ()()0 0 0 0 6 0.23 11.25 5,290 0 0 0 0
29、 6 0.23 11.25 5,290 3 2,659,577 2,083,895 2,659,577 2,083,895-246,950 291,056 140,197 255,553-227,345 104,337 227,345 104,337-3,133,872 2,479,288 3,027,119 2,443,785-43 462.912019241.072020156.65202165.19 5 6 30 7 14 1 20181231165.418.12%14.2715.14%151.147.14%121.7813.869.26201823.774.623.47 11 (%)1
30、1,324,772 29.99 12,177,802 202,121 666,636 419,415 49.40 1,385,649 123,766(6,058)182,119 22.80 925,581 67,454(6,656)11,926,306/14,489,032 393,341 653,922 2 3 413,497 60 0 654,961 17,558 1,040,419 302,035(31,921)270,114 31 12018122851%251.70%349.4%42%43.548%1 20035,235,294,11851%2018122851%1511.54 20
31、18129.266.16%73.115.19%148.801.27%56.56%0.52 2018124.1010.18%110.1811.26%3.8964.68%2 19925,360,000,00051%2146.20209 2018655.649.65%538.559.14%3,553.218.63%82.14%0.39 11.4116.29%5.9910.55%37.4714.57%52.52%2.72 2018311.1912.56%303.2513.01%10.019.189.1536.33%3 1994442,042,00066.8995%188.291 32 201865.9
32、97.10%53.2815.37%316.3013.62%80.74%5.78 10,470.476.65%3,184.564.76%19,773.146.82%30.41%3.65 201833.7219.07%33.4218.84%1.80156.28%4 20111051%20181122 416.411201836822.85%1,38917.12%2,34021.48%39.08320189,643.287,427.268.1077.02%126.7245.01522.8235.52%20181.7942.75%1.7740.87%0.0489.55%5 20111080%115.5
33、7 201831.0112.09%26.12,11.90%240.869.74%84.22%0.14 3,702.065.98%1,500.402.12%14,098.312.87%40.53%3.35 201816.9514.35%16.9114.40%1.283.60%6 20131080%97.0232 201821.4424.08%17.4424.53%179.0525.70%81.33%0.30 2,993.344.68%1,154.941.14%11,229.479.48%38.58%1.36 201813.9724.53%13.8125.88%1.4953.44%7AMECO A
34、MECO1989300,052,80075%33 2018AMECO78.507.73%1.766.39%8 19941,127,961,86451%20183.000.85%0.9218.57%9 194629.99%2129.9106 20181,553.63.5%1,306.33.1%3,546.81.9%84.1%0.3 176.22.6%121.24.2%215.24.7%68.8%1.0 2018950.7312.95%868.3411.13%20.0710.89 10 1999422.8%1225.29134 2018439.2310.73%368.5311.73%2,546.2
35、09.88%83.90%0.75 7.097.23%2.876.39%17.014.86%40.44%0.32 2018187.6613.84%180.6112.95%3.4729.16%1 2 2019 34 3 1 2 35 3 /2019230.6267.41.252.0 2019123456789 1 2018 36 5%19.24 20182018 1%201812312.281%201812315751%1,062 2 3 5,000200932018123121 37 15%20172017201874101.1497 201810%10%35%15.0014,524,815,1
36、85101.032820182018201971120182019710A 10()10()()10()()()()(%)2018/1.0328/1,500,123 7,336,327 20.45 2017/1.1497/1,669,918 7,240,312 23.06 2016/1.0771/1,564,468 6,814,015 22.96 38 20181120171422232437 33 2 2 2018630201812319,522,000201812317,793,000525,000 100 0 39 1 2015102920181231201810302021123120
37、15103020181031 40 http:/ 2018 900 558 167 92 1,664 1,506 200 99 326.7 165 41 8,000 1,445 2,450 265 1,046.59 957 900 547 900 301 2 201858B777-300ER100,000,0001012018427201859http:/ 42 1,6332017123153,8659120171231172 2018830201810192018201883120181020http:/ 1 2 20188+220183201898+2 3 2,155.65 1.1,226
38、.65 2.929 1.1.1 43 1.2 9 1.3 1,000 2.2.1/180 2.2 22 3.3.1 20 3.2 100 4.4.1 6 4.2 1,135.65 2016-20172015-20172017 20181,0443,07731712,000201892993021715388733 20181,5770.21%4,51320,0637.69%5 20198+28+21,1003,100 1 44 2 3 2-3WPPBrandZ 20181008%BrandZ50BrandZ 521HKIRA 52510066 1011ARC Awards Internatio
39、nal2017/10192018 1123114.81201855 12620172018 12122009 1227World Brand Lab20185001,452.952873382018NO.12018 2019111 45 1 2 3 4 513,478,818 0 0 513,478,818 2020-03-10 231,065,468 231,065,468 0 0 2018-03-10 256,739,409 256,739,409 0 0 2018-03-10 385,109,114 385,109,114 0 0 2018-03-10 15,147,625 15,147
