Group 1 - The aviation and airport sector increased by 2.35% on February 3, with Southern Airlines leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Key stocks in the aviation sector showed varied performance, with Southern Airlines closing at 7.65, up 5.37%, and China Eastern Airlines at 5.71, up 4.20% [1] Group 2 - The aviation and airport sector experienced a net outflow of 43.44 million yuan from institutional investors, while retail investors saw a net outflow of 106 million yuan [3] - Notable inflows from speculative funds were recorded at 149 million yuan [3] - The stock performance of major companies included China Eastern Airlines with a net inflow of 69.47 million yuan from institutional investors [4] Group 3 - The Aerospace ETF (product code: 159227) tracked the National Aerospace Industry Index and saw a decline of 8.15% over the past five days, with a net subscription of 12.87 million yuan [6] - The General Aviation ETF (product code: 159230) tracked the National General Aviation Industry Index and experienced a decline of 9.25%, with a net subscription of 10.71 million yuan [7] - The Tourism ETF (product code: 562510) tracked the CSI Tourism Theme Index and saw a decline of 2.92%, with a net subscription of 8.91 million yuan [7]

日前，南航、东航、国航、海航四大航司相继披露了2025年的业绩预告。南都N视频记者梳理公告获 悉，在民航业持续复苏的背景及公司各项成本管控举措下，南航、海航预计2025年将实现扭亏为盈，其 中海航盈利水平仍居四大航之首，且扭亏幅度最大。中国国航净亏损同比扩大，东航净亏损收窄，预计 利润总额将实现同比扭亏。 南航海航预计2025年扭亏为盈 南航预计，2025年度将实现扭亏为盈，实现归母净利润8亿元至10亿元，上年同期录得净亏损16.96亿 元，增长24亿元至26亿元。同期，实现归母扣除非经常性损益后的净利润1.3亿元到1.9亿元。南航因不 同于国航东航，未将货运物流板块拆分，因此货运业务的增长也为整体业绩的改善带来积极影响。 中国国航预计，2025年将实现归母净亏损约13亿元至19亿元，同比增亏至净亏损2.37亿元。同期，实现 归母扣除非经常性损益的净亏损约为19亿元到27亿元。国航称，亏损原因是，公司在资产负债表日对递 延所得税资产的账面价值进行复核，相应转回部分递延所得税资产。 海南航空预计，2025年将实现扭亏为盈，实现归母净利润18亿元至22亿元，上年同期录得净亏损9.21亿 元，增长27.21亿元至3 ...

Core Insights - The 2026 Spring Festival travel season, starting on February 2, is expected to see a record high in passenger volume, with increased demand for services from airlines due to overlapping travel for family visits, tourism, and students [1][2] Group 1: Digital Innovations in Ticketing - China Eastern Airlines (CEA) has launched an "online ticket standby" service to facilitate ticket purchasing during peak travel times, allowing passengers to submit standby requests through the CEA app without manual intervention [2] - The "unified order" project, launched in March 2025, allows passengers to request ticket refunds directly through CEA's official platforms, enhancing the self-service experience and transparency in the refund process [3] - The "product shopping cart" feature, introduced in June 2025, enables passengers to customize their ticket purchases by combining flights with various ancillary services, catering to diverse travel needs during peak seasons [4] Group 2: Enhanced Customer Experience - CEA's "upgrade in advance" project, set to launch in April 2025, will provide passengers with early upgrade options, allowing them to receive upgrade offers before flight departure and complete the process via a link sent through SMS [6] - The airline has established a cooperative network with China Southern Airlines and Air China, allowing passengers to purchase tickets from multiple airlines through CEA's platform, enhancing travel options and convenience [7] - CEA's marketing department indicates that these innovations are part of a broader strategy to leverage digital transformation to improve passenger ticketing experiences and meet diverse travel demands [7]

为应对客流增长，东航今年春运在广东投入的座位数同比增加超过10万个，增幅达8.43%；执行航班约 8100班，同比增长约5.11%；预计运输旅客128万人次，同比增长8.21%。 根据目前广东各机场的客票销售情况来看，2026年春运返乡、探亲、学生、旅游等客流已形成叠加态 势，客票预订量近期迎来显著增长。 为应对旅客出行需求，东航在广州加密了往返西安、昆明、成都、兰州、太原、南京的航班；在深圳加 密了往返大理、太原、武汉航班，并新增深圳往返哈尔滨的直飞航班；在珠海加密了往返昆明、上海虹 桥的航班；在近年来火爆的潮汕市场，新增或加密往返上海、成都、南京、郑州、北京、宁波、昆明、 南昌、兰州等地的航班；在湛江加密往返南京、上海、武汉、南昌、成都的航班；在梅州新增往返上海 浦东的航班。 中新网广州2月3日电 (记者 郭军)2026年春运2日开启。记者从各大航空运输单位了解到，为服务广东地 区不断增长的旅客出行需求，各大航空公司纷纷增加运力投入，多措并举提升服务保障水平。 另一方面，今年春运的返乡、探亲客流也受到长假期的利好影响，特别是"先返乡探亲、后出门旅 游"的"二次出行"模式会更为普遍。东航预计节前节后将迎来一 ...

