Group 1 - The core viewpoint of the article highlights a significant decline in Hong Kong airline stocks following the end of the 2026 Lunar New Year holiday, with China Southern Airlines dropping over 5%, and both Air China and China Eastern Airlines falling more than 4% [1] - The civil aviation market is entering a traditional off-peak season, contrasting sharply with the high demand during the holiday period, where ticket prices have plummeted, with some domestic routes offering prices as low as 10% of their original cost [1] - From February 23, the peak travel period, domestic flight ticket prices have started to significantly decrease, with an expected average price drop of over 50% by March 13 [1] Group 2 - Analysts suggest that the post-holiday price drop, exemplified by tickets from Beijing to Sanya priced at 300 yuan, is a typical phenomenon in the civil aviation market, indicating a short-term emotional disturbance for airline stocks [1] - However, the long-term outlook remains positive, as this price adjustment may reinforce the overall industry dynamics and attractiveness [1]

Group 1 - The core viewpoint of the article emphasizes the collaboration between Guangzhou's government and China Southern Airlines Group to enhance the city's status as an international aviation hub and economic center [2][3] - Guangzhou's government expresses gratitude for the contributions of China Southern Airlines to the city's economic development and highlights the importance of building a higher-level international aviation hub for the city's modernization efforts [2] - China Southern Airlines plans to increase investment in Guangzhou, expand its route network, and enhance capacity to support the development of the Guangdong-Hong Kong-Macao Greater Bay Area's world-class airport cluster [2][3] Group 2 - China Southern Airlines aims to strengthen its international route network and develop the airport economy to facilitate Guangzhou's foreign trade and investment [3] - The airline is committed to improving safety management and risk control while enhancing its hub operations in Guangzhou [3] - The company will focus on the localization of important civil aviation information systems and provide high-quality aviation services to contribute to Guangzhou's economic growth and high-level opening-up [3]

Investment Rating - The industry rating is "Outperform" [1] Core Insights - Aircraft manufacturers are slowly recovering their production capacity, but the backlog of aircraft orders remains at a historically high level. In January 2026, Boeing delivered 46 aircraft, while Airbus delivered 19. IBA predicts that Airbus will deliver slightly more than 900 aircraft in 2026, and Boeing is expected to deliver around 670 aircraft for the year. The demand for aircraft orders continues to be strong, with backlog levels remaining high [2][7][8]. - The secondary aircraft trading market has been strengthening since the pandemic's impact has diminished. Narrow-body aircraft, particularly the Airbus A320/A321 series and Boeing 737NG series, dominate the market. Demand comes from existing operators, as well as from dismantling traders and spare parts suppliers. The market value and rental levels for wide-body aircraft are also on the rise, driven by high engine overhaul costs and a shortage of maintenance slots. Despite limited availability of aircraft and engines for sale, the overall aircraft trading market is expected to remain strong [2][41]. - Overall, while aircraft manufacturers' production capacity has improved, it still struggles to meet the ongoing demand for aircraft. The aircraft leasing industry is expected to benefit from the tight supply-demand dynamics. The Asia-Pacific aviation market has significant growth potential, providing broader development space for Chinese aircraft leasing companies. Compared to global leasing leader AerCap, Chinese leasing companies are currently undervalued and possess higher order elasticity, making them worthy of attention [2]. Summary by Sections 1. Aircraft Supply Continues to be Tight - Aircraft manufacturers are facing production constraints due to supply chain issues and labor shortages, leading to delivery delays. The backlog of orders remains high, with a total of 15,560 aircraft orders as of the end of January 2026 [2][8]. 2. Civil Aviation Passenger Demand Update - Global aviation passenger traffic growth has slowed, with a year-on-year increase of 5.6% in December 2025, slightly down from 5.8% in November. The load factor was 83.7%, a slight decrease from 83.9% in December of the previous year [13][17]. - International routes are showing steady growth, with international passenger RPK increasing by 7.7% year-on-year in December 2025. The Asia-Pacific region's international passenger traffic remains strong, with a year-on-year growth of 7.5% [20]. 3. Aircraft Leasing Company Dynamics - As of June 30, 2025, Bohai Leasing has the highest number of owned aircraft (628), while China Aircraft Leasing has the least (151). In terms of aircraft orders, Bohai Leasing also leads with 442 orders [39][45]. - The average remaining lease term for China Aircraft Leasing is relatively long at 7.9 years, ensuring long-term stability for the company's leases [48].

