Core Viewpoint - The China Air Transport Association has issued a draft for public consultation regarding the "Flight Seat Reservation Rules for Public Air Transport Enterprises," aiming to standardize seat reservation practices and enhance passenger rights in response to growing demand for personalized travel experiences [1][2]. Group 1: Overview of the New Rules - The new rules require that at least 70% of seats on domestic flights and 65% on international and regional flights be available for free selection by passengers [2]. - The draft aims to address discrepancies in seat selection services among airlines, ensuring a more uniform experience for travelers [1][2]. Group 2: Scope and Applicability - The rules apply to both domestic and international flights operated by public air transport enterprises within China, with foreign airlines encouraged to follow these guidelines [3]. Group 3: Seat Reservation Definitions - Free selectable seats are defined as those available for passengers to choose without additional charges [6]. - Reserved seats are those not open for selection due to safety, special passenger needs, or value-added services [8]. Group 4: General Principles - Safety is prioritized, with seat reservation and release practices needing to comply with safety regulations [18]. - The rules emphasize a passenger-centered approach, ensuring sufficient free seats and respecting diverse passenger needs [19]. Group 5: Seat Reservation Management - Airlines must establish a management system for seat reservations, detailing reasons, quantities, and rules for obtaining and releasing seats [5][21]. - For domestic flights, value-added reserved seats are limited to loyalty program members, and no paid seat selection is allowed [23]. Group 6: Release Rules - Domestic flights must release reserved seats for free selection no later than three hours before departure [27]. - For international flights, reserved seats should be released progressively starting 48 hours before departure, with specific rules for different seat categories [33]. Group 7: Information Disclosure - Airlines must clearly inform passengers about seat reservation options, including free and paid selections, and the rules governing these options [35]. - Seat maps must use clear icons to indicate different seat categories for both domestic and international flights [36][37].

Market Overview - The aviation and airport sector declined by 0.49% on January 29, with Huaxia Airlines leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Stock Performance - Shanghai Airport (600009) closed at 30.95, up 1.14% with a trading volume of 196,800 shares and a turnover of 605 million yuan [1] - Xiamen Airport (600897) closed at 17.68, up 0.68% with a trading volume of 80,100 shares and a turnover of 141 million yuan [1] - Baiyun Airport (600004) closed at 9.58, up 0.21% with a trading volume of 197,200 shares and a turnover of 188 million yuan [1] - Shenzhen Airport (000089) closed at 7.24, down 0.14% with a trading volume of 212,700 shares and a turnover of 153 million yuan [1] - Spring Airlines (601021) closed at 55.95, down 0.25% with a trading volume of 42,400 shares and a turnover of 236 million yuan [1] - HNA Holding (600221) closed at 1.68, down 0.59% with a trading volume of 3,055,900 shares and a turnover of 513 million yuan [1] - China Southern Airlines (600029) closed at 7.20, down 1.10% with a trading volume of 1,070,300 shares and a turnover of 768 million yuan [1] Fund Flow Analysis - The aviation and airport sector experienced a net outflow of 242 million yuan from institutional investors, while retail investors saw a net inflow of 230 million yuan [3] - Major stocks like Shanghai Airport and Shenzhen Airport had varying net inflows and outflows from different investor types [4] - Shanghai Airport had a net inflow of 28.37 million yuan from institutional investors, while retail investors had a net outflow of 39.44 million yuan [4] - China Southern Airlines had a net outflow of 10.48 million yuan from institutional investors, but a net inflow of 22.85 million yuan from retail investors [4] ETF Performance - The Aerospace ETF (product code: 159227) tracked the National Aerospace Industry Index and saw a 3.00% increase over the last five days, with a net redemption of 78.67 million yuan [6] - The General Aviation ETF (product code: 159230) tracked the National General Aviation Industry Index and had a 2.17% increase, with a net redemption of 5.55 million yuan [7] - The Tourism ETF (product code: 562510) tracked the China Securities Tourism Theme Index and decreased by 4.77%, with a net inflow of 8.09 million yuan [7]

