航空股全线回调，截至发稿，东方航空(00670)跌5.17%，报5.5港元；中国国航（601111）(00753)跌 4.95%，报7.11港元；南方航空（600029）(01055)跌3.11%，报5.92港元；国泰航空(00293)跌1.51%，报 12.42港元。 消息面上，近期油价、汇率波动。据华创证券研报，根据各家航司2025年半年报披露，10%的油价变动 对应三大航年化成本影响约43~51亿，1%汇率波动，对三大航影响在1.3-2.6亿。国泰海通证券近期指， 预计2026年春运需求将保持旺盛；民航将严控干线市场航司增加与增班，春运加班将较为有限；春节拼 假效应将弱于往年，节前节后客流集中或有利航司收益管理。 ...

消息面上，近期油价、汇率波动。据华创证券研报，根据各家航司2025年半年报披露，10%的油价变动 对应三大航年化成本影响约43~51亿，1%汇率波动，对三大航影响在1.3-2.6亿。国泰海通证券近期指， 预计2026年春运需求将保持旺盛；民航将严控干线市场航司增加与增班，春运加班将较为有限；春节拼 假效应将弱于往年，节前节后客流集中或有利航司收益管理。 智通财经APP获悉，航空股全线回调，截至发稿，东方航空(00670)跌5.17%，报5.5港元；中国国航 (00753)跌4.95%，报7.11港元；南方航空(01055)跌3.11%，报5.92港元；国泰航空(00293)跌1.51%，报 12.42港元。 ...

Core Viewpoint - The 2026 Spring Festival travel season in China is expected to see record-high passenger flow and transportation volume across railways and civil aviation, with significant increases in both sectors compared to previous years [1][4]. Railway Sector - The China National Railway Group anticipates sending 539 million passengers during the Spring Festival travel period from February 2 to March 13, 2026, representing a 5% year-on-year increase [1]. - On peak travel days, over 14,000 passenger trains are expected to operate, with a 5.3% increase in seating capacity compared to the previous year [1]. - The railway ticketing service will enhance support for key passenger groups, including additional discounts for college graduates and continued services for students and workers [1][3]. Civil Aviation Sector - The civil aviation sector is projected to transport 95 million passengers during the Spring Festival, with a daily average of 2.375 million passengers, marking a 5.3% increase [4]. - Major airlines are expected to operate 657,000 flights, also reflecting a 5% increase year-on-year [4]. - The top three airlines (China Eastern, Air China, and China Southern) will account for 43% of the flights, while the top 20 airlines will represent 90% of the total operations [4]. Ticket Pricing and Trends - As of January 15, 2026, the average pre-sale price for domestic economy class tickets during the Spring Festival is 1,064 yuan (including tax), which is 20% higher than the actual transaction price from the previous year [5]. - The peak ticket prices are expected around the Spring Festival, with significant price drops possible for travelers who adjust their travel dates [5]. - Popular domestic travel destinations are dominated by southern cities, with Shantou leading in booking growth at 186% year-on-year [5]. International Travel - During the Spring Festival, outbound travel is primarily focused on Southeast Asia, with Thailand being the most popular destination [6]. - There has been a significant reduction in flights to Japan, with a cancellation rate of 36% for flights during the travel period [6]. - The demand for customized outbound travel packages has increased, with an 18% rise in pre-orders for long-haul trips [6].

