Group 1 - The aviation and airport sector experienced a decline of 1.3% on January 23, with China Eastern Airlines leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] - Major stocks in the aviation sector showed mixed performance, with China Eastern Airlines closing at 5.88, down 3.13%, and other companies like Xiamen Airport and Shenzhen Airport showing slight gains [3][1] Group 2 - The net outflow of main funds in the aviation and airport sector was 255 million yuan, while retail funds saw a net inflow of 42.27 million yuan [3][4] - The detailed fund flow indicated that Shenzhen Airport had a net inflow of 28.21 million yuan from main funds, while China Eastern Airlines had a significant net outflow of 17.01 million yuan [4] - The overall trend in fund flow suggests a cautious sentiment among institutional investors, contrasting with retail investors' activity [4] Group 3 - The Aerospace ETF (product code: 159227) tracked the aerospace industry index and saw a decline of 4.93% over the past five days, with a net redemption of 85.37 million yuan [6] - The General Aviation ETF (product code: 159230) also faced a decline of 5.89%, but experienced a net inflow of 24.84 million yuan [7] - The tourism ETF (product code: 562510) showed a positive trend with a 2.08% increase, indicating a potential area of interest within the broader market [7]

《中国民航报》、中国民航网 记者赵瑜 通讯员施东杰、丁梦 报道： 1 月 22 日， 东航杭州－悉尼－奥 克兰第五航权航线开通两周年活动在杭州机场举行。这条由空客 A332 客机执飞、每周运营四班往返 的"跨塔斯曼空中金桥"，不仅成为首家将新西兰奥克兰纳入内地航企澳洲航线的创新实践，更以客货两 旺的亮眼数据，为中澳、中新经贸人文交流留下生动注脚。 客流货运增幅显著 双区段齐头并进 作为浙江省内首条第五航权航线，数据显示自 2023 年 11 月 6 日开航超过 24 个月以来，该航线累计承 运旅客逾 12.5万人次， 其中杭州－悉尼段约 6 万人次，悉尼-奥克兰段约 6.6 万人次，2025 年该航线客 运量更同比增长 22%。杭州至奥克兰的直飞航线极大地刺激了两地间的出行需求，旅客量从 2019 年的 8600 人次跃升至 2025 年的 28300 人次，增幅达 229%， 充分显示了第五航权在"一点连三局"航线结构 中的客流聚集效应。 在活动现场，还举行了 新西兰中国 航贸促进机制授证仪式。航线开通后， 杭州与悉尼、奥克兰三城先 后举办"新西兰乳企包机""澳洲生鲜包机"等多场产业推介活动，带动杭州跨境电 ...

消息面上，近期油价、汇率波动。据华创证券研报，根据各家航司2025年半年报披露，10%的油价变动 对应三大航年化成本影响约43~51亿，1%汇率波动，对三大航影响在1.3-2.6亿。国泰海通证券近期指， 预计2026年春运需求将保持旺盛；民航将严控干线市场航司增加与增班，春运加班将较为有限；春节拼 假效应将弱于往年，节前节后客流集中或有利航司收益管理。 智通财经APP获悉，航空股全线回调，截至发稿，东方航空(00670)跌5.17%，报5.5港元；中国国航 (00753)跌4.95%，报7.11港元；南方航空(01055)跌3.11%，报5.92港元；国泰航空(00293)跌1.51%，报 12.42港元。 ...

