板块市场回顾 上周（2026/2/21-2026/2/27）交运指数上涨 3.3%，沪深 300 指数上涨 1.1%，跑赢大盘 2.2%，排名 14/29。交运子板 块中航运板块涨幅最大(+11.9%)，机场板块跌幅最大(-1.8%)。 行业观点 快递：部分快递公司受益反内卷涨价影响。上周（2 月 16 日-2 月 22 日）邮政快递累计揽收量约 8.06 亿件，同比- 77.8%,环比-64.7%；累计投递量约 6.3 亿件，同比-83.7%,环比-81.1%。在监管底线较明确、反内卷思路延续的背景 下，行业价格大幅下探概率不高，同时考虑去年同期基数偏低，当前价格同比改善仍有望对利润端形成支撑，看好龙 头企业份额持续提升，关注中通快递，极兔海外市场保持较高成长持续看好。 物流：化工品价格看涨，看好化工物流。本周中国化工产品价格指数(CCPI)为 4041 点，同比-8.1%，环比-持平。本 周对二甲苯（PX）开工率为 93.25%，环比持平，同比+1.9pct；甲醇开工率为 87.4%，环比+0.1pct，同比+11.9pct； 乙二醇开工率为 66.2%，环比+0.9%，同比+6.3pct。原油价格上涨化 ...

2026 年 03 月 01 日 相关研究 券研究报 证券分析师 范晨轩 A0230525070003 fancx@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 严天鹏 A0230524090004 yantp@swsresearch.com 王晨签 A0230525030001 wangcj@swsresearch.com 王易 A0230525050001 wangyi@swsresearch.com 张慧 A0230524100001 zhanghui@swsresearch.com 王凯婕 A0230525110001 wangkj@swsresearch.com 郑逸欢 A0230526010001 zhengyh@swsresearch.com 联系人 范晨轩 A0230525070003 fancx@swsresearch.com 申万宏源研究微信服务号 伊朗高势油运行情空中加油， 告船联动关注 ST 松发、招商锌 申万宏源交运一周天地汇(2026 ...

行 业 及 产 业 交通运输 行 业 研 究 / 行 业 点 评 范晨轩 A0230525070003 fancx@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 严天鹏 A0230524090004 yantp@swsresearch.com 王晨鉴 A0230525030001 wangcj@swsresearch.com 王易 A0230525050001 wangyi@swsresearch.com 张慧 A0230524100001 zhanghui@swsresearch.com 王凯婕 A0230525110001 wangkj@swsresearch.com 郑逸欢 A0230526010001 zhengyh@swsresearch.com 相关研究 证 券 研 究 报 告 证券分析师 联系人 范晨轩 A0230525070003 fancx@swsresearch.com 2026 年 03 月 01 日 伊朗局势油运行情空中加油，集运 造船联 ...

航空淡季不淡把握加仓机会，油运大周期加速持续看好 交通运输 证券研究报告/行业定期报告 2026 年 02 月 28 日 | 增持（维持） 评级： | | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：杜冲 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740522040001 | | 南方航空 | 7.34 | -0.23 | -0.09 | 0.30 | 0.44 | 0.54 | -31.91 | -81.56 | 24.30 | 16.85 | 13.48 | 买入 | | | | 中国东航 | 5.73 | -0.37 | -0 ...

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]

春节放假第一天，针对东南沿海出现的低能见度大雾天气，江苏监管局领导带队深入南京机场生产一 线，重点查看AOC运行、候机楼旅客值机、安检等现场保障情况，确保旅客出行顺畅高效。2月17日， 浙江监管局领导带队组织适航维修监察员赴萧山机场停机坪及长龙航空AOC，以"四不两直"的方式开展 督导检查。监察员抽查过站航空器适航状况及维修放行情况，对机坪工作梯、拖把等常用设备设施的停 放、系留、维护、使用和管理情况进行检查。在长龙航空AOC，监察员核查了当日运行情况及近日航 空器故障管控工作，并对前期春运检查中发现问题的整改情况开展复核，督促公司确保各项措施落实到 位，持续关注冬季运行常见故障。 温州监管局深入温州机场安检现场，重点围绕勤务运行保障、季节性风险防控、安检设施设备运行三方 面开展督导。监管局通过参加班组会、现场观察等方式，详细了解春节长假期间安检人员轮休安排及备 勤力量配置情况；针对春运期间锂电池、烟花爆竹等节日高发违禁品查控工作进行重点提示，并就旅客 厚重衣物、大量返乡行李对安检效能的影响进行警示，督促安检部门动态调整勤务重心；现场查看X光 机、安全门等安检设备的运行状态及日常维保记录，确保设施性能可靠、运 ...

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 ...

分红方面，春秋航空A股上市后累计派现28.30亿元。近三年，累计派现18.99亿元。 机构持仓方面，截止2025年9月30日，春秋航空十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股2194.75万股，相比上期减少76.55万股。中国证券金融股份有限公司位居第四大流通股 东，持股1689.28万股，持股数量较上期不变。工银可转债债券（003401）位居第八大流通股东，持股 956.55万股，相比上期增加110.84万股。华泰柏瑞沪深300ETF（510300）位居第九大流通股东，持股 827.10万股，相比上期减少44.08万股。易方达沪深300ETF（510310）位居第十大流通股东，持股 602.07万股，相比上期减少18.74万股。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月25日，春秋航空跌0.20%，成交额2.27亿元。两融数据显示，当日春秋航空获融资买入额2015.39万 元，融资偿还1240.31 ...

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 ...