Core Insights - China Southern Airlines (CSA) successfully completed its 2025 aviation safety year in Xinjiang, carrying over 14 million passengers, a year-on-year increase of 5.22% [1] - The airline emphasized safety as a foundational element, enhancing safety management and technical capabilities, achieving a nearly 95% on-time departure rate from Urumqi [1] - CSA expanded its route network in Xinjiang to 134 routes, with international passenger volume increasing by over 44% [1] Group 1: Safety and Operational Efficiency - CSA maintained a high operational efficiency with over 2,000 fast transit flights and a significant improvement in operational processes [1] - The airline established a special weather support team to ensure safe operations in the new environment of Urumqi Airport [1] Group 2: Service and Customer Experience - CSA introduced innovative services like "one-click boarding" to enhance hub operation efficiency and passenger experience [1] - The airline optimized transfer processes, reducing the minimum connection time for international to domestic flights to 90 minutes, serving over 1.43 million transfer passengers [2] Group 3: Diversification and Industry Development - CSA initiated the first aircraft maintenance and customs bonded repair in Xinjiang, along with aircraft dismantling and international aviation training projects [2] - The airline conducted nearly 3,000 training sessions through social services, enhancing industry incubation and community service functions [2] Group 4: Hub Development Strategy - CSA is developing a hub layout centered on Urumqi, with Kashgar and Yining as secondary hubs, aiming to strengthen connectivity with Guangzhou and Beijing [2] - The airline aims to contribute significantly to Xinjiang's high-level opening up and quality development [2]

北京商报讯（记者 关子辰 牛清妍）2025年12月31日晚21时04分，由上海虹桥飞往广州的中国南方航空CZ3572航班平稳降落在广州白云国际机场，标志着南 航集团顺利实现2025航空安全年。南航集团预计全年累计完成运输飞行330.9万小时、通航飞行2.1万小时，安全运输旅客1.74亿人次，货邮运输量193.6万 吨。 ...

Core Viewpoint - The three major Chinese airlines, China Eastern Airlines, China Southern Airlines, and Air China, announced a new fuel surcharge standard for domestic flights effective from January 5, 2026, with specific rates for different flight distances and exemptions for certain passenger categories [1][4][6]. Group 1: Fuel Surcharge Standards - For domestic flights under 800 kilometers, the fuel surcharge will be set at RMB 10 per passenger, while for flights over 800 kilometers, the surcharge will be RMB 20 per passenger [1][4][6]. - Infants traveling on adult tickets will be exempt from the fuel surcharge, while children, disabled veterans, and police officers injured in the line of duty will have reduced rates, with no charge for flights under 800 kilometers and RMB 10 for flights over 800 kilometers [1][4][6]. Group 2: Ticket Change Policy - Tickets sold before January 5, 2026, will not have the fuel surcharge refunded or adjusted if changes are made after this date [2][4].

Summary of Key Points from Conference Call Industry Overview - The focus is on the aviation sector, particularly in the context of the appreciation of the Renminbi (RMB) and its impact on various industries including airports and light industry paper manufacturing [1][3]. Core Insights and Arguments - The appreciation of the RMB is expected to enhance the financial performance of sectors like aviation and light industry paper due to improved cost and debt structures [1][3]. - Historical data indicates that different sectors lead the market during phases of rapid RMB appreciation, with core assets leading in 2017, new energy and military industries in 2020-2021, and economic recovery valuation logic in late 2022 to early 2023 [1][6]. - The current phase of RMB appreciation differs from previous ones, with reduced foreign capital influence and increased domestic pricing power, shifting market focus towards technological transformation rather than mere economic recovery [1][7]. - The aviation sector is highlighted as a key beneficiary, with significant cost components (over 60%) being dollar-denominated, meaning even slight RMB appreciation can lead to substantial profit increases [3][9]. Investment Opportunities - Short-term investment opportunities are identified in the aviation and light industry paper sectors, particularly as companies prepare to release annual reports [1][8]. - The second tier of investment opportunities includes foreign-invested blue-chip stocks such as electric equipment, electronics, and food and beverage sectors, which have shown resilience during past RMB appreciation phases [5]. - The third tier includes large financial and real estate sectors, which have a high proportion of RMB-denominated assets, benefiting from balance sheet improvements during RMB appreciation [5]. Additional Important Insights - The global aircraft manufacturing industry is facing supply chain bottlenecks due to de-globalization, affecting the availability of materials and components [11]. - The performance of Chinese airlines has significantly outpaced the Shanghai and Shenzhen 300 index, driven by increased international route demand and favorable pricing dynamics [12]. - Airlines like China Southern, China Eastern, Air China, and budget carriers such as Spring Airlines are identified as high-elasticity investment opportunities due to their potential recovery from historical lows [3][12]. - The upcoming delivery of new aircraft orders (e.g., Spring Airlines and Juneyao Airlines) is expected to support fleet updates and future growth [10].

