Core Viewpoint - The 2026 Spring Festival travel season has commenced, with significant increases in flight operations and passenger traffic, driven by a combination of returning home, family visits, student travel, and tourism demand [1][3][4]. Flight Operations - The Civil Aviation Administration of China (CAAC) anticipates a total of 19,080 flights and 2.19 million passengers on the first day of the Spring Festival travel period [3]. - Beijing Capital Airport and Daxing Airport plan to handle a total of 88,800 flights during the Spring Festival, representing a year-on-year increase of approximately 1.67% [3]. - China Southern Airlines and Air China are increasing their flight capacities significantly, with Air China planning over 70,000 passenger flights during the Spring Festival, and a 15% increase in capacity for routes to Northeast China [4][5]. Route Focus - Airlines are concentrating on domestic routes related to winter tourism and family visits, with Air China adding 25 aircraft and focusing on popular destinations like Sanya, Harbin, and Chengdu [4]. - China Eastern Airlines is adjusting its flight schedules to accommodate a "two-trip" model, prioritizing family visits before tourism, and increasing flights to regions like Northeast and Northwest China [5]. Passenger Services - Airlines are enhancing customer service offerings, such as Air China's "2+2+2" ticket purchase guarantee and China Eastern's online ticket standby service, which allows passengers to apply for standby tickets through their app [6]. - China Southern Airlines has introduced dedicated channels for transporting ski equipment, while Hainan Airlines is promoting seamless check-in and baggage transfer services across multiple airports [6]. Airport Operations - Airports are optimizing transportation services, with new bus routes added to connect major railway hubs to Beijing Capital Airport [7]. - Daxing Airport has implemented measures to ensure smooth flight operations during winter weather, including coordination with relevant authorities for real-time flight adjustments [7].

Core Viewpoint - The 2026 Spring Festival travel season has officially begun, with significant increases in flight operations and passenger traffic, driven by a combination of returning home, family visits, student travel, and tourism demand [1][2]. Group 1: Flight Operations and Passenger Traffic - The civil aviation sector is expected to operate 19,080 flights and transport 2.19 million passengers on the first day of the Spring Festival travel season [1][2]. - Beijing's two airports, Capital and Daxing, plan to handle a total of 88,800 flight takeoffs and landings during the Spring Festival, representing a year-on-year increase of approximately 1.67% [2]. - Major airports such as Guangzhou Baiyun, Shanghai Pudong, and Shenzhen Baoan are experiencing the highest operational traffic, with specific routes showing strong demand [2]. Group 2: Capacity Expansion and Route Adjustments - Airlines are increasing capacity on domestic and international routes, focusing on popular destinations for winter tourism and family visits [3][4]. - Air China plans to operate over 70,000 passenger flights during the Spring Festival, with a 15% increase in capacity for routes to Northeast China [3]. - China Southern Airlines is enhancing its flight frequency on key routes, including those to popular tourist destinations in the north and south [3]. Group 3: New Services and Passenger Experience Enhancements - Airlines are introducing various services to improve passenger experience, such as online ticket standby options and specialized baggage handling for ski equipment [6][7]. - China Eastern Airlines is adjusting its flight schedules to accommodate a "two-trip" travel pattern, focusing on routes for family visits and tourism [4]. - New transportation services have been added at airports, including additional bus routes to major railway hubs in Beijing [6][7]. Group 4: Emergency Preparedness and Operational Coordination - Airports are implementing emergency plans to address potential weather-related disruptions during the travel season [7]. - Coordination efforts between airport authorities and transportation management are in place to optimize vehicle flow and enhance passenger waiting experiences [7].

