Core Viewpoint - The overall performance forecast for Chinese airlines in 2025 indicates a trend of "significantly reduced losses, some airlines turning profitable, and accelerated profit differentiation" [2][3]. Group 1: Annual Performance Forecast - China Southern Airlines and Hainan Airlines have turned profitable, contributing significantly to the sector's profit recovery, while Air China and China Eastern Airlines remain in the loss zone, with China Eastern's losses narrowing [1][2]. - China Southern Airlines and Hainan Airlines are the core contributors to profit recovery, while Huaxia Airlines continues to show growth, reflecting the relative advantages of regional routes and operational flexibility [2][3]. Group 2: Quarterly Performance Insights - In Q4 2025, the industry remains under pressure with losses prevailing, but most airlines show significant year-on-year improvements, indicating a continued recovery trend despite seasonal profitability pressures [1][2]. Group 3: Future Outlook - Demand remains a key variable for ticket price recovery and profit improvement, with domestic passenger volume expected to grow moderately due to normalized consumer travel and enhanced leisure tourism [4]. - The supply constraints and cost pressures are likely to amplify profit elasticity, with slow aircraft deliveries maintaining capacity control and policies aimed at reducing disorderly competition stabilizing revenue quality [4]. Group 4: Recommended Stocks - The top picks include Hainan Airlines (600221.SH) and Huaxia Airlines (002928.SZ), with a focus on China National Aviation (601111.SH, 00753), Juneyao Airlines (603885.SH), and Spring Airlines (601021.SH) [5].

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2026 年 02 月 02 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 1）圆通速递举行 2025 年工作总结暨 2026 年工作部署大会，强调"守底线、强基 石、开新路"。1 月 26 日，圆通速递 2025 年工作总结暨 2026 年工作部署大会召开， 圆通速递董事局主席喻渭蛟表示：要打造安全畅通、便捷高效、自主可控、可持续、 有韧性的供应链；要贯彻执行国家邮政局局长赵冲久关于深入推进交通强国邮政篇 建设等 9 个方面的工作，要以"守底线、强基石、开新路"为管理理念和工作指南， 做好各项重点工作。圆通速递总裁潘水苗围绕"守底线、强基石、开新路"对 2026 年重点工作作了具 ...

Group 1 - The 2026 Spring Festival travel season will start on February 2 and end on March 13, lasting for 40 days, with a total of 88,800 flights planned at Beijing Capital and Daxing airports, representing a year-on-year increase of approximately 1.67% [1] - Air China plans to increase its fleet by 25 aircraft compared to last year, executing over 70,000 passenger flights during the Spring Festival, a 10.1% increase from 2025, with an average of 1,800 flights per day, an increase of 160 flights [1] - Air China will focus on key routes between major city clusters, maintaining high operational levels and covering nearly 50 domestic routes [1] Group 2 - In the western region, Air China will add over 500 flights covering popular tourist destinations such as Lijiang, Dali, and Xishuangbanna [2] - Eastern Airlines plans to deploy 822 passenger aircraft, including 14 domestic C919 aircraft, executing 125,000 flights during the Spring Festival, a year-on-year increase of about 3.6% [4] - Southern Airlines plans to operate over 126,000 passenger flights during the Spring Festival, with approximately 13,000 additional flights across more than 260 routes [4] Group 3 - Hainan Airlines expects to operate over 33,000 flights, transporting approximately 5.516 million passengers, with increased flight frequencies on major routes and tourist destinations [5] - Hainan Airlines will expand its international route network, adding several new international destinations from Beijing and Haikou compared to last year's Spring Festival [5]

Core Viewpoint - Eastern Airlines has commenced regular commercial flights using the domestically produced C919 aircraft, marking a significant milestone in the airline's operations and the domestic aviation industry [1] Group 1: Company Operations - On February 2, the first day of the Spring Festival travel rush, Eastern Airlines began operating regular commercial flights from Shanghai Hongqiao to Zhuhai using the C919 aircraft [1] - Eastern Airlines currently operates 14 C919 aircraft across 14 cities and 18 routes [1] Group 2: Future Projections - During the Spring Festival travel period in 2026, Eastern Airlines is expected to operate over 50 flights daily with its 14 C919 aircraft, representing a year-on-year increase of 52.6% [1]

