Investment Rating - The report maintains an "Overweight" rating for the aviation and oil shipping sectors [4]. Core Insights - The aviation sector is expected to see record passenger flow during the Spring Festival, with a projected increase of approximately 5.3% year-on-year, reaching 9.5 billion trips in 2026. The report anticipates strong demand during the Spring Festival, with limited additional flights due to strict management by airlines [4]. - In the oil shipping sector, high oil freight rates are expected to persist, with a significant year-on-year increase in tanker profits anticipated for Q1 2026. The report highlights a bullish long-term outlook for oil shipping driven by global oil production growth and an aging fleet [4]. - The express delivery sector is projected to experience a growth rate of 14% in 2025, with a notable recovery in profitability driven by effective measures against excessive competition [4]. Summary by Relevant Sections Aviation - The report forecasts a record high in passenger flow during the Spring Festival, with a year-on-year growth of 5.3% in civil aviation passenger transport [4][5]. - The pre-sale trends for airline tickets are positive, and the overall flight capacity increase during the Spring Festival is expected to be limited, benefiting airline revenue management [4]. - The report suggests a strategic investment in the aviation sector, highlighting companies such as Air China, China Eastern Airlines, and Spring Airlines as potential beneficiaries [4]. Oil Shipping - Oil freight rates are expected to remain high, with a significant increase in tanker profits projected for Q1 2026 due to rising oil production from the Middle East and South America [4]. - The report emphasizes the long-term bullish logic for oil shipping, driven by increased demand and a tightening supply due to an aging fleet [4]. - Recommended companies in the oil shipping sector include COSCO Shipping Energy Transportation and China Merchants Energy Shipping [4]. Express Delivery - The express delivery sector is expected to see a growth rate of 14% in 2025, with a decline in growth rate towards the end of the year [4]. - The report notes that measures against excessive competition have led to a recovery in profitability for leading companies in the sector [4]. - Companies such as SF Express and ZTO Express are highlighted as key players to watch in this sector [4].

新华社阿布扎比1月25日电（记者温新年赵丹亮）随着一架搭载278名乘客的中国国际航空公司客机24日 晚降落在阿联酋阿布扎比扎耶德国际机场，国航北京至阿布扎比直飞航线顺利完成首航，标志着中阿两 国首都之间首次实现由中国航司执飞的直达互联。该航线是国航2026年新开通的首条国际航线，采用波 音787机型执飞，每周往返4班。航线的开通进一步完善了中阿航空网络布局，为两国人员往来、经贸合 作和人文交流提供了更加高效便捷的空中通道。国航相关负责人表示，为确保航线顺利运行，国航从安 全、运行、服务等方面进行了周密部署，选派经验丰富的骨干机组，制定专项运行保障预案，并在客舱 服务中融入中阿文化元素，努力为旅客提供安全、舒适、温馨的出行体验。业内人士认为，直飞航线的 开通是中阿航空合作的重要里程碑，将有助于提升两国首都间的通达水平，促进旅游、商务和文化交 流，为中阿双方在共建"一带一路"框架下深化务实合作注入了新动力。（完） ...

Core Viewpoint - China International Airlines has issued a statement addressing false claims made by certain social media accounts regarding former pilots being dismissed due to safety incidents, asserting that these individuals are not employees of the airline and that legal action will be taken to protect its rights [1][2] Group 1 - The airline has identified specific social media accounts that have published misleading content, including claims of former pilots turning to beekeeping after being dismissed for safety reasons [1][2] - The company confirmed that the individuals mentioned in the videos, such as "Lin Xiaoyu" and "Fang Jingyun," are not affiliated with the airline, and the flight incidents referenced do not correspond with actual events [1] - The airline emphasized that the claims made in the videos are fabricated and have negatively impacted its reputation and public trust in civil aviation safety [2] Group 2 - China International Airlines is actively collecting evidence against the false information and intends to pursue legal measures to hold the responsible parties accountable [2] - The airline has urged the public to refrain from believing or spreading rumors, highlighting the importance of accurate information in maintaining trust in aviation safety [2]

