Core Viewpoint - The opening of the new flight route from Shihezi to Zhaosu and Kashgar marks a significant development in regional connectivity and transportation options for travelers [1] Group 1: Flight Operations - The new route is operated by Huaxia Airlines, featuring a daily flight schedule [1] - The outbound flight G52781 departs from Kashgar at 16:55 and arrives in Zhaosu at 18:35, then continues to Shihezi, arriving at 20:15 [1] - The return flight G52782 departs from Shihezi at 21:00, arrives in Zhaosu at 21:55, and then departs for Kashgar, arriving at 00:05 the next day [1]

Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [47]. Core Insights - The Spring Festival travel season has seen a record high in cross-regional personnel flow, with an estimated total of 5.08 billion trips in the first 20 days, averaging 250 million trips per day, which is a 5.6% increase compared to the same period in 2025 [9][10]. - The aviation sector has shown strong performance in both passenger volume and ticket prices, with a 5.4% year-on-year increase in passenger volume and a 3.3% increase in average ticket prices during the same period [10][11]. - The 2026 Spring Festival is characterized by two main trends: "secondary travel" and "concentrated return trips," driven by a later Spring Festival and longer holiday period [12][13]. Summary by Sections Passenger Volume and Pricing - In the first 20 days of the Spring Festival, the average daily passenger volume for civil aviation reached 2.376 million, a 5.4% increase year-on-year, while the average ticket price was 1003 yuan, up 3.3% year-on-year [10][11]. - The domestic average passenger load factor was 85.1%, reflecting a 1.1% increase year-on-year, indicating strong demand [11]. Market Dynamics - Six listed airlines collectively withdrew 5 aircraft in January 2026, indicating a tightening supply constraint in the industry [26]. - The report highlights that except for Spring Airlines, all other major airlines have shown negative year-on-year growth in capacity deployment, with Spring Airlines leading at 4.5% growth [26]. Demand and Future Outlook - The demand structure in the aviation industry is improving, with a rebound in business travel sentiment since September 2025 [34]. - The introduction of visa-free policies for Canada and the UK starting February 17, 2026, is expected to boost cross-border travel demand [34]. - High passenger load factors are anticipated to lead to increased price elasticity, with the potential for significant price increases in 2026 [35]. Recommendations - The report recommends focusing on major airlines such as Air China, China Southern Airlines, and China Eastern Airlines for potential elasticity release, as well as low-cost carrier Spring Airlines for its core competitive advantages [35].

Investment Rating - The report does not explicitly provide an investment rating for the transportation sector Core Views - The transportation index decreased by 1.4% while the Shanghai and Shenzhen 300 index increased by 0.4%, indicating underperformance against the broader market [1] - During the Spring Festival travel period, the total number of people moving across regions increased by 5.1% year-on-year, with significant growth in waterway travel at 21.3% [2] - The express delivery sector is benefiting from price increases due to reduced competition, with a recommendation for SF Holding based on valuation and operational resilience [2] - The logistics sector is recommended for Haichen Co., as the chemical product price index shows a decline, but operational metrics remain stable [3] - The aviation sector is experiencing a slight increase in flight volumes, with domestic flights up by 5.67% year-on-year, and a recommendation for China National Aviation and Southern Airlines due to expected profit recovery [4] - The shipping sector is seeing fluctuations in freight rates, with geopolitical tensions driving oil transport rates higher, and a recommendation for companies involved in oil transport [5] Summary by Sections Shipping and Ports - The shipping sector is experiencing a slowdown in container shipping rates, with the CCFI index at 1088.14 points, down 3.0% week-on-week and 21.6% year-on-year [22] - Oil transport rates are increasing due to geopolitical risks, with the BDTI index at 1756.4 points, up 2.2% week-on-week and 91.5% year-on-year [35] Aviation and Airports - The aviation sector is showing signs of recovery, with a year-on-year increase in passenger numbers and a recommendation for airlines based on improved load factors and pricing [47] - The Brent crude oil price is at $71.76 per barrel, reflecting a 5.92% increase week-on-week, which may impact operational costs for airlines [64] Rail and Road - The rail sector is seeing an upward trend in passenger volumes, with a year-on-year increase of 8.52% in December [73] - The road transport sector is stable, with a slight decrease in freight traffic but a recommendation for investment based on dividend yields exceeding government bond rates [75]

