格隆汇2月13日丨南方航空(600029.SH)公布，2026年1月，中国南方航空股份有限公司及所属子公司 （以下简称"本集团"）客运运力投入（按可利用座公里计）同比下降1.10%，其中国内同比下降 5.42%，地区和国际分别同比上升0.12%和10.45%；旅客周转量（按收入客公里计）同比下降2.86%，其 中国内同比下降6.91%，地区和国际分别同比上升1.12%和7.96%；客座率为83.26%，同比下降1.51个百 分点，其中国内和国际分别同比下降1.34和1.90个百分点，地区同比上升0.77个百分点。 2026年1月，本集团退出1架A321飞机。截至2026年1月底，本集团合计运营971架运输飞机。 货运方面，2026年1月，货运运力投入（按可利用吨公里—货邮运计）同比下降0.03%；货邮周转量 （按收入吨公里—货邮运计）同比上升7.65%；货邮载运率为50.39%，同比上升3.59个百分点。 ...

Core Viewpoint - The appreciation of the Renminbi has led to a decline of 1.61% in the benefiting sectors on the previous trading day, with China Eastern Airlines leading the drop [1]. Group 1: Market Performance - On February 12, the Shanghai Composite Index closed at 4134.02, up 0.05%, while the Shenzhen Component Index closed at 14283.0, up 0.86% [1]. - The Renminbi appreciation benefiting sector saw a net outflow of 916 million yuan from main funds, while retail investors contributed a net inflow of 713 million yuan [2]. Group 2: Individual Stock Performance - China Eastern Airlines (600115) closed at 6.00, down 3.07%, with a trading volume of 1.51 million shares and a transaction value of 9.19 million yuan [2]. - Other notable declines include China Duty Free Group (601888) down 2.92% and China Southern Airlines (600029) down 2.27% [2]. - In contrast, Tongling Nonferrous Metals (000630) saw a slight increase of 0.56%, closing at 7.22 with a transaction value of 3.617 billion yuan [1]. Group 3: Fund Flow Analysis - The main funds showed a net inflow of 86.56 million yuan for Tongling Nonferrous Metals, while retail investors had a net outflow of 33.51 million yuan [3]. - For Sun Paper (002078), main funds had a net inflow of 22.31 million yuan, while retail investors had a net outflow of 5.22 million yuan [3]. - The overall trend indicates a mixed sentiment among institutional and retail investors within the Renminbi appreciation benefiting sector [2][3].

截至目前，南航C919机队已入列飞机共计9架。 CZ3717/CZ3718，9时30分从长沙黄花机场出发，12时抵达北京大兴机场，13时10分从北京大兴机场出 发，16时抵达长沙黄花机场。 CZ3147/CZ6137，17时30分长沙黄花机场出发，20时抵达北京大兴机场，21时30分北京大兴机场出发， 次日0时10分抵达长沙黄花机场。 记者从中国南方航空公司了解到，昨天，南航最新接收的第9架国产大飞机C919正式投入运营，首航航 班执飞广州—西安航线。 首航后，此架飞机计划将在春运期间每日执飞长沙—北京大兴航线2个往返，具体时刻为： 自2月2日春运启幕，南航持续加大国产飞机的运力投入，C919和C909飞机执行航班近1400班次，同比 2025年春运同期增长49.1%，承运旅客超12.3万人次，同比增长60.3%。其中，南航国产大飞机C919机 型已执行航班275班次，承运旅客超3.8万人次，客座率达86.3%。 据央视 ...

