多位职工表示，此次活动让家人更加理解自己的工作与责任。总签员工庄婴颖说："家人走进工作岗 位，才更懂我的坚守与责任，这份理解让我更有干劲。"航班调配部员工卞文哲表示："工会的暖心安 排，让家人感受到企业的关怀，也让我们一家人的心贴得更近。"重大办员工陈志浩感慨："看到家人为 东航运控的发展点赞，我既自豪又感动，未来会以更饱满的热情投入工作，不负企业与家庭的期待。" 运控中心总经理刘志敏表示，向家属介绍东航与运控中心是一种荣幸。理解与支持源于了解，职工取得 的每一份成绩都离不开家人的默默支持。由衷感谢家属们的倾情相伴。 《中国民航报》、中国民航网 记者胡夕姮 通讯员奚啸麒报道：为深入贯彻党的二十届四中全会精神， 以党建引领工会工作，增强职工归属感与凝聚力，东航运控中心工会于2月7日至8日开展"运控一家亲 相伴共暖心"家庭日活动，邀请30组职工家庭、共90余位家属走进东航，近距离感受职工工作环境与企 业文化。运控中心领导全程带队讲解，向家属介绍公司发展、春运保障情况，并陪同参观东航企业文化 展示厅、运控中心（OCC）大厅、客舱部、飞行部出发大厅等办公区域，以及职工书屋、职工食堂等 服务阵地。 活动中，家属们实地了 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector shows resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. Long-term competition in the e-commerce express delivery market is expected to improve [12] - The aviation sector is anticipated to benefit from the upcoming Spring Festival travel peak and performance forecast periods, with a sustainable recovery in demand and a tightening supply situation [12] - The shipping market is expected to see a positive outlook due to the OPEC+ production increase cycle and the Federal Reserve's interest rate cuts, enhancing the elasticity of VLCC freight rates [12] Summary by Sections Express Logistics - ZTO Express forecasts a revenue range of 48.5 to 50 billion yuan for 2025, with a year-on-year growth of 9.5% to 12.9%. The company expects a package volume of 38.52 billion pieces, a 13.3% increase year-on-year [5] - The company plans to issue $1.5 billion in convertible preferred notes, with a net amount of approximately $1.404 billion, to refinance and repurchase shares [6] - The express delivery market is characterized by significant growth opportunities for companies like YTO Express and SF Express, driven by market share increases and operational stability [12] Aviation - Global air passenger traffic is projected to reach 10.2 billion in 2026, a 3.9% year-on-year increase, with strong demand expected to continue [7] - The Spring Festival travel volume is expected to reach 95 million passengers, a year-on-year increase of approximately 5.3% [8] - The International Air Transport Association (IATA) indicates a strong demand for air travel in 2025, with a 5.3% increase in global passenger demand [8] Shipping and Ports - The shipping market is expected to benefit from geopolitical developments and trade agreements, particularly with India ceasing oil purchases from Russia [9] - The BDI index increased by 1.1% to 2011 points, indicating a positive trend in the dry bulk shipping market [11] - China's port cargo throughput increased by 9.63% week-on-week, with container throughput rising by 12.41% [12] Road and Rail - National logistics operations are running smoothly, with rail freight increasing by 2.27% and highway freight vehicle traffic up by 4.75% [12] - The road passenger volume decreased by 2.60% year-on-year, while rail passenger volume increased by 8.52% [12] Supply Chain Logistics - The logistics sector in South China is undergoing transformation, providing performance elasticity and potential for value reassessment [12] - The chemical logistics market is expanding, with significant growth opportunities for leading companies [12] Ports - The port sector is stabilizing, with strong cash flow and a focus on hub growth potential [12]

Investment Rating - The report assigns an "Accumulate" rating for the transportation industry [4]. Core Insights - The aviation sector is experiencing a strong demand during the Spring Festival travel season, with an upward trend in ticket prices expected to continue. The report suggests a long-term investment strategy based on a "super cycle" logic [3][4]. - In the oil shipping sector, freight rates remain high, with expectations for tanker profits to increase significantly year-on-year in Q1 2026, indicating a potential "super bull market" [3][4]. - The express delivery industry is anticipated to see a recovery in profitability, driven by a reduction in competitive pressure and a gradual increase in price levels [4]. Summary by Sections Aviation - The Spring Festival travel season officially began on February 2, 2026, with a year-on-year increase in passenger flow of 2% as of February 6, 2026. Air travel saw a 6% increase, while rail travel decreased by 1% [4][10]. - The report highlights that the aviation market's load factor and ticket prices are both showing positive year-on-year growth. The limited increase in train and bus services is expected to benefit airline revenue management [4]. - The report anticipates a significant improvement in airline profitability during the Spring Festival season, with Q1 2026 expected to show industry-wide profitability due to favorable ticket price trends and a decrease in oil prices [4]. Oil Shipping - The report notes that geopolitical tensions have kept shipping rates elevated, with tanker utilization rates remaining high since August 2025 due to increased oil production and stricter sanctions on Russian oil [4]. - The average freight rate for VLCCs (Very Large Crude Carriers) on the Middle East to China route has maintained above $120,000 per day [20]. - The report emphasizes that the oil shipping sector is not merely a short-term play on geopolitical events but has a long-term bullish outlook due to ongoing global oil production increases and the aging of tanker fleets [4]. Express Delivery - The report indicates that the express delivery sector is expected to see a recovery in profitability, with a year-on-year growth in parcel volume of 13.6% for 2025, although December's growth slowed to 2% due to high operational costs and a warm winter [4]. - The report highlights a narrowing decline in industry pricing, with December's average revenue per parcel decreasing by only 2% year-on-year, suggesting a potential easing of competitive pressures [4]. - The report recommends focusing on leading express companies that are optimizing their business structures and building differentiated competitive advantages, such as SF Express and ZTO Express [4].

