"杭州—深圳"航线作为浙江连接大湾区的重要空中通道，商务、差旅客流集中。此次"即刻杭行"服务全 面覆盖广深快线后，通过专属值机柜台、清晰导向标识、快速安检通道、优先楼内摆渡等全流程便利措 施，精准匹配临时出行、突发差旅、高频商务旅客的核心需求，大幅压缩出行流程耗时，显著提升了旅 客出行效率与体验感。未来，杭州机场还将深化航司联动，持续创新服务产品，满足旅客多样化出行需 求，不断提升出行便捷度与满意度。 据了解，针对无托运行李旅客，"即刻杭行"服务打破传统值机截止时限限制，旅客最晚可在航班起飞前 15分钟抵达登机口完成登机。该服务自南航"杭州—广州"航线上线以来，已累计保障旅客超10万人次， 助力1000余名晚到旅客顺利登机。 同时，旅客如果不慎误机，可直接在登机口通过南航官方APP完成线上改签与值机，无需往返服务柜台 办理。 商报讯（通讯员 朱卓君 记者 朱慧丽 摄影 施东杰）昨起，杭州机场升级"即刻杭行"服务产品，由现有 的南航"杭州—广州"快线，全面推广至南航"杭州—深圳"快线。 需要提醒的是，无托运行李的旅客，可以提前通过南航官方APP、杭州机场微信小程序等官方渠道完成 在线值机，体验该项丝滑畅行服务。 ...

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 ...

2026年春运正式启幕。2月2日，全民航预计保障航班19080班，运输旅客219万人次。今年春运，返乡、 探亲、学生、旅游等客流叠加，航司持续增班、新开国内北方冰雪游、南方避寒游及重点返乡航线，三 亚、哈尔滨、成都、海口、昆明等城市成为热门目的地。国际方面，赴韩国、东南亚、澳新等地的国际 航线成为航司运力增投的重点。面对客流高峰，航司推出机票线上候补、宠物进客舱等各项服务，机场 新增客运班线和出租车、网约车运力供给，做好特殊天气应急预案，共同保障旅客出行。 北京两机场春运计划起降航班8.88万架次 南航北京分公司相关负责人表示，南航春运期间加密北上的北京至阿勒泰、白山、佳木斯航线和南下的 北京至揭阳、芒市、桂林、常德等热门航线。其中，北京大兴直飞阿勒泰增至每日一班往返，让旅客实 现"当日从北京出发、傍晚抵达阿勒泰、即刻奔赴雪场"。 东航方面表示，今年春运"先返乡探亲、后出门旅游"的"二次出行"模式更为普遍。针对上述特点，春节 前，东航将在国内市场分阶段调减商务快线航班，重点增投东北、西北、西南、华中等区域的返乡及旅 游航线，增班布局向"一南一北"集中。 在国际航线方面，韩国、泰国、新加坡等短途航线和澳大利亚、 ...

Performance Highlights - New Yi Sheng (300502.SZ) expects net profit between 9.4 billion and 9.9 billion CNY, a year-on-year increase of 231.24% to 248.86% due to rising demand for high-speed optical modules driven by global computing power investments[4] - Han's Chip (688256.SH) anticipates net profit between 1.85 billion and 2.15 billion CNY, turning from a loss of 450 million CNY last year, benefiting from the growing demand for AI computing power[5] - Zhongji Xuchuang (300308.SZ) projects net profit between 9.8 billion and 11.8 billion CNY, a year-on-year growth of 89.50% to 128.17%, driven by strong customer investment in computing infrastructure[6] - Runze Technology (300442.SZ) expects net profit between 5 billion and 5.3 billion CNY, a year-on-year increase of 179.28% to 196.03%, largely due to non-recurring gains from public REITs issuance[10] Underperformance Highlights - Great Wall Motors (601633.SH) forecasts net profit of 9.912 billion CNY, a year-on-year decline of 21.71% due to increased marketing expenses and competitive pressures[36] - GAC Group (601238.SH) expects a net loss between 8 billion and 9 billion CNY, turning from a profit of 824 million CNY last year, impacted by fierce competition and increased asset impairment provisions[39] - Xiexin Integrated (002506.SZ) anticipates a net loss between 890 million and 1.29 billion CNY, shifting from a profit of 68 million CNY last year due to structural supply-demand issues in the photovoltaic industry[41] - Baile Tianheng (688506.SH) projects a net loss of around 1.1 billion CNY, down from a profit of 3.708 billion CNY last year, primarily due to increased R&D expenses[42] Industry Trends - Technology-driven sectors like AI and innovative pharmaceuticals are leading growth, with companies like New Yi Sheng and Han's Chip benefiting from strong demand and technological advancements[69] - Cost control is becoming a critical competitive advantage, particularly in the energy and manufacturing sectors, as seen with companies like Datang Power (601991.SH) benefiting from lower coal prices[70] - Traditional cyclical industries such as real estate and agriculture are facing significant downward pressure, with companies like Vanke (000002.SZ) and Tianbang Foods (002124.SZ) experiencing substantial losses due to market adjustments[72]

