Investment Rating - The industry investment rating is "Buy" [4] Core Insights - The New Year holiday travel showed strong growth, with a total of 803 million people traveling across regions from December 31, 2025, to January 3, 2026, averaging 201 million people per day, a year-on-year increase of 19.75%. The total passenger transport volume reached 209 million, with a daily average of 52 million, up 31.1% year-on-year [4][7] - The aviation sector experienced both volume and price increases, with daily flight numbers averaging 14,900 during the holiday, a 2.9% increase compared to 2025 and a 13.2% increase compared to 2019. The average ticket price for domestic economy class reached 684.6 CNY, showing a year-on-year increase of 9.8% [4][9] - The railway and waterway transport sectors outperformed the market, with year-on-year growth rates of 54.5% and 32.7%, respectively, during the holiday period [4][7] Summary by Sections Holiday Travel Data - Total national passenger transport volume reached 20,943.4 million, with a year-on-year growth of 31.1% [7] - Railway passenger transport volume was 6,476.9 million, with a year-on-year growth of 54.5% [7] - Road passenger transport volume was 13,374 million, with a year-on-year growth of 23.2% [7] - Waterway passenger transport volume was 287.4 million, with a year-on-year growth of 32.7% [7] - Civil aviation passenger transport volume was 805.1 million, with a year-on-year growth of 13.1% [7] Investment Recommendations - The report recommends focusing on airlines with stable volume growth and improving prices, specifically mentioning Hainan Airlines, China National Aviation Holding, and Spring Airlines [4] - In the railway sector, it highlights the growth potential of Guangzhou-Shenzhen Railway and Beijing-Shanghai High-Speed Railway due to increased capacity and network effects [4]

海南航空飞机（海南航空供图） 2025年冬春航季，海南航空在安徽省内合肥、安庆和池州三地共运营14条国内航线，通达北京、海口、 三亚、广州、长春、沈阳、兰州等多个公商务及热门旅游城市，每周计划执行出港航班约100班。未 来，海南航空将根据市场需求持续优化航线网络及运力安排。 作为中国内地唯一的SKYTRAX五星航空公司，海南航空将持续筑牢安全底线，深入践行"真情服务"理 念，以卓越的五星服务品质，为广大旅客提供优质的航空出行体验，助推中国民航实现高质量发展。 （编辑：张薇，校对：李季威，审核：韩磊） 目的地 航班号 起飞时间 到达时间 班期 始发地 海口 HU7038 1 D: 45 13:45 每天 广州 HU7204 22: 55 01:20+1 每天 每天 沈阳 HU7203 15:55 18: 25 1 HU7374 21: 45 01:05+1 三亚 HU7374 20: 45 357 23:50 HU7374 20: 45 23: 45 246 16: 00 每天 长春 HU7373 1 3: 1 0 窗 H07655 15: 45 17: 30 每天 合肥 太原 H07656 21: 20 23 ...

北京商报讯(记者关子辰牛清妍)1月4日，记者从海南航空获悉，海南航空将于2026年1月7日开通太原— 池州—揭阳航线。新开通的太原—池州—揭阳航线每周执行四个往返航班，班期为每周一、周三、周 五、周日。去程航班HU7653计划于13:15从太原武宿国际机场起飞，15:15抵达池州九华山机场，之后于 16:00再次起飞，17:50抵达揭阳潮汕国际机场。返程航班HU7654计划于18:35从揭阳潮汕国际机场起 飞，21:05到达池州九华山机场，21:05再次起飞后，于22:55抵达太原。航班时刻信息以购票时实际查询 为准。 ...