40、,625 0 0 2018-03-10 12,849,807 12,849,807 0 0 2018-03-10 12,836,970 12,836,970 0 0 2018-03-10 12,836,970 12,836,970 0 0 2018-03-10 1,440,064,181 926,585,363 0 513,478,818/46 165,590H3,288 142,588H3,290 (%)0 5,952,236,697 40.98 513,478,818 127,445,536 0 2,633,725,455 18.13 0 0 2,973,940 1,687,748,459
41、 11.62 0 0 0 1,556,334,920 10.72 0 36,454,464 -659,800 468,485,702 3.23 0 0 -190,816,782 311,302,365 2.14 0 0 -5,830,104 256,739,405 1.77 0 256,739,405 -115,499,959 115,565,509 0.80 0 0 -12,070,217 58,964,678 0.41 0 0 36,404,167 47,769,085 0.33 0 0 5,438,757,879 5,438,757,879 2,633,725,455 2,633,725
42、,455 1,687,748,459 1,687,748,459 47 11,687,748,459H166,852,000 2200994200963127,445,53636,454,464 1 513,478,818 2020-03-10 513,478,818 1 20021011 9.17%1,556,334,920 1,332,482,920 223,852,000 468,485,702 468,485,702 311,302,365 311,302,365 256,739,405 256,739,405 115,565,509 115,565,509 58,964,678 58
43、,964,678 47,769,085 47,769,085 51.70%48 2 51.70%1 2 51.70%1995613/1946924/49 55 20140221 20170526 53 20160606 20140522 20140128 57 2018329 91.64 20161031 62 20140522 63 20170525 6 62 20170525 6 68 20150522 15 60 20151222 15 60 20160830 56 20081222 54 20110616 70.07 42 20171027 50.54 59 20170522 2019
44、0327 20170526 55 20170522 51 20170526 20190119 53 20100408 57 20110222 54 20190119 53 20110222 118.45 56 20120314 118.47 55 20121217 146.55 52 20140826 152.59 54 20121217 151.39 53 20170809 86.17 50 20140728 116.15 55 20141127 152.49 57 20170830 83.52 53 20120314 232.38 48 20140728 79.92 50 51 20171
45、027 161.57 /1,853.9/110,000A 2 3 5 55199920012002102004920071201412009112010520141201612200492014220161220175 53198720021120086200492006102006102010122010122014420101220141201452016220161220166201612 571994719993200411200972009720161020171220183 John Robert Slosar621980200772007720113201132014320143
46、201862014320145 51 63201052016122011122017520188 6220035201692016920173520182 68197519901992199219941997199720062007220147200672015520159201710201612201710201810 6019821994201512 6020117201812201192014920181220168 56198320033200810200810201142011520181220137201812201310201812 52 54198872002420024200
47、83200832012112012112011620175 42199882014 201710 59199612199992002920081220021220049200610200812200812200812201932009620171020148201510201892016112017520193201752017720193 5519847199510200210200322007520104201482010520145201442014820171020175 51201192014820157201912017520191 531988720096 53 20104201
48、0420161120168201612 571986820039200452004520112200572015112005720165200742016220091220114201122011420118201632016820161220189 54199312008520085201612201612201912019120191 5319887200872012320112 5619809AMECOAMECO20051020093AMECO2009320156200510AMECO201232015620179AMECO 5519821020091220121220121220145
49、 5219836 54 2008620114201142014112014820154 5419857200112200632009120113200912011420112201212201212201611 5319862016820178 50199072009122014720147 551984820078201142011420141220141120172201711 57EMBA1992199720012003200520102011420175201111201782017620178 53EMBA19877 55 200612200882010420123201411 48
50、199172008720091201142014720175 5119888201411201710201710 200702 201612 200911 201403 201012 201612 201403 200907 201712 201403 201409 201812 201107 201812 201105 201812 201812 201705 200812 201903 56 200812 201611 201903 201404 201507 201901 201608 201612 201106 201608 201612 201612 201901 201212 20