研学游近年来成为热门的旅行方式，大兴机场积极对接各中小学校，做好"发现'兴'世界"讲解服务，工 作人员将带领学生们深度游览航站楼，以"新国门"故事为线索，沿途介绍大兴机场建设运营历程中的突 出成就和实景案例，生动展现大国重器背后的中国智慧和中国力量，让学生们厚植民族自信与家国情 怀。 《中国民航报》、中国民航网 记者张丰蘩 通讯员付英轩 报道：春运叠加寒假，儿童学生旅客群体进一 步增多，大兴机场携手驻场单位积极做好各项服务保障，完善便捷的出行服务与设施，为各个年龄段的 儿童学生旅客们留下美好回忆。 针对假期出行的小旅客，大兴机场服务人员将主动识别引导，提供贴心帮助，航站楼国内候机区内设有 飞机模型、树林小屋等游乐设施，近期还推出"归兴肆见"主题市集，展销琳琅满目的特色产品，带来好 玩又好逛的出行体验。此外，工作人员们将在儿童活动区、音乐花园、电扶梯等关键点位做好巡视，提 示小旅客避免追跑攀爬、不安全使用手推车等行为，还在部分柜台安装了防撞角，避免磕碰意外。 此外，大兴机场还将出行服务前移至客源地高校，近年来携手南航、东航、国航、中联航、厦航等10余 家驻场航司，积极与北京高校、廊坊高校建立联动机制，深入了解大 ...

航空股全面爆发，迎接周期大行情 20260204 摘要 中国对外免签政策和中转旅客增加推动航空业高增长，日韩旅客经中国 中转至欧洲的需求显著。 国内因私出行需求旺盛，银发游和学生假期有效支撑淡季客座率，整体 客座率维持历史高位，平滑波谷效应显著。 当前油价与汇率呈现利好趋势，人民币升值和油价同比下降降低航空公 司运营成本。收益管理方面，航空公司优化模型，牺牲部分客座率以提 升票价。 春节期间，客座率增长和票价上涨并存，国际航线中东南亚、韩国等地 票价涨幅显著，但日本和北美市场表现疲软。 航空供给受限于飞机产能，波音和空客订单排满，未来五年供给将持续 受限，油价与汇率的稳定对基本面改善至关重要。 预计 2026 年航空业将迎来大周期起点，供需关系、成本控制和收益管 理均呈现积极信号，对航空股市场持乐观态度。 春运数据显示国内航线进入提价周期，即使不考虑错期效应，票价也将 逐步上涨，且涨幅高于供需差，将支撑股市进一步上涨。 Q&A 2026 年航空股市场的需求情况如何？ 2026 年航空股市场的需求呈现出较高的确定性，主要体现在入境游和国内公 商务出行两方面。首先，2025 年是免签入境的元年，免签入境游客同比增 ...

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [7] Core Views - The report highlights three main investment themes for February: aviation, oil shipping, and road transportation, driven by the Spring Festival travel peak and geopolitical factors [1][2][3] - The aviation sector is expected to benefit from improved supply-demand dynamics, with a focus on major airlines [1][2] - Oil shipping is anticipated to see price increases due to geopolitical tensions affecting supply [1][3] - The road transportation sector is viewed as a stable dividend asset amid market volatility, with specific recommendations for certain stocks [1][5] Aviation - The passenger load factor for 2025 is projected to rise to 85.1%, with ticket prices showing a mixed trend [2][14] - The Spring Festival is expected to catalyze stock price movements, with a forecast of 95 million passengers during the travel period, a 5.3% increase year-on-year [16][28] - The report notes that fuel price increases are manageable, as fuel surcharges can cover most cost increases [20][21] Oil Shipping - In January, oil shipping rates continued to strengthen due to increased demand from geopolitical tensions in Venezuela and Iran [3][34] - The report indicates that oil shipping rates are expected to rise further post-Spring Festival, despite a potential short-term dip during the holiday season [34][36] Logistics - The express delivery sector is experiencing a slowdown in volume growth, while prices remain stable [4] - There are signs of recovery in the hazardous materials logistics sector, driven by improved supply-demand dynamics in the upstream chemical industry [4] Road Transportation - The road transportation sector is characterized by high demand for both passenger and freight services, with a notable increase in short-distance travel during the Spring Festival [5][28] - The report recommends specific stocks in the road sector, highlighting their potential for stable returns amid market fluctuations [1][5] Airport Operations - The report emphasizes the steady growth in passenger throughput at listed airports, with international routes contributing significantly to this growth [28] - It also notes that new capacity coming online may impact profitability, particularly for airports undergoing capital expenditure cycles [28][33]

Group 1 - The US ADP employment report for January showed an increase of only 22,000 jobs, falling short of market expectations [3][12] - The US Treasury Department has maintained its debt issuance strategy, continuing its forward guidance that has been in place for two years [12] - The WTI crude oil price rose to $65 per barrel, reflecting a nearly 2% increase before retracting some gains, while Brent crude oil closed at $68.47 per barrel, up 1.14% [4][7] Group 2 - The major US stock indices showed mixed results, with the Dow Jones Industrial Average rising by 0.53%, while the Nasdaq Composite fell by 1.5% and the S&P 500 declined by 0.51% [4][7] - In the Hong Kong market, the Hang Seng Index closed up 0.05%, while the Hang Seng Tech Index fell by 1.84%, with coal stocks showing strong performance [5][7] - The A-share market saw the Shanghai Composite Index rise by 0.85%, driven by strong performances in the photovoltaic and coal sectors, while the ChiNext Index fell by 0.40% [6][7]

