Group 1: Aviation Industry - The aviation sector is expected to benefit from the anticipated appreciation of the RMB against the USD due to the Federal Reserve's interest rate cuts, leading to foreign exchange gains for airlines [1][2] - International crude oil prices are projected to decline in 2026, alleviating fuel cost pressures for airlines [1][2] - Limited capacity expansion for domestic airlines is attributed to engine issues, while economic growth is expected to drive structural growth in air travel demand, positively impacting ticket prices and airline profits [1][2] - Recommended stocks in the aviation sector include China Southern Airlines (600029), Spring Airlines (601021), and Huaxia Airlines (002928) [2] Group 2: Road Transportation Industry - The road transportation industry in China has entered a mature phase, with total expressway mileage surpassing that of the United States, making it the largest in the world as of 2024 [2] - With a slowdown in road construction investment and increasing pressure from expiring tolls, new regulations on toll road management may be introduced [2] - Future trends in the industry are expected to include renovation and expansion, mergers and acquisitions, and business diversification [2] - Recommended stock in the road transportation sector is Zhongyuan Expressway (600020) [2] Group 3: Shipping Industry - The global shipping industry is transitioning towards zero-emission energy, with green methanol emerging as a mainstream choice due to its mature technology and effective decarbonization performance [3] - As of November 2025, there are 252 renewable methanol projects tracked globally, with an expected total installed capacity of 45.1 million tons by 2030 [3] - The total installed capacity for all electro-methanol projects is projected to be 21.8 million tons, while bio-methanol projects are expected to reach 23.3 million tons by 2030 [3] - Recommended stocks in the shipping sector include CIMC Enric and COSCO Shipping International [3] Group 4: Dry Bulk Shipping - The focus has shifted from the increase in China's iron ore imports to the changes in the sources of iron ore imports, which are leading to longer transportation distances [3] - The increase in domestic alumina production and the strong growth trend in imports require ongoing attention [3] - Recommended stocks in the dry bulk shipping sector include China Merchants Energy Shipping (601872) and Haitong Development (603162) [3]

该行预期中国航空业政策顺风持续。假设政策具持续性，该行预期2026年国内航线票价将同比升1%至 3%，国内旅客量同比增长3%至4%，国际旅客量亦将维持双位数增长。 假设政策具持续性，该行预期2026年国内航线票价将同比升1%至3%，国内旅客量同比增长3%至4%， 国际旅客量亦将维持双位数增长。 该行对中国航空业持建设性看法; 予春秋航空(601021.SH)"买入"评级，目标价61.3元人民币;南方航空 (600029.SH)A股及中国南方航空股份(01055) H股则获"中性"评级，目标价分别为6.5元人民币及4.1港 元。 瑞银发布研报称，过去一年对中国航空业经历转型，主要受惠于根据地、航权及航班时刻等政策调整， 例如在、运力过剩及高铁竞争下，行业的国内运力投放有序，令票价逐步同比上调。另外，受补贴政策 改革影响，航空公司凭借其宽体机队优势，大幅扩展国际航点及航班频次。基于定价及运力优势，中国 航空公司正逐步建立相对于全球同行的竞争优势。 ...

Core Viewpoint - As of January 12, a total of 427 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more, indicating a significant trend of capital withdrawal from these stocks [1]. Group 1: Stocks with Longest Net Outflow - Anqi Yeast has the longest net outflow duration at 19 days, followed by Spring Airlines with 17 days [1]. - The largest total net outflow amount is from China Ping An, with a cumulative outflow of 7.961 billion yuan over five days [1]. - Industrial Fulian follows with a net outflow of 4.782 billion yuan over the same period [1]. Group 2: Stocks with Significant Net Outflow - The top stocks by net outflow amount include: - China Ping An: 7.961 billion yuan, 14.10% of trading volume, with a cumulative decline of 6.65% [1]. - Industrial Fulian: 4.782 billion yuan, 8.66% of trading volume, with a cumulative decline of 4.30% [1]. - Huadian Co.: 3.729 billion yuan, 15.05% of trading volume, with a cumulative decline of 8.99% [1]. Group 3: Stocks with Notable Price Changes - ST Tongmai has the highest percentage of net outflow relative to trading volume at 17.72% over the past 10 days [1]. - Other notable stocks with significant price changes include: - Anqi Yeast: 19 days of net outflow, with a cumulative increase of 7.92% [2]. - Spring Airlines: 17 days of net outflow, with a cumulative increase of 9.49% [3].

