Group 1: Core Insights - The tourism and travel sector in China is experiencing significant growth, driven by increased consumer demand and favorable government policies [5][6] - The upcoming Spring Festival is expected to boost travel, with a notable increase in ticket bookings and travel service reservations [4][6] - Social security funds have heavily invested in key tourism stocks, indicating strong institutional interest in the sector [6] Group 2: Company Performance - China Duty Free Group (中国中免) has seen a cumulative stock increase of 30.91% since October 2025, supported by its expansion into city duty-free stores [6] - Spring Airlines (春秋航空) reported a 23.68% year-on-year increase in available ton-kilometers in December 2025, reflecting growth in operational capacity [7] - China National Aviation Holding (中国国航) and Spring Airlines are among the top holdings by social security funds, with market values of 5.56 billion and 6.01 billion yuan respectively [6] Group 3: Market Trends - The domestic tourism market showed strong recovery in 2025, with 4.85 trillion yuan in spending, an 11.5% increase year-on-year [5] - The "reverse Spring Festival" trend is gaining traction, with a 35% increase in ticket bookings for parents traveling to their children's work locations [4] - The Wind tourism index rose by 2.5% on January 19, 2026, indicating a positive market sentiment ahead of the Spring Festival [3]

Core Insights - The aviation and airport sector experienced a significant increase of 3.36% on January 19, with China Eastern Airlines leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Stock Performance - China Eastern Airlines (600115) closed at 6.13, up 6.06%, with a trading volume of 1.6115 million shares and a transaction value of 979 million [1] - Southern Airlines (600029) closed at 7.75, up 4.31%, with a trading volume of 937,300 shares and a transaction value of 720 million [1] - Air China (601111) closed at 8.81, up 4.14%, with a trading volume of 1.3003 million shares and a transaction value of 1.141 billion [1] - Spring Airlines (601021) closed at 58.46, up 3.87%, with a trading volume of 75,900 shares and a transaction value of 441 million [1] - Other notable performances include Xiamen Airport (600897) at 17.27, up 2.37%, and Shanghai Airport (600009) at 31.72, up 1.05% [1] Capital Flow - The aviation and airport sector saw a net inflow of 27.1067 million in main funds, while retail funds experienced a net inflow of 54.5283 million [2] - The sector's overall capital flow indicates a mixed sentiment, with main funds showing a net outflow in some stocks while retail investors contributed positively [2][3] Individual Stock Capital Flow - Hainan Airlines (600221) had a main fund net outflow of 56.1893 million, while retail investors showed a net outflow of 28.2785 million [3] - Shanghai Airport (600009) recorded a main fund net inflow of 41.0025 million, but retail investors had a net outflow of 50.1886 million [3] - Southern Airlines (600029) saw a main fund net inflow of 23.9450 million, with retail investors also showing a net outflow of 13.4306 million [3] - Other stocks like Xiamen Airport (600897) and Shenzhen Airport (000089) also reflected varied capital flows, indicating differing investor sentiments across the sector [3]

Core Viewpoint - Spring Airlines is actively expanding its flight capacity and optimizing its route network to meet the travel demand during the 2026 Spring Festival travel season, which is expected to run from February 2 to March 13, lasting a total of 40 days [1]. Group 1: Flight Capacity and Route Expansion - Spring Airlines plans to significantly increase the number of flights during the Spring Festival, including additional flights from Chengdu to Bangkok, with a schedule from February 15 to March 1, operating on Mondays, Wednesdays, Fridays, and Sundays [1]. - The airline will also increase the frequency of flights from Chengdu to Phuket to daily service during the peak travel period from February 16 to February 23 [1]. - Regular international flights from Chengdu to Phnom Penh will continue to provide convenience for travelers during the Spring Festival [1]. Group 2: Travel Products and Promotions - Spring Airlines is offering a variety of travel products targeting popular tourist cities such as Shanghai, Qingdao, Jinan, Enshi, and Chaoshan, in addition to winter tourism in Xinjiang [2]. - To support the upcoming Spring Festival travel rush, Spring Airlines has launched promotional activities such as "Early Purchase for Spring Festival," offering discounts including 1 yuan tickets, 50% off baggage fees, and various other incentives [2].

Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [61]. Core Insights - The domestic passenger load factor for listed airlines continues to improve, with Spring Airlines leading at 92.2% in December, and Air China showing the highest year-on-year increase [1]. - The report highlights a structural improvement in demand for the aviation industry, with a notable recovery in cross-border travel demand outpacing domestic demand [9]. - The report emphasizes the high elasticity of prices under high load factors, indicating potential for price increases as the industry recovers [9]. Summary by Sections 1) Domestic Routes - In December, the ASK (Available Seat Kilometers) growth was led by Spring Airlines at 16.4%, followed by China Southern Airlines at 6.8% and Air China at 4.2% [2]. - The RPK (Revenue Passenger Kilometers) growth for December was also led by Spring Airlines at 17.7%, with Air China at 10.6% and China Southern Airlines at 6.9% [2]. - For the cumulative data from January to December, East China Airlines had the highest ASK growth at 10.7%, while Spring Airlines and East China Airlines both had RPK growth of 9.1% [2]. 2) International Routes - In December, China Southern Airlines led with an ASK growth of 25.8%, followed by East China Airlines at 9.4% and Air China at 4.1% [3]. - The RPK growth for December was also led by China Southern Airlines at 22.8%, with East China Airlines at 11.0% and Air China at 9.1% [3]. - For the cumulative data from January to December, 吉祥航空 (Juneyao Airlines) showed the highest ASK growth at 37.6% and RPK growth at 43.5% [3]. 3) Regional Routes - In December, Spring Airlines had the highest ASK growth at 92.0%, while 吉祥航空 (Juneyao Airlines) experienced a decline of 20.2% [4]. - The RPK growth for December was again led by Spring Airlines at 97.5%, with 吉祥航空 (Juneyao Airlines) showing a decline of 15.9% [4]. - For the cumulative data from January to December, China Southern Airlines had the highest ASK growth at 3.1%, while Spring Airlines and 吉祥航空 (Juneyao Airlines) both showed significant declines [4]. 4) Passenger Load Factor - In December, Spring Airlines had a load factor of 91.5%, with a year-on-year increase of 0.7% [5]. - For the cumulative data from January to December, Spring Airlines maintained a load factor of 91.5%, with Air China at 81.9% showing a year-on-year increase of 2.0% [5]. - The total fleet of the five listed airlines increased by 15 aircraft by December 2025, with a year-on-year fleet growth of 4% [5].

Market Overview - The aviation and airport sector declined by 0.78% on January 16, with CITIC Hainan Airlines leading the drop [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Stock Performance - Notable stock performances included: - Huaxia Airlines (002928) increased by 2.06% to close at 10.90 with a trading volume of 221,100 shares and a turnover of 239 million yuan [1] - Hainan Airlines (600221) rose by 0.60% to 69.1 with a trading volume of 2.51 million shares and a turnover of 423 million yuan [1] - Xiamen Airport (600897) increased by 0.42% to 16.87 with a trading volume of 35,800 shares and a turnover of 60.46 million yuan [1] - China Eastern Airlines (600115) decreased by 0.86% to 5.78 with a trading volume of 1.33 million shares and a turnover of 770 million yuan [1] - China Southern Airlines (600029) fell by 1.46% to 7.43 with a trading volume of 795,100 shares and a turnover of 594 million yuan [2] Capital Flow - The aviation and airport sector experienced a net outflow of 477 million yuan from institutional investors, while retail investors saw a net inflow of 257 million yuan [2] - The capital flow for individual stocks showed: - Xiamen Airport had a net inflow of 121.82 million yuan from retail investors, despite a net outflow of 341.39 million yuan from institutional investors [3] - CITIC Hainan Airlines faced a significant net outflow of 75.42 million yuan from institutional investors, while retail investors contributed a net inflow of 57.25 million yuan [3] - China Eastern Airlines had a net outflow of 73.70 million yuan from institutional investors, with retail investors contributing a net inflow of 45.21 million yuan [3]

Core Viewpoint - Spring Airlines' stock has experienced a decline of 6.12% year-to-date, with a notable drop of 2.00% on January 16, 2025, reflecting market volatility and investor sentiment [1]. 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]. - Cumulatively, since its A-share listing, Spring Airlines has distributed a total of 2.83 billion yuan in dividends, with 1.899 billion yuan distributed over the past three years [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. The average number of tradable 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].

