Core Viewpoint - The trend of "reverse Spring Festival travel" is becoming more pronounced, with families shifting from the traditional model of children returning home to parents traveling to their children's work locations for the holiday [1] Group 1: Travel Trends - The booking volume for "reverse Spring Festival" flights has seen a significant increase of approximately 35% year-on-year since January [1] - Popular departure cities for this trend include Zhengzhou, Wuhan, Xi'an, Changsha, Chengdu, Harbin, and Changchun, while major destinations are Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou [1] Group 2: Demographics and Services - The majority of travelers opting for "reverse Spring Festival" are first-time flyers from the senior demographic, often facing challenges during check-in, baggage handling, and navigation [1] - In response, the company has launched the "Parents Travel Safe Escort" program in collaboration with several airlines, providing comprehensive online and offline guidance services for passengers aged 55 and above [1]

《关于中国国际航空股份有限公司向特定对象发行股票 申请文件的审核问询函》的回复 德师报(函)字(26)第 Q00035 号 中国国际航空股份有限公司： 德勤华永会计师事务所(特殊普通合伙)(以下简称"我们")接受委托，审计了中国国际航空 股份有限公司(以下简称"公司"、"中国国航"或"发行人")2024 年度、2023 年度及 2022 年度的财务报表，并分别于 2025 年 3 月 27 日、2024 年 3 月 28 日及 2023 年 3 月 30 日出具 了德师报(审)字(25)第 P03582 号、德师报(审)字(24)第 P02372 号及德师报(审)字(23)第 P01765 号无保留意见的审计报告。这些财务报表的编制及公允列报是公司管理层的责任，我们的责 任是在实施审计工作的基础上对上述财务报表整体发表意见。我们的审计是根据中国注册会 计师审计准则进行的。 我们于 2026 年 1 月 9 日收到了公司转来的上海证券交易所(以下简称"上交所")出具的《关 于中国国际航空股份有限公司向特定对象发行股票申请文件的审核问询函》(上证上审(再融 资)〔2026〕10 号)(以下简称"审核问询函")。按 ...

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 北京市君合律师事务所 关于中国国际航空股份有限公司 2025 年度向特定对象发行 A 股股票的 补充法律意见书（一） 二零二六年一月 | 北京总部 | 电话: (86-10) 8519-1300 | 上海分所 | 电话: (86-21) 5298-5488 | 广州分所 | 电话: (86-20) 2805-9088 | 深圳分所 | 电话: (86-755) 2939-5288 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 传真: (86-10) 8519-1350 | | 传真: (86-21) 5298-5492 | | 传真: (86-20) 2805-9099 | | 传真: (86-755) 2939-5289 | | 杭州分所 | 电话: (86-571) 2689-8188 | 成都分所 | 电话: (86-28) 6739-8000 | 西安分所 | 电话: (86-29) 85 ...

证券代码：601111 证券简称：中国国航 关于中国国际航空股份有限公司 向特定对象发行股票申请文件的 审核问询函的回复 保荐人（主承销商） 广东省深圳市福田区中心三路8号卓越时代广场（二期）北座 上海证券交易所： 中国国际航空股份有限公司（以下简称"发行人""公司"或"中国国航"） 于 2026 年 1 月 9 日收到上海证券交易所（以下简称"上交所"）出具的《关于中 国国际航空股份有限公司向特定对象发行股票申请文件的审核问询函》（上证上 审（再融资）〔2026〕10 号），中信证券股份有限公司（以下简称"中信证券" 或"保荐人"）作为公司本次向特定对象发行股票的保荐人（主承销商），会同发 行人及发行人律师北京市君合律师事务所（以下简称"发行人律师"）和申报会 计师德勤华永会计师事务所（特殊普通合伙）（以下简称"申报会计师"）等相关 方，本着勤勉尽责、诚实守信的原则，就审核问询函所列示的问题逐项进行了核 查、落实和认真讨论，现回复如下，请予审核。 本审核问询函回复中的字体代表以下含义： | 黑体 | 审核问询函所列问题 | | --- | --- | | 宋体 | 对问询函所列问题的回复 | 本审核问询函回 ...