Group 1 - The aviation and airport sector experienced a significant increase of 5.9% on February 4, with Huaxia Airlines leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the aviation sector showed notable price increases, with Huaxia Airlines rising by 10.02% to a closing price of 11.53, and China Eastern Airlines increasing by 9.98% to 6.28 [1] Group 2 - The net inflow of main funds in the aviation and airport sector was 796 million yuan, while retail funds saw a net outflow of 396 million yuan [1] - Major stocks like Hainan Airlines and China Eastern Airlines had varying levels of net fund inflow and outflow, with Hainan Airlines seeing a net inflow of 336 million yuan from main funds [2] - Retail investors showed a negative trend, with significant outflows from stocks such as China Eastern Airlines and China Southern Airlines, indicating a cautious sentiment among smaller investors [2]

Market Overview - The Hong Kong stock market showed mixed performance, with the Hang Seng Index closing up 0.05% at 26,847.32 points, while the Hang Seng Tech Index fell 1.84% to 5,366.44 points [1] - The trading volume for the day was HKD 285.43 billion [1] Blue-Chip Stocks Performance - Tencent (00700) declined by 3.96% to HKD 558, contributing to a drop of 78.28 points in the Hang Seng Index [2] - Other notable blue-chip movements included Xinyi Glass (00868) rising 5.88% to HKD 10.81, and China Shenhua (01088) increasing by 5.67% to HKD 42.9 [2] Sector Performance Coal Sector - The coal sector saw significant gains, with Yancoal Australia (03668) up 11.05% to HKD 34.98, and China Shenhua (01088) up 5.67% [3][4] - Indonesian miners have suspended spot coal exports due to a government plan to cut production by 40% to 70%, which is expected to impact coal prices positively [4] Aviation Sector - Airline stocks performed well, with China Eastern Airlines (00670) rising 6.72% to HKD 6.19, and China Southern Airlines (01055) up 5.57% [4] - The upcoming Spring Festival is expected to set records for passenger volume, with a reported increase of 5.3% in air passenger numbers compared to the same period last year [4] Photovoltaic Sector - The photovoltaic sector experienced a boost, with Xinyi Energy (03868) rising 4.24% to HKD 1.23, following reports of a visit by Elon Musk's team to Chinese solar companies [5] - The visit focused on technology and production capabilities, indicating potential future collaborations [5] Real Estate Sector - The real estate sector showed strong performance, with Sunac China (01918) up 8.77% to HKD 1.24, driven by supportive government measures for the housing market [6] - Recent data indicates a robust performance in the second-hand housing market across major cities [6] Software Sector - The software sector faced significant declines, with Inspur Digital (00596) down 9.92% to HKD 4.27, attributed to fears surrounding AI advancements potentially disrupting traditional software models [7] Notable Stock Movements - Guoen Technology (02768) debuted with a rise of 11.56% to HKD 40.16, following its IPO pricing at HKD 36 per share [8] - COSCO Shipping Energy (01138) increased by 8.1% to HKD 15.35, driven by rising shipping rates due to geopolitical tensions [9] - Goldwind Technology (02208) fell 6.78% to HKD 13.75 amid an EU investigation into its market practices [10]

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index closing up 0.05% at 26,847.32 points, while the Hang Seng Tech Index fell 1.84% to 5,366.44 points. The total trading volume was HKD 285.43 billion [1] - Guosen Securities remains optimistic about the spring market, focusing on performance-driven investments despite a rebound in the US dollar index and rising US Treasury yields impacting liquidity in the Hong Kong market [1] Blue-Chip Stocks - Tencent Holdings (00700) declined by 3.96% to HKD 558, contributing a loss of 78.28 points to the Hang Seng Index, influenced by restrictions on its AI application "Yuanbao" [2] - Other notable blue-chip performances included Xinyi Glass (00868) rising 5.88% to HKD 10.81, and China Shenhua Energy (01088) increasing by 5.67% to HKD 42.9 [2] Sector Performance Coal Sector - Coal stocks surged following Indonesia's suspension of spot coal exports due to a significant production cut plan, with Yancoal Australia (03668) up 11.05% and China Shenhua (01088) up 5.67% [3] - The Indonesian government has reduced production quotas by 40% to 70% compared to 2025 levels, aiming to boost coal prices [3] Aviation Sector - Airline stocks strengthened with China Eastern Airlines (00670) rising 6.72% and China Southern Airlines (01055) up 5.57%, driven by expectations of record passenger volumes during the Spring Festival travel period [4] - The Civil Aviation Administration reported a 5.3% year-on-year increase in passenger volume on the first day of the Spring Festival [4] Photovoltaic Sector - Photovoltaic stocks saw gains, with Xinyi Energy (03868) up 4.24% and GCL-Poly Energy (03800) up 2.86%, following reports of Elon Musk's team visiting Chinese solar companies for potential collaborations [5][4] Real Estate Sector - Real estate stocks performed well, with Sunac China (01918) rising 8.77% and Vanke (02202) up 6.18%, supported by strong transaction volumes in the second-hand housing market in major cities [6] Software Sector - Software stocks faced significant declines, with Inspur Digital (00596) down 9.92% and China Software International (00354) down 6.72%, amid fears of AI tools disrupting traditional software subscription models [7] Notable Movements - Guoen Technology (02768) debuted with an 11.56% increase, closing at HKD 40.16, following its IPO pricing at HKD 36 per share [8] - COSCO Shipping Energy (01138) rose 8.1% to HKD 15.35, driven by geopolitical factors affecting shipping rates [9] - Goldwind Technology (02208) fell 6.78% to HKD 13.75 due to an EU investigation into its government subsidies [10]