瑞银发布研报称，过去一年对中国航空业经历转型，主要受惠于根据地、航权及航班时刻等政策调整， 例如在消费降级、运力过剩及高铁竞争下，行业的国内运力投放有序，令票价逐步同比上调。另外，受 补贴政策改革影响，航空公司凭借其宽体机队优势，大幅扩展国际航点及航班频次。基于定价及运力优 势，中国航空公司正逐步建立相对于全球同行的竞争优势。 该行预期中国航空业政策顺风持续。假设政策具持续性，该行预期2026年国内航线票价将同比升1%至 3%，国内旅客量同比增长3%至4%，国际旅客量亦将维持双位数增长。 该行对中国航空业持建设性看法; 予春秋航空（601021）(601021.SH)"买入"评级，目标价61.3元人民币; 南方航空（600029）(600029.SH)A股及中国南方航空股份(01055) H股则获"中性"评级，目标价分别为 6.5元人民币及4.1港元。 ...

Core Viewpoint - The aviation and airport sector experienced a slight increase of 0.23% on January 12, with CITIC Offshore Helicopter leading the gains. The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1]. Group 1: Stock Performance - CITIC Offshore Helicopter (000099) closed at 22.36, up 4.24% with a trading volume of 401,400 shares and a transaction value of 886 million yuan [1]. - Xiamen Airport (600897) closed at 17.47, up 1.22% with a trading volume of 82,500 shares and a transaction value of 143 million yuan [1]. - China Eastern Airlines (600115) closed at 6.00, up 0.33% with a trading volume of 1,101,000 shares [1]. Group 2: Capital Flow - The aviation and airport sector saw a net outflow of 18.41 million yuan from institutional investors, while retail investors had a net inflow of 25.28 million yuan [2]. - Major stocks like Hainan Airlines (600221) experienced a net inflow of 77.03 million yuan from institutional investors, but a net outflow of 49.07 million yuan from retail investors [3]. - Xiamen Airport (600897) had a net outflow of 9.17 million yuan from institutional investors, while retail investors contributed a net inflow of 469,890 yuan [3].

该行预期中国航空业政策顺风持续。假设政策具持续性，该行预期2026年国内航线票价将同比升1%至 3%，国内旅客量同比增长3%至4%，国际旅客量亦将维持双位数增长。 该行对中国航空业持建设性看法; 予春秋航空(601021.SH)"买入"评级，目标价61.3元人民币;南方航空 (600029.SH)A股及中国南方航空股份(01055) H股则获"中性"评级，目标价分别为6.5元人民币及4.1港 元。 智通财经APP获悉，瑞银发布研报称，过去一年对中国航空业经历转型，主要受惠于根据地、航权及航 班时刻等政策调整，例如在消费降级、运力过剩及高铁竞争下，行业的国内运力投放有序，令票价逐步 同比上调。另外，受补贴政策改革影响，航空公司凭借其宽体机队优势，大幅扩展国际航点及航班频 次。基于定价及运力优势，中国航空公司正逐步建立相对于全球同行的竞争优势。 ...

