Group 1 - During the Spring Festival holiday (February 15 to February 23), China Southern Airlines (CSA) executed over 27,000 passenger flights, transporting nearly 4.65 million passengers, representing a year-on-year increase of nearly 7% [1] - On international and regional routes, CSA saw a significant increase in passenger volume, with over 490,000 passengers carried on more than 2,700 flights, reflecting an 18.3% year-on-year growth, driven by extended holiday and visa facilitation [1] - The average seat occupancy rate for international and regional flights exceeded 93%, particularly on routes to the UK and Singapore [1] Group 2 - CSA focused on meeting dual demands for family visits and tourism by increasing flight capacity on key routes, particularly to popular return destinations and winter tourism spots [2] - During the Spring Festival, CSA operated over 7,100 flights at its Guangzhou hub, serving nearly 1.15 million passengers, with year-on-year increases of 8.2% and 8.7% respectively [2] - In Beijing, CSA managed over 3,100 flights, serving more than 550,000 passengers, with year-on-year growth of 3.2% and 3.5% [2] Group 3 - CSA deployed an average of 77 wide-body aircraft, including Boeing B787, B777, and Airbus A350, to enhance transport capacity and passenger experience [4] - This year, all 9 domestically produced C919 aircraft were put into operation, executing over 290 flights and carrying more than 40,000 passengers during the holiday [4] - To address post-holiday travel challenges, CSA added temporary flights and increased capacity on routes from Hainan to Guangzhou, providing nearly 2,500 additional seats [4]

Core Insights - China Southern Airlines (CSA) executed over 27,000 passenger flights during the Spring Festival holiday, transporting nearly 4.65 million passengers, representing a year-on-year growth of nearly 7% [1][2] Domestic Operations - CSA increased capacity for popular return destinations such as Zhengzhou and Ankang, as well as winter tourism hotspots like Haikou, Sanya, and Harbin during the Spring Festival [2] - In the Guangzhou hub, CSA operated over 7,100 flights, serving nearly 1.15 million passengers, with increases of 8.2% and 8.7% respectively [2] - In the Beijing hub, CSA managed over 3,100 flights and served over 550,000 passengers, with year-on-year growth of 3.2% and 3.5% [2] - In Urumqi, CSA executed over 1,600 flights, carrying 290,000 passengers, marking increases of 4.2% and 10%, achieving historical highs [2] - All 9 C919 domestic aircraft were put into operation during the Spring Festival, with over 290 flights executed and more than 40,000 passengers carried [2] Post-Holiday Adjustments - To address post-holiday ticketing difficulties for travelers leaving Hainan, CSA added 4 temporary flights on the Haikou-Guangzhou and Sanya-Guangzhou routes, increasing capacity by nearly 2,500 seats [2] International and Regional Operations - International routes to destinations like the UK and Singapore were highly favored, with an average passenger load factor exceeding 93% [4] - During the Spring Festival, CSA increased the deployment of wide-body aircraft on routes from Guangzhou to Sydney and Melbourne, executing over 2,700 flights on 56 international and regional routes, carrying over 490,000 passengers, a year-on-year increase of 18.3% [4]

Core Insights - The Spring Festival holiday from February 15 to February 23, 2026, saw Zhuhai Airport handle a total of 2,744 flights and 428,800 passengers, with peak traffic recorded on February 22, marking the highest single-day passenger flow and flight volume since the start of the Spring Festival travel season [1][3] Group 1: Flight Operations - Zhuhai Airport coordinated with 10 airlines, including China Southern Airlines and Shandong Airlines, to optimize flight routes, increasing the frequency of flights to 20 popular cities such as Shanghai, Chengdu, and Hangzhou [3] - New direct flights were added to Harbin, Shenyang, and Changchun, while nine other destinations were restored to meet travel demand during the Spring Festival [3] Group 2: Safety and Security Measures - The airport implemented a comprehensive safety inspection before the holiday, focusing on key areas such as flight operations, runway management, and fire safety, to ensure a secure travel environment [3][4] - A strict duty roster was maintained during the holiday, with enhanced collaboration among air traffic control, on-site units, and airlines to improve flight operation efficiency [3] Group 3: Passenger Services - Zhuhai Airport enhanced passenger services by introducing "Spring Festival guides" and volunteer service positions to assist travelers with baggage check-in, security inquiries, and transportation guidance [4] - Special care services were optimized for elderly passengers and unaccompanied minors, creating a warm and quality travel experience [4] - The airport decorated the terminal with festive decorations and organized special New Year activities to create a celebratory atmosphere for travelers [4]

在空中，乘务组携手旅客开展"黔美贵翼"、"木棉新禧，马上腾飞"等特色主题航班活动，将万米高空装 点成温馨的"云端家园"。特色广播、节日互动，以及"大吉大荔"、"一城一味"等精心准备的年味餐食， 还有部分航线上配备的节庆礼包，让旅客的归途充满欢声笑语与家乡味道。 （来源：百姓关注） ...

