春节假期出行旺盛，看好全年表现

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Views - The report is optimistic about the travel demand in 2026, highlighting a significant increase in cross-regional travel during the Spring Festival, with a daily average increase of 8.6% compared to the previous year [9][12] - The report recommends the airline sector, particularly China Eastern Airlines, due to limited supply growth and potential for price and profit elasticity [7] - The report also highlights the recovery of demand for high-speed rail, specifically recommending the Beijing-Shanghai High-Speed Railway [7] - The express delivery industry is noted for its trend towards high-quality development, with a recommendation for SF Holding due to its cost-effectiveness [7] Summary by Sections Travel Demand - The Spring Festival travel demand in 2026 is robust, with a daily average of 308 million people traveling, marking an 8.6% increase from the previous year [12] - Key trends include "reverse Spring Festival" travel and a surge in outbound tourism, with a predicted 14.1% increase in daily average outbound travelers [13] Airline Sector - Civil aviation passenger volume increased by 7.3% during the Spring Festival, with limited flight supply growth of only 4.8% [10] - The average domestic economy class ticket price rose by 6.9% during the holiday period, peaking at a 10.8% increase on the second day of the new year [10][20] Road and Rail Transport - Self-driving travel demand increased by 7.8%, attributed to a rise in car ownership and an extended holiday period [11] - Public transport, including intercity buses and railways, saw significant increases in passenger volume, with growth rates of 14.2% and 12.6% respectively [11] Express Delivery Industry - The express delivery sector is focusing on balancing worker rights and network efficiency, with a slight decline in collection and delivery volumes during the Spring Festival [6][38] - The report emphasizes the industry's shift towards high-quality service, with increasing demand for specialized delivery services, such as snow sports equipment and fresh produce [39]