Investment Rating - The report maintains a positive outlook on the shipping industry, recommending companies such as China Merchants Energy and COSCO Shipping Energy [3]. Core Insights - The report highlights a significant increase in charter rates for VLCCs, which rose by 4.62% to $62,250 per day, and Cape rates increased by 5.37% to $26,475 per day, indicating a strong correlation between commodity prices and shipping rates [3]. - New ship prices are rising alongside second-hand ship prices, with the new ship composite index increasing by 0.07 to 184.76 points, suggesting a favorable market for shipbuilders [3]. - The report emphasizes the resilience of the shipping market, particularly in oil and bulk shipping, with expectations of continued demand driven by geopolitical factors and commodity price fluctuations [3]. Summary by Sections Shipping Market Performance - The shipping index increased by 1.76%, outperforming the CSI 300 index by 2.38 percentage points [4]. - The coastal dry bulk freight index in China rose by 0.84%, while the Shanghai export container freight index fell by 7.39% [4]. Oil Shipping - VLCC rates are currently around $100,000 per day, with a recent decline of 11% in average rates to $105,090 per day, indicating potential volatility in the market [3]. - The report notes that while VLCC rates may adjust, smaller oil tanker rates remain supported due to high demand [3]. Dry Bulk Shipping - The report indicates a rebound in dry bulk rates, particularly driven by increased grain exports from South America, with the BDI index recording a 12.4% increase [3]. - Capesize rates increased by 16.1%, reflecting strong demand in the Pacific market [3]. Container Shipping - The report observes a seasonal decline in container shipping rates as the peak season ends, with the SCFI index dropping by 7.4% [3]. - The resumption of services in the Red Sea has been noted, but the market remains cautious due to geopolitical uncertainties [3]. Air Transportation - The report highlights a significant supply constraint in aircraft manufacturing, with an aging fleet and increasing passenger demand expected to enhance airline profitability [3]. - Airlines are recommended for investment due to their strong demand elasticity and potential for significant earnings growth [3]. Logistics and Express Delivery - The report anticipates a concentration of market share and profits among leading express delivery companies, with a focus on ZTO Express and YTO Express [3]. - The logistics sector shows resilience, with steady growth in freight volumes reported [3].

格隆汇1月23日丨春秋航空(601021.SH)在投资者互动平台表示，公司经营航线不涉及欧盟国家。 ...

格隆汇1月23日丨春秋航空(601021.SH)在投资者互动平台表示，公司已初步建立财务共享中心。 ...

作 者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 近一段时间，航空机场板块热度再次提升。 早在 2025 年的 10 月，《 国庆价格暴涨！行情启动？ 》，航空板块行情已然启动。 同花顺数据显示，国庆之后，航空运输板块近三个月已然整体上涨超 20% 。而近一年内，板块整体涨幅已经接近 40% 。 近日，伴随着政策接连出台，消费板块热度提升，航空相关板块又站在了市场风口之上。 而这次，航空板块，或许已经站在了起飞的前夜。 01 这次航空板块的行情，仍旧和政策上的积极情绪密不可分。 近日，消费领域政策利好齐发，而在此前落幕的 2026 年全国民航工作会议上，提出最重要的一条就是， 深入整治 " 内卷式 " 竞争，持续提升航班运行品质，不断提升旅客出行体验 。 民航局的 2026 年重点任务清单还首次将"反内卷"细化为四项举措—— 航线测算全成本并建立 "成本红线"；建立"运价监测预警联动机制"；将恶性低价竞争纳入重大失信行为；协调 OTA 平台，禁止发布低于政府指导价的机票产品。 可以说是从航司到 OTA 平台到行业整体的全方位，整治了此前困扰行业已久的"内卷式"低价战。 在这一政 ...

目前，北京直飞揭阳航线航班已全面开放销售，旅客可随时登录春秋航空官方平台预订。春秋航空表 示，将持续优化服务流程、提升运营品质，以高频次、高性价比的航线布局，为华北与粤东地区的人员 往来、文化交流与经济互动注入新活力，为旅客提供更多元、更便捷的出行选择。 中证报中证网讯(记者乔翔)记者1月22日从春秋航空（601021）获悉，2月2日起，春秋航空将开通北京 直飞揭阳的往返航线。据介绍，该航线计划运营至3月28日，此航线为北京及周边地区旅客前往广东揭 阳提供了"朝发午至"的直飞选择，无需再经中转绕行，极大提升了出行效率和舒适度。 ...