大摩闭门会：汽车、工业、交运、房地产行业更新 260128 发言人 00:00 各位上午好，今天是 1 月 28 号，欢迎来到摩根士丹利每周三的周期论剑的在线直播。我是张磊 Rachel，基础策略行业的分析师。今天的话讨论几个主题，一个是我们交运行业的首席范倩蕾，会聊 一下他们对最近交运行业的一些观点的更新。接着我们房地产行业的首席张永天卉，聊一下最近对房地 产行业的一些观点。接着我们汽车行业的分析师王斌宇，会聊一下最近存储涨价对汽车上下游的一些影 响。最后的话，我们工业行业的分析师王金玲回聊一下，他们最近刚出了一个 2026 年的工业行业的展 望。 发言人 00:38 开始之前类型我需要读个 disco。请注意，本次会议仅面向摩根时代里的机构客户以及财务顾问。会议 不对媒体开放，如果您来自媒体的话，进行退出会议。另外提示一下大家，在整个会议的过程中，您可 以随时在屏幕上发送您的问题，不需要等到最后，这样我们可以节约一些 QNA 的等待时间。好的，那 我也不多说了，我先把时间交给倩磊。谢谢 Rachel。 发言人 01:06 大家好，我是倩蕾。今天给大家说一下我们上周调研了几个航空和快递相关的公司，然后给大家 ...

扬子晚报网1月27日讯(通讯员丁佳伟记者陈咏)记者27日从春秋航空（601021）扬州基地获悉，春运将 至，为保障春运航行，满足旅客出行需求，春秋航空积极规划运力扩容，优化航线网络。2026春运期 间，春秋航空计划执飞航班总量超2.4万班次，计划运输旅客超400万人次，航班量同比2025年春运大幅 增加10%以上。2月9日起，新增扬州(泰州)国际机场至泉州晋江国际机场的航次。 校对朱亚萍 据介绍，新增航班每周三班，周一、周三、周五飞，去程20:15分由扬州(泰州)国际机场起飞，22:10分 落地泉州晋江国际机场；回程22:55分由泉州晋江国际机场起飞，次日00:55落地扬州(泰州)国际机场。 春秋航空扬州基地负责人赵士可表示，春节期间，福建旅游热度居高不下，此前只有厦门一个进出点， 新增泉州航线，为旅客的春节出行提供便捷实惠的出行方式。 记者了解到，为保障春运期间飞行资源充足，春秋航空提前数月着手规划A320和A321机型的运营策 略。春运期间还将以班组为单位提高服务质量，在确保航空安全的基础上，优化运行保障流程，在购 票、值机、登机等环节安排专人引导服务，提升春运期间航班准点率；地面服务部重点加强老年人、婴 ...

Core Viewpoint - The aviation and airport sector experienced a decline of 0.82% on January 27, with Spring Airlines leading the drop, while the overall Shanghai Composite Index rose by 0.18% [1]. Market Performance - The Shanghai Composite Index closed at 4139.9, up 0.18% - The Shenzhen Component Index closed at 14329.91, up 0.09% [1]. Individual Stock Performance - Xiamen Airport (600897) closed at 17.39, up 0.58% with a trading volume of 50,100 shares and a turnover of 86.41 million yuan - Shenzhen Airport (000089) closed at 7.16, up 0.14% with a trading volume of 167,000 shares and a turnover of 119 million yuan - Shanghai Airport (600009) closed at 30.94, down 0.35% with a trading volume of 183,700 shares and a turnover of 569 million yuan - Spring Airlines (601021) closed at 57.01, down 1.93% with a trading volume of 49,400 shares and a turnover of 28.5 million yuan [1][3]. Capital Flow Analysis - The aviation and airport sector saw a net outflow of 53.6 million yuan from institutional investors, while retail investors experienced a net outflow of 46.2 million yuan - Speculative funds had a net inflow of 99.8 million yuan [3][4]. Individual Stock Capital Flow - China National Airlines (601111) had a net outflow of 41.69 million yuan from institutional investors, with a retail net outflow of 32.64 million yuan - Shenzhen Airport (000089) saw a net inflow of 25.27 million yuan from institutional investors, while retail investors had a net outflow of 19.11 million yuan - Shanghai Airport (600009) had a net inflow of 4.72 million yuan from speculative funds, but a net outflow of 54.46 million yuan from retail investors [4]. ETF Performance - Aerospace ETF (159227) tracked the national aerospace industry index, with a recent five-day change of 6.64% and a net subscription of 190 million yuan - General Aviation ETF (159230) tracked the national general aviation industry index, with a recent five-day change of 5.15% and a net redemption of 14.27 million yuan - Tourism ETF (562510) tracked the China Securities tourism theme index, with a recent five-day change of -1.79% and a net subscription of 10.83 million yuan [6][7].

