Core Viewpoint - The A-share aviation sector experienced a significant surge, with major airlines like China Eastern Airlines and Huaxia Airlines hitting the daily limit, while Southern Airlines and Air China saw increases exceeding 6% [2][7]. Group 1: Market Performance - On February 4, 2026, the A-share aviation sector collectively rose, with Huaxia Airlines and China Eastern Airlines reaching the daily limit [2]. - Southern Airlines and Air China recorded gains of over 6% [2]. - The Shanghai Composite Index remained stable at 4067.67, while the ChiNext Index fell by 1.74% [3]. Group 2: Spring Festival Travel - The 2026 Spring Festival travel period began on February 2, with expectations of record-breaking passenger volumes [5]. - On the first day of the Spring Festival travel, civil aviation passenger volume reached 2.19 million, a 5.3% increase compared to the same period in 2025 [5]. - The average domestic economy class ticket price on the first day was 807 yuan, reflecting a 9.3% year-on-year increase, although it was a slight decrease of 1.5% compared to 2019 [5][6]. Group 3: Airline Strategies and Financial Performance - China Eastern Airlines has seen substantial stock price increases, with A-shares and H-shares rising by 50% and 105.79% respectively over the past year, making it the top performer among eight listed airlines in Shanghai and Hong Kong [7]. - The airline's "Three Flying Strategy" has contributed to its success, with the opening of 24 new international routes in 2025 [7]. - Huaxia Airlines is projected to report a net profit of 500 to 700 million yuan for 2025, marking an increase of 86.59% to 161.22% year-on-year [7]. - Southern Airlines is expected to turn a profit with a projected net profit of 800 to 1 billion yuan, while China Eastern and Air China anticipate significant reductions in losses due to tax adjustments [7].

2026.02. 04 本文字数：947，阅读时长大约1分钟 作者 | 第一财经 陈姗姗 2月4日，A股航空板块集体大涨。截至中午收盘，华夏航空和中国东航涨停，南方航空和中国国航涨幅也超过6%。 | 中国国航 | | | 8.94 | | 6.05% | | --- | --- | --- | --- | --- | --- | | 沪 601111 | | | | | | | 美元兑人民币(CFETS) | | | 6.9375 | | 0.02% | | FX USDCNY | | | | | | | NYMEX WTI原油 | | | 63.81 | | 0.95% | | 期 CL | | | | | | | 上证指数 | | | 4067.67 | | 0.00% | | 沪 000001 | | | | | | | 创业板指 | | | 3266.99 | | -1.74% | | 深 399006 | | | | | | | 海航控股 | | | 1.74 | | 4.19% | | 沪 600221 | | | | | | | 南方航空 | | | 8.25 | | 7.84% | | 沪 6 ...

Core Viewpoint - The A-share aviation sector has seen significant gains, with several airlines recently disclosing optimistic 2025 performance forecasts, leading to a surge in stock prices [1][6]. Group 1: Stock Performance - On February 4, the A-share aviation sector collectively rose, with Huaxia Airlines and China Eastern Airlines hitting the daily limit, while Southern Airlines and Air China saw increases exceeding 6% [1]. - China Eastern Airlines and Huaxia Airlines reported substantial stock price increases of 9.98% and 10.02%, respectively, while Southern Airlines rose by 7.84% [2][5]. Group 2: Spring Festival Travel - The 2026 Spring Festival travel period began on February 2, with expectations of record passenger volumes, as the first day saw 2.19 million air travelers, a 5.3% increase from the same day in 2025 [3][5]. - The average ticket price for domestic economy class on the first day of the Spring Festival was 807 yuan, reflecting a year-on-year increase of 9.3%, although it was a slight decrease of 1.5% compared to the same period in 2019 [3][5]. Group 3: Airline Performance Forecasts - Huaxia Airlines expects a net profit of 500 to 700 million yuan for 2025, representing a year-on-year increase of 86.59% to 161.22% [6]. - Southern Airlines anticipates a turnaround with a projected net profit of 800 million to 1 billion yuan, while China Eastern Airlines and Air China expect significant reductions in losses due to tax adjustments rather than operational issues [6]. - The overall profitability of the civil aviation sector in 2025 is projected to be 6.5 billion yuan, with the total number of air travelers exceeding 500 million, making China the largest aviation population globally [6].

