航空公司相关产业港股： 2月5日，空客在其最新的亚太地区《全球航空服务市场预测》报告中预测，到2044年，该地区的服务总 需求将以5.2%的复合年均增长率增长，市场价值预计将达到1387亿美元。这种持续增长将得益于航空 客运量和机队规模的扩大。未来20年，亚太地区将需要19560架新客机，占预测期内全球总需求的 46%。预计该地区仍将是全球增长最快的航空旅行市场，客运量年增长率为4.4%。高于3.6%的全球平均 水平。 据航旅纵横大数据显示，截至1月29日国内航线预订量已超716万张，日均机票预订量同比+16%。 银河证券表示，高频预订数据与官方运量预测形成交叉印证，反映民航出行需求旺盛，叠加航班供给稳 步释放，有望支撑春运民航客流与收益水平同步改善。 摩根士丹利称，将中国国航（601111）、中国东方航空和南方航空（600029）的A股评级上调至超配。 在需求顺风的推动下，始于去年四季度的复苏可能会在2026-2027年继续获得动能，尽管投资者仓位和 信心仍然较低，但潜在的价格上调将有助提振市场情绪。摩根大通对三大航H股及春秋航空（601021） 维持超配评级。 2026年春节假期再次延长，将保障探亲出游继 ...

Core Viewpoint - The Chinese civil aviation industry is experiencing a significant turnaround after years of operational pressure, with major airlines like China Southern Airlines and Hainan Airlines expected to return to profitability by 2025, indicating substantial improvement in the industry's fundamentals [1][2]. Group 1: Airline Performance - China Southern Airlines is the first among major airlines to achieve profitability, projecting a net profit of 0.8 to 1 billion yuan for 2025, a significant recovery from a loss of 1.696 billion yuan the previous year [2]. - Hainan Airlines is also expected to turn profitable, forecasting a net profit of 1.8 to 2.2 billion yuan for 2025, compared to a loss of 0.921 billion yuan in the prior year [2]. - China Eastern Airlines and Air China are not expected to achieve profitability in 2025, with projected net losses of 1.3 to 1.9 billion yuan and 1.3 to 1.9 billion yuan respectively, despite improvements in core operational metrics [3]. Group 2: Market Trends - The 2026 Spring Festival travel season is anticipated to see a record high in passenger volume, with an expected 95 million travelers, reflecting a year-on-year increase of approximately 5.3% [4]. - The travel demand is driven by a longer holiday period, with new travel patterns emerging, including a trend of "returning home first, then traveling" [5][6]. - The aviation market is showing signs of "volume and price rising together," with a notable increase in flight operations and ticket prices during the early days of the Spring Festival travel period [6]. Group 3: Industry Dynamics - The civil aviation industry is undergoing a "de-involution" process, with measures being implemented to control excessive competition and improve profitability [7]. - The supply of new aircraft is limited, with a backlog of over 15,000 global aircraft orders and an extended delivery cycle of 6.8 years, which is expected to constrain supply in 2026 [8]. - International routes are becoming increasingly important for profitability, with airlines focusing on expanding international services to enhance revenue [8].

Investment Rating - The report maintains a "Recommend" rating for the aviation sector, highlighting opportunities in the industry [2][3]. Core Insights - The Spring Festival travel rush has begun, with air passenger volume averaging 2.313 million per day, up 5.5% year-on-year, while railway passenger volume averaged 11.792 million, down 0.7% [1][10]. - The report emphasizes the competitive landscape in instant retail, particularly with the launch of the "30 Billion Free Order" campaign by Qianwen, which saw over 10 million orders in just 9 hours [2][35]. - The report identifies key players in the aviation sector, including China National Airlines, Southern Airlines, and Eastern Airlines, as well as low-cost carriers like Spring Airlines, which are expected to benefit from high price elasticity and operational efficiency [2][34]. Industry Data Tracking - Air cargo: The outbound air cargo price index at Pudong Airport increased by 5.3% week-on-week and 8.9% year-on-year as of February 2 [7][44]. - Shipping: VLCC freight rates increased by 2%, while the BDI decreased by 10% and SCFI decreased by 4% [7][48]. - The report highlights the expected compound annual growth rate (CAGR) of approximately 3% for aircraft imports over the next three years, indicating a supply constraint in the aviation sector [31][32]. Investment Recommendations - The report suggests focusing on "performance elasticity" and "dividend value" as key investment themes for the transportation sector in 2026 [7][31]. - It recommends leading companies in express logistics, such as Zhongtong and Yuantong, as well as the instant retail leader Shunfeng Tongcheng, which is expected to benefit from rapid growth and low valuation [7][31]. - The report also highlights the importance of dividend-paying assets, recommending Sichuan Chengyu and China Merchants Port for their stable performance and potential for dividend increases [7][31].

