Core Insights - China's aviation population has surpassed 500 million, making it the world's largest aviation population country, with fixed asset investment in civil aviation reaching 630 billion yuan during the 14th Five-Year Plan period [1] - The growth in aviation population is supported by the steady expansion of the aviation industry's transport scale and accelerated infrastructure development, alongside measures to boost domestic demand and consumption [1] Group 1: Industry Growth and Performance - In 2025, China's civil aviation industry achieved a total transport turnover of 1,640.8 billion ton-kilometers and a passenger transport volume of 770 million, representing year-on-year growth of 10.5% and 5.5% respectively [2] - The international flight recovery reached over 90% of 2019 levels, with international passenger transport volume increasing by 21.6% year-on-year [2] - The civil aviation industry aims to achieve a transport turnover of 1,750 billion ton-kilometers and a passenger transport volume of 810 million in 2026, driven by macroeconomic development and policies to expand domestic demand [2] Group 2: Capacity and Operational Efficiency - The passenger load factor in 2025 reached 85.1%, an increase of 1.8 percentage points year-on-year, indicating a strong recovery in the passenger market [3] - Analysts predict that the load factor will continue to rise in 2026, suggesting potential for high price elasticity due to elevated load factors [3] - In 2025, the civil aviation industry reported a profit of 6.5 billion yuan, reflecting improved operational efficiency [4] Group 3: Route Expansion and Fleet Development - In 2025, significant route expansions were noted, including the resumption of regular flights between China and India and the launch of the longest single-route flight from Shanghai to Buenos Aires [4] - Airlines are actively opening new routes and increasing flight frequencies to enhance travel convenience, with Spring Airlines planning to open and restore several international and domestic routes in 2026 [4] - Major airlines have announced plans to purchase a total of 118 Airbus A320 aircraft, with a catalog price exceeding 18.1 billion USD, scheduled for delivery starting in 2028 [6] Group 4: Innovative Service Models - Airlines are exploring "Aviation+" business models, integrating services such as travel, culture, and education to enhance customer experience and stimulate consumption [7] - China Eastern Airlines plans to invest over 100 million yuan in aviation consumption vouchers in 2026 to promote travel and tourism consumption [7] - The average flight distance for domestic routes increased to 1,262 kilometers in 2025, indicating a shift towards longer-distance travel and a focus on underdeveloped markets [7][8] Group 5: Market Trends and Consumer Behavior - The demand for long-distance international routes is growing faster than domestic routes, indicating a structural improvement in overall aviation demand [8] - Airlines are leveraging local tourism resources to create unique travel experiences, contributing to local economic growth [8] - The recovery in business travel sentiment is expected to further drive aviation demand, supported by enhanced service quality and expanded consumer bases [8]

Market Overview - The aviation and airport sector experienced a decline of 0.33% on January 8, with Xiamen Airport leading the drop [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Stock Performance - Notable stock performances include: - CITIC Hainan Airlines (Code: 6600000) rose by 2.26% to close at 21.27 with a trading volume of 249,100 shares and a turnover of 530 million yuan [1] - Spring Airlines (Code: 601021) increased by 0.66% to 59.43 with a turnover of 310 million yuan [1] - China Eastern Airlines (Code: 600115) saw a rise of 0.65% to 6.18 with a trading volume of 827,800 shares [1] - Xiamen Airport (Code: 600897) fell by 1.86% to 17.39 with a turnover of 162 million yuan [2] Capital Flow - The aviation and airport sector saw a net outflow of 222 million yuan from major funds, while retail investors contributed a net inflow of 243 million yuan [2] - The capital flow for individual stocks indicates: - CITIC Hainan Airlines had a net outflow of 33.83 million yuan from major funds [3] - Shanghai Airport experienced a net inflow of 11.45 million yuan from major funds [3] - Xiamen Airport had a net outflow of 15.54 million yuan from major funds but a net inflow of 16.07 million yuan from retail investors [3]

