资料来源：ifind，国联民生证券研究所预测; （注：股价为 2026 年 1 月 20 日收盘价；未覆盖公司数据采用 ifind 一致预期） 2026 年 01 月 21 日 推荐 维持评级 交通运输物流行业 2025 年 12 月航空数据点评 国内客座率涨幅扩大，看好国际航线 2026 年继续扩张 glmszqdatemark 行业动态：A 股上市航司发布 2025 年 12 月经营数据 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | | | 601111.SH | 中国国航 | 9.10 | 0.06 | 0.34 | 0.47 | 153 | 27 | 19 | 推荐 | | 600115.SH | 中国东航 | 6.36 | 0.04 | 0.16 | 0.23 | 162 | 41 ...

证券之星消息，1月21日航空机场板块较上一交易日下跌1.17%，中国东航领跌。当日上证指数报收于 4116.94，上涨0.08%。深证成指报收于14255.12，上涨0.7%。航空机场板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601111 | 中国国航 | -2299.38万 | 3.68% | 551.82万 | 0.88% | -2851.20万 | -4.56% | | 000099 中信海直 | | 1955.60万 | 6.95% | 1031.46万 | 3.66% | -2987.06万 | -10.61% | | 000089 深圳机场 | | 1292.91万 | 10.12% | 277.01万 | 2.17% | -1569.92万 | -12.29% | | 002928 华夏航空 | | 810.51万 | 4.84% | 269.38万 | 1.61% | -1 ...

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].

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 practice of charging for seat selection in airlines is seen as a method to increase revenue by locking premium seats, which raises concerns about consumer rights and fair trading [1] Group 1: General Findings - The survey conducted by Jiangsu Consumer Protection Committee revealed that all 10 selected domestic airlines have implemented seat locking practices, with no airline fully opening all economy class seats [2] - The average seat locking rate across the surveyed routes is 38.7%, with some airlines like Spring Airlines and Shenzhen Airlines exceeding 60% and 50% respectively [2] Group 2: Payment for Unlocking Seats - Many airlines require consumers to use miles or membership points to unlock preferred seats, with specific examples showing that certain seats can require up to 2000 points for unlocking [3] - Some airlines have introduced additional paid options for purchasing points or miles, further pushing consumers towards paid unlocking methods [3] Group 3: Lack of Transparency - Airlines provided vague explanations for seat locking, citing reasons such as reserving seats for special passengers or maintaining flight balance, which do not align with the high locking rates observed [4][5] - Customer service responses were often unclear, failing to provide solid justifications for the locking practices [5] Group 4: Unfair Terms - The seat selection agreements of the airlines contain unfair terms, lacking clear communication about locking rules and fees, which may infringe on consumer rights [6] - Airlines are currently evaluating their policies to balance revenue optimization with consumer rights and improve transparency in seat selection information [6]

Core Viewpoint - The investigation by Jiangsu Consumer Protection Committee reveals that the practice of locking seats by airlines is widespread and raises concerns about consumer rights and transparency in the airline industry [3][4]. Group 1: Investigation Findings - The survey included 10 major domestic airlines, all of which confirmed the existence of seat locking practices, with no airline fully opening all economy class seats [4]. - The average seat locking ratio across the surveyed airlines is 38.7%, with some routes showing locking ratios as high as 62.1%, such as Spring Airlines' "Nanjing-Lanzhou" route [4]. - Preferred seating areas, such as front rows and exit rows, are commonly included in the locked categories, with higher fees or points required for unlocking these seats [4]. Group 2: Payment and Redemption Issues - Some airlines require consumers to use miles or membership points to unlock preferred seats, with specific examples showing redemption thresholds of 2000 points for premium seats [5]. - Airlines have introduced additional paid options for purchasing points or miles, further pushing consumers towards paid unlocking methods [6]. Group 3: Transparency and Communication - Airlines provided vague explanations for seat locking, citing reasons like reserving seats for special passengers or maintaining flight balance, which contradicts the high locking ratios observed [7]. - Customer service responses were often unclear, failing to provide satisfactory explanations for the locking practices, which raises concerns about consumer rights [7]. Group 4: Unfair Terms and Conditions - The seat selection agreements of the airlines contain unfair terms, lacking clear communication about locking rules and fees, which may infringe on consumer rights [8]. - Airlines often use ambiguous language in their agreements, avoiding the disclosure of free seat availability and locking practices, which benefits the airlines at the expense of consumer transparency [8].

