Investment Rating - The report maintains an "Overweight" rating for the aviation and oil shipping sectors [4]. Core Insights - The aviation sector is expected to see record passenger flow during the Spring Festival, with a projected increase of approximately 5.3% year-on-year, reaching 9.5 billion trips in 2026. The report anticipates strong demand during the Spring Festival, with limited additional flights due to strict management by airlines [4]. - In the oil shipping sector, high oil freight rates are expected to persist, with a significant year-on-year increase in tanker profits anticipated for Q1 2026. The report highlights a bullish long-term outlook for oil shipping driven by global oil production growth and an aging fleet [4]. - The express delivery sector is projected to experience a growth rate of 14% in 2025, with a notable recovery in profitability driven by effective measures against excessive competition [4]. Summary by Relevant Sections Aviation - The report forecasts a record high in passenger flow during the Spring Festival, with a year-on-year growth of 5.3% in civil aviation passenger transport [4][5]. - The pre-sale trends for airline tickets are positive, and the overall flight capacity increase during the Spring Festival is expected to be limited, benefiting airline revenue management [4]. - The report suggests a strategic investment in the aviation sector, highlighting companies such as Air China, China Eastern Airlines, and Spring Airlines as potential beneficiaries [4]. Oil Shipping - Oil freight rates are expected to remain high, with a significant increase in tanker profits projected for Q1 2026 due to rising oil production from the Middle East and South America [4]. - The report emphasizes the long-term bullish logic for oil shipping, driven by increased demand and a tightening supply due to an aging fleet [4]. - Recommended companies in the oil shipping sector include COSCO Shipping Energy Transportation and China Merchants Energy Shipping [4]. Express Delivery - The express delivery sector is expected to see a growth rate of 14% in 2025, with a decline in growth rate towards the end of the year [4]. - The report notes that measures against excessive competition have led to a recovery in profitability for leading companies in the sector [4]. - Companies such as SF Express and ZTO Express are highlighted as key players to watch in this sector [4].

Investment Rating - The report maintains a positive outlook on the shipping industry, recommending companies such as China Merchants Energy and COSCO Shipping Energy [3]. Core Insights - The report highlights a significant increase in charter rates for VLCCs, which rose by 4.62% to $62,250 per day, and Cape rates increased by 5.37% to $26,475 per day, indicating a strong correlation between commodity prices and shipping rates [3]. - New ship prices are rising alongside second-hand ship prices, with the new ship composite index increasing by 0.07 to 184.76 points, suggesting a favorable market for shipbuilders [3]. - The report emphasizes the resilience of the shipping market, particularly in oil and bulk shipping, with expectations of continued demand driven by geopolitical factors and commodity price fluctuations [3]. Summary by Sections Shipping Market Performance - The shipping index increased by 1.76%, outperforming the CSI 300 index by 2.38 percentage points [4]. - The coastal dry bulk freight index in China rose by 0.84%, while the Shanghai export container freight index fell by 7.39% [4]. Oil Shipping - VLCC rates are currently around $100,000 per day, with a recent decline of 11% in average rates to $105,090 per day, indicating potential volatility in the market [3]. - The report notes that while VLCC rates may adjust, smaller oil tanker rates remain supported due to high demand [3]. Dry Bulk Shipping - The report indicates a rebound in dry bulk rates, particularly driven by increased grain exports from South America, with the BDI index recording a 12.4% increase [3]. - Capesize rates increased by 16.1%, reflecting strong demand in the Pacific market [3]. Container Shipping - The report observes a seasonal decline in container shipping rates as the peak season ends, with the SCFI index dropping by 7.4% [3]. - The resumption of services in the Red Sea has been noted, but the market remains cautious due to geopolitical uncertainties [3]. Air Transportation - The report highlights a significant supply constraint in aircraft manufacturing, with an aging fleet and increasing passenger demand expected to enhance airline profitability [3]. - Airlines are recommended for investment due to their strong demand elasticity and potential for significant earnings growth [3]. Logistics and Express Delivery - The report anticipates a concentration of market share and profits among leading express delivery companies, with a focus on ZTO Express and YTO Express [3]. - The logistics sector shows resilience, with steady growth in freight volumes reported [3].

