"你好！中国"冬季旅游推介会6日在斯里兰卡科伦坡举行，约100名来自斯里兰卡旅游业、金融业以及相 关中资企业的代表出席活动。 主办方斯里兰卡中国文化中心主任倪利生在致辞中表示，近年来，冰雪经济已成为推动中国旅游市场增 长的强劲力量，中国各地都在围绕这一主题积极创新、打造独特的旅游体验。期待更多的斯里兰卡旅游 从业者深入了解中国冬季旅游的魅力，推动双方在旅游领域的务实合作。 斯里兰卡旅游促进局局长布迪卡·赫瓦瓦萨姆表示，斯里兰卡中产阶级群体规模增长迅速，对出境游的 热情不断提高。中国成为斯里兰卡民众青睐的旅游目的地，而中国冰雪旅游的发展无疑更为斯里兰卡旅 游业提供了拓展跨境旅游业务的新契机。 推介会上，多位主讲嘉宾向与会代表介绍了黑龙江、吉林、辽宁等具有代表性的中国冰雪旅游目的地。 协办方中国国际航空公司、中国东方航空公司、银联国际分别就航线网络、便利支付等业务进行了介 绍。（记者吴子钰） ...

多位职工表示，此次活动让家人更加理解自己的工作与责任。总签员工庄婴颖说："家人走进工作岗 位，才更懂我的坚守与责任，这份理解让我更有干劲。"航班调配部员工卞文哲表示："工会的暖心安 排，让家人感受到企业的关怀，也让我们一家人的心贴得更近。"重大办员工陈志浩感慨："看到家人为 东航运控的发展点赞，我既自豪又感动，未来会以更饱满的热情投入工作，不负企业与家庭的期待。" 运控中心总经理刘志敏表示，向家属介绍东航与运控中心是一种荣幸。理解与支持源于了解，职工取得 的每一份成绩都离不开家人的默默支持。由衷感谢家属们的倾情相伴。 《中国民航报》、中国民航网 记者胡夕姮 通讯员奚啸麒报道：为深入贯彻党的二十届四中全会精神， 以党建引领工会工作，增强职工归属感与凝聚力，东航运控中心工会于2月7日至8日开展"运控一家亲 相伴共暖心"家庭日活动，邀请30组职工家庭、共90余位家属走进东航，近距离感受职工工作环境与企 业文化。运控中心领导全程带队讲解，向家属介绍公司发展、春运保障情况，并陪同参观东航企业文化 展示厅、运控中心（OCC）大厅、客舱部、飞行部出发大厅等办公区域，以及职工书屋、职工食堂等 服务阵地。 活动中，家属们实地了 ...

该航班执行周期覆盖整个春节假期及元宵节，将持续运营至3月13日，每日执飞1班，由空客A320系列 飞机执飞，航班号为MU6755/6，每日15时从青岛起飞，18时5分抵达湛江；18时55分从湛江起飞，21时 55分抵达青岛（具体时刻请以东航官方平台为准）。 《中国民航报》、中国民航网 记者许晓泓 通讯员郑景友 报道：为满足2026年春节假期旺盛的出行需 求，进一步优化国内航线网络布局，中国东方航空于春运期间正式开通青岛—湛江直飞往返航线。这是 东航首次在青岛与湛江两地间执飞定期直飞航班，成功打通山东半岛与粤西沿海地区的空中通道，为旅 客提供更加便捷、高效的出行选择。 2月6日首航当日，东航山东分公司地服工作人员在青岛机场候机区现场为小旅客送上马年新春主题玩 偶，传递浓浓年味与真挚祝福，营造喜庆祥和的出行氛围。春运期间，东航山东分公司将持续秉持"精 心、精准、精致、精细"的"四精"服务理念，从值机引导、行李托运、客舱服务到特殊旅客协助等各个 环节，全方位保障旅客安全、顺畅、舒适的旅程，让每一位旅客在跨越山海之际，亦能感受到如家般的 贴心服务与出行喜悦。（编辑：陈虹莹 校对：李佳洹 审核：程凌） （本文图片均由东 ...

摩根士丹利称，将中国国航、中国东方航空和南方航空的A股评级上调至超配。在需求顺风的推动下， 始于去年四季度的复苏可能会在2026-2027年继续获得动能，尽管投资者仓位和信心仍然较低，但潜在 的价格上调将有助提振市场情绪。摩根大通对三大航H股及春秋航空维持超配评级。 ...

