Core Viewpoint - The C919, China's domestically produced large passenger aircraft, is being utilized extensively during the Spring Festival travel season, enhancing connectivity for travelers in major cities like Beijing, Shanghai, Guangzhou, and Wuhan [1][3]. Group 1: C919 Aircraft Operations - The C919 aircraft is now operational, with nine planes flying 36 segments daily during the Spring Festival, catering to a high volume of passengers [1]. - The aircraft represents a significant achievement in China's aviation industry, reflecting the dedication of aviation professionals from design to operation [3]. Group 2: Pilot's Perspective - The pilot, as a representative of the crew, emphasizes the responsibility of ensuring passenger safety and comfort, especially during the busy Spring Festival period [5][7]. - The emotional connection between the pilot and passengers is highlighted, as the pilot understands the importance of safe travel for families reuniting during the holiday [9]. Group 3: Passenger Experience - The flights are primarily filled with families, creating a warm atmosphere as children and elderly passengers look forward to reunions [5][7]. - The pilot expresses satisfaction in facilitating these reunions, noting the joy of seeing travelers eager to return home for the New Year celebrations [9].

Group 1 - The core idea of the news is the launch of a "New Year Gift Package" by Beijing's cultural and tourism bureau to welcome British tourists arriving in Beijing, enhancing cultural exchange and tourism ties between China and the UK [1][2] - The "send-off and welcome" event included a warm send-off in London and a reception in Beijing, showcasing the importance of bilateral cultural exchanges [2] - The gift package contained tickets to the Beijing Dadu New Year Temple Fair, Peking Opera performances, brochures for premium inbound tourism routes, and various small gifts, aiming to create a festive atmosphere for the arriving tourists [1] Group 2 - The event aligns with the consensus reached by leaders of China and the UK, emphasizing the importance of deepening bilateral cultural exchanges and promoting mutual understanding [2] - Data indicates that by 2025, the number of British tourists visiting Beijing is expected to reach 117,500, marking a significant growth point for inbound tourism in Beijing [2] - Starting from February 17, 2026, China will implement a visa exemption policy for ordinary passport holders from Canada and the UK, facilitating easier travel for business, tourism, family visits, and transit for up to 30 days [2]

Investment Rating - The report assigns an "Accumulate" rating for the aviation industry [5]. Core Insights - The demand for civil aviation during the 2026 Spring Festival is expected to be strong, with limited additional flights, leading to a gradual narrowing of passenger growth rates. Ticket prices are anticipated to continue rising year-on-year during and after the holiday period. Coupled with lower oil prices, airline profitability is expected to improve significantly compared to the previous year [3][4]. Summary by Sections Industry Overview - The 2026 Spring Festival travel season officially began on February 2, with strong demand expected to set a new historical high for passenger flow. As of February 12, the overall flow of people increased by 2.3% year-on-year, with aviation leading at a growth rate of 5.4% [5][6]. Passenger Flow Analysis - Passenger flow for various transportation modes showed the following year-on-year growth rates: aviation at 5.4%, rail at 2.6%, and road at 2.2%. The first week of travel was impacted by adverse weather, but recovery was noted in the second week as conditions improved [5][6][8]. Airline Performance - Daily average passenger volume for civil aviation reached approximately 2.36 million, with a year-on-year increase of 5.4%. The growth rate is in line with expectations, although the limited number of additional flights may lead to a slight decrease in growth rates as the holiday approaches [5][8]. Ticket Pricing Trends - The report estimates that domestic load factors increased by about 1 percentage point year-on-year, with ticket prices (excluding fuel surcharges) rising by approximately 1-2%. Despite a 13% year-on-year decrease in jet fuel prices, the net ticket prices are expected to rise, indicating an improvement in airline gross margins [5][8]. Future Outlook - The report anticipates a "super cycle" for the Chinese aviation industry, driven by sustained demand growth and a shift towards market-driven pricing. The upcoming peak season is expected to significantly enhance airline profitability, with the first quarter of 2026 likely to see industry-wide profitability [5][8]. Recommended Stocks - The report recommends accumulating shares of key airlines, including Air China, Juneyao Airlines, China Eastern Airlines, China Southern Airlines, and Spring Airlines, based on their expected performance and market conditions [5][13].