Macro Research - The recent significant drop in gold prices is primarily due to previous irrational surges, high leverage, and crowded trading conditions, which does not alter the long-term bullish trend for gold. Mid to long-term investment opportunities in gold should still be considered [2][3] Social Services Industry Research - The optimization of vacation systems, improvement in cultural tourism supply, and acceleration of local asset securitization are expected to create investment opportunities in the scenic area sector. Three main lines for investment are suggested: focus on transportation improvements, resource integration expectations, and new project launches [3][4] Cosmetics Industry Research - The cosmetics market is expected to continue steady growth in 2026, driven by product innovation and the rise of domestic brands. It is recommended to selectively invest in high-growth companies and those with recovery potential due to product and channel changes. Specific companies to consider include 若羽臣, 倍加洁, 毛戈平, 林清轩, and 上美股份 for strong fundamentals, and 贝泰妮, 珀莱雅, and others for recovery potential [6][7][8]

摩根士丹利称，将中国国航、中国东方航空和南方航空的A股评级上调至超配。在需求顺风的推动下， 始于去年四季度的复苏可能会在2026-2027年继续获得动能，尽管投资者仓位和信心仍然较低，但潜在 的价格上调将有助提振市场情绪。摩根大通对三大航H股及春秋航空维持超配评级。 ...

Investment Rating - The report maintains an "Accumulate" rating for the transportation industry [6] Core Views - The transportation sector is expected to benefit from the high demand during the Spring Festival travel season, with a notable increase in passenger volume and airline ticket prices [3][11] - The logistics sector shows promising growth, particularly for companies like ZTO Express, which has reported an increase in market share and profitability [4][17] - The shipping market is experiencing high VLCC rates due to tight capacity and geopolitical premiums, while dry bulk rates have seen a decline [2][14] Summary by Sections Weekly Insights and Market Review - On February 2, 2026, the Spring Festival travel season commenced, with a total of 184.986 million people traveling, an increase of 11.3% compared to the same period in 2025. The civil aviation passenger volume reached 2.234 million, up 7.4% year-on-year [3][11] - The transportation sector index rose by 1.90% during the week, outperforming the Shanghai Composite Index by 3.17 percentage points [21] - The top-performing segments included air transportation, express delivery, and logistics, with respective increases of 8.15%, 3.76%, and 1.24% [21] Air Travel - The average ticket price for civil aviation during the Spring Festival was 840 yuan, a 3.0% increase from 2025, with an average seat occupancy rate of 83.3%, up 1.2 percentage points year-on-year [3][11] - The report anticipates continued growth in the aviation sector driven by demand recovery and supportive policies, with a focus on business travel and international flight recovery [12] Shipping and Ports - The VLCC market is experiencing high rates, with the Middle East route commanding $119,447 per day and the West Africa route at $130,293 per day as of February 6 [2][13] - The Baltic Dry Index (BDI) fell to 1,923 points, indicating a decrease in dry bulk shipping rates [14] - The report highlights the importance of monitoring the shipping market dynamics, particularly in relation to geopolitical factors and supply chain developments [15] Logistics - ZTO Express reported a 9.3% year-on-year increase in parcel volume for Q4 2025, with a slight increase in single-ticket revenue and gross profit [4][17] - The company is issuing $1.5 billion in convertible bonds to finance share buybacks, aiming to enhance shareholder returns [18] - The logistics sector is expected to see growth driven by overseas e-commerce and competitive dynamics among leading express companies [19][20]

