2月9日，中国国航(601111.SH)发布公告称，公司近日收到上海证券交易所出具的《关于中国国际航空 股份有限公司向特定对象发行股票的交易所审核意见》。该意见认为，公司向特定对象发行股票的申请 符合发行条件、上市条件和信息披露要求。不过，该事项仍需经中国证监会作出同意注册的决定后方可 实施，最终能否获得同意注册的决定及其时间尚存在不确定性。公司表示，将根据进展情况及时履行信 息披露义务，敬请投资者注意投资风险。（央广财经） ...

中国国际航空股份有限公司（以下简称"公司"）于近日收到上海证券交易 所向公司出具的《关于中国国际航空股份有限公司向特定对象发行股票的交易所 审核意见》，认为公司向特定对象发行股票申请符合发行条件、上市条件和信息 披露要求。 公司本次向特定对象发行 A 股股票事项尚需经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 。 证券代码：601111 股票简称：中国国航 公告编号：2026-007 中国国际航空股份有限公司 关于向特定对象发行 A 股股票申请获得 上海证券交易所审核通过的公告 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，并对其内容的真实性、准确性和完整性承担法律责任。 特此公告。 中国国际航空股份有限公司董事会 中国北京，二〇二六年二月九日 ...

中国国航本次保荐机构为中信证券股份有限公司，保荐代表人张阳、廖振宏。 中国经济网北京2月9日讯 上交所网站昨日披露，中国国航（601111.SH）非公开发行股票获得通 过。 中国国航2026年1月9日披露2025年度向特定对象发行A股股票证券募集说明书(申报稿)，公司本次 特定对象发行A股股票的价格为6.57元/股，发行数量为不超过3,044,140,030股（含本数），不超过发行 前公司总股本的30%。 公司本次向特定对象发行A股股票的募集资金总额为不超过人民币200.00亿元（含本数），扣除相 关发行费用后的募集资金净额拟全额用于偿还债务和补充流动资金。 中国国航本次向特定对象发行A股股票的发行对象为中航集团和中航控股，中航集团和中航控股拟 以现金方式认购公司本次发行的全部A股股票。其中，中航集团拟认购不低于人民币50亿元；中航控股 拟认购不超过人民币150亿元。中航集团为公司的控股股东；中航控股为中航集团全资子公司，为上市 公司控股股东控制的关联方。中航集团和中航控股参与认购本次向特定对象发行A股股票构成与公司的 关联交易。 公司本次向特定对象发行的股票种类为境内上市人民币普通股（A股），每股面值人民币 ...

耐心劝解，成功劝返。在核实旅客身份信息后，乘务员以专业、温和的态度与其沟通，耐心说明其可能 陷入诈骗陷阱的种种迹象，并转达了家人的深切担忧。经过一番诚恳劝导，该旅客意识到了事情的严重 性，最终决定放弃原行程，当场购买返程机票回国，从而成功避免了财产损失与人身安全风险，事后其 家属向机组和乘务组表达了感谢之情。 近年来，国航多次配合公安机关，成功协助劝返了电诈受害人员，此次突发事件的成功处置，充分彰显 了企业的社会责任感和卓越的专业素养，以实际行动践行了"以人为本"的服务理念。（编辑：李季威 校对：张彤 审核：程凌） 《中国民航报》、中国民航网 记者赵瑜 通讯员朱剑锋报道：近日，国航浙江分公司收到信息，CA761 （杭州—迪拜）航班一位乘客疑遭电信诈骗团伙诱骗至境外。分公司紧急联系机组务必做好该旅客的劝 返工作，CA761航班已经落地，机上大部分旅客已离机，一场争分夺秒的"诈骗拦截战"在机场悄然展 开。 快速响应，精准锁定。主任乘务长收到消息后立即通知乘务员开展排查，其中6号位乘务长凭借高度的 职业敏感与细致的服务观察，从众多旅客信息中精准回忆起目标旅客的显著特征，包括着装特点、样貌 特征及互动细节，从而进一步 ...