Core Viewpoint - China National Airlines (601111.SH) reported an increase in passenger turnover in January 2026, with a year-on-year rise in revenue passenger kilometers, despite a slight decrease in capacity input [1] Group 1: Passenger Operations - The group's passenger turnover (measured in revenue passenger kilometers) increased by 3.0% year-on-year [1] - Passenger capacity input (measured in available seat kilometers) decreased by 0.9% year-on-year [1] - Domestic passenger capacity input decreased by 2.0%, while domestic passenger turnover increased by 2.6% [1] - International passenger capacity input increased by 1.5%, with international passenger turnover rising by 4.2% [1] - Regional passenger capacity input decreased by 0.8%, and regional passenger turnover increased by 1.8% [1] - The average passenger load factor was 82.2%, up by 3.2 percentage points year-on-year [1] - Domestic routes saw an increase in load factor by 3.7 percentage points, international routes by 2.0 percentage points, and regional routes by 1.9 percentage points [1] Group 2: Cargo Operations - Cargo capacity input (measured in available cargo ton kilometers) decreased by 3.9% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) increased by 4.4% year-on-year [1] - The cargo load factor was 35.6%, up by 2.8 percentage points year-on-year [1]

货运方面，货运运力投入(按可用货运吨公里计)同比下降3.9%，货邮周转量(按收入货运吨公里计)同比 上升4.4%。货运载运率为35.6%，同比上升2.8个百分点。 2026年1月24日起，公司新开北京首都-阿布扎比航线(每周四班)。1月28日起，公司新开北京首都-泸州 航线(每周七班)。 2026年1月，本集团共退出3架A320系列飞机和1架A330系列飞机。截至2026年1月底，本集团合计运营 960架飞机，其中自有飞机417架，融资租赁251架，经营租赁292架。 智通财经APP讯，中国国航(00753)发布公告，2026年1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)同比下降0.9%，旅客周转量同比上升3.0%。其中，国内客运运力投入同比下降2.0%，旅 客周转量同比上升2.6%;国际客运运力投入同比上升1.5%，旅客周转量同比上升4.2%;地区客运运力投入 同比下降0.8%，旅客周转量同比上升1.8%。平均客座率82.2%，同比上升3.2个百分点。其中，国内航线 同比上升3.7个百分点 ...

Group 1: Passenger Traffic and Capacity - In January 2026, the passenger turnover (measured in revenue passenger kilometers) of China International Airlines and its subsidiaries increased by 3.0% year-on-year, despite a 0.9% decrease in passenger capacity (measured in available seat kilometers) [1] - Domestic passenger capacity decreased by 2.0%, while domestic passenger turnover increased by 2.6% [1] - International passenger capacity increased by 1.5%, with international passenger turnover rising by 4.2% [1] - Regional passenger capacity decreased by 0.8%, while regional passenger turnover increased by 1.8% [1] - The average passenger load factor reached 82.2%, up by 3.2 percentage points year-on-year [1] Group 2: Cargo Operations - In January 2026, cargo capacity (measured in available cargo ton kilometers) decreased by 3.9%, while cargo turnover (measured in revenue cargo ton kilometers) increased by 4.4% [1] - The cargo load factor was 35.6%, an increase of 2.8 percentage points year-on-year [1] Group 3: Fleet Information - As of January 2026, the company exited 3 A320 series aircraft and 1 A330 series aircraft [2] - The total fleet operated by the company reached 960 aircraft, comprising 417 owned aircraft, 251 financed leased aircraft, and 292 operating leased aircraft [2] Group 4: New Routes - Starting January 24, 2026, the company will launch a new route from Beijing Capital to Abu Dhabi, operating four flights per week [1] - From January 28, 2026, a new route from Beijing Capital to Luzhou will commence, with seven flights per week [1]

