Core Viewpoint - The aviation and airport sector experienced a decline of 1.17% on January 21, with China Eastern Airlines leading the drop, while the Shanghai Composite Index rose by 0.08% and the Shenzhen Component Index increased by 0.7% [1]. Group 1: Market Performance - The closing price of China Eastern Airlines was 6.22, reflecting a decrease of 2.20% with a trading volume of 1,109,700 shares and a transaction value of 6.95 million [2]. - The aviation and airport sector saw a net outflow of 84.83 million from major funds, while retail investors experienced a net outflow of 10.9 million, and speculative funds had a net inflow of 194 million [2][3]. Group 2: Individual Stock Performance - China National Aviation (China National Airlines) had a net outflow of 22.99 million from major funds, with a net inflow of 5.52 million from speculative funds and a net outflow of 28.51 million from retail investors [3]. - Xiamen Airport reported a net outflow of 2.03 million from major funds, while speculative funds had a net inflow of 1.35 million, and retail investors saw a net inflow of 0.68 million [3]. - Shenzhen Airport experienced a net inflow of 12.93 million from major funds, with a net inflow of 2.77 million from speculative funds and a net outflow of 15.69 million from retail investors [3].

1月20日凌晨5时，武汉天河机场机坪寒风阵阵，东航武汉公司除冰保障人员全员到位，机务工作人员操 作除冰车，为出港航班飞机实施除冰作业，除冰液精准喷射，冰雪消融间蒸腾起团团白雾。同时，应急 铲雪队迅速集结，按照预案划分的责任区，手持铁锹开始人工铲雪，在停机位、车道等重点区域，一条 条安全通道不断延伸，确保了航空器与地面车辆的顺畅运行。在公司办公园区，干部员工们也纷纷拿起 工具，齐心协力将主干道及人行区域的积雪集中扫除，有效保障了人员与车辆的通行安全。 《中国民航报》、中国民航网 记者钱擘 报道：1月19日夜间至20日凌晨，武汉迎来今冬首场强降雪，中 国东航武汉公司以周密的预案和扎实的准备，保障航班运行平稳。 自收到气象部门发布的寒潮天气预警起，东航武汉公司立即进入备战状态，于1月14日召开雨雪天气应 对专题部署会，成立应对专班，制定了全链条保障方案。东航武汉公司飞行部按最强力量编排机组，宣 贯冻雨天气运行提示；运控分中心严格放行标准，评估湿滑跑道运行的飞机性能，专人监控分析雪情通 告；地服部明确除防冰协调、货物装卸、车辆行驶、航班监控及预案联动等环节协作流程，形成一体化 保障体系；东航技术武汉分公司提前开展除防 ...

Core Viewpoint - The launch of the new cargo route from Shanghai to Mexico via Harbin by China Southern Airlines Logistics marks a significant step in enhancing air logistics connectivity between the Yangtze River Delta and the Latin American market, supporting bilateral trade cooperation [1][5]. Group 1: Route Launch and Significance - The new cargo route, operated by a Boeing 777F freighter, aims to establish a reliable air logistics channel for high-quality Chinese products entering the Latin American market [3]. - This route will strengthen the air logistics connection between the Yangtze River Delta and Latin America, facilitating trade upgrades and enhancing economic cooperation [1][5]. Group 2: Operational Excellence and Safety Measures - To ensure the safe and efficient delivery of goods, the company has implemented a comprehensive control process, including real-time digital tracking of key logistics stages such as booking, collection, and loading [4]. - A dedicated green inspection channel has been established for special cargo like lithium batteries, significantly reducing warehouse entry times and enabling companies to seize market opportunities [4]. Group 3: Global Network and Trade Facilitation - The new route is part of the "Air Silk Road" initiative, enhancing the logistics network of China Southern Airlines in Latin America, which already includes routes to Mexico and Chile [5]. - As China-Latin America economic cooperation deepens, this route will link the manufacturing strengths of the Yangtze River Delta with the resource advantages of Latin America, providing stable air logistics support for exports and efficiently handling imports [5].

