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]

Investment Rating - The report maintains a "Recommend" rating for the aviation sector, highlighting potential 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% year-on-year [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 freight rates at Pudong Airport increased by 5.3% week-on-week and 8.9% year-on-year as of February 2 [7][44]. - The VLCC freight rate rose by 2% week-on-week, while the BDI decreased by 10% [7][48]. - The report highlights the growth potential in the express logistics sector, particularly for leading companies like Zhongtong and Yuantong, as well as the promising outlook for instant retail leader SF Express [7][31]. 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 continued investment in the aviation sector due to expected low growth in aircraft supply and a projected 5% increase in passenger numbers [2][31]. - The report also emphasizes the importance of dividend assets, recommending companies like Sichuan Chengyu and China Merchants Port for their stable performance and potential for increased dividends [7][31].

来源：新民晚报 近日，有网友发文称 乘坐中国国航的航班 在登机前要现场称体重 引发热议 对此，2月6日，记者致电中国国际航空95583客服热线了解到，称体重是为了保证航班的业载重量保持 在限制范围之内，"飞机承重是有上限的，可能是担心这个问题"，对于旅客体重情况不记名，国航客服 人员表示，目前对旅客没有体重方面的限制。 对于登机前要现场称体重 有网友觉得内心别扭 也有网友表示支持 称体重对于飞机 应该是一件很重要的事 评论区中有网友表示，比较介意被他人看到自己的体重，能否选择不称重？对于称体重是否遵循自愿原 则，国航客服表示需查询后答复，发帖网友则回复称，"机场人员会询问，每个人都是自愿称重的，还 给了小礼物。" 据了解，航空公司定期采集旅客体重数据是国际通行做法。此前，新西兰航空、芬兰航空、大韩航空等 多家国际航司均进行过类似的体重调查工作。定期采集真实数据有助于更新这些标准平均值，确保飞行 安全计算的准确性，使航班业载控制更加科学合理。 公开资料显示，中国民航局目前批准航空公司使用"标准平均重量"体系，成人旅客标准体重参考值为73 公斤~75公斤。 "为了安全 支持航空公司这一工作" 新民晚报综合中国新闻 ...

（来源：消费日报官方平台） 据中国新闻周刊，对此，2月6日，记者致电中国国际航空客服热线了解到，称体重是为了保证航班的业载重量保持在限制范围之内，"飞机承重是有上限 的，可能是担心这个问题"，对于旅客体重情况不记名，"肯定会进行保密"。客服人员表示，目前对旅客没有体重方面的限制。 rant 144, 2 1191 A 201 .. .. � 05 e start the state ge the t re, and 7 0 10 art a provin r (4) 与日 70 d a Amil == 917 p 34 r 44.2 评论区有网友提出，部分乘客可能对公开称重数据有所顾虑，是否可以自主选择不参与体重测量？针对体重测量是否采取自愿参与的方式，航空公司客服 回应需要进一步核实后给予明确答复。而发布相关讨论的网友补充说明："现场工作人员会逐一征询乘客意见，所有测量都是在自愿基础上进行的，参与 者还会收到纪念品。" 有部分网友坚决反对，认为体重属于高度个人隐私，绝不应被公开。还有部分网友表示，为了安全可以理解。 转自：消费日报官方平台 近日，有网友发文称，乘坐中国国航的航班在登机前要现场称体重，引发热议 ...

munimal de pa] 15 . 8 .. 5 1 = . Ke may A 20 a 1 10 . 22 e 22 1 11:20 10 es 499 846 t the st T Party of t an 4:50 p 400 � r t 18450 si SUCAS A 1 - 1 s 14 program the the D 用 the the 12 . 8 STATE . an and LA e = l ..... Z 15 下滑 P ost TIFE! 4 2 0 2月6日，记者致电中国国际航空95583客服热线。客服表示，称旅客体重是为了保证航班的业载重量保 持在限制范围之内。"我们对于旅客体重情况不记名，数据保密，如果旅客不愿意当众称量，也可以和 现场工作人员沟通，安排隐私的空间称量。"此外，该客服人员表示，目前航司对旅客没有体重方面的 限制。 据公开资料显示，中国民航局目前批准航空公司使用"标准平均重量"体系，成人旅客标准体重参考值为 73公斤-75公斤。（新京报，德塔） 【#国航回应一航班登机前要称乘客体重#】2月5日，有网友在社交媒体发文称，其在上海乘坐中国国航 的航班在登机前要 ...

