春运期间返乡、探亲、学生、旅游等客流叠加，出行高峰集中在节前的腊月二十六至除夕，东北、西 北、西南仍然是返乡客源主要目的地，9天长假形成"先返乡探亲、后出门旅游"的"二次出行"模式，在 正月初五至正月十一还会出现一次明显出行高峰。（编辑：贾昊天 校对：李海燕 审核：韩磊） 根据目前东航客票销售情况，浙江游客主要旅游热点仍集中在"一南一北"的海岛游和冰雪游，热门旅游 目的地包括哈尔滨、沈阳、长白山、延吉、三亚、海口、南宁、汕头、西双版纳，东航浙江分公司针对 热门旅游线路和客流量较大的航线，合理调配宽体机执飞。 《中国民航报》、中国民航网 记者赵瑜 通讯员 俞铮、郑雨婷 报道：春运即将启幕，今年春运期间，东 航浙江分公司计划在浙江全省始发航班6485班次，同比2025年增长4.18%，日均始发174班，全力以赴 保障旅客春运平安、便捷、温馨出行。 据介绍，东航浙江分公司计划开通多条浙江始发的新航线。国内方面，新开宁波至揭阳潮汕、宁波经太 原至兰州、杭州至兰州航线，均为每天一班，新增宁波至成都双流每周三班，进一步织密浙江区域航线 网络，为旅客假期出游带来更多选择。国际方面，随着免签国数量的增加和春节假期的延长，境外 ...

国内航线多为波音737、空客A320、商飞C919这样的160座级载客量的单通道客机执飞。按照征求意见 稿，航班经济舱总座位数小于160（含），免费可选座位范围不低于经济舱总座位数的 70%。假定160 座级客机商务舱座位8个，就意味或有45个左右的经济舱座位航司有权锁座；且这45个座位并不包含12 个左右的安全出口座位，即运行保障性预留座位，这意味着作为增值服务性预留座位大概率为经济舱的 前7-8排。这一锁座比例是否合适，旅客的接受度如何，同样需要观察。 航班"锁座"将有明确标准。1月29日，中国航空运输协会发布关于《公共航空运输企业航班预留座位规 则（征求意见稿）》，首次系统规范航空公司经济舱座位预留的种类、范围、比例及信息告知等关键内 容。 简单来说，征求意见稿规定，国内航班不得开展现金选座服务，仅可使用积分/里程兑换增值服务性预 留座位；国内航班免费可选座位比例最低70%，国际及地区航班免费座位比例最低65%；航司需明确预 留座位释放时间，防止"最后一刻"才放座，且要以显著方式告知免费与预留座位范围等。 这样看来，航班付费选座争议或迎来终结。但需明确的是，征求意见稿仅是团体标准，并非行政法规， 因而无 ...

Core Viewpoint - The Civil Aviation Administration of China (CAAC) is implementing the "Dry-Branch Connectivity and Full Network Integration" strategy to enhance the aviation network by linking trunk airports with branch airports, facilitating regional economic development and improving travel convenience for the public [1][4]. Group 1: Strategic Initiatives - The launch of the "Lan-Jia Express Line" on January 29, 2026, marks a significant step in Gansu's implementation of the national strategy, connecting Lanzhou, Jiayuguan, and Jiuquan to enhance the regional aviation network [1][2]. - The "Lan-Jia Express Line" aims to create a comprehensive aviation service system focusing on high-frequency business travel, with a goal of achieving "morning departures and evening arrivals" for business flights [2][4]. Group 2: Operational Enhancements - The core route of "Jiayuguan-Lanzhou" will have an average of at least 5 flights per day, with plans to increase to 10 flights during the summer peak season, catering to both business and tourism travel needs [2][3]. - The collaboration between Lanzhou Zhongchuan International Airport and Eastern Airlines Gansu Branch aims to significantly reduce passenger wait times for check-in and security, enhancing overall travel efficiency [3]. Group 3: Economic Impact - The Jiayuguan and Jiuquan region, accounting for 41% of the GDP of the Hexi Corridor, will benefit from the "Lan-Jia Express Line" by accelerating the flow of people, capital, technology, and culture, thus promoting economic collaboration between the two cities [4]. - The initiative aligns with the CAAC's strategy to empower regional development through aviation, transforming regional resource advantages into developmental benefits [4].

