元旦、春节双节叠加，正值人员流动频繁、资金交易活跃、非法金融活动易发高发期。为切实守护群 众"钱袋子"，筑牢区域金融安全防线，昆山农商银行滨海支行紧扣"守住钱袋子.护好幸福家"主题，立 足异地服务定位，统筹厅堂阵地与户外延伸，集中开展多形式、全覆盖的防范非法金融活动宣传教育， 以金融担当护航群众安心过年。 活动期间，支行以网点为主阵地、社区为延伸点、返乡潮为关键期，构建"厅堂常态化、户外集中化、 重点精准化"宣传格局。厅堂内充分利用LED屏、电视滚动播放防非反诈标语与警示短片，在咨询台、 等候区摆放宣传折页，柜员与大堂经理主动向前来办理业务的客户讲解非法集资、电信诈骗、非法放 贷、出租出借银行卡等风险特征与识别技巧，结合典型案例以案说法，提醒群众警惕"高收益保本""养 老投资""虚拟货币"等陷阱。 针对异地务工人员集中返乡、老年群体风险防范薄弱等特点，支行组建宣传小队走进社区、商圈、集市 与居民集中区，通过悬挂横幅、设立咨询台、发放资料、现场答疑等方式，面对面普及金融安全知识。 工作人员用通俗易懂的语言，重点讲解非法金融活动的危害与防范要点，引导群众树立理性投资观念， 做到不轻信、不透露、不转账，遇到可疑情况 ...

Core Insights - The report highlights the performance of various sectors and companies, indicating potential investment opportunities in the market. [2][5] Economic News - The People's Bank of China conducted a 7-day reverse repurchase operation of 320.5 billion yuan at an interest rate of 1.4%, resulting in a net withdrawal of 79.5 billion yuan from the market. [3] - The overnight SHIBOR rate reported at 1.3680%, down by 1 basis point, while the 7-day SHIBOR rate decreased by 4 basis points to 1.4570%. [3] - The Supreme People's Court reported over 27,000 cases related to cross-border fraud, with significant sentences handed down to key criminal groups. [3] - The Ministry of Industry and Information Technology discussed the feasibility of new frequency bands for IMT and future 6G technology at a recent international meeting. [3] - Heilongjiang Province's government report emphasized the reform of state-owned enterprises and support for private sector development. [3] - The establishment of a national quality inspection center for rare earth permanent magnet motors in Liaoning Province aims to enhance quality assurance in high-end manufacturing. [4] Company News - Wens Foodstuff Group announced a share buyback plan of 800 million to 1.2 billion yuan at a maximum price of 24.00 yuan per share. [5] - Jiangxi Tungsten Holdings is planning to issue A-shares to specific investors to enhance its core competitiveness and fund acquisitions totaling up to 1.882 billion yuan. [5] - Huylon New Materials is undergoing a significant change that may affect its control, leading to a temporary suspension of its stock. [5] - Fangzheng Valve reported a revenue of 733 million yuan for 2025, a decrease of 2.98%, with net profit down by 6.34%. [5] - Nanya New Materials achieved a revenue of 5.228 billion yuan, a year-on-year increase of 55.52%, with net profit rising by 378.65% due to market demand recovery. [5] Transportation Industry Insights - In January 2026, domestic airline capacity decreased by approximately 4.3% year-on-year, but increased by 5.8% compared to December 2025, as airlines prepared for the Spring Festival. [7] - The overall passenger load factor for airlines improved by about 1.6 percentage points year-on-year, although it decreased by 0.4 percentage points compared to December. [7] - During the Spring Festival holiday, national civil aviation transported 22.05 million passengers, with a flight completion rate of 95.8%, indicating growth compared to the previous year. [8] - International flight capacity increased by 2.6% year-on-year in January, with a slight improvement in load factors, although some airlines faced challenges due to changes in the Japanese route. [9] - Baiyun Airport reported a significant increase in passenger throughput, while Shanghai Airport experienced a decline, attributed to shifts in travel demand. [10] - The report suggests focusing on large airlines for their earnings elasticity, as the industry moves towards a more balanced supply-demand dynamic. [11]