转自：今晚报 【#航司回应坐飞机要称体重#】近日，有网友发文称，乘坐中国国航的航班在登机前要现场称体重，引 发热议。其展示的航司短信中称，根据中国民航局要求，需定期进行旅客体重样本的采集工作，以便于 航空公司对旅客体重标准进行修订，"本次航班将对所有乘机旅客进行登机重量测量，测量数据不记名 且保密，仅用于为航空公司提供修订旅客体重标准的依据。"对此，2月6日，中国国际航空表示，称体 重是为了保证航班的业载重量保持在限制范围之内，"飞机承重是有上限的，可能是担心这个问题"，对 于旅客体重情况不记名，"肯定会进行保密"。国航客服人员表示，目前对旅客没有体重方面的限制。评 论区中有网友表示，比较介意被他人看到自己的体重，能否选择不称重？对于称体重是否遵循自愿原 则，国航客服表示需查询后答复，发帖网友则回复称，"机场人员会询问，每个人都是自愿称重的，还 给了小礼物。" （中国新闻周刊）#过年前的工作强度# （来源：今晚报） ...

童声飞出大山 让世界听见昭平 《中国民航报》、中国民航网 记者张丰繁 报道：踏上国航春运归途的航班，一段柔和而辽远的旋律在 舱内缓缓流淌……这不仅是登机的背景音乐，更是国航为您与亲友的相聚，悉心编织的一段跨越山海的 温暖前奏。 国航2026年版全新登机音乐《远方的远方》，以动人的词曲，承载了一份持续十几年的温暖叙事——它 是从脱贫攻坚到乡村振兴，国航人与帮扶地区群众一路相伴的深情回响；它也是一把轻盈的情感钥匙， 为每一位归家的游子，轻轻推开那扇连接故乡与心灵的窗。 歌曲诞生后，获得了更动人的演绎——在昭平县江口村，有一支由国航打造的"凤之音"山区少儿合唱 团。孩子们用清澈纯真的嗓音，唱响了这首属于他们家乡的歌。他们的演唱被制作成MV，孩子们淳朴 的声音和昭平如画的山水，感动了无数人。这歌声飞到了北京，飞到了苏尼特草原，也飞到了贵州"村 超"现场……国航如一只传递吉祥的凤凰，托举孩子们看见了更远的世界，也让昭平的声音传向远方。 匠心融入云端 让温情陪伴每一段旅程 "远方的远方"是旅人归家的渴望，是团圆的期盼，也是一次美好的出发本身。当承载着温情和奋斗故事 的旋律响起，它如同一座无形的桥梁，连接起个体的旅程与宏大 ...

Core Insights - The report highlights the contradiction faced during the "14th Five-Year Plan" period, where carbon reduction pressures are increasing while the growth rate of new energy installations is slowing down. The introduction of a national capacity price policy is expected to open up space for new energy installations and support high-yield investment options for power companies during the "14th Five-Year Plan" investment intensity [5][6][9]. Group 1: Energy Storage Industry - The national capacity price policy, issued on January 30, 2026, aims to establish a mechanism that balances power supply stability, green energy transformation, and efficient resource allocation. This policy is expected to support the development of adjustable power sources and enhance the installation of new energy [7][9]. - The report estimates that the demand for energy storage will show a high growth trend, with new energy storage installations expected to reach 66.43 GW and 189.48 GWh in 2025, representing year-on-year increases of 52% and 73% respectively [8][9]. - The capacity price policy is seen as the final piece needed for energy storage development, potentially increasing project returns from approximately 6.5% to over 8% under current subsidy conditions. This is expected to stimulate investment interest from state-owned enterprises in new energy storage projects [8][9]. Group 2: Investment Recommendations - The report suggests prioritizing investments in leading companies involved in energy storage integration and upstream battery cells, recommending firms such as Sungrow Power Supply, Trina Solar, LONGi Green Energy, JinkoSolar, CATL, and Eve Energy. It also advises monitoring companies like Haisum, Sungrow Electric, Canadian Solar, and Penghui Energy [9].

Core Viewpoint - The Consul General Chen Shijie conducted visits to various Chinese institutions and companies in New Zealand, emphasizing the importance of safety, compliance, and social responsibility in business operations [1] Group 1: Visits and Engagements - The Consul General visited the Auckland Chinese Cultural Center, several Chinese banks (ICBC, China Construction Bank, Bank of China), and airlines (Air China, China Southern Airlines) [1] - Meetings were held with representatives and employees to exchange New Year greetings and discuss operational practices [1] Group 2: Business Operations and Responsibilities - Companies are urged to maintain safety in production and operate in accordance with laws and regulations [1] - There is a strong emphasis on protecting employees' legal rights and fulfilling social responsibilities [1] - The goal is to contribute to the deepening of the comprehensive strategic partnership between China and New Zealand [1]