目前，北京直飞揭阳航线航班已全面开放销售，旅客可随时登录春秋航空官方平台预订。春秋航空表 示，将持续优化服务流程、提升运营品质，以高频次、高性价比的航线布局，为华北与粤东地区的人员 往来、文化交流与经济互动注入新活力，为旅客提供更多元、更便捷的出行选择。 中证报中证网讯(记者乔翔)记者1月22日从春秋航空（601021）获悉，2月2日起，春秋航空将开通北京 直飞揭阳的往返航线。据介绍，该航线计划运营至3月28日，此航线为北京及周边地区旅客前往广东揭 阳提供了"朝发午至"的直飞选择，无需再经中转绕行，极大提升了出行效率和舒适度。 ...

Market Overview - The aviation and airport sector experienced a decline of 0.69% on January 22, with China Eastern Airlines leading the drop [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] Stock Performance - Notable stock performances included: - HNA Holding (600221) closed at 1.73, up 1.76% with a trading volume of 4.79 million shares and a turnover of 826 million yuan - Shenzhen Airport (000089) closed at 7.20, up 1.55% with a trading volume of 185,800 shares and a turnover of 133 million yuan - China Eastern Airlines (600115) closed at 6.07, down 2.41% with a trading volume of 1.43 million shares and a turnover of 873 million yuan [1][3] Capital Flow - The aviation and airport sector saw a net outflow of 147 million yuan from institutional investors, while retail investors had a net inflow of 97.06 million yuan [3] - Specific stock capital flows included: - HNA Holding had a net inflow of 57.12 million yuan from institutional investors - China Eastern Airlines experienced a net outflow of 7.07 million yuan from institutional investors [4] ETF Performance - The Aerospace ETF (159227) tracking the aerospace industry index saw a decline of 4.99% over the past five days, with a net subscription of 100 million yuan [6] - The General Aviation ETF (159230) tracking the general aviation industry index declined by 4.77%, with a net subscription of 12.71 million yuan [7]

Core Viewpoint - Spring Airlines is launching a direct flight route from Beijing to Jieyang starting February 2, significantly enhancing travel options for passengers in North China to Guangdong's Jieyang, especially during the Spring Festival travel season [1][2]. Group 1: Route Details - The new route will operate daily from February 2 to March 28, with flight numbers 9C7161/7162. The flight from Beijing departs at 10:00 AM and arrives in Jieyang at 1:10 PM, taking approximately 3 hours and 10 minutes [2]. - The return flight from Jieyang departs at 1:00 PM and arrives back in Beijing at 4:00 PM, with a total flight duration of about 3 hours [2]. Group 2: Target Audience and Benefits - The route aims to cater to various travelers, including tourists visiting the cultural sites of Chaoshan, families engaging in cultural studies, business travelers, and those visiting relatives, providing a direct and efficient travel option [2]. - Spring Airlines is promoting the new route with exclusive discounts and a "Spring Festival Early Purchase" campaign, offering passengers various coupons for tickets, luggage, and meals through its official app and WeChat mini-program [2]. Group 3: Cultural and Economic Significance - Jieyang is a key hub for accessing popular tourist destinations in Eastern Guangdong, rich in cultural heritage and local cuisine, making it an attractive destination for travelers [3]. - The airline aims to enhance service quality and operational efficiency, fostering cultural exchange and economic interaction between North China and Eastern Guangdong through this new route [3].

（文章来源：北京商报） 据了解，该航线计划从2026年2月2日运营至2026年3月28日，每天一班，航班号为9C7161、9C7162。其 中，北京至揭阳段（9C7161）上午10:00从北京大兴国际机场起飞，13:10抵达揭阳潮汕国际机场，飞行 时间约3小时10分钟；揭阳至北京段（9C7162）下午13:00从揭阳潮汕国际机场起飞，16:00返回北京大 兴国际机场，全程约3小时。 北京商报讯1月22日，记者从春秋航空获悉，2026年2月2日起，春秋航空将正式开通北京直飞揭阳的往 返航线。此航线将为前往广东揭阳的北京及周边地区旅客提供"朝发午至"的直飞选择，无需再经中转绕 行。 ...