Core Viewpoint - Multiple airlines in China have announced a reduction in domestic flight fuel surcharges starting from January 5, leading to potential savings of up to 20 yuan for travelers booking tickets for the Spring Festival holiday [1][8]. Group 1: Fuel Surcharge Adjustments - Airlines such as Air China, China Eastern Airlines, and Hainan Airlines will lower the fuel surcharge for domestic routes in mainland China [1][8]. - For routes with a distance of 800 kilometers or less, the fuel surcharge will be set at 10 yuan per passenger per segment, while for routes over 800 kilometers, it will be 20 yuan [1][8]. - The new surcharge rates represent a decrease of 10 yuan and 20 yuan compared to the previous standards [1][8].

条国际及地区航线，覆盖北美、欧洲、大洋洲、亚洲等多区域，积极服务海南打造"面向太平洋、印度 洋的航空区域门户枢纽"。此外，依托丰富的国内国际航线资源，海南航空持续推广"经海口中转，一次 值机、行李直达"服务，目前已覆盖15个国内城市与7个国际及地区航点，累计服务旅客超10.5万人次。 海南航空荣获 "2025 中国民营企业 500 强 " 及 "2025 中国民营企业服务业 100 强 " 荣誉（海航供图） 作为扎根海南的主基地航空公司，海南航空始终将自身发展融入海南自贸港建设大局，紧抓全岛封关运 作机遇，以实际行动响应"加密海南直达全球主要客源地的国际航线"。截至目前，公司在海南已运营27 海南航空荣获 "2025 海南民营企业 100 强 " 榜单第一名 中国民航网 通讯员耿卫星 报道：2025年12月31日，2025海南民营企业100强和研发投入20强发布会在海 口举行，新海航海南航空以逾652亿元的2024年营业收入位列"2025海南民营企业100强"榜单首位。与会 领导为海南航空颁发荣誉牌匾，同时颁发"2025中国民营企业500强"及"2025中国民营企业服务业100 强"荣誉牌匾。海南航空总裁余超 ...

Core Viewpoint - The recent discussion surrounding Hainan Airlines' flight attendants wearing hairpins has sparked debates about safety versus aesthetics, with opinions divided on whether the hairpins pose a risk during flights [3][4]. Group 1: Safety Concerns - Some individuals express concerns that the hairpins could become dangerous in turbulent situations or during emergencies, potentially harming crew members or passengers [3]. - A suggestion was made to Hainan Airlines to reconsider the requirement for flight attendants to wear hairpins, emphasizing that safety should take precedence over aesthetics [3]. Group 2: Aesthetic Appeal - Supporters of the hairpin policy argue that the hairpins are visually appealing and do not appear to be sharp, with one user humorously noting that their hairpin broke when used to open a package [3]. - Hainan Airlines has a long-standing tradition of having its flight attendants wear hairpins, which align with the airline's branding and cultural aesthetics [3]. Group 3: Airline's Position - Hainan Airlines' customer service representatives stated that the hairpins are designed without sharp edges and are considered safe, reinforcing the airline's commitment to passenger and crew safety [4]. - The airline maintains that the hairpins are traditional decorative items and do not pose any safety risks [4].

Core Insights - The "2025 Hainan Private Enterprises Top 100" and "2025 Hainan Private Enterprises R&D Investment Top 20" lists were released, showcasing the strong development capabilities of Hainan's private sector [3][4] - The total revenue of the top 100 private enterprises reached 346.79 billion yuan in 2024, with an average revenue of 3.468 billion yuan per enterprise, reflecting a year-on-year growth of 10.35% [3][4] - The R&D investment of the top 20 enterprises surpassed 4 billion yuan, reaching 4.166 billion yuan, with an average R&D intensity of 15.31%, indicating a robust commitment to innovation [4] Group 1: Top 100 Private Enterprises - The entry threshold for the top 100 private enterprises increased to 299 million yuan, with 6 companies reporting revenues exceeding 10 billion yuan [3][4] - The top 100 enterprises span 35 industries, with a significant presence in manufacturing, which accounts for 36% of the list, highlighting the sector's role as a core support for the real economy [3][4] Group 2: R&D Investment Top 20 - The entry threshold for the R&D investment top 20 reached 52.34 million yuan, with total R&D expenses growing by 10.71% year-on-year [4] - The top 20 enterprises demonstrated solid operational performance, with total assets and revenue increasing by 12.79% and 21.59% respectively [4] Group 3: Economic Contribution - In the first three quarters of the year, Hainan's private economy contributed 338.63 billion yuan, representing a year-on-year growth of 4.2%, accounting for nearly 60% of the province's GDP and over 90% of employment positions [4]