证券代码：601111 股票简称：中国国航 公告编号：2026-004 公司收到《审核问询函》后，会同相关中介机构对《审核问询函》所列问题 进行了认真研究和逐项落实，并进行了逐项说明和回复，现根据相关要求对《审 核 问 询 函 》 的 回 复 公 开 披 露 ， 具 体 内 容 详 见 公 司 同 日 在 上 交 所 网 站 （www.sse.com.cn）披露的相关文件，公司将按照要求及时将书面回复材料报送 上交所。 公司本次向特定对象发行 A 股股票事项尚需经上交所审核通过及中国证券 监督管理委员会作出同意注册决定后方可实施，最终能否通过上交所审核并获得 中国证券监督管理委员会同意注册的决定及其时间尚存在不确定性。公司将根据 进展情况，严格按照上市公司向特定对象发行股票相关法律法规的规定和要求及 时履行信息披露义务，敬请投资者注意投资风险。 特此公告。 1 中国国际航空股份有限公司董事会 中国北京，二〇二六年一月十九日 中国国际航空股份有限公司 关于向特定对象发行 A 股股票申请文件的 审核问询函回复的提示性公告 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 ...

中国国航公告称，近日收到上交所出具的《审核问询函》，上交所审核机构对公司向特定对象发行股票 申请文件进行审核并形成首轮问询问题。公司会同相关中介机构对问题进行研究落实和回复，现公开披 露《审核问询函》回复，具体内容见上交所网站。本次发行尚需经上交所审核通过及中国证监会同意注 册，最终结果及时间不确定，公司将按规定及时披露进展。 ...

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]

Group 1: Market Performance - The A-share market showed mixed performance on January 19, with major indices fluctuating, while sectors like electric grid and precious metals remained strong, and other popular sectors continued to pull back [1] - The consumer sector saw a boost due to positive consumption data and policy support, particularly in retail and tourism, with notable performances from duty-free and airline stocks [1] Group 2: Consumer Data Insights - Recent consumer data highlights include a projected growth in service retail sales by 5.5% year-on-year for 2025, with significant increases in categories such as cultural and recreational services, telecommunications, and travel services [2] - In Hainan, the first month of duty-free sales from December 18, 2025, to January 18, 2026, reached 4.86 billion yuan, marking a 46.8% year-on-year increase, with shopping participation and item counts also showing substantial growth [2] Group 3: Airline Industry Performance - Airlines reported strong operational data for December 2025, with China Eastern Airlines showing a 4.93% increase in passenger capacity and a 7.61% rise in passenger turnover [3] - China Southern Airlines reported an 11.89% increase in passenger capacity and an 11.20% rise in passenger turnover for the same period, indicating a robust recovery in the aviation sector [3] Group 4: Policy Support for Consumption - The State Council's recent meeting emphasized the need to accelerate the cultivation of new growth points in service consumption and to enhance the quality of service supply, aiming to stimulate consumer spending [4] - Analysts noted that the recent consumer data reflects a structural recovery, with growth shifting from traditional goods to services and duty-free markets, supported by improving airline and freight data [4] Group 5: Investment Opportunities - The consumer sector is currently in a phase of "policy catalysis + seasonal drive," with expectations for recovery in essential and discretionary consumption sectors, particularly in areas like liquor, food and beverage, tourism, and airlines [5] - Investment strategies should focus on high-quality stocks that demonstrate supply innovation, policy support, or brand upgrades, as the market shifts towards structural and thematic opportunities [5]

Group 1 - The tourism sector is experiencing a strong rally, with China Eastern Airlines rising over 5%, and China Southern Airlines, Jin Jiang Hotels, and ShouLve Hotels increasing by more than 4% [1] - The tourism ETF has seen an approximate increase of 3% due to market influences [1] Group 2 - Various segments of the tourism industry, including scenic spots, hotels, travel agencies, and retail, are showing comprehensive recovery from a supply perspective [2] - The government continues to implement industry policies to support high-quality development in tourism, focusing on regulating industry growth, enhancing quality tourism products and services, improving infrastructure investment, optimizing transportation services, and broadening financing channels [2] - The recent increase in tourism activity is attributed to the extended Spring Festival holiday, heightened interest in ice and snow tourism, and the introduction of duty-free and visa-free policies [2]

Group 1 - The core viewpoint of the article highlights a significant increase in airline stocks, with Eastern Airlines rising by 7.66%, Southern Airlines by 4.68%, Air China by 3.18%, and Cathay Pacific by 0.66% [1] - The 2026 Spring Festival travel season is set to begin on February 2 and end on March 13, with an expected passenger volume of 95 million over the 40 days, averaging 2.375 million passengers per day, representing a year-on-year growth of 5.3% [1] - A report from Zhongtai Securities indicates that the later timing of the Spring Festival this year may lead to varied return travel patterns among different demographics, particularly benefiting student travel as schools begin their winter breaks, which is expected to boost market demand [1] Group 2 - Short-term favorable conditions in oil and exchange rates are anticipated to continue, alongside the "anti-involution" trend and the Spring Festival holiday, creating a strong expectation for improved airline volume and pricing [1] - The positive changes in the fundamentals of the airline industry are expected to present investment opportunities [1]