与此同时，南方航空同样预计2025年度实现扭亏为盈，归母净利润预计为人民币8.00亿元到10.00亿 元，扣非净利润预计为1.30亿元到1.90亿元。 南方航空在公告中提及，虽然面临外部环境不确定性、供应链紧张及飞机、航材等成本上涨压力， 但通过抢抓市场机遇、精准投放运力、优化经营布局与成本管控，经营效益持续改善。 值得注意的是，梳理各航司此前财报，上述四家航司在2025年的前三季度均实现了盈利。其中，中 国国航实现归母净利润18.70亿元，同比增长37.31%；东方航空为21.03亿元，同比成功扭亏为盈；南方 航空为23.07亿元，同比增长17.40%；海南航空为28.45亿元，同比增长30.93%。 在业绩预告中，中国国航解释称，在持续优化生产组织、加强成本管控、经营效益呈现增收降成本 特点的背景下，年度亏损主要源于严格执行企业会计准则，在资产负债表日对递延所得税资产账面价值 进行复核并转回部分资产所致。 东方航空亦表示，公司全年运输总周转量和旅客运输量同比分别增长10.82%和6.68%。然而，因在 报告期内根据会计准则转回部分前期可抵扣亏损形成的递延所得税资产，相应增加所得税费用。 2025年四大航空 ...

Core Viewpoint - The article highlights the performance forecast of various A-share listed companies, indicating a significant divergence in earnings growth across different sectors, driven by technological advancements, cost control, and industry cycles [4][62]. Group 1: Companies with Strong Earnings Growth - **New Yisheng (300502.SZ)**: Expected net profit of 9.4 billion to 9.9 billion, a year-on-year increase of 231.24% to 248.86%, driven by rising demand for high-speed optical modules due to global computing power investments [6]. - **Han's Laser (688256.SH)**: Expected net profit of 1.85 billion to 2.15 billion, turning from a loss of 0.452 billion in the previous year, benefiting from the increasing demand for AI computing power [8]. - **Zhongji Xuchuang (300308.SZ)**: Expected net profit of 9.8 billion to 11.8 billion, a year-on-year increase of 89.50% to 128.17%, supported by strong investment in computing infrastructure [10]. - **Runze Technology (300442.SZ)**: Expected net profit of 5 billion to 5.3 billion, a year-on-year increase of 179.28% to 196.03%, primarily due to non-recurring gains from public REITs issuance [12]. - **CITIC Securities (601995.SH)**: Expected net profit of 8.542 billion to 10.535 billion, a year-on-year increase of 50% to 85%, driven by steady growth in core business segments [15]. Group 2: Companies with Earnings Below Expectations - **Great Wall Motors (601633.SH)**: Expected net profit of 9.912 billion, a year-on-year decrease of 21.71%, impacted by increased marketing expenses and intense competition [34]. - **GAC Group (601238.SH)**: Expected net profit of -8 billion to -9 billion, turning from a profit of 0.824 billion in the previous year, due to fierce competition and adjustments in product structure [36]. - **GCL-Poly Energy (002506.SZ)**: Expected net profit of -0.89 billion to -1.29 billion, turning from a profit of 0.068 billion, affected by structural supply-demand issues in the photovoltaic industry [38]. - **Boli Tianheng (688506.SH)**: Expected net profit of -1.1 billion, turning from a profit of 3.708 billion, due to increased R&D expenses [39]. - **Daiyue City (000031.SZ)**: Expected net profit of -2.7 billion to -2.1 billion, continuing losses from the previous year, influenced by asset impairment provisions [42]. Group 3: Industry Trends - **Technological Breakthroughs**: Industries driven by technology, such as AI and innovative pharmaceuticals, are showing strong growth, with companies like New Yisheng and Rongchang Bio leading the way [62][63]. - **Cost Control**: The energy and manufacturing sectors are experiencing a clear divide, with companies like Datang Power benefiting from lower coal prices and effective cost management [64]. - **Downward Pressure from Industry Cycles**: The real estate, agriculture, and photovoltaic sectors are under significant pressure, with companies like Vanke and Tianbang Food facing substantial earnings declines [65][66].