Group 1 - The core point of the article highlights the significant demand for flights from Sanya to major cities like Beijing and Shanghai during the Spring Festival, with nearly all economy class tickets sold out and business class prices nearing 10,000 yuan [1][3] - On February 23, direct flights from Sanya to Guangzhou were fully booked, forcing travelers to opt for longer and more expensive connecting flights, with prices also approaching 10,000 yuan [3] - The airline industry has responded to the high ticket prices, stating that price fluctuations during the Spring Festival are normal due to market supply and demand, and that all domestic flight prices are strictly regulated [4] Group 2 - All four major airlines have increased flights to Hainan, with Hainan Airlines adding four new flights from Haikou to Fuzhou and Ningbo, approved by the Civil Aviation Administration [5] - Since the start of the Spring Festival on February 2, the three major airports in Hainan have seen record-high flight volumes and passenger throughput, with over 20,000 passengers daily for 15 consecutive days [8] - The airlines have added over 2,000 extra flights during the Spring Festival, increasing seat capacity by 600,000, and are expected to exceed 10 million seats over the 40-day period, a 10% increase compared to 2025 [8]

2026.02.24 本文字数：2360，阅读时长大约4分钟 作者 | 第一财经 陈姗姗 "除夕前一天才决定什么时候回去，一看两大机场都没经济舱了，好在蹭到了增班放票。" 刘林今年春节跟家人一起飞海南过年，由于没有及早购买回程票，一度陷入只能买高价公务舱返程机票的尴尬。这样的情况并非个案。 今年是海南自贸港封关运作后的首个春节，海南旅游的热度持续攀升，除了全国各地的旅客涌向海南，外国人来海南过中国年的也不少。 史上最长春节也显著推高了春节长线出境游需求，泰国位列多个平台热门出境目的地首位。 每天超10万人飞向海南 今年春运2月2日启动以来，岛内三大机场航班量、旅客吞吐量屡创新高，累计已有15天单日旅客吞吐量超过20万人次。 多家在线旅游平台数据显示，海南民航客流规模预计超越历史同期。尤其是三亚，十大客源地热门为北京、上海、成都、西安、杭州、重庆、广州、哈尔 滨、深圳、郑州。 大年初四，三亚西岛海洋文化旅游区一早就在官方账号发布"线上购票预约已达上限，景区11:00点暂停线上渠道售票，预计13:30临时暂停线下售票"的信 息。 在三亚住在离市区更近的大东海的刘林，感觉这里三分之一都是俄罗斯人，酒店里和沙滩上也都 ...

Group 1 - The core viewpoint of the report indicates that the Spring Festival travel period in 2026 has seen a significant increase in passenger flow, with a year-on-year growth of 6.0% as of February 22, 2026, across all transportation modes: road +6.0%, rail +5.3%, and air +6.0% [1] - During the pre-holiday period (February 2-14), the passenger flow increased by 3.1%, with a weaker holiday effect due to six working days before the holiday, leading to a peak in passenger flow occurring in the five days before the New Year's Eve [1] - The mid-holiday period (February 15-23) experienced a notable increase in passenger flow by 9.7%, with all three major transportation modes showing significant growth compared to the pre-holiday period, driven by an extended holiday and increased travel demand [2] Group 2 - The aviation sector saw an average daily passenger volume of approximately 2.39 million during the first 21 days of the Spring Festival, reflecting a year-on-year growth of 6.0%, aligning with expectations [4] - The estimated domestic passenger load factor increased by about 1-2 percentage points year-on-year, while the estimated base ticket price (excluding fuel surcharges) rose by approximately 3-4% [5] - The report anticipates that the airline industry will experience a significant improvement in profitability during the Spring Festival season in 2026, with the potential for industry-wide profitability in Q1 2026 [5] Group 3 - The report suggests that the Chinese aviation industry is entering a "super cycle," driven by sustained demand growth and a market shift towards price realization, which is expected to enhance profitability and ticket prices [6] - The report recommends increasing holdings in the aviation sector, specifically highlighting companies such as Air China (601111.SH), Juneyao Airlines (603885.SH), China Eastern Airlines (600115.SH), China Southern Airlines (600029.SH), and Spring Airlines (601021.SH) as potential investment opportunities [6]