Investment Rating - The report maintains a "Recommend" rating for the aviation sector, highlighting potential opportunities in the industry [2][3]. Core Insights - The Spring Festival travel rush has begun, with air passenger volume averaging 2.313 million per day, up 5.5% year-on-year, while railway passenger volume averaged 11.792 million, down 0.7% year-on-year [1][10]. - The report emphasizes the competitive landscape in instant retail, particularly with the launch of the "30 Billion Free Order" campaign by Qianwen, which saw over 10 million orders in just 9 hours [2][35]. - The report identifies key players in the aviation sector, including China National Airlines, Southern Airlines, and Eastern Airlines, as well as low-cost carriers like Spring Airlines, which are expected to benefit from high price elasticity and operational efficiency [2][34]. Industry Data Tracking - Air freight rates at Pudong Airport increased by 5.3% week-on-week and 8.9% year-on-year as of February 2 [7][44]. - The VLCC freight rate rose by 2% week-on-week, while the BDI decreased by 10% [7][48]. - The report highlights the growth potential in the express logistics sector, particularly for leading companies like Zhongtong and Yuantong, as well as the promising outlook for instant retail leader SF Express [7][31]. Investment Recommendations - The report suggests focusing on "performance elasticity" and "dividend value" as key investment themes for the transportation sector in 2026 [7][31]. - It recommends continued investment in the aviation sector due to expected low growth in aircraft supply and a projected 5% increase in passenger numbers [2][31]. - The report also emphasizes the importance of dividend assets, recommending companies like Sichuan Chengyu and China Merchants Port for their stable performance and potential for increased dividends [7][31].

伴随着贵金属板块的持续震荡，科技股走势盘整，在主线投资纷纷熄火之际，消费、旅游出行等个 股隐有走强的趋势，其中较为"小众"的航空出行板块近几个交易日更为坚挺：华夏航空、中国东 航、吉祥航空、南方航空等个股年后集体上涨，Wind分类下航空指数已经连续三日逆势上涨，拉长 时间来看，这一指数也逼近了三年来新高。 随着多家公司扭亏的业绩预告披露，展望后市，有基金经理指出，近期航空的上座率已经达到了历史新高的水 平，航空机票也有明显上涨的基础。此外，叠加汇率走强以及油价波动，以及飞机交付量供给紧俏，多重因素 对航司的利润情况亦构成利好。 "小众"板块稳步上行 是持续看跌的，对这些航空公司的利润弹性是比较大的。"该基金经理表示。 工银瑞信基金表示，展望后续，航空业供需格局有望迎来进一步改善。 在去年的"科技牛"行情中，航空股虽然没有动辄翻倍的表现，但依旧走出缓步向上的势头，多只主动权益型产 品也在去年四季度内选择加仓这一板块。因此，年后个股的上涨也使得相关基金产品业绩走强。 以杨金金管理的交银瑞元三年定开为例，该基金截至去年四季度重仓了包括华夏航空、南方航空和中国航空在 内的三只航空个股，并在年后续写了涨幅，截至2月4日 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00670） 海外監管公告 此海外監管公告是根據香港聯合交易所有限公司證券上市規則第13.10B條作出。 茲載列中國東方航空股份有限公司在上海證券交易所網站刊登的以下資料中文全文，僅供參 閱： 承董事會命 中國東方航空股份有限公司 李干斌 聯席公司秘書 中華人民共和國，上海 2026年2月6日 於本公告日期，本公司董事包括王志清（董事長）、高飛（副董事長、總經理）、成國偉（董事）、孫錚（獨立非執行董 事）、陸雄文（獨立非執行董事）、羅群（獨立非執行董事）、馮詠儀（獨立非執行董事）、鄭洪峰（獨立非執行董事）及 揭小清（職工董事）。 债券代码：175802.SH 债券简称：21东航01 中国东方航空股份有限公司 2021 年公开发行公司债券(第一 期)(品种一) 3、发行人不对回售债券进行转售。 4、已进行回售登记的投资者可于 2026 年 2 月 5 ...

