记者 ｜ 陈姗姗 编辑 ｜ 钉钉 今天下午，国航、东航、南航陆续发布通知称，1月26日前出票，航班起飞日期在2026年3月29日 （含）至2026年10月24日（含）的日本进出港或经停航班，可免费退改签。 在此之前，免费退改签政策执行到3月28日。 ...

今天下午，国航、东航、南航陆续发布通知称，1月26日前出票，航班起飞日期在2026年3月29日（含） 至2026年10月24日（含）的日本进出港或经停航班，可免费退改签。 （文章来源：第一财经） 在此之前，免费退改签政策执行到3月28日。 ...

Core Viewpoint - China Southern Airlines will launch a direct flight route from Beijing Daxing to Helsinki, Finland, on March 29, 2026, marking its first service to Finland and Daxing Airport's first direct route to Northern Europe [1][5]. Group 1: Route Details - The initial operation will feature three flights per week on Tuesdays, Thursdays, and Sundays, increasing to daily flights starting June 20 [1]. - Flight CZ8171 will depart from Beijing Daxing at 14:45 and arrive in Helsinki at 18:35, while return flight CZ8172 will leave Helsinki at 20:35 and arrive back in Beijing at 09:45 the next day [3]. Group 2: Strategic Importance - The opening of this route is significant for Daxing Airport's international network expansion, enhancing its connectivity and solidifying its role as a key driver of national development [9]. - Helsinki serves as a major aviation hub and is expected to cater to both business and leisure travel demands, facilitating connections to other major cities in Northern Europe [5][9]. Group 3: Bilateral Relations - Finland was one of the first Western countries to recognize and establish diplomatic relations with New China, and the partnership between China and Finland continues to deepen across various sectors [7]. - Trade between China and Nordic countries is on the rise, with China becoming an increasingly important market for Finnish companies [7].

北京商报讯（记者 关子辰 牛清妍）1月26日，记者从南航获悉，即日起，南航联合广州白云国际机场，在广州始发的所有国内航班上推出"一刻登机"服务。 值得留意的是，"一刻登机"服务覆盖的航线，对于有行李托运的旅客，托运行李截止办理时间仍为航班起飞前30分钟。针对没有行李托运的旅客，该服务取 消了值机柜台停止办理手续（值机截载）的时间要求，旅客只需在航班登机口关闭前（即航班计划起飞时刻之前15分钟）完成值机、安检及登机即可。对于 轮椅旅客、行动不便旅客、首次乘机旅客等有特殊服务需求的群体，南航建议预留足够的乘机时间。南航也为特殊旅客群体设置了服务专区，减少旅客等候 时间。 除了航线的拓宽外，南航通过官方App上线机场航站楼内导航功能，覆盖值机柜台、安检通道、登机口、行李转盘、到达出口及机场商圈全场景的导航，为 出行旅客自动生成最优通行路线，并能跟随旅客位置变化实时更新导航指引，以此支持"一刻登机"服务。 据了解，"一刻登机"服务打破国内民航业普遍提前30至40分钟关闭值机柜台的惯例，减少传统值机截载时间对旅客改签的限制，进一步把时间留给旅客。 ...

交通运输 2026 年 01 月 26 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 范晨轩 A0230525070003 fancx@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 联系人 范晨轩 A0230525070003 fancx@swsresearch.com 快递航运持仓下降，航空持仓上行 看好 ——2025Q4 交运行业基金重仓分析 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 行 业 及 ⚫ 航空运输、港口、跨境物流、高速公路持仓市值大幅提升，快递、航运持仓有所下降。 Q4 航运、港口、跨境物流及高速公路板块公募持仓市值环比 Q3 有较大增长，快递、 航运持仓环比有所下降。 ⚫ 2025Q4 交运行业基金配置总市值达到 215 亿元，环比增长 19%，配置总市值在申万 31 个行业中排名第 16 名，环比 Q3 上升 1 名。交运行业基金持仓占全部基金 ...

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry, indicating an expectation of relative performance that exceeds the relevant market indices over the next 12 months [10]. Core Insights - In Q4 2025, the transportation sector's public fund heavy holding ratio decreased by 0.03 percentage points to 1.09%, primarily due to significant reductions in logistics and supply chain investments, while the aviation sector saw a slight increase in allocation [2][6]. - The number of heavily held stocks in the transportation sector increased to 60, with a total market value of 21.49 billion yuan, reflecting a 15.3% quarter-on-quarter increase [6]. - The transportation sector index outperformed major indices such as the Shanghai Composite Index, CSI 300, and ChiNext Index, with a quarterly increase of 3.4% [6]. Summary by Sections Fund Holdings - The transportation sector's allocation is ranked 17th among 32 primary industries, indicating an underweight status compared to the standard allocation ratio of 2.46% [6]. - The allocation ratios for sub-sectors in Q4 2025 are as follows: Aviation (0.50%), Logistics and Supply Chain (0.34%), Rail and Road (0.12%), Maritime (0.08%), and Transportation Infrastructure (0.05%) [6][14]. Heavy Holdings - The top five heavily held stocks in the transportation sector accounted for 57.7% of the total market value, with the top ten accounting for 79.2%, indicating an increase in concentration [7]. - The leading stocks by market value in Q4 2025 were China Eastern Airlines (4.55 billion yuan), Southern Airlines (3.08 billion yuan), and SF Express (2.29 billion yuan) [7][22]. Northbound Capital - Northbound capital holdings in the transportation sector increased to 4.3%, with the aviation sector being the largest segment at 11.61 billion yuan, representing 27.5% of the transportation industry [8][26]. - The top five stocks with the highest foreign ownership ratios included Sichuan Chengyu, Southern Airlines, and Iron Dragon Logistics, with foreign ownership ratios of 15.4%, 14.6%, and 8.1% respectively [8][26].