Group 1: Industry Dynamics - The overall container shipping rates have decreased, with the SCFI composite index dropping by 9.7% to 1317 points, and specific routes such as Shanghai-Europe and Shanghai-Mediterranean seeing declines of 11.1% and 12.0% respectively [1][8] - The refined oil tanker rates have increased, with the BCTI index rising by 4.6% to 890 points, while the MR rates for the Pacific and Atlantic regions showed mixed results [1][9] - The dry bulk market has shown strength during the traditional off-season, with the BDI index increasing by 12.0% to 1949 points, driven by a mismatch in supply and demand [1][8] Group 2: Express Logistics - YTO Express held a conference emphasizing the importance of building a resilient supply chain and adhering to national postal policies [2] - The State Post Bureau has prioritized the governance of illegal charges in rural express delivery as part of its 2026 initiatives [3] - Macro trends indicate a resilient demand in the e-commerce express delivery sector, with companies like SF Express and JD Logistics expected to benefit from cyclical recovery and cost control [13] Group 3: Aviation Sector - The civil aviation sector is showing signs of recovery, with major airlines like China Southern and Hainan Airlines expected to turn profitable in 2025, while others like China Eastern and Air China are projected to reduce losses significantly [4] - The State Council has issued a plan to enhance service consumption, which includes transportation services, aiming to stimulate economic growth [4] - Spring Festival travel demand is strong, with domestic flight bookings exceeding 7.16 million, reflecting a 16% increase compared to the previous year [5][6] Group 4: Shipping and Port Operations - The geopolitical situation in the Middle East remains tense, with the U.S. increasing military presence, which could impact oil shipping routes [7] - The Atlantic freight market is experiencing a surge, with dry bulk rates showing unexpected strength due to concentrated cargo volumes and tight capacity [8] - China's port cargo throughput has decreased, with a reported decline of 1.70% in total cargo and a 4.35% drop in container throughput [10] Group 5: Road and Rail Transport - National logistics operations are running smoothly, with rail freight volumes showing a slight decline of 3.35% [11] - Shenzhen International reported a 3.3% increase in toll revenue for December 2025, indicating stable growth in road transport [12] - Zhongyuan Express plans to recognize credit impairment and asset impairment provisions totaling 950 million, forecasting a 30% decline in annual net profit [12]

Group 1 - The Central Committee of the Communist Party of China and the State Council approved the "Modern Capital Metropolitan Area Spatial Collaborative Planning (2023-2035)" [1] - On February 2, the expected cross-regional personnel flow is 187.91 million trips, an increase of 13% compared to the same period in 2025 [2] - The Ministry of Commerce and nine other departments issued the "2026 'Buy New Spring' Special Activity Plan," encouraging localities to increase subsidies for replacing old consumer goods during the Spring Festival and enhance support for offline retail [2] - Tsinghua University's Integrated Circuit Institute, in collaboration with Peking University and other institutions, developed the world's first large-scale flexible digital computing chip "FLEXI," achieving a breakthrough in flexible electronics and edge AI hardware [2] - The State Administration for Market Regulation, along with ten departments, released the "Low-altitude Economy Standard System Construction Guide (2025 Edition)," focusing on five core areas: low-altitude aircraft, infrastructure, air traffic management, safety supervision, and application scenarios [2] - China Huaneng announced that the first batch of wind turbines for the 300,000 kW wind power project in Aheqi County, the highest altitude wind power project in Northwest China, has successfully connected to the grid [2] - The Shanghai Gold Exchange adjusted the margin levels and price fluctuation limits for silver futures contracts due to significant price volatility [2] Group 2 - In January, the national price index for "vegetable basket" products remained stable, with vegetable prices showing a slight decrease month-on-month [3] - On February 2, the South Korean stock market experienced a sharp decline, with the KOSPI index dropping over 5%, triggering a trading halt for five minutes [3] - On February 2, international oil prices fell significantly, with NYMEX light crude oil futures dropping below $63 per barrel and Brent crude oil futures falling below $67 per barrel, both down over 3% [3] - February 2 is World Wetlands Day; China has been strengthening wetland ecological protection and restoration, with its wetland area ranking first in Asia and fourth in the world [3] - The National Healthcare Security Administration announced that in 2026, it will continue to increase the intensity of flying inspections, covering all provinces and various stakeholders in health insurance [3] - On February 2, China Eastern Airlines' domestically produced C919 aircraft began regular commercial flights from Shanghai Hongqiao to Zhuhai, with a total of 14 C919 aircraft operating 18 routes [3]