转自：中国证券报·中证网 中证报中证网讯（记者 王婧涵）2月2日，记者从国航获悉，2026年春运期间，国航计划执行的客运航 班总量将超过7万班次，较2025年春运增长约10.1%，在册飞机数量同比增加25架，日均航班量约1800 班次。为应对"四流叠加"的出行需求，运力投放进行了针对性调整。 国际方面，国航春运期间运力投入同比增长10.1%，增投覆盖悉尼、奥克兰、新加坡、首尔、曼谷等地 的17条热门航线。 为服务冰雪旅游市场，国航在东北地区运力投入同比增长15%，北京、成都、上海、杭州等地至哈尔滨 的航线已陆续投入宽体机运营，每周新增座位超1.2万个。 在西部地区，国航增班超500班次，覆盖丽江、大理、西双版纳、阿勒泰、喀什等热门旅游目的地。 国航表示，春运期间，国航9架C919国产大飞机将全部投入春运航班运行，继续执飞北京至杭州、成 都、武汉、西安等航线。此外，国航还宣布将部分现有服务进行整合升级，例如将覆盖13条航线的"国 航快线"产品进行标准化。 国内方面，国航重点聚焦京津冀、长三角、粤港澳、成渝四大城市群间的近50条骨干航线，航线范围覆 盖全国，航班保持高位运行。为满足旅客暖冬出行需求，国航在华南及海 ...

作者 | 第一财经 陈姗姗 2026.02. 02 本文字数：2338，阅读时长大约4分钟 2月2日，为期40天的2026年春运正式拉开帷幕。由于返乡探亲、学生放假、旅游度假多重客流叠加，使得春运首日就呈现出需求旺盛、出行目的地多 元等特征。 民航局数据显示，今天全民航预计保障航班19080班，运输旅客219万人次。据航旅纵横大数据，春运第一天的国内航线机票预订量超186万张，比去 年春运同期增长约5%；出入境航线机票预订量超25万张，比去年春运同期增长约7%。 记者采访的多家航司和旅游平台均预计，在史上最长春节、亲子游需求火热、外国游客"反向春运"体验中国年等多重因素叠加下，今年春节有望刷 新"最热春节"纪录，民航旅客量也有望创历史新高。 国内部分航线已售罄 在上海虹桥国际机场记者看到，早晨7点多开始，2026年春运的首个进出港航班高峰就已到来，出发大厅区域旅客往来密集。 东航地服部虹桥旅客服务中心副总经理熊杰对记者介绍，连日来东航日均服务的进出港旅客数量持续增长，特别是随着上海市中小学放假，携带孩子出 行的家庭旅客和无陪伴儿童数量明显增多。今天春运首日，东航的旅客运输量将突破42万人次。 东航营销部网络收 ...

来源：环球网 产品服务多维焕新 科技赋能优化全流程体验 春运期间，国航将围绕旅客全流程出行需求，统筹推进文化体验、责任践行与科技赋能协同发力，不断 提升服务品质与体验温度。 在空地服务体验方面，国航依托"紫轩""紫宸"系列休息室及"凤舞云端"客舱内饰，将东方美学理念融入 旅客候机与飞行场景，通过空间设计、文化元素与数字化展示，营造兼具文化内涵与舒适体验的出行环 境；以故宫博物院建院百年为契机的机上安全须知视频，融入"祈愿平安"主题，守文化根脉之正，融入 国航定点帮扶历程的登机音乐《远方的远方》，为旅客营造更具文化温度的出行感受。同时，围绕马年 新春主题，国航将推出数字资产系列之《国航相伴云途・骏连星河・丙午》，以数字化方式承载新春祝 福与航空文化内涵，进一步丰富旅客春运期间的互动体验。 在即将启用的广州"紫宸"贵宾休息室以科技赋能，推出"智享准入"服务，在国内9个航站休息室上线一 键定制"智享登机"服务；在武汉、杭州机场上线"行李倒计时服务"，旅客可实时掌握行李运输状态和当 前位置，提升数字化体验。此外，国航持续完善"空铁联运""空巴联运"网络，并在部分城市提供"豪华 车接送"服务，进一步延伸地面交通衔接。 ...

