证券研究报告 | 行业周报 gszqdatemark 2026 02 08 年 月 日 交通运输 春运拉开帷幕，航空迎周期景气拐点 周观点：2 月 2 日，2026 年春运正式拉开帷幕，首日全社会跨区域人员流动量 18498.6 万人次，比 2025 年同期增长 11.3%，其中民航客运量 223.4 万人次，比 2025 年同期增长 7.4%；根据航班管家，截至 2 月 6 日，2026 年春运民航累计平 均票价 840 元、同比 2025 年同期增长 3.0%，累计客座率 83.3%、同比 2025 年 同期增长 1.2 个百分点。在春运高景气预期下，继续看好" 扩内需"及" 反内卷" 下航空板块中长期景气度。 行情回顾：本周（2026.2.2-2026.2.6）交通运输板块行业指数上涨 1.90%，跑赢 上证指数 3.17 个百分点（上证指数下跌 1.27%）。从申万交通运输行业三级分类 看，涨幅前三名的板块分别为航空运输、快递、物流，涨幅分别为 8.15%、3.76%、 1.24%；跌幅前三名的板块分别为公路货运、航运、港口，跌幅分别为-0.85%、- 0.44%、-0.40%。 航运港口：VLCC ...

Investment Rating - The report indicates a positive outlook for the transportation sector, with specific recommendations for companies such as SF Holding and China Southern Airlines [2][4]. Core Insights - The express delivery sector experienced a year-on-year growth of 2.3% in December, with major companies benefiting from price increases due to reduced competition. The total express business revenue for 2025 reached 1.5 trillion yuan, a 6.5% increase year-on-year [2]. - The logistics sector is seeing improvements with DSV's integration of DB Schenker progressing ahead of schedule, and a focus on smart logistics is recommended for Hai Chen Co. [3]. - The aviation sector is witnessing a slight decrease in flight volumes, but ticket prices are expected to rise due to supply constraints from manufacturers. Recommendations include China National Aviation and China Southern Airlines [4]. - The shipping sector shows a mixed performance, with container shipping rates declining while oil transport indices are on the rise, indicating a potential increase in oil transport demand [5]. - The road and rail sectors are showing stable growth, with significant increases in truck traffic on highways and a notable rise in the dividend yield of major public road operators [6][79]. Summary by Sections 1. Transportation Market Review - The transportation index rose by 1.8% during the week of January 31 to February 6, 2026, outperforming the Shanghai Composite Index by 3.2% [1][13]. 2. Industry Fundamentals Tracking 2.1 Shipping Ports - The export container shipping index (CCFI) was reported at 1122.15 points, down 4.5% week-on-week and down 20.7% year-on-year. The Shanghai export container shipping index (SCFI) was at 1266.56 points, down 3.8% week-on-week and down 33.2% year-on-year [21]. 2.2 Aviation Airports - In December 2025, civil aviation passenger volume reached 60.6 million, a 6% increase year-on-year, with domestic routes showing a 6% increase and international routes a 9% increase [56]. 2.3 Rail and Road - In December 2025, national railway passenger volume was 323 million, up 8.52% year-on-year, while road freight volume was 3.797 billion tons, up 0.62% year-on-year [77][79].

来源：新民晚报 近日，有网友发文称 乘坐中国国航的航班 在登机前要现场称体重 引发热议 对此，2月6日，记者致电中国国际航空95583客服热线了解到，称体重是为了保证航班的业载重量保持 在限制范围之内，"飞机承重是有上限的，可能是担心这个问题"，对于旅客体重情况不记名，国航客服 人员表示，目前对旅客没有体重方面的限制。 对于登机前要现场称体重 有网友觉得内心别扭 也有网友表示支持 称体重对于飞机 应该是一件很重要的事 评论区中有网友表示，比较介意被他人看到自己的体重，能否选择不称重？对于称体重是否遵循自愿原 则，国航客服表示需查询后答复，发帖网友则回复称，"机场人员会询问，每个人都是自愿称重的，还 给了小礼物。" 据了解，航空公司定期采集旅客体重数据是国际通行做法。此前，新西兰航空、芬兰航空、大韩航空等 多家国际航司均进行过类似的体重调查工作。定期采集真实数据有助于更新这些标准平均值，确保飞行 安全计算的准确性，使航班业载控制更加科学合理。 公开资料显示，中国民航局目前批准航空公司使用"标准平均重量"体系，成人旅客标准体重参考值为73 公斤~75公斤。 "为了安全 支持航空公司这一工作" 新民晚报综合中国新闻 ...