Industry Overview - The China Chemical Products Price Index (CCPI) is reported at 4120 points this week, showing a year-on-year decrease of 5.0% and a month-on-month increase of 1.1% [1] - The CCPI for the previous week was 4066 points, reflecting a year-on-year decline of 6.6% and a month-on-month decrease of 1.0% [1] - The domestic maritime shipping price for liquid chemicals was 168 RMB/ton, down 8.51% year-on-year and 0.62% month-on-month [1] Express Delivery - In December, the express delivery business volume increased by 2.3% year-on-year, with some companies benefiting from price increases due to reduced competition [2] - The total collection volume for postal express from January 26 to February 1 was approximately 4.541 billion pieces, up 60.8% year-on-year and 5.5% month-on-month [2] - The total delivery volume during the same period was about 4.477 billion pieces, reflecting a year-on-year increase of 18.7% and a month-on-month increase of 5.8% [2] - The State Post Bureau forecasts that by 2025, express delivery revenue will reach 1.5 trillion RMB, growing by 6.5% year-on-year [2] Logistics - DSV's integration of DB Schenker is progressing ahead of expectations, with completion anticipated by the end of 2026 [3] - The company is focusing on smart logistics, benefiting from improved demand [3] Aviation and Airports - The average daily flights nationwide decreased by 1.08% year-on-year, with domestic flights down 1.28% [4] - Brent crude oil futures settled at 67.55 USD/barrel, down 4.47% month-on-month and 11.07% year-on-year [4] - The domestic aviation kerosene ex-factory price (including tax) is 5334 RMB/ton, down 4.3% month-on-month and 12.7% year-on-year [4] - The airline sector is expected to see profit elasticity due to supply constraints from aircraft manufacturers and upstream component suppliers [4] Shipping - The container shipping price index (CCFI) is at 1122.15 points, down 4.5% month-on-month and 20.7% year-on-year [5] - The Shanghai Export Container Freight Index (SCFI) is at 1266.56 points, down 3.8% month-on-month and 33.2% year-on-year [5] - The crude oil transportation index (BDTI) increased by 2.1% month-on-month and 88.5% year-on-year, indicating a growing demand for oil transportation [5] - A recent agreement between the U.S. and India to halt Russian oil purchases is expected to boost oil transportation demand [5] Road and Rail Ports - Anhui Expressway completed the acquisition of Shandong Expressway, acquiring 7% of its total share capital at a price of 8.92 RMB/share, totaling 3.019 billion RMB [5] - The total number of freight vehicles on national highways reached 56.83 million, up 4.75% month-on-month and 506.12% year-on-year [5]

航空公司相关产业港股： 2月5日，空客在其最新的亚太地区《全球航空服务市场预测》报告中预测，到2044年，该地区的服务总 需求将以5.2%的复合年均增长率增长，市场价值预计将达到1387亿美元。这种持续增长将得益于航空 客运量和机队规模的扩大。未来20年，亚太地区将需要19560架新客机，占预测期内全球总需求的 46%。预计该地区仍将是全球增长最快的航空旅行市场，客运量年增长率为4.4%。高于3.6%的全球平均 水平。 据航旅纵横大数据显示，截至1月29日国内航线预订量已超716万张，日均机票预订量同比+16%。 银河证券表示，高频预订数据与官方运量预测形成交叉印证，反映民航出行需求旺盛，叠加航班供给稳 步释放，有望支撑春运民航客流与收益水平同步改善。 摩根士丹利称，将中国国航（601111）、中国东方航空和南方航空（600029）的A股评级上调至超配。 在需求顺风的推动下，始于去年四季度的复苏可能会在2026-2027年继续获得动能，尽管投资者仓位和 信心仍然较低，但潜在的价格上调将有助提振市场情绪。摩根大通对三大航H股及春秋航空（601021） 维持超配评级。 2026年春节假期再次延长，将保障探亲出游继 ...

摩根士丹利称，将中国国航、中国东方航空和南方航空的A股评级上调至超配。在需求顺风的推动下， 始于去年四季度的复苏可能会在2026-2027年继续获得动能，尽管投资者仓位和信心仍然较低，但潜在 的价格上调将有助提振市场情绪。摩根大通对三大航H股及春秋航空维持超配评级。 ...

Core Viewpoint - The Chinese civil aviation industry is experiencing a significant turnaround after years of operational pressure, with major airlines like China Southern Airlines and Hainan Airlines expected to return to profitability by 2025, indicating substantial improvement in the industry's fundamentals [1][2]. Group 1: Airline Performance - China Southern Airlines is the first among major airlines to achieve profitability, projecting a net profit of 0.8 to 1 billion yuan for 2025, a significant recovery from a loss of 1.696 billion yuan the previous year [2]. - Hainan Airlines is also expected to turn profitable, forecasting a net profit of 1.8 to 2.2 billion yuan for 2025, compared to a loss of 0.921 billion yuan in the prior year [2]. - China Eastern Airlines and Air China are not expected to achieve profitability in 2025, with projected net losses of 1.3 to 1.9 billion yuan and 1.3 to 1.9 billion yuan respectively, despite improvements in core operational metrics [3]. Group 2: Market Trends - The 2026 Spring Festival travel season is anticipated to see a record high in passenger volume, with an expected 95 million travelers, reflecting a year-on-year increase of approximately 5.3% [4]. - The travel demand is driven by a longer holiday period, with new travel patterns emerging, including a trend of "returning home first, then traveling" [5][6]. - The aviation market is showing signs of "volume and price rising together," with a notable increase in flight operations and ticket prices during the early days of the Spring Festival travel period [6]. Group 3: Industry Dynamics - The civil aviation industry is undergoing a "de-involution" process, with measures being implemented to control excessive competition and improve profitability [7]. - The supply of new aircraft is limited, with a backlog of over 15,000 global aircraft orders and an extended delivery cycle of 6.8 years, which is expected to constrain supply in 2026 [8]. - International routes are becoming increasingly important for profitability, with airlines focusing on expanding international services to enhance revenue [8].

