春秋航空于2019年3月在兰州设立基地，依托兰州作为国家"一带一路"关键交通节点城市的区位优势， 紧扣进疆通道战略与兰州建设西部中心城市发展定位，联合兰州机场不断完善服务保障体系，形成了协 同高效的发展格局。 值得一提的是，春秋正在兰州积极推动中转服务与进疆、进甘通道深度融合。 2020年6月，春秋航空正 式加入"经兰飞"中转保障体系，在机场支持下，为经兰州中转旅客提供行李转运、餐食无忧、极速中 转、隔夜住宿等便利服务。2024年5月，兰州国内通程枢纽业务全面开通，实现一次支付、一次值机、 一次安检、行李直挂、全程无忧的通程服务。2025年全年，春秋航空兰州基地共保障中转旅客近18万人 次，中转占比近10%，中转行李保障6万余件，紧急中转（小于等于60分钟）旅客成行率100%，服务西 北首乘旅客超1600人。据统计，今年春运期间，春秋航空预计每天在兰州中川机场服务保障约400名"经 兰飞"旅客，乌鲁木齐、阿勒泰、喀什等地，成为"经兰飞"旅客的热门目的地。 《中国民航报》、中国民航网 记者钱擘、胡夕姮 实习生葛畅 报道：春节长假将至，2026春运正进入节 前高峰，今年春运，春秋航空兰州基地预计执行航班2770架 ...

February 10, 2026 03:37 AM GMT 中国的新兴前沿 中国旅游：乐山乐水，业畅其 流 旅游正快速成为呼应中国对提升民生， 追求幸福生活的重要 发展方向，与政策面推动服务业消费、扩大就业、进一步对 外开放的方向高度契合。需求端的乐观展望进一步增强了我 们对中国航空与酒店行业的信心。 未来五年累计收入达人民币 50 万亿元：我们预计，到 2030 年国内旅游支出将占 人均消费的 18%，高于 2023 年的 13%。11% 的复合增长率将使行业收入在 2030 年达到人民币 12 万亿元，旅游业对 GDP 的贡献将从 2024 年的 4.8% 上升至 6.7%。国内旅游仍是锚点：我们预计未来五年年复合增长率为 9.7%。入境与出境 旅游将成为两台同步引擎⸺具体而言，入境旅游将占 2030 年中国旅游收入的 16%，高于 2025 年约 12% 的水平。 推动旅游需求的五大动能：1) 宏观再平衡：政策强调服务消费及民生与幸福 感；2) 中国持续拥抱全球来客；3) 人民币升值利好出境旅游；4) 政策助力释放年 轻人与银发群体的旅游需求；5) 科技应用带来创新体验。 总量之外⸺结构改善与变现能力 ...

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。 ...

❑ 一、聚焦：春运火热开启；千问"春节 30 亿免单"，即时零售竞争再加码 1、2 月 2 日，马年春运火热开启。春运第 1-5 天，民航客运量均值 231.3 万人 次，同比+5.5%，铁路客运量均值 1179.2 万人次，同比-0.7%。近 7 日民航国 内旅客量同比+6.2%，客座率同比+1.7%；民航跨境旅客量同比+6.0%，客座率 同比+1.9%；民航国内全票价（含油）同比+5.1%，跨境全票价同比-2.0%。 投资建议：继续推荐航空板块机会：1）供给"硬核"约束：预计我国飞机引 进或呈现中期低增速，未来 3 年飞机复合增速 3%左右。2）需求：航空或为内 需方向优选领域，国际线继续恢复+服务消费拉动国内出行需求，预计旅客人 数增长达到 5%左右。3）高客座率下的高价格弹性或一触即发。重点推荐：看 好中国国航、南方航空、中国东航三大航弹性释放；继续看好国内支线市场龙 头华夏航空，迎来可持续经营拐点；看好低成本航空龙头春秋航空，凭借低成 本核心竞争力，将"流量-成本-价格"发挥到极致；看好宽体机高效运营有望 助力吉祥航空弹性释放。 ❑ 2、千问"春节 30 亿免单"，即时零售竞争再加码，看好第三方即配 ...

