Core Viewpoint - The 2026 Spring Festival travel season is expected to see a significant increase in passenger demand and flight operations, driven by factors such as longer holiday periods and the recovery of the inbound and outbound tourism market [1][5]. Group 1: Industry Overview - The Civil Aviation Administration of China forecasts that during the Spring Festival period, the national civil aviation passenger transport volume may reach 95 million, with a total of 780,000 flights expected, representing a 5% year-on-year increase in daily average flights [1]. - The travel demand is anticipated to rise due to the combination of holiday length and the recovery of tourism, leading to improved passenger load factors and ticket prices in the civil aviation industry [1][6]. Group 2: Airline Operations - China International Airlines plans to operate over 70,000 passenger flights during the Spring Festival, a 10.1% increase from 2025, with 9 C919 aircraft deployed on various routes [2]. - China Eastern Airlines intends to utilize 822 aircraft, including 14 C919 jets, executing 125,000 flights, with a focus on increasing capacity in domestic and international markets [3]. - China Southern Airlines aims to operate over 126,000 flights, with significant increases in domestic and international routes, including the deployment of C919 aircraft [3]. Group 3: Market Demand - The ticket booking data indicates a peak in demand, with over 5.21 million domestic tickets and 1.61 million international tickets booked, reflecting a year-on-year increase of approximately 22% and 9%, respectively [5]. - The trend of combining family visits with tourism is emerging, leading to sustained demand for travel during the Spring Festival [5]. Group 4: Long-term Industry Outlook - The civil aviation industry is expected to achieve a balanced supply-demand relationship, with a potential increase in profitability as the market stabilizes [6]. - Factors such as the recovery of business travel, the aging population's consumption potential, and the steady recovery of the inbound tourism market are likely to create a supply-demand gap, which could enhance airline revenue levels [6].

Group 1 - The core point of the article is that Air China plans to increase its passenger flight operations significantly during the 2026 Spring Festival, with over 70,000 flights scheduled, representing a growth of approximately 10.1% compared to 2025 [1] - The number of registered aircraft will increase by 25 compared to the previous year, with an average of about 1,800 flights per day [1] - Air China is focusing on key routes among the four major city clusters: Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao, and Chengdu-Chongqing, covering nearly 50 major routes nationwide [1] Group 2 - In the domestic market, Air China is optimizing capacity in South China and Hainan, planning over 7,000 flights on routes related to Guangzhou and Shenzhen, with more than 3,000 flights operated by wide-body aircraft [2] - To cater to the ice and snow tourism market, Air China has increased capacity in Northeast China by 15%, with wide-body aircraft being deployed on routes from Beijing, Chengdu, Shanghai, and Hangzhou to Harbin, adding over 12,000 seats weekly [1] - In the western region, Air China has added over 500 flights covering popular tourist destinations such as Lijiang, Dali, and Xishuangbanna [2] Group 3 - During the Spring Festival, Air China will deploy all 9 of its C919 domestic aircraft on flights, continuing operations on routes from Beijing to Hangzhou, Chengdu, Wuhan, and Xi'an [2] - The company is also upgrading existing services, standardizing the "Air China Express" product that covers 13 routes [2] - Internationally, Air China's capacity during the Spring Festival will increase by 10.1%, with additional flights covering 17 popular routes to destinations such as Sydney, Auckland, Singapore, Seoul, and Bangkok [2]

作者 | 第一财经 陈姗姗 2026.02. 02 本文字数：2338，阅读时长大约4分钟 2月2日，为期40天的2026年春运正式拉开帷幕。由于返乡探亲、学生放假、旅游度假多重客流叠加，使得春运首日就呈现出需求旺盛、出行目的地多 元等特征。 民航局数据显示，今天全民航预计保障航班19080班，运输旅客219万人次。据航旅纵横大数据，春运第一天的国内航线机票预订量超186万张，比去 年春运同期增长约5%；出入境航线机票预订量超25万张，比去年春运同期增长约7%。 记者采访的多家航司和旅游平台均预计，在史上最长春节、亲子游需求火热、外国游客"反向春运"体验中国年等多重因素叠加下，今年春节有望刷 新"最热春节"纪录，民航旅客量也有望创历史新高。 国内部分航线已售罄 在上海虹桥国际机场记者看到，早晨7点多开始，2026年春运的首个进出港航班高峰就已到来，出发大厅区域旅客往来密集。 东航地服部虹桥旅客服务中心副总经理熊杰对记者介绍，连日来东航日均服务的进出港旅客数量持续增长，特别是随着上海市中小学放假，携带孩子出 行的家庭旅客和无陪伴儿童数量明显增多。今天春运首日，东航的旅客运输量将突破42万人次。 东航营销部网络收 ...