Group 1 - The National Internet Information Office of China is soliciting public opinions on the "Guidelines for the Classification and Grading of Financial Information Services Data" to enhance data security in financial services [5] - Beijing's Economic and Information Technology Bureau has issued measures to promote the development and utilization of commercial satellite remote sensing data resources, emphasizing the integration of new information technologies like cloud computing and AI in satellite constellations [5] - Hainan Free Trade Port is expected to see a significant increase in passenger flow during the 2026 Spring Festival, with an estimated 22.368 million travelers, a 5.3% increase compared to 2025 [6] Group 2 - Nvidia's CEO Jensen Huang visited China for the first time in 2026, with plans to attend the company's annual meeting and visit multiple cities including Shanghai, Beijing, and Shenzhen [10] - The commercial aerospace company Zhongke Aerospace has completed its IPO counseling, marking a key milestone in its financing efforts to boost industry development [13] - Guizhou Moutai's online platform "i Moutai" has seen a surge in orders, prompting the company to add two new shipping warehouses in Nanjing and Beijing to improve delivery efficiency [15] Group 3 - Amazon plans to initiate a second round of layoffs, potentially affecting around 30,000 employees, which would represent nearly 10% of its workforce, marking the largest layoffs in the company's history [18] - Apple is launching a significant promotional campaign, reducing the price of the iPhone Air by 2,500 yuan, which is expected to stimulate consumer demand and positively impact short-term performance [19] - Air China has issued a statement addressing misinformation spread by certain social media accounts regarding former employees, clarifying that the claims made in the videos are false [20]

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].

1月24日，中国国航微信公众号发布《关于个别自媒体账号假冒我司飞行人员发布虚假视频开展营销的 声明》，原文如下： （中国国航微信公众号） 经认真核实查证，视频中所述"林筱雨""方静云"等人员均非国航员工，视频中所提及的2016年11月3日 CA1348航班、2017年10月15日CA1832航班的始发地与目的地均与国航当日正常执行的CA1348航班、 CA1832航班航线不符，上述日期国航执行的CA1348航班、CA1832航班也未出现视频中所提及的单发 迫降、发动机损伤等不正常情况。 网络并非法外之地，相关自媒体账号恶意假冒国航飞行人员、凭空编造航空不安全事件，意图煽动公众 对民航安全不信任，并借机吸引流量营销其蜂蜜等产品，这一行为已严重影响国航的声誉和合法权益， 并对社会公众造成不良引导。国航提醒广大公众不信谣、不传谣。国航目前已对相关不实信息进行取证 收集，并将采取法律措施保障自身的合法权益，保留依法追究相关人员法律责任的权利。 近日，我司关注到个别自媒体账号（腾讯视频号"猪猪侠小卖部""一束花开始4314"，抖音账号"米莱传 媒"等）陆续发布"从万米高空到深山养蜂 女机长的逆袭""前国航机长拒飞被解雇 ...

2026.01. 24 本文字数：633，阅读时长大约1分钟 来源 | 中国国航微信公众号 1月24日，中国国航微信公众号发布《关于个别自媒体账号假冒我司飞行人员发布虚假视频开展营销 的声明》，原文如下： 近日，我司关注到个别自媒体账号（腾讯视频号"猪猪侠小卖部""一束花开始4314"，抖音账号"米莱 传媒"等）陆续发布"从万米高空到深山养蜂 女机长的逆袭""前国航机长拒飞被解雇 真相被掩盖了整 整8年"等视频内容，视频中当事人声称为国航前飞行员，因航空不安全事件被国航解聘后开始养蜂 卖蜜。 网络并非法外之地，相关自媒体账号恶意假冒国航飞行人员、凭空编造航空不安全事件，意图煽动公 众对民航安全不信任，并借机吸引流量营销其蜂蜜等产品，这一行为已严重影响国航的声誉和合法权 益，并对社会公众造成不良引导。国航提醒广大公众不信谣、不传谣。国航目前已对相关不实信息进 行取证收集，并将采取法律措施保障自身的合法权益，保留依法追究相关人员法律责任的权利。 微信编辑 | 格蕾丝 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 ...

