Core Viewpoint - China National Airlines (601111.SH) reported significant growth in passenger turnover and capacity for February 2026, indicating a strong recovery in the aviation sector post-pandemic [1] Group 1: Operational Data - The consolidated passenger turnover (measured in revenue passenger kilometers) increased year-on-year [1] - Passenger capacity (measured in available seat kilometers) rose by 13.8% year-on-year, while passenger turnover grew by 19.1% [1] Group 2: Domestic and International Performance - Domestic passenger capacity increased by 13.3%, with passenger turnover rising by 16.9% [1] - International passenger capacity saw a 14.0% increase, with passenger turnover up by 23.7% [1] - Regional passenger capacity surged by 25.4%, with passenger turnover increasing by 37.1% [1] Group 3: Average Load Factor - The average load factor reached 85.9%, an increase of 3.8 percentage points year-on-year [1] - Domestic routes experienced a load factor increase of 2.7 percentage points [1] - International routes saw a load factor increase of 6.5 percentage points, while regional routes increased by 6.8 percentage points [1]

证券代码：601111 股票简称：中国国航 公告编号：2026-013 中国国际航空股份有限公司 2026年2月主要运营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2026 年 2 月，中国国际航空股份有限公司（以下简称"本公司"）及所属 子公司（以下简称"本集团"）合并旅客周转量（按收入客公里计）同比上升。 客运运力投入（按可用座位公里计）同比上升 13.8%，旅客周转量同比上升 19.1%。 其中，国内客运运力投入同比上升 13.3%，旅客周转量同比上升 16.9%；国际客 运运力投入同比上升 14.0%，旅客周转量同比上升 23.7%；地区客运运力投入同 比上升 25.4%，旅客周转量同比上升 37.1%。平均客座率 85.9%，同比上升 3.8 个百分点。其中，国内航线同比上升 2.7 个百分点，国际航线同比上升 6.5 个百 分点，地区航线同比上升 6.8 个百分点。 货运方面，货运运力投入（按可用货运吨公里计）同比上升 11.5%，货邮周 转量（按收入货运吨公里计）同比上升 21.4%。货运载运率为 ...

中国国际航空股份有限公司 二○二六年第一次临时股东会 会议资料 二○二六年三月 会 议 须 知 为确保中国国际航空股份有限公司（以下简称"本公司"、 "公司"或"中国国航"）股东在公司2026年第一次临时股 东会（以下简称"本次会议"或"会议"）依法行使权利， 保证会议秩序和议事效率，制定相关注意事项如下： 一、公司根据《中华人民共和国公司法》《中华人民共 和国证券法》《中国国际航空股份有限公司章程》（以下简 称《公司章程》）及《中国国际航空股份有限公司股东会议 事规则》规定，认真做好本次会议的各项工作。 二、公司董事会在会议过程中，应当认真履行法定职责， 维护股东合法权益。 三、公司股东出席本次会议，依法享有《公司章程》规 定的各项权利，并认真履行法定义务，不得侵犯其他股东的 合法权益，不得扰乱会议的正常秩序。 四、本次会议议案的表决采取现场记名投票与网络投 票相结合的方式投票表决。参加网络投票的股东，投票操作 方式请参照本公司发布的股东会投票注意事项。 I 五、本次会议审议表决后，应对议案做出决议。根据《公 司章程》，本次会议第1、2项议案为普通决议案，需由出席 本次会议的股东（包括股东代理人）所持表决权 ...

Core Viewpoint - China National Airlines (601111.SH) reported a significant increase in passenger turnover and capacity in February 2026, indicating strong operational performance and recovery in the aviation sector [1] Group 1: Operational Performance - The consolidated passenger turnover (measured in revenue passenger kilometers) increased year-on-year [1] - Passenger capacity (measured in available seat kilometers) rose by 13.8% year-on-year, while passenger turnover increased by 19.1% [1] Group 2: Domestic and International Performance - Domestic passenger capacity increased by 13.3%, with passenger turnover rising by 16.9% [1] - International passenger capacity saw a 14.0% increase, with passenger turnover up by 23.7% [1] - Regional passenger capacity grew by 25.4%, and passenger turnover surged by 37.1% [1] Group 3: Average Load Factor - The average load factor reached 85.9%, an increase of 3.8 percentage points year-on-year [1] - Domestic routes experienced a load factor increase of 2.7 percentage points [1] - International routes saw a 6.5 percentage point increase in load factor [1] - Regional routes had a load factor increase of 6.8 percentage points [1]