北京商报讯（记者 关子辰 牛清妍）12月31日，记者从海南航空获悉，为满足春运及冬春航季旅客出行需求，海南航空将于2026年1月22日起开通哈尔滨—石 家庄—琼海航线。 据了解，该航线每日执行一班往返，去程航班HU7695于每日6:30从哈尔滨太平国际机场起飞，8:55抵达石家庄正定国际机场，之后于9:55再次起飞，13:50 抵达琼海博鳌国际机场；返程航班HU7696于15:15从琼海起飞，18:45抵达石家庄，随后于20:30再次起飞，23:00抵达哈尔滨。具体航班信息以购票时实际查 询为准。 ...

Core Insights - The aviation and airport sector experienced a significant increase of 3.31% on December 31, with Juneyao Airlines leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Stock Performance - Juneyao Airlines (603885) closed at 14.88, up 7.20%, with a trading volume of 405,100 shares and a transaction value of 588 million yuan [1] - China Eastern Airlines (600115) closed at 6.00, up 5.82%, with a trading volume of 1,607,700 shares and a transaction value of 948 million yuan [1] - Southern Airlines (600029) closed at 8.01, up 4.57%, with a trading volume of 991,400 shares and a transaction value of 782 million yuan [1] - Air China (601111) closed at 9.37, up 3.31%, with a trading volume of 1,991,300 shares and a transaction value of 921 million yuan [1] - Spring Airlines (601021) closed at 59.50, up 3.30%, with a trading volume of 68,800 shares and a transaction value of 404 million yuan [1] Capital Flow - The aviation and airport sector saw a net inflow of 185 million yuan from institutional investors, while retail investors experienced a net outflow of 209 million yuan [2] - The net inflow from speculative funds was 23.96 million yuan [2] Individual Stock Capital Flow - Hainan Airlines (600221) had a net inflow of 104 million yuan from institutional investors, but a net outflow of 22.42 million yuan from retail investors [3] - China Eastern Airlines (600115) saw a net inflow of 54.73 million yuan from institutional investors, with a net outflow of 73.04 million yuan from retail investors [3] - Air China (601111) had a net inflow of 46.63 million yuan from institutional investors, while retail investors experienced a net outflow of 77.78 million yuan [3] - Southern Airlines (600029) recorded a net inflow of 18.42 million yuan from institutional investors, with a net outflow of 40.39 million yuan from retail investors [3]

Core Viewpoint - HNA Group's stock price has shown a positive trend, with a year-to-date increase of 6.47% and a market capitalization of 78.22 billion yuan as of December 31 [1][2]. Group 1: Stock Performance - HNA Group's stock rose by 2.26% on December 31, reaching 1.81 yuan per share with a trading volume of 846 million yuan [1]. - The stock has increased by 1.12% over the last five trading days, 2.26% over the last 20 days, and 11.73% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, HNA Group reported a revenue of 53.438 billion yuan, representing a year-on-year growth of 3.30%, and a net profit attributable to shareholders of 2.845 billion yuan, up 30.93% year-on-year [2]. - Cumulatively, HNA Group has distributed 3.424 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, HNA Group had 559,600 shareholders, a decrease of 4.09% from the previous period [2]. - The average circulating shares per shareholder remained at 0 shares, unchanged from the previous period [2]. - Hong Kong Central Clearing Limited is the eighth largest circulating shareholder, holding 558 million shares as a new shareholder [3].