近年来中资到南美的投资项目逐渐增多，南美航空市场也开始越来越受到关注。 在中国已对巴西公民来华实行免签后，当地时间1月23日，巴西总统卢拉宣布，巴西将对中国公民部分短期签证类别实行免签。 消息带动巴西航空旅游相关搜索迅速猛增。去哪儿旅行数据显示，里约热内卢、圣保罗和巴西利亚是搜索热度最高的三座城市，搜索量环比上周有至少6倍 以上增长，国内飞往巴西利亚的搜索量一小时内也激增84%。 相比阿根廷等其他南美国家有美签就可以入境，中国公民此前要到巴西，即使有美签也需要单独申请签证，并且签证材料较为繁琐，关键材料还需要公证。 不过，相比签证申请，更为复杂的是从中国飞往巴西。目前最便捷的飞行方式，是乘坐国航的北京-马德里-圣保罗航班，从北京飞到马德里，经停两个多小 时后再飞到圣保罗，全程大概17500公里，耗时25小时左右。 当时这条航线也被业内称为"妻离子散"航线，因为这一航线并不是天天飞，从北京飞到马德里后，因为机组有飞行时长限制，需要换一个机组飞圣保罗，之 前的机组在马德里休息几天后再飞圣保罗，然后在圣保罗休息几天再回马德里，马德里休息几天后再回北京，这样折腾一次，大半个月就过去了。 中国飞巴西最快也要25小时 之 ...

Group 1 - The general aviation sector experienced a decline of 1.07% [1] - Among the companies, Hangya Technology saw a drop of 5.25% [1] - Beimo High-tech decreased by 3.12% [1] - Hangfa Control fell by 2.7% [1] - Other companies such as Boyun New Materials, China Eastern Airlines, and Hongdu Aviation also experienced declines of over 2% [1]

Group 1 - Eastern Airlines plans to deploy 822 passenger aircraft during the Spring Festival travel season, including 14 domestically produced C919 aircraft, executing a total of 125,000 flights, with an average of over 3,200 flights per day, representing a year-on-year increase of approximately 3.6% [1] - The ticket sales data indicates a significant increase in travel demand for returning home, visiting relatives, students, and tourism during the Spring Festival, with popular domestic destinations including Sanya, Harbin, Chengdu, Haikou, and Kunming, while international interest is focused on routes to South Korea, Southeast Asia, and Australia/New Zealand [1] - The "two-stage travel" model of "first returning home, then traveling" is becoming more common, with Eastern Airlines expecting a noticeable travel peak around the Spring Festival [2] Group 2 - Eastern Airlines plans to adjust its domestic flight schedule by reducing business express flights and increasing capacity on routes to Northeast, Northwest, Southwest, and Central China for returning home and tourism, including the opening or resuming of 42 domestic routes [2] - In the international market, Eastern Airlines will open and increase over 50 international routes during the Spring Festival, totaling more than 2,800 flights, primarily enhancing capacity to Northeast Asia, Southeast Asia, and Australia/New Zealand [2] - The company is reallocating wide-body and higher-capacity narrow-body aircraft to the international market to better meet the travel needs of passengers during the holiday season [3]

来源：新浪财经 日前，中国东航发布公告称，其全资子公司上海航空有限公司已与东航集团全资孙公司东航置业签署 《实物资产交易合同》，拟将其持有的上海凯迪克大厦房产转让给控股股东东航集团的全资孙公司东航 置业，交易价格为1.34亿元，较账面成本增值61.02%。 这并非东航与同一关联人在过去12个月内的首次交易，累计交易已达2次，涉及金额4.24亿元。 公告显示，交易定价依据市场法评估，评估价值为1.34亿元，评估增值率达61.02%，评估机构为国众联 资产评估土地房地产估价有限公司。 中国东航表示，此次交易旨在"盘活存量资产，进一步集中资源做好航空主业"。公司强调，交易不会对 财务状况和经营成果造成重大不利影响。 中国东航的国际航线运力已达到2019年同期的118%，但在远程洲际航线恢复受阻的情况下，公司需要 调整经营策略。 面对这些挑战，中国东航已在半年报中调整了机队规划，调减2026、2027年飞机引进数量。调整后的规 划显示，2026年飞机净增数量从原计划的51架下调至12架，2027年从28架下调至15架。 值得注意的是，这一资产出售行为发生在股东上海均瑶（集团）有限公司完成减持计划后不久。均瑶集 团在2 ...