Core Insights - The aviation sector is expected to see profit recovery driven by favorable exchange rates and declining international oil prices, which will alleviate fuel cost pressures for airlines. Structural growth in air travel demand is anticipated due to economic growth, with key recommendations including Southern Airlines, Spring Airlines, and Huaxia Airlines [4][19][22]. - The highway industry in China has entered a mature phase, with future trends expected to include renovation and expansion, mergers and acquisitions, and business diversification. A key recommendation is Zhongyuan Expressway [4][58]. - The shipping industry is transitioning towards green methanol as a mainstream choice for zero-emission energy, with significant growth in renewable methanol projects expected by 2030. Recommended companies include CIMC Enric and COSCO Shipping International [4][89]. - The dry bulk shipping sector is witnessing structural growth due to increased transportation distances for iron ore imports and strong demand for alumina imports. Recommended companies include China Merchants Energy Shipping and Haitong Development [4]. Aviation Sector - The recovery in airline profits is supported by a favorable exchange rate and lower oil prices, with the potential for ticket prices to rise as demand increases [4][22]. - Domestic airlines are facing limited capacity expansion due to engine supply issues, while the demand for air travel is expected to grow structurally [25][31]. - The average fuel price decline is projected to reduce operational costs significantly for airlines, enhancing profitability [24][22]. - The domestic air travel market is expected to grow as the per capita flight frequency in China remains lower than the global average, indicating room for growth [34][35]. Highway Sector - The highway industry is projected to see a slowdown in construction investment, with new regulations potentially extending toll periods for aging highways [4][64]. - The total length of highways in China has surpassed that of the United States, with ongoing investments expected to enhance the network further [63][58]. - The introduction of new toll regulations may provide a framework for sustainable development in the highway sector [67][68]. Shipping Sector - The global shipping industry is increasingly adopting green methanol technology, with a significant number of renewable methanol projects expected to come online by 2030 [4][89]. - The demand for dry bulk shipping is expected to grow due to changes in iron ore import sources and increased distances, presenting opportunities for shipping companies [4].

Core Viewpoint - Spring Airlines' stock price has shown a slight increase, with a current trading price of 59.50 CNY per share, reflecting a stable performance in the market despite some fluctuations in capital flow [1] Group 1: Stock Performance - As of January 12, Spring Airlines' stock increased by 2.02%, with a total market capitalization of 58.211 billion CNY [1] - The stock has remained flat year-to-date, with a 0.49% increase over the last five trading days, a 13.03% increase over the last 20 days, and a 12.92% increase over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Spring Airlines reported a revenue of 16.773 billion CNY, representing a year-on-year growth of 4.98% [2] - The net profit attributable to shareholders for the same period was 2.336 billion CNY, which reflects a decrease of 10.32% compared to the previous year [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Spring Airlines reached 30,200, an increase of 43.53% from the previous period [2] - The average number of circulating shares per shareholder decreased by 30.33% to 32,433 shares [2] Group 4: Dividend and Institutional Holdings - Since its A-share listing, Spring Airlines has distributed a total of 2.83 billion CNY in dividends, with 1.899 billion CNY distributed over the last three years [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 21.9475 million shares, a decrease of 765,500 shares from the previous period [3]

Group 1 - Spring Airlines experienced a decline of 1.87% in stock price on January 9, with a trading volume of 281 million yuan [1] - The financing data for January 9 shows that Spring Airlines had a financing purchase amount of 21.66 million yuan and a net financing purchase of 2.99 million yuan, with a total financing and securities balance of 339 million yuan [1] - The current financing balance of Spring Airlines is 332 million yuan, accounting for 0.58% of the circulating market value, which is below the 20th percentile level over the past year, indicating a low position [1] Group 2 - As of September 30, the number of shareholders for Spring Airlines increased by 43.53% to 30,200, while the average circulating shares per person decreased by 30.33% to 32,433 shares [2] - For the period from January to September 2025, Spring Airlines reported an operating income of 16.77 billion yuan, a year-on-year increase of 4.98%, while the net profit attributable to shareholders decreased by 10.32% to 2.34 billion yuan [2] - Since its A-share listing, Spring Airlines has distributed a total of 2.83 billion yuan in dividends, with 1.90 billion yuan distributed over the past three years [2]

航班号为9C6791/9C6792。 2月3日起， 春秋航空新增 南昌⇌长春往返航班， 东方航空新增 南昌⇌青岛往返航班， 航班号为MU6143/MU6144。 记者从江西机场集团获悉， 2月2日起， 9C6792航班时刻为 南昌18:20 21:20长春。 南昌⇌青岛往返航班， 班期为每周一/二/三/四/五/六/日， 资料图 南昌⇌长春往返航班， 班期为每周一/三/五/日， 9C6791航班时刻为 长春22:10 01:30南昌； 来源：洪观新闻、江西机场集团 编辑：焦俊杰 MU6143航班时刻为 南昌07:05 08:40青岛； MU6144航班时刻为 青岛09:40 11:40南昌。 （航班时刻如有变动请以实时官网查询为准） ...