智通财经2月4日讯（编辑 胡家荣）港股三大指数表现不一。截至收盘，恒生指数涨0.05%，报26847.32点；科技指数跌1.84%，报5366.44点；国企指数跌 0.05%，报9048.38点。 今日市场 从市场表现来看，煤炭、房地产、航空、医药等个股逆势走强，而SaaS、光通讯、AI应用等科技成长方向则普遍承压，市场情绪受内外因素交织影响。 焦炭首轮提涨落地 飞尚无烟煤领涨 截至收盘，飞尚无烟煤(01738.HK)涨20%、兖煤澳大利亚(03668.HK)涨11.05%、兖矿能源(01171.HK)涨10.58%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 ◆ | | --- | --- | --- | --- | --- | | 01738 | 飞尚无烟煤 | 0.126 | +0.021 | +20.00% | | 01303 | 汇力资源 | 0.270 | +0.040 | +17.39% | | 03668 | 兖煤澳大利亚 | 34.980 | +3.480 | +11.05% | | 01171 | 究矿能源 | 12.440 | +1.190 | +10.58% | | 00 ...

2月4日，三大指数涨跌不一，截至收盘，上证指数涨0.85%，深证成指涨0.21%，创业板指跌0.4%，科创50跌1.2%。两市超过3100只股票飘红，两市成交额 约2.48万亿元。 消息面上，上海市启动首批收购二手住房用于保障性租赁住房项目试点，聚焦浦东新区、静安区、徐汇区的小户型二手房源。机构认为，上海二手房收储试 点是积极举措，有助于缓解供给压力。此外，二手房市场率先回暖显示"小阳春"行情提前显现，核心城市韧性凸显，可能推动房企去库存和业绩改善。 机场航运概念走强，中国东航（600115.SH）、华夏航空（002928.SZ）涨停10%，南方航空（600029.SH）、中国国航（601111.SH）涨幅居前。 消息面上，近日全国春运电视电话会议预计，2026年春运跨区域人员流动量将达95亿人次，同比增长约5.3%，或将再创历史新高。 跌幅榜上，黄金、商业航天等概念走弱，臻镭科技（688270.SH）跌9.79%，四川黄金（001337.SZ）跌近9%，航天动力（600343.SH）跌4.81%。 AI应用、AI算力等人气板块亦走弱，壹网壹创（300792.SZ）跌8.57%，新易盛（300502.SZ）跌 ...

Group 1 - The core viewpoint is that the extension of the Spring Festival holiday in 2026 will continue to support strong demand for family visits and travel [2] - The 2024 Spring Festival holiday will be adjusted to 8 days, extending by 1 day compared to 2023, and encouraging time off from New Year's Eve [2] - The 2025 Spring Festival holiday will increase by 1 day, optimizing the adjustment principles, and the significant "拼假" effect will be evident [2] Group 2 - The expected cross-regional personnel flow during the 2026 Spring Festival is projected to reach 9.5 billion, a year-on-year increase of approximately 5.3%, setting a new historical high [3] - The railway is expected to send 539 million passengers, a 5.0% increase year-on-year, with passenger capacity also increasing by 5.3% [3] - The civil aviation sector anticipates a passenger transport volume of 95 million, a year-on-year growth of 5.3%, with Southern Airlines and Eastern Airlines expecting daily flight increases of 4.2% and 3.6% respectively [3] Group 3 - The 2026 Spring Festival travel demand is expected to be strong, with a gradual increase in passenger flow and ticket prices maintaining year-on-year growth [4] - The pre-holiday week will see a mix of business and travel passengers, with a confirmed peak in passenger flow before the holiday [4] - The average domestic ticket price is expected to continue rising, supported by high passenger load factors and market-driven pricing [4] Group 4 - The Chinese aviation industry is anticipated to enter a "super cycle," driven by market-driven pricing and a recovery in demand and passenger structure [5] - The long-term logic will provide dual space for performance valuation, with continuous positive feedback from fundamentals and seasonal performance catalyzing market optimism [5] - Recommendations include increasing holdings in major airlines such as Air China, Juneyao Airlines, China Eastern Airlines, China Southern Airlines, and Spring Airlines [5]