Group 1 - The core point of the article is the operational transition of international flights from T1 to T3 terminal at Baiyun Airport, effective from January 22, 11:30 AM [1] - A total of 30 international (regional) airlines, along with China Eastern Airlines, Hainan Airlines, Shenzhen Airlines, and Spring Airlines, will move their international flights to T3 terminal [1] - Domestic flights operated by Air China, Hainan Airlines, Shenzhen Airlines, and others will continue to operate from T1 terminal, except for Spring Airlines [1] Group 2 - Baiyun Airport's T1 terminal, which has been in operation for over 20 years, plans to initiate upgrade and renovation work after serving the Spring Festival travel peak this year [1] - The upgrade aims to better meet the travel needs of passengers in the future [1]

Group 1 - Starting from January 22 at 11:30, all international (regional) airlines operating in Terminal 1 (T1) will transfer their flights to Terminal 3 (T3) [1] - The domestic flights of Air China, Hainan Airlines, Shenzhen Airlines, and other domestic airlines that originally operated in T1 will continue to operate from T1, except for Spring Airlines [1] - The T1 terminal of Baiyun Airport, which has been in operation for over 20 years, plans to gradually initiate upgrade and renovation work after serving this year's Spring Festival travel peak, aiming to better meet passenger travel needs in the future [1]

Investment Rating - The report maintains a "Buy" rating for major airlines, including China National Aviation (China Air), China Eastern Airlines, Southern Airlines, and others, based on their projected earnings growth and favorable market conditions [2][3]. Core Insights - The domestic passenger load factor has increased significantly, reaching a historical high of 85.7% in December 2025, with a year-on-year increase of 2.4 percentage points [7][10]. - The international passenger load factor has shown a slight increase, but the growth rate has slowed due to disruptions in the Japanese route, with December figures reflecting a year-on-year increase of 0.9 percentage points [14][15]. - The overall industry demand growth continues to outpace supply growth, with a combined ASK/RPK increase of 6.6% and 9.1% respectively for the six listed airlines in December [7][10]. Summary by Sections 1. December International Supply and Demand Trends - The demand growth in December 2025 exceeded supply growth, with both domestic and international load factors reaching historical highs [10][11]. - The domestic routes saw a supply increase of 4.2% in ASK and a demand increase of 7.2% in RPK, while international routes experienced a 12.0% increase in ASK and a 13.3% increase in RPK [7][14]. 2. Aircraft Introductions and Fleet Growth - The total fleet of the six airlines increased by 0.4% in December, with a net addition of 14 aircraft, bringing the total to 3,386 [22][24]. - The A320 series was the primary aircraft introduced, with significant contributions from China National Aviation and Southern Airlines [22][27]. 3. Investment Recommendations - The report suggests that the tight supply-demand relationship in domestic routes will lead to a moderate increase in ticket prices in 2026, supported by regulatory measures to address low pricing [7][11]. - The international routes are expected to benefit from increased inbound tourism, with airlines like China Eastern Airlines and Spring Airlines positioned to gain from this trend [7][15].

Core Viewpoint - The aviation and airport sector experienced a decline of 1.17% on January 21, with China Eastern Airlines leading the drop, while the Shanghai Composite Index rose by 0.08% and the Shenzhen Component Index increased by 0.7% [1]. Group 1: Market Performance - The closing price of China Eastern Airlines was 6.22, reflecting a decrease of 2.20% with a trading volume of 1,109,700 shares and a transaction value of 6.95 million [2]. - The aviation and airport sector saw a net outflow of 84.83 million from major funds, while retail investors experienced a net outflow of 10.9 million, and speculative funds had a net inflow of 194 million [2][3]. Group 2: Individual Stock Performance - China National Aviation (China National Airlines) had a net outflow of 22.99 million from major funds, with a net inflow of 5.52 million from speculative funds and a net outflow of 28.51 million from retail investors [3]. - Xiamen Airport reported a net outflow of 2.03 million from major funds, while speculative funds had a net inflow of 1.35 million, and retail investors saw a net inflow of 0.68 million [3]. - Shenzhen Airport experienced a net inflow of 12.93 million from major funds, with a net inflow of 2.77 million from speculative funds and a net outflow of 15.69 million from retail investors [3].