Investment Rating - The report maintains a "Recommend" rating for the aviation sector, highlighting opportunities in the industry [2][3]. Core Insights - The Spring Festival travel rush has begun, with air passenger volume averaging 2.313 million per day, up 5.5% year-on-year, while railway passenger volume averaged 11.792 million, down 0.7% [1][10]. - The report emphasizes the competitive landscape in instant retail, particularly with the launch of the "30 Billion Free Order" campaign by Qianwen, which saw over 10 million orders in just 9 hours [2][35]. - The report identifies key players in the aviation sector, including China National Airlines, Southern Airlines, and Eastern Airlines, as well as low-cost carriers like Spring Airlines, which are expected to benefit from high price elasticity and operational efficiency [2][34]. Industry Data Tracking - Air cargo: The outbound air cargo price index at Pudong Airport increased by 5.3% week-on-week and 8.9% year-on-year as of February 2 [7][44]. - Shipping: VLCC freight rates increased by 2%, while the BDI decreased by 10% and SCFI decreased by 4% [7][48]. - The report highlights the expected compound annual growth rate (CAGR) of approximately 3% for aircraft imports over the next three years, indicating a supply constraint in the aviation sector [31][32]. Investment Recommendations - The report suggests focusing on "performance elasticity" and "dividend value" as key investment themes for the transportation sector in 2026 [7][31]. - It recommends leading companies in express logistics, such as Zhongtong and Yuantong, as well as the instant retail leader Shunfeng Tongcheng, which is expected to benefit from rapid growth and low valuation [7][31]. - The report also highlights the importance of dividend-paying assets, recommending Sichuan Chengyu and China Merchants Port for their stable performance and potential for dividend increases [7][31].

Investment Rating - The report maintains an "Accumulate" rating for the transportation industry [6] Core Views - The transportation sector is expected to benefit from the high demand during the Spring Festival travel season, with a notable increase in passenger volume and airline ticket prices [3][11] - The logistics sector shows promising growth, particularly for companies like ZTO Express, which has reported an increase in market share and profitability [4][17] - The shipping market is experiencing high VLCC rates due to tight capacity and geopolitical premiums, while dry bulk rates have seen a decline [2][14] Summary by Sections Weekly Insights and Market Review - On February 2, 2026, the Spring Festival travel season commenced, with a total of 184.986 million people traveling, an increase of 11.3% compared to the same period in 2025. The civil aviation passenger volume reached 2.234 million, up 7.4% year-on-year [3][11] - The transportation sector index rose by 1.90% during the week, outperforming the Shanghai Composite Index by 3.17 percentage points [21] - The top-performing segments included air transportation, express delivery, and logistics, with respective increases of 8.15%, 3.76%, and 1.24% [21] Air Travel - The average ticket price for civil aviation during the Spring Festival was 840 yuan, a 3.0% increase from 2025, with an average seat occupancy rate of 83.3%, up 1.2 percentage points year-on-year [3][11] - The report anticipates continued growth in the aviation sector driven by demand recovery and supportive policies, with a focus on business travel and international flight recovery [12] Shipping and Ports - The VLCC market is experiencing high rates, with the Middle East route commanding $119,447 per day and the West Africa route at $130,293 per day as of February 6 [2][13] - The Baltic Dry Index (BDI) fell to 1,923 points, indicating a decrease in dry bulk shipping rates [14] - The report highlights the importance of monitoring the shipping market dynamics, particularly in relation to geopolitical factors and supply chain developments [15] Logistics - ZTO Express reported a 9.3% year-on-year increase in parcel volume for Q4 2025, with a slight increase in single-ticket revenue and gross profit [4][17] - The company is issuing $1.5 billion in convertible bonds to finance share buybacks, aiming to enhance shareholder returns [18] - The logistics sector is expected to see growth driven by overseas e-commerce and competitive dynamics among leading express companies [19][20]