Investment Rating - The report maintains an "Overweight" rating for the aviation industry [2] Core Insights - The demand for international air travel is driven by both leisure and business travel, with a significant correlation to international trade and investment activities. The report highlights a notable increase in outbound investment from China, which is expected to boost international flight offerings [4][5] - The report anticipates that international routes from China will see growth primarily in Europe and Asia, with a gradual recovery in North America, leading to sustained industry optimism [4][5] - The report emphasizes the advantages of major Chinese airlines, particularly China Eastern Airlines, due to their rapid recovery in international routes and increased flight offerings [5][6] Summary by Sections Industry Overview - The total market capitalization of the aviation industry is approximately 716.41 billion yuan, with 12 listed companies [2] - The report notes a significant recovery in international air travel, with domestic airlines leading the recovery compared to foreign airlines [5][6] Investment Activities - China's outbound direct investment is projected to reach 1,245.58 billion yuan in 2025, reflecting a year-on-year growth of 7.4% [4][19] - The report indicates that the number of Chinese companies engaging in overseas investments has increased significantly, with a notable rise in revenue from these activities [4][35] Passenger Flow and Travel Policies - The report highlights the positive impact of visa-free policies on inbound tourism, with a 26% year-on-year increase in foreign visitors to China in 2025 [5][55] - The number of outbound trips by Chinese residents is expected to grow by 15% in 2025, nearing pre-pandemic levels [5][58] Future Trends - The report predicts that Asian routes will dominate international air travel, with significant growth expected in flights to Japan, South Korea, and countries along the Belt and Road Initiative [5][6] - European routes are also expected to see an increase in flight volumes, driven by enhanced trade relations and investment activities [5][6] Investment Recommendations - The report recommends focusing on major airlines, particularly China Eastern Airlines, due to their strong recovery and expansion in international routes [5][6]

| Wind代码 | 证券简称 | 截至2月26日 年内涨幅(%) | | --- | --- | --- | | 671010.OF | 西部利得策略优选A | 54.37 | | 673071.OF | 西部利得新动力A | 53.48 | | 673040.OF | 西部利得行业主题优选A | 48.54 | | 001302.OF | 前海开源金银珠宝A | 32.51 | | | 数据来源:Wind,数据截取:2026年1月1日-2026年2月26日; | | 本报（chinatimes.net.cn）记者栗鹏菲 叶青 北京报道 年初至今，资源板块的结构性行情持续演绎，重仓相关赛道的基金净值表现抢眼，成为公募权益类基金 排名大战中的领跑者。Wind数据显示，截至2月26日，西部利得策略优选A今年以来收益率已达 54.37%，在偏股混合型基金中名列前茅；同一位基金经理管理的西部利得新动力A和西部利得行业主题 优选A年内涨幅也分别达到53.48%和48.54%；前海开源金银珠宝A同样录得32.51%的收益率。 然而，记者查阅基金官方公开信息发现，上述凭借重仓资源股斩获亮眼回报的基金，其基金合同约定的 投 ...

| 10:10 | 06:50 10 | | ¥201 | | --- | --- | --- | --- | | 虹桥T2 | | 凤凰T1 | 经济舱0.6折 | | 上航FM9537 空客325(中) 早餐 | | | | | « 此航班还有东航共享航班售卖 | | | 展开 | | 景日低价 | | | | | 07:05 | | 10:35 | ¥200 | | 浦东T2 | | 凤凰T3 | 经济舱0.6折 | | 新海航 金鹏航空Y87501 波音738(中) 无餐 | | | | | 07:35 E | | 10:55 | ¥252 | | 虹桥T2 | | 凤凰T1 | 经济舱0.7折 | | 东航MU5383 波音787(大) 早餐 | | | | | 此航班还有厦航共享航班售卖 | | | 展开 | | 08:00 | | 11:15 | ¥242 | | 虹桥T2 | | 凤凰T1 | 经济舱0.7折 | | 吉祥HO1177 波音789(大) 早餐 | | | | | √ 此航班还有厦航、南航共享航班售卖 | | | 展开 | 从三亚飞往上海和北京的机票价格也出现下降。第三方订票平台 ...

