1月6日，2026年全国民航工作会议在京召开。会议披露，2025年民航总体实现盈利65亿元。北京商报记 者了解到，航空货运、机场、航油航材等起到主力盈利作用。在客货运需求增长、国际航线扩展、精细 化管理等多种因素作用下，民航经营效益进一步向好。2026年，民航定下了完成旅客运输量8.1亿人次 的目标，并将深入整治"内卷式"竞争、防止航司以低于成本价开展恶性竞争列为重点工作之一。此外， 会议还提出，2026年民航还将加快低空飞行服务站体系建设，并统筹推进重点型号以及C919、C909设 计优化审定，有序推进机载设备、辅助动力装置等关键产品审定，以提升航空产业链国产化率。 货运、机场、航油航材等起主要盈利作用 会议披露，2025年民航实现盈利65亿元。相比2024年的"全行业同比减亏206亿元，总体实现扭亏为 盈"，2025年民航的经营效益进一步向好。 从具体数据来看，2025年民航全行业全年完成运输总周转量1640.8亿吨公里、旅客运输量7.7亿人次、货 邮运输量1017.2万吨，同比分别增长10.5%、5.5%、13.3%。国内、国际货邮运输量同比分别增长 7.3%、22.1%，我国航空企业国际货运市场份额达 ...

Core Insights - The aviation and airport sector saw a 0.5% increase on January 6, with Juneyao Airlines leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up 1.5%, while the Shenzhen Component Index closed at 14022.55, up 1.4% [1] Stock Performance - Juneyao Airlines (603885) closed at 15.26, up 3.32% with a trading volume of 252,100 shares and a turnover of 379 million yuan [1] - China Eastern Airlines (600115) closed at 6.13, up 1.32% with a trading volume of 2,259,400 shares and a turnover of 1.373 billion yuan [1] - Shenzhen Airport (000089) closed at 7.05, up 1.15% with a trading volume of 135,900 shares and a turnover of 95.385 million yuan [1] - Shanghai Airport (600009) closed at 32.97, up 0.83% with a trading volume of 121,000 shares and a turnover of 398 million yuan [1] - Xiamen Airport (600897) closed at 17.25, up 0.29% with a trading volume of 73,800 shares and a turnover of 12.7 million yuan [2] Capital Flow - The aviation and airport sector experienced a net outflow of 146 million yuan from institutional investors, while retail investors saw a net inflow of 10.53 million yuan [2] - Major stocks like Juneyao Airlines and Shanghai Airport attracted significant net inflows from retail investors, while others like Xiamen Airport and Spring Airlines faced net outflows [3]

北京商报讯（记者 关子辰 牛清妍）1月6日，华夏航空发布"关于防范虚假招聘的严正声明"。声明表示，近期，部分网络平台及社交媒体上出现了冒 用"华夏航空"名义发布的虚假招聘信息，此类信息内容具有较强误导性与欺诈性，可能对应聘者权益造成损害。 华夏航空在声明中列出其官方招聘信息发布平台，分别为华夏航空的招聘官网、名为"华夏航空伯乐君"的招聘公众号以及智联招聘网、猎聘网、民航资 源网、BOSS直聘4个招聘网站。其他渠道发布的招聘信息均为非官方信息。 华夏航空还强调，从未委托任何第三方机构或个人开展招聘工作；从未要求应聘者前往非本华夏航空官方指定的场所参加面试或培训；严禁以任何名义 向应聘者收取任何费用，包括但不限于押金、保证金、推荐费、介绍费、招待费、活动费、中介费等。 华夏航空向广大应聘者发出提醒：务必提高警惕，仔细甄别信息真伪，保护个人隐私与财产安全。如遇可疑情况，及时通过官方渠道核实；若已遭受损 失，请立即向公安机关报案。 三、对于任何冒用华夏航空名义发布或传播虚假招 聘信息的行为,我司将保留追究当事人法律责任的 权利。请广大应聘者务必提高警惕，仔细甄别信息 真伪,保护个人隐私与财产安全。如遇可疑情况, 请及 ...

