Group 1 - Major airlines in China continue to rise, with Eastern Airlines (00670) up by 4.74% to HKD 5.97 [1] - Southern Airlines (01055) increased by 3.72% to HKD 6.13 [1] - Air China (00753) saw a rise of 2.65% to HKD 7.36 [1]

国泰海通认为，元旦后航空市场进入传统淡季，航司深入反内卷管控低价非理性竞争。根据我们观察， 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。我们预计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。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。 交通运输ETF（159666）及其联接基金（019405/019404）是全市场唯一跟踪中证全指运输指数的ETF基 金，其涵盖了A股市场包括物流、铁路公路、航运港口、机场等，能够充分反映出A股运输行业上市公 司的整体表现。 民航局预测春运民航旅客量达9500万人次（日均238万，同比+5.3%），日均航班 1.94 万班（同比 +5%），返乡 / 探亲 / 旅游流叠加推高客座率与票价弹性；铁路1月26日调图增开243列旅客列车，客货 能力提升，进一步强化交运旺季预期。 2026年1月20日，交通运输ETF(159666)上涨0.97%， ...

Core Viewpoint - The three major airlines in China are experiencing a rise in stock prices, driven by increasing travel demand as universities close for holidays and commercial travel resumes, alongside a significant increase in ticket sales for the upcoming Spring Festival travel season [1] Group 1: Airline Stock Performance - China Southern Airlines (600029) shares rose by 3.21% to HKD 6.1 - China Eastern Airlines (00670) shares increased by 2.63% to HKD 5.85 - Air China (601111) shares climbed by 2.23% to HKD 7.33 [1] Group 2: Market Analysis and Forecast - Guotai Junan Securities notes that with the holiday season approaching and commercial travel recovering, there is a noticeable rebound in air travel volume and pricing [1] - The firm anticipates strong demand for the 2026 Spring Festival, with a significant increase in ticket sales [1] - The Chinese aviation supply has entered a low growth phase, and with market-driven ticket pricing, steady demand and improved revenue management by airlines are expected to drive sustainable profitability [1] Group 3: Investment Outlook - Zhongtai Securities highlights that favorable oil and exchange rates are likely to continue, coupled with the "anti-involution" initiative and the Spring Festival holiday, creating strong expectations for improved air travel volume and pricing [1] - The cyclical effect of civil aviation volume and pricing is gradually becoming evident, with high passenger load factors and industry initiatives expected to drive industry prosperity beyond expectations [1] - The firm maintains a positive outlook on investment opportunities in the aviation sector [1]

Group 1 - The core view of the report is a positive outlook for Asia-Pacific airlines by 2026, driven by sustained high ticket prices, healthy demand, improved cargo fundamentals, and potential benefits from excess oil supply [1] - The report raises the average earnings per share forecast for Asia-Pacific airlines from 2025 to 2027 by 22%, reflecting improved passenger and cargo unit revenue outlooks, with the largest upward adjustment for mainland Chinese airlines [1] Group 2 - The target price for China Eastern Airlines is raised from HKD 2 to HKD 2.9, maintaining a "Underperform" rating [1] - The target price for China Southern Airlines is increased from HKD 3.1 to HKD 5.92, with the rating upgraded from "Underperform" to "Neutral" [1] - The target price for Air China is raised from HKD 4.2 to HKD 8.3, with the rating upgraded from "Underperform" to "Buy" [1]

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"。 ...

1月20日，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。 华创证券指出，航空板块投资机会凸显，主要基于三方面因素：一是飞机引进增速持续低位，供给端存 在"硬核"约束；二是航空需求结构性改善，跨境需求强于国内，2025年9月后商务出行意愿指数重回扩 张区间；三是当前行业客座率已至历史高位，高客座率下价格弹性有望释放，2025年9月中旬以来票价 同比转正或预示2026年行业景气上行。 | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 01055 | 中国南方航空股 | 6.070 | 2.71% | | 00670 | 中国东方航空股 | 5.820 | 2.11% | | 00753 | 中国国航 | 7.350 | 2.51% | | 00293 | 国泰航空 | 12.440 | 1.22% | | 00694 | 北京首都机场股 | 2.650 | 0.76% | | 00357 | 美兰空港 | 10.640 | 0.28% | 港股频道更多 ...

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。 ...

消息上，央视从民航局了解到，春运期间，传统的返乡流、探亲流、学生流与旺盛的旅游度假客流相互 叠加，航空出行需求将进一步释放。据预测，今年春运全国民航旅客运输量有望达到9500万人次，日均 238万人次，同比增长约5.3%。 春节假期前后预计会形成两轮客流高峰。特别是今年春节较晚，节后学生和社会人员返程客流更加集 中，单日客流高峰有望达到260万人次。从航空公司预先飞行计划情况看，今年春运全国民航预计保障 航班78万班，日均19400班，同比增长5%。 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。 华创证券指出，航空板块投资机会凸显，主要基于三方面因素：一是飞机引进增速持续低位，供给端存 在"硬核"约束；二是航空需求结构性改善，跨境需求强于国内，2025年9月后商务出行意愿指数重回扩 张区间；三是当前行业客座率已至历史高位，高客座率下价格弹性有望释放，2025年9月中旬以来票价 同比转正或预示2026年行业景气上行。 | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | ...

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]