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly focusing on oil transportation and shipbuilding sectors, recommending stocks such as ST Songfa and China Merchants Energy [4]. Core Insights - The report highlights a strong performance in oil shipping, with VLCC TCE rates rising by 24% to $146,385 per day, and a significant increase in demand leading to higher freight rates [4]. - The global energy chain's valuation is on the rise, driven by long-term capacity utilization and mid-cycle profit expectations, suggesting a favorable environment for shipping rates [4]. - The report emphasizes the resilience of the dry bulk market, with the BDI index recording a slight increase of 1.19% to 2,043 points, indicating stable demand despite seasonal fluctuations [5]. Summary by Sections Shipping Market Performance - The shipping index decreased by 1.41%, underperforming the CSI 300 index by 1.77 percentage points, with the aviation sector experiencing the largest decline at -5.16% [5]. - The report notes that the coastal dry bulk freight index in China fell by 1.76%, while the Baltic Dry Index increased by 1.19% [5]. Oil Transportation - VLCC rates reached a new high of approximately $160,000 per day during the Spring Festival, with expectations for continued strength in the coming weeks [4]. - The report indicates that the average VLCC freight rate increased by 23% week-on-week, reaching $149,564 per day, reflecting tight capacity and strong demand [4]. Dry Bulk Market - The report mentions that the Capesize freight rate decreased by 4.1%, while the Panamax index showed resilience with a 3.5% increase [4]. - The report anticipates that post-holiday demand recovery will be crucial for the dry bulk market, particularly in iron ore shipments [4]. Air Transportation - The report suggests that the airline industry is at a turning point, with potential for significant profit growth due to increased passenger volumes and operational efficiencies [4]. - Airlines such as China Eastern Airlines and Spring Airlines are highlighted as key players to watch in this sector [4]. Express Delivery - The report notes uncertainties in the express delivery sector due to fluctuating demand and competitive pressures, but highlights the strong market position of leading companies like ZTO Express and YTO Express [4]. Rail and Road Transportation - Rail freight volumes and highway truck traffic are reported to be resilient, with the Ministry of Transport data showing a slight decrease in freight volume but overall stability [4]. - The report identifies two main investment themes in the highway sector: high dividend yields and potential value recovery in undervalued stocks [4].

●新华社记者 铁道线上、城乡街巷、雪域高原……春节是万家团圆的日子，当人们举杯相庆、围坐言欢，总有一群人 选择坚守岗位。他们以昼夜不息的忙碌守护平安，以默默无闻的奉献托举欢乐。正是这些平凡的劳动者 与建设者，让交通道路更加顺畅，让烟火人间更加安宁，让发展步伐更加坚定。 坚守，护佑万家平安归途 21日大年初五凌晨4时33分，福州南站尚在夜色之中。站台灯光下，一列银白色动车组静候出发。 "信号开放，车门关闭，到点开车。"驾驶室内，国铁南昌局福州机务段动车组司机陈承仪目视前方，轻 轻推动操作手柄。DJ8923次动检列车缓缓启动，沿着福厦高铁一路向前。 这是一趟不载旅客的动检列车。春运期间，它每天凌晨首趟发出，被铁路人称为"探路车"。 在首趟载客列车运行之前，动检列车要率先驶过线路，对轨道、接触网、信号等设备状态进行动态检测 与数据采集。"'探路车'就是为列车安全开行探明条件，先把风险排查一遍，确保后续列车运行安 全。"陈承仪说。 5时40分，天色微明，列车抵达厦门北站。站台上，已有旅客等候。再过不久，这趟刚完成"探路"的列 车将换上新的车次编号，载着旅客驶向远方。 列车飞驰、航班起落，看得见的是旅客奔赴团圆的脚步， ...