长假效应凸显，节前节后将出现数个出行高峰 目前，根据东航在广东各机场的客票销售情况，2026年春运返乡、探亲、学生、旅游等客流已形成叠加 态势，客票预定量于近期迎来显著增长。 为应对旅客出行需求，东航在广州加密了往返西安、昆明、成都、兰州、太原、南京的航班；在深圳加 密了往返大理、太原、武汉航班，并新增深圳往返哈尔滨的直飞航班；在珠海加密了往返昆明、上海虹 桥航班；在近年来火爆的潮汕市场，新增和加密了往返上海、成都、南京、郑州、北京、宁波、昆明、 南昌、兰州等地的航班；在湛江加密往返南京、上海、武汉、南昌、成都的航班；在梅州新增了往返上 海浦东的航班。 另一方面，今年春运的返乡、探亲客流也受到长假期的利好影响，特别是"先返乡探亲、后出门旅 游"的"二次出行"模式会更为普遍。东航预计节前节后将迎来一波较为明显的出行高峰。其中，广东各 机场的节前高峰预计将出现在2月13日至15日，广、深两地还将于1月30日至2月1日、2月5日至8日出现 两个进出港高峰；各机场的节后高峰则集中在2月20日至25日。 国际市场方面，东航春运期间持续新开及加密国际航线50余条共计2800余班，主要往东北亚、东南亚、 澳新等冬季热门市场 ...

（王潇雨 摄影） 本报（chinatimes.net.cn）记者王潇雨 北京报道 全球民航机队规模的迅速扩张，在为飞机制造商带来丰厚订单同时，也为航空产业链带来了更多市场空 间的增长，其中一个最重要的领域就是航空售后服务市场。 在最新发布的《全球航空服务市场预测》（Global Services Forecast，下称"GSF"）中，欧洲空中客车公 司（下称"空客"）方面预测，中国的航空售后服务市场规模预计将从2025年的248亿美元增长至2044年 的638亿美元。 全球最大市场 "全球航空售后服务市场正呈现出明显的重心东移趋势，中国也将成为市场价值最大的市场，"空客中国 副总裁、空客中国客户服务负责人赵辰在1月中旬举行的一次媒体宣讲会上对包括《华夏时报》记者在 内的媒体记者表示，"中国在机场基础设施建设和空中交通管理方面持续投入，在保持高运行效率的同 时，支撑了航空交通量的不断增长。根据空中客车全球市场预测（GMF），未来20年中国预计将接收 约9570架新飞机，这将进一步强化飞机全生命周期内对各类服务的需求。" 对于飞机制造商而言，尽管受益于空中交通运输需求的增长，每年都能够获得大量新飞机订单，且手握 ...

【中泰交运｜航空】航司业绩快评：盈利改善确认，春运旺季可期 业绩预告： # 海航控股，①全年归母/扣非归母净利润分别为18～22亿元/9～11亿元，同比扭亏为盈。 ②测算Q4归母/扣非归母净亏损分别为6.45～10.45亿元/16.02～18.02亿元。 # 南方航空，①全年归母/扣非归母净利润分别为8～10亿元/1.3～1.9亿元，同比扭亏为盈。 【中泰交运｜航空】航司业绩快评：盈利改善确认，春运旺季可期 业绩预告： # 海航控股，①全年归母/扣非归母净利润分别为18～22亿元/9～11亿元，同比扭亏为盈。 ②测算Q4归母/扣非归母净亏损分别为6.45～10.45亿元/16.02～18.02亿元。 # 南方航空，①全年归母/扣非归母净利润分别为8～10亿元/1.3～1.9亿元，同比扭亏为盈。 ②测算Q4归母/扣非归母净亏损分别为13.07～15.07亿元/12.33～12.93亿元。 # 中国东航，①全年归母/扣非归母净亏损分别为13～18亿元/27～33亿元，同比减亏。 # ①春运旺季即将来临。 ②测算Q4归母/扣非归母净亏损分别为34.03～39.03亿元/41.05～47.05亿元。 # 中国国航，① ...