智通财经APP获悉，东兴证券发布研报称，2026年1月上市公司国内航线运力投放同比下降约4.3%，环 比25年12月提升约5.8%。航空行业备战春运，运力投放环比有较明显提升。但由于26年春节较25年晚 近3周，春节错期导致今年1月运力投放同比下降。客座率方面，1月上市公司整体客座率较25年同期提 升约1.6pct，同比继续改善；环比12月则下降0.4pct。26年春运各项指标较25年同期均有一定提升，由于 旅客量增速高于航班量增速3个多百分点，预计2月航司的客座率也提升较明显。 26年1月上市航司国际航线运力投放同比25年提升约2.6%，环比去年12月提升0.6%。客座率方面，1月 客座率同比25年提升0.8pct，环比去年12月提升0.5pct。航司在逐步适应日本航线的变化，相比去年最后 两月的客座率下滑，今年1月国际线客座率开始企稳。但日本航线承压对春秋与吉祥两家中型航司的影 响依旧存在，叠加春节错期，导致春秋与吉祥1月运力投放同比下滑较明显。 机场板块：白云机场同比增速较高 1月上海机场国际旅客吞吐量同比下降5.6%，首都、白云和深圳机场同比增长分别为4.7%、19.8%和 2.7%。白云机场旅客吞吐 ...

节后出行机票大跳水了，上海到海口三亚的机票都不到200元了。 | ■■奥一奥上 | | | | | | --- | --- | --- | --- | --- | | 1成人 | | | | | | 周三 周四 周五 | | 周六 班 | 周日 | | | 25 26 02-27 | | 28 | 01 | | | ¥191 $181 | ¥191 | ¥191 | ¥191 | | | 机酒联订更优惠 购买国内机票立减20~30元 | | | | | | 筛选(1) 下午出发 机场▼ | 只看直飞 | | | 大型机 | | ヨ日低价 | | 02-28 周六 | | | | 21:10 | | 00:40 | | X101X 101 | | 浦东T1 | | 美兰T1 | | 2项至高减¥10> | | 《 东航MU6355 空客320NEO(中) | | | | 经济舱1.0折 | | 返现金 部分返¥50 > > 部状化公 | | | | | | 07:50 | | 11:10 | | ¥200 ¥192 | | 浦东T2 | | 美兰T1 | | 至高减¥8 > | | > 新海航 金鹏航空Y875 ...

Macro Insights - The report identifies three historical "great migrations" of Chinese household wealth, with the third migration starting in 2023, indicating a shift in asset allocation trends[3] - The first migration (1998-2018) saw a significant flow of deposits into real estate due to housing market reforms, establishing real estate as a core asset class[4] - The second migration (2018-2023) involved a return to deposits as real estate values declined and risk aversion increased among residents[5] - The third migration reflects a transition to a "deposit+" era, where residents are diversifying into financial products beyond traditional deposits due to lower interest rates and improved returns in bond and equity markets[6] Market Strategy - Foreign capital continues to flow into the market, with a net inflow of $3.7 million in foreign investment as of February 11, 2026, and a significant increase in public fund issuance, reaching 43.63 billion yuan[9] - The average daily trading volume in the A-share market decreased to 2.1 trillion yuan, while the proportion of stocks rising increased to 47.6%[8] - The ETF market experienced a net outflow of 44.18 billion yuan, indicating a shift in investor sentiment towards active management strategies[9] Industry Trends - The pharmaceutical market for anticoagulants is projected to grow from $52.9 billion in 2023 to over $110 billion by 2033, driven by aging populations and increasing cardiovascular disease rates[13] - The heavy-duty truck market in China is expected to see sales of 760,000 units in 2026, a decrease of 5.3% year-on-year, while January 2026 saw a 46% increase in domestic heavy-duty truck sales compared to the previous year[16][17] - The aviation sector is experiencing a resurgence, with a 6% increase in passenger flow during the Spring Festival period, and ticket prices are expected to rise by 3-4% year-on-year due to increased demand[30][32]

| 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 ...

航空机场 2026 年 1 月数据点评：春节错期 导致 1 月数据平淡，春运数据表现良好 事件：上市航司发布 2026 年 1 月运营数据。受春节错期影响，数据表现较为 平淡，但我们认为实际情况好于预期。 国内航线：春节错期导致 1 月运力投放同比下降，春运数据表现良好 2026 年 1 月上市公司国内航线运力投放同比下降约 4.3%，环比 25 年 12 月提 升约 5.8%。行业备战春运，运力投放环比有较明显提升。但由于 26 年春节较 25 年晚了近 3 周，春节错期导致今年 1 月运力投放同比是下降的。 客座率方面，1 月上市公司整体客座率较 25 年同期提升约 1.6pct，同比继续 改善；环比 12 月则下降 0.4pct。由于今年春节较晚，但航司的运力投放已经 提前部署，因此 1 月客座率表现环比看并不强势。我们认为这是正常现象，随 着春运逐渐发力，预计 2 月客座率环比会有较明显提升。 根据民航局数据，2 月 15 日起的 9 天春节假期期间，全国民航累计运输旅客 2205 万人次、保障航班 17.1 万班，日均 245 万人次、18956 班，分别较 2025 年春运同期增长 7.7%、4. ...

