中泰证券研报指出，短期来看，油汇利好有望延续，叠加后续"反内卷"及春运假期催化，航空量价向好 预期较强，看好基本面积极变化带动下的航空投资机会。长期来看，民航量价正循环效应逐步显现，高 客座率叠加行业反内卷倡议有望带动行业景气上行超预期，看好航空投资机会。 国泰海通证券认为，根据观察，随着大学陆续放假，且公商出行逐步恢复，近日航空量价开始回升。同 时，近日春运预售开始启动，出票量大增。该行预计2026年春运需求将保持旺盛。中国航空供给已进入 低增时代，且票价已市场化，航空需求稳健增长与航司收益管理改善将驱动票价盈利上行且可持续，具 有业绩估值双重空间。 智通财经APP获悉，三大航继续上涨，截至发稿，南方航空(01055)涨3.21%，报6.1港元；东方航空 (00670)涨2.63%，报5.85港元；中国国航(00753)涨2.23%，报7.33港元。 ...

美银证券发表报告指，对2026年亚太地区航空公司持正面看法，预计盈利将受到以下因素支持，包括票 价维持较高水平较长时间，因为供应增长受限、需求健康，加上货运基本面改善，以及或受惠石油供应 过剩。该行将亚太航空公司2025至2027年每股盈利预估平均上调22%，以反映客运和货运单位收入展望 改善，其中对中国内地航空公司的上调幅度最大。 该行对东方航空目标价由2港元上调至2.9港元，评级"跑输大市"；南方航空目标价由3.1港元上调至5.92 港元，评级由"跑输大市"上调至"中性"，国航目标价由4.2港元上调至8.3港元，评级由"跑输大市"一举 升至"买入"。 ...

Group 1 - The core viewpoint of the article highlights the positive outlook for the aviation sector in Hong Kong, driven by increased demand during the Spring Festival travel period, with a projected national civil aviation passenger transport volume of 95 million, averaging 2.38 million passengers daily, representing a year-on-year growth of approximately 5.3% [1] - The article notes that two peaks of passenger flow are expected around the Spring Festival, particularly due to the later timing of the holiday this year, with a single-day peak potentially reaching 2.6 million passengers [1] - The Civil Aviation Administration of China anticipates that the total number of flights during the Spring Festival will reach 780,000, averaging 19,400 flights per day, which is a 5% increase year-on-year [1] Group 2 - Huachuang Securities emphasizes three key factors that highlight investment opportunities in the aviation sector: the sustained low growth rate of aircraft introductions, structural improvements in aviation demand with stronger cross-border demand, and the current high passenger load factor indicating potential price elasticity [1] - The article mentions that since mid-September 2025, the willingness to travel for business is expected to return to an expansionary phase, further supporting the growth of the aviation sector [1] - The historical high passenger load factor suggests that the industry may experience an upward trend in pricing, with ticket prices showing a year-on-year increase since mid-September 2025, indicating a potential recovery in industry prosperity by 2026 [1]

本文源自：金融界AI电报 港股航空股继续昨日上涨行情，其中，中国南方航空涨近3%，中国国航涨2.5%，中国东方航空涨超2% 昨日大涨超9%，国泰航空涨1.22%，美兰航空跟涨。 ...

Group 1 - The core viewpoint of the news is that the Hong Kong aviation stocks continue to rise, driven by strong demand during the Spring Festival travel season, with predictions of increased passenger transport volume and flight operations [1] - China Southern Airlines rose nearly 3%, China Eastern Airlines increased by 2.11%, and Air China saw a 2.51% rise, reflecting positive market sentiment [2] - The Civil Aviation Administration forecasts that the national civil aviation passenger transport volume during the Spring Festival is expected to reach 95 million, averaging 2.38 million passengers per day, a year-on-year increase of approximately 5.3% [1] Group 2 - The Spring Festival is expected to create two peaks in passenger flow, particularly due to the later timing of the holiday this year, with a single-day peak potentially reaching 2.6 million passengers [1] - The aviation sector is highlighted as having investment opportunities based on three factors: low growth in aircraft introductions, structural improvement in aviation demand, and high seat occupancy rates indicating potential price elasticity [1] - The expected number of flights during the Spring Festival is 780,000, averaging 19,400 flights per day, which is a 5% year-on-year increase [1]

Core Viewpoint - The practice of charging for seat selection in airlines is seen as a method to increase revenue by locking premium seats, which raises concerns about consumer rights and fair trading [1] Group 1: General Findings - The survey conducted by Jiangsu Consumer Protection Committee revealed that all 10 selected domestic airlines have implemented seat locking practices, with no airline fully opening all economy class seats [2] - The average seat locking rate across the surveyed routes is 38.7%, with some airlines like Spring Airlines and Shenzhen Airlines exceeding 60% and 50% respectively [2] Group 2: Payment for Unlocking Seats - Many airlines require consumers to use miles or membership points to unlock preferred seats, with specific examples showing that certain seats can require up to 2000 points for unlocking [3] - Some airlines have introduced additional paid options for purchasing points or miles, further pushing consumers towards paid unlocking methods [3] Group 3: Lack of Transparency - Airlines provided vague explanations for seat locking, citing reasons such as reserving seats for special passengers or maintaining flight balance, which do not align with the high locking rates observed [4][5] - Customer service responses were often unclear, failing to provide solid justifications for the locking practices [5] Group 4: Unfair Terms - The seat selection agreements of the airlines contain unfair terms, lacking clear communication about locking rules and fees, which may infringe on consumer rights [6] - Airlines are currently evaluating their policies to balance revenue optimization with consumer rights and improve transparency in seat selection information [6]