Market Overview - The aviation and airport sector experienced a decline of 0.31% on January 5, with China National Aviation leading the drop [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Stock Performance - Key stocks in the aviation and airport sector showed mixed performance, with China National Aviation closing at 9.20, down 1.81%, and China Eastern Airlines at 6.05, up 0.83% [2] - The trading volume and turnover for major stocks included: - China National Aviation: 1.22 million shares, turnover of 1.11 billion [2] - China Eastern Airlines: 1.79 million shares, turnover of 1.07 billion [2] - Xiamen Airport: 66,800 shares, turnover of 115 million [2] Capital Flow - The aviation and airport sector saw a net inflow of 119 million from institutional investors, while retail investors experienced a net outflow of 173 million [2] - The capital flow for specific stocks indicated: - China Eastern Airlines had a net inflow of 94.70 million from institutional investors [3] - China National Aviation faced a net outflow of 18.89 million from institutional investors [3] - Shenzhen Airport had a net inflow of 12.24 million from institutional investors [3]

格隆汇1月5日丨华夏航空(002928.SZ)公布，截至2025年12月31日，公司通过回购专用证券账户以集中 竞价交易方式累计回购股份数量为13,203,450股，占公司股份总数的比例为1.03%，最高成交价为人民 币11.74元/股，最低成交价为人民币9.75元/股，成交总金额为人民币139,001,185.25元（不含交易费 用）。本次回购股份资金来源为股票回购专项贷款及自有资金，回购价格未超过回购方案中拟定的上限 13.54元/股（含），本次回购符合相关法律法规的要求，符合既定的回购股份方案。 ...

格隆汇1月5日丨华夏航空(002928.SZ)公布，截至2025年12月31日，公司通过回购专用证券账户以集中 竞价交易方式累计回购股份数量为13,203,450股，占公司股份总数的比例为1.03%，最高成交价为人民 币11.74元/股，最低成交价为人民币9.75元/股，成交总金额为人民币139,001,185.25元（不含交易费 用）。本次回购股份资金来源为股票回购专项贷款及自有资金，回购价格未超过回购方案中拟定的上限 13.54元/股（含），本次回购符合相关法律法规的要求，符合既定的回购股份方案。 ...

证券代码：002928 证券简称：华夏航空 公告编号：2026-002 华夏航空股份有限公司 关于回购股份比例达到公司总股本 1% 暨回购进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 华夏航空股份有限公司（以下简称"公司"）于 2025 年 09 月 15 日召开公 司第四届董事会第一次会议审议通过了《关于以集中竞价交易方式回购公司股 份方案的议案》。公司拟使用自有资金及股票回购专项贷款资金以集中竞价交 易方式回购部分公司已发行的社会公众股份（A 股人民币普通股），用于员工 持股计划或者股权激励。本次回购金额不低于人民币 8,000.00 万元且不超过人 民币 16,000.00 万元，回购价格不超过人民币 13.54 元/股（按回购金额上限和 回购价格上限测算，预计可回购股份数量为 11,816,839 股，占公司总股本的比 例为 0.92%，具体回购数量以回购期限届满或回购股份实施完毕时实际回购的 股份数量为准），回购期间为自董事会审议通过之日起不超过 6 个月。具体内 容详见公司于 2025 年 09 月 16 日披露于巨潮资讯网的《关于回 ...

