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 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].

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Insights - The aviation sector is expected to benefit from the Spring Festival travel peak, leading to a positive outlook for airline stocks. The report highlights a significant increase in flight operations and passenger volumes during this period, indicating a recovery in demand [4][6] - The report emphasizes the potential for oil transportation to rise, driven by geopolitical factors and structural demand growth, suggesting a favorable investment environment in the shipping sector [6][7] Summary by Sections Investment Highlights - The report identifies key investment opportunities in the aviation sector, particularly focusing on major airlines and low-cost carriers that are expected to benefit from rising ticket prices and improved operational performance [4][6] - It also highlights the logistics and express delivery sectors, noting the positive earnings forecast for companies like SF Express, which is capitalizing on the growth of instant delivery services [6] Aviation Data Tracking - Daily flight operations from February 2 to February 6 showed significant increases for major airlines, with Eastern Airlines and Southern Airlines leading the growth [4] - The average aircraft utilization rates also improved, indicating a recovery in operational efficiency across the sector [4] Shipping Data Tracking - The report tracks various shipping indices, noting a mixed performance in container shipping but a positive trend in oil transportation indices, suggesting a potential upturn in the oil shipping market [6][7] - The report recommends focusing on companies in the oil shipping sector due to limited supply and structural demand growth [6][7] Logistics Data Tracking - The report provides data on logistics performance, indicating a substantial increase in express delivery volumes, which is expected to continue benefiting from the growth in e-commerce and instant delivery services [6] - It highlights the importance of addressing industry challenges such as competition and regulatory changes to maintain profitability [6] Company Performance Tracking - The report includes performance metrics for key companies in the aviation and logistics sectors, showcasing their earnings forecasts and operational improvements [4][6] - It emphasizes the strategic positioning of companies like Spring Airlines and China Eastern Airlines, which are expected to leverage their market positions for growth [4][6]

伴随着贵金属板块的持续震荡，科技股走势盘整，在主线投资纷纷熄火之际，消费、旅游出行等个 股隐有走强的趋势，其中较为"小众"的航空出行板块近几个交易日更为坚挺：华夏航空、中国东 航、吉祥航空、南方航空等个股年后集体上涨，Wind分类下航空指数已经连续三日逆势上涨，拉长 时间来看，这一指数也逼近了三年来新高。 随着多家公司扭亏的业绩预告披露，展望后市，有基金经理指出，近期航空的上座率已经达到了历史新高的水 平，航空机票也有明显上涨的基础。此外，叠加汇率走强以及油价波动，以及飞机交付量供给紧俏，多重因素 对航司的利润情况亦构成利好。 "小众"板块稳步上行 是持续看跌的，对这些航空公司的利润弹性是比较大的。"该基金经理表示。 工银瑞信基金表示，展望后续，航空业供需格局有望迎来进一步改善。 在去年的"科技牛"行情中，航空股虽然没有动辄翻倍的表现，但依旧走出缓步向上的势头，多只主动权益型产 品也在去年四季度内选择加仓这一板块。因此，年后个股的上涨也使得相关基金产品业绩走强。 以杨金金管理的交银瑞元三年定开为例，该基金截至去年四季度重仓了包括华夏航空、南方航空和中国航空在 内的三只航空个股，并在年后续写了涨幅，截至2月4日 ...

记者丨 柳宁馨 编辑丨陶力 作为我国对外开放的前沿阵地，浦东有着突出的综合优势， 集聚了数千家高端制造与物流企 业，正逐步形成多层次、立体化的供应链出海实践。 当前，全球供应链加速重构，中国企业从"产品出海"向"体系出海"深度转型，供应链的安全、 韧性与效率已成为企业全球化布局的核心关键词。 从出海的市场路径看，中国企业在新兴市场与传统市场同步发力，印证了供应链布局的广度与 韧性。2025年前11个月，我国对共建"一带一路"国家合计进出口增长6%，对东盟、欧盟贸易 分别增长8.5%和5.4%。 浦东是观察中国企业出海的一个鲜明窗口，这里诞生了第一个国家级出口加工区、第一个自贸 试验区。近年来，浦东对外投资始终保持活跃态势，聚焦高端制造、数字服务、跨境物流等产 业链高价值环节，形成了总部决策、研发赋能、全球组网的出海特色，其体系化出海动能持续 凸显。 如何理解供应链出海的内涵与实践逻辑？ 浦东聚焦企业全球化布局实际需求与业务场景，鼓 励物流企业在海内外建设灵活多样的物流供应链基础设施，为"走出去"企业提供多功能和高度 灵活的物流仓储解决方案。依托区块链技术促进航运贸易数字化发展，支持"走出去"企业开展 航运贸易 ...

