Core Viewpoint - The A-share aviation sector has seen significant gains, with several airlines recently disclosing optimistic 2025 performance forecasts, leading to a surge in stock prices [1][6]. Group 1: Stock Performance - On February 4, the A-share aviation sector collectively rose, with Huaxia Airlines and China Eastern Airlines hitting the daily limit, while Southern Airlines and Air China saw increases exceeding 6% [1]. - China Eastern Airlines and Huaxia Airlines reported substantial stock price increases of 9.98% and 10.02%, respectively, while Southern Airlines rose by 7.84% [2][5]. Group 2: Spring Festival Travel - The 2026 Spring Festival travel period began on February 2, with expectations of record passenger volumes, as the first day saw 2.19 million air travelers, a 5.3% increase from the same day in 2025 [3][5]. - The average ticket price for domestic economy class on the first day of the Spring Festival was 807 yuan, reflecting a year-on-year increase of 9.3%, although it was a slight decrease of 1.5% compared to the same period in 2019 [3][5]. Group 3: Airline Performance Forecasts - Huaxia Airlines expects a net profit of 500 to 700 million yuan for 2025, representing a year-on-year increase of 86.59% to 161.22% [6]. - Southern Airlines anticipates a turnaround with a projected net profit of 800 million to 1 billion yuan, while China Eastern Airlines and Air China expect significant reductions in losses due to tax adjustments rather than operational issues [6]. - The overall profitability of the civil aviation sector in 2025 is projected to be 6.5 billion yuan, with the total number of air travelers exceeding 500 million, making China the largest aviation population globally [6].

| 来源：新浪财经 （免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。） | | --- | | 编辑 段炼 杜恒峰 | | 校对 何小桃 | | 封面图片：视觉中国（图文无关） | 每日经济新闻综合自公开资料 每经编辑｜段炼 2月4日，A股航空运输板块集体爆发。截至发稿，东航涨停，南航涨超7%，国航涨超6%，华夏航空、春秋航空、吉祥航空、海航等纷纷上涨。 ...

声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 根据喜娜AI异动分析，中国东航涨停原因可能如下，客运增长+国际航线复苏+资产处置溢价： 1、公司 客运业务全面增长，多个月份客运周转量同比增幅超10%，客座率提升至87%左右；国际航线强劲复 苏，客运周转量同比增幅超20%。客运收入占比达92.5%，客运和国际航线的良好表现对公司营收有重 要积极影响。2025年利润总额扭亏为盈，亏损大幅减少，经营成果显著改善。 2、公司多笔房产交易增 值率超60%，直接增厚利润，且资产处置资金快速回笼，10个工作日内全额付款，改善了现金流。同时 公司建立双重汇率对冲机制，航油成本管控比例合理，引进C919等国产机型优化机队结构，长期成本 可控性增强 ...

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]

2025年中国东航利润总额2亿~3亿，大航以后首次实现利润总额转正，或受益精准投放运力、持续优化航线网络、 持续推进精益成本管控。 （春秋航空）周观点：继续推荐航空&油轮周期 航空：2026年大航或迎利润表显著改善。 2025年中国东航利润总额2亿~3亿，大航以后首次实现利润总额转正，或受益精准投放运力、持续优化航线网络、 持续推进精益成本管控。 我们测算中国东航转回部分前期可抵扣亏损形成的递延所得税资产增加所得税16.2~20.8亿，或为归母净利承压主 要原因，对冲部分所得税费用有望缓解2026~27年压力，轻装上阵迎 （春秋航空）周观点：继续推荐航空&油轮周期 航空：2026年大航或迎利润表显著改善。 油运：周五运价再次突破11万，1Q26油轮龙头净利润有望创近10年单季度利润新高，继续推荐。 根据Clarksons，本周VLCC运价环比前一周增长17%至115541美元/天，其中VLCC TD3C（中东-中国）TCE前四日 均值环比下降28%至78529美元/天。 受潜在地缘冲突影响，部分货主为规避周末可能发生的地缘事件，锁定运力推动周五运价快速回升至11万美元/天 以上。 近两年来地缘冲突逐渐成为影响 ...

点击按钮▲立即收听 " 交通行业正从过去的 ' 尽量覆盖、尽量普惠 ' ，加速迈向 ' 高度产品化、高度商业化 ' 的新阶段。 " 文 /巴九灵（微信公众号：吴晓波频道） 今天是春运第二天，一年中交通系统压力最大的时刻开启了。 清晨的站台排起长队，航站楼的广播此起彼伏，城市之间的距离，被压缩进一张张车票和机票里。在这场为期40天的春运"大考"中，预计全社会 跨区域人员流动量将达到95亿人次，铁路、民航客运量分别达到5.4亿人次和9500万人次，均有望创下历史新高。 总体而言，近几年，我国高铁票价的确在上涨。 这背后，我国的交通行业正在发生什么变化？要回答这个问题，不妨先从数据看起。 2026年1月，高铁站客流量呈增长态势 出行账单 目前，我国最主要的客运方式为铁路和民航，两者合计承担了全国客运周转量的八成以上，因此，分析交通费的变动，主要看这两本账。 | | | 2022年 | 2023年 | 2024年 | | --- | --- | --- | --- | --- | | 客运 | 铁路 | 50.90 | 51.48 | 46.62 | | | 公路 | 18.63 | 12.3 | 15.10 | | ...