会议主持人: 好的，各位投资者新年好。 甚至是食品饮料，也都出现了这个明显的这个机会所以我觉得就是在今天大家都要看到在 中国市场，它的市场结构变得更加广泛，更加具有梯度。科技和非科技都在出现这个投资 机会。同时，权重和小市值也在出现投资机会。所以我觉得市场结构本身的变化也非常值 得大家去重新的审视今年中国市场的一个。这个眼镜，那说到我们的看法，大家也其实大 家也比较熟悉了。在 1 月中旬以来，国泰海通应该是唯一一个在市场当中讲，要开始重视 内需，要开始重视这个传统行业的这样的一个，这个证券公司和研究团队。 李鹏飞 国泰海通金属分析师: 现在就是我们联合还是策略跟十大周期行业的首席，给大家开年梳理一下这个周期整个板 块，这个投资逻辑，还有这个机会。那首先，我们还是有请策略首席方毅老师发言。 方奕 国泰海通策略首席: 好的，谢谢。各位朋友，大家晚上好，我是方毅。大家新年快乐，这是开年以来，这个第 一天，也是第一次和大家沟通我们对中国市场的看法。那应该来说，2026 年以来，实际 上大家可以看到今年所上涨的这个板块，其实和去年是有比较大的这个差异的。比如说去 年比较强劲的这个算力，今年普遍的表现是这个比较差的。那当 ...

就在绝大多数打工人在与崭新的工作艰难磨合时，一批人却被"困"在了三亚，没能按时返工。 原因只有一个： 春节返工的第二天，大家班都上得怎么样？ 公司的地铁出口还找得到吗？ 办公电脑的开机密码还记得吗？ 年前安排"年后再说"的工作，还有头绪吗？ 机票太贵。 拿着小几百块钱机票上岛的朋友们，看着一万起步的离岛票，简直不敢相信自己的眼睛： 这明晃晃的五位数字，到底是我的机票，还是我的赎金？ 来的时候多开心，走的时候多闹心。 今年被机票"困"在海南的中产，已经快把头挠秃了。 最新的好消息是：四大航司全部着手增加海南航班。 明天三亚飞北京的机票已经能够买到，3月3日以后机票价格也回落到了日常的2000元以内。 坏消息是：距离3月3日，还有遥远的6天。 八仙过海，各行不通 2026年的春节返程机票，平等地惩罚每一个想捡漏临期低价票的人。 收假迫在眉睫却订不到机票而在网上紧张搜索的朋友们，很快就发现，自己根本就不是网上最紧张的人。 各大航司从海南返回的航线，比他们紧张多了。 | 出发城市 航空公司 | | 2月23日 | | 2月24日 2月25日 2月26日 2月27日 | | | 2月28日 | 3月1日 | | --- ...

Group 1: Transportation Industry Insights - The Spring Festival travel peak has shown a significant increase in passenger volume and ticket prices, indicating an industry turning point. The total inter-regional passenger flow reached 5.08 billion, with a year-on-year growth of 5.5% [3][4] - During the first 20 days of the Spring Festival, the civil aviation passenger volume increased by 6.0% year-on-year, with an average ticket price of 943 yuan, up 3.5% year-on-year [3][4] - The civil aviation industry is expected to maintain a growth rate of over 5% in passenger volume for 2026, supported by a recovery in business travel and a high seat occupancy rate [5] Group 2: Chemical Industry Outlook - The chemical industry is entering a favorable cycle with rising prices due to the upcoming peak season and a global trend of reducing overcapacity. The focus is on the recovery of demand and the potential for increased dividend yields from leading companies [6][8] - Key sectors to watch include coal chemical, oil refining, and agricultural chemicals, with specific companies highlighted for their strong performance potential [8][9] - The industry is expected to benefit from a reduction in supply and increased demand, particularly in sectors like PTA and tire manufacturing, as well as in the context of AI-driven demand [8][9] Group 3: Coal Market Dynamics - The price of thermal coal has risen to 718 yuan per ton, reflecting a week-on-week increase of 23 yuan, driven by supply constraints and increased demand from power plants [45][46] - The competitiveness of imported coal has diminished, leading to a favorable outlook for domestic coal prices as supply tightens and demand remains stable [45][46] - The overall coal mining industry is expected to see a long-term upward trend in prices due to rising operational costs and regulatory pressures, with a focus on maintaining high-quality assets and cash flow [47]