Investment Rating - The report maintains a positive outlook on the transportation industry, particularly highlighting the potential for a "golden era" in aviation [1]. Core Insights - The report emphasizes India's potential reduction in oil imports from Russia, shifting towards sourcing from non-sanctioned countries like the US and Venezuela, which could impact shipping dynamics [3]. - The strengthening of the US dollar is expected to benefit the shipbuilding sector, with Q1 performance anticipated to improve [3]. - The report suggests that the aviation sector is poised for significant growth due to historical high passenger load factors and increasing international travel demand, despite supply constraints [3]. Summary by Sections Transportation Industry Performance - The transportation index increased by 1.90%, outperforming the Shanghai Composite Index by 3.23 percentage points [4]. - The aviation sector saw the highest increase at 8.15%, while the raw materials supply chain services experienced a decline of 2.10% [4]. Shipping and Freight Rates - The VLCC average freight rate rose slightly by 2% to $124,743 per day, with Middle East to Far East rates remaining stable at $134,282 per day [3]. - The report notes fluctuations in various shipping rates, with Suezmax rates declining by 3% to $94,768 per day and Aframax rates down by 7% to $91,146 per day [3]. Aviation Sector - The report highlights the unprecedented challenges in the aircraft manufacturing supply chain and the aging fleet, which is expected to constrain supply [3]. - It predicts a significant improvement in airline profitability as more capacity is allocated to international routes, marking a turning point for the industry [3]. Express Delivery and Logistics - The express delivery sector faces uncertainties in demand and regulatory policies, but leading companies like ZTO Express and YTO Express are expected to gain market share [3]. - SF Express is noted for its structural adjustments and potential bottoming opportunities [3]. Rail and Road Transport - Rail freight volumes and highway truck traffic are showing resilience, with national rail freight reaching 76.1 million tons, a 2.27% increase week-on-week [3]. - The report identifies two main investment themes in the highway sector: high dividend stocks and undervalued stocks with potential for market capitalization management [3].

当前航空货运市场进入旺季，叠加三亚⇌米兰全货机跨境电商业务的持续发力，市场货运需求显著 增长。面对业务高峰，凤凰机场主动加强与航空公司、寄递企业、货运代理等多方协同，科学统筹航班 腹舱与全货机航线资源，实现运力高效调配。 为提升整体保障效率，三亚机场持续优化货物分拣、机坪装卸、仓储转运等关键环节，通过增设保 障设施、升级作业设备、充实一线人员等措施，全面提升货邮处理能力。三亚机场党委和货运党支部组 建的"党员先锋队"将在春节期间分批下沉一线支援保障，将党建引领贯穿货运安全、服务提升、生产运 输全过程，为货运高峰保障提供坚实支撑。（记者 邓海宁 李艳玫） 春运以来，客流热度持续升温，2月6日，海口美兰机场单日客流量突破10万人次。客运市场持续火 热的同时，货运市场也马力全开，2月5日，美兰机场货邮吞吐量1192吨，三亚凤凰机场货邮吞吐量690 吨，均创下单日货邮量历史新高。 据了解，春运美兰机场客流高峰预计出现在2月23日（正月初七），单日运送旅客有望超过12万人 次。为进一步释放旅客的出行需求，美兰机场春运期间联合国航、东航、南航、海航等13家航司，在海 口往返北京、上海、西安等多个热门城市的航线上增加183 ...