截至2026年1月29日收盘，中国东航(600115)报收于5.4元，下跌0.74%，换手率1.1%，成交量188.11万 手，成交额10.09亿元。 中国东方航空股份有限公司董事会2026年第1次会议于2026年1月27日召开，审议通过《关于公司2025年 套期保值工作总结及2026年工作计划的议案》和《关于公司2026年度内部审计工作计划的议案》。会议 同意公司在2026年开展汇率和航油套期保值业务，其中汇率方面，美元负债公允价值汇兑远期交易额度 上限为10亿美元，美元购汇现金流汇兑衍生业务额度上限为12亿美元；航油方面，以布伦特原油和上海 国际能源交易中心原油为基准，开展互换、期货合约，额度不超过1,425万桶，期限不晚于2028年。预 计任一交易日持有的最高合约价值不超过202.66亿元人民币，动用的交易保证金和权利金上限不超过 21.13亿元人民币。资金来源为自有资金和金融机构授信。上述事项已由董事会审计和风险管理委员会 审议通过，无需提交股东大会审议。公司已制定相关风控措施，包括设定止损线、选择信用良好的金融 机构作为交易对手等。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备3101 ...

Market Overview - The Federal Reserve maintained the federal funds rate target range at 3.5%-3.75%, aligning with market expectations[9] - The Hang Seng Index closed at 27,827, down 2.58% for the day but up 8.57% year-to-date[3] - The S&P 500 index closed at 6,978, with a slight decrease of 0.01% for the day and a year-to-date increase of 1.94%[3] Stock Performance - Gold prices surged, with spot gold exceeding $5,280 per ounce, marking a monthly increase of over 22%[9] - Semiconductor stocks saw significant gains, with the Philadelphia Semiconductor Index rising by 2.34%[9] - Major tech stocks showed mixed results, with Intel up 11.04% and Microsoft down 6% post-earnings report[9] Sector Highlights - Oil stocks continued to rise, with Shanghai Petrochemical gaining over 5% due to geopolitical tensions driving oil prices up by 3%[9] - New consumer concept stocks performed well, with a snack retail chain soaring 69% on its debut[9] - Airline stocks faced pressure, with China Southern Airlines down 6.83% due to rising operational costs[9] Economic Indicators - The U.S. dollar index fell to 95.51, the lowest since February 2022, contributing to the rise in gold prices[9] - The Japanese yen strengthened, impacting export-related stocks negatively, with Toyota down 3.24%[13] - The Bank of Japan raised its policy rate to 0.75%, the highest in 30 years, indicating a cautious approach to future rate hikes[13]

Group 1 - The report indicates that the A-share market is experiencing a typical spring rally characterized by initial strength followed by stabilization and structural differentiation, with major indices recording positive returns as of January 28, 2026 [6] - The average daily trading volume in January reached 3.04 trillion yuan, an increase of 1.16 trillion yuan month-on-month, indicating a significant influx of new capital and a loose liquidity environment driving the index upward [2] - Regulatory measures, including raising the minimum margin requirement from 80% to 100%, have led to fluctuations in market sentiment and a deceleration in the index's upward momentum [3] Group 2 - The report highlights that technology assets are experiencing a rotation between thematic and cyclical investments, with thematic investments (e.g., commercial aerospace, AI applications) initially favored but cooling off due to increased margin requirements [4] - In the cyclical sector, non-ferrous metals, basic chemicals, and oil & petrochemicals have shown strong performance driven by three factors: demand from high-end manufacturing, proactive supply-side adjustments, and external geopolitical risks [4] - The report anticipates a structural market characterized by a focus on "resources + technology + overseas expansion," with low-risk preference assets potentially outperforming in certain phases [5] Group 3 - The investment strategy emphasizes focusing on "external demand cyclical + AI industry chain," highlighting the potential for global manufacturing recovery to support resource prices and opportunities for Chinese manufacturing to expand overseas [5] - The AI industry remains a clear investment theme, with a shift from thematic to performance-driven investments, particularly in areas with supply shortages such as power supply and semiconductor sectors [5] - The report recommends a selection of stocks across various sectors, including Invesco's Nonferrous ETF, Dongpeng Beverage, and Huazhong Precision, among others, reflecting a diversified investment approach [10]