Investment Rating - The industry investment rating is "Buy" [4] Core Insights - The New Year holiday travel showed strong growth, with a total of 803 million people traveling across regions from December 31, 2025, to January 3, 2026, averaging 201 million people per day, a year-on-year increase of 19.75%. The total passenger transport volume reached 209 million, with a daily average of 52 million, up 31.1% year-on-year [4][7] - The aviation sector experienced both volume and price increases, with daily flight numbers averaging 14,900 during the holiday, a 2.9% increase compared to 2025 and a 13.2% increase compared to 2019. The average ticket price for domestic economy class reached 684.6 CNY, showing a year-on-year increase of 9.8% [4][9] - The railway and waterway transport sectors outperformed the market, with year-on-year growth rates of 54.5% and 32.7%, respectively, during the holiday period [4][7] Summary by Sections Holiday Travel Data - Total national passenger transport volume reached 20,943.4 million, with a year-on-year growth of 31.1% [7] - Railway passenger transport volume was 6,476.9 million, with a year-on-year growth of 54.5% [7] - Road passenger transport volume was 13,374 million, with a year-on-year growth of 23.2% [7] - Waterway passenger transport volume was 287.4 million, with a year-on-year growth of 32.7% [7] - Civil aviation passenger transport volume was 805.1 million, with a year-on-year growth of 13.1% [7] Investment Recommendations - The report recommends focusing on airlines with stable volume growth and improving prices, specifically mentioning Hainan Airlines, China National Aviation Holding, and Spring Airlines [4] - In the railway sector, it highlights the growth potential of Guangzhou-Shenzhen Railway and Beijing-Shanghai High-Speed Railway due to increased capacity and network effects [4]

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Views - The report highlights a significant year-on-year increase in travel demand during the New Year holiday period, attributed to a low base effect from the previous year [6] - The aviation sector is expected to benefit from limited supply growth, rising ticket prices, and improved profitability due to favorable oil prices and currency exchange rates [9] Summary by Sections Travel Demand Growth - During the 2026 New Year holiday, cross-regional travel reached 595 million trips, averaging 198 million trips per day, with a year-on-year growth of 19.62% [6] - Rail travel saw the highest growth at 52.6%, while civil aviation grew by 10.4% and intercity buses by 20.8% [6] Aviation Sector Insights - Civil aviation passenger volume reached 5.88 million during the holiday, with a daily average of 1.96 million, reflecting a 10.4% increase year-on-year [6] - Average domestic economy class ticket prices rose to 684.6 yuan, showing a recovery trend after a decline in the previous year [6] Road and Rail Travel - Road travel accounted for 540 million trips, with a daily average of 18 million, marking a 15.7% increase year-on-year [7] - Rail travel demand remained strong, with an estimated 48.09 million trips during the holiday, reflecting a 52.7% year-on-year increase [8] Investment Recommendations - The report recommends focusing on the aviation sector for 2026, anticipating strong performance during the Spring Festival and sustained demand growth in the medium to long term [9] - Key stocks recommended include Huaxia Airlines, Spring Airlines, and China Southern Airlines, all rated as "Buy" with target prices set for 2026 [5][12]

Core Viewpoint - The recent announcements from multiple Chinese airlines regarding the purchase of A320 series aircraft indicate a strong recovery in the civil aviation industry, reflecting confidence in future market prospects and a willingness to invest in fleet expansion and optimization [9]. Group 1: Aircraft Purchases - China National Airlines (Air China) has signed an agreement with Airbus to purchase 60 A320NEO aircraft for approximately $9.53 billion (about 66.6 billion RMB), with deliveries scheduled between 2028 and 2032 [2][3]. - Other airlines, including Juneyao Airlines, Spring Airlines, and Huaxia Airlines, have also announced purchases of 25, 30, and 3 A320 series aircraft, respectively, totaling 118 aircraft with a combined value of approximately 127 billion RMB [2][9]. - The A320 series is noted as one of the best-selling aircraft models globally and the most widely used single-aisle aircraft in China [3]. Group 2: Financial Performance - For the first three quarters of 2025, Air China reported a revenue of 129.83 billion RMB, a year-on-year increase of 1.31%, and a net profit of 1.87 billion RMB, up 37.31% [5]. - The company has indicated that the recent increase in revenue is attributed to improved cost control measures [6]. - Air China plans to raise up to 20 billion RMB through a targeted A-share issuance to repay debts and improve liquidity, addressing its high debt-to-asset ratio, which stood at 87.88% as of September 2025 [6]. Group 3: Market Outlook - The collective aircraft purchases by multiple airlines are seen as a significant signal of the civil aviation industry's recovery, suggesting that airlines believe they have moved past challenging times and are entering a new growth phase [9]. - The planned acquisitions are expected to enhance the operational capacity of these airlines, supporting their strategic goals, including international expansion [7].