Core Perspective - The Civil Aviation Museum is leveraging its unique industry characteristics to attract visitors and enhance educational offerings, particularly during the upcoming Spring Festival with a series of themed activities focused on aviation technology and flight culture [3][4]. Group 1: Thematic Activities - The museum has planned a series of 18 themed activities for the Spring Festival titled "Galloping Horses, Welcoming Spring," emphasizing high industry recognition and focusing on aviation science and flight culture [3]. - Activities include a "Drone Welcoming New Year" event, featuring a "Camel 500H" heavy-lift drone, allowing visitors to engage in hands-on experiences such as drone obstacle courses and competitions [3]. - The "Museum Gift Shop" section includes a "Connecting Flights Exhibition," where the museum collaborates with regional airlines to educate the public about China's aviation network through interactive experiences [4]. Group 2: Educational Initiatives - The museum has conducted 437 educational activities from 2021 to 2025, serving approximately 249,000 offline visitors and over 1.42 million online participants, despite having only two core staff members in the education department [5]. - To address staffing challenges, the museum has implemented a volunteer service mechanism, inviting industry professionals such as pilots and flight attendants to serve as guest instructors, enhancing the educational experience [5]. - Partnerships with aviation universities have been established to involve students as volunteers, providing a platform for practical experience while enriching the museum's educational offerings [6]. Group 3: Outreach and Accessibility - The museum is actively expanding its outreach by taking educational services into schools and communities, significantly increasing its service radius [7]. - A "Big Classroom" initiative has been launched, connecting with local schools to facilitate educational activities, with over 2,000 students participating in recent programs [7][10]. - The museum is also enhancing its facilities, including the transformation of an Airbus A310 into an interactive learning environment, integrating VR and AR technologies for immersive educational experiences [10]. Group 4: Cultural Heritage and Industry Spirit - The museum's educational efforts also focus on instilling a sense of patriotism and industry spirit, particularly through exhibitions related to historical events like the "Two Aviation Uprisings" and showcasing significant artifacts [10][12]. - The museum aims to convert static exhibits into engaging educational tools, allowing youth to connect with the history and values of the civil aviation industry [12]. - By utilizing various channels to collect and preserve historically significant artifacts, the museum emphasizes the spirit of dedication and patriotism among civil aviation professionals [12].

（来源：消费日报官方平台） 据中国新闻周刊，对此，2月6日，记者致电中国国际航空客服热线了解到，称体重是为了保证航班的业载重量保持在限制范围之内，"飞机承重是有上限 的，可能是担心这个问题"，对于旅客体重情况不记名，"肯定会进行保密"。客服人员表示，目前对旅客没有体重方面的限制。 rant 144, 2 1191 A 201 .. .. � 05 e start the state ge the t re, and 7 0 10 art a provin r (4) 与日 70 d a Amil == 917 p 34 r 44.2 评论区有网友提出，部分乘客可能对公开称重数据有所顾虑，是否可以自主选择不参与体重测量？针对体重测量是否采取自愿参与的方式，航空公司客服 回应需要进一步核实后给予明确答复。而发布相关讨论的网友补充说明："现场工作人员会逐一征询乘客意见，所有测量都是在自愿基础上进行的，参与 者还会收到纪念品。" 有部分网友坚决反对，认为体重属于高度个人隐私，绝不应被公开。还有部分网友表示，为了安全可以理解。 转自：消费日报官方平台 近日，有网友发文称，乘坐中国国航的航班在登机前要现场称体重，引发热议 ...

