1月14日，国务院国资委网站通过提供各中央企业薪酬信息披露网页链接的方式，披露了所监管的80多家央企负责人2024年度薪酬信息。这是国资央企 持续抓好重点领域信息公开、回应公众关心关切的重要举措。 中国石油化工集团有限公司负责人2024年度薪酬情况 根据党中央、国务院深化国有企业负责人薪酬制度改革有关要求和国务院国资委相关规定，现将中国石油化工集团有限公司负责人2024年度薪 酬情况披露如下。 以下为部分央企负责人2024年度薪酬信息： 1.上表披露薪酬为公司负责人报告期内全部应发税前薪酬（不含发放的以往年度绩效年薪）。 2.本次披露薪酬按照国务院国资委经营业绩考核年度口径统计。 中国南方电网有限责任公司企业负责人2024年度薪酬情况 信息来源: 发布时间2026-01-07 | | | | | 2024年度从本公司获得的税前报酬情况 | | | 单位:人民币万元 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 社会保险、企 | | 是否在股 东单位或 | 在关联方 | | 姓名 | 职务 | 任职起止时间 | | 业年金、补充 | ...

Group 1 - The global interest rate cut cycle is entering its second half in 2026, characterized by "internal and external easing resonance" and a shift from "extraordinary to normal" [3][4][5] - The macro liquidity environment remains favorable, with the People's Bank of China expected to maintain a moderately loose monetary policy, focusing on stabilizing economic growth and reasonable price recovery [7][59] - The depreciation of the US dollar is anticipated due to continued interest rate cuts by the Federal Reserve and worsening fiscal conditions, which will support the appreciation of the RMB and strengthen the A-share market [8][62][63] Group 2 - The long-term low interest rate environment is reshaping the stock-bond allocation logic, with a shift towards equity markets as the attractiveness of fixed income products continues to rise [13][16][44] - The "stock-bond seesaw" effect is expected to further support the A-share market, as funds flow into equities amid a low interest rate environment [14][17][44] - The demand for "deposit migration" from residents is projected to become the largest marginal increment for the market, as a significant amount of fixed-term deposits mature in 2026 [19][20][44] Group 3 - The capital market's status is significantly upgraded in the post-real estate era, becoming a core hub for economic development and resource allocation [22][47] - Policies are being implemented to enhance shareholder returns, with a focus on increasing dividend payouts and improving profit quality, which is becoming a trend in the market [32][33][56] - The overall funding ecology is improving, with a transition from a "financing-oriented" approach to a "balanced investment and financing" model, enhancing market attractiveness and stability [32][47][56]

精训严考筑牢安全屏障，推动全员能力系统升级。空保管理部将以三大方案为抓手，细化教学训练计 划，完善考核评价体系，构建全周期、多层次的训考机制。通过常态化教学复盘、动态化考核调整，持 续优化教学内容与方法，确保日常训练始终贴合实战需求。全体教员以此次会议为契机，牢记职责使 命，聚焦教学能力提升，全力推动空保队伍向"实战化、专业化、精细化"迈进，为筑牢南航新疆区域空 防安全防线、保障旅客出行安全贡献坚实力量。 （本文图片均由南航新疆分公司提供） 会后，全体教员纷纷表示，将以更高标准要求自己，深耕教学、精研训练，切实提升教学水平与训练质 效，为打造一支能打胜仗的空保铁军而不懈努力。（编辑：李佳洹 校对：许浩存 审核：韩磊） 《中国民航报》、中国民航网 记者田以丹 通讯员黄浩、王剑、姜波 报道：1月12日，南航新疆分公司 空保管理部召开2026年教员首次专项工作会议，全体教员齐聚一堂，聚焦三大核心方案，以"实战导 向、精准施训、从严考核"为原则，全面部署年度教学训练与考核工作，为提升航空安全员教员教学水 平、强化日常训练质效筑牢根基，推动空防安全防线向纵深延伸。 压实教员责任链条，激活队伍建设核心引擎。教员是空保队伍 ...

Group 1 - The A-share market's duty-free concept stocks have weakened significantly, with Guangbai Co., Ltd. dropping over 5% [1] - Hainan Airport has seen a decline of more than 3% [1] - Other companies such as Zhongbai Group, Hainan Highway, Southern Airlines, Bubugao, China Merchants Shekou, Hainan Development, China Duty Free Group, Wushang Group, and Haixia Co. have all experienced declines of over 2% [1]