Core Insights - The aviation and airport sector experienced a significant increase of 3.36% on January 19, with China Eastern Airlines leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Stock Performance - China Eastern Airlines (600115) closed at 6.13, up 6.06%, with a trading volume of 1.6115 million shares and a transaction value of 979 million [1] - Southern Airlines (600029) closed at 7.75, up 4.31%, with a trading volume of 937,300 shares and a transaction value of 720 million [1] - Air China (601111) closed at 8.81, up 4.14%, with a trading volume of 1.3003 million shares and a transaction value of 1.141 billion [1] - Spring Airlines (601021) closed at 58.46, up 3.87%, with a trading volume of 75,900 shares and a transaction value of 441 million [1] - Other notable performances include Xiamen Airport (600897) at 17.27, up 2.37%, and Shanghai Airport (600009) at 31.72, up 1.05% [1] Capital Flow - The aviation and airport sector saw a net inflow of 27.1067 million in main funds, while retail funds experienced a net inflow of 54.5283 million [2] - The sector's overall capital flow indicates a mixed sentiment, with main funds showing a net outflow in some stocks while retail investors contributed positively [2][3] Individual Stock Capital Flow - Hainan Airlines (600221) had a main fund net outflow of 56.1893 million, while retail investors showed a net outflow of 28.2785 million [3] - Shanghai Airport (600009) recorded a main fund net inflow of 41.0025 million, but retail investors had a net outflow of 50.1886 million [3] - Southern Airlines (600029) saw a main fund net inflow of 23.9450 million, with retail investors also showing a net outflow of 13.4306 million [3] - Other stocks like Xiamen Airport (600897) and Shenzhen Airport (000089) also reflected varied capital flows, indicating differing investor sentiments across the sector [3]

Group 1 - The core stock price of HNA Holding (600221) closed at 1.69 yuan on January 16, 2026, with a 0.6% increase and a turnover rate of 0.59% [1] - The trading volume was 2.51 million shares, with a total transaction value of 423 million yuan [1] - On January 16, the net outflow of main funds was 10.78 million yuan, accounting for 2.55% of the total transaction value [2] Group 2 - In December 2025, HNA Holding and its subsidiaries saw a 4.1% year-on-year increase in passenger capacity, with international passenger capacity increasing by 22.61% [1] - Revenue passenger kilometers increased by 6.13% year-on-year, with international revenue passenger kilometers growing by 25.76% [1] - The passenger transport volume rose by 2.80% year-on-year, with international growth at 21.95% [1] - Cargo and mail revenue ton-kilometers increased by 14.22%, with international growth at 23.70% [1] - The total cargo and mail volume increased by 8.39%, with international growth at 24.27% [1] - In December 2025, the company added three new flight routes and introduced one A320NEO and two C909 aircraft, while retiring five aircraft, bringing the total fleet to 359 aircraft by the end of 2025 [1]

公司公告汇总 2025年12月，海航控股及所属子公司客运运力投入同比增长4.1%，其中国际客运运力投入增长 22.61%；收入客公里同比增长6.13%，其中国际增长25.76%；旅客运输量同比增长2.80%，其中国际增 长21.95%。货邮运收入吨公里同比增长14.22%，其中国际增长23.70%；货运及邮运量同比增长8.39%， 其中国际增长24.27%。当月新增3条航线，引进1架A320NEO和2架C909飞机，退出5架飞机，截至2025 年底共运营359架飞机。上述数据未经审计。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总：2025年12月国际客运运力投入同比增长22.61% 公司公告汇总：当月新增3条航线，引进1架A320NEO和2架C909飞机 公司公告汇总：截至2025年底海航控股共运营359架飞机 截至2026年1月16日收盘，海航控股（600221）报收于1.69元，较上周的1.73元下跌2.31%。本周，海航 控股1月12日盘中最高价报1.75元。1月15日盘中最低价报1.67元。海航控股当前最新 ...

值得注意的是，公司在2025年12月密集开通三条国际及地区航线：12月7日起开通琼海=吉隆坡航线(每 周两班)，12月16日起开通长春=香港航线(每周两班)，12月28日起开通海口=河内航线(每周三班)，显示 出其对国际市场拓展的持续发力。(王珞) 1月16日，海航控股（600221）披露2025年12月主要运营数据。公告显示，12月海航控股收入客公里达 10545.80百万客公里，其中国际市场收入客公里同比增长25.76%，达2413.25百万客公里；旅客运输量 同比增长2.80%，达到5399.27千人次，其中国际旅客运输量同比增长21.95%，达到382.66千人次；客运 运力投入(按可利用客公里计)同比增长4.10%，达到13003.27百万公里；货邮运收入吨公里同比增长 14.22%，货运及邮运量同比增长8.39%，货邮载运率同比增长2.63个百分点。 公告显示，2025年12月，海航控股在机队配置方面进行动态调整，引进1架A320NEO飞机和2架C909飞 机，同时退出1架B787-8飞机、1架A330-200飞机及4架B737-800飞机。截至2025年12月末，公司机队规 模维持在359架。 ...