Investment Rating - The report assigns an "Overweight" rating for the aviation industry [5]. Core Insights - The 2026 Spring Festival travel demand is robust, with significant growth in air passenger traffic and an increase in ticket prices. The trend is expected to continue positively after the holiday, supported by lower oil prices, leading to improved profitability for airlines compared to the previous year [3][4]. Summary by Sections Overall Travel Volume - As of February 22, 2026, the total social mobility volume increased by 6.0% year-on-year, with aviation matching this growth rate. The travel volume during the pre-holiday period (February 2-14) grew by 3.1%, while the mid-holiday period (February 15-23) saw a significant increase of 9.7% [5][6][7]. Air Passenger Traffic - The average daily passenger volume for civil aviation during the first 21 days of the Spring Festival was approximately 2.39 million, reflecting a year-on-year growth of 6.0%. The growth rate aligns with expectations from the aviation authority. The limited increase in flight schedules has been noted, with a 5% increase in actual flights compared to the previous year [5][8]. Ticket Prices and Load Factors - The report estimates that the domestic load factor increased by approximately 1-2 percentage points year-on-year, with ticket prices (excluding fuel surcharges) rising by about 3-4%. The decrease in jet fuel prices by 13% year-on-year is expected to enhance the gross profit margins for airlines [5][8]. Future Outlook - The report anticipates a "super cycle" for the Chinese aviation industry, driven by sustained demand growth and a shift towards market-driven pricing. The expectation is that the supply-demand dynamics will improve in 2026, leading to upward trends in ticket prices and profitability. The report recommends an "Overweight" position on the aviation sector, highlighting specific airlines such as Air China, Juneyao Airlines, China Eastern Airlines, China Southern Airlines, and Spring Airlines for investment [5][14].

Investment Rating - The report maintains a positive outlook on the aviation sector, indicating it is entering a golden era [3][10]. Core Insights - Passenger volume has reached a historical high, demonstrating strong demand resilience, with an average daily passenger flow of 2.11 million people, a year-on-year increase of 6% [3]. - The average domestic ticket price is 1,010 yuan, reflecting a 3% year-on-year increase [3]. - The supply side remains constrained, with limited increases in seat capacity, averaging 82.4% occupancy rate, up 2 percentage points year-on-year [3]. - The report anticipates continued strong performance in passenger volume and pricing during the peak travel period, with daily passenger numbers exceeding 2.3 million during the holiday [3]. - The report highlights significant growth in non-first-tier tourist airports, with passenger flow at Chaozhou Airport increasing by 30% and Nanning Airport by 26% [3]. - The aircraft supply chain faces ongoing challenges, with a significant gap between demand and supply for new aircraft and engine maintenance [3]. - The report recommends investing in the aviation sector, citing high passenger load factors and a confirmed growth trend in inbound and outbound travel [3][10]. Summary by Sections Passenger Volume and Pricing - Domestic passenger volume has reached a record high, with an average daily flow of 2.11 million people, a 6% increase year-on-year [3]. - The average ticket price is 1,010 yuan, up 3% year-on-year [3]. - The report expects continued strong performance in passenger volume and pricing during the holiday peak [3]. Supply Chain Challenges - The aircraft supply chain remains under significant pressure, with production not meeting the dual demands of new aircraft deliveries and maintenance [3]. - Airbus has adjusted its 2027 production guidance due to engine delivery issues, indicating ongoing supply constraints [3]. Investment Recommendations - The report recommends a focus on the aviation sector, highlighting the potential for a golden era due to high load factors and increasing travel demand [3][10]. - Specific companies recommended for investment include China Southern Airlines, China Eastern Airlines, Spring Airlines, and others [10].

Group 1 - Hainan Airlines has received approval for four additional flights from Haikou to Fuzhou and Ningbo starting February 26, 2023, as part of efforts to meet the returning passenger demand during the peak travel period [1] - All four major airlines have increased flights to Hainan, with significant additions to routes from Haikou Meilan Airport to major cities such as Beijing, Shanghai, and Chengdu [1] - Since the start of the Spring Festival travel rush on February 2, 2023, Hainan's three major airports have seen record-high flight volumes and passenger throughput, with over 20,000 passengers on single days for 15 consecutive days [1] Group 2 - To address the peak return travel demand, Hainan Airport, in coordination with 18 operating airlines, has implemented flexible capacity adjustments, including adding flights and adjusting aircraft types [2] - Airlines have added over 2,000 flights during the Spring Festival travel period, increasing seat capacity by 600,000, with a total of over 10 million seats available, representing a 10% increase compared to 2025 [2] - The Civil Aviation Administration has approved additional flights specifically targeting popular destinations like Shanghai and Beijing, with over 100 flights daily between Hainan and these cities during the peak days [2] Group 3 - Hainan's provincial leadership emphasizes the importance of ensuring absolute safety in aviation operations during the Spring Festival travel period, advocating for reasonable duty arrangements and a proactive approach to safety [3] - There is a focus on optimizing capacity allocation and enhancing service quality across the travel experience, including tourism, shopping, and transportation services [3] - The government aims to strengthen public communication and respond to social concerns to create a positive public opinion environment [3]