Core Viewpoint - The A-share aviation sector experienced a significant surge, with major airlines like China Eastern Airlines and Huaxia Airlines hitting the daily limit, while Southern Airlines and Air China saw increases exceeding 6% [2][7]. Group 1: Market Performance - On February 4, 2026, the A-share aviation sector collectively rose, with Huaxia Airlines and China Eastern Airlines reaching the daily limit [2]. - Southern Airlines and Air China recorded gains of over 6% [2]. - The Shanghai Composite Index remained stable at 4067.67, while the ChiNext Index fell by 1.74% [3]. Group 2: Spring Festival Travel - The 2026 Spring Festival travel period began on February 2, with expectations of record-breaking passenger volumes [5]. - On the first day of the Spring Festival travel, civil aviation passenger volume reached 2.19 million, a 5.3% increase compared to the same period in 2025 [5]. - The average domestic economy class ticket price on the first day was 807 yuan, reflecting a 9.3% year-on-year increase, although it was a slight decrease of 1.5% compared to 2019 [5][6]. Group 3: Airline Strategies and Financial Performance - China Eastern Airlines has seen substantial stock price increases, with A-shares and H-shares rising by 50% and 105.79% respectively over the past year, making it the top performer among eight listed airlines in Shanghai and Hong Kong [7]. - The airline's "Three Flying Strategy" has contributed to its success, with the opening of 24 new international routes in 2025 [7]. - Huaxia Airlines is projected to report a net profit of 500 to 700 million yuan for 2025, marking an increase of 86.59% to 161.22% year-on-year [7]. - Southern Airlines is expected to turn a profit with a projected net profit of 800 to 1 billion yuan, while China Eastern and Air China anticipate significant reductions in losses due to tax adjustments [7].

2026.02. 04 本文字数：947，阅读时长大约1分钟 作者 | 第一财经 陈姗姗 2月4日，A股航空板块集体大涨。截至中午收盘，华夏航空和中国东航涨停，南方航空和中国国航涨幅也超过6%。 | 中国国航 | | | 8.94 | | 6.05% | | --- | --- | --- | --- | --- | --- | | 沪 601111 | | | | | | | 美元兑人民币(CFETS) | | | 6.9375 | | 0.02% | | FX USDCNY | | | | | | | NYMEX WTI原油 | | | 63.81 | | 0.95% | | 期 CL | | | | | | | 上证指数 | | | 4067.67 | | 0.00% | | 沪 000001 | | | | | | | 创业板指 | | | 3266.99 | | -1.74% | | 深 399006 | | | | | | | 海航控股 | | | 1.74 | | 4.19% | | 沪 600221 | | | | | | | 南方航空 | | | 8.25 | | 7.84% | | 沪 6 ...

Group 1 - The aviation and airport sector increased by 2.35% on February 3, with Southern Airlines leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Key stocks in the aviation sector showed varied performance, with Southern Airlines closing at 7.65, up 5.37%, and China Eastern Airlines at 5.71, up 4.20% [1] Group 2 - The aviation and airport sector experienced a net outflow of 43.44 million yuan from institutional investors, while retail investors saw a net outflow of 106 million yuan [3] - Notable inflows from speculative funds were recorded at 149 million yuan [3] - The stock performance of major companies included China Eastern Airlines with a net inflow of 69.47 million yuan from institutional investors [4] Group 3 - The Aerospace ETF (product code: 159227) tracked the National Aerospace Industry Index and saw a decline of 8.15% over the past five days, with a net subscription of 12.87 million yuan [6] - The General Aviation ETF (product code: 159230) tracked the National General Aviation Industry Index and experienced a decline of 9.25%, with a net subscription of 10.71 million yuan [7] - The Tourism ETF (product code: 562510) tracked the CSI Tourism Theme Index and saw a decline of 2.92%, with a net subscription of 8.91 million yuan [7]

本报记者 李乔宇 2月2日，2026年春运正式启幕。民航局数据显示，春运首日全国民航预计保障航班19080班、运输旅客219万人次。春运期 间，全国民航旅客运输量有望达到9500万人次；预计保障航班78万班，日均19400班，同比增长5%。 华泰证券股份有限公司交运行业首席分析师沈晓峰在接受《证券日报》记者采访时表示，对2026年民航春运行情抱有乐观 预期。受益于假期时长增加、出入境旅游市场复苏等多重利好因素，预计本次春运期间旅游出行需求将持续升温；同时节后学 生流与务工返程流叠加，客流集中度提升，民航行业客座率及票价水平有望迎来良好表现。 中国南方航空股份有限公司（以下简称"南方航空"）计划在春运期间执行客运航班超12.6万班次，将在超260条航线上执行 加班约1.3万班次。 针对今年春运新形势新特点，春运期间南方航空计划在500余条国内航线上执行航班超10.9万班次。同时，春运期间南方航 空将在广州、长沙双基地运营国产C919大飞机，C909机型也将在国内60条航线上执行航班超5000班次。国际及地区航线方 面，南方航空计划在春运期间执行航班1.6万班次。 春运期间，上海吉祥航空股份有限公司及旗下九元航空 ...