Group 1: Airport Information - Shanghai Hongqiao Airport T2 has two Disney stores located near Gate 25 and Gate 54, making it a good choice for travelers with children or partners [2] - Beijing Capital Airport T3, Shanghai Pudong Airport T2, and Guangzhou Baiyun Airport T1 and T2 all have Sanrio specialty stores, indicating a trend in airport retail [2] - Daxing Airport is noted as the largest single terminal in the world, with 11 check-in islands on the 4th floor and a significant walking distance between gates, which can be a consideration for travelers [5][6] Group 2: Transportation Tips - When taking a Didi or taxi, it is advisable to ask the driver if they will take the highway, and if so, to request a paper invoice [9][10] - Travelers should check if their boarding gate is in a satellite terminal, as this may require additional time to reach [11] - For high-speed train connections from airports, it is often easier to take a taxi rather than a Didi, especially in cities where local taxi services are more accessible [12] Group 3: Weather Considerations - During typhoon conditions, Guangzhou Airport is recommended over Shenzhen Airport due to its distance from the sea and lower susceptibility to weather disruptions [15] - Airlines such as Shandong Airlines and Hainan Airlines are noted for their reliability during adverse weather, often flying when others do not [16]

证券研究报告 | 行业周报 gszqdatemark 2026 02 08 年 月 日 交通运输 春运拉开帷幕，航空迎周期景气拐点 周观点：2 月 2 日，2026 年春运正式拉开帷幕，首日全社会跨区域人员流动量 18498.6 万人次，比 2025 年同期增长 11.3%，其中民航客运量 223.4 万人次，比 2025 年同期增长 7.4%；根据航班管家，截至 2 月 6 日，2026 年春运民航累计平 均票价 840 元、同比 2025 年同期增长 3.0%，累计客座率 83.3%、同比 2025 年 同期增长 1.2 个百分点。在春运高景气预期下，继续看好" 扩内需"及" 反内卷" 下航空板块中长期景气度。 行情回顾：本周（2026.2.2-2026.2.6）交通运输板块行业指数上涨 1.90%，跑赢 上证指数 3.17 个百分点（上证指数下跌 1.27%）。从申万交通运输行业三级分类 看，涨幅前三名的板块分别为航空运输、快递、物流，涨幅分别为 8.15%、3.76%、 1.24%；跌幅前三名的板块分别为公路货运、航运、港口，跌幅分别为-0.85%、- 0.44%、-0.40%。 航运港口：VLCC ...

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Insights - The aviation sector is expected to benefit from the Spring Festival travel peak, leading to a positive outlook for airline stocks. The report highlights a significant increase in flight operations and passenger volumes during this period, indicating a recovery in demand [4][6] - The report emphasizes the potential for oil transportation to rise, driven by geopolitical factors and structural demand growth, suggesting a favorable investment environment in the shipping sector [6][7] Summary by Sections Investment Highlights - The report identifies key investment opportunities in the aviation sector, particularly focusing on major airlines and low-cost carriers that are expected to benefit from rising ticket prices and improved operational performance [4][6] - It also highlights the logistics and express delivery sectors, noting the positive earnings forecast for companies like SF Express, which is capitalizing on the growth of instant delivery services [6] Aviation Data Tracking - Daily flight operations from February 2 to February 6 showed significant increases for major airlines, with Eastern Airlines and Southern Airlines leading the growth [4] - The average aircraft utilization rates also improved, indicating a recovery in operational efficiency across the sector [4] Shipping Data Tracking - The report tracks various shipping indices, noting a mixed performance in container shipping but a positive trend in oil transportation indices, suggesting a potential upturn in the oil shipping market [6][7] - The report recommends focusing on companies in the oil shipping sector due to limited supply and structural demand growth [6][7] Logistics Data Tracking - The report provides data on logistics performance, indicating a substantial increase in express delivery volumes, which is expected to continue benefiting from the growth in e-commerce and instant delivery services [6] - It highlights the importance of addressing industry challenges such as competition and regulatory changes to maintain profitability [6] Company Performance Tracking - The report includes performance metrics for key companies in the aviation and logistics sectors, showcasing their earnings forecasts and operational improvements [4][6] - It emphasizes the strategic positioning of companies like Spring Airlines and China Eastern Airlines, which are expected to leverage their market positions for growth [4][6]

Group 1 - Eastern Airlines Jiangxi Branch and Nanchang Changbei International Airport launched a self-service baggage check-in service on February 7, 2026 [1] - The self-service area allows passengers to independently complete the entire process of weighing, printing baggage tags, and binding using smart devices, significantly reducing the average processing time per piece of luggage [2] - The introduction of self-service equipment aims to alleviate congestion at traditional check-in counters during the peak travel season, enhancing the overall operational efficiency of the airport [2] Group 2 - This initiative is part of Eastern Airlines Jiangxi Branch's commitment to "smart travel" and the digital transformation of ground services [2] - The company plans to continue collaborating with Changbei Airport to explore and implement more intelligent and convenient service measures to improve passenger travel experiences [2]