Zhi Tong Cai Jing·2026-01-23 07:32Group 1 - The aviation stocks experienced a widespread decline, with China Eastern Airlines down 5.17% to HKD 5.5, Air China down 4.95% to HKD 7.11, China Southern Airlines down 3.11% to HKD 5.92, and Cathay Pacific down 1.51% to HKD 12.42 [1] - Recent fluctuations in oil prices and exchange rates have impacted the aviation sector, with a 10% change in oil prices affecting the annual costs of the three major airlines by approximately HKD 4.3 to 5.1 billion, and a 1% change in exchange rates impacting them by HKD 130 to 260 million [1] - Cathay Pacific Securities anticipates strong demand for the 2026 Spring Festival travel season, while the civil aviation sector will strictly control the increase of airlines and additional flights in the trunk market, leading to limited extra flights during the Spring Festival [1]