Core Viewpoint - The 2026 Spring Festival travel season in China is expected to see a record high of 9.5 billion trips, with significant increases in both railway and civil aviation passenger volumes [3][4]. Railway Sector - The national railway is projected to send an average of 13.48 million passengers daily during the Spring Festival, representing a year-on-year increase of 5.0% [4]. - New routes and services have been introduced, including 22 new lines totaling 3,109 kilometers and over 560 additional trains to enhance capacity [4][5]. - The railway department has improved passenger services, including a new phone booking service for elderly travelers and a free online ticket refund policy for mistaken purchases [5][6]. Civil Aviation Sector - The civil aviation sector anticipates a record passenger volume of 95 million during the Spring Festival, with an average of 2.38 million passengers per day, reflecting a year-on-year growth of approximately 5.3% [7][8]. - Airlines are increasing capacity by adding flights and larger aircraft, with China Eastern Airlines planning to operate 12.5 million flights during the period, a 3.6% increase from the previous year [8]. - Major airlines are focusing on popular routes, with high load factors on flights from major cities to destinations like Shenyang and Sanya [8][9].

资料显示，中国东方航空股份有限公司位于上海市闵行区虹翔三路36号,香港金钟道95号统一中心19楼D 室，成立日期1995年4月14日，上市日期1997年11月5日，公司主营业务涉及航空客、货、邮、行李运输 业务及延伸服务;通用航空业务;航空器维修;航空设备制造与维修;国内外航空公司的代理业务。主营业 务收入构成为：客运服务收入92.50%，货运服务收入3.86%，退票费手续费收入1.74%，其他1.28%，地 面服务收入0.62%。 来源：新浪证券-红岸工作室 1月30日，中国东航涨0.74%，成交额7.87亿元。两融数据显示，当日中国东航获融资买入额2101.46万 元，融资偿还6202.28万元，融资净买入-4100.82万元。截至1月30日，中国东航融资融券余额合计3.17 亿元。 融资方面，中国东航当日融资买入2101.46万元。当前融资余额3.14亿元，占流通市值的0.34%，融资余 额低于近一年10%分位水平，处于低位。 融券方面，中国东航1月30日融券偿还6.41万股，融券卖出1.57万股，按当日收盘价计算，卖出金额8.54 万元；融券余量53.58万股，融券余额291.48万元，超过近一年50 ...

Core Viewpoint - The 2026 Spring Festival travel season is expected to see a significant increase in passenger demand and flight operations, driven by factors such as longer holiday periods and the recovery of the inbound and outbound tourism market [1][5]. Group 1: Industry Overview - The Civil Aviation Administration of China forecasts that during the Spring Festival period, the national civil aviation passenger transport volume may reach 95 million, with a total of 780,000 flights expected, representing a 5% year-on-year increase in daily average flights [1]. - The travel demand is anticipated to rise due to the combination of holiday length and the recovery of tourism, leading to improved passenger load factors and ticket prices in the civil aviation industry [1][6]. Group 2: Airline Operations - China International Airlines plans to operate over 70,000 passenger flights during the Spring Festival, a 10.1% increase from 2025, with 9 C919 aircraft deployed on various routes [2]. - China Eastern Airlines intends to utilize 822 aircraft, including 14 C919 jets, executing 125,000 flights, with a focus on increasing capacity in domestic and international markets [3]. - China Southern Airlines aims to operate over 126,000 flights, with significant increases in domestic and international routes, including the deployment of C919 aircraft [3]. Group 3: Market Demand - The ticket booking data indicates a peak in demand, with over 5.21 million domestic tickets and 1.61 million international tickets booked, reflecting a year-on-year increase of approximately 22% and 9%, respectively [5]. - The trend of combining family visits with tourism is emerging, leading to sustained demand for travel during the Spring Festival [5]. Group 4: Long-term Industry Outlook - The civil aviation industry is expected to achieve a balanced supply-demand relationship, with a potential increase in profitability as the market stabilizes [6]. - Factors such as the recovery of business travel, the aging population's consumption potential, and the steady recovery of the inbound tourism market are likely to create a supply-demand gap, which could enhance airline revenue levels [6].

Group 1 - The 2026 Spring Festival travel season has commenced, lasting for 40 days, with the Yangtze River Delta expected to send over 100 million passengers for the first time, setting a new record for the Spring Festival travel peak [1] - The Yangtze River Delta railway department plans to increase train services by 437.5 pairs, with a peak daily operation of over 1,700 pairs of passenger trains [1] - Jiangsu Province anticipates a historical high in passenger travel, with approximately 84.67 million people expected to travel via road, rail, water, and air, representing a year-on-year growth of about 3.3% [1] Group 2 - The demand for air travel in the Yangtze River Delta remains strong, with major travel routes including ice and snow tourism and winter escape tourism [1] - China Eastern Airlines Jiangsu Company reported executing over 290 flights on the first day of the travel season, with passenger transport exceeding 39,000, and both flight and passenger numbers are on the rise [1] - The airline's domestic routes to Changbai Mountain, Harbin, Dalian, Changchun, and Sanya, as well as international routes to Seoul and Kuala Lumpur, are experiencing high sales, with most tickets sold out or only a few remaining for the Spring Festival period [2]