旅客量创历史新高的同时，机票价格也是水涨船高。贝壳财经记者从航班管家App获悉，春节期间，民航经济舱平均票价达1026.9元，同比2025年春节增 长6.6%。 不过，春节假期过后不少航线的机票价格立刻"跳水"。 贝壳财经记者查询多个OTA平台发现，不少航线的票价不到1折。比如2月27日国航上海浦东到成都双流的最低票价380元；同日，东航上海浦东到武汉天 河机票249元起；南航上海浦东到青岛胶东机票240元。 航旅纵横大数据显示，2月24日-3月13日的国内航线机票平均价格（不含税）约950元，比2026春节假期机票平均价格回落约13%。不过贝壳财经记者也注 意到，目前大多数国内航线的最低票价都在200元以上，已经很少能够看见9元、99元之类超低价机票。这其实与近年来中国民航局持续整治"内卷"，限制 航司过度低价有关。 新京报贝壳财经记者 俞金旻 编辑 陈莉 校对 卢茜 2月25日，记者从中国民航局 获悉，2026年9天春节（2月15日至2月23日）假期期间，全国民航累计运输旅客2205万人次，比2025年春运同期（2025年1月 27日至2月4日，共9天）增长7.7%。其中，2026年2月23日（正月初七） ...

Core Insights - The Chinese civil aviation industry experienced a record high in passenger transport during the Spring Festival holiday, with a total of 22.05 million passengers transported, marking a 7.7% increase compared to the same period in 2025 [1] - The average daily passenger transport volume reached 2.452 million, a 7.3% year-on-year increase, also the highest level recorded for the Spring Festival [1] - Ticket prices for economy class flights rose significantly during the holiday, with an average price of 1,026.9 yuan, reflecting a 6.6% increase from 2025 and a 7.6% increase compared to pre-pandemic levels in 2019 [2] Passenger Transport Performance - On February 23, 2026, the peak day of passenger transport, 2.668 million passengers were transported, setting a new historical record [1] - China Eastern Airlines and China Southern Airlines reported record-breaking passenger numbers, with China Eastern Airlines transporting 526,000 passengers on February 22, 2026 [1] - Major airports, including Baiyun Airport and Shanghai Airport, also reported record passenger flow during the holiday [1] Ticket Pricing Trends - Following the Spring Festival, ticket prices for many routes dropped significantly, with some prices falling below 200 yuan [5] - The average ticket price for domestic routes from February 24 to March 13 is approximately 950 yuan, a decrease of about 13% from the Spring Festival average [6] - Price reductions were more pronounced for flights departing from major cities, with average price drops of around 30% from Beijing, 35% from Shanghai, and 31% from Guangzhou [6] Regulatory Environment - The Civil Aviation Administration of China (CAAC) is actively monitoring ticket pricing to prevent excessive low pricing and maintain market stability [7] - A new passenger transport cost investigation method is being developed, along with a price monitoring and early warning mechanism to coordinate the regulation of sales platforms [7]

Group 1: Passenger Transport Performance - During the 9-day Spring Festival holiday from February 15 to 23, 2026, the national civil aviation transported a total of 22.05 million passengers, representing a 7.7% increase compared to the same period in 2025 [1] - On February 23, 2026, the passenger transport reached a record high of 2.668 million, marking the highest single-day passenger volume in history [1] - The average daily passenger transport volume during the 9 days was 2.452 million, a 7.3% increase year-on-year from the 2025 Spring Festival, also the highest level recorded [1] Group 2: Airline and Airport Records - China Eastern Airlines reported a peak passenger volume of 526,000 on February 22, 2026, setting a new single-day record for the company [1] - Southern Airlines also achieved historical highs in both flight operations and passenger volume at its Urumqi hub during the same period [1] - Baiyun Airport and Shanghai Airport reported consecutive record-breaking passenger flow on specific days during the holiday [1] Group 3: Ticket Prices Trends - The average economy class ticket price during the Spring Festival period reached 1,026.9 yuan, a 6.6% increase compared to the 2025 Spring Festival and a 7.6% increase compared to the pre-pandemic 2019 Spring Festival [2] - Following the Spring Festival, ticket prices for many routes dropped significantly, with some prices falling below 200 yuan [4] - Data from February 24 to March 13 indicated that the average ticket price for domestic routes (excluding tax) was approximately 950 yuan, a decrease of about 13% from the Spring Festival average [7] Group 4: Regulatory Measures - The Civil Aviation Administration of China (CAAC) is working on a passenger transport cost investigation method and plans to establish a fare monitoring and early warning mechanism to prevent excessive low pricing by airlines [7] - The CAAC is collecting data from airlines to assess cost situations on different routes, which will inform future fare monitoring efforts [7]

Core Insights - The civil aviation industry in China experienced a busy holiday period during the Spring Festival, with a total of 22.05 million passengers transported and 171,000 flights operated from February 15 to 23, marking a year-on-year increase of 7.7% and 4.4% respectively compared to the same period in 2025 [1] Group 1: Passenger and Flight Statistics - During the Spring Festival, the peak day on February 23 saw 2.668 million passengers, a 7.6% increase from the same day in 2025, setting a new historical record [1] - The average daily passenger count was 2.45 million, with an average of 18,956 flights operated daily during the holiday [1] Group 2: Southern Airlines Performance - Southern Airlines executed over 27,000 passenger flights during the Spring Festival, transporting nearly 4.65 million passengers, reflecting a year-on-year growth of nearly 7% [1] - In the Guangzhou hub, Southern Airlines operated over 7,100 flights and served nearly 1.15 million passengers, with increases of 8.2% and 8.7% respectively [2] - The airline also addressed post-holiday travel challenges by adding temporary flights and larger aircraft on key routes, increasing capacity by nearly 2,500 seats [2] Group 3: Aircraft and Route Developments - Southern Airlines fully utilized 9 domestically produced C919 aircraft during the holiday, operating on 8 routes and completing over 290 flights, carrying more than 40,000 passengers [2] - Internationally, Southern Airlines saw a significant demand for routes to the UK and Singapore, achieving an average load factor exceeding 93% [3] - The airline executed over 2,700 flights on 56 international and regional routes, transporting over 490,000 passengers, which is an 18.3% increase year-on-year [3]