Core Insights - The 2026 Spring Festival travel season is expected to set records for passenger volume and flight operations, driven by a combination of family visits, student holidays, and tourism demand [1][2] - Domestic flight bookings have increased by approximately 5% year-on-year, while international flight bookings have risen by about 7% compared to the previous year [1] Group 1: Domestic Travel Trends - On the first day of the Spring Festival travel period, the Civil Aviation Administration of China (CAAC) projected 19,080 flights and 2.19 million passengers [1] - Eastern Airlines reported a significant increase in passenger numbers, with over 420,000 travelers expected on the first day of the Spring Festival [3] - Popular domestic routes include those to Harbin, Changchun, Sanya, and Kunming, with seat occupancy rates exceeding 85% [4] Group 2: International Travel Trends - International routes to destinations such as Paris, Madrid, and London have seen occupancy rates above 90% [4] - The demand for Southeast Asian destinations remains high, with airlines increasing flights to locations like Singapore and Bali [7] - There has been a notable increase in foreign tourists visiting China for the Spring Festival, with significant growth in visitors from countries like Argentina and the Netherlands [7] Group 3: Travel Capacity and Operations - Airlines are ramping up capacity to meet the surge in demand, with Hainan Airlines increasing its capacity by approximately 7% compared to the previous year [5] - Major airlines are deploying wide-body aircraft on key routes to accommodate the increased passenger volume [5] - The peak travel period is expected to begin on February 10, with significant increases in flight and passenger numbers anticipated [8][9] Group 4: Pricing Trends - Flight prices are expected to fluctuate, with the lowest prices occurring around February 16, following the initial travel rush [11] - Travelers can save on ticket prices by adjusting their travel dates, with potential savings of up to 30% for certain routes if booked strategically [11]

www.ccxi.com.cn 2026 年 2 月 目录 | 摘要 | 1 | | --- | --- | | 分析思路 | 2 | | 行业基本面 | 2 | | 行业财务表现 | 8 | | 结论 | 10 | 联络人 作者 企业评级部 钟 婷 027-87339288 tzhong@ccxi.com.cn 吴亚婷 027-87339288 ytwu@ccxi.com.cn 其他联络人 | 贺文俊 | 027-87339288 | | --- | --- | | | wjhe@ccxi.com.cn | | 余 璐 | 027-87339288 | | | lyu@ccxi.com.cn | 中诚信国际 行业展望 航空运输行业 中国航空运输行业展望，2026 年 2 月 中诚信国际认为，短期来看，受行业供给端长期低增速影响， 航空客运在完成三年"先国内、后国际" 的总量快速恢复后，将 步入量质并举的发展阶段，而航空货运市场则处于机遇与调整 并存的发展局面。 中国航空运输行业的展望维持稳定，中诚信国际认为，未来 12~18 个月该行业总体信用质量不会发生重大变化。 经营端，从外部竞争来看，2025 年以来 ...

Core Viewpoint - The 2026 Spring Festival travel season has commenced, with significant increases in flight operations and passenger traffic, driven by a combination of returning home, family visits, student travel, and tourism demand [1][2][3]. Group 1: Flight Operations and Passenger Traffic - The civil aviation sector is expected to operate 19,080 flights and transport 2.19 million passengers on the first day of the Spring Festival travel season [1][2]. - Beijing's two airports plan to handle a total of 88,800 flight movements during the Spring Festival, representing a year-on-year increase of approximately 1.67% [2]. - Major airports such as Guangzhou Baiyun, Shanghai Pudong, and Beijing Capital are experiencing the highest traffic, with specific routes showing strong demand [2]. Group 2: Capacity Expansion and Route Focus - Airlines are increasing capacity on domestic and international routes, focusing on winter tourism and return home routes [3][4]. - Air China plans to operate over 70,000 passenger flights during the Spring Festival, with a 15% increase in capacity for routes to Northeast China [3]. - China Southern Airlines is enhancing its services on popular routes, including daily flights from Beijing to Altay [3]. Group 3: Service Enhancements - Airlines are introducing various services to improve passenger experience, such as online ticket standby and specialized baggage handling for ski equipment [5][6]. - Eastern Airlines has launched an online ticket standby service that automates the process of monitoring flight availability and issuing tickets [6]. - Hainan Airlines is promoting seamless check-in and baggage transfer services across multiple airports, enhancing convenience for travelers [6]. Group 4: Airport and Transportation Coordination - Airports are optimizing transportation services, including new bus routes to major railway hubs and enhanced ride-hailing services [7]. - Daxing Airport has implemented measures to ensure smooth operations during adverse weather conditions, coordinating closely with relevant authorities [7].