揭阳作为潮汕文化的核心发祥地之一，是通往汕头、潮州等粤东热门旅游目的地的关键枢纽。在1.25平 方公里的揭阳古城内，进贤门的晨晖、学宫的红墙黛瓦诉说着南宋以来的岁月更迭；思贤路、中山路骑 楼街的老商铺里，工夫茶的香气袅袅不绝；黄满寨瀑布群以三百多米的五级落差造就"岭南第一瀑"的清 幽胜景，神泉古镇的渔港日落勾勒出800年海港的原生风貌。揭阳更是"舌尖上的潮汕"典型代表。传承 四代的隆江猪脚饭上，胶质丰腴的猪脚浸润香浓卤汁，令人一口难忘；现切的吊龙、五花趾在牛肉火锅 清汤里涮煮三秒便尽显本味，搭配灵魂沙茶酱堪称绝配。此外，还有粿汁、蚝烙、鸭母捻等特色小吃， 以及清甜解腻的草粿、胶啰糍等古早甜品，每一口都是地道的潮汕风味。 目前，北京直飞揭阳的航班已全面开启销售。春秋航空表示，将持续优化服务流程、提升运营质量，以 高频次、高性价比的航线布局，为华北与粤东地区的人员往来、文化交流与经济互动注入新活力，为旅 客提供更加多元、便捷的出行选择。（编辑：陈虹莹 校对：李佳洹 审核：韩磊） （春秋航空供图） 该航线计划运营至3月28日，采用天天班的运营模式，航班号为9C7161/7162。其中，北京至揭阳段 （9C7161） ...

（文章来源：北京商报） 据了解，该航线计划从2026年2月2日运营至2026年3月28日，每天一班，航班号为9C7161、9C7162。其 中，北京至揭阳段（9C7161）上午10:00从北京大兴国际机场起飞，13:10抵达揭阳潮汕国际机场，飞行 时间约3小时10分钟；揭阳至北京段（9C7162）下午13:00从揭阳潮汕国际机场起飞，16:00返回北京大 兴国际机场，全程约3小时。 北京商报讯1月22日，记者从春秋航空获悉，2026年2月2日起，春秋航空将正式开通北京直飞揭阳的往 返航线。此航线将为前往广东揭阳的北京及周边地区旅客提供"朝发午至"的直飞选择，无需再经中转绕 行。 ...

Investment Rating - The report maintains a "Buy" rating for major airlines, including China National Aviation (China Air), China Eastern Airlines, Southern Airlines, and others, based on their projected earnings growth and favorable market conditions [2][3]. Core Insights - The domestic passenger load factor has increased significantly, reaching a historical high of 85.7% in December 2025, with a year-on-year increase of 2.4 percentage points [7][10]. - The international passenger load factor has shown a slight increase, but the growth rate has slowed due to disruptions in the Japanese route, with December figures reflecting a year-on-year increase of 0.9 percentage points [14][15]. - The overall industry demand growth continues to outpace supply growth, with a combined ASK/RPK increase of 6.6% and 9.1% respectively for the six listed airlines in December [7][10]. Summary by Sections 1. December International Supply and Demand Trends - The demand growth in December 2025 exceeded supply growth, with both domestic and international load factors reaching historical highs [10][11]. - The domestic routes saw a supply increase of 4.2% in ASK and a demand increase of 7.2% in RPK, while international routes experienced a 12.0% increase in ASK and a 13.3% increase in RPK [7][14]. 2. Aircraft Introductions and Fleet Growth - The total fleet of the six airlines increased by 0.4% in December, with a net addition of 14 aircraft, bringing the total to 3,386 [22][24]. - The A320 series was the primary aircraft introduced, with significant contributions from China National Aviation and Southern Airlines [22][27]. 3. Investment Recommendations - The report suggests that the tight supply-demand relationship in domestic routes will lead to a moderate increase in ticket prices in 2026, supported by regulatory measures to address low pricing [7][11]. - The international routes are expected to benefit from increased inbound tourism, with airlines like China Eastern Airlines and Spring Airlines positioned to gain from this trend [7][15].

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].