Core Viewpoint - The Chinese civil aviation industry is experiencing a significant turnaround after years of operational pressure, with major airlines like China Southern Airlines and Hainan Airlines expected to return to profitability by 2025, indicating substantial improvement in the industry's fundamentals [1][2]. Group 1: Airline Performance - China Southern Airlines is the first among major airlines to achieve profitability, projecting a net profit of 0.8 to 1 billion yuan for 2025, a significant recovery from a loss of 1.696 billion yuan the previous year [2]. - Hainan Airlines is also expected to turn profitable, forecasting a net profit of 1.8 to 2.2 billion yuan for 2025, compared to a loss of 0.921 billion yuan in the prior year [2]. - China Eastern Airlines and Air China are not expected to achieve profitability in 2025, with projected net losses of 1.3 to 1.9 billion yuan and 1.3 to 1.9 billion yuan respectively, despite improvements in core operational metrics [3]. Group 2: Market Trends - The 2026 Spring Festival travel season is anticipated to see a record high in passenger volume, with an expected 95 million travelers, reflecting a year-on-year increase of approximately 5.3% [4]. - The travel demand is driven by a longer holiday period, with new travel patterns emerging, including a trend of "returning home first, then traveling" [5][6]. - The aviation market is showing signs of "volume and price rising together," with a notable increase in flight operations and ticket prices during the early days of the Spring Festival travel period [6]. Group 3: Industry Dynamics - The civil aviation industry is undergoing a "de-involution" process, with measures being implemented to control excessive competition and improve profitability [7]. - The supply of new aircraft is limited, with a backlog of over 15,000 global aircraft orders and an extended delivery cycle of 6.8 years, which is expected to constrain supply in 2026 [8]. - International routes are becoming increasingly important for profitability, with airlines focusing on expanding international services to enhance revenue [8].

Investment Rating - The report maintains a "Recommend" rating for the aviation sector, highlighting opportunities in the industry [2][3]. Core Insights - The Spring Festival travel rush has begun, with air passenger volume averaging 2.313 million per day, up 5.5% year-on-year, while railway passenger volume averaged 11.792 million, down 0.7% [1][10]. - The report emphasizes the competitive landscape in instant retail, particularly with the launch of the "30 Billion Free Order" campaign by Qianwen, which saw over 10 million orders in just 9 hours [2][35]. - The report identifies key players in the aviation sector, including China National Airlines, Southern Airlines, and Eastern Airlines, as well as low-cost carriers like Spring Airlines, which are expected to benefit from high price elasticity and operational efficiency [2][34]. Industry Data Tracking - Air cargo: The outbound air cargo price index at Pudong Airport increased by 5.3% week-on-week and 8.9% year-on-year as of February 2 [7][44]. - Shipping: VLCC freight rates increased by 2%, while the BDI decreased by 10% and SCFI decreased by 4% [7][48]. - The report highlights the expected compound annual growth rate (CAGR) of approximately 3% for aircraft imports over the next three years, indicating a supply constraint in the aviation sector [31][32]. Investment Recommendations - The report suggests focusing on "performance elasticity" and "dividend value" as key investment themes for the transportation sector in 2026 [7][31]. - It recommends leading companies in express logistics, such as Zhongtong and Yuantong, as well as the instant retail leader Shunfeng Tongcheng, which is expected to benefit from rapid growth and low valuation [7][31]. - The report also highlights the importance of dividend-paying assets, recommending Sichuan Chengyu and China Merchants Port for their stable performance and potential for dividend increases [7][31].

Investment Rating - The report maintains an "Accumulate" rating for the transportation industry [6] Core Views - The transportation sector is expected to benefit from the high demand during the Spring Festival travel season, with a notable increase in passenger volume and airline ticket prices [3][11] - The logistics sector shows promising growth, particularly for companies like ZTO Express, which has reported an increase in market share and profitability [4][17] - The shipping market is experiencing high VLCC rates due to tight capacity and geopolitical premiums, while dry bulk rates have seen a decline [2][14] Summary by Sections Weekly Insights and Market Review - On February 2, 2026, the Spring Festival travel season commenced, with a total of 184.986 million people traveling, an increase of 11.3% compared to the same period in 2025. The civil aviation passenger volume reached 2.234 million, up 7.4% year-on-year [3][11] - The transportation sector index rose by 1.90% during the week, outperforming the Shanghai Composite Index by 3.17 percentage points [21] - The top-performing segments included air transportation, express delivery, and logistics, with respective increases of 8.15%, 3.76%, and 1.24% [21] Air Travel - The average ticket price for civil aviation during the Spring Festival was 840 yuan, a 3.0% increase from 2025, with an average seat occupancy rate of 83.3%, up 1.2 percentage points year-on-year [3][11] - The report anticipates continued growth in the aviation sector driven by demand recovery and supportive policies, with a focus on business travel and international flight recovery [12] Shipping and Ports - The VLCC market is experiencing high rates, with the Middle East route commanding $119,447 per day and the West Africa route at $130,293 per day as of February 6 [2][13] - The Baltic Dry Index (BDI) fell to 1,923 points, indicating a decrease in dry bulk shipping rates [14] - The report highlights the importance of monitoring the shipping market dynamics, particularly in relation to geopolitical factors and supply chain developments [15] Logistics - ZTO Express reported a 9.3% year-on-year increase in parcel volume for Q4 2025, with a slight increase in single-ticket revenue and gross profit [4][17] - The company is issuing $1.5 billion in convertible bonds to finance share buybacks, aiming to enhance shareholder returns [18] - The logistics sector is expected to see growth driven by overseas e-commerce and competitive dynamics among leading express companies [19][20]