证券代码：603885 证券简称：吉祥航空 公告编号：2026-006 上海吉祥航空股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性公告 公司股东东方航空产业投资有限公司保证向本公司提供的信息真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少√ | | --- | --- | --- | --- | | 权益变动前合计比例 | 12.92% | | | | 权益变动后合计比例 | 12.00% | | | | 本次变动是否违反已作出的承 | 是□ | 否√ | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否√ | | 上海吉祥航空股份有限公司（以下简称"公司"）近日收到公司股东东方航 空产业投资有限公司（以下简称"东航产投"）的通知，获悉东航产投通过集中 竞价交易方式减持公司股份，现将相关情况公告如下： 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 | ...

Core Viewpoint - The company, 吉祥航空, has experienced a reduction in shareholding by 东航产投, which has decreased its stake from 12.92% to 12.00% through a series of transactions [1] Group 1 - 东航产投 has cumulatively reduced its holdings by 20.01 million shares from October 22, 2025, to February 5, 2026 [1] - The reduction in shareholding has triggered a change in equity that touches the 1% threshold [1]

从单一产品输出，迈向协同发展新阶段 作为我国对外开放的前沿阵地，浦东有着突出的综合优势，集聚了数千家高端制造与物流企业，正逐步 形成多层次、立体化的供应链出海实践。 当前，全球供应链加速重构，中国企业从"产品出海"向"体系出海"深度转型，供应链的安全、韧性与效 率已成为企业全球化布局的核心关键词。 从出海的市场路径看，中国企业在新兴市场与传统市场同步发力，印证了供应链布局的广度与韧性。 2025年前11个月，我国对共建"一带一路"国家合计进出口增长6%，对东盟、欧盟贸易分别增长8.5%和 5.4%。 浦东是观察中国企业出海的一个鲜明窗口，这里诞生了第一个国家级出口加工区、第一个自贸试验区。 近年来，浦东对外投资始终保持活跃态势，聚焦高端制造、数字服务、跨境物流等产业链高价值环节， 形成了总部决策、研发赋能、全球组网的出海特色，其体系化出海动能持续凸显。 如何理解供应链出海的内涵与实践逻辑？浦东聚焦企业全球化布局实际需求与业务场景，鼓励物流企业 在海内外建设灵活多样的物流供应链基础设施，为"走出去"企业提供多功能和高度灵活的物流仓储解决 方案。依托区块链技术促进航运贸易数字化发展，支持"走出去"企业开展航运贸易 ...

21世纪经济报道记者柳宁馨报道 作为我国对外开放的前沿阵地，浦东有着突出的综合优势，集聚了数千家高端制造与物流企业，正逐步形成多层次、立体化的供应链出海实践。 当前，全球供应链加速重构，中国企业从"产品出海"向"体系出海"深度转型，供应链的安全、韧性与效率已成为企业全球化布局的核心关键词。 从出海的市场路径看，中国企业在新兴市场与传统市场同步发力，印证了供应链布局的广度与韧性。2025年前11个月，我国对共建"一带一路"国家合计进出 口增长6%，对东盟、欧盟贸易分别增长8.5%和5.4%。 浦东是观察中国企业出海的一个鲜明窗口，这里诞生了第一个国家级出口加工区、第一个自贸试验区。近年来，浦东对外投资始终保持活跃态势，聚焦高端 制造、数字服务、跨境物流等产业链高价值环节，形成了总部决策、研发赋能、全球组网的出海特色，其体系化出海动能持续凸显。 如何理解供应链出海的内涵与实践逻辑？浦东聚焦企业全球化布局实际需求与业务场景，鼓励物流企业在海内外建设灵活多样的物流供应链基础设施， 为"走出去"企业提供多功能和高度灵活的物流仓储解决方案。依托区块链技术促进航运贸易数字化发展，支持"走出去"企业开展航运贸易数字化转型和创 ...

Group 1 - The aviation and airport sector experienced a significant increase of 5.9% on February 4, with Huaxia Airlines leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the aviation sector showed notable price increases, with Huaxia Airlines rising by 10.02% to a closing price of 11.53, and China Eastern Airlines increasing by 9.98% to 6.28 [1] Group 2 - The net inflow of main funds in the aviation and airport sector was 796 million yuan, while retail funds saw a net outflow of 396 million yuan [1] - Major stocks like Hainan Airlines and China Eastern Airlines had varying levels of net fund inflow and outflow, with Hainan Airlines seeing a net inflow of 336 million yuan from main funds [2] - Retail investors showed a negative trend, with significant outflows from stocks such as China Eastern Airlines and China Southern Airlines, indicating a cautious sentiment among smaller investors [2]