Investment Rating - The report maintains a "Buy" rating for key companies in the transportation sector, including SF Holding, YTO Express, and Spring Airlines, among others [2][3]. Core Insights - The instant retail industry is experiencing rapid expansion, with China's market expected to reach CNY 1.2 trillion by 2026 and over CNY 2 trillion by 2030, driven by a CAGR of 43.6% from 2018 to 2026 [8][10]. - Alibaba's commitment to the instant retail sector is strong, with significant investments leading to a peak order volume of 120 million for Taobao Flash Sales in December 2025, indicating a robust growth trajectory [12][15]. - SF Express is positioned as a leading independent third-party instant delivery service, benefiting from the industry's rapid growth and increasing demand for delivery services [30][18]. Summary by Sections Instant Delivery Industry - The instant retail market in China is projected to grow significantly, with a CAGR of 43.6% from 2018 to 2026, reaching CNY 1.2 trillion by 2026 and over CNY 2 trillion by 2030 [10][12]. - Alibaba's strategic investments in instant retail are evident, with a focus on expanding beyond food delivery to a broader range of products, resulting in substantial order growth [13][15]. - SF Express is highlighted as a key player in the instant delivery market, with a 49% revenue growth in H1 2025 and a significant increase in order volume [18][21]. Aviation Sector - The aviation industry is recovering from a seasonal downturn, with domestic flight volumes increasing by 1.4% week-on-week, and ticket prices showing a year-on-year increase of 8.4% [32][43]. - The cargo segment is also seeing a recovery, with stable freight rates and increased demand expected as the Chinese New Year approaches [50][57]. - Recommendations include focusing on major airlines such as China Eastern Airlines and Spring Airlines, which are expected to benefit from improved demand and pricing [57][61]. Express Delivery Sector - The express delivery industry has shown resilience, with a 6.5% year-on-year increase in total revenue for 2025, despite challenges in pricing [61][75]. - The report notes a stabilization in single-package pricing, with significant growth in market share for companies like SF Express and YTO Express [75][81]. - The ongoing "anti-involution" trend is expected to lead to improved profitability for express delivery companies as competition becomes more structured [81][82].