Core Viewpoint - The investigation by Jiangsu Consumer Protection Committee reveals that the practice of locking seats by airlines is widespread and raises concerns about consumer rights and transparency in the airline industry [3][4]. Group 1: Investigation Findings - The survey included 10 major domestic airlines, all of which confirmed the existence of seat locking practices, with no airline fully opening all economy class seats [4]. - The average seat locking ratio across the surveyed airlines is 38.7%, with some routes showing locking ratios as high as 62.1%, such as Spring Airlines' "Nanjing-Lanzhou" route [4]. - Preferred seating areas, such as front rows and exit rows, are commonly included in the locked categories, with higher fees or points required for unlocking these seats [4]. Group 2: Payment and Redemption Issues - Some airlines require consumers to use miles or membership points to unlock preferred seats, with specific examples showing redemption thresholds of 2000 points for premium seats [5]. - Airlines have introduced additional paid options for purchasing points or miles, further pushing consumers towards paid unlocking methods [6]. Group 3: Transparency and Communication - Airlines provided vague explanations for seat locking, citing reasons like reserving seats for special passengers or maintaining flight balance, which contradicts the high locking ratios observed [7]. - Customer service responses were often unclear, failing to provide satisfactory explanations for the locking practices, which raises concerns about consumer rights [7]. Group 4: Unfair Terms and Conditions - The seat selection agreements of the airlines contain unfair terms, lacking clear communication about locking rules and fees, which may infringe on consumer rights [8]. - Airlines often use ambiguous language in their agreements, avoiding the disclosure of free seat availability and locking practices, which benefits the airlines at the expense of consumer transparency [8].

Group 1 - The core point of the article is that Yingfang Micro (000670) has announced a major asset restructuring plan, aiming to acquire 100% equity of Shanghai Xiaokeli Information Technology Co., Ltd. and Fujide China Co., Ltd. to enhance its competitiveness in the semiconductor industry chain service platform [2][4] - The acquisition will be executed through a combination of issuing shares and cash payments, along with raising matching funds, to support the transaction and related expenses [3][4] - The two target companies are established players in the semiconductor distribution sector, with Shanghai Xiaokeli specializing in electronic component distribution and Fujide China focusing on semiconductor packaging and testing equipment [4][5] Group 2 - The global semiconductor market is projected to grow by 23.4% year-on-year by 2025, driven by strong demand from artificial intelligence, with expectations of surpassing $900 billion by 2026 [5] - The acquisition is expected to enhance Yingfang Micro's business scale and market share in electronic component distribution, while also adding semiconductor equipment distribution to its product offerings [5] - The transaction is anticipated to constitute a significant asset restructuring and related party transaction, but will not result in a change of control for the company, which currently has a dispersed shareholding structure [5][6]

Core Viewpoint - The company, Yingfang Microelectronics, plans to acquire 100% of Shanghai Xiaokeli Information Technology Co., Ltd. and FIRST TECHNOLOGY CHINA LIMITED through a combination of share issuance and cash payment, while also raising supporting funds [2][4]. Group 1: Transaction Details - The board of directors approved the asset acquisition and fundraising plan on January 19, with related auditing and valuation work still pending [4]. - The transaction is expected to constitute a major asset restructuring for the listed company, with specific recognition to be detailed in the restructuring report [4]. - The stock of Yingfang Microelectronics will resume trading on January 20, 2026, after being suspended [4]. Group 2: Business Overview - Prior to the restructuring, Yingfang Microelectronics was engaged in the distribution of electronic components and the research, design, and sale of integrated circuit chips [5]. - Shanghai Xiaokeli is a professional distributor of electronic components and application solutions, authorized by several global semiconductor brands [5]. - FIRST TECHNOLOGY CHINA LIMITED focuses on semiconductor equipment distribution, providing solutions for semiconductor packaging and electronic assembly [5]. Group 3: Strategic Implications - The acquisition targets are deeply involved in the core areas of the semiconductor industry, aligning closely with the company's main business [6]. - The restructuring is aimed at consolidating and strengthening the semiconductor distribution business, enhancing market share and expanding the product structure [6]. - Post-transaction, the company expects to improve its profitability, sustainable operational capacity, and resilience against market fluctuations [6]. - Before the suspension, the stock price was reported at 7.73 yuan per share, with a total market capitalization of 6.528 billion yuan [6].

（原标题：深夜公告！000670重大资产重组，周二复牌！） 深夜公告。 盈方微（000670）1月19日晚间公告，公司拟通过发行股份及支付现金的方式取得上海肖克利信息科技 股份有限公司（简称"上海肖克利"）100%股份、FIRST TECHNOLOGY CHINA LIMITED（富士德中国 有限公司，简称"富士德中国"）100%股份，并募集配套资金。 根据公告，公司于1月19日召开第十三届董事会第四次会议，审议通过了《关于本次发行股份及支付现 金购买资产并募集配套资金暨关联交易方案的议案》《关于<盈方微电子股份有限公司发行股份及支付 现金购买资产并募集配套资金暨关联交易预案>及其摘要的议案》等与本次交易相关的议案。 此外，本次交易相关的审计、评估工作尚未完成，标的资产的估值及定价尚未最终确定，根据标的公司 未经审计的财务数据初步判断，本次交易预计将构成上市公司重大资产重组。对于本次交易是否构成重 大资产重组的具体认定，公司将在重组报告书中予以详细分析和披露。本次交易涉及发行股份购买资 产，需要深圳证券交易所审核通过并经中国证券监督管理委员会予以注册后方可实施。 经向深圳证券交易所申请，公司股票（证券品种：A ...