Core Viewpoint - The aviation and airport sector experienced a slight decline of 0.2% on January 7, with CITIC Hainan Airlines leading the drop. The Shanghai Composite Index rose by 0.05%, while the Shenzhen Component Index increased by 0.06% [1]. Group 1: Stock Performance - Xiamen Airport (600897) closed at 17.72, up by 2.72% with a trading volume of 151,500 shares and a transaction value of 268 million yuan [1]. - Southern Airlines (600029) closed at 8.15, up by 0.74% with a trading volume of 448,600 shares and a transaction value of 366 million yuan [1]. - Spring Airlines (601021) closed at 59.04, up by 0.63% with a trading volume of 63,900 shares and a transaction value of 379 million yuan [1]. - China Eastern Airlines (600115) closed at 6.14, up by 0.16% with a trading volume of 873,400 shares and a transaction value of 538 million yuan [1]. - China National Aviation (601111) closed at 9.15, down by 0.54% with a trading volume of 581,300 shares and a transaction value of 534 million yuan [2]. Group 2: Capital Flow - The aviation and airport sector saw a net outflow of 247 million yuan from institutional investors, while retail investors contributed a net inflow of 184 million yuan [2]. - Xiamen Airport had a net inflow of 41.95 million yuan from institutional investors, accounting for 15.68% of its total trading [3]. - Shanghai Airport experienced a net inflow of 28.87 million yuan from institutional investors, representing 7.73% of its total trading [3]. - China Eastern Airlines had a net outflow of 21.72 million yuan from institutional investors, with retail investors contributing a net inflow of 13.25 million yuan [3].

Core Viewpoint - The aviation industry is expected to see a significant recovery in passenger turnover and profitability by 2025, with a projected passenger turnover of 1,099 billion person-kilometers in November 2025, representing an 18.2% increase compared to 2019 and a 9.6% increase compared to 2024 [1]. Aviation Passenger Transport Key Data - Demand: In November 2025, domestic passenger turnover (excluding regional) is projected to be 809 billion person-kilometers, up 19.6% from 2019 and 6.3% from 2024. International and regional passenger turnover is expected to reach 291 billion person-kilometers, reflecting a 14.5% increase from 2019 and a 19.9% increase from 2024 [1]. - Supply: The available seat kilometers in November 2025 are projected to be 1,283 billion, up 12.4% from 2019 and 6.4% from 2024. The passenger load factor is expected to be 85.7%, an increase of 4.2 percentage points from 2019 and 2.5 percentage points from 2024 [2]. - Ticket Prices: In November, the average full ticket price for domestic routes is expected to rise by 3.5% year-on-year, while the bare ticket price is expected to increase by 3.8% [2]. - Performance of Listed Airlines: In November, the year-on-year RPK changes for major airlines on domestic routes are as follows: China Southern +7.4%, Air China +7.4%, China Eastern +5.1%, Hainan Airlines +4.5%, Spring Airlines +17.9%, and Juneyao Airlines +0.8%. The ASK changes for these airlines are +5.4%, +3.8%, +2.1%, +2.8%, +16.3%, and -0.5% respectively [2]. Air Cargo Key Data - In November 2025, the number of international and regional cargo flights is expected to reach 15,977, reflecting a 12.4% increase month-on-month and a 14% increase year-on-year. The theoretical cargo capacity is projected to be 110 million tons, with an 8.2% month-on-month increase and a 12.2% year-on-year increase [3]. - The average TAC Shanghai outbound air freight price index is expected to be 5,469 points, reflecting a 1.5% month-on-month increase and a 16.2% year-on-year increase [3]. Investment Perspective - The increase in holiday time and significant year-on-year growth in industry volume and price suggest a positive outlook for Q1 spring travel performance. The recent seven-day passenger flow shows a year-on-year increase of 12.9%, with domestic passenger flow up 13.7% and bare ticket prices up 7.9% [4]. - The industry is expected to benefit from supply-demand recovery, improved oil and exchange rate conditions, and a clear trend of profitability recovery. The fourth quarter is anticipated to see a significant reduction in losses due to demand growth and stabilized ticket prices, with 2025 expected to be the first year of profitability for major airlines [4]. - Recommended stocks include Air China (601111), China Southern Airlines (600029), Juneyao Airlines (603885), Spring Airlines (601021), and Huaxia Airlines (002928), with a suggestion to pay attention to China Eastern Airlines (600115) [4].

Core Insights - The aviation and airport sector saw a 0.5% increase on January 6, with Juneyao Airlines leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up 1.5%, while the Shenzhen Component Index closed at 14022.55, up 1.4% [1] Stock Performance - Juneyao Airlines (603885) closed at 15.26, up 3.32% with a trading volume of 252,100 shares and a turnover of 379 million yuan [1] - China Eastern Airlines (600115) closed at 6.13, up 1.32% with a trading volume of 2,259,400 shares and a turnover of 1.373 billion yuan [1] - Shenzhen Airport (000089) closed at 7.05, up 1.15% with a trading volume of 135,900 shares and a turnover of 95.385 million yuan [1] - Shanghai Airport (600009) closed at 32.97, up 0.83% with a trading volume of 121,000 shares and a turnover of 398 million yuan [1] - Xiamen Airport (600897) closed at 17.25, up 0.29% with a trading volume of 73,800 shares and a turnover of 12.7 million yuan [2] Capital Flow - The aviation and airport sector experienced a net outflow of 146 million yuan from institutional investors, while retail investors saw a net inflow of 10.53 million yuan [2] - Major stocks like Juneyao Airlines and Shanghai Airport attracted significant net inflows from retail investors, while others like Xiamen Airport and Spring Airlines faced net outflows [3]