截至2026年1月30日收盘，中国东航(600115)报收于5.44元，上涨0.74%，换手率0.85%，成交量144.68万 手，成交额7.87亿元。 当日关注点 交易信息汇总资金流向 1月30日主力资金净流出7158.07万元，占总成交额9.09%；游资资金净流入929.02万元，占总成交额 1.18%；散户资金净流入6229.06万元，占总成交额7.91%。 业绩披露要点业绩预告 中国东航发布业绩预告，预计2025年全年扣非后净利润亏损27亿元至33亿元。中国东航发布业绩预告， 预计2025年全年归属净利润亏损13亿元至18亿元。 公司公告汇总 中国东方航空股份有限公司2025年度业绩预告 中国东方航空股份有限公司预计2025年度利润总额约为人民币2亿元至3亿元，实现扭亏为盈。归属于上 市公司股东的净利润预计为人民币-13亿元至-18亿元，扣除非经常性损益后净利润预计为人民币-27亿元 至-33亿元。主要原因为转回前期可抵扣亏损形成的递延所得税资产，增加所得税费用，导致净利润为 负值。2024年度利润总额为-39.04亿元，上年同期业绩亏损。本业绩预告未经注册会计师审计。 以上内容为证券之星据公开信息整 ...

Investment Rating - The report recommends a positive outlook for the logistics and transportation sector, particularly highlighting companies like SF Holding and China National Aviation [2][4]. Core Views - The express delivery sector saw a year-on-year growth of 2.3% in December, with major companies benefiting from price increases amid reduced competition [2]. - The logistics sector is advised to focus on smart logistics, with Hai Chen Co. recommended due to improved demand [3]. - The aviation sector is experiencing a slight decline in flight volumes, but major airlines like China Southern Airlines and Air China are expected to turn profitable in 2025 [4]. - The shipping sector shows a significant increase in dry bulk shipping index (BDI) by 14.2% week-on-week, indicating a positive trend [5]. Summary by Sections Transportation Market Review - The transportation index fell by 1.3% during the week of January 24-30, 2026, while the Shanghai and Shenzhen 300 index rose by 0.1%, indicating underperformance in the transportation sector [12]. Industry Fundamentals Tracking Shipping Ports - The shipping market is adjusting, with the SCFI index down by 9.7% week-on-week, reflecting weak demand in the long-distance shipping market [20]. - The export container shipping index (CCFI) is at 1175.59 points, down 2.7% week-on-week and down 21.9% year-on-year [21]. Aviation Airports - In December 2025, civil aviation passenger volume reached 60.6 million, a 6% increase year-on-year, with domestic routes showing a similar growth [53]. - Major airlines are expected to see improved profitability, with Air China and China Southern Airlines projected to return to profit in 2025 [4]. Rail and Road - National railway passenger volume in December 2025 was 323 million, up 8.52% year-on-year, while freight volume decreased by 2.60% [72]. - The road freight volume for the same period was 37.97 billion tons, showing a slight increase of 0.62% year-on-year [77].

2025 年预计实现归母净利-13 至-18 亿，2024 年为- 42.26 亿；扣非归母净利-27 至 -33 亿，2024 年 为-49.83 亿。 计算2025Q4 归母净利为-34.03 至-39.03 亿，2024Q4 为-40.88 亿；2025Q4扣非归母净利为- 41.0 至-47.05 亿，2024Q4 为-44.46 亿。 利润总额实现盈利：公司预告2025 年利润总额为盈利2-3 亿，实现扭亏，而归母净利润为负，系公司报 告期内转回部分前期可抵扣亏损形成的递延所得税资产，增加所得税费用。 2025 年，公司持续优化航线网络布局，积极提升营销能力，不断创新服务品质，经营效益显著改善。 2025 年公司完成运输总周转量 279.81 亿吨公里，旅客运输量近1.50 亿人次，分别同比增长 10.82%和 6.68%。 客座率三大航中最高：全年ASK 同比增长6.75%，其中国内、国际分别增长2.02%、18.45%；RPK 同比 增长10.66%，国内、国际分别为5.95%、22.69%。 客座率达85.86%，同比提升3.04pct；国内、国际分别为87.28%、83.22%，同比提升3. ...