《中国民航报》、中国民航网 记者胡夕姮 通讯员徐伟杰、潘水花、施博文、范方园 报道：2026年春节 假期（2月15日至23日，腊月廿八至正月初七），中国南方航空在上海虹桥、浦东两大机场共执行进出 港航班超1600班，保障进出港旅客超过30万人次，旅客出行热情持续高涨。 在万米高空，南航上海分公司在部分航班上推出"木棉新禧"主题特色航班，通过"笔墨书福""金墨拓 福""云端祈福"等互动环节，将"亲和精细"服务理念与春节传统文化相融合。机组人员还以"诗意云 端"主题广播为旅客送去新春祝福，让中外旅客在空中体验别样的节日仪式感。 南航方面表示，春运仍在继续，公司将根据客流动态持续优化运力与服务保障，确保广大旅客安全、顺 畅、温暖出行。（编辑：许浩存 校对：陈虹莹 审核：程凌） 自2月2日春运启动以来，截至2月23日，南航在沪已累计保障进出港航班4400余班，服务旅客超73万人 次。其中2月23日迎来返程最高峰，单日旅客量超过3.8万人次。 （本文图片均由南航提供） 为营造喜庆祥和的节日氛围，南航上海分公司在虹桥、浦东两场的明珠休息室精心策划了"骏马迎新"春 节游园会。休息室内装饰以马年为主题，工作人员为旅客送上特色 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Transportation and Tourism - **Event**: Chinese New Year (CNY) Holiday 2026 - **Duration**: February 15-23, 2026 (9 days) compared to January 28-February 4, 2025 (8 days) [2][4] Core Insights - **Air Passenger Growth**: - Average daily air passengers increased by 7.4% year-over-year (YoY) during the CNY holiday, with total air passengers growing by 21% YoY due to the extra day [2] - Chinese airports experienced a 22% YoY growth in air passengers, averaging 8.5% daily growth across both domestic and international routes [2] - **Domestic Tourism**: - Domestic tourists reached 596 million during the 2026 CNY holiday, a 19% YoY increase from 501 million in 2025 [2][7] - Total domestic tourism spending also grew by 19% YoY, indicating a robust recovery in consumer spending [4][7] - **Ticket Pricing**: - Average ticket prices rose by 3.6% YoY during the holiday period [2] - Strong holiday air ticket pricing is expected to support higher passenger load factors (PLFs) and pricing for Chinese airlines in 2026-27 [7] Additional Observations - **Cross-Border Travel**: - Daily cross-border travelers increased by 10.1% YoY, with total growth reaching 24% YoY due to the additional holiday day [3][7] - **Increased Demand**: - The longer holiday period has effectively boosted leisure travel demand, supporting the view that more holidays can enhance tourism spending in China [7] - **Market Outlook**: - While air prices may soften starting late February due to potential demand disruptions during the Two Sessions, the long-term outlook remains positive [7] Potential Risks - **Demand Disruptions**: - Anticipated disruptions in demand during the Two Sessions could impact air pricing and passenger volumes [7] Conclusion - The CNY holiday period in 2026 demonstrated significant growth in both domestic tourism and air travel, indicating a strong recovery in the sector. The positive trends in spending and passenger numbers suggest a favorable outlook for the Chinese transportation and tourism industry moving forward.

Group 1 - The 2026 Spring Festival holiday from February 15 to February 23 generated strong travel demand, leading airlines to increase capacity to meet passenger needs [1][2][3] - China Eastern Airlines reported carrying over 4.33 million passengers during the holiday, with an average of over 481,000 passengers per day, a year-on-year increase of 6.5% [1] - China Southern Airlines transported nearly 4.65 million passengers, executing over 27,000 flights, with a year-on-year growth of nearly 7% [2] Group 2 - China International Airlines plans to execute over 70,000 flights during the Spring Festival period, a 10.1% increase from 2025, with an average of about 1,800 flights per day [3] - Spring Airlines aims to operate over 24,000 flights and transport over 4 million passengers, with a significant increase of over 10% in flight volume compared to 2025 [3] - Both China Eastern and China Southern Airlines focused on popular domestic routes, enhancing flight frequency and capacity to accommodate travel to destinations like Harbin, Sanya, and other winter tourism hotspots [1][2]