Core Viewpoint - The 2026 Spring Festival travel season has commenced, with significant increases in flight operations and passenger traffic, driven by a combination of returning home, family visits, student travel, and tourism demand [1][2][3]. Group 1: Flight Operations and Passenger Traffic - The civil aviation sector is expected to operate 19,080 flights and transport 2.19 million passengers on the first day of the Spring Festival travel season [1][2]. - Beijing's two airports plan to handle a total of 88,800 flight movements during the Spring Festival, representing a year-on-year increase of approximately 1.67% [2]. - Major airports such as Guangzhou Baiyun, Shanghai Pudong, and Beijing Capital are experiencing the highest traffic, with specific routes showing strong demand [2]. Group 2: Capacity Expansion and Route Focus - Airlines are increasing capacity on domestic and international routes, focusing on winter tourism and return home routes [3][4]. - Air China plans to operate over 70,000 passenger flights during the Spring Festival, with a 15% increase in capacity for routes to Northeast China [3]. - China Southern Airlines is enhancing its services on popular routes, including daily flights from Beijing to Altay [3]. Group 3: Service Enhancements - Airlines are introducing various services to improve passenger experience, such as online ticket standby and specialized baggage handling for ski equipment [5][6]. - Eastern Airlines has launched an online ticket standby service that automates the process of monitoring flight availability and issuing tickets [6]. - Hainan Airlines is promoting seamless check-in and baggage transfer services across multiple airports, enhancing convenience for travelers [6]. Group 4: Airport and Transportation Coordination - Airports are optimizing transportation services, including new bus routes to major railway hubs and enhanced ride-hailing services [7]. - Daxing Airport has implemented measures to ensure smooth operations during adverse weather conditions, coordinating closely with relevant authorities [7].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國國際航空股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00753 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,955,610,672 | RMB | | 1 RMB | | 4,955,610,672 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 4,955,610,672 | RMB | | 1 RMB | | 4,955,610,672 | | 2. 股份分類 | 普通股 | ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國國際航空股份有限公司 1. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 00753 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 4,955,610,672 0 4,955,610,672 增加 / 減少 (-) 0 0 本月底結存 4,955,610,672 0 4,955,610,672 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00753 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | ...

Core Viewpoint - The overall performance forecast for Chinese airlines in 2025 indicates a trend of "significantly reduced losses, some airlines turning profitable, and accelerated profit differentiation" [2][3]. Group 1: Annual Performance Forecast - China Southern Airlines and Hainan Airlines have turned profitable, contributing significantly to the sector's profit recovery, while Air China and China Eastern Airlines remain in the loss zone, with China Eastern's losses narrowing [1][2]. - China Southern Airlines and Hainan Airlines are the core contributors to profit recovery, while Huaxia Airlines continues to show growth, reflecting the relative advantages of regional routes and operational flexibility [2][3]. Group 2: Quarterly Performance Insights - In Q4 2025, the industry remains under pressure with losses prevailing, but most airlines show significant year-on-year improvements, indicating a continued recovery trend despite seasonal profitability pressures [1][2]. Group 3: Future Outlook - Demand remains a key variable for ticket price recovery and profit improvement, with domestic passenger volume expected to grow moderately due to normalized consumer travel and enhanced leisure tourism [4]. - The supply constraints and cost pressures are likely to amplify profit elasticity, with slow aircraft deliveries maintaining capacity control and policies aimed at reducing disorderly competition stabilizing revenue quality [4]. Group 4: Recommended Stocks - The top picks include Hainan Airlines (600221.SH) and Huaxia Airlines (002928.SZ), with a focus on China National Aviation (601111.SH, 00753), Juneyao Airlines (603885.SH), and Spring Airlines (601021.SH) [5].

Core Insights - China International Airlines (Air China) plans to expand its capacity during the 2026 Spring Festival travel period, executing over 70,000 passenger flights, a 10.1% increase compared to the 2025 Spring Festival [1][2] Group 1: Capacity Expansion - Air China will increase its fleet by 25 aircraft year-on-year, scheduling an average of 1,800 flights per day, which is an increase of 160 flights compared to the previous year [1] - The airline will focus on key routes among the four major city clusters: Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao, and Chengdu-Chongqing, covering nearly 50 domestic routes [1] Group 2: Regional Focus - In Northeast China, Air China will increase capacity by 15% to cater to the ice and snow tourism market, adding over 12,000 seats weekly on routes from Beijing, Chengdu, Shanghai, and Hangzhou to Harbin [2] - In the western region, the airline will add over 500 flights to popular tourist destinations such as Lijiang, Dali, and Xishuangbanna [2] - In Eastern China, nearly 400 additional flights will be added from Fuzhou, Xiamen, and Shanghai [2] Group 3: International Routes - For international outbound travel, Air China will increase capacity by 10.1%, covering 17 popular routes including Sydney, Auckland, Singapore, Seoul, and Bangkok [2] - During the Spring Festival, all 9 C919 domestic aircraft will be deployed on flights connecting Beijing to Hangzhou, Chengdu, Wuhan, and Xi'an [2]

每经AI快讯，中国国航(00753.HK)盘中跌近3%，截至发稿跌2.44%，报6.81港元，成交额1.32亿港元。 ...

Core Viewpoint - China National Airlines (601111) expects to incur losses in 2025, with a projected net loss attributable to shareholders ranging from RMB 1.3 billion to RMB 1.9 billion, and a net loss excluding non-recurring items between RMB 1.9 billion and RMB 2.7 billion [1] Financial Performance - For 2024, the net loss attributable to shareholders is estimated at RMB 237 million, with a net loss excluding non-recurring items of RMB 2.54 billion [1] - In the first three quarters of 2025, China National Airlines reported a cumulative net profit attributable to shareholders of RMB 1.87 billion, indicating a significant projected loss for Q4 2025 [1] - The estimated loss for Q4 2025 is projected to be between RMB 3.17 billion and RMB 3.77 billion, which represents an increase in losses compared to the same period in 2024 [1] Tax Asset Review - The increase in projected losses for Q4 2025 is attributed to a review of the carrying value of deferred tax assets, leading to a reversal of certain deferred tax assets [1]