坚守，护佑万家平安归途 铁道线上、城乡街巷、雪域高原……春节是万家团圆的日子，当人们举杯相庆、围坐言欢，总有一群人 选择坚守岗位。他们以昼夜不息的忙碌守护平安，以默默无闻的奉献托举欢乐。正是这些平凡的劳动者 与建设者，让交通道路更加顺畅，让烟火人间更加安宁，让发展步伐更加坚定。 21日大年初五凌晨4时33分，福州南站尚在夜色之中。站台灯光下，一列银白色动车组静候出发。 "信号开放，车门关闭，到点开车。"驾驶室内，国铁南昌局福州机务段动车组司机陈承仪目视前方，轻 轻推动操作手柄。DJ8923次动检列车缓缓启动，沿着福厦高铁一路向前。 2月21日，国铁南昌局福州机务段动车组司机陈承仪确认列车发车前各仪表仪器显示状态。新华社发 工作以来，黄伦辉每个春节都在机坪度过。"想到机上每位旅客盼着平安出行，这份职责比什么都 重。"他说。 杭州西湖景区，春节假期人流车流如织，景区周边道路日均车流量与早晚高峰相当，人流量则比平时显 著增加。 "绿灯行人请快速通行""附近停车位紧张，可以考虑通过公共交通换乘到达"……在断桥与北山路交叉 口，杭州市公安局交管支队景区大队灵隐中队民警李雨杭与同事指挥着行人和车辆，忙碌而从容。 这是一趟 ...

"信号开放，车门关闭，到点开车。"驾驶室内，国铁南昌局福州机务段动车组司机陈承仪目视前 方，轻轻推动操作手柄。DJ8923次动检列车缓缓启动，沿着福厦高铁一路向前。 这是一趟不载旅客的动检列车。春运期间，它每天凌晨首趟发出，被铁路人称为"探路车"。 在首趟载客列车运行之前，动检列车要率先驶过线路，对轨道、接触网、信号等设备状态进行动 态检测与数据采集。"'探路车'就是为列车安全开行探明条件，先把风险排查一遍，确保后续列车 运行安全。"陈承仪说。 5时40分，天色微明，列车抵达厦门北站。站台上，已有旅客等候。再过不久，这趟刚完成"探 路"的列车将换上新的车次编号，载着旅客驶向远方。 灯火映团圆 奋斗写担当——走近春节假期一线坚守者 新华社记者 铁道线上、城乡街巷、雪域高原……春节是万家团圆的日子，当人们举杯相庆、围坐言欢，总有 一群人选择坚守岗位。他们以昼夜不息的忙碌守护平安，以默默无闻的奉献托举欢乐。正是这些 平凡的劳动者与建设者，让交通道路更加顺畅，让烟火人间更加安宁，让发展步伐更加坚定。 坚守，护佑万家平安归途 21日大年初五凌晨4时33分，福州南站尚在夜色之中。站台灯光下，一列银白色动车组静候出发。 列 ...

Core Viewpoint - Spring Airlines, despite being perceived as "stingy," has achieved significant profitability through extreme cost control and a focus on providing the best value for money in the airline industry [7][13]. Group 1: Profitability and Performance - In 2024, among seven listed airlines in A-shares, only Spring Airlines, along with Huaxia Airlines and Juneyao Airlines, reported profits, with Spring Airlines leading at a net profit of 2.273 billion yuan [8]. - For the first quarter of 2025, Spring Airlines maintained its position as the most profitable airline with a net profit of 677 million yuan [9]. - Spring Airlines achieved an average passenger load factor of 91.5% in 2024, surpassing the industry average of 83.5% by 8 percentage points [35]. Group 2: Cost Control Strategies - The core strategy of Spring Airlines revolves around extreme cost control, encapsulated in the "two singles, two highs, two lows" model [19]. - The "two singles" refer to a single aircraft type (Airbus A320) and a single cabin class (economy), which reduces procurement and training costs significantly [20][21]. - The "two lows" indicate low sales and management expenses, with 98.4% of tickets sold through its own platforms, saving over 200 million yuan annually in commissions [24][25]. Group 3: Operational Efficiency - Spring Airlines maximizes aircraft utilization, achieving 6-8 flights per day compared to the industry standard of 4-5 [33]. - The airline's operational efficiency is further enhanced by a low staff-to-aircraft ratio of 80.8:1, the lowest in the domestic market [26]. Group 4: Revenue Generation Model - Spring Airlines employs an innovative revenue model that separates the base fare from ancillary services, allowing customers to choose additional paid services [38]. - In 2024, ancillary revenue reached 1.03 billion yuan, a 14% increase year-on-year, accounting for 5.15% of total revenue [41]. - This model caters to both budget-conscious travelers and those willing to pay for enhanced services, creating a win-win situation [44]. Group 5: Future of Low-Cost Airlines - The article suggests that the future of China's civil aviation may lean towards low-cost models, as the current market share of low-cost airlines is only 12.7%, compared to over 30% globally [53]. - The industry is expected to see a bifurcation, with low-cost airlines like Spring Airlines targeting mass market needs while traditional carriers focus on premium services [58].