值得一提的是，系统有效解决了质检员的工分核算痛点。此前，清洁班组的派工任务由地面保障可视化 运行系统（GCS）自动分配并完成工分核算，而质检人员因采取随机抽查模式，其工分核算长期依赖纸 质记录与人工录入的传统方式，效率低下、容易出现统计误差。如今，系统创新性地打通数据壁垒，实 现质检任务数据与GCS系统的实时联动，质检员完成质量检查后，系统自动回传任务数据并生成对应工 分，核算更加精准、高效。 系统全面上线后，预计每年还可为东航在上海虹桥、 浦东两大机场节约纸质单据约96万张， 节省印刷 费近24万元。（编辑：李季威，校对：张彤，审核：韩磊） 《中国民航报》、中国民航网 记者钱擘 通讯员王笑涵、刘浩、刘靖 报道：东航地服部、东航数科近期 联手，研发上线"数字清洁"系统，有效适配东航在主基地上海两场的枢纽客舱清洁场景，取代原先较为 繁琐的纸质单据填写。 "数字清洁"是东航地服部与东航数科联手，继"数字装载"、"数字航站楼"之后打造的又一数字地服产 品。该系统将机上工具检查单、客舱清洁区域检查表、机上配品交接单、摄像记录仪核查单等八类纸质 工单，基于不同航班任务类型进行全流程整合，统一嵌入"掌上东航"移动平台，构 ...

目前，依托"中转态势感知"的支持，东航的智能中转决策系统已能够精准测算并实时下发"急转、等 待、改签"指令；在主基地浦东机场的枢纽中转中，系统已累计提供6万多航班的决策支持，功能启用以 来，在中转旅客量同比增长16.5%的情况下，中转错失率降至3.47%，同比下降12.6%，急转成功率超过 97%，改签成功率超过89%，急转行李成功率超过97%，累计为近5万名错失旅客实现批量改签，单日改 签能力超过800人次，中转保障能力全面跃升。（编辑：李季威，校对：张彤，审核：韩磊） 《中国民航报》、中国民航网 记者钱擘 通讯员贾尔桢 报道：针对中转运行中的数据分散、服务链路断 裂、协同难度大等痛点，东航地面服务部、东航数科已协同研发上线"中转态势感知"功能，整合多源数 据，实时监控每日中转航班运行态势，方便业务部门精准掌握当日中转运行情况，实现从"经验判 断"向"数据感知"的转型升级。 ...

据悉，"MU翻译"支持全球23种语言的实时文字翻译与面对面语音互译，覆盖了东航近九成开航站点的 官方语言，围绕值机、登机、中转、行李查询等业务，一线员工只要点击就能"开口"。（编辑：李季 威，校对：张彤，审核：韩磊） 《中国民航报》、中国民航网 记者钱擘 通讯员连天一 报道：随着东航的国际航线持续增加，目前，东 航的国际航展数量已经超过80个，对地服环节的多语种交流能力要求越来越高。为此，东航基于"掌上 东航"平台架构开发了"MU翻译"功能，更好服务旅客，支持一线员工。 ...

Market Overview - The aviation and airport sector experienced a decline of 0.69% on January 22, with China Eastern Airlines leading the drop [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] Stock Performance - Notable stock performances included: - HNA Holding (600221) closed at 1.73, up 1.76% with a trading volume of 4.79 million shares and a turnover of 826 million yuan - Shenzhen Airport (000089) closed at 7.20, up 1.55% with a trading volume of 185,800 shares and a turnover of 133 million yuan - China Eastern Airlines (600115) closed at 6.07, down 2.41% with a trading volume of 1.43 million shares and a turnover of 873 million yuan [1][3] Capital Flow - The aviation and airport sector saw a net outflow of 147 million yuan from institutional investors, while retail investors had a net inflow of 97.06 million yuan [3] - Specific stock capital flows included: - HNA Holding had a net inflow of 57.12 million yuan from institutional investors - China Eastern Airlines experienced a net outflow of 7.07 million yuan from institutional investors [4] ETF Performance - The Aerospace ETF (159227) tracking the aerospace industry index saw a decline of 4.99% over the past five days, with a net subscription of 100 million yuan [6] - The General Aviation ETF (159230) tracking the general aviation industry index declined by 4.77%, with a net subscription of 12.71 million yuan [7]

Core Insights - China Eastern Airlines (CEA) announced a global distribution of consumption vouchers worth over 100 million yuan ($14.35 million) as part of the 2026 "Shopping in China" and New Year Consumption Season campaign [1] - The campaign is a collaborative effort between China's Ministry of Commerce and the Shanghai Municipal People's Government to stimulate consumer engagement [2] Initiatives and Promotions - CEA will implement special promotions for Chinese New Year purchases, selected products and services, and international consumption, along with themed activities to enhance consumer participation [2] - The airline plans to promote its innovative product, China PASS, which consolidates air travel benefits, local transportation, cultural attractions, and consumer offers into a single pass [3] Strategic Collaborations - CEA aims to collaborate with partners across various sectors, including commerce, tourism, culture, sports, and healthcare, to integrate high-quality resources and enhance travel experiences for global passengers [4] - The airline's global air route network covers 245 cities across 40 countries and regions, reaching a total of 255 destinations [4] New Services - CEA has launched an air-rail intermodal service on its international website, allowing multi-currency payments with foreign cards for integrated air-and-rail ticket purchases [5] - This service connects CEA's international destinations through major hubs in Shanghai, Beijing, Xi'an, and Kunming, facilitating convenient transfers between flights and rail segments [5]

Core Viewpoint - The aviation and airport sector experienced a decline of 1.17% on January 21, with China Eastern Airlines leading the drop, while the Shanghai Composite Index rose by 0.08% and the Shenzhen Component Index increased by 0.7% [1]. Group 1: Market Performance - The closing price of China Eastern Airlines was 6.22, reflecting a decrease of 2.20% with a trading volume of 1,109,700 shares and a transaction value of 6.95 million [2]. - The aviation and airport sector saw a net outflow of 84.83 million from major funds, while retail investors experienced a net outflow of 10.9 million, and speculative funds had a net inflow of 194 million [2][3]. Group 2: Individual Stock Performance - China National Aviation (China National Airlines) had a net outflow of 22.99 million from major funds, with a net inflow of 5.52 million from speculative funds and a net outflow of 28.51 million from retail investors [3]. - Xiamen Airport reported a net outflow of 2.03 million from major funds, while speculative funds had a net inflow of 1.35 million, and retail investors saw a net inflow of 0.68 million [3]. - Shenzhen Airport experienced a net inflow of 12.93 million from major funds, with a net inflow of 2.77 million from speculative funds and a net outflow of 15.69 million from retail investors [3].

Core Viewpoint - China Eastern Airlines Wuhan Company effectively managed flight operations during the first heavy snowfall of the winter, ensuring smooth service through comprehensive preparation and response plans [1][3]. Group 1: Preparation and Response - Upon receiving a cold wave weather warning, China Eastern Airlines Wuhan Company entered a state of readiness, holding a special deployment meeting on January 14 to establish a response team and a comprehensive support plan [3]. - The flight department organized crew assignments based on maximum capacity and communicated operational guidelines for freezing rain conditions [3]. - The operations control center implemented strict release standards, assessing aircraft performance on slippery runways, while dedicated personnel monitored and analyzed snow conditions [3]. Group 2: Execution of Snow Removal and Passenger Services - On January 19, the airport activated a three-tiered snow and ice removal response, with China Eastern Airlines Wuhan Company implementing a "4-hour rolling decision" mechanism and adjusting flight schedules accordingly [4]. - As snow began to fall on the evening of January 19, pre-ice removal operations commenced as planned, with ground staff fully equipped for de-icing and snow removal [4]. - The company mobilized emergency snow removal teams to clear key areas, ensuring safe passage for aircraft and ground vehicles, while staff also assisted in clearing snow from main roads and pedestrian areas [4]. Group 3: Passenger Experience Enhancements - In the terminal, the ground service department increased personnel to enhance passenger assistance, efficiently managing ticket changes and providing support [4]. - To improve the travel experience during the cold weather, the company introduced local specialty food and warm beverages in its VIP lounge [4]. Group 4: Ongoing Monitoring - China Eastern Airlines Wuhan Company will continue to closely monitor weather changes to ensure the safety and smooth travel of passengers throughout the winter season [5].