Investment Rating - The report assigns an "Overweight" rating for the aviation industry [6]. Core Insights - The demand for air travel in China is expected to remain strong in 2026, with the Spring Festival travel period anticipated to see significant passenger flow, benefiting airline revenue management [3][6]. - The aviation industry is entering a low growth phase in supply, with structural changes in demand being a core issue. The private travel demand has remained robust over the past three years, while business travel demand is expected to stay below 2019 levels in 2024-2025 [6]. - The report forecasts a 5-6% year-on-year increase in passenger traffic for 2025, with a cumulative growth of 17% compared to 2019 [6][10]. - Despite high passenger load factors reaching historical highs, ticket prices remain at historically low levels, with domestic ticket prices expected to be lower in 2025 compared to 2024 and 2019 [6][25]. Summary by Sections Industry Overview - The report highlights that the Chinese aviation industry is experiencing a structural shift, with private demand outpacing business demand. The overall passenger flow is projected to grow significantly, with a 7% increase during the 2025 Spring Festival travel period [6][10]. Passenger Traffic and Load Factors - The estimated passenger traffic for 2025 is expected to grow by 5-6%, with domestic traffic increasing by 4-5% and international traffic seeing a nearly 30% increase [6][10]. - The passenger load factor is projected to reach 85% in 2025, an increase of 1.8 percentage points year-on-year [22]. Ticket Pricing - Domestic ticket prices are expected to decrease by approximately 2-3% in 2025, with the overall ticket price trend influenced by high base numbers and competition from high-speed rail [25][32]. Future Outlook - The report anticipates that the 2026 Spring Festival will see sustained demand, with airlines managing capacity and pricing strategies effectively. The expected travel period is from February 2 to March 13, 2026, with pre-sales already showing significant growth [6][3]. - The report suggests that the Chinese aviation industry is on the verge of a "super cycle," driven by demand growth and structural recovery in passenger demographics, which will support ticket price and profitability increases [6]. Company Recommendations - The report recommends an "Overweight" position on several airlines, including China National Aviation, Spring Airlines, and China Eastern Airlines, based on their potential for performance in the upcoming market conditions [6][37].

Investment Rating - The report maintains a "Positive" outlook for the aviation industry, indicating that it is expected to outperform the overall market [3][4]. Core Insights - The National Civil Aviation Work Conference has set a growth target for 2026, aiming for a total transport turnover of 1,750 billion ton-kilometers, a passenger transport volume of 810 million, and a cargo and mail transport volume of 10.7 million tons, representing year-on-year growth of 6.7%, 5.2%, and 5.2% respectively [3]. - The report highlights that the global aircraft supply chain has not yet recovered, leading to increased aging of aircraft and supply constraints. The delivery cycle for new aircraft has extended to 6.8 years, which is longer than the 4.5 years seen in 2018 [3]. - Demand is expected to rise due to visa exemption policies that have increased the number of inbound travelers, with predictions of a significant increase in cross-border passenger flow. The report anticipates that the Spring Festival travel season in 2026 will see a daily average of 5.3% growth in passenger volume compared to the previous year [3]. Summary by Sections Supply Side - The global aircraft supply chain remains disrupted, with Airbus and Boeing's delivery levels not returning to pre-pandemic figures. The backlog of aircraft orders exceeds 15,000 units, equivalent to 8-10 years of production capacity [3]. - The Chinese aviation industry is also affected, with only a 4.0% year-on-year increase in the total number of passenger aircraft in 2025 [3]. Demand Side - The implementation of visa exemption policies has led to a stable increase in foreign travelers entering China, with the proportion of visa-exempt foreign visitors remaining above 70% [3]. - The report predicts that the Spring Festival travel season will exhibit a "旺季更旺" (peak season is even busier) characteristic, with ticket prices expected to rise by 20% compared to the previous year [3]. Investment Recommendations - The report recommends continuing to invest in the aviation sector, highlighting the unprecedented constraints in aircraft manufacturing and the historical high passenger load factors. It suggests that airlines are likely to see significant improvements in profitability, marking the beginning of a "golden era" for the industry [3]. - Key companies recommended for investment include China Eastern Airlines, China Southern Airlines, Air China, Spring Airlines, Huaxia Airlines, and Juneyao Airlines, along with a focus on global aircraft leasing companies and improving airport performance [3][4].