作为民航官方直销平台，航旅纵横已于2026年1月官宣上线奥凯航空机票，实现中国境内所有航空公司 全面入驻。平台坚持无捆绑销售、退改规则与航司一致，要求严格保护用户购票信息安全和报销凭证真 实性，为旅客提供更加规范可信的购票渠道。（编辑：陈虹莹 校对：李佳洹 审核：程凌） 目前，该服务已率先覆盖国航、南航、东航三大航，后续将逐步扩展至更多航空公司。相关规则在购票 页面有明确标签和提示，旅客购票时可留意具体条款。 《中国民航报》、中国民航网 记者胡夕姮 通讯员陈怡如 报道：春运期间机票价格波动频繁，旅客常陷 入"早买怕降价、晚买怕涨价"的两难境地。为破解这一痛点，航旅纵横民航官方直销平台近日正式推出 春运机票"买贵免费退"服务。旅客在平台购买带有"买贵退"标识的机票，若在出票后24小时内发现同一 航班出现更低票价，即可购买新票并通过App专属页面申请退还旧票费用。 ...

本报讯 按照"海口、琼海机场加密航班、三亚机场调增宽体"策略，海南航空、南方航空、四川航空、 东方航空等10余家航空公司对海南进行春运加班，加频加密重点时段、重点区域。主要加班方向为北 京、上海、广州、深圳、成都、重庆、杭州、武汉、长沙、哈尔滨、沈阳、长春等。岛内三场累计增加 60万个座位供给。 ...

Summary of Conference Call Records Industry Overview Banking Sector - Significant trend towards household deposits being converted into fixed-term deposits, with a growth rate of 9.7% for fixed deposits, although the volume of high-interest fixed deposits maturing is expected to decline slightly [1][2] - If the growth rate of fixed deposits slows by 1%, it could release approximately 1.6 to 1.7 trillion yuan into other investment channels, potentially benefiting capital markets [1][2] - High repurchase rates for fixed deposits indicate a strong preference for liquidity among depositors, despite a 12% growth in household financial assets last year [2][3] - Long-term normalization and rebound of loan and deposit rates are expected to stabilize capital markets, with a positive outlook for the insurance sector, projecting growth rates of 15% to 20% [1][3] Tourism Industry - China's tourism industry is becoming a key pillar for economic growth, with projected revenue reaching 12 trillion yuan by 2030 and a compound annual growth rate (CAGR) of approximately 11% [1][4] - Domestic tourism market expected to reach 10 trillion yuan, with per capita consumption increasing to 1,050 yuan [1][4] - Inbound tourism is anticipated to grow at a CAGR of 19% due to favorable policies and cultural attractions [1][4] Airline Industry - Improvement in supply-demand structure and rising ticket prices are expected to continue through 2026-2027, benefiting major airlines [1][5] - A 1% increase in ticket prices could lead to a 10% to 20% increase in pre-tax profits for major airlines [1][5] - Major airlines (China Eastern, Air China, China Southern) are currently undervalued compared to global averages, leading to an upgrade in their ratings to "overweight" [1][5] Key Insights Banking Sector Insights - The likelihood of a large-scale deposit migration is low due to the high growth rate of fixed deposits and the concentration of maturing deposits in shorter terms [2][3] - The banking sector's liquidity remains stable, with interbank deposits growing faster than ordinary deposits [3] Tourism and Airline Opportunities - The tourism sector is supported by changing consumer behaviors, including increased travel frequency among younger generations and the aging population [4] - Airlines are expected to benefit from improved ticket pricing strategies and increased international travel demand, particularly if direct flights between China and the US are established [6] Hotel Industry Developments - The hotel industry has fully recovered to pre-pandemic levels, with room night sales exceeding 6% compared to 2019 [7] - Major hotel groups, particularly Huazhu, have seen significant market share growth, with Huazhu's room night sales increasing from 140 million to 370 million [7] - The hotel sector is expected to experience a dual-driven growth in demand and supply, leading to improved revenue per available room (RevPAR) [7] Conclusion - The banking sector shows resilience with stable deposit growth and a positive outlook for insurance - The tourism and airline industries are poised for significant growth, driven by changing consumer trends and favorable policies - The hotel industry is recovering strongly, with key players expected to outperform in the coming years