针对春运期间可能出现的大风寒潮、冰雪凝冻等复杂天气，南航贵州公司提前开展运行形势研判，科学 调整航班计划，并同步优化突发事件快速响应机制，配齐配强应急备用设备，实行24小时专人轮岗盯 控，筑牢生产运行"硬件屏障"；针对航班延误、旅客滞留等场景建立"信息同步、资源调配、服务保 障"全链条协同模式，确保航班安全、平稳、有序运行。 编辑：刘润榕 新华财经贵阳2月2日电（记者肖艳）记者从南航贵州公司获悉，南航贵州公司春运首日正式引进第23架 波音737-800飞机，机队规模首次达到23架。为满足乘客出行需求，南航贵州公司计划新增和加密春运 航班共计672架次。 针对广州、深圳、上海、杭州至贵阳及贵阳至哈尔滨、沈阳等冰雪旅游城市航班需求激增的情况，南航 贵州公司精准布局航线网络，计划新增和加密春运航班672架次。一方面，在贵阳至上海、杭州等华东 航线投放载客量更大的177座—185座机型，满足热点航线需求；另一方面，在新开贵阳至沈阳直飞航 线，加密贵阳至乌鲁木齐、杭州、义乌往返航班的基础上，每天再新增1到2班贵阳至台州、贵阳至沈 阳、贵阳至南京往返航班。 ...

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].

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2026 年 02 月 02 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 1）圆通速递举行 2025 年工作总结暨 2026 年工作部署大会，强调"守底线、强基 石、开新路"。1 月 26 日，圆通速递 2025 年工作总结暨 2026 年工作部署大会召开， 圆通速递董事局主席喻渭蛟表示：要打造安全畅通、便捷高效、自主可控、可持续、 有韧性的供应链；要贯彻执行国家邮政局局长赵冲久关于深入推进交通强国邮政篇 建设等 9 个方面的工作，要以"守底线、强基石、开新路"为管理理念和工作指南， 做好各项重点工作。圆通速递总裁潘水苗围绕"守底线、强基石、开新路"对 2026 年重点工作作了具 ...

航班抵达沈阳桃仙国际机场后，早已等候的海关、空港物流站坪保障部、货站开启"绿色通道"，海关实 施"快查、快检、快放"通关模式，仅用90分钟便完成全部查验流程。"这批三文鱼的鲜度完全达到特级 标准，肉质紧实度和营养保留率均优于行业平均水平。"沈阳某高端商超采购负责人表示。 此次4吨挪威三文鱼的成功运输，是沈阳空港物流战略转型重要举措的具体实践，更是有效落实机场集 团领导"面向服务要效益、面向管理提效能、面向市场求发展"要求的缩影。近年来，沈阳空港物流 以"生态共建者"定位，持续完善"物流 + 贸易服务 + 产业"三位一体服务体系，依托航线网络，已构建起 覆盖欧洲、美洲、日韩、东南亚的运输网络，同时建设完善口岸功能，为促进中外经贸合作、丰富国内 消费市场提供更坚实的物流支撑。（编辑：张彤 校对：张薇 审核：程凌） （南航供图） 沈阳空港物流在战略转型之后，瞄准航司驻外营业部，广泛联系法兰克福、迪拜、首尔等地货运经理， 为沈阳国际回程航班货物增量添彩。作为连接欧洲市场与中国东北腹地的关键枢纽，法兰克福办事处积 极配合物流转型发展，充分发挥营业部本地化优势，为此次三文鱼运输搭建起 "产地直达+枢纽中转+终 端配送" ...