作者 | 第一财经 陈姗姗 2026.02. 02 本文字数：2338，阅读时长大约4分钟 2月2日，为期40天的2026年春运正式拉开帷幕。由于返乡探亲、学生放假、旅游度假多重客流叠加，使得春运首日就呈现出需求旺盛、出行目的地多 元等特征。 民航局数据显示，今天全民航预计保障航班19080班，运输旅客219万人次。据航旅纵横大数据，春运第一天的国内航线机票预订量超186万张，比去 年春运同期增长约5%；出入境航线机票预订量超25万张，比去年春运同期增长约7%。 记者采访的多家航司和旅游平台均预计，在史上最长春节、亲子游需求火热、外国游客"反向春运"体验中国年等多重因素叠加下，今年春节有望刷 新"最热春节"纪录，民航旅客量也有望创历史新高。 国内部分航线已售罄 在上海虹桥国际机场记者看到，早晨7点多开始，2026年春运的首个进出港航班高峰就已到来，出发大厅区域旅客往来密集。 东航地服部虹桥旅客服务中心副总经理熊杰对记者介绍，连日来东航日均服务的进出港旅客数量持续增长，特别是随着上海市中小学放假，携带孩子出 行的家庭旅客和无陪伴儿童数量明显增多。今天春运首日，东航的旅客运输量将突破42万人次。 东航营销部网络收 ...

今年春节有望刷新"最热春节"纪录，民航旅客量也有望创历史新高。 2月2日，为期40天的2026年春运正式拉开帷幕。由于返乡探亲、学生放假、旅游度假多重客流叠加，使得春运首日就呈现出需求旺盛、出行目的地多元等特 征。 民航局数据显示，今天全民航预计保障航班19080班，运输旅客219万人次。据航旅纵横大数据，春运第一天的国内航线机票预订量超186万张，比去年春运 同期增长约5%；出入境航线机票预订量超25万张，比去年春运同期增长约7%。 记者采访的多家航司和旅游平台均预计，在史上最长春节、亲子游需求火热、外国游客"反向春运"体验中国年等多重因素叠加下，今年春节有望刷新"最热 春节"纪录，民航旅客量也有望创历史新高。 国内部分航线已售罄 在上海虹桥国际机场记者看到，早晨7点多开始，2026年春运的首个进出港航班高峰就已到来，出发大厅区域旅客往来密集。 东航地服部虹桥旅客服务中心副总经理熊杰对记者介绍，连日来东航日均服务的进出港旅客数量持续增长，特别是随着上海市中小学放假，携带孩子出行的 家庭旅客和无陪伴儿童数量明显增多。今天春运首日，东航的旅客运输量将突破42万人次。 东航营销部网络收益部副总经理孙路透露，从春运 ...

Market Overview - The aviation and airport sector declined by 0.73% on February 2, with Juneyao Airlines leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Key stocks in the aviation sector showed varied performance: - China Eastern Airlines (600115) closed at 5.48, up 0.74% with a trading volume of 1.94 million shares and a turnover of 1.08 billion yuan - Southern Airlines (600029) closed at 7.26, up 0.69% with a trading volume of 924,400 shares and a turnover of 680 million yuan - Juneyao Airlines (603885) closed at 14.46, down 3.86% with a trading volume of 133,600 shares and a turnover of 199 million yuan [1][3] Capital Flow - The aviation and airport sector experienced a net outflow of 24.80 million yuan from institutional investors, while retail investors saw a net outflow of 105 million yuan and speculative funds had a net inflow of 130 million yuan [3][4] - China National Airlines (601111) had a net inflow of 12 million yuan from institutional investors, while Shenzhen Airport (000089) saw a net inflow of 23.46 million yuan [4] ETF Performance - The Aerospace ETF (product code: 159227) tracked the National Aerospace Industry Index and experienced a decline of 8.15% over the past five days, with a net subscription of 12.87 million yuan [6] - The General Aviation ETF (product code: 159230) tracked the National General Aviation Industry Index and saw a decline of 9.25%, with a net subscription of 10.71 million yuan [7]