Investment Rating - The report maintains a "Recommend" rating for the aviation sector, highlighting potential opportunities in the industry [2][3]. Core Insights - The Spring Festival travel rush has begun, with air passenger volume averaging 2.313 million per day, up 5.5% year-on-year, while railway passenger volume averaged 11.792 million, down 0.7% year-on-year [1][10]. - The report emphasizes the competitive landscape in instant retail, particularly with the launch of the "30 Billion Free Order" campaign by Qianwen, which saw over 10 million orders in just 9 hours [2][35]. - The report identifies key players in the aviation sector, including China National Airlines, Southern Airlines, and Eastern Airlines, as well as low-cost carriers like Spring Airlines, which are expected to benefit from high price elasticity and operational efficiency [2][34]. Industry Data Tracking - Air freight rates at Pudong Airport increased by 5.3% week-on-week and 8.9% year-on-year as of February 2 [7][44]. - The VLCC freight rate rose by 2% week-on-week, while the BDI decreased by 10% [7][48]. - The report highlights the growth potential in the express logistics sector, particularly for leading companies like Zhongtong and Yuantong, as well as the promising outlook for instant retail leader SF Express [7][31]. Investment Recommendations - The report suggests focusing on "performance elasticity" and "dividend value" as key investment themes for the transportation sector in 2026 [7][31]. - It recommends continued investment in the aviation sector due to expected low growth in aircraft supply and a projected 5% increase in passenger numbers [2][31]. - The report also emphasizes the importance of dividend assets, recommending companies like Sichuan Chengyu and China Merchants Port for their stable performance and potential for increased dividends [7][31].

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Insights - The aviation sector is expected to benefit from the Spring Festival travel peak, leading to a positive outlook for airline stocks. The report highlights a significant increase in flight operations and passenger volumes during this period, indicating a recovery in demand [4][6] - The report emphasizes the potential for oil transportation to rise, driven by geopolitical factors and structural demand growth, suggesting a favorable investment environment in the shipping sector [6][7] Summary by Sections Investment Highlights - The report identifies key investment opportunities in the aviation sector, particularly focusing on major airlines and low-cost carriers that are expected to benefit from rising ticket prices and improved operational performance [4][6] - It also highlights the logistics and express delivery sectors, noting the positive earnings forecast for companies like SF Express, which is capitalizing on the growth of instant delivery services [6] Aviation Data Tracking - Daily flight operations from February 2 to February 6 showed significant increases for major airlines, with Eastern Airlines and Southern Airlines leading the growth [4] - The average aircraft utilization rates also improved, indicating a recovery in operational efficiency across the sector [4] Shipping Data Tracking - The report tracks various shipping indices, noting a mixed performance in container shipping but a positive trend in oil transportation indices, suggesting a potential upturn in the oil shipping market [6][7] - The report recommends focusing on companies in the oil shipping sector due to limited supply and structural demand growth [6][7] Logistics Data Tracking - The report provides data on logistics performance, indicating a substantial increase in express delivery volumes, which is expected to continue benefiting from the growth in e-commerce and instant delivery services [6] - It highlights the importance of addressing industry challenges such as competition and regulatory changes to maintain profitability [6] Company Performance Tracking - The report includes performance metrics for key companies in the aviation and logistics sectors, showcasing their earnings forecasts and operational improvements [4][6] - It emphasizes the strategic positioning of companies like Spring Airlines and China Eastern Airlines, which are expected to leverage their market positions for growth [4][6]

伴随着贵金属板块的持续震荡，科技股走势盘整，在主线投资纷纷熄火之际，消费、旅游出行等个 股隐有走强的趋势，其中较为"小众"的航空出行板块近几个交易日更为坚挺：华夏航空、中国东 航、吉祥航空、南方航空等个股年后集体上涨，Wind分类下航空指数已经连续三日逆势上涨，拉长 时间来看，这一指数也逼近了三年来新高。 随着多家公司扭亏的业绩预告披露，展望后市，有基金经理指出，近期航空的上座率已经达到了历史新高的水 平，航空机票也有明显上涨的基础。此外，叠加汇率走强以及油价波动，以及飞机交付量供给紧俏，多重因素 对航司的利润情况亦构成利好。 "小众"板块稳步上行 是持续看跌的，对这些航空公司的利润弹性是比较大的。"该基金经理表示。 工银瑞信基金表示，展望后续，航空业供需格局有望迎来进一步改善。 在去年的"科技牛"行情中，航空股虽然没有动辄翻倍的表现，但依旧走出缓步向上的势头，多只主动权益型产 品也在去年四季度内选择加仓这一板块。因此，年后个股的上涨也使得相关基金产品业绩走强。 以杨金金管理的交银瑞元三年定开为例，该基金截至去年四季度重仓了包括华夏航空、南方航空和中国航空在 内的三只航空个股，并在年后续写了涨幅，截至2月4日 ...