货运方面，货运运力投入(按可用货运吨公里计)同比下降3.9%，货邮周转量(按收入货运吨公里计)同比 上升4.4%。货运载运率为35.6%，同比上升2.8个百分点。 2026年1月24日起，公司新开北京首都-阿布扎比航线(每周四班)。1月28日起，公司新开北京首都-泸州 航线(每周七班)。 格隆汇2月13日丨中国国航(00753.HK)公告，2026年1月，中国国际航空股份有限公司(以下简称"公司") 及所属子公司(以下简称"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)同比下降0.9%，旅客周转量同比上升3.0%。其中，国内客运运力投入同比下降2.0%，旅客周转 量同比上升2.6%；国际客运运力投入同比上升1.5%，旅客周转量同比上升4.2%；地区客运运力投入同 比下降0.8%，旅客周转量同比上升1.8%。平均客座率82.2%，同比上升3.2个百分点。其中，国内航线同 比上升3.7个百分点，国际航线同比上升2.0个百分点，地区航线同比上升1.9个百分点。 2026年1月，集团共退出3架A320系列飞机和1架A330系列飞机。截至2026年1月底，集团合计运营960架 飞机 ...

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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 二零二六年一月的主要營運數據公告 隨附公告（「上交所公告」）乃由中國國際航空股份有限公司（「中國國航」）於二零二六年二 月十三日在上海證券交易所刊發，其中載有中國國航及其附屬公司（統稱「本集團」）二零 二六年一月的合併營運數據。本公告附上上交所公告乃由中國國航根據香港聯合交易所 有限公司證券上市規則（「上市規則」）第13.09條及第13.10B條，以及香港法例第571章證 券及期貨條例第XIVA部項下之內幕消息條文（定義見上市規則）而作出。 隨附上交所公告載列的數據來自本集團內部統計，可能與相關期間定期報告披露的數據 有差異。投資者應注意不恰當信賴或使用以上信息可能造成投資風險。 承董事會命 中國國際航空股份有限公司 公司秘書 肖烽 中國北京，二零二六年二月十三日 於本公告日期，本公司的董事為劉鐵祥先生、王明遠先生、崔曉峰先生、Pat ...

Company Performance - The company expects a net profit loss of 1.3 billion to 1.9 billion yuan for 2025, primarily due to the reversal of deferred tax assets. Despite a profit of 1.87 billion yuan in the first three quarters, the fourth quarter loss is projected to expand to 3.17 billion to 3.77 billion yuan [2] Capital Increase - The company announced that its application for a private placement of shares has been approved by the Shanghai Stock Exchange, pending registration decision from the CSRC. This move may optimize the capital structure, but the final outcome and timing remain uncertain [3] Business Operations - During the Spring Festival travel period (February 2 to March 13), the company plans to operate over 70,000 flights, a year-on-year increase of 10.1%, and will deploy 9 C919 aircraft to meet the peak demand for homecoming and tourism [4] Stock Performance - On February 12, the stock price fell by 2.04% to 8.64 yuan per share, with a net outflow of 8.988 million yuan in principal funds. Year-to-date, the stock has declined by 7.79%, reflecting market reactions to performance and macroeconomic factors [5] Industry Environment - The Civil Aviation Administration expects the passenger volume during the 2026 Spring Festival to reach a historical high of 95 million. Additionally, the ongoing "anti-involution" policy is expected to support a rebound in ticket prices. Institutions like GF Securities indicate that supply constraints and rising demand may become long-term driving factors [6]

证券代码：601111 股票简称：中国国航 公告编号：2026-008 中国国际航空股份有限公司 2026年1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 1 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）同比下降 0.9%，旅客周转量同比上升 3.0%。 其中，国内客运运力投入同比下降 2.0%，旅客周转量同比上升 2.6%；国际客运 运力投入同比上升 1.5%，旅客周转量同比上升 4.2%；地区客运运力投入同比下 降 0.8%，旅客周转量同比上升 1.8%。平均客座率 82.2%，同比上升 3.2 个百分 点。其中，国内航线同比上升 3.7 个百分点，国际航线同比上升 2.0 个百分点， 地区航线同比上升 1.9 个百分点。 货运方面，货运运力投入（按可用货运吨公里计）同比下降 3.9%，货邮周 转量（按收入货运吨公里计）同比上升 4.4%。货运载运率为 35.6%，同比上 ...