据智通财经了解，为了减缓游客回程压力，海南机场安排"第三批加班"，四大航空公司已全部增加海南航班。比如中国国航新增加2月23日-25日海口美兰至 北京首都、海口美兰至成都天府；东方航空增加2月24日至3月5日海口美兰至上海浦东航班，每日一班；南方航空增加2月23日三亚凤凰至广州白云、2月24 日广州白云至三亚凤凰各一班等。 从三亚飞往上海和北京的机票价格也出现下降。第三方订票平台数据显示，2月27日，三亚飞往上海的航线价格最低为2700元；三亚飞北京的直达航线，最 低价格为4000元。 从低到高 大机型 从早到晚 ÷ 7 23:25 20:40 ¥31 凤凰T1 虹桥T2 东航MU5376|波音787(大)|无餐 此航班还有厦航共享航班售卖 y 20:50 23:40 8 凤凰T2 虹桥T1 春秋9C8780 | A320_186 | 无餐 23:50 20-55 凤凰T1 虹桥T2 吉祥HO1128 | 波音789(大) | 点心 00:15 +1天 21:20 浦东T1 凤凰T1 超级: 上航FM9536|波音789(大)|无餐 « 此航班还有东航共享航班售卖 当日低价 22:30 01:30 *1天 凤 ...

Group 1 - The core viewpoint of the articles indicates a significant adjustment in airline ticket prices following the peak travel period, with many popular flights offering increased discounts to attract travelers during off-peak times [1][6] - Data from booking platforms shows that after the Spring Festival, several routes, including Shanghai to Beijing, Sanya, Harbin, and Xishuangbanna, have introduced discounted tickets, with one-way prices as low as 200 yuan [3][4] - The average ticket price for popular routes has generally decreased by 10% to 50%, making this period a cost-effective travel option for consumers [4][6] Group 2 - Industry insiders suggest that the current discounts on domestic popular routes are substantial, making this a favorable time for travel before and after the Lantern Festival [6][8] - As of now, the overall flight booking rate for March 3, the Lantern Festival, is approximately 37%, indicating a moderate level of interest among travelers for this date [8]

Core Insights - The report highlights the significant advancements in robotics showcased during the 2026 CCTV Spring Festival Gala, emphasizing the progress in hardware, control systems, and bionic technologies [2][11] - The polyester industry is experiencing a recovery, with leading companies benefiting from an integrated supply chain and improved demand dynamics [3][12] Mechanical Industry - The 2026 Spring Festival Gala featured performances by four companies, demonstrating cutting-edge achievements in embodied intelligence, including hardware, control, and bionic operations [2][11] - The performance of robots exceeded expectations, serving as a catalyst for the sector, with recommendations to focus on domestic robot supply chain companies [2][11] Polyester Industry - The polyester supply chain is witnessing a recovery, with profits shifting towards the filament segment due to improved supply-demand dynamics [3][12] - Zhejiang Petrochemical is expected to contribute stable investment returns, with projected annual contributions exceeding 1.5 billion yuan from 2025 to 2027, significantly smoothing out the cyclical fluctuations of the filament business [3][12] - The report forecasts a steady increase in net profit for the company, with estimates of 2.046 billion yuan, 3.693 billion yuan, and 4.987 billion yuan for 2025, 2026, and 2027 respectively, indicating a strong growth potential [3][12]

Group 1 - The core viewpoint of the article highlights a significant adjustment in airline ticket prices following the holiday season, with many popular flights offering increased discounts to attract travelers for off-peak travel [1][9] - After the Spring Festival, ticket prices for routes such as Shanghai to Beijing, Sanya, Harbin, and Xishuangbanna have dropped, with one-way fares as low as 200 yuan [5][9] - The average ticket prices for popular routes have decreased by 10% to 50% according to data from the Qunar Big Data Research Institute [7] Group 2 - Specific routes like Chongqing to Harbin saw a price drop from around 2000 yuan to approximately 1000 yuan, saving travelers about 2000 yuan on round trips [3] - The overall booking rate for flights on the Lantern Festival day (March 3) is around 37%, indicating a favorable time for travelers to purchase tickets for trips around this period [9] - Industry insiders suggest that the current discounts on domestic popular routes before and after the Lantern Festival represent a high value travel period for the year [9]