Market Overview - The aviation and airport sector declined by 0.49% on January 29, with Huaxia Airlines leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Stock Performance - Shanghai Airport (600009) closed at 30.95, up 1.14% with a trading volume of 196,800 shares and a turnover of 605 million yuan [1] - Xiamen Airport (600897) closed at 17.68, up 0.68% with a trading volume of 80,100 shares and a turnover of 141 million yuan [1] - Baiyun Airport (600004) closed at 9.58, up 0.21% with a trading volume of 197,200 shares and a turnover of 188 million yuan [1] - Shenzhen Airport (000089) closed at 7.24, down 0.14% with a trading volume of 212,700 shares and a turnover of 153 million yuan [1] - Spring Airlines (601021) closed at 55.95, down 0.25% with a trading volume of 42,400 shares and a turnover of 236 million yuan [1] - HNA Holding (600221) closed at 1.68, down 0.59% with a trading volume of 3,055,900 shares and a turnover of 513 million yuan [1] - China Southern Airlines (600029) closed at 7.20, down 1.10% with a trading volume of 1,070,300 shares and a turnover of 768 million yuan [1] Fund Flow Analysis - The aviation and airport sector experienced a net outflow of 242 million yuan from institutional investors, while retail investors saw a net inflow of 230 million yuan [3] - Major stocks like Shanghai Airport and Shenzhen Airport had varying net inflows and outflows from different investor types [4] - Shanghai Airport had a net inflow of 28.37 million yuan from institutional investors, while retail investors had a net outflow of 39.44 million yuan [4] - China Southern Airlines had a net outflow of 10.48 million yuan from institutional investors, but a net inflow of 22.85 million yuan from retail investors [4] ETF Performance - The Aerospace ETF (product code: 159227) tracked the National Aerospace Industry Index and saw a 3.00% increase over the last five days, with a net redemption of 78.67 million yuan [6] - The General Aviation ETF (product code: 159230) tracked the National General Aviation Industry Index and had a 2.17% increase, with a net redemption of 5.55 million yuan [7] - The Tourism ETF (product code: 562510) tracked the China Securities Tourism Theme Index and decreased by 4.77%, with a net inflow of 8.09 million yuan [7]

为满足春运期间旅客出行需求，长春机场联合南航、东航、国航等10家航空公司，推出"加密、升级、 恢复、优化"四项举措。一是加密北京大兴、上海浦东、广州、青岛、杭州等重要航点的航班密度，预 计增班818架次；二是将长春至上海、广州、杭州、成都、三亚、首尔等多条航线的部分航班更换为宽 体机型，提升单班运力，计划升级大机型470 架次；三是恢复长龙航长春—烟台/临沂—香港、川航长 春—西安等多条计划内航线；四是将南航长春—长沙—西双版纳、上航长春—威海—上海浦东、东航长 春—郑州—厦门、吉祥航长春—青岛—上海浦东等多条经停航线改造为直飞航线，大幅缩短旅客出行时 间。 2026年春运，长春机场将以安全保障为核心，统筹做好运力调配和服务提升工作，确保春运期间旅客出 行平安顺畅。（编辑：张薇，校对：李季威，审核：韩磊） 本次春运与吉林省冬季冰雪旅游黄金时段叠加，务工流、学生流、探亲流与冰雪旅游流"四流合一"，航 空出行客流以"北上追雪"和"南下避寒"为主。据OTA平台数据显示，南方客源占吉林省冰雪旅游预订总 量的70%以上，其中江浙沪及广东等地客源最为旺盛，长春跻身多平台春运及冰雪游热门目的地前列， 广州—长春、上海—长春 ...

