该行预期中国航空业政策顺风持续。假设政策具持续性，该行预期2026年国内航线票价将同比升1%至 3%，国内旅客量同比增长3%至4%，国际旅客量亦将维持双位数增长。 该行对中国航空业持建设性看法; 予春秋航空(601021.SH)"买入"评级，目标价61.3元人民币;南方航空 (600029.SH)A股及中国南方航空股份(01055) H股则获"中性"评级，目标价分别为6.5元人民币及4.1港 元。 智通财经APP获悉，瑞银发布研报称，过去一年对中国航空业经历转型，主要受惠于根据地、航权及航 班时刻等政策调整，例如在消费降级、运力过剩及高铁竞争下，行业的国内运力投放有序，令票价逐步 同比上调。另外，受补贴政策改革影响，航空公司凭借其宽体机队优势，大幅扩展国际航点及航班频 次。基于定价及运力优势，中国航空公司正逐步建立相对于全球同行的竞争优势。 ...

自12日起，南航C919型国产大飞机将常态化加入广州至南京"南航快线"运营，每日执飞两个往返航 班。随着C919型国产大飞机的加入，广州至南京"南航快线"已实现每日8班高密度运营，航班时刻覆盖 8:15至23:15，以满足旅客出行需求。(完) 南航启用C919型国产大飞机首飞广州至南京航线。当日飞机降落在南京禄口国际机场、穿过"水门"。 房天翔 摄 执行该航线的C919型国产大飞机采用164座三舱布局，包含8个公务舱座位、18个明珠经济舱座位以及 138个经济舱座位。 中新网南京1月12日电 (张南山 刘鹏飞)12日，中国南方航空股份有限公司(简称"南航")启用C919型国产 大飞机"大美湾区号"彩绘机首飞广州至南京航线，标志着国产大飞机在该航线的运营拉开序幕。 1月12日， ...

Core Viewpoint - China Southern Airlines is increasing the frequency of flights from Xi'an to Almaty, Central Asia, due to favorable policies such as the Spring Festival travel rush and a 30-day visa-free policy [1] Group 1: Flight Schedule Changes - From January 17 to March 28, China Southern Airlines will enhance the Xi'an to Almaty route by increasing flights from 2 to 3-4 per week [1] - The additional flights will be operated by Boeing 737-800 aircraft, with flight CZ3073 departing Xi'an at 20:00 and arriving in Almaty at 22:15 local time [1] - The return flight CZ3074 will leave Almaty at 23:40 local time and arrive back in Xi'an at 07:05 the next day [1] Group 2: Economic and Cultural Impact - The increased flight frequency is expected to facilitate cultural and economic exchanges between the two regions, enhancing the connectivity along the "Air Silk Road" [1] - This move aims to provide more convenient and efficient air services for trade and cultural interactions between Xi'an and Almaty [1]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [2] Core Insights - The shipping sector is experiencing a recovery in oil transportation due to improved demand post-holidays and geopolitical tensions [6][16] - The aviation industry aims to achieve a passenger volume of 810 million in 2026, reflecting a growth rate of 5.2% [23][24] - The express delivery sector is expected to see a gradual recovery in competition and profitability, with a focus on major players like SF Express [20] Shipping - The oil shipping sector is rebounding due to increased cargo availability from the Middle East and geopolitical sanctions affecting supply [6][16] - Container shipping rates are showing slight increases, with strong pricing power among shipowners before long-term contract negotiations [11][12] - Key stocks to watch include COSCO Shipping Energy, China Merchants Energy, and Pacific Shipping [16] Infrastructure - Weekly data indicates a decline in truck traffic and rail freight, with road truck traffic at 46.964 million vehicles, down 14.9% week-on-week [17][18] - Port throughput for the first week of 2026 was 25.4953 million tons, showing a slight decrease but a year-on-year increase of 7.7% in container throughput [18] - Recommended stock for infrastructure investment is Anhui Expressway [18] Express Delivery - In November 2025, express delivery volume reached 18.06 billion pieces, a year-on-year increase of 5%, while revenue decreased by 3.7% [19][20] - The competitive landscape is expected to stabilize, with major companies like SF Express anticipated to see profit growth in 2026 [20] - Recommended stocks include SF Express, ZTO Express, YTO Express, and Yunda Express [20] Aviation - The aviation sector is entering a critical period with the Spring Festival approaching, and passenger volume is projected to grow by 5.2% in 2026 [23][24] - Recent data shows a year-on-year increase in domestic passenger volume of 1.5% and a decrease in ticket prices [21][24] - Recommended stocks include Air China, China Southern Airlines, and Spring Airlines [24] Logistics - The cross-border air freight price index has decreased by 19.9% week-on-week, indicating a significant drop in logistics costs [25]