Core Viewpoint - The 2026 Spring Festival travel season in China is expected to see a record high of 9.5 billion trips, with significant increases in both railway and civil aviation passenger volumes [3][4]. Railway Sector - The national railway is projected to send an average of 13.48 million passengers daily during the Spring Festival, representing a year-on-year increase of 5.0% [4]. - New routes and services have been introduced, including 22 new lines totaling 3,109 kilometers and over 560 additional trains to enhance capacity [4][5]. - The railway department has improved passenger services, including a new phone booking service for elderly travelers and a free online ticket refund policy for mistaken purchases [5][6]. Civil Aviation Sector - The civil aviation sector anticipates a record passenger volume of 95 million during the Spring Festival, with an average of 2.38 million passengers per day, reflecting a year-on-year growth of approximately 5.3% [7][8]. - Airlines are increasing capacity by adding flights and larger aircraft, with China Eastern Airlines planning to operate 12.5 million flights during the period, a 3.6% increase from the previous year [8]. - Major airlines are focusing on popular routes, with high load factors on flights from major cities to destinations like Shenyang and Sanya [8][9].

Core Viewpoint - The 2026 Spring Festival travel season is expected to see a significant increase in passenger demand and flight operations, driven by factors such as longer holiday periods and the recovery of the inbound and outbound tourism market [1][5]. Group 1: Industry Overview - The Civil Aviation Administration of China forecasts that during the Spring Festival period, the national civil aviation passenger transport volume may reach 95 million, with a total of 780,000 flights expected, representing a 5% year-on-year increase in daily average flights [1]. - The travel demand is anticipated to rise due to the combination of holiday length and the recovery of tourism, leading to improved passenger load factors and ticket prices in the civil aviation industry [1][6]. Group 2: Airline Operations - China International Airlines plans to operate over 70,000 passenger flights during the Spring Festival, a 10.1% increase from 2025, with 9 C919 aircraft deployed on various routes [2]. - China Eastern Airlines intends to utilize 822 aircraft, including 14 C919 jets, executing 125,000 flights, with a focus on increasing capacity in domestic and international markets [3]. - China Southern Airlines aims to operate over 126,000 flights, with significant increases in domestic and international routes, including the deployment of C919 aircraft [3]. Group 3: Market Demand - The ticket booking data indicates a peak in demand, with over 5.21 million domestic tickets and 1.61 million international tickets booked, reflecting a year-on-year increase of approximately 22% and 9%, respectively [5]. - The trend of combining family visits with tourism is emerging, leading to sustained demand for travel during the Spring Festival [5]. Group 4: Long-term Industry Outlook - The civil aviation industry is expected to achieve a balanced supply-demand relationship, with a potential increase in profitability as the market stabilizes [6]. - Factors such as the recovery of business travel, the aging population's consumption potential, and the steady recovery of the inbound tourism market are likely to create a supply-demand gap, which could enhance airline revenue levels [6].

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 ...

Core Insights - The 2026 Spring Festival travel season has commenced, with a projected 9.5 billion trips expected, marking a historical high [1] - The travel patterns show an early peak and diverse flow, driven by a late Spring Festival date and extended holidays [1] - Family travel, particularly with children, is a significant driver of this year's travel demand [4] Group 1: Travel Volume and Trends - The first day of the travel season saw over 420,000 passengers transported by Eastern Airlines, with flight operations exceeding 3,000 [2] - Major cities like Beijing, Shanghai, Guangzhou, and Shenzhen have seen hotel search interest surge by over 70% [2] - The first travel peak is anticipated on February 7, with traditional business routes like Guangzhou-Shanghai and Beijing-Shenzhen among the most popular [2] Group 2: Emerging Destinations and Travel Patterns - Southern cities are experiencing a surge in travel demand, with destinations like Shantou and Jieyang seeing booking increases of 186% and 162% respectively [3] - Non-traditional routes are gaining popularity, with significant growth in long-distance flights such as Ordos-Haikou, which saw a fivefold increase in interest [3] - The "reverse Spring Festival" trend highlights the appeal of major cities as destinations for travelers returning home [2] Group 3: Family Travel and Market Dynamics - Family units, especially those with children, are driving the majority of travel bookings, with over half of domestic travel orders being for family trips [4] - The average price for family rooms is 9% higher than standard bookings, indicating a shift in consumer spending patterns [4] - The extended holiday period has stimulated demand for medium to long-distance travel, particularly among the "post-80s" demographic [5] Group 4: International Travel and Recovery - The inbound tourism market is experiencing a strong recovery, with Russian visitor bookings increasing by 471% and South Korean bookings up by 95% [5] - Cities like Shanghai and Shenzhen are popular among foreign tourists seeking a blend of modernity and traditional Chinese New Year experiences [5]