Core Viewpoint - The 2026 Spring Festival travel season in China is expected to see record-high passenger flow and transportation volume across railways and civil aviation, with significant increases in both sectors compared to previous years [1][4]. Railway Sector - The China National Railway Group anticipates sending 539 million passengers during the Spring Festival travel period from February 2 to March 13, 2026, representing a 5% year-on-year increase [1]. - On peak travel days, over 14,000 passenger trains are expected to operate, with a 5.3% increase in seating capacity compared to the previous year [1]. - The railway ticketing service will enhance support for key passenger groups, including additional discounts for college graduates and continued services for students and workers [1][3]. Civil Aviation Sector - The civil aviation sector is projected to transport 95 million passengers during the Spring Festival, with a daily average of 2.375 million passengers, marking a 5.3% increase [4]. - Major airlines are expected to operate 657,000 flights, also reflecting a 5% increase year-on-year [4]. - The top three airlines (China Eastern, Air China, and China Southern) will account for 43% of the flights, while the top 20 airlines will represent 90% of the total operations [4]. Ticket Pricing and Trends - As of January 15, 2026, the average pre-sale price for domestic economy class tickets during the Spring Festival is 1,064 yuan (including tax), which is 20% higher than the actual transaction price from the previous year [5]. - The peak ticket prices are expected around the Spring Festival, with significant price drops possible for travelers who adjust their travel dates [5]. - Popular domestic travel destinations are dominated by southern cities, with Shantou leading in booking growth at 186% year-on-year [5]. International Travel - During the Spring Festival, outbound travel is primarily focused on Southeast Asia, with Thailand being the most popular destination [6]. - There has been a significant reduction in flights to Japan, with a cancellation rate of 36% for flights during the travel period [6]. - The demand for customized outbound travel packages has increased, with an 18% rise in pre-orders for long-haul trips [6].

值得一提的是，系统有效解决了质检员的工分核算痛点。此前，清洁班组的派工任务由地面保障可视化 运行系统（GCS）自动分配并完成工分核算，而质检人员因采取随机抽查模式，其工分核算长期依赖纸 质记录与人工录入的传统方式，效率低下、容易出现统计误差。如今，系统创新性地打通数据壁垒，实 现质检任务数据与GCS系统的实时联动，质检员完成质量检查后，系统自动回传任务数据并生成对应工 分，核算更加精准、高效。 系统全面上线后，预计每年还可为东航在上海虹桥、 浦东两大机场节约纸质单据约96万张， 节省印刷 费近24万元。（编辑：李季威，校对：张彤，审核：韩磊） 《中国民航报》、中国民航网 记者钱擘 通讯员王笑涵、刘浩、刘靖 报道：东航地服部、东航数科近期 联手，研发上线"数字清洁"系统，有效适配东航在主基地上海两场的枢纽客舱清洁场景，取代原先较为 繁琐的纸质单据填写。 "数字清洁"是东航地服部与东航数科联手，继"数字装载"、"数字航站楼"之后打造的又一数字地服产 品。该系统将机上工具检查单、客舱清洁区域检查表、机上配品交接单、摄像记录仪核查单等八类纸质 工单，基于不同航班任务类型进行全流程整合，统一嵌入"掌上东航"移动平台，构 ...

目前，依托"中转态势感知"的支持，东航的智能中转决策系统已能够精准测算并实时下发"急转、等 待、改签"指令；在主基地浦东机场的枢纽中转中，系统已累计提供6万多航班的决策支持，功能启用以 来，在中转旅客量同比增长16.5%的情况下，中转错失率降至3.47%，同比下降12.6%，急转成功率超过 97%，改签成功率超过89%，急转行李成功率超过97%，累计为近5万名错失旅客实现批量改签，单日改 签能力超过800人次，中转保障能力全面跃升。（编辑：李季威，校对：张彤，审核：韩磊） 《中国民航报》、中国民航网 记者钱擘 通讯员贾尔桢 报道：针对中转运行中的数据分散、服务链路断 裂、协同难度大等痛点，东航地面服务部、东航数科已协同研发上线"中转态势感知"功能，整合多源数 据，实时监控每日中转航班运行态势，方便业务部门精准掌握当日中转运行情况，实现从"经验判 断"向"数据感知"的转型升级。 ...

据悉，"MU翻译"支持全球23种语言的实时文字翻译与面对面语音互译，覆盖了东航近九成开航站点的 官方语言，围绕值机、登机、中转、行李查询等业务，一线员工只要点击就能"开口"。（编辑：李季 威，校对：张彤，审核：韩磊） 《中国民航报》、中国民航网 记者钱擘 通讯员连天一 报道：随着东航的国际航线持续增加，目前，东 航的国际航展数量已经超过80个，对地服环节的多语种交流能力要求越来越高。为此，东航基于"掌上 东航"平台架构开发了"MU翻译"功能，更好服务旅客，支持一线员工。 ...