Core Viewpoint - The aviation and airport sector experienced a notable increase of 2.53% on January 20, with Southern Airlines leading the gains, while the overall stock market indices showed slight declines [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4113.65, down 0.01%, and the Shenzhen Component Index closed at 14155.63, down 0.97% [1]. - Southern Airlines saw a closing price of 8.13, with a rise of 4.90%, and a trading volume of 936,000 shares, resulting in a transaction value of 750 million yuan [1]. - China Eastern Airlines closed at 6.36, up 3.75%, with a trading volume of 1,763,300 shares and a transaction value of 1.111 billion yuan [1]. Group 2: Individual Stock Performance - China National Aviation Holdings closed at 9.10, increasing by 3.29%, with a trading volume of 991,800 shares and a transaction value of 895 million yuan [1]. - Shenzhen Airport's closing price was 7.16, up 2.43%, with a trading volume of 294,900 shares and a transaction value of 209 million yuan [1]. - Shanghai Airport closed at 32.37, rising by 2.05%, with a trading volume of 206,900 shares and a transaction value of 666 million yuan [1]. Group 3: Capital Flow - The aviation and airport sector saw a net inflow of 137 million yuan from main funds, while retail investors experienced a net outflow of 1.22 billion yuan [2]. - Southern Airlines had a net outflow of 57.22 million yuan from main funds, with retail investors also showing a net outflow of 38.10 million yuan [3]. - Shanghai Airport recorded a net inflow of 45.37 million yuan from main funds, while retail investors had a net outflow of 34.33 million yuan [3].

Investment Rating - The report maintains a positive outlook on the aviation industry, indicating it is entering a "golden era" with an investment rating of "Overweight" [2][3]. Core Insights - The National Civil Aviation Work Conference emphasized "quality improvement and efficiency enhancement," with initial signs of reducing "involution" in the industry. The 2026 targets include a total transport turnover of 1,750 billion ton-kilometers, 810 million passenger transport, and 10.7 million tons of cargo, representing year-on-year growth of 6.7%, 5.2%, and 5.2% respectively [3]. - The global aircraft supply chain remains unhealed, with an aging fleet exacerbating supply constraints. Airbus plans to deliver 793 aircraft in 2025, while Boeing aims for 600, both below pre-pandemic levels. The backlog exceeds 15,000 aircraft, and the delivery cycle has extended to 6.8 years, leading to prolonged service of older models [3]. - Demand is bolstered by visa exemption policies, driving an increase in inbound travelers. The proportion of foreign visitors entering China under visa exemptions has stabilized above 70%. The upcoming Spring Festival is expected to see a daily average of 5.3% growth in passenger volume, with ticket prices projected to rise by 20% compared to the previous year [3]. - The report recommends continued investment in the aviation sector, highlighting the unprecedented constraints in aircraft manufacturing, high passenger load factors, and the growth of inbound and outbound travel. Key companies recommended include China Eastern Airlines, China Southern Airlines, Air China, Spring Airlines, Huaxia Airlines, and Juneyao Airlines [3]. Summary by Sections Supply Side - The global aircraft supply chain is still recovering, with significant delivery delays and an aging fleet leading to supply constraints. The total number of passenger aircraft in China is projected to grow by only 4% in 2025, with a peak in retirements expected by 2030 [3]. Demand Side - The implementation of visa exemption policies is expected to significantly increase the number of inbound travelers, with international routes becoming the main driver of demand growth in 2026. The Spring Festival is anticipated to show a notable increase in both volume and pricing [3]. Investment Recommendations - The report suggests a strong investment in the aviation sector, citing the current supply constraints and the potential for significant improvements in airline profitability. Specific airlines and global aircraft leasing companies are highlighted as key investment opportunities [3][4].

Core Insights - The article discusses the prevalent practice of airlines locking certain economy class seats, which limits consumer choice and is seen as a method for airlines to increase revenue through service tier differentiation [1][2] Group 1: Airline Practices - A survey conducted by the Jiangsu Consumer Protection Committee revealed that none of the 10 major airlines fully open all economy class seats for selection, indicating that seat locking has become a common practice in civil aviation services [1] - The airlines surveyed include Eastern Airlines, Southern Airlines, Air China, Hainan Airlines, Xiamen Airlines, Shenzhen Airlines, Shandong Airlines, Sichuan Airlines, Spring Airlines, and Juneyao Airlines [1] Group 2: Seat Locking Statistics - The proportion of locked seats during the purchasing phase varies significantly among the surveyed airlines, ranging from 19.9% to 62.1%, with an average of 38.7% [1] - Specific routes with high seat locking include Spring Airlines' "Nanjing-Lanzhou" route, which has over 60% of economy seats locked, and Shenzhen Airlines' "Shenzhen-Zhanjiang" route, with over 50% locked [1] Group 3: Consumer Concerns - Consumers have raised questions regarding the reasons for seat locking, the extent of locked seats, unlocking methods, and related rules, but airline customer service responses have been vague regarding these issues [2]