Core Viewpoint - The participation of China Commercial Aircraft Corporation (COMAC) in the 2026 Singapore Airshow highlights its ongoing efforts to expand the international market for Chinese-made commercial aircraft, showcasing models like the C919 and C909 [2][3]. Group 1: Aircraft Showcase and Market Presence - COMAC displayed multiple domestic aircraft, including the C919 and C909, at the Singapore Airshow, marking its second participation in an international airshow after the 2025 Dubai Airshow [2][3]. - The C909 aircraft has been successfully operated in Indonesia, Laos, and Vietnam, with a total of 9 units operating over 20 routes, transporting over 700,000 passengers [3][4]. - As of December 2025, the C909 has been delivered to three overseas customers, with operational routes including 11 by Wings Air, 5 by Laos Airlines, and 3 by VietJet Air [3][8]. Group 2: Aircraft Specifications and Performance - The C909 can carry 78-97 passengers with a range of 2,225-3,700 kilometers, while the C919 accommodates 158-192 passengers with a range of 4,075-5,555 kilometers, both designed for various operational conditions [4][6]. - By the end of 2025, over 200 units of both aircraft types have been delivered, with more than 800 routes opened, serving over 36 million passengers [5][8]. Group 3: Orders and Future Developments - During the airshow, COMAC signed an order for 6 C909 firefighting aircraft with Shanxi Successful General Aviation, enhancing its emergency response capabilities [6][8]. - The C909 medical aircraft was also showcased, designed for various medical applications, indicating COMAC's commitment to diversifying its product offerings [7][8]. Group 4: Operational Growth and Challenges - The C919 fleet has shown significant operational growth, with an average passenger load factor of 84.3% and a monthly flight volume increase of 123.1% year-on-year as of December 2025 [9][10]. - Despite the positive growth, COMAC faces challenges in increasing production capacity and meeting delivery targets, with only 15 units delivered in 2025 against a target of 50 [10].

munimal de pa] 15 . 8 .. 5 1 = . Ke may A 20 a 1 10 . 22 e 22 1 11:20 10 es 499 846 t the st T Party of t an 4:50 p 400 � r t 18450 si SUCAS A 1 - 1 s 14 program the the D 用 the the 12 . 8 STATE . an and LA e = l ..... Z 15 下滑 P ost TIFE! 4 2 0 2月6日，记者致电中国国际航空95583客服热线。客服表示，称旅客体重是为了保证航班的业载重量保 持在限制范围之内。"我们对于旅客体重情况不记名，数据保密，如果旅客不愿意当众称量，也可以和 现场工作人员沟通，安排隐私的空间称量。"此外，该客服人员表示，目前航司对旅客没有体重方面的 限制。 据公开资料显示，中国民航局目前批准航空公司使用"标准平均重量"体系，成人旅客标准体重参考值为 73公斤-75公斤。（新京报，德塔） 【#国航回应一航班登机前要称乘客体重#】2月5日，有网友在社交媒体发文称，其在上海乘坐中国国航 的航班在登机前要 ...

转自：今晚报 【#航司回应坐飞机要称体重#】近日，有网友发文称，乘坐中国国航的航班在登机前要现场称体重，引 发热议。其展示的航司短信中称，根据中国民航局要求，需定期进行旅客体重样本的采集工作，以便于 航空公司对旅客体重标准进行修订，"本次航班将对所有乘机旅客进行登机重量测量，测量数据不记名 且保密，仅用于为航空公司提供修订旅客体重标准的依据。"对此，2月6日，中国国际航空表示，称体 重是为了保证航班的业载重量保持在限制范围之内，"飞机承重是有上限的，可能是担心这个问题"，对 于旅客体重情况不记名，"肯定会进行保密"。国航客服人员表示，目前对旅客没有体重方面的限制。评 论区中有网友表示，比较介意被他人看到自己的体重，能否选择不称重？对于称体重是否遵循自愿原 则，国航客服表示需查询后答复，发帖网友则回复称，"机场人员会询问，每个人都是自愿称重的，还 给了小礼物。" （中国新闻周刊）#过年前的工作强度# （来源：今晚报） ...