Market Overview - The aviation and airport sector experienced a decline of 0.69% on January 22, with China Eastern Airlines leading the drop [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] Stock Performance - Notable stock performances included: - HNA Holding (600221) closed at 1.73, up 1.76% with a trading volume of 4.79 million shares and a turnover of 826 million yuan - Shenzhen Airport (000089) closed at 7.20, up 1.55% with a trading volume of 185,800 shares and a turnover of 133 million yuan - China Eastern Airlines (600115) closed at 6.07, down 2.41% with a trading volume of 1.43 million shares and a turnover of 873 million yuan [1][3] Capital Flow - The aviation and airport sector saw a net outflow of 147 million yuan from institutional investors, while retail investors had a net inflow of 97.06 million yuan [3] - Specific stock capital flows included: - HNA Holding had a net inflow of 57.12 million yuan from institutional investors - China Eastern Airlines experienced a net outflow of 7.07 million yuan from institutional investors [4] ETF Performance - The Aerospace ETF (159227) tracking the aerospace industry index saw a decline of 4.99% over the past five days, with a net subscription of 100 million yuan [6] - The General Aviation ETF (159230) tracking the general aviation industry index declined by 4.77%, with a net subscription of 12.71 million yuan [7]

Core Insights - China Eastern Airlines (CEA) announced a global distribution of consumption vouchers worth over 100 million yuan ($14.35 million) as part of the 2026 "Shopping in China" and New Year Consumption Season campaign [1] - The campaign is a collaborative effort between China's Ministry of Commerce and the Shanghai Municipal People's Government to stimulate consumer engagement [2] Initiatives and Promotions - CEA will implement special promotions for Chinese New Year purchases, selected products and services, and international consumption, along with themed activities to enhance consumer participation [2] - The airline plans to promote its innovative product, China PASS, which consolidates air travel benefits, local transportation, cultural attractions, and consumer offers into a single pass [3] Strategic Collaborations - CEA aims to collaborate with partners across various sectors, including commerce, tourism, culture, sports, and healthcare, to integrate high-quality resources and enhance travel experiences for global passengers [4] - The airline's global air route network covers 245 cities across 40 countries and regions, reaching a total of 255 destinations [4] New Services - CEA has launched an air-rail intermodal service on its international website, allowing multi-currency payments with foreign cards for integrated air-and-rail ticket purchases [5] - This service connects CEA's international destinations through major hubs in Shanghai, Beijing, Xi'an, and Kunming, facilitating convenient transfers between flights and rail segments [5]

Investment Rating - The report maintains a "Buy" rating for major airlines, including China National Aviation (China Air), China Eastern Airlines, Southern Airlines, and others, based on their projected earnings growth and favorable market conditions [2][3]. Core Insights - The domestic passenger load factor has increased significantly, reaching a historical high of 85.7% in December 2025, with a year-on-year increase of 2.4 percentage points [7][10]. - The international passenger load factor has shown a slight increase, but the growth rate has slowed due to disruptions in the Japanese route, with December figures reflecting a year-on-year increase of 0.9 percentage points [14][15]. - The overall industry demand growth continues to outpace supply growth, with a combined ASK/RPK increase of 6.6% and 9.1% respectively for the six listed airlines in December [7][10]. Summary by Sections 1. December International Supply and Demand Trends - The demand growth in December 2025 exceeded supply growth, with both domestic and international load factors reaching historical highs [10][11]. - The domestic routes saw a supply increase of 4.2% in ASK and a demand increase of 7.2% in RPK, while international routes experienced a 12.0% increase in ASK and a 13.3% increase in RPK [7][14]. 2. Aircraft Introductions and Fleet Growth - The total fleet of the six airlines increased by 0.4% in December, with a net addition of 14 aircraft, bringing the total to 3,386 [22][24]. - The A320 series was the primary aircraft introduced, with significant contributions from China National Aviation and Southern Airlines [22][27]. 3. Investment Recommendations - The report suggests that the tight supply-demand relationship in domestic routes will lead to a moderate increase in ticket prices in 2026, supported by regulatory measures to address low pricing [7][11]. - The international routes are expected to benefit from increased inbound tourism, with airlines like China Eastern Airlines and Spring Airlines positioned to gain from this trend [7][15].