Core Viewpoint - The successful inaugural flight of the domestically produced C919 aircraft marks a significant milestone for China's aviation industry, enhancing the route network and demonstrating the capabilities of local manufacturing [2] Group 1: Company Developments - On January 12, China Southern Airlines operated the first flight of the C919 aircraft on the Guangzhou-Nanjing route, utilizing the "Great Bay Area" themed aircraft [2] - The C919 aircraft will operate two round trips daily on the Guangzhou-Nanjing route starting from January 12 [2] Group 2: Industry Impact - The inaugural flight signifies the further densification of the route network for the C919, indicating progress in the domestic aviation sector [2] - The event was celebrated with a traditional water salute at Nanjing Lukou International Airport, symbolizing a significant achievement in civil aviation [2]

Group 1 - The Southern Airlines Xinjiang Branch has initiated an end-of-year early departure business inspection to address challenges posed by complex weather conditions at the end of the year and beginning of the next [1] - The inspection aims to strengthen safety measures and ensure a solid safety foundation for operations starting in 2026 [1] Group 2 - The inspection focuses on the implementation of the new baggage regulations effective from January 1, ensuring that crew members are aware of and adhere to the new standards [3] - The Southern Airlines Xinjiang Branch has actively communicated the new baggage standards through videos and work prompts to facilitate a smooth transition [3] Group 3 - The inspection team closely observed and inquired about the adherence to the latest version of the "Flight Safety Officer Work Manual," assessing the execution of procedures from pre-flight preparations to post-flight sign-offs [4] - This inspection serves as both an assessment of individual crew members' understanding and a verification of prior training effectiveness [4] Group 4 - The inspection also emphasized enhancing passenger security service levels, focusing on communication skills, emotional management, and the ability to identify abnormal behaviors among crew members [5] - The Southern Airlines Xinjiang Branch aims to ensure that safety standards are strictly followed and to reinforce the safety responsibility chain through proactive measures [5]

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。 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。 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、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。 ...

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。 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）(601021.SH)"买入"评级，目标价61.3元人民币; 南方航空（600029）(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。 ...

1月12日，中国南方航空（以下简称"南航"）使用C919"大美湾区号"彩绘机，执飞广州至南京首航航班。飞机平稳降落在南京禄口国际机场后，缓缓穿过象 征民航最高礼仪的"水门"，标志着C919国产大飞机正式在广州至南京航线上开始运营。 执行该航线的C919国产大飞机采用164座三舱布局，包含8个公务舱座位、18个明珠经济舱座位和138个经济舱座位。飞机全舱配置个人充电接口，可为旅客 提供便捷舒适的乘机体验。 南航飞行总队选派精英机组执行本次任务，通过飞机广播词诚挚感谢南京禄口机场的热情守望，并表示"愿以南航C919首航南京为契机，服务广大旅客美好 出行，进一步助力高质量发展，推动交通强国建设"。此外，首航航班客舱内以"木棉暖冬 喜上眉梢"为主题布置了喜鹊、锦鲤、木棉花等装饰，营造南航 C919首飞南京的喜庆氛围，为旅客带来独特的乘机体验。 激倩全运会, 活力大湾区 CHINA SOUTHERN 空 航 -- e D t 下载 网址 家 | 7 | 7 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | ...

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 ...