Core Viewpoint - The Eastern Airlines Jiangxi branch effectively managed the challenges posed by a cold wave in Nanchang on January 20, 2026, ensuring all flights operated normally without significant delays or cancellations due to snow and low temperatures [1][4]. Group 1: Preparation and Response - The Eastern Airlines Jiangxi branch and related units proactively planned and activated winter extreme weather contingency measures ahead of the cold wave [4]. - The operations command center closely monitored weather changes and maintained real-time communication with air traffic control and airports to assess the impact of snowfall on flight operations [4]. - The technical division completed maintenance and testing of de-icing equipment in advance, ensuring sufficient de-icing fluid was available and conducting pre-shift training for staff [4]. Group 2: Execution of De-icing Operations - De-icing operations for the first flight commenced at 5:40 AM, with personnel following a systematic process to apply warm de-icing fluid to the aircraft [7]. - The average time for de-icing each of the 11 flights was kept under 10 minutes, achieving efficiency, precision, and safety [8]. - The ground service department enhanced personnel presence to ensure safe operations and effective passenger services, including guidance and information dissemination [4][8]. Group 3: Ongoing Monitoring and Future Actions - The Eastern Airlines Jiangxi branch will continue to monitor weather conditions and adjust support plans dynamically to ensure passenger safety during travel [8].

Group 1 - Heavy snowfall occurred in Jiangsu from January 19 to 20, leading to flight cancellations at Nanjing Lukou International Airport, including flights to and from cities like Zunyi, Changsha, Harbin, Chongqing, Zhuhai, and Nanning [1] - China Eastern Airlines Jiangsu Company reported minor flight delays on the morning of January 20, with staff using de-icing vehicles and manual snow removal methods to ensure safety [2][4] - A cold wave blue alert and yellow alerts for freezing and strong winds were issued by the Central Meteorological Observatory, indicating a widespread cold wave with low temperatures and snow from January 18 to 23 in Jiangsu [4]

Group 1 - The core view of the report is a positive outlook for Asia-Pacific airlines by 2026, driven by sustained high ticket prices, healthy demand, improved cargo fundamentals, and potential benefits from excess oil supply [1] - The report raises the average earnings per share forecast for Asia-Pacific airlines from 2025 to 2027 by 22%, reflecting improved passenger and cargo unit revenue outlooks, with the largest upward adjustment for mainland Chinese airlines [1] Group 2 - The target price for China Eastern Airlines is raised from HKD 2 to HKD 2.9, maintaining a "Underperform" rating [1] - The target price for China Southern Airlines is increased from HKD 3.1 to HKD 5.92, with the rating upgraded from "Underperform" to "Neutral" [1] - The target price for Air China is raised from HKD 4.2 to HKD 8.3, with the rating upgraded from "Underperform" to "Buy" [1]

Core Viewpoint - The ground comprehensive service industry in China's civil aviation sector is experiencing rapid growth, driven by the recovery of air transport and supportive government policies, with the market expected to reach 230 billion yuan in 2024, reflecting a year-on-year increase of 2.2% [1][5]. Industry Overview - Ground comprehensive services encompass essential services provided when aircraft arrive and depart from airports, including management, passenger services, baggage handling, cargo services, and aircraft maintenance [3]. - The industry is crucial for aviation safety and significantly impacts the efficiency and quality of services provided to airlines and consumers [3]. Market Size and Trends - The market size of China's ground comprehensive services reached 250 billion yuan in 2019, fluctuated due to the pandemic from 2020 to 2022, and is recovering with a projected market size of 230 billion yuan in 2024 [1][5]. - The number of transport airports in China is expected to increase to 263 by the end of 2024, further driving demand for ground services [5]. Policy Support - The government has introduced various policies to enhance ground services, including guidelines for optimizing first-time passenger services and regulations for managing airport service operations [4]. Competitive Landscape - The ground comprehensive service market is highly competitive, with major players including large airlines like China Eastern Airlines and China Southern Airlines, specialized ground service companies, and airport management firms [6][7]. - Large airlines dominate the market due to their extensive service networks and operational experience, while specialized companies excel in specific service areas [6]. Development Trends - Digital transformation is reshaping the industry, enabling better demand forecasting and resource optimization through data analysis [9]. - The industry is moving towards green and sustainable practices, incorporating eco-friendly vehicles and energy-efficient equipment to reduce environmental impact [10]. - Service models are diversifying to meet individual passenger needs, introducing innovative services like exclusive transfers and smart baggage tracking [12]. - Market competition is intensifying as more companies enter the sector, leading to increased consolidation and a need for companies to enhance their competitiveness [13].