Investment Rating - The report recommends a "Buy" rating for China Eastern Airlines, China Southern Airlines, and Air China, highlighting their potential to benefit from the growth in international travel demand [2][3]. Core Insights - The growth in inbound tourism demand is expected to become a long-term trend, with significant opportunities for Chinese airlines to expand their international capacity, particularly in Europe, the Middle East, and Central Asia [2][15]. - The report predicts a compound annual growth rate (CAGR) of up to 15% for international passenger flow for Chinese airlines over the next three years, driven by the gradual recovery of inbound tourism and the slow recovery of foreign airlines' capacity [12][13][15]. Summary by Sections 1. Policy: Visa Relaxation and Local Support - The report discusses the expansion of visa-free entry policies, with China implementing unilateral visa exemptions for 48 countries and optimizing transit visa policies to enhance the convenience of inbound travel [11][24]. - The ongoing policy support is expected to significantly boost inbound tourism, with a focus on improving travel experiences and product offerings for foreign visitors [39][42]. 2. Market Potential: Growth Projections - The report estimates that there is over a 30% growth potential for inbound tourist flows in China, comparing the current contribution of inbound tourism to GDP (0.3%) with that of other major economies (1.2%) [12][13]. - The analysis indicates that the international passenger flow for Chinese airlines could see a CAGR of up to 15% due to the increasing demand from both outbound Chinese travelers and inbound foreign tourists [12][15]. 3. Airline Capacity and Passenger Flow Outlook - Chinese airlines are expected to capture a larger share of the inbound passenger flow, with significant increases in flight frequencies and new routes planned for 2025 [2][15]. - The report highlights that the recovery of international passenger traffic is primarily driven by the growth in inbound tourism, with foreign tourist entry numbers expected to increase significantly [12][39]. 4. Investment Recommendations - The report emphasizes the importance of positioning in the international market, recommending investments in leading airlines such as China Eastern Airlines, which has a strong base in Shanghai and is expected to benefit the most from international route expansions [2][15].

南航第九 架C919国产大飞机正式投入运营。南方航空 供图 随着国产飞机规模化、常态化运营，南航聚焦春运客流密集方向，将国产飞机主要投放在广州至南京、 杭州、西安、延安、泉州、柳州、芜湖、义乌，长沙至北京大兴、上海浦东，揭阳至郑州、长沙、淮 安、徐州、贵阳，以及武汉至重庆、珠海、惠州等80余条航线上，为旅客春运出行提供了更加多元、优 质的选择。 春运至今，南航C919机型已执行航班275班次，承运旅客超3.8万人次，客座率达86.3%。南航接收的第 九架C919国产大飞机首航后，将交由南航湖南分公司执管，并在春运期间每日执飞长沙-北京大兴航线2 个往返。(完) 中新网广州2月11日电 (记者 郭军)中国南方航空公司最新接收的第九架C919国产大飞机11日正式投入运 营，首航航班执飞广州-西安航线。 据悉，自2月2日春运启幕，南航持续加大国产飞机运力投入，C919和C909飞机执行航班近1400班次， 同比增长49.1%；承运旅客超12.3万人次，同比增长60.3%。 ...

（文章来源：每日经济新闻） 每经AI快讯，2月11日，航旅纵横平台上线春运机票"买贵免费退"服务。旅客在购买带有"买贵退"服务 标签机票时，若在出票后24小时之内发现同一航班的机票更便宜，即可购买便宜的机票，并通过航旅纵 横APP内专属服务页面提交退旧票申请。据了解，该服务已率先覆盖国航、南航、东航三大航，后续还 将逐步扩展至更多航空公司。 ...

航旅纵横民航官方直销平台今日上线春运机票"买贵免费退"。旅客在航旅纵横上购买带有"买贵退"服务标签的机票，若在 出票后24小时之 内 发现同一航班的机票更便宜，即可购买便宜的机票，并通过航旅纵横APP内专属服务页面提交退旧票申请。据了解，该服务已覆盖国 航、南航、东航三大航，后续还将逐步扩展至更多航空公司。 来源：第一财经 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 多家银行，上调存款利率 雷军：春节期间小米汽车因自身故障抛锚，可报销1500元高铁/机票费和 500元住宿费 ...