Group 1 - The core viewpoint of the article is that China Southern Airlines reported a decline in passenger capacity and turnover for January 2026, while showing mixed results in international and regional segments [1] Group 2 - In January 2026, the passenger capacity (measured in available seat kilometers) decreased by 1.10% year-on-year, with domestic capacity down by 5.42%, while regional and international capacities increased by 0.12% and 10.45% respectively [1] - The passenger turnover (measured in revenue passenger kilometers) fell by 2.86% year-on-year, with domestic turnover down by 6.91%, while regional and international turnovers rose by 1.12% and 7.96% respectively [1] - The passenger load factor was 83.26%, a decrease of 1.51 percentage points year-on-year, with domestic and international load factors down by 1.34 and 1.90 percentage points, while regional load factor increased by 0.77 percentage points [1] Group 3 - In terms of cargo, the cargo capacity (measured in available ton kilometers) saw a slight decrease of 0.03% year-on-year, while the cargo turnover (measured in revenue ton kilometers) increased by 7.65% [1] - The cargo load factor was 50.39%, which represents an increase of 3.59 percentage points year-on-year [1] Group 4 - As of the end of January 2026, the company had a total of 971 operational aircraft after retiring one A321 aircraft [1]

2026年1月，中国南方航空股份有限公司及所属子公司客运运力投入同比下 降1.10%，其中国内同比下 降5.42%，地区和国际分别同比上升 0.12%和10.45%；旅客周转量同比下降2.86%， 其中国内同比下降 6.91%，地区和国际分别同比上升1.12%和 7.96%；客座率为83.26%，同比下降1.51个百分点，其中国内 和 国际分别同比下降1.34和1.90个百分点，地区同比上升0.77个百 分点。 ...

Core Viewpoint - China Southern Airlines reported a decline in passenger capacity and turnover for January 2026, with mixed performance in domestic, regional, and international segments [1] Passenger Operations - Passenger capacity (measured in available seat kilometers) decreased by 1.10% year-on-year, with domestic capacity down by 5.42%, while regional and international capacities increased by 0.12% and 10.45% respectively [1] - Passenger turnover (measured in revenue passenger kilometers) fell by 2.86% year-on-year, with domestic turnover down by 6.91%, while regional and international turnovers rose by 1.12% and 7.96% respectively [1] - The passenger load factor was 83.26%, a decrease of 1.51 percentage points year-on-year, with domestic and international load factors down by 1.34 and 1.90 percentage points, while regional load factor increased by 0.77 percentage points [1] Cargo Operations - Cargo capacity (measured in available ton kilometers) saw a slight decline of 0.03% year-on-year [1] - Cargo turnover (measured in revenue ton kilometers) increased by 7.65% year-on-year [1] - The cargo load factor was 50.39%, an increase of 3.59 percentage points year-on-year [1] Fleet Information - As of the end of January 2026, the company had retired one A321 aircraft, bringing the total operational fleet to 971 aircraft [1]

截至目前，南航已有9架国产大飞机C919入列。去年春运，南航C919首次投入春运保障当中，而今年春运，南航C919已常态化执行广州往返西安、武汉、长 沙、杭州、宁波、南京，以及长沙往返北京大兴、上海浦东等8条航线，整个春运预计执行航班超1000班次。 南航飞行总队C919机队机长彭凯：去年很多旅客都是第一次听说C919，今年可能有些不一样，很多旅客已经主动选乘去拍照打卡这个机型了。 旅客肖界魁：我就专门选了这一趟C919，也是我第一次体验这趟飞机，国产C919的交付数量越来越多，对我们的出行也是一个更好的选择。 [ 责编：姜姝琪 ] （点击图片观看完整视频） 昨天（2月11日），中国南方航空最新接收的第九架国产大飞机C919正式投入运营，首航航班执飞广州往返西安航线。 昨晚，南航新投入运营的国产大飞机C919从西安咸阳国际机场返回广州白云国际机场，完成首航后，该飞机将在春运期间，每日执飞长沙至北京大兴航线 的2个往返航班。 ...