Investment Rating - The report recommends a "Buy" rating for China Eastern Airlines, China Southern Airlines, and Air China, highlighting their potential to benefit from the growth in international travel demand [2][3]. Core Insights - The growth in inbound tourism demand is expected to become a long-term trend, with significant opportunities for Chinese airlines to expand their international capacity, particularly in Europe, the Middle East, and Central Asia [2][15]. - The report predicts a compound annual growth rate (CAGR) of up to 15% for international passenger flow for Chinese airlines over the next three years, driven by the gradual recovery of inbound tourism and the slow recovery of foreign airlines' capacity [12][13][15]. Summary by Sections 1. Policy: Visa Relaxation and Local Support - The report discusses the expansion of visa-free entry policies, with China implementing unilateral visa exemptions for 48 countries and optimizing transit visa policies to enhance the convenience of inbound travel [11][24]. - The ongoing policy support is expected to significantly boost inbound tourism, with a focus on improving travel experiences and product offerings for foreign visitors [39][42]. 2. Market Potential: Growth Projections - The report estimates that there is over a 30% growth potential for inbound tourist flows in China, comparing the current contribution of inbound tourism to GDP (0.3%) with that of other major economies (1.2%) [12][13]. - The analysis indicates that the international passenger flow for Chinese airlines could see a CAGR of up to 15% due to the increasing demand from both outbound Chinese travelers and inbound foreign tourists [12][15]. 3. Airline Capacity and Passenger Flow Outlook - Chinese airlines are expected to capture a larger share of the inbound passenger flow, with significant increases in flight frequencies and new routes planned for 2025 [2][15]. - The report highlights that the recovery of international passenger traffic is primarily driven by the growth in inbound tourism, with foreign tourist entry numbers expected to increase significantly [12][39]. 4. Investment Recommendations - The report emphasizes the importance of positioning in the international market, recommending investments in leading airlines such as China Eastern Airlines, which has a strong base in Shanghai and is expected to benefit the most from international route expansions [2][15].

2026年春运，西北民航"品"出了一些不同的味道。有别于往年，今年的春运，西北民航在确保安全和服 务底线的基础上，将春运视做一次扩内需、稳增长的重要契机，而首乘服务和航文旅融合，则成为西北 民航推动春运乃至未来航空市场高质量发展的两个重要着力点。 首乘服务在西北民航已经开展多年，具有深厚的基础，航文旅融合是民航局着眼新时期航空市场扩内需 形势，安排部署的一项重要工作。2026年春运，正值西北民航深入推动"场景引领"首乘服务再升级活动 之际，首乘研学游服务、国际首乘服务不仅是西北民航确定的首乘服务"重点场景"，也是推动研学旅 游、入境旅游的应有之义；首乘儿童、首乘老年人等特殊群体不仅是首乘服务重点关注、主要惠及的群 体，也是银发旅游、亲子旅游的主要服务对象，首乘服务与航文旅的"亲密关系"为双方精准"对点"、双 向赋能、深度融合，从而更好服务国家和行业扩内需、稳增长创造了条件。近期以来，西北民航相关单 位通过"首乘服务+航文旅"创新服务模式，深挖市场潜力，取得了积极成效。 在国际首乘服务和入境旅游融合方面，东航西北分公司依托悉尼—西安、米兰—西安等国际航线，坚 持"地空协同"，多次开展以"暖心相伴 首乘之旅"为主 ...