主题航班 阿勒泰地区位于新疆北部，与俄罗斯、哈萨克斯坦、蒙古三个国家接壤。历史文化源远流长，戍边文 化、民族文化、草原文化、游牧文化多元一体，是38个民族聚居交融之地。旅游资源多元富集、冰雪资 源得天独厚，这里绵延着"金山"阿尔泰山脉，流淌着"银水"额尔齐斯河，拥有高山峡谷、河流湖泊、森 林草原、大漠戈壁等旅游资源单体724处。 中新网深圳1月9日电 (记者 索有为)记者9日从南航深圳分公司获悉，南航开通深圳直飞阿勒泰的往返航 线1个月以来热度持续上升，不仅为粤港澳大湾区旅客前往新疆体验冰雪旅游提供了便利，也助力阿勒 泰文旅产业发展。 据了解，2025年12月9日，南航开通深圳直飞阿勒泰的往返航线，该航线每周二、四、六执飞，截至1月 8日共执行14班，往返共承运旅客4139人次，始发客座率77.1%，其中公务舱尤其受欢迎，客座率达到 93.5%。 活动吸引旅客参与。彭程 摄 阿勒泰是"人类滑雪起源地"，依托优质的粉雪资源，阿勒泰地区成功创建3家国家级滑雪旅游度假地与3 家5S级滑雪场。 深圳直飞阿勒泰航线为旅客节省了至少3小时的中转时间，凭借登机牌，旅客还可在阿勒泰享受滑雪优 惠。去年12月底，该航线的高客座 ...

消息面上，据央视财经，元旦过后，国内多条航线机票价格"大跳水"，有的机票价格甚至低至一折，部 分消费者选择错峰出游。记者在一家第三方售票平台查询发现，近期从广州出发去往多个城市的机票价 格低至两百多元，例如1月7日，广州到上海的最低票价为210元(不含税)，相当于打1.1折。 此外，周四，布伦特原油期货盘中一度飙升5%，创下近两周新高，最终收报每桶61.99美元，较前一交 易日上涨2.03美元，涨幅3.4%。这是自去年12月24日以来的最高收盘价。华创证券指出，根据各家航司 2025年半年报披露，10%的油价变动对应三大航年化成本影响约43~51亿，1%汇率波动，对三大航影响 在1.3-2.6亿。 智通财经APP获悉，航空股集体走低，截至发稿，东方航空(00670)跌3.98%，报5.31港元；南方航空 (01055)跌3.63%，报5.84港元；中国国航(00753)跌2.06%，报7.14港元；国泰航空(00293)跌2.04%，报 12.47港元。 ...