经认真核实查证,视频中所述"林筱雨""方 静云 "等人员均非国航员工，视频中所提及的 2016年11月3日CA1348航班、2017年10月15 日CA1832航班的始发地与目的地均与国航 当 日正常执行的CA1348航班、CA1832航班航线 不符,上述日期国航执行的CA1348 航班 + + + + + + + = 北京商报讯（记者 关子辰 牛清妍）1月24日，中国国航发布声明，关注到个别自媒体账号（腾讯视频号"猪猪侠小卖部""一束花开始4314"，抖音账号"米 莱传媒"等）陆续发布"从万米高空到深山养蜂 女机长的逆袭""前国航机长拒飞被解雇，真相被掩盖了整整8年"等视频内容，视频中当事人声称为国航前 飞行员，因航空不安全事件被国航解聘后开始养蜂卖蜜。 国航在声明中表示，经认真核实查证，视频中所述"林筱雨""方静云"等人员均非国航员工，视频中所提及的2016年11月3日CA1348航班、2017年10月15日 CA1832航班的始发地与目的地均与国航当日正常执行的CA1348航班、CA1832航班航线不符，上述日期国航执行的CA1348航班、CA1832航班也未出现 视频中所提及的单发迫降、发动机损伤等不 ...

来源：中国国航 1月24日，中国国际航空发布《关于个别自媒体账号假冒我司飞行人员发布虚假视频开展营销的声明》—— 近日，我司关注到个别自媒体账号（腾讯视频号"猪猪侠小卖部""一束花开始4314"，抖音账号"米莱传媒"等）陆续发布"从万米高空到深山养蜂 女机长的 逆袭""前国航机长拒飞被解雇 真相被掩盖了整整8年"等视频内容，视频中当事人声称为国航前飞行员，因航空不安全事件被国航解聘后开始养蜂卖蜜。 经认真核实查证，视频中所述"林筱雨""方静云"等人员均非国航员工，视频中所提及的2016年11月3日CA1348航班、2017年10月15日CA1832航班的始发 地与目的地均与国航当日正常执行的CA1348航班、CA1832航班航线不符，上述日期国航执行的CA1348航班、CA1832航班也未出现视频中所提及的单发 迫降、发动机损伤等不正常情况。 网络并非法外之地，相关自媒体账号恶意假冒国航飞行人员、凭空编造航空不安全事件，意图煽动公众对民航安全不信任，并借机吸引流量营销其蜂蜜等 产品，这一行为已严重影响国航的声誉和合法权益，并对社会公众造成不良引导。 国航提醒广大公众不信谣、不传谣。国航目前已对相关不实信息进行 ...

近日，我司关注到个别自媒体账号（腾讯视频号"猪猪侠小卖部""一束花开始4314"，抖音账号"米莱传 媒"等）陆续发布"从万米高空到深山养蜂女机长的逆袭""前国航机长拒飞被解雇真相被掩盖了整整8 年"等视频内容，视频中当事人声称为国航前飞行员，因航空不安全事件被国航解聘后开始养蜂卖蜜。 1月24日，中国国航微信公众号发布《关于个别自媒体账号假冒国航飞行人员发布虚假视频开展营销的 声明》。 声明称，针对个别自媒体账号自称国航前飞行员，"因航空不安全事件被国航解聘后开始养蜂卖蜜"的信 息，该航司经核实查证，相关人员均非国航员工，已对相关不实信息进行取证收集，并将采取法律措施 保障自身的合法权益。 全文如下： 经认真核实查证，视频中所述"林筱雨""方静云"等人员均非国航员工，视频中所提及的2016年11月3日 CA1348航班、2017年10月15日CA1832航班的始发地与目的地均与国航当日正常执行的CA1348航班、 CA1832航班航线不符，上述日期国航执行的CA1348航班、CA1832航班也未出现视频中所提及的单发 迫降、发动机损伤等不正常情况。 网络并非法外之地，相关自媒体账号恶意假冒国航飞行人员、凭空编 ...