Core Viewpoint - China Eastern Airlines plans to operate 822 passenger aircraft during the 40-day Spring Festival travel period, including 14 domestically produced C919 aircraft, executing a total of 125,000 flights, which represents a year-on-year increase of approximately 3.6% compared to 2025 [1] Group 1 - The airline will operate all domestically produced aircraft during the Spring Festival period [1] - The 14 C919 aircraft are expected to operate nearly 50 flights per day, with a year-on-year increase of over 50% in daily flight volume compared to 2025 [1] - New routes for the C919 aircraft are planned to be launched in mid-February, including Shanghai Hongqiao to Zhuhai, Xi'an to Shanghai Pudong, and Chengdu Tianfu to Xiamen [1] Group 2 - By the end of the summer and autumn season, the number of routes operated by the C919 will reach 18 [1]

Group 1 - The aviation and airport sector experienced a decline of 1.3% on January 23, with China Eastern Airlines leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] - Major stocks in the aviation sector showed mixed performance, with China Eastern Airlines closing at 5.88, down 3.13%, and other companies like Xiamen Airport and Shenzhen Airport showing slight gains [3][1] Group 2 - The net outflow of main funds in the aviation and airport sector was 255 million yuan, while retail funds saw a net inflow of 42.27 million yuan [3][4] - The detailed fund flow indicated that Shenzhen Airport had a net inflow of 28.21 million yuan from main funds, while China Eastern Airlines had a significant net outflow of 17.01 million yuan [4] - The overall trend in fund flow suggests a cautious sentiment among institutional investors, contrasting with retail investors' activity [4] Group 3 - The Aerospace ETF (product code: 159227) tracked the aerospace industry index and saw a decline of 4.93% over the past five days, with a net redemption of 85.37 million yuan [6] - The General Aviation ETF (product code: 159230) also faced a decline of 5.89%, but experienced a net inflow of 24.84 million yuan [7] - The tourism ETF (product code: 562510) showed a positive trend with a 2.08% increase, indicating a potential area of interest within the broader market [7]

《中国民航报》、中国民航网 记者赵瑜 通讯员施东杰、丁梦 报道： 1 月 22 日， 东航杭州－悉尼－奥 克兰第五航权航线开通两周年活动在杭州机场举行。这条由空客 A332 客机执飞、每周运营四班往返 的"跨塔斯曼空中金桥"，不仅成为首家将新西兰奥克兰纳入内地航企澳洲航线的创新实践，更以客货两 旺的亮眼数据，为中澳、中新经贸人文交流留下生动注脚。 客流货运增幅显著 双区段齐头并进 作为浙江省内首条第五航权航线，数据显示自 2023 年 11 月 6 日开航超过 24 个月以来，该航线累计承 运旅客逾 12.5万人次， 其中杭州－悉尼段约 6 万人次，悉尼-奥克兰段约 6.6 万人次，2025 年该航线客 运量更同比增长 22%。杭州至奥克兰的直飞航线极大地刺激了两地间的出行需求，旅客量从 2019 年的 8600 人次跃升至 2025 年的 28300 人次，增幅达 229%， 充分显示了第五航权在"一点连三局"航线结构 中的客流聚集效应。 在活动现场，还举行了 新西兰中国 航贸促进机制授证仪式。航线开通后， 杭州与悉尼、奥克兰三城先 后举办"新西兰乳企包机""澳洲生鲜包机"等多场产业推介活动，带动杭州跨境电 ...

每经AI快讯，港股航空股全线回调，截至发稿，东方航空(00670.HK)跌5.17%，报5.5港元；中国国航 (00753.HK)跌4.95%，报7.11港元；南方航空(01055.HK)跌3.11%，报5.92港元；国泰航空(00293.HK)跌 1.51%，报12.42港元。 ...