Core Viewpoint - Harbin's winter tourism is experiencing a surge in visitor numbers, prompting China Southern Airlines (CSA) to implement innovative measures to enhance the travel experience for passengers visiting the city [1]. Group 1: Ice and Snow Theme Initiatives - CSA has developed customized in-flight services that include special broadcasts about Harbin's cultural and tourism offerings, enhancing passenger awareness and connection to the city [4]. - The airline has organized themed flights celebrating the "Ice and Snow Festival," allowing passengers to experience local delicacies and the beauty of Harbin during their journey [4]. Group 2: Warm Services in Cold Weather - CSA has opened a new high-end lounge at Harbin Taiping International Airport, providing a comfortable waiting environment for travelers [5]. - The airline offers temporary winter clothing for passengers who are inadequately dressed and provides hot drinks for those waiting for luggage [5]. - CSA has optimized boarding procedures to minimize outdoor waiting times and has implemented safety measures to prevent slips and falls in icy conditions [5]. Group 3: Services for Late Arrivals and Special Needs - CSA has introduced a "One-Minute Boarding" service for late passengers on specific routes, allowing them to board up to 15 minutes before departure [7]. - The airline has established dedicated check-in counters for large groups and educational tours, ensuring a smooth travel experience for all passengers [7]. - A special service for pet owners has been launched, allowing pets to travel in the cabin, addressing concerns about cold weather [7]. Group 4: Expansion of Flight Services - CSA plans to open new routes and increase the frequency of flights from Harbin to various destinations, including the addition of flights to Mohe and increased services to major cities [8]. - The airline is actively engaging in live broadcasts to promote Harbin's tourism and cultural heritage, reaching a wide audience and enhancing the region's tourism economy [8]. Group 5: Training and Development Initiatives - CSA has launched its first FNPT simulator in Heilongjiang, marking a significant step in local pilot training and supporting the airline's strategic goals [9]. - The simulator will facilitate customized training programs, improving pilots' operational skills and knowledge [9]. - The introduction of advanced training equipment is expected to enhance aviation education and tourism experiences in Harbin [9].

Summary of Conference Call Notes Industry Overview - **Industry Focus**: Hong Kong/China Transportation and Infrastructure - **2026 Outlook**: More opportunities than risks, with a focus on supply-side opportunities in airlines, tanker shipping, and express delivery, while container shipping faces oversupply concerns [1][2][3] Airlines - **Pricing Trends**: Pricing inflation resumed since October 2025, supported by supply-side constraints and demand recovery from business travel, outbound travel growth, and inbound travel [2][11] - **Demand Drivers**: Business travel recovery positively correlated with capital expenditure, and inbound travel expected to grow, benefiting airlines [2][21] - **Airlines' Up-Cycle**: Chinese airlines are in a multi-year supply-driven up-cycle, with margin upside if pricing performance exceeds expectations [2][11] - **Key Stocks**: Overweight ratings on Air China (0753.HK), China Eastern Airlines (0670.HK), China Southern Airlines (1055.HK), and Spring Airlines (601021.SS) [9][10] Shipping - **Tanker Market**: Increasing demand for compliant tankers due to geopolitical tensions, with limited new supply additions due to low capital expenditure over the past decade [3] - **Container Shipping Risks**: Remains conservative on container shipping due to oversupply concerns [3] - **Key Stocks**: Overweight on COSCO Shipping (1138.HK) and China Merchants Energy Shipping (601872.SS), underweight on COSCO Shipping Holdings (1919.HK) and Orient Overseas (0316.HK) [3] Airports - **Bargaining Power**: Airports are regaining bargaining power through duty-free contract renewals, breaking monopoly dynamics, and increasing shareholdings in duty-free operators [4][54] - **Duty-Free Spending**: Expected upside in duty-free spending with expanded product categories and higher offline sales [4][58] - **Key Stocks**: Equal-weight ratings on Shanghai International Airport (600009.SS), Hainan Meilan Airport (0357.HK), and Guangzhou Baiyun International Airport (600004.SS), underweight on Beijing Capital International Airport (0694.HK) [53] Express Delivery - **Market Consolidation**: ZTO (ZTO.N) and YTO (600233.SS) are consolidating market share, leading to cost-efficiency gains and margin expansion [5] - **International Expansion**: J&T (1519.HK) expected to consolidate market share in overseas markets through e-commerce partnerships [5] Key Risks and Considerations - **Airlines**: Risks include faster-than-expected aircraft delivery, deterioration in travel demand, unfavorable RMB depreciation, and surging oil prices [52][51] - **Airports**: Continued underperformance in duty-free business due to weak consumption and competition from other channels [54][55] Conclusion - The transportation sector in Hong Kong/China is poised for growth in 2026, driven by supply-side opportunities in airlines and shipping, while airports are regaining power in duty-free operations. However, risks remain, particularly in container shipping and overall economic conditions.