Overview of Public FOF Funds in Q4 2025 - As of Q4 2025, there are 549 FOF products in the market with a total scale of 244.188 billion yuan, an increase of 26.20% compared to Q3 2025 [1][2] - FOFs are categorized into three types based on the proportion of equity assets: bond-type FOFs (less than 30%), balanced FOFs (30% to 60%), and equity-type FOFs (more than 60%) [3] - The scale of bond-type FOFs reached 161.113 billion yuan, accounting for 65.98% of the total market FOF scale, which has been increasing since Q1 2024 [4] FOF Fund Manager Preferences - The top three actively managed equity funds with the most FOF holdings are: 1. Fuquan Stable Growth A (31 FOFs) 2. Boda Jiuhang C (22 FOFs) 3. Zhongou Dividend Enjoyment A (21 FOFs) [20] - The largest FOF holdings by scale are: 1. Xingquan Business Model Preferred A (4.77 billion yuan) 2. Yifangda Information Industry Selected C (3.65 billion yuan) 3. Yifangda Kerong (3.59 billion yuan) [20] Changes in FOF Fund Manager Allocations - In Q4 2025, the most net increased actively managed equity funds by FOFs are: 1. Yifangda Reform Dividend (4 FOFs) 2. Jingshun Longcheng Stable Return C (3 FOFs) 3. Zhongou Small Cap Growth C (3 FOFs) [33] - The largest net increase in scale for actively managed equity funds is for Jingshun Longcheng Stable Return C (0.66 billion yuan) [34] FOF Stock Investment Situation - By Q4 2025, 168 FOFs directly invested in stocks, with the highest proportion in balanced FOFs, followed by equity-type FOFs [1] - The top three stocks held by FOFs are: 1. Zijin Mining 2. Ningde Times 3. Hanwujing-U [1] Performance of Different Types of FOFs - In Q4 2025, the median returns for different types of FOFs are: - Bond-type FOFs: 0.33% - Balanced FOFs: -0.64% - Equity-type FOFs: -1.21% [13] - The top-performing bond-type FOFs in Q4 2025 are: 1. Tianhong Pension Target 2030 One-Year Holding (2.92%) 2. Ping An Yingyue Stable Return One-Year Holding A (1.81%) 3. Guotai Ruiyue Three-Month Holding (1.80%) [15][16] FOF Configuration by Fund Managers - The top three fund managers with the most FOF configurations in Q4 2025 are: 1. Yang Meng 2. Fan Yan 3. Liu Jianwei [1] - The most configured bond-type fund is Guangfa Pure Bond A, held by 32 FOFs [27]

在22日中国展台举办的开幕式暨"你好，中国"冬季旅游推介会上，马德里康普顿斯大学教授佩德罗·加 西亚作为特邀嘉宾讲述了他近期到中国旅行的经历。 令加西亚惊叹的不仅仅是中国的古迹，还有他遇到的人。中国人的热情友善、高效有序给他留下了深刻 印象。"他们努力把一切做到最好。"在他看来，这样的人，在心灵深处"定然蕴藏着美好事物"。这趟中 国之旅让加西亚成为中国的"铁杆粉丝"。他向包括自己学生在内的所有人推荐中国，鼓励他们去中国旅 游。 中国持续简化出入境流程，从支付手段、退税政策、多语种服务等方面为国际游客提供便利。对许多外 国游客而言，"去中国看看"正在从一个复杂的计划变成一次"说走就走的旅行"。 近两年，中国海航、东航、南航等航空公司先后开通了从西班牙不同城市直飞中国的新航线，目前每周 往返两国间的直飞航班数超过60班。 四川航空是本次中国展台的展商之一。自去年4月起，这家航空公司开通了从马德里直飞成都的航线， 并以每周四班的频率运营。川航西班牙营业部负责人黄浩然说，自免签政策生效以来，西班牙游客赴中 国旅游的便利度大大提高，越来越多的人将中国游纳入自己的旅行愿望清单。 （来源：新华日报） 日前举行的第46届马德 ...