Core Viewpoint - China National Airlines (601111.SH) reported significant growth in passenger turnover and capacity for February 2026, indicating a strong recovery in both domestic and international travel demand [1] Group 1: Passenger Operations - The company's passenger turnover (measured in revenue passenger kilometers) increased by 19.1% year-on-year [1] - Passenger capacity (measured in available seat kilometers) rose by 13.8% year-on-year [1] - Domestic passenger capacity increased by 13.3%, with a turnover rise of 16.9% [1] - International passenger capacity grew by 14.0%, with a turnover increase of 23.7% [1] - Regional passenger capacity surged by 25.4%, with a turnover increase of 37.1% [1] - The average passenger load factor reached 85.9%, up by 3.8 percentage points year-on-year [1] - Domestic routes saw a load factor increase of 2.7 percentage points, international routes increased by 6.5 percentage points, and regional routes rose by 6.8 percentage points [1] Group 2: Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) increased by 11.5% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) rose by 21.4% year-on-year [1] - The cargo load factor was 32.4%, up by 2.6 percentage points year-on-year [1] Group 3: Fleet Information - The company introduced one B737 series aircraft and retired one A320 series aircraft in February 2026 [1] - As of the end of February 2026, the company operated a total of 960 aircraft, including 423 owned, 247 under finance leases, and 290 under operating leases [1]

Core Viewpoint - China National Airlines reported a significant increase in passenger turnover and capacity for February 2026, indicating strong growth in both domestic and international travel demand [1] Group 1: Passenger Traffic - The group's consolidated passenger turnover (measured in revenue passenger kilometers) increased by 19.1% year-on-year [1] - Passenger capacity (measured in available seat kilometers) rose by 13.8% year-on-year [1] - Domestic passenger capacity increased by 13.3%, with a corresponding turnover increase of 16.9% [1] - International passenger capacity saw a 14.0% increase, with turnover rising by 23.7% [1] - Regional passenger capacity surged by 25.4%, with turnover up by 37.1% [1] - The average passenger load factor reached 85.9%, an increase of 3.8 percentage points year-on-year [1] - Domestic routes experienced a load factor increase of 2.7 percentage points [1] - International routes saw a load factor increase of 6.5 percentage points [1] - Regional routes had a load factor increase of 6.8 percentage points [1] Group 2: Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) increased by 11.5% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) rose by 21.4% year-on-year [1] - The cargo load factor was reported at 32.4%, an increase of 2.6 percentage points year-on-year [1]

Core Viewpoint - UBS reports that Swire Pacific (00019) will sell its stake in Cathay Pacific (00293) through a placement at HKD 11.74 per share, raising HKD 1.789 billion. This sale is due to Cathay Pacific's repurchase of Qatar Airways' previous 9.6% stake, restoring its shareholding closer to historical levels. After the sale, Swire's actual holding in Cathay Pacific is expected to decrease to 45.12% [1] Group 1 - Swire Pacific's sale of Cathay Pacific shares is expected to increase its market value by approximately 0.7% [1] - The company's consolidated net debt ratio may improve from 20.6% at the end of last year to 20% [1] - The sale is considered similar to the recent share sale by another strategic shareholder, China National Aviation (601111) (00753) [1] Group 2 - Swire Pacific remains confident in its aviation business despite the share sale [1]

Investment Rating - The report assigns an "Overweight" rating for the airline industry, indicating a projected performance that exceeds the Shanghai and Shenzhen 300 Index by more than 15% [6][17]. Core Insights - The 2026 Spring Festival travel season is expected to see strong demand, with both air traffic volume and prices rising. The first quarter of 2026 is anticipated to yield significant industry profits due to favorable supply and demand dynamics [3][6]. - The report highlights a 4.3% year-on-year increase in total personnel flow during the 40-day Spring Festival travel period, with air travel leading the growth at 5.3%. Domestic air passenger volume is projected to reach approximately 94.39 million, nearing the Civil Aviation Administration's forecast of 95 million [6][8]. - The report emphasizes that the airline industry is entering a "super cycle" of profitability, driven by market price liberalization and sustained demand growth, despite recent geopolitical oil price risks [6][12]. Summary by Sections Spring Festival Travel Demand - The Spring Festival travel period is characterized by a 4.3% increase in personnel flow, with air travel growing by 5.3%, outperforming rail and road transport [6][7]. - The domestic air passenger volume is expected to reach 94.39 million, marking a new historical high [6][8]. Pricing Trends - The report estimates that domestic air ticket prices will rise by approximately 3-4% year-on-year during the Spring Festival, with a notable increase of 8% during peak travel periods [6][12]. - The anticipated decline in jet fuel prices by 8% in Q1 2026 is expected to significantly improve airline profit margins [6][12]. Supply and Demand Dynamics - The upcoming summer flight schedule will see a 1.6% reduction in total domestic flight plans compared to the previous year, reflecting ongoing regulatory efforts to control capacity growth [6][12]. - The report notes that the core airports will maintain stable domestic flight schedules, with international flights increasing by 3.3% [6][12]. Investment Opportunities - The report suggests taking advantage of geopolitical oil price fluctuations to position for long-term growth in the airline sector, recommending stocks such as Air China, Juneyao Airlines, China Eastern Airlines, China Southern Airlines, and Spring Airlines [6][12].