资料显示，春秋航空股份有限公司位于上海市长宁区虹桥路2599号春秋航空总部办公楼，成立日期2004 年11月1日，上市日期2015年1月21日，公司主营业务涉及国内、国际及港澳航空客货运输业务及与航空 运输业务相关的服务。主营业务收入构成为：航空客运96.95%，其他(补充)2.38%，航空货运0.67%。 1月15日，春秋航空跌0.85%，成交额2.95亿元。两融数据显示，当日春秋航空获融资买入额2199.26万 元，融资偿还3571.45万元，融资净买入-1372.19万元。截至1月15日，春秋航空融资融券余额合计3.37 亿元。 融资方面，春秋航空当日融资买入2199.26万元。当前融资余额3.31亿元，占流通市值的0.59%，融资余 额低于近一年20%分位水平，处于低位。 融券方面，春秋航空1月15日融券偿还6600.00股，融券卖出6300.00股，按当日收盘价计算，卖出金额 35.91万元；融券余量10.45万股，融券余额595.65万元，超过近一年80%分位水平，处于高位。 责任编辑：小浪快报 截至9月30日，春秋航空股东户数3.02万，较上期增加43.53%；人均流通股32433股，较上期减少 ...

《中国民航报》、中国民航网 记者胡夕姮 报道：1月15日，春秋航空新大楼会议室里暖意融融，6名来 自云南红河大山的少数民族青年正式拜师，成为春秋航空 "蓝天筑梦计划 2.0" 中的首批航空安全学员， 用实打实的成效书写了"同心筑梦"的乡村振兴新篇章。 按照培养计划，每位学员将与师傅结对开展为期 3 个月的带飞训练，从理论规章到实操技能，从职业素 养到生活关怀实现全方位指导。"师傅要做到'学为人师，行为示范'，徒弟要秉持'谦逊好学，知行合 一'。" 许申圣的话道出了师徒双方的共同追求。在随后的宣誓环节，学员队长张睿琦带领全体学员庄 严宣誓："坚守安全底线，坚决维护空防安全！" 铿锵誓言，既是对蓝天的承诺，更是对帮扶使命的践 行。 近年来，春秋航空坚持在公司党委领导下，以产业帮扶为纽带，连续7年深入开展蓝天筑梦计划。既为 企业输送了多元化人才，又为边疆地区培育了可持续发展的力量，成为沪滇协作的创新实践。（编辑： 李季威 校对：张彤 审核：韩磊） 春秋航空秉承"传帮带"的优良传统，从众多员工中精心挑选出业务能力出众、口碑载道的资深员工，担 任这批安全学员的带教师父。通过这种"以老带新"的教学模式，帮助员工更快成长， ...

一、本月机队情况 本月无新增飞机。 截至本月末，公司共运营134架空客A320系列飞机。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 春秋航空股份有限公司（以下简称"公司"）2025年12月份主要运营数据情况如下： ■ 二、本月主要新增航线情况 本月无新增航线。 三、本月运营数据主要情况 ■ 注：可用吨公里数、可用货邮吨公里数等指标因可提供座位对应的可提供业载标准数据更新，使得相关 指标同比差异较大。 以上运营数据来自公司内部统计，可能与相关期间定期报告披露的数据有差异。投资者应注意不恰当信 赖或使用以上信息可能造成投资风险。 特此公告。 春秋航空股份有限公司董事会 2026年1月16日 ...

Group 1 - The core viewpoint of the article is that the aviation aftermarket services market is shifting towards Asia, with China projected to become the largest market, growing from $24.8 billion in 2025 to $63.8 billion by 2044 [1] - Over the next 20 years, China is expected to receive approximately 9,570 new aircraft, reinforcing the demand for various services throughout the aircraft lifecycle [3] - Several Chinese airlines have recently announced new aircraft orders with Airbus, including Air China ordering 60 A320neo aircraft, with a total catalog price of approximately $9.53 billion [4] Group 2 - The maintenance and training market is expanding, becoming a critical component for fleet operation as Airbus secures more aircraft orders in China [5] - The Off-Wing Maintenance market is projected to grow from $17 billion in 2025 to $44.8 billion by 2044, while the On-Wing Maintenance market is expected to increase from $3 billion to $6.8 billion in the same period [6] - The digital and connected market is anticipated to be the fastest-growing segment, expanding from $1.4 billion in 2025 to $5.1 billion by 2044, focusing on smarter operations and predictive maintenance [6] Group 3 - The aviation maintenance market in China is expected to grow rapidly due to the increasing fleet size and aging aircraft, with maintenance costs for engines surpassing their purchase costs [7] - Chinese airlines are accelerating their digital transformation, with over 9,000 aircraft expected to have onboard connectivity, potentially saving over $2.2 billion in operational costs and an additional $5.7 billion through reduced fuel costs [7]