（文章来源：证券日报） 证券日报网讯 1月26日，春秋航空在互动平台回答投资者提问时表示，公司一直以来高度重视股东回 报。通过提高现金分红比例和持续推动回购工作，维护股东权益。2024年度现金分红及回购金额合计 864956159.65元，占2024年度合并报表中归属于上市公司股东的净利润比例为38.05%。2025年半年度现 金分红及回购金额合计608020075.81元，占2025年半年度合并报表中归属于上市公司股东的净利润比例 为52.03%。 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the transportation sector, including SF Holding, YTO Express, and Eastern Airlines Logistics, among others [2][3]. Core Insights - The instant retail industry is experiencing rapid expansion, with China's market expected to reach 1.2 trillion yuan by 2026 and over 2 trillion yuan by 2030, reflecting a CAGR of 43.6% from 2018 to 2026 [8][10]. - Alibaba's commitment to the instant retail sector is strong, with significant investments aimed at expanding beyond food delivery into a full range of instant retail services, evidenced by a peak of 120 million daily orders on Taobao Flash Purchase [12][15]. - SF Express is highlighted as a leading independent third-party instant delivery service, benefiting from the industry's growth and increasing demand for delivery services [30][18]. - The airline industry is recovering from a seasonal downturn, with domestic flight numbers increasing by 1.4% week-on-week, and ticket prices showing a year-on-year increase of 8.4% [32][43]. - The air cargo sector is also seeing a recovery, with stable freight rates and increased demand expected as the Chinese New Year approaches [50][57]. - The express delivery industry is stabilizing, with a slight increase in average revenue per package, and major players like SF Express and YTO Express gaining market share [61][75]. Summary by Sections Instant Delivery Industry - The instant retail market in China is projected to grow significantly, with a CAGR of 43.6% from 2018 to 2026, reaching 1.2 trillion yuan by 2026 and over 2 trillion yuan by 2030 [10][18]. - Alibaba's strategic investments in instant retail are reshaping the market, with a focus on expanding beyond traditional food delivery [12][15]. - SF Express is positioned as a key player in the instant delivery sector, benefiting from rapid growth and increased order volumes [30][18]. Airline Industry - The airline sector is showing signs of recovery, with domestic flight operations increasing and ticket prices rising [32][43]. - The air cargo market is stabilizing, with expectations of increased demand leading up to the Chinese New Year [50][57]. Express Delivery Industry - The express delivery market is stabilizing, with slight improvements in revenue per package and market share gains for major companies [61][75]. - The report emphasizes the ongoing trend of "anti-involution" in the industry, which is expected to lead to improved profitability for express delivery companies [81].

Market Overview - The aviation and airport sector declined by 1.1% on January 26, with CITIC Hainan Airlines leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Notable stock performances include: - Spring Airlines (601021) closed at 58.13, up 0.05% with a trading volume of 50,900 shares and a turnover of 297 million yuan - China Eastern Airlines (600115) closed at 5.81, down 1.19% with a trading volume of 2,620,300 shares and a turnover of 1.536 billion yuan - CITIC Hainan Airlines (000099) closed at 20.44, down 3.90% with a trading volume of 251,500 shares and a turnover of 518 million yuan [1][3] Capital Flow - The aviation and airport sector experienced a net outflow of 999.1 million yuan from institutional investors, while retail investors saw a net inflow of 624.0 million yuan [3][4] - The capital flow for specific stocks shows: - Shenzhen Airport (000089) had a net outflow of 6.15 million yuan from retail investors - CITIC Hainan Airlines (000099) had a significant net outflow of 60.43 million yuan from institutional investors [4] ETF Performance - The Aerospace ETF (product code: 159227) tracked the National Aerospace Industry Index and saw a 6.64% increase over the past five days, with a net subscription of 190 million yuan [6] - The General Aviation ETF (product code: 159230) tracked the National General Aviation Industry Index and had a 5.15% increase, but saw a decrease of 10 million shares in its latest subscription [7]

1月26日，国航、东航、南航、山航、川航、厦航等航司陆续发布通知称，1月26日前出票，航班起飞日 期在2026年3月29日（含）至2026年10月24日（含）的日本进出港或经停航班，可免费退改签。 此前的2025年11月，外交部和中国驻日本使领馆郑重提醒中国公民近期避免前往日本。11月15日，国 航、东航、南航、川航、厦航、春秋航空分别发布通知，对日本航线客票特殊处理，符合适用范围的客 票在有效期内可按规则办理退改手续。当时改退措施适用于航班起飞日期在2025年11月15日至2025年12 月31日期间的机票。 今年1月3日，驻日本大使馆再次提醒在日中国公民注意人身安全。 近期，日本部分地区治安环境不靖。福冈县、静冈县、爱知县等多地发生杀人未遂、报复社会案件。 多名旅日中国公民报告遭无端辱骂殴打并受伤。2025年12月31日，东京新宿区发生汽车撞人事件。两名 中国公民被严重撞伤，后被紧急送往医院救治。 获悉上述有关案情后，驻日本大使馆第一时间向受伤中国公民及其家属表示慰问并提供协助，同时向日 本警方交涉，敦促尽快破案，切实保护中国公民合法权益。 出行在外，安全最重要。值此岁末年初、春节将至之际，中国驻日本大使 ...