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The battery swapping model is achieving "time-saving, labor-saving, worry-free, and more profitable" results, with Cao Cao Mobility planning to deploy 100,000 Robotaxi vehicles by 2030 [3][13] - EHang Intelligent expects to achieve full-year GAAP profitability in 2026, with order volume, production capacity, and profitability milestones validating the commercialization of eVTOL [3][15] - The U.S. Department of Transportation and FAA have launched an eVTOL integration pilot program, with eight projects selected to commence real operational testing in the summer of 2026 [3][16] - Cathay Pacific has raised fuel surcharges, reflecting the transmission of oil price shocks to ticket prices [3][18] - Shipping traffic through the Strait of Hormuz is nearly stagnant due to escalating U.S.-Iran conflicts, increasing shipping risks and oil prices [3][29] Industry Dynamics Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year [4][31] - The shipping and port sector shows an increase in container shipping rates and dry bulk freight rates, while oil shipping rates have decreased [4][43] - In express logistics, the volume of express deliveries increased by 2.30% year-on-year in December 2025, with revenue up by 0.70% [4] - In aviation, the average daily international flights in the second week of March 2026 were 1,750.29, down 2.92% month-on-month but up 7.12% year-on-year [4] - The number of trucks passing through national highways increased by 40.64% week-on-week from March 2 to March 8 [4] Investment Recommendations - Focus on low-altitude economy and autonomous driving trends, recommending companies like CITIC Heli and Cao Cao Mobility [5] - Monitor opportunities in the shipping sector, particularly in oil, dry bulk, and container shipping, recommending companies like China Merchants Energy and COSCO Shipping [5] - Explore international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Keep an eye on investment opportunities in high-speed rail and highways, recommending Beijing-Shanghai High-Speed Railway [5] - Dynamic monitoring of aviation investment opportunities, recommending China Southern Airlines and China Eastern Airlines [5]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The battery swapping model is expected to enhance efficiency and profitability, with Cao Cao Mobility planning to deploy 100,000 Robotaxi vehicles by 2030 [3][13] - EHang is projected to achieve full-year GAAP profitability in 2026, with significant growth in orders and production validating the commercialization of eVTOL [3][15] - The U.S. Department of Transportation and FAA have initiated an eVTOL integration pilot program, with eight projects set to begin real-world operational testing in summer 2026 [3][16] - Cathay Pacific has raised fuel surcharges due to soaring oil prices, reflecting the impact of geopolitical tensions on ticket pricing [3][18] - Shipping traffic through the Strait of Hormuz has nearly halted due to escalating U.S.-Iran conflicts, increasing shipping risks and oil prices [3][29] Industry Dynamics Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year [4][31] - The shipping and port sector has seen a rise in container shipping rates, while oil shipping rates have declined [4][43] - The express logistics sector reported a 2.30% year-on-year increase in business volume for December 2025 [4][31] - In March 2026, the average daily international flights was 1,750.29, showing a 7.12% year-on-year increase [4][31] - The highway and railway sector reported a 40.64% month-on-month increase in truck traffic from March 2 to March 8 [4][31] Investment Recommendations - Focus on low-altitude economy and autonomous driving sectors for investment opportunities, recommending companies like CITIC Hainan and Cao Cao Mobility [5] - Monitor shipping opportunities in the context of Middle Eastern geopolitical developments, recommending companies such as China Merchants Energy and COSCO Shipping [5] - Explore international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Keep an eye on high-speed rail and highway investment opportunities, recommending companies like Beijing-Shanghai High-Speed Railway [5] - Dynamic monitoring of the airline sector, recommending companies such as Air China and China Southern Airlines [5]