Core Viewpoint - The performance of China's four major airlines in 2025 shows significant divergence, with Hainan Airlines and China Southern Airlines expected to turn losses into profits, while China National Aviation and Eastern Airlines are projected to remain in the red [1][2]. Group 1: Performance Forecasts - China National Aviation anticipates a net loss of approximately 1.3 billion to 1.9 billion RMB for 2025, with a non-recurring net loss expected to be between 1.9 billion and 2.7 billion RMB [1]. - Eastern Airlines projects a total profit of about 200 million to 300 million RMB, with a net loss estimated between 1.3 billion and 1.8 billion RMB, and a non-recurring net loss of 2.7 billion to 3.3 billion RMB [1]. - In contrast, Hainan Airlines expects a significant improvement, forecasting a net profit of 1.8 billion to 2.2 billion RMB, with a non-recurring net profit of 900 million to 1.1 billion RMB [1]. - China Southern Airlines also predicts a turnaround, with a net profit forecast of 800 million to 1 billion RMB and a non-recurring net profit of 130 million to 190 million RMB [1]. Group 2: Factors Influencing Performance - Hainan Airlines attributes its expected profitability to a favorable civil aviation market, improved capacity management, the positive impact of the Hainan Free Trade Port, and exchange gains from the appreciation of the RMB [1]. - China Southern Airlines highlights its ongoing improvement in operational efficiency despite external uncertainties, supply chain pressures, and rising costs of aircraft and materials [2]. - All four airlines reported profitability in the first three quarters of 2025, with China National Aviation achieving a net profit of 1.87 billion RMB, a year-on-year increase of 37.31% [2]. - Eastern Airlines reported a net profit of 2.1 billion RMB, successfully turning around from losses, while China Southern Airlines and Hainan Airlines reported net profits of 2.3 billion RMB and 2.8 billion RMB, reflecting year-on-year growth of 17.40% and 30.93%, respectively [2].

Core Viewpoint - The Spring Festival travel rush in China is expected to see a significant increase in passenger volume, with new services introduced at airports to enhance traveler experience, particularly regarding the transport of local delicacies like Nai Pi Zi yogurt [1][4]. Group 1: Airport Services and Innovations - Beijing Capital Airport has launched a customized packing service for Nai Pi Zi yogurt, allowing travelers to safely transport this local delicacy by wrapping it in multiple layers of cling film and using a special box for checked luggage [3]. - Additional services introduced at the airports include winter clothing storage, expedited electric vehicle services for urgent travelers, and special assistance for elderly and disabled passengers at Daxing Airport [3]. Group 2: Passenger Volume and Flight Operations - During the Spring Festival, Beijing Capital and Daxing Airports are expected to handle a total of 88,800 flight operations, representing a year-on-year increase of approximately 1.67% [4]. - Nationally, the Civil Aviation Administration predicts that the total passenger volume during the Spring Festival will reach 95 million, averaging 2.38 million passengers per day, which is a year-on-year growth of about 5.3% [4]. Group 3: Flight Capacity and Route Adjustments - Airlines are adjusting their flight capacities by adding new routes and increasing the frequency of existing ones, with some airlines replacing smaller aircraft with larger ones on popular routes [6][7]. - Notable new routes include those from Beijing Daxing to various destinations, with airlines like China Southern and Eastern Airlines actively expanding their services during the travel peak [6][7]. Group 4: Popular Destinations and Travel Trends - Popular domestic travel destinations during the Spring Festival include Sanya, Haikou, Chengdu, and Shanghai, with significant passenger volume expected on these routes [7]. - The introduction of the domestically produced C919 aircraft by several airlines during the Spring Festival offers travelers a chance to experience this new aircraft on various routes [8].