Core Viewpoint - The article highlights the successful operations and initiatives of China Southern Airlines Shantou during the 2026 Spring Festival travel season, showcasing increased passenger traffic and special services aimed at enhancing the travel experience for customers. Group 1: Passenger Traffic and Operations - During the first week of the Spring Festival (February 2 to February 8), China Southern Airlines Shantou executed flights at a 15% increase year-on-year, carrying 82,800 passengers, which is a 10% increase compared to the previous year [1] - The passenger load factor on several routes from Chaoshan to major cities such as Shanghai, Beijing, Zhengzhou, Changsha, Chongqing, and Qingdao exceeded 90% [1] Group 2: Service Enhancements - China Southern Airlines Shantou has added new flights from Chaoshan to Shanghai Hongqiao and Zhuhai, and increased the frequency of flights to popular destinations like Bangkok, Shanghai Pudong, Beijing Daxing, Hangzhou, and Yiwu [2] - The airline has implemented larger aircraft on certain routes to enhance passenger capacity and adjusted flight schedules for better connectivity [2] - Special promotions for the New Year have been introduced, offering benefits in ticket prices, baggage allowances, and flexible change policies for various customer segments [2] Group 3: Cultural and Customer Engagement Initiatives - A themed event titled "Spring Warmth Homecoming" was organized to celebrate the cultural heritage of Chaoshan, featuring activities such as local dialect games, customized bookmarks, and warm tea service at baggage claim [3] - Flight attendants engaged with passengers by introducing popular tourist spots and offering local delicacies, creating a cultural connection during flights [3] Group 4: Pet Travel Services - Starting February 6, China Southern Airlines Shantou launched a "Pets in Cabin" service, allowing passengers to bring their pets on board for a fee, applicable to all direct flights in economy class except for the C909 model [4] - Passengers can carry one pet per flight and will receive a special boarding pass for their pet [4]

截至目前，南航C919机队已入列飞机共计9架。 CZ3717/CZ3718，9时30分从长沙黄花机场出发，12时抵达北京大兴机场，13时10分从北京大兴机场出 发，16时抵达长沙黄花机场。 CZ3147/CZ6137，17时30分长沙黄花机场出发，20时抵达北京大兴机场，21时30分北京大兴机场出发， 次日0时10分抵达长沙黄花机场。 记者从中国南方航空公司了解到，昨天，南航最新接收的第9架国产大飞机C919正式投入运营，首航航 班执飞广州—西安航线。 首航后，此架飞机计划将在春运期间每日执飞长沙—北京大兴航线2个往返，具体时刻为： 自2月2日春运启幕，南航持续加大国产飞机的运力投入，C919和C909飞机执行航班近1400班次，同比 2025年春运同期增长49.1%，承运旅客超12.3万人次，同比增长60.3%。其中，南航国产大飞机C919机 型已执行航班275班次，承运旅客超3.8万人次，客座率达86.3%。 据央视 ...

Core Viewpoint - China Southern Airlines (CSA) has launched a "Pet in Cabin" service, allowing passengers to travel with their pets, enhancing customer experience during the Spring Festival travel season [1][2]. Group 1: Service Launch - The "Pet in Cabin" service was officially launched on February 6, 2023, in Zhuhai, making CSA one of the first airlines in China to offer this service [2]. - The service includes a dedicated process with "special personnel, full guidance, and one-stop service" to ensure a smooth travel experience for both pets and their owners [2]. Group 2: Customer Experience - Passenger Mr. Zhang expressed satisfaction with the service, highlighting the emotional benefit of being able to travel with his cat, "Lai Fu," instead of leaving it with friends [1][2]. - The service aims to create a "safe, smooth, and warm" travel experience during the busy Spring Festival period [2]. Group 3: Service Coverage and Features - The "Pet in Cabin" service currently covers 18 domestic departure routes, allowing passengers to purchase dedicated pet seats and other value-added services [2]. - CSA's initiative is positioned as a leading practice in the industry, focusing on broader coverage, detailed processes, and enhanced customer support [2].