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]

春秋航空广州至马来西亚槟城直飞航线日前开通。春秋旅游广州分社产品总监莫智荣称，该航线首航上 座率达100%，"文化+美食"主题相关旅游产品备受旅客青睐。 此外，1月15日，吉祥航空开通上海浦东至马来西亚斗湖(仙本那)的直飞航线；1月18日，山东航空开通 济南至吉隆坡的直飞航线；2月4日，东方航空开通合肥至吉隆坡的直飞航线。(完) 此次开通的广州至吉隆坡航线，每周一、三、五、日往返四班。随着春节临近，该航线成为华南地区旅 客赴马来西亚的热门交通选择。目前，该航线春节前后的航班预订率已超85%。 春秋航空广州基地有关负责人表示，吉隆坡是东南亚热门旅游目的地。该航线的开通不仅完善了该航司 在华南地区的国际航线网络，更通过"低成本+高频次"模式，为粤港澳大湾区旅客提供出行新选择。 去年7月中马两国互免签证协定生效以来，双向旅游与商务往来热度持续攀升。在线旅游平台预订数据 显示，马来西亚成为今年春节中国旅客出游的热门目的地之一。中国至马来西亚的多条航线近期密集开 通，进一步方便旅客出行。 【东盟专线】广州至吉隆坡直飞航线开通 中新社广州2月6日电 (记者 程景伟)一架春秋航空空客A320客机6日凌晨从广州白云国际机场起 ...

Group 1 - The aviation and airport sector experienced a significant increase of 5.9% on February 4, with Huaxia Airlines leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the aviation sector showed notable price increases, with Huaxia Airlines rising by 10.02% to a closing price of 11.53, and China Eastern Airlines increasing by 9.98% to 6.28 [1] Group 2 - The net inflow of main funds in the aviation and airport sector was 796 million yuan, while retail funds saw a net outflow of 396 million yuan [1] - Major stocks like Hainan Airlines and China Eastern Airlines had varying levels of net fund inflow and outflow, with Hainan Airlines seeing a net inflow of 336 million yuan from main funds [2] - Retail investors showed a negative trend, with significant outflows from stocks such as China Eastern Airlines and China Southern Airlines, indicating a cautious sentiment among smaller investors [2]

智通财经APP获悉，国泰海通发布研报称，2026年春节假期再次延长，将保障探亲出游继续两旺。2月2 日春运将正式启动，近期机票预售趋势良好，其中北方冰雪游、南方避寒游预定积极，海南云南等旅游 城市热度较高。考虑全国铁路1月26日调图增列相对有限，且民航春运整体加班量将较为有限，高客座 率与票价市场化将有利于航司收益管理，春运表现值得期待。长逻辑演绎将提供航司业绩估值双重空 间，基本面持续正反馈与旺季表现将催化市场乐观预期。 近日全国春运电视电话会议预计，2026年春运跨区域人员流动量将达95亿人次，同比增长约5.3%，将 再创历史新高。其中，铁路、民航客运量总体规模和单日峰值均有望超过历史同期峰值。1)公路：预计 自驾出行仍将是主力，占比将达八成左右。2)铁路：国铁集团预计全国铁路发送旅客5.39亿人次，同比 增长5.0%，客座能力同比增长5.3%。3)航空：中国民航局预计民航旅客运输量有望达9500万人次，同比 增长5.3%，其中南航/东航分别预计日均班次同比增长4.2%/3.6%。 2026年春运航空跟踪：春运客流逐步启动，量价保持同比增长 2026年春节前后各有6个和5个工作日，因此拼假效应将可能弱于2 ...

| 中国国航 | 8.94 | 6.05% | | --- | --- | --- | | 沪 601111 | | | | 美元兑人民币(CFETS) FX USDCNY | 6.9375 | 0.02% | | NYMEX WTI原油 期 CL | 63.81 | 0.95% | | 上证指数 | 4067.67 | 0.00% | | 沪 000001 | | | | 创业板指 | 3266.99 | -1.74% | | 深 399006 | | | 2026.02.04 本文字数：947，阅读时长大约1分钟 作者 |第一财经 陈姗姗 2月4日，A股航空板块集体大涨。截至中午收盘，华夏航空和中国东航涨停，南方航空和中国国航涨幅 也超过6%。 值得注意的是，今日领涨的除了华夏航空，还有国有三大航，其中中国东航涨停。过去一年，东航A 股、H股全年涨幅分别达到50%、105.79%，在沪港两地8家上市航司中涨幅位列第一。这与东航的"三 飞战略"以及入境免签大增下上海市场的优势受到资本市场关注有关。2025年，在"往远处飞、往国际 飞、往新兴市场飞"的三飞战略"下，东航新开24条国际航线，成为我国境外通航点数 ...