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) announced the incentive income for executives of central enterprises for the 2022-2024 term, with a total of 87 enterprises disclosing their incentive income figures. Group 1: Incentive Income Overview - The total incentive income for central enterprise executives consists of annual salary and term incentive income, with the latter being distributed every three years [1]. - Notable figures include: - Jiao Houliang, Chairman of China National Petroleum Corporation, with an incentive income of 86.21 million RMB for the 2022-2024 term [1]. - Ma Yongsheng, Chairman of Sinopec, with an incentive income of 84.81 million RMB [3]. - Wang Dongjin, Chairman of China National Offshore Oil Corporation, with an incentive income of 86.06 million RMB [4]. Group 2: Specific Executive Incentive Income - Zhang Wei, Chairman of the National Oil and Gas Pipeline Group, has an incentive income of 78.17 million RMB [6]. - Meng Zhenping, Chairman of China Southern Power Grid, has an incentive income of 83.54 million RMB [8]. - Temperature of incentive income varies across different enterprises, with some executives like Liu Mingsheng from China Power Investment Corporation receiving 26.02 million RMB for the 2022-2024 term [13]. Group 3: Additional Notable Executives - Chen Zhongyue, Chairman of China Unicom, has an incentive income of 80.49 million RMB [17]. - Xu Peng, from China First Automobile Group, has an incentive income of 82.54 million RMB [23]. - Wang Xianming, Chairman of China Resources Group, has an incentive income of 82.44 million RMB [54].

Market Overview - On February 4, the A-share market experienced a decline, with the Shanghai Composite Index turning negative and the ChiNext Index dropping over 2%. The total trading volume in the Shanghai and Shenzhen markets reached 1.63 trillion yuan, an increase of 12.7 billion yuan compared to the previous trading day, with over 2900 stocks declining [1]. Sector Performance - The space photovoltaic concept showed strong performance, with Zhonglai Co. hitting the daily limit and Guosheng Technology achieving two consecutive limits. The airport and shipping sectors also performed well, with China Eastern Airlines and Huaxia Airlines reaching their daily limits. The real estate sector was active, with Rong'an Real Estate and Caixin Development hitting their daily limits. The hydrogen energy concept surged, with Jingcheng Co. and Zhiyuan New Energy reaching their daily limits [4]. - The coal sector experienced a significant surge, with major coal companies like Yanzhou Coal Mining and China Coal Energy both hitting their daily limits. Other stocks such as Shaanxi Black Cat and Meijin Energy also reached their daily limits, while Shaanxi Coal and Chemical, Shanxi Coal International, Xinji Energy, and China Shenhua followed suit [4]. Coal Supply Impact - Reports indicate that the Indonesian government has proposed a significant production cut, leading to a suspension of spot coal exports by local miners. China is the largest importer of Indonesian coal, with an expected import of 242 million tons in 2024, accounting for 42.73% of Indonesia's total exports. This suspension is projected to impact China's thermal coal supply by 5.3%, increasing inventory pressure on power plants in Southeast China. Additionally, there are reports of rising coal prices domestically [6]. Precious Metals Market - The precious metals sector opened with a rebound but later turned negative, with companies like Zijin Mining and Hunan Gold experiencing declines. The National Investment Silver LOF resumed trading and hit the daily limit down, with a latest premium rate of 64.6%. After significant drops on January 30 and February 2, spot gold prices rebounded to over $5000, while spot silver reached $88 per ounce [7]. - Market sentiment remains volatile, with speculative funds showing significant movement. The geopolitical uncertainty surrounding US-Iran negotiations continues to pose risks. Overall, the precious metals market is influenced heavily by market emotions, with short-term volatility risks to be monitored, while long-term trends remain optimistic [7]. Individual Stock Highlights - Guizhou Moutai's stock rose over 2%, reaching a price above 1500 yuan for the first time since September 15, 2025 [8]. Hong Kong Market - The Hang Seng Technology Index fell over 2%, with many tech stocks in Hong Kong experiencing declines. Notable drops included Bilibili down over 4%, Tencent Holdings down over 3%, and other companies like Baidu, Lenovo, NetEase, Meituan, and Xiaomi all falling over 2% [9]. Cryptocurrency Market - The cryptocurrency market saw a collective downturn, with Bitcoin experiencing a high-level correction of nearly 40% [10].

作为国内首家实现空中Wi-Fi服务全程可用的航空公司，东航近年来始终致力于在机上互联领域的持续 耕耘。2023年8月，东航率先突破技术瓶颈，成为全国首家在飞行高度3000米以下仍开放空中Wi-Fi服务 的航空公司；2025年8月起，东航将国内"空中快线"航班的免费Wi-Fi服务从头等舱、公务舱拓展至超级 经济舱及指定经济舱舱位；同年10月，东航再次对"空中快线"Wi-Fi服务进行升级，所有宽体机执行的 国内"空中快线"航班提供经济舱全舱位基础版Wi-Fi服务。2026年1月1日，东航将免费Wi-Fi覆盖到了所 有宽体机执飞的国内航班。 《中国民航报》、中国民航网 记者钱擘 报道：今年除夕，东航将为所有宽体机执飞的国际及港澳台地 区入境航班旅客免费赠送4个半小时的机上高速Wi-Fi，旅客可于北京时间20:00至次日00:30收看央视马 年春晚直播。 而此次云端看春晚活动，东航更依托其在空地互联领域的领先优势，打破物理距离的限制，让"天涯共 此时"的梦想照进现实。（编辑：贾昊天 校对：李海燕 审核：程凌） ...

