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） ...

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [2] Core Insights - The shipping sector is experiencing a recovery in oil transportation due to improved demand post-holidays and geopolitical tensions [6][16] - The aviation industry aims to achieve a passenger volume of 810 million in 2026, reflecting a growth rate of 5.2% [23][24] - The express delivery sector is expected to see a gradual recovery in competition and profitability, with a focus on major players like SF Express [20] Shipping - The oil shipping sector is rebounding due to increased cargo availability from the Middle East and geopolitical sanctions affecting supply [6][16] - Container shipping rates are showing slight increases, with strong pricing power among shipowners before long-term contract negotiations [11][12] - Key stocks to watch include COSCO Shipping Energy, China Merchants Energy, and Pacific Shipping [16] Infrastructure - Weekly data indicates a decline in truck traffic and rail freight, with road truck traffic at 46.964 million vehicles, down 14.9% week-on-week [17][18] - Port throughput for the first week of 2026 was 25.4953 million tons, showing a slight decrease but a year-on-year increase of 7.7% in container throughput [18] - Recommended stock for infrastructure investment is Anhui Expressway [18] Express Delivery - In November 2025, express delivery volume reached 18.06 billion pieces, a year-on-year increase of 5%, while revenue decreased by 3.7% [19][20] - The competitive landscape is expected to stabilize, with major companies like SF Express anticipated to see profit growth in 2026 [20] - Recommended stocks include SF Express, ZTO Express, YTO Express, and Yunda Express [20] Aviation - The aviation sector is entering a critical period with the Spring Festival approaching, and passenger volume is projected to grow by 5.2% in 2026 [23][24] - Recent data shows a year-on-year increase in domestic passenger volume of 1.5% and a decrease in ticket prices [21][24] - Recommended stocks include Air China, China Southern Airlines, and Spring Airlines [24] Logistics - The cross-border air freight price index has decreased by 19.9% week-on-week, indicating a significant drop in logistics costs [25]

Core Viewpoint - The report highlights a significant outflow of main capital from various stocks in the Shanghai and Shenzhen markets, with 387 stocks experiencing net outflows for five consecutive days or more, indicating potential investment risks in these companies [1][2][3][4]. Group 1: Main Capital Outflow Statistics - The stock with the longest continuous net outflow is Dameng Data, with 23 days of outflows [1]. - Daqin Railway follows with 20 days of net outflows, totaling 2.711 billion yuan [1]. - The total net outflow for Daqin Railway over 20 days is the highest at 2.711 billion yuan, while Xiechuang Data has a net outflow of 1.914 billion yuan over five days [1][2]. Group 2: Stocks with Significant Outflows - The top stocks by net outflow duration include: - Daqin Railway: 20 days, 2.711 billion yuan, 18.68% of trading volume, -6.22% cumulative change [1]. - Dameng Data: 23 days, 0.503 billion yuan, 7.58% of trading volume, 14.15% cumulative change [2]. - Haima Automobile: 12 days, 1.626 billion yuan, 8.26% of trading volume, -18.59% cumulative change [1]. Group 3: Other Notable Stocks - Other stocks with notable outflows include: - Wuzhou Xinchun: 5 days, 1.574 billion yuan, 5.24% of trading volume, 11.62% cumulative change [1]. - Dongshan Precision: 6 days, 1.512 billion yuan, 6.91% of trading volume, -6.80% cumulative change [1]. - Shengtai Electronics: 10 days, 1.377 billion yuan, 8.47% of trading volume, -8.71% cumulative change [1].

Core Viewpoint - The aviation and airport sector experienced a decline of 1.19% on January 9, with China Eastern Airlines leading the drop, while the overall Shanghai Composite Index rose by 0.92% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4120.43, up 0.92%, and the Shenzhen Component Index closed at 14120.15, up 1.15% [1] - The aviation and airport sector saw a net outflow of 408 million yuan from major funds, while retail investors contributed a net inflow of 377 million yuan [2] Group 2: Individual Stock Performance - China Eastern Airlines (600115) closed at 5.98, down 3.24%, with a trading volume of 1.3034 million shares and a transaction value of 778 million yuan [2] - Other notable declines included Spring Airlines (601021) down 1.87% and China National Airlines (601111) down 1.64% [2] - The highest trading volume was recorded for Hainan Airlines (600221) with 4.4577 million shares traded, despite a decline of 10.85% in net inflow from major funds [3] Group 3: Fund Flow Analysis - Major funds showed significant outflows in several stocks, including Hainan Airlines with a net outflow of 83.62 million yuan, and Spring Airlines with a net outflow of 28.47 million yuan [3] - Retail investors showed a positive net inflow in several stocks, with Hainan Airlines seeing a retail net inflow of 64.82 million yuan [3]

Core Viewpoint - Spring Airlines' stock price has experienced fluctuations, with a recent decline of 2.10% and a total market capitalization of 56.919 billion yuan. The company has shown mixed performance in terms of stock price changes over different time frames [1]. Group 1: Stock Performance - As of January 9, Spring Airlines' stock price was 58.18 yuan per share, with a trading volume of 38.2042 million yuan and a turnover rate of 0.07% [1]. - Year-to-date, the stock price has decreased by 2.22%, while it has increased by 8.95% over the past 20 days and 9.26% over the past 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Spring Airlines reported a revenue of 16.773 billion yuan, representing a year-on-year growth of 4.98%. However, the net profit attributable to shareholders decreased by 10.32% to 2.336 billion yuan [2]. - The company has distributed a total of 2.83 billion yuan in dividends since its A-share listing, with 1.899 billion yuan distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased to 30,200, marking a rise of 43.53%. The average number of circulating shares per shareholder decreased by 30.33% to 32,433 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 21.9475 million shares, a decrease of 765,500 shares from the previous period [3].

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].

证券之星消息，1月6日航空机场板块较上一交易日上涨0.5%，吉祥航空领涨。当日上证指数报收于 4083.67，上涨1.5%。深证成指报收于14022.55，上涨1.4%。航空机场板块个股涨跌见下表： 从资金流向上来看，当日航空机场板块主力资金净流出1.46亿元，游资资金净流入1.35亿元，散户资金净 流入1053.36万元。航空机场板块个股资金流向见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603885 | 吉祥航空 | 4273.13万 | 11.28% | 322.19万 | 0.85% | -4595.31万 | -12.13% | | 600009 | 上海机场 | 3454.39万 | 8.69% | 618.99万 | 1.56% | -4073.38万 | -10.25% | | 600004 | 白云机场 | 1682.46万 | 9.16% | -808.08万 | -4.40% | ...