Group 1 - The National Development and Reform Commission (NDRC) has issued guidelines for the sustainable development of intercity railways, stating that new projects should have a minimum bidirectional passenger flow density of 15 million trips per year [5] - New standards for the coal industry have been released to promote clean and efficient utilization, aiming to elevate coal products from primary fuels to high-value products [6] - Beijing's new energy vehicle ownership has surpassed 1.3 million, with over 80% of vehicles meeting the "National V" emission standards [8] Group 2 - Tencent announced a cash giveaway of 1 billion yuan for the upcoming Spring Festival, aimed at increasing user engagement on its Yuanbao app [13] - Baidu plans to distribute 500 million yuan in cash through its Wenxin assistant during the Spring Festival, enhancing user stickiness [14] - China Southern Airlines will increase its flights on the Guangzhou-Istanbul route from three to ten weekly, capitalizing on Turkey's visa-free policy [16] Group 3 - Samsung Electronics has raised the price of its NAND flash memory by over 100% for the first quarter, indicating a strong demand driven by the AI boom [23] - The first automated production line for robot joints has been launched by Yiyou Technology, marking a significant step towards mass production in the humanoid robot sector [20] - The "Chen Xiaoqun" concept stock has been under scrutiny for its speculative trading practices, highlighting the influence of algorithm-driven trading in the A-share market [9]

投资要点： [Table_Report] 相关报告 运输《航空春运预售启动，预计因私需求旺盛》 2026.01.23 运输《春运预售开始启动，预计需求保持旺盛》 2026.01.20 运输《航空春运预售启动，原油运价大幅飙升》 2026.01.18 运输《原油运价大幅调涨，干散运价淡季回落》 2026.01.18 运输《航空深入"反内卷"，原油运价快速回升》 2026.01.11 证 券 研 究 报 告 股 票 研 究 请务必阅读正文之后的免责条款部分 春运客流再创新高，原油运价维持高位 [Table_Industry] 运输 ——国泰海通交运周观察 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | | --- | --- | --- | --- | --- | | 岳鑫(分析师) | 0755-23976758 | yuexin@gtht.com | S0880514030006 | | | 陈亦凡(研究助理) | 0755-23976151 | chenyifan2@gtht.com | S0880124070025 | [Table_subIndustry] | 本报告导 ...

1月25日，据中国南方航空消息，南航计划自3月21日起将广州-伊斯坦布尔航线从每周3个往返航班加密 至每周7个往返航班，实现每日均有航班，并将于3月30日起继续加密至每周10个往返航班。南航除在广 州-伊斯坦布尔航线增班外，还计划在北京大兴、乌鲁木齐至伊斯坦布尔航线上增加频次，届时每周航 班量预计会达到17个。此前，南航已开通广州、北京大兴和乌鲁木齐至伊斯坦布尔的直飞航线。 ...

Core Viewpoint - Shijiazhuang Zhengding International Airport is enhancing its flight network in preparation for the 2026 Spring Festival travel season, focusing on increasing capacity for key routes to meet passenger demand for travel to popular cities and family reunions [1][2]. Group 1: Flight Network Optimization - The airport has added new direct flights from Shijiazhuang to Fuzhou, with a daily flight schedule, increasing the frequency to a maximum of 4 flights per day [1]. - Starting February 2, Spring Airlines will increase the Shijiazhuang-Changchun route to 5 flights per week, with a maximum of 6 flights per day after the new schedule [2]. - China Southern Airlines will also enhance the Shijiazhuang-Guangzhou route by adding early and late flights, raising the total to 8 flights per day, which provides better coverage for different travel times [2]. Group 2: Additional Route Enhancements - Other airlines are set to increase flights to key hub cities such as Chengdu, Nanning, Shenyang, Dalian, Ningbo, Xiamen, and Yinchuan, offering more options for returning travelers and efficient routes for business travelers [2]. - During the Spring Festival, the maximum number of flights from Shijiazhuang to Chengdu will reach 11, with 7 flights to Shanghai, 6 to Harbin, and 5 to Xiamen, enhancing travel convenience and flexibility for passengers [2]. Group 3: Future Plans - The airport will continue to monitor changes in travel demand during the Spring Festival and work with airlines to optimize flight capacity and improve service measures for a smoother travel experience [3].