Group 1 - The aviation stocks collectively declined, with Eastern Airlines down 3.98% at HKD 5.31, Southern Airlines down 3.63% at HKD 5.84, Air China down 2.06% at HKD 7.14, and Cathay Pacific down 2.04% at HKD 12.47 [1] - Following the New Year, domestic air ticket prices have significantly dropped, with some tickets available for as low as 10% of their original price, leading to consumers opting for off-peak travel [1] - A third-party ticketing platform reported that flights from Guangzhou to various cities are priced as low as RMB 210 (excluding tax), equivalent to a 1.1% discount [1] Group 2 - On Thursday, Brent crude oil futures surged by 5%, reaching a nearly two-week high, closing at USD 61.99 per barrel, an increase of USD 2.03 or 3.4% from the previous trading day [1] - According to Huachuang Securities, a 10% change in oil prices corresponds to an annual cost impact of approximately RMB 4.3 to 5.1 billion for the three major airlines, while a 1% fluctuation in exchange rates affects them by RMB 130 to 260 million [1]

综合自：央视新闻、长安街知事 1月9日上午，中国航空集团有限公司召开领导班子（扩大）会议。受中央组织部领导委托，中央组织部有关干 部局负责同志宣布了党中央关于中国航空集团有限公司总经理调整的决定： 曲光吉同志任中国航空集团有限公司董事、总经理、党组副书记，免去其中国南方航空集团有限公司副总经 理、党组成员职务；免去王明远同志的中国航空集团有限公司董事、总经理、党组副书记职务。 公开报道显示，曲光吉出生于1970年2月，2023年7月任南航副总经理。直至此番调整。 官网介绍，中国航空集团有限公司简称"中航集团"，2002年10月11日成立，是特大型国有航空运输集团公司， 也是中国唯一载国旗飞行的航空运输企业，所属二级公司主要有7家，包括中国国际航空股份有限公司等。截 至2025年6月底，中航集团（含控股公司）共运营飞机959架。 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 看券商中国 知天下财经 F 责编：王璐璐 校对：高源 百万用户都在看 刚刚，利好突现！A50，异动！ 中共中央政治局常务委员会召开会议 伊朗，突发！大范围断网！ 大动作！"国家队"，重磅出手！ 特朗普， ...

曲光吉任中国航空集团有限公司董事、总经理、党组副书记。 据 中国航空集团有限公司网站 消息，20 2 6年1月9日上午，中国航空集团有限公司召开领导班子（扩 大）会议。受中央组织部领导委托，中央组织部有关干部局负责同志宣布了党中央关于中国航空集团 有限公司总经理调整的决定： 曲光吉同志任中国航空集团有限公司董事、总经理、党组副书记 ， 免 去其中国南方航空集团有限公司副总经理、党组成员职务；免去王明远同志的中国航空集团有限公司 董事、总经理、党组副书记职务。相关职务任免，按有关法律和章程的规定办理。 据公开信息显示，曲光吉，男，1970年2月出生，1 9 9 3年7月参加工作，1992年3月加入中国共产党。 2 02 3年8月，曲光吉任中国南方航空集团有限公司副总经理、党组成员，至此番调整。 来源： 中国航空集团有限公司网站、政事儿 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c ne ne rgy） 责编丨李慧颖 ▲ 曲光吉（资料图） ...

Group 1 - The core viewpoint of the article highlights a collective decline in Hong Kong airline stocks, with China Eastern Airlines and China Southern Airlines dropping over 3%, and Air China falling over 1% [1] - Specific stock performance includes China Eastern Airlines at 5.370 with a decrease of 2.89%, China Southern Airlines at 5.910 down by 2.48%, and Air China at 7.220 down by 0.96% [2] - Following the New Year, domestic air ticket prices have significantly dropped, with some prices as low as 10% of their original cost, indicating a "volume increase and price drop" phenomenon, which is seen as a short-term negative for airline stocks [2] Group 2 - The lowest ticket price from Guangzhou to Shanghai was reported at 210 yuan (excluding tax), equivalent to 11% of the original price, reflecting a drastic reduction in airfares [2] - Industry experts suggest that as students begin their winter break in mid to late January, air ticket prices are expected to fluctuate, indicating potential volatility in the market [2] - The analysis emphasizes that while the current price drop is a short-term negative for airline stocks, the long-term industry fundamentals remain crucial [2]