2025年12月31日，编号为B-658N的C919国产大飞机平稳降落在长沙黄花国际机场，正式入列南航湖南 分公司，湖南长沙成为继北京、上海、广州之后全国第四个执管C919的城市。这标志着南航C919实现 了广州—长沙双基地运行，国产大飞机规模化运营在航司分支机构层面实现新突破。 长沙黄花国际机场举行"过水门"欢迎仪式。（南航湖南分公司供图） 南航湖南分公司相关负责人介绍，公司计划于2026年春运前引入第二架C919飞机，稳步拓展国产大飞 机在湘运营规模，持续完善国产大飞机运营保障体系，深化维修能力建设，服务和支撑湖南国产大飞机 产学研用深度融合发展。（记者明星、王聿昊） 记者了解到，自2025年1月C919首次飞抵湖南以来，南航已先后在湘执飞长沙至广州、北京、西安、上 海、海口、成都、三亚共7条航线，截至12月31日，已累计执飞航班超1400班，承运旅客逾17万人次， 其舒适性和可靠性赢得了广大旅客的认可。 机组人员合影留念。（南航湖南分公司供图） ...

Core Insights - The C919 aircraft has officially entered service with China Southern Airlines' Hunan branch, marking a significant milestone in the domestic aviation industry and expanding the scale of domestic aircraft operations in China [1][3]. Group 1: C919 Aircraft Operations - The C919 aircraft, designated B-658N, successfully landed at Changsha Huanghua International Airport, making Changsha the fourth city in China to operate the C919 after Beijing, Shanghai, and Guangzhou [1]. - Since its first flight to Hunan in January 2025, China Southern Airlines has operated over 1,400 flights on seven routes from Changsha to major cities, carrying over 170,000 passengers [3]. - The airline plans to introduce a second C919 aircraft by the 2026 Spring Festival, expanding its operations to include more routes and increasing the frequency of flights, particularly on the Changsha to Beijing route [9]. Group 2: Route Expansion and Network Development - China Southern Airlines operates 43 routes from Hunan, connecting to 36 domestic and international destinations, with a total of 834 flights per week during the current winter-spring season [5]. - The airline is enhancing its international route offerings, including new flights from Changsha to Singapore and Ho Chi Minh City, set to commence in early 2026, which will increase the weekly international flights to 44 [7]. Group 3: Service Innovations and Infrastructure Development - The airline is developing an "air-rail intermodal" product to improve passenger travel efficiency and is set to launch a "one-minute boarding" service on the Changsha to Beijing route before the 2026 Spring Festival [7]. - China Southern Airlines is focused on strengthening its operational support systems for the C919, enhancing maintenance capabilities, and fostering collaboration in the development of domestic aircraft [9].

（文章来源：每日经济新闻） 每经AI快讯，12月31日，机场航运板块午后震荡走高，中国东航涨超5%，吉祥航空、南方航空、中国 国航涨超3%，华夏航空、海南机场跟涨。 ...

Core Viewpoint - The aviation sector is experiencing a surge in stock performance due to increased consumer travel demand ahead of the New Year holiday, indicating strong market confidence in the industry's recovery [1][3]. Group 1: Market Performance - Hong Kong aviation stocks showed a positive trend, with China Southern Airlines up 4.30%, Air China up 3.65%, and China Eastern Airlines slightly up 4.52% as of the morning close [1]. - In the A-share market, China Eastern Airlines rose by 4.06%, while other airlines like Air China and China Southern Airlines also saw increases, reflecting strong investor confidence in the aviation industry's recovery [1]. Group 2: Demand and Pricing Trends - There is a significant increase in travel intentions for the New Year holiday (January 1-3), with a notable rise in ticket bookings from major cities to popular destinations [3]. - The average economy class ticket price for the 2026 New Year holiday reached 597 yuan, a 6.7% increase compared to the same period in 2025, indicating a positive trend in both volume and pricing [3]. Group 3: Cost and Profitability Factors - The decline in oil prices has alleviated the fuel cost pressure for airlines, which is a major operational expense [3]. - The appreciation of the Chinese yuan is expected to provide significant foreign exchange gains for airlines with substantial dollar-denominated debts [3]. Group 4: Investment Outlook - Multiple brokerages have indicated that the aviation sector currently holds high investment value, with expectations of sustained support for air transport volumes due to flexible holiday arrangements [4]. - The upcoming Spring Festival holiday is anticipated to trigger a second wave of stock price increases in the aviation sector, especially if ticket prices exceed expectations [4]. - The aviation industry is positioned to benefit from supply-side reforms, with a slowdown in aircraft deliveries expected to tighten supply, while domestic economic recovery and consumer demand are projected to remain robust [5].

Group 1 - The C919 aircraft has officially entered service with China Southern Airlines' Hunan branch, marking a significant milestone in the large aircraft's operational scale in China [1] - The C919 has been operating on seven routes from Changsha to major cities, with over 1,400 flights and more than 170,000 passengers carried since its first flight to Hunan [3] - China Southern Airlines plans to introduce a second C919 aircraft by early 2026, expanding its operations and enhancing the support system for domestic large aircraft [5] Group 2 - The establishment of a large aircraft scale promotion office in Hunan is improving local aviation industry support and capabilities [3] - China Southern Airlines is actively expanding its domestic and international flight network, with plans to increase international flights from Changsha to various destinations [4] - The airline is focusing on service innovations, including "air-rail intermodal" products and a "one-click boarding" service to enhance passenger experience [4]

值得一提的是，12月30日，人民币继续了此前的升值态势，在离岸市场12月25日升破"7"后，人民币对 美元即期汇率走强并升破"7"关口，这是2024年10月以来首次升破这一整数关口。国信证券认为，2026 年我国航空票价有望实现企稳回升，此外油价下行以及人民币升值均有利于航司释放业绩，因此该行认 为未来国内经济回暖后航空业绩具有较大的弹性空间。 本文源自：智通财经网 智通财经获悉，三大航集体走高，截至发稿，中国国航(00753)涨3.65%，报7.09港元；东方航空(00670) 涨3.35%，报5.25港元；南方航空(01055)涨3.23%，报5.76港元。 消息面上，据中国民航报，2026年元旦3天连休，激发了文旅消费市场的巨大潜力，民航出行需求呈显 著增长态势。航旅纵横数据显示，截至12月17日，元旦假期国内航线机票预订量超176万张，同比增长 约46%；出入境航线机票预订量超62万张，同比增长约18%。国泰海通证券认为，旺季表现将是行业重 要催化剂，持续基本面正反馈有望催化市场对航空长逻辑演绎的乐观预期。2026年元旦假期前后拼假效 应显著，长假将保障航空出游旺盛，预计量价同比将有显著上升。 ...