《中国民航报》、中国民航网 记者路泞 通讯员关向贞 报道：东航西北分公司紧跟东航集团数字化转型 步伐，深入践行"人民航空为人民"的宗旨，持续深化服务提升行动，以"精心、精准、精致、精 细"的"四精"服务理念完善航延服务。东航西北分公司地服部聚焦旅客出行核心需求，创新服务产品、 优化服务流程，经过前期充分筹备与多轮测试，"航延电子餐券"服务已于2026年近日在西安咸阳国际机 场T5航站楼正式上线启用。 服务提升无小事，细节打磨见初心。该项目于2025年下半年启动，历经四个多月的精心推进，东航西北 分公司地服部协同总部服务管理部门、数字科技与电商等相关部门，构建起全链路服务保障体系，逐一 攻克各项难点问题。从合作商铺的资质审核、餐食套餐的定价与搭配，到电子卡券系统的规则搭建、技 术对接，再到多轮功能测试、流程优化与漏洞修补，每一个环节都精益求精，确保服务流程顺畅、旅客 使用便捷。为保障服务落地质量，2025年12月至2026年1月，项目组开展多场次专项培训，对登机口、 服务台等一线工作人员进行全面赋能，详细讲解电子餐券的申请、审批、发放流程，以及旅客咨询的常 见问题解答技巧，确保每一位工作人员都能熟练掌握相关操作 ...

《中国民航报》、 中国民航网 记者许晓泓 通讯员郑景友 报道：2026年春运大幕于2月2日正式拉开帷 幕，东航山东分公司坚持早谋划、早部署，持续织密航线网络，进一步巩固春运期间的运力保障。春运 期间，东航在青岛地区始发航班总量预计将达到2583班次，并计划新开及加密多条航线，每周新增往返 青岛的航班约128班次。 东航还积极推进数字航站楼建设，依托"GWS登机口工作站"系统，旅客不再需要到柜台，地服人员就 可以为有需要帮助的旅客进行值机、换座、改签等手续，不仅大大提高了服务效率，同时也优化了旅客 出行体验，为旅客提供了更大的便利。 （编辑： 贾昊天 校对： 李海燕 审核 ： 程凌 ） 东航山东分公司相关负责人介绍，其春运期间新增航班覆盖东北、华东、西南、华南等多区域，分别为 青岛—延吉每周4班、青岛—伊春每周4班、青岛—佳木斯每天1班、青岛—鸡西每天1班、青岛—宁波每 天1班、青岛—上海浦东每天1班、青岛—南昌每天2班、青岛—成都天府每天1班、青岛—湛江每天1 班。尤其针对冰雪"热"现象，东航山东分公司及时增加东北运力投放且优化机型配置，全力保障旅客顺 利出行。 在服务方面，东航持续提供"宠物进客舱"、特殊旅 ...

Market Overview - The A-share market experienced a volatile decline, with the Shanghai Composite Index turning negative and the ChiNext Index dropping over 2% during the session [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.62 trillion yuan, an increase of 116 billion yuan compared to the previous trading day [1] Sector Performance - The space photovoltaic concept saw a significant surge, with Zhonglai Co. hitting the daily limit up of 20% and Guosheng Technology achieving two consecutive limit-ups [3] - The coal sector rebounded collectively, with Yanzhou Coal, China Coal Energy, and Shanxi Black Cat all reaching the daily limit up [3] - The airport and shipping sectors strengthened, with China Eastern Airlines and Huaxia Airlines also hitting the daily limit up [3] - The real estate sector was active, with Rong'an Real Estate and Caixin Development reaching the daily limit up [3] - The hydrogen energy concept experienced a rapid rise, with Beijing Capital and Zhiyuan New Energy hitting the daily limit up [3] Declining Sectors - The precious metals sector opened high but fell back, with Zhaojin Mining and Sichuan Gold experiencing significant declines [3] - The AI application sector saw a collective downturn, with Yili Media hitting the daily limit down [3] Closing Summary - By the end of the trading session, the Shenzhen Component Index fell by 0.92%, and the ChiNext Index dropped by 1.74% [3]

Group 1 - The A-share market showed mixed performance on February 4, 2026, with the Transportation ETF (159666) rising by 1.48%, and key holdings such as China Eastern Airlines increasing over 7%, Huaxia Airlines over 5%, and Ningbo Port over 4% [1] - The 2026 Spring Festival travel rush, lasting from February 2 to March 13, is expected to see a record high of 9.5 billion people traveling across regions, driven by both family visits and tourism [1] - National civil aviation passenger transport volume during the Spring Festival is projected to reach 95 million, averaging 2.38 million passengers per day, representing a year-on-year growth of approximately 5.3% [1] Group 2 - The Transportation ETF (159666) and its linked funds (019405/019404) are the only ETFs tracking the CSI All-Share Transportation Index, which includes logistics, railways, highways, shipping ports, and airports, reflecting the overall performance of listed transportation companies in the A-share market [2]