部门沟通协调。 1月13日当天上午，刘女士携爱宠办理乘机手续。值机员仔细核查宠物品种、健康状态及相关检疫单 据，确保每一项流程都合规无误，将《宠物进客舱》标识牌粘贴于宠物箱外，并协助其办理了其他行李 的托运，顺利引导旅客携宠物箱进入客舱乘机。（编辑：李季威 校对：张彤 审核：韩磊） 1月12日获悉保障需求后，东航武汉地服部工作人员便主动与刘女士对接，提前确认宠物箱尺寸合规 性、旅客抵场时间等关键信息，详细告知飞行途中的注意事项，耐心解答各类疑问，并提前与机场安检 东航武汉公司工作人员，引导旅客携宠物箱登机（东航武汉公司供图） 《中国民航报》、中国民航网 记者钱擘 通讯员肖阳 报道：1月13日，中国东方航空武汉公司完成其首 次"宠物进客舱"航班保障。当天，旅客刘女士与她的宠物猫搭乘MU2583航班从武汉飞往银川，体验了 东航为携宠旅客打造的专属服务。飞行结束后，刘女士在朋友圈分享道:"工作人员专业负责，一路护 送，非常安心！" 东航的"宠物进客舱"服务适用于东航及上航实际承运、32个指定机场间的直达经济舱航班，旅客可在航 班起飞前24小时，通过东航APP或小程序提交申请。 ...

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]

Core Viewpoint - The aviation and airport sector experienced a decline of 1.94% on January 14, with China Eastern Airlines leading the drop, while the Shanghai Composite Index fell by 0.31% and the Shenzhen Component Index rose by 0.56% [1] Group 1: Market Performance - The closing price of China Eastern Airlines was 5.85, down by 2.99%, with a trading volume of 1.27 million shares and a transaction value of 748 million yuan [2] - The aviation and airport sector saw a net outflow of 439 million yuan from major funds, while retail investors contributed a net inflow of 242 million yuan [2][3] Group 2: Individual Stock Performance - CITIC Hainan Airlines had the highest increase, closing at 22.44 with a rise of 5.30% and a transaction value of 1.31 billion yuan [1] - Major stocks like China Eastern Airlines, China Southern Airlines, and Air China saw declines of 2.99%, 2.83%, and 2.95% respectively, indicating a negative trend in the sector [2][3] Group 3: Fund Flow Analysis - Major funds showed a significant net outflow from several stocks, including China Eastern Airlines with a net outflow of 98.73 million yuan, and China Southern Airlines with 82.17 million yuan [3] - Retail investors showed a contrasting trend, with net inflows into stocks like China Eastern Airlines and Xiamen Airport, indicating differing investor sentiment [3]

Core Viewpoint - China Eastern Airlines (CEA) is collaborating with Shanghai Sugar and Wine Group to launch the "Sweet Rhythm of the East, Reunion Takes Off" series of activities, integrating "aviation + New Year goods" consumption scenarios for the upcoming 2026 Spring Festival [1] Group 1: Collaboration and Offerings - The partnership combines resources from Shanghai Sugar and Wine Group's "Guangming Haoxuan" platform and various convenience stores, enhancing the product offerings of CEA [8] - Passengers can receive limited edition themed boarding passes at Shanghai Hongqiao Airport or Beijing Capital Airport, which provide access to discounts at affiliated convenience stores [8] - CEA members can use "points + cash" mixed payment or full points redemption to purchase traditional New Year goods at participating stores [8] Group 2: Digital Engagement and Promotions - Travelers can access discount coupons ranging from 10 to 30 yuan through the CEA app and mini-programs for purchases on the "Guangming Haoxuan" platform, with free shipping on orders over 58 yuan [8] - The CEA app will feature a "Qili Dongfang · New Spring Reunion Season" section, offering various products and benefits related to travel, accommodation, and entertainment [9] - A special "Shenqing Reunion Card" priced at 999 yuan is available for children and elderly travelers, redeemable for round-trip tickets to Shanghai [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.

来源：新浪证券-红岸工作室 1月13日，中国东航涨0.50%，成交额5.95亿元。两融数据显示，当日中国东航获融资买入额2478.48万 元，融资偿还5368.68万元，融资净买入-2890.19万元。截至1月13日，中国东航融资融券余额合计2.60 亿元。 融资方面，中国东航当日融资买入2478.48万元。当前融资余额2.55亿元，占流通市值的0.25%，融资余 额低于近一年10%分位水平，处于低位。 分红方面，中国东航A股上市后累计派现32.96亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年9月30日，中国东航十大流通股东中，中国证券金融股份有限公司位居第八 大流通股东，持股4.30亿股，持股数量较上期不变。香港中央结算有限公司位居第十大流通股东，持股 2.95亿股，相比上期减少545.24万股。 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。 ...