1月5日，智通财经获悉，春秋航空培训中心今年首批空中乘务员学员班开班，共计27位学员，均育有子 女，90后的宝妈们有25位，学员中年龄最大的40岁，最小的26岁。学员中之前有从事老师、工程师、服 装设计等不同的职业经历，有民航业飞行经验的有11人。 春秋航空培训中心为宝妈学员配备的授课教员均为资深教员，其中多数是春秋早期的"空嫂"。 去年年底，春秋航空为顺应航空业快速复苏的趋势、满足就业多元化需求，同时为大龄女性开辟就业新 渠道，分别在上海、兰州启动"已婚已育"客舱乘务员招聘。在客舱乘务员（空嫂）的任职要求中，首次 明确提出已婚已育女性优先；在具体年龄方面，放宽至40岁；学历要求为全日制本科及以上，身高 162cm至174cm，无工作经验限制。招聘共吸引约1500人报名，其中450余名应聘者通过简历筛选参与了 现场面试。 据春秋航空招聘负责人巩灏介绍，现场面试通过者约80人，其中六成此前无任何民航业从业经验，录取 人员平均年龄33岁。在完成民航体检、政审等必要程序后，今年1月启动的第一期"宝妈"学员班将接受 为期三个月的专业培训，最快于今年5月初就能上岗。第二期30余人的学员班则将于今年2月启动，预计 最快暑 ...

Market Overview - The aviation and airport sector experienced a decline of 0.31% on January 5, with China National Aviation leading the drop [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Stock Performance - Key stocks in the aviation and airport sector showed mixed performance, with China National Aviation closing at 9.20, down 1.81%, and China Eastern Airlines at 6.05, up 0.83% [2] - The trading volume and turnover for major stocks included: - China National Aviation: 1.22 million shares, turnover of 1.11 billion [2] - China Eastern Airlines: 1.79 million shares, turnover of 1.07 billion [2] - Xiamen Airport: 66,800 shares, turnover of 115 million [2] Capital Flow - The aviation and airport sector saw a net inflow of 119 million from institutional investors, while retail investors experienced a net outflow of 173 million [2] - The capital flow for specific stocks indicated: - China Eastern Airlines had a net inflow of 94.70 million from institutional investors [3] - China National Aviation faced a net outflow of 18.89 million from institutional investors [3] - Shenzhen Airport had a net inflow of 12.24 million from institutional investors [3]

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]

Core Insights - Spring Airlines has launched a special training program for 27 "moms" as its first batch of cabin crew trainees in 2023, with over 90% of them being born in the 1990s and ages ranging from 26 to 40 [1][3] - The company aims to diversify its workforce and adapt to industry recovery by recruiting cabin crew members from the "married with children" demographic, expanding the age limit to 40 years [6] Group 1 - The training program includes a team of experienced instructors, many of whom are early representatives of the company’s cabin crew, to support the new trainees [3] - The recruitment drive attracted approximately 1,500 applicants, with over 450 advancing to interviews, and about 80 being selected, of which 60% had no prior aviation experience [6] - The average age of the selected trainees is 33 years, and they will undergo a three-month training program, with the first group expected to start flying by early May [6] Group 2 - Spring Airlines currently employs around 3,400 flight crew members, with an average age of 28, and 74% of the existing 88 "cabin sisters" have been promoted to management positions, indicating strong career development potential [6] - The company plans to invest over $4 billion to acquire 30 new Airbus A320 aircraft and aims to recruit over 3,500 professionals across various positions from 2023 to 2025, with an expected recruitment of nearly 1,000 in 2026 [7] - The initiative to hire more "moms" is seen as a way to enhance cabin service with their life experiences, empathy, and stability, contributing to a more diverse talent ecosystem in the aviation industry [6]

（文章来源：北京商报） 春秋航空招聘负责人巩灏介绍，在完成民航体检、政审等必要程序后，2026年1月启动的第一期"宝 妈"学员班将接受为期三个月的专业培训，最快于5月初就能飞上蓝天。第二期30余人的学员班将于2026 年2月启动，预计最快暑假前可上岗。 北京商报讯1月5日，记者从春秋航空获悉，春秋航空培训中心迎来2026年首批空中乘务员学员班，共计 27位，均育有子女的"90后宝妈"有25位。学员中年龄最大的40岁，最小的26岁。有的学员之前是老师， 有的是工程师，还有的是行政主管，有民航业飞行经验的共11人。 ...