【中信证券交运物流】春运航空数据跟踪点评：关注节后客流叠加效应，继续推荐繁荣周期 特征之一：民航 特征之一：民航客流增速"前低后高"，假期二次出行刺激效果凸显、节后客流有望形成叠加。 【中信证券交运物流】春运航空数据跟踪点评：关注节后客流叠加效应，继续推荐繁荣周期 春运前20天民航、铁路、公路客运量同比+5.4%/+4.9%/+5.4%，关注节后初六、十六波峰客流的叠加效应，料民航 春运客流同增或5.5%~6.0%。 春运前20天民航、铁路、公路客运量同比+5.4%/+4.9%/+5.4%，关注节后初六、十六波峰客流的叠加效应，料民航 春运客流同增或5.5%~6.0%。 未来两个月需求积极因素持续显现，我们继续强调"2026年大航或迎利润表显著改善"。 未来两个月需求积极因素持续显现，我们继续强调"2026年大航或迎利润表显著改善"。 春运数据端表现三个特征： 春运数据端表现三个特征： 根据CADAS数据，春运初期（腊月十五-腊月廿一）票价略低于2025年同期，降幅1.3%；临近春节（腊月廿三-腊 月廿六）票价同比减少扩大至5.5%；但春节期间（正月初一至初四）在"分段式过年"带来二次出行刺激凸显，票 价实现 ...

Summary of Conference Call Notes on Southern Airlines and the Aviation Industry Industry Overview - The notes focus on the aviation industry, specifically during the Spring Festival travel period in China, highlighting trends in passenger traffic and pricing dynamics [1][2]. Key Points Passenger Traffic Trends - Passenger traffic for civil aviation, railways, and highways during the first 20 days of the Spring Festival increased by 5.4%, 4.9%, and 5.4% year-on-year respectively, indicating a robust demand environment [1][2]. - It is anticipated that civil aviation passenger traffic will grow by approximately 5.5% to 6.0% during the Spring Festival [6]. Characteristics of Spring Festival Data 1. **Traffic Growth Pattern**: - The growth in civil aviation passenger traffic is characterized by a "low before high" trend, with a significant increase expected post-holiday due to factors such as extended holidays and favorable weather conditions. The pre-holiday period saw a 4.4% year-on-year increase in passenger traffic [3]. - During the holiday period, from New Year's Eve to the seventh day of the new year, passenger traffic is expected to rise to around 8% year-on-year [3]. - Post-holiday, a peak in passenger traffic is expected on the seventh and sixteenth days, with an estimated growth rate of 6% for the subsequent 17 days [3]. 2. **International Routes**: - Negative factors affecting routes to Japan are stabilizing, with reduced flight capacity likely shifting to South Korea and Southeast Asia. The expansion of visa-free policies is expected to maintain high demand for travel to China, contributing positively to airline revenues through 2026 [3]. 3. **Ticket Pricing Dynamics**: - Initial ticket prices during the early Spring Festival period were slightly lower than the previous year, with a decrease of 1.3%. However, prices increased by 5.8% during the peak travel days of the Spring Festival due to the "staggered holiday" effect, which stimulated secondary travel [4]. Investment Recommendations - The Spring Festival of 2026 is viewed as a critical indicator for the aviation industry's recovery, with a strong emphasis on the potential for improved profitability for airlines. Southern Airlines (H+A) is highlighted as a key player with significant cyclical elasticity, alongside other airlines like Huaxia Airlines, Spring Airlines, and Juneyao Airlines, which are expected to show high earnings certainty [5][6].

行 业 及 产 业 交通运输/ 航空机场 行 业 研 究 / 行 业 点 评 相关研究 《为何现阶段我们仍看好航空？——航空 迎来黄金时代之周期持续性探讨》 2026/01/30 《航空"反内卷"初见成效——航空迎来 黄金时代系列报告》 2026/01/20 证券分析师 王凯婕 A0230525110001 wangkj@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 郑逸欢 A0230526010001 zhengyh@swsresearch.com 联系人 王凯婕 A0230525110001 wangkj@swsresearch.com 2026 年 02 月 24 日 节中航空量价超预期，飞机供应链 挑战依旧艰巨 看好 ——航空迎来黄金时代之 26 年春运点评 本期投资提示： ⚫ 风险提示：油汇大幅波动、经济增速不及预期、航空安全事故风险。 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 ...