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 ...

Group 1 - Eastern Airlines Jiangxi Branch and Nanchang Changbei International Airport launched a self-service baggage check-in service on February 7, 2026 [1] - The self-service area allows passengers to independently complete the entire process of weighing, printing baggage tags, and binding using smart devices, significantly reducing the average processing time per piece of luggage [2] - The introduction of self-service equipment aims to alleviate congestion at traditional check-in counters during the peak travel season, enhancing the overall operational efficiency of the airport [2] Group 2 - This initiative is part of Eastern Airlines Jiangxi Branch's commitment to "smart travel" and the digital transformation of ground services [2] - The company plans to continue collaborating with Changbei Airport to explore and implement more intelligent and convenient service measures to improve passenger travel experiences [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00670） 海外監管公告 此海外監管公告是根據香港聯合交易所有限公司證券上市規則第13.10B條作出。 茲載列中國東方航空股份有限公司在上海證券交易所網站刊登的以下資料中文全文，僅供參 閱： 承董事會命 中國東方航空股份有限公司 李干斌 聯席公司秘書 中華人民共和國，上海 2026年2月6日 於本公告日期，本公司董事包括王志清（董事長）、高飛（副董事長、總經理）、成國偉（董事）、孫錚（獨立非執行董 事）、陸雄文（獨立非執行董事）、羅群（獨立非執行董事）、馮詠儀（獨立非執行董事）、鄭洪峰（獨立非執行董事）及 揭小清（職工董事）。 债券代码：175802.SH 债券简称：21东航01 中国东方航空股份有限公司 2021 年公开发行公司债券(第一 期)(品种一) 3、发行人不对回售债券进行转售。 4、已进行回售登记的投资者可于 2026 年 2 月 5 ...

春运期间，东航C919将每日执行2班珠海至上海虹桥往返航班，为确保"一日双班"高密度运行万无一 失，珠海公司提前谋划、精准施策，联动东航总部开展加油面板操作专项培训，重点攻克机型面板操作 差异及应急程序难点；梳理作业风险辨识清单，并编制《C919油量分配表》《C919手动控制压力加油 简卡》双核心工具，实现风险预判精准化、操作流程标准化。首航保障现场，保障人员严格执行"双人 双岗"作业制度，加油员以"六步工作法"为纲，严格执行"三到四确认"标准，规范作业获东航机组高度 认可。 此次保障任务的圆满完成不仅是珠海公司技术能力与服务水平的集中展现，更是其主动服务国家航空产 业战略、助力地区民航发展的生动注脚。珠海公司将以精准的作业规程、高度的责任担当，为国产大飞 机产业化进程注入强劲动能，筑牢春运保障安全防线。（编辑：张彤 校对：张薇 审核：程凌） 《中国民航报》、中国民航网 记者冯智君 通讯员刘洁、杨昊、肖钰淇 报道：春运首日2月2日10时50 分，东方航空C919国产大飞机执飞的MU9849航班准点降落在珠海金湾机场，标志着C919在珠海地区商 业运营全面启航。中国航油珠海公司以高标准、严规格圆满完成本次首航供 ...

值得一提的是，这远非东航与瑞金医院的首次携手。多年来，双方合作打造空中医疗急救平台，通过空 中Wi-Fi连接客舱实时情况、联动地面医疗资源，构建起覆盖飞行全流程的生命守护网络，把专业医疗 资源延伸到万米高空。（编辑：贾昊天 校对：李海燕 审核：程凌） 东航空乘在瑞金医院医护人员携手支持下，迅速处置（东航供图） "现在您感觉如何？别担心，有什么不适请立刻告诉我们。"乘务员王梦园全程守在旅客身边，一边安抚 情绪，一边及时按照医务人员要求定时监测体征、留意病情变化，并做好详细记录。其他乘务人员则在 保障航班正常运行的同时，多次询问旅客状态，及时与医护团队沟通反馈细节。机长胡祥提前与地面保 障团队联动，申请了轮椅服务，为旅客争取宝贵的救治时间与安全保障。 "在高空这样的特殊环境里，机组人员没有丝毫慌乱，每一步都衔接配合到位，一看就是训练有素的机 组。"董治亚事后说道，"'同机共济'很荣幸！" 春运期间客流大，老年旅客居多、心脑血管等疾病高发，为此，东航专门组织开展了机上医疗救护的桌 面演练，全流程模拟多种旅客突发伤病场景的规范处置程序。另外，公司每年都会对空勤人员开展医疗 培训，作为日常训练的常规内容，为机组妥善处置 ...

据东方航空消息，针对2026年春运，东方航空聚焦旅客出行需求，进一步升级"空铁联运"服务，推出三 大新举措，构建"航空+高铁"一体化出行新模式，便利长三角地区旅客春运出行。 此次升级中，东航APP上线"空铁通-轻松出行"功能，推出GWS高铁航站楼服务，将航空服务前置至高 铁枢纽，旅客可在高铁站完成值机、行李直挂等手续，目前该服务已拓展至宁波站、杭州东站、苏州站 等6个火车站。同时，东航持续扩容空铁联运服务网络，将多个高铁枢纽站点纳入体系，目前服务站点 已增至21个，进一步延伸服务触角。此外，东航在官网"长三角专区"增设四个专属服务入口，结合不同 客群需求定制服务方案，优化换乘体验。 此次服务升级是东航对春运民生保障需求的回应，通过航空与高铁的无缝联动，提升中转效率，缓解出 行焦虑，让长三角旅客春运回家路更便捷畅通。 (东方航空) ...