春运期间，东航C919将每日执行2班珠海至上海虹桥往返航班，为确保"一日双班"高密度运行万无一 失，珠海公司提前谋划、精准施策，联动东航总部开展加油面板操作专项培训，重点攻克机型面板操作 差异及应急程序难点；梳理作业风险辨识清单，并编制《C919油量分配表》《C919手动控制压力加油 简卡》双核心工具，实现风险预判精准化、操作流程标准化。首航保障现场，保障人员严格执行"双人 双岗"作业制度，加油员以"六步工作法"为纲，严格执行"三到四确认"标准，规范作业获东航机组高度 认可。 此次保障任务的圆满完成不仅是珠海公司技术能力与服务水平的集中展现，更是其主动服务国家航空产 业战略、助力地区民航发展的生动注脚。珠海公司将以精准的作业规程、高度的责任担当，为国产大飞 机产业化进程注入强劲动能，筑牢春运保障安全防线。（编辑：张彤 校对：张薇 审核：程凌） 《中国民航报》、中国民航网 记者冯智君 通讯员刘洁、杨昊、肖钰淇 报道：春运首日2月2日10时50 分，东方航空C919国产大飞机执飞的MU9849航班准点降落在珠海金湾机场，标志着C919在珠海地区商 业运营全面启航。中国航油珠海公司以高标准、严规格圆满完成本次首航供 ...

值得一提的是，这远非东航与瑞金医院的首次携手。多年来，双方合作打造空中医疗急救平台，通过空 中Wi-Fi连接客舱实时情况、联动地面医疗资源，构建起覆盖飞行全流程的生命守护网络，把专业医疗 资源延伸到万米高空。（编辑：贾昊天 校对：李海燕 审核：程凌） 东航空乘在瑞金医院医护人员携手支持下，迅速处置（东航供图） "现在您感觉如何？别担心，有什么不适请立刻告诉我们。"乘务员王梦园全程守在旅客身边，一边安抚 情绪，一边及时按照医务人员要求定时监测体征、留意病情变化，并做好详细记录。其他乘务人员则在 保障航班正常运行的同时，多次询问旅客状态，及时与医护团队沟通反馈细节。机长胡祥提前与地面保 障团队联动，申请了轮椅服务，为旅客争取宝贵的救治时间与安全保障。 "在高空这样的特殊环境里，机组人员没有丝毫慌乱，每一步都衔接配合到位，一看就是训练有素的机 组。"董治亚事后说道，"'同机共济'很荣幸！" 春运期间客流大，老年旅客居多、心脑血管等疾病高发，为此，东航专门组织开展了机上医疗救护的桌 面演练，全流程模拟多种旅客突发伤病场景的规范处置程序。另外，公司每年都会对空勤人员开展医疗 培训，作为日常训练的常规内容，为机组妥善处置 ...

据东方航空消息，针对2026年春运，东方航空聚焦旅客出行需求，进一步升级"空铁联运"服务，推出三 大新举措，构建"航空+高铁"一体化出行新模式，便利长三角地区旅客春运出行。 此次升级中，东航APP上线"空铁通-轻松出行"功能，推出GWS高铁航站楼服务，将航空服务前置至高 铁枢纽，旅客可在高铁站完成值机、行李直挂等手续，目前该服务已拓展至宁波站、杭州东站、苏州站 等6个火车站。同时，东航持续扩容空铁联运服务网络，将多个高铁枢纽站点纳入体系，目前服务站点 已增至21个，进一步延伸服务触角。此外，东航在官网"长三角专区"增设四个专属服务入口，结合不同 客群需求定制服务方案，优化换乘体验。 此次服务升级是东航对春运民生保障需求的回应，通过航空与高铁的无缝联动，提升中转效率，缓解出 行焦虑，让长三角旅客春运回家路更便捷畅通。 (东方航空) ...

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) announced the incentive income for executives of central enterprises for the 2022-2024 term, which consists of annual salary and term incentive income, with the latter being distributed every three years [1][3]. Group 1: Incentive Income Overview - A total of 87 central enterprises have disclosed their incentive income for the 2022-2024 term [3]. - Notable executives and their respective incentive incomes include: - Jie Houliang, Chairman of China National Petroleum Corporation, with an incentive income of 86.21 million RMB [3]. - Ma Yongsheng, Chairman of Sinopec, with an incentive income of 84.81 million RMB [5]. - Wang Dongjin, Chairman of CNOOC, with an incentive income of 86.06 million RMB [7]. - Zhang Wei, Chairman of State Grid Corporation, with an incentive income of 78.17 million RMB [10]. - Meng Zhenping, Chairman of China Southern Power Grid, with an incentive income of 83.54 million RMB [11]. Group 2: Additional Executive Incentive Incomes - Other notable executives include: - Wen Shugang, Chairman of China Huaneng Group, with an incentive income of 63.47 million RMB [12]. - Zou Lei, Chairman of China Datang Corporation, with an incentive income of 80.02 million RMB [14]. - Liu Mingsheng, Chairman of State Power Investment Corporation, with an incentive income of 26.02 million RMB [16]. - Wang Xiangming, Chairman of China Resources Group, with an incentive income of 82.44 million RMB [36]. - Miao Jianmin, Chairman of China Merchants Group, with an incentive income of 85.08 million RMB [34].