Ge Long Hui A P P·2026-03-16 09:45Core Viewpoint - China National Airlines (601111.SH) reported significant growth in passenger turnover and capacity for February 2026, indicating a strong recovery in both domestic and international travel demand [1] Group 1: Passenger Operations - The company's passenger turnover (measured in revenue passenger kilometers) increased by 19.1% year-on-year [1] - Passenger capacity (measured in available seat kilometers) rose by 13.8% year-on-year [1] - Domestic passenger capacity increased by 13.3%, with a turnover rise of 16.9% [1] - International passenger capacity grew by 14.0%, with a turnover increase of 23.7% [1] - Regional passenger capacity surged by 25.4%, with a turnover increase of 37.1% [1] - The average passenger load factor reached 85.9%, up by 3.8 percentage points year-on-year [1] - Domestic routes saw a load factor increase of 2.7 percentage points, international routes increased by 6.5 percentage points, and regional routes rose by 6.8 percentage points [1] Group 2: Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) increased by 11.5% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) rose by 21.4% year-on-year [1] - The cargo load factor was 32.4%, up by 2.6 percentage points year-on-year [1] Group 3: Fleet Information - The company introduced one B737 series aircraft and retired one A320 series aircraft in February 2026 [1] - As of the end of February 2026, the company operated a total of 960 aircraft, including 423 owned, 247 under finance leases, and 290 under operating leases [1]