Core Viewpoint - During the 2026 Spring Festival travel season, the company aims to enhance passenger experience through precise capacity allocation, service upgrades, and product innovations, expecting to operate approximately 18,000 flights and carry around 2.9 million passengers [1][8]. Group 1: Capacity and Route Adjustments - The company is focusing its capacity on popular travel routes, with increased flight frequencies to destinations such as Changbai Mountain, Harbin, Sanya, Beihai, and Xishuangbanna [3]. - Specific route adjustments include increasing flights from Shanghai to Changbai Mountain to 3 daily, Harbin to 5 daily, and Sanya to 5 daily, with some flights operated by wide-body aircraft for enhanced comfort [3]. - International routes to Southeast Asia, including Hanoi, Bangkok, and Kuala Lumpur, will also see increased frequency, ensuring at least one daily flight on these routes [3]. Group 2: Service Enhancements and Innovations - The company is upgrading its service from "smooth travel" to "pleasant travel experience" by optimizing ground services and retraining cabin crew to improve emergency response and service friendliness [4]. - A new "Member Peace of Mind Refund" service allows members to cancel tickets without fees up to 12 hours before departure, significantly extending the previous 2-hour limit [4]. - The introduction of the "Reverse Reunion 2 Flight Card" product caters to off-peak travel trends, allowing members to redeem flights between Shanghai and various cities before and after the Spring Festival [5]. Group 3: Brand and Customer Engagement - The "Pet Travel" service has been expanded to include more routes and relaxed restrictions on certain dog breeds, along with flexible policies for pet health certificates during the holiday period [7]. - The company has revamped its airport lounges with a festive theme and introduced a new brand mascot, "Jibao Dengdeng," to enhance emotional connections with passengers [7]. - The mascot, designed as a lively pony with a detachable mini suitcase, aims to convey warmth and companionship during travel [9]. Group 4: Overall Strategy and Commitment - The company is committed to enhancing its comprehensive support capabilities and travel experience through a multi-faceted approach, aligning with its brand philosophy of "Heartfelt Fortune, Auspicious Life" [8]. - The focus remains on operational refinement, humanized service, and youthful branding while ensuring safety and contributing to the overall value enhancement of the civil aviation industry [8].

北京商报讯（记者 关子辰 牛清妍）2月2日，记者从吉祥航空获悉，春运期间吉祥航空及旗下九元航空预计执行航 班约1.8万班次，承运旅客约290万人次。 国际及地区航线上，吉祥航空通过提升飞机利用率、合理增开夜间航班等方式，确保上海至河内、曼谷、吉隆 坡、槟城等东南亚主要航线每日至少一班；新开通的上海—斗湖（仙本那）航线则维持每周三班的稳定运营。此 外，上海—巴厘岛、上海—新加坡等需求旺盛的航线也投入了宽体机执飞。 吉祥航空春运机票预售数据显示，旅客出行偏好鲜明，地域特征明显。 国内方面，"冰雪游"与"暖冬游"持续引领出行风向，长白山、哈尔滨等北方冰雪目的地以及三亚、北海等南方温 暖海滨城市的客流显著攀升。西双版纳、南宁等地部分航线在春节高峰时段已接近售罄。国际方面，泰国、新加 坡、越南、印尼巴厘岛等东南亚目的地市场需求稳健增长。 为高效应对客流高峰，吉祥航空对整体运力进行系统化调配与加密安排。国内热门旅游航线方面，上海—长白山 增至每日3班；上海—哈尔滨达到每日5班，部分班次由宽体机执飞；上海—三亚加密至每日5班，其中每日两班从 虹桥机场起飞并使用宽体机执飞；上海—西双版纳增至每日3班；上海—北海增至每日2班。 ...

Investment Rating - The report maintains a "Buy" recommendation for the shipping industry, highlighting the upward potential in both oil and dry bulk markets [7]. Core Insights - Geopolitical tensions, particularly between the US and Iran, have led to an increase in VLCC freight rates, with the Clarksons VLCC-TCE index rising to $116,000, a week-on-week increase of 17% [10][11]. - The BDI index has shown resilience during the off-season, closing at 2148 points, up 21.9% week-on-week, with significant increases in various vessel types [23][24]. Summary by Sections Oil Shipping - The ongoing tensions in the Middle East have resulted in a significant rise in VLCC freight rates, particularly on the Middle East to China route, which saw a 27% increase to $127,000 per day [10][11]. - The market fundamentals are weakening, with a slowdown in cargo availability and a lack of new cargo in the US Gulf market, leading to a decline in overall market activity [10][11]. Dry Bulk Shipping - The BDI index has shown a remarkable performance during the off-season, with a year-on-year increase of 89% in January, averaging 1759 points [24]. - The strong performance of the BCI index, which increased by 121% year-on-year, is attributed to supply constraints and steady demand from Brazil and West Africa [24]. Investment Recommendations - The report emphasizes the potential for upward trends in both oil and dry bulk markets, recommending companies such as China Merchants Energy Shipping and COSCO Shipping Energy [27]. - For dry bulk, the report suggests companies like Haitong Development and Pacific Shipping, citing favorable supply and demand dynamics [28]. Industry Data Tracking - Recent data shows a year-on-year increase of 8.3% in domestic air passenger volume, with average ticket prices rising by 4.3% [29]. - The SCFI index has decreased by 10% week-on-week, indicating a decline in container shipping rates [50].