Group 1: Aviation Industry - The aviation sector is expected to benefit from the anticipated appreciation of the RMB against the USD due to the Federal Reserve's interest rate cuts, leading to foreign exchange gains for airlines [1][2] - International crude oil prices are projected to decline in 2026, alleviating fuel cost pressures for airlines [1][2] - Limited capacity expansion for domestic airlines is attributed to engine issues, while economic growth is expected to drive structural growth in air travel demand, positively impacting ticket prices and airline profits [1][2] - Recommended stocks in the aviation sector include China Southern Airlines (600029), Spring Airlines (601021), and Huaxia Airlines (002928) [2] Group 2: Road Transportation Industry - The road transportation industry in China has entered a mature phase, with total expressway mileage surpassing that of the United States, making it the largest in the world as of 2024 [2] - With a slowdown in road construction investment and increasing pressure from expiring tolls, new regulations on toll road management may be introduced [2] - Future trends in the industry are expected to include renovation and expansion, mergers and acquisitions, and business diversification [2] - Recommended stock in the road transportation sector is Zhongyuan Expressway (600020) [2] Group 3: Shipping Industry - The global shipping industry is transitioning towards zero-emission energy, with green methanol emerging as a mainstream choice due to its mature technology and effective decarbonization performance [3] - As of November 2025, there are 252 renewable methanol projects tracked globally, with an expected total installed capacity of 45.1 million tons by 2030 [3] - The total installed capacity for all electro-methanol projects is projected to be 21.8 million tons, while bio-methanol projects are expected to reach 23.3 million tons by 2030 [3] - Recommended stocks in the shipping sector include CIMC Enric and COSCO Shipping International [3] Group 4: Dry Bulk Shipping - The focus has shifted from the increase in China's iron ore imports to the changes in the sources of iron ore imports, which are leading to longer transportation distances [3] - The increase in domestic alumina production and the strong growth trend in imports require ongoing attention [3] - Recommended stocks in the dry bulk shipping sector include China Merchants Energy Shipping (601872) and Haitong Development (603162) [3]

Core Viewpoint - China Southern Airlines has officially launched the operation of the domestically produced C919 aircraft on the Guangzhou-Nanjing route, marking a significant milestone in the airline's fleet expansion and service enhancement [1][3]. Group 1: Flight Operations - Starting from January 12, the C919 aircraft will be regularly included in the "Southern Airlines Express" service between Guangzhou and Nanjing, operating two round trips daily [3]. - The addition of the C919 has increased the frequency of the Guangzhou-Nanjing route to a total of 8 flights per day, covering the time slots from 8:15 AM to 11:15 PM [3]. Group 2: Aircraft Specifications - The C919 aircraft used on this route features a three-class layout with a total of 164 seats, including 8 business class seats, 18 premium economy seats, and 138 economy seats [3]. - The aircraft is equipped with personal charging ports throughout the cabin, enhancing passenger comfort and convenience during flights [3].

Core Viewpoint - China Southern Airlines has successfully launched the C919 domestic aircraft on the Guangzhou to Nanjing route, marking the beginning of commercial operations for this aircraft model [1][12]. Group 1: Launch and Operations - The C919 aircraft, registered as B-685W, completed its inaugural flight and landed smoothly at Nanjing Lukou International Airport, symbolizing the start of the commercial operation era for the C919 in Nanjing [3][12]. - From January 12, the C919 will be regularly integrated into the "Southern Airlines Express" service between Guangzhou and Nanjing, operating two round trips daily [5][14]. Group 2: Flight Schedule and Capacity - The C919 will operate two daily flights on the Nanjing-Guangzhou route, with specific schedules as follows: - CZ3843 Guangzhou-Nanjing: 08:15-10:30 - CZ3844 Nanjing-Guangzhou: 11:40-14:10 - CZ3855 Guangzhou-Nanjing: 15:45-18:05 - CZ3856 Nanjing-Guangzhou: 19:15-21:45 [8][16]. - The aircraft features a three-class layout with a total of 164 seats, including 8 business class seats, 18 premium economy seats, and 138 economy seats, equipped with customized cabin seats and personal charging ports for passenger convenience [17]. Group 3: Support and Future Expansion - To ensure the smooth operation of the C919, China Southern Airlines has established collaborative support services with Nanjing Lukou International Airport, which will continue to optimize support processes [10][19]. - The airline plans to gradually expand the operational network for the C919 model, enhancing travel options for passengers [19].

Core Viewpoint - The domestic large aircraft C919 has successfully launched its first route between Guangzhou and Nanjing, marking a significant expansion of its operational network [1] Group 1: Company Developments - The C919 aircraft operated by China Southern Airlines (南航) has commenced regular flights on the Guangzhou to Nanjing route, with two round trips scheduled daily starting from January 12 [1] - The inaugural flight featured the first C919 aircraft painted with the "Great Bay Area" design, symbolizing a milestone for domestic aviation [1] Group 2: Industry Impact - The successful launch of the Guangzhou-Nanjing route indicates a further densification of the C919's flight network, enhancing connectivity within China's aviation sector [1] - The event was celebrated with a traditional water salute at Nanjing Lukou International Airport, representing a significant achievement in the domestic aviation industry [1]