Group 1 - The core point of the article is that China Eastern Airlines Jiangsu Company plans to open, increase, and restore multiple international and domestic flight routes during the Spring Festival travel season from February 2 to March 13 [1] Group 2 - In terms of international routes, the company will add one daily flight from Nanjing to Bangkok and from Nanjing to Kuala Lumpur during the Spring Festival, and will restore one daily flight from Nanjing to Phuket in February [3] - For domestic routes, the company will launch a new direct flight from Nanjing to Ulanhot with three flights per week, and a new flight from Chongqing via Nanjing to Changbai Mountain with one daily flight. Additionally, a new route from Wuxi to Dalian will be opened with four flights per week during the Spring Festival, and the frequency of some popular domestic routes will be increased [5]

Investment Rating - The report maintains an "Overweight" rating for the transportation industry, indicating a positive outlook for the sector's performance relative to the overall market [12]. Core Insights - The shipping market is expected to see significant growth in Q4 2025, driven by strong VLCC freight rates and structural changes in trade dynamics, including new refinery capacities and geopolitical shifts [4]. - The aviation sector is projected to enter a golden era, with passenger transport expected to reach 770 million in 2025, marking a 5.5% increase from 2024 and a 16.7% increase from 2019 [4]. - The report highlights a shift in the shipping industry from supply-driven to demand-driven dynamics, particularly in shipbuilding, as older vessels are replaced [4]. - The logistics and freight forwarding sectors are facing challenges due to trade tensions, impacting profit margins and demand [4]. Summary by Sections Shipping - Q4 2025 VLCC freight rates are expected to average around $95,500 per day, with a projected demand increase of 1.7% from new refinery capacities and a 2.1% increase from compliance changes in Venezuelan oil [4]. - The dry bulk market is also showing strong performance, with Cape-sized vessel rates expected to rise by 20% to $27,600 per day [4]. - The report estimates that COSCO Shipping Energy's Q4 earnings will be approximately 1.9 billion RMB, while China Merchants Energy's will be around 2.9 billion RMB [4]. Shipbuilding - The shipbuilding sector is experiencing a tight supply-demand balance, with second-hand ship prices rising for 11 consecutive months, indicating a positive outlook for the industry [4]. Freight Forwarding - The freight forwarding sector is facing profit margin compression due to trade frictions, with the CCFI index expected to decline by 26% in Q4 2025 [4]. Aviation - The Chinese aviation market is expected to achieve a profit of 6.5 billion RMB in 2025, with major airlines like China Eastern Airlines anticipated to see significant performance improvements [4]. - The report emphasizes the importance of international routes as passenger volumes are expected to grow, driven by a recovery in outbound travel [4]. Express Delivery - The express delivery sector is projected to see a 5% year-on-year growth in Q4, driven by price increases and seasonal demand, despite challenges from trade policies [4]. Road and Rail - The report notes a slowdown in highway traffic growth, while rail passenger and freight volumes continue to increase, with recommendations for specific companies in the sector [4].

Group 1 - The first professional air cargo hub in the Yangtze River Delta, Jiaxing Nanhu Airport, has officially commenced operations, with Eastern Airlines announcing the launch of the Xi'an-Jiaxing route on January 16, 2026, marking the first regular direct flight between the two locations [3] - The Xi'an-Jiaxing route will operate daily with flight number MU6787/6788, departing from Xi'an Xianyang International Airport at 07:30 and arriving at Jiaxing Nanhu Airport at 09:40, with the return flight leaving Jiaxing at 10:30 and arriving back in Xi'an at 13:05 [3] - Eastern Airlines plans to expand its domestic route network from Jiaxing, with additional flights to Beijing Daxing and Kunming scheduled for the winter season of 2025/2026 [3] Group 2 - To promote tourism and consumer spending, Jiaxing's cultural and tourism bureau has launched a series of activities called "Fly to Jiaxing," offering discounts on various services for passengers arriving on the new route [4] - The establishment of this route significantly shortens the travel distance between Shaanxi and northeastern Zhejiang, enhancing trade, tourism, and cultural exchanges between the two regions [4] - This development is expected to inject new aviation momentum into Jiaxing's integration into the Yangtze River Delta and its connection with important cities in the central and western regions of China [4]

Group 1 - The core viewpoint of the news is that China Eastern Airlines has shown a positive stock performance with a 2.00% increase in price, reaching 6.12 CNY per share, and a total market capitalization of 135.18 billion CNY [1] - As of January 13, the stock has experienced a 19.30% increase over the past 20 days and a 36.61% increase over the past 60 days [1] - The company reported a net inflow of 9.44 million CNY from major funds, with significant buying activity from large orders [1] Group 2 - For the period from January to September 2025, China Eastern Airlines achieved an operating revenue of 106.41 billion CNY, representing a year-on-year growth of 3.73%, and a net profit attributable to shareholders of 2.10 billion CNY, which is a remarkable increase of 1623.91% [2] - The company has a primary revenue structure where passenger service income accounts for 92.50% of total revenue, followed by cargo service income at 3.86% [1] - As of September 30, 2025, the number of shareholders decreased by 3.37% to 149,900, with an average of 0 shares per shareholder [2] Group 3 - China Eastern Airlines has distributed a total of 3.30 billion CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] - The top ten circulating shareholders include China Securities Finance Corporation, holding 430 million shares, and Hong Kong Central Clearing Limited, holding 295 million shares, with the latter reducing its holdings by 5.45 million shares [3]