昨晚，南航新投入运营的国产大飞机C919从西安咸阳国际机场返回广州白云国际机场，完成首航后， 该飞机将在春运期间，每日执飞长沙至北京大兴航线的2个往返航班。 昨天（2月11日），中国南方航空最新接收的第九架国产大飞机C919正式投入运营，首航航班执飞广州 往返西安航线。 截至目前，南航已有9架国产大飞机C919入列。去年春运，南航C919首次投入春运保障当中，而今年春 运，南航C919已常态化执行广州往返西安、武汉、长沙、杭州、宁波、南京，以及长沙往返北京大 兴、上海浦东等8条航线，整个春运预计执行航班超1000班次。 南航飞行总队C919机队机长彭凯：去年很多旅客都是第一次听说C919，今年可能有些不一样，很多旅 客已经主动选乘去拍照打卡这个机型了。 （文章来源：央视新闻） 旅客肖界魁：我就专门选了这一趟C919，也是我第一次体验这趟飞机，国产C919的交付数量越来越 多，对我们的出行也是一个更好的选择。 ...

Investment Rating - The report recommends a "Buy" rating for China Eastern Airlines, China Southern Airlines, and Air China, highlighting their potential to benefit from the growth in international travel demand [2][3]. Core Insights - The growth in inbound tourism demand is expected to become a long-term trend, with significant opportunities for Chinese airlines to expand their international capacity, particularly in Europe, the Middle East, and Central Asia [2][15]. - The report predicts a compound annual growth rate (CAGR) of up to 15% for international passenger flow for Chinese airlines over the next three years, driven by the gradual recovery of inbound tourism and the slow recovery of foreign airlines' capacity [12][13][15]. Summary by Sections 1. Policy: Visa Relaxation and Local Support - The report discusses the expansion of visa-free entry policies, with China implementing unilateral visa exemptions for 48 countries and optimizing transit visa policies to enhance the convenience of inbound travel [11][24]. - The ongoing policy support is expected to significantly boost inbound tourism, with a focus on improving travel experiences and product offerings for foreign visitors [39][42]. 2. Market Potential: Growth Projections - The report estimates that there is over a 30% growth potential for inbound tourist flows in China, comparing the current contribution of inbound tourism to GDP (0.3%) with that of other major economies (1.2%) [12][13]. - The analysis indicates that the international passenger flow for Chinese airlines could see a CAGR of up to 15% due to the increasing demand from both outbound Chinese travelers and inbound foreign tourists [12][15]. 3. Airline Capacity and Passenger Flow Outlook - Chinese airlines are expected to capture a larger share of the inbound passenger flow, with significant increases in flight frequencies and new routes planned for 2025 [2][15]. - The report highlights that the recovery of international passenger traffic is primarily driven by the growth in inbound tourism, with foreign tourist entry numbers expected to increase significantly [12][39]. 4. Investment Recommendations - The report emphasizes the importance of positioning in the international market, recommending investments in leading airlines such as China Eastern Airlines, which has a strong base in Shanghai and is expected to benefit the most from international route expansions [2][15].

Core Viewpoint - The introduction of the ninth domestically produced C919 aircraft by China Southern Airlines marks a significant enhancement in capacity to meet the peak travel demand during the 2026 Spring Festival travel season [2] Group 1: Aircraft Operations - The C919 aircraft officially commenced operations on February 11, 2026, with its inaugural flight on the Guangzhou-Xi'an route [2] - Following its first flight, the C919 will be managed by China Southern Airlines' Hunan branch, operating daily round trips on the Changsha-Beijing Daxing route during the Spring Festival [2] - From February 2, 2026, the airline has increased its domestic aircraft capacity, executing nearly 1,400 flights with C919 and C909 aircraft, representing a 49.1% year-on-year increase compared to the same period in 2025 [2] Group 2: Passenger Statistics - The total number of passengers carried by China Southern Airlines during the Spring Festival has exceeded 123,000, reflecting a 60.3% year-on-year growth [2] - The C919 model has completed 275 flights, carrying over 38,000 passengers with a seat occupancy rate of 86.3% [2] Group 3: Route Planning - China Southern Airlines has strategically focused its flight routes on high-density passenger flows during the Spring Festival, covering over 80 routes including major cities such as Guangzhou, Changsha, and Wuhan [3] Group 4: Cultural Initiatives - In addition to enhancing operational capacity, China Southern Airlines is promoting Chinese culture through themed flights during the Spring Festival, featuring traditional cultural activities on international routes [4] - The airline has organized various interactive cultural experiences, such as distributing red envelopes and showcasing traditional crafts, to create a unique Chinese New Year experience for passengers [4]