该行预期中国航空业政策顺风持续。假设政策具持续性，该行预期2026年国内航线票价将同比升1%至 3%，国内旅客量同比增长3%至4%，国际旅客量亦将维持双位数增长。 该行对中国航空业持建设性看法; 予春秋航空(601021.SH)"买入"评级，目标价61.3元人民币;南方航空 (600029.SH)A股及中国南方航空股份(01055) H股则获"中性"评级，目标价分别为6.5元人民币及4.1港 元。 智通财经APP获悉，瑞银发布研报称，过去一年对中国航空业经历转型，主要受惠于根据地、航权及航 班时刻等政策调整，例如在消费降级、运力过剩及高铁竞争下，行业的国内运力投放有序，令票价逐步 同比上调。另外，受补贴政策改革影响，航空公司凭借其宽体机队优势，大幅扩展国际航点及航班频 次。基于定价及运力优势，中国航空公司正逐步建立相对于全球同行的竞争优势。 ...

Core Insights - The aviation sector is expected to see profit recovery driven by favorable exchange rates and declining international oil prices, which will alleviate fuel cost pressures for airlines. Structural growth in air travel demand is anticipated due to economic growth, with key recommendations including Southern Airlines, Spring Airlines, and Huaxia Airlines [4][19][22]. - The highway industry in China has entered a mature phase, with future trends expected to include renovation and expansion, mergers and acquisitions, and business diversification. A key recommendation is Zhongyuan Expressway [4][58]. - The shipping industry is transitioning towards green methanol as a mainstream choice for zero-emission energy, with significant growth in renewable methanol projects expected by 2030. Recommended companies include CIMC Enric and COSCO Shipping International [4][89]. - The dry bulk shipping sector is witnessing structural growth due to increased transportation distances for iron ore imports and strong demand for alumina imports. Recommended companies include China Merchants Energy Shipping and Haitong Development [4]. Aviation Sector - The recovery in airline profits is supported by a favorable exchange rate and lower oil prices, with the potential for ticket prices to rise as demand increases [4][22]. - Domestic airlines are facing limited capacity expansion due to engine supply issues, while the demand for air travel is expected to grow structurally [25][31]. - The average fuel price decline is projected to reduce operational costs significantly for airlines, enhancing profitability [24][22]. - The domestic air travel market is expected to grow as the per capita flight frequency in China remains lower than the global average, indicating room for growth [34][35]. Highway Sector - The highway industry is projected to see a slowdown in construction investment, with new regulations potentially extending toll periods for aging highways [4][64]. - The total length of highways in China has surpassed that of the United States, with ongoing investments expected to enhance the network further [63][58]. - The introduction of new toll regulations may provide a framework for sustainable development in the highway sector [67][68]. Shipping Sector - The global shipping industry is increasingly adopting green methanol technology, with a significant number of renewable methanol projects expected to come online by 2030 [4][89]. - The demand for dry bulk shipping is expected to grow due to changes in iron ore import sources and increased distances, presenting opportunities for shipping companies [4].

Investment Rating - The report does not explicitly state an overall investment rating for the industry Core Views - The logistics sector is seeing price increases due to a reduction in low-cost deliveries, benefiting leading companies like SF Express and ZTO Express [2] - The shipping market is experiencing a stable demand with a potential increase in oil transportation due to Venezuelan oil exports, which may positively impact the oil shipping market [4] - The airline sector is expected to see profit elasticity due to supply optimization and rising ticket prices, with recommendations for China Southern Airlines and Air China [3] Summary by Sections Transportation Market Review - The transportation index remained flat during the week of January 3-9, 2026, while the Shanghai Composite Index rose by 2.8%, indicating underperformance in the transportation sector [1][12] Industry Fundamentals Tracking Shipping and Ports - The shipping market is stabilizing with a good supply-demand relationship, and oil shipping is expected to rise due to the potential for Venezuelan oil to shift from black market to compliant market [20] - The China Export Container Freight Index (CCFI) was 1194.89 points, up 4.2% week-on-week but down 22.8% year-on-year [21] - The domestic trade container freight index (PDCI) was 1337 points, down 0.4% week-on-week and down 1.0% year-on-year [28] Aviation and Airports - In November 2025, civil aviation passenger volume reached 60.17 million, a year-on-year increase of 6%, with domestic routes up 5% and international routes up 19% [59] - The average daily flights in the week of January 3-9, 2026, were 14,725, a slight increase of 0.28% year-on-year [3] Rail and Road - In November 2025, national railway passenger volume was 331 million, up 8.94% year-on-year, while freight volume was 46 million tons, up 1.16% year-on-year [83] - The national highway freight volume was 3.876 billion tons, up 3.57% year-on-year, but the number of trucks on highways decreased by 14.86% week-on-week [89]

Group 1 - The National Market Supervision Administration announced an investigation into the competitive conditions of the food delivery platform service industry due to issues like excessive subsidies and price wars, which have intensified "involution" competition and negatively impacted the real economy [3] - Meituan expressed strong support for the investigation and stated it would cooperate fully, aiming to work with other platforms to ensure fair market competition [3] - The investigation will involve on-site verification, interviews, and surveys to gather opinions from various stakeholders, including platform operators, new employment groups, and consumers [3] Group 2 - Qu Guangji has been appointed as the General Manager of China National Aviation Holding Company, replacing Wang Mingyuan [5] - The appointment was announced during an expanded leadership meeting of the company, following the directives from the Central Organization Department [5] Group 3 - Cainiao has launched a new cross-border logistics service from the U.S. to Mexico, establishing a logistics network that covers 99% of Mexico and offers competitive pricing at 60% of the industry average [9][10] - This service aims to break down high-cost barriers for cross-border logistics, providing a cost-effective logistics fulfillment experience for local e-commerce platforms and cross-border sellers [9] Group 4 - The A-share market reached a historic milestone as the Shanghai Composite Index surpassed the 4100-point mark for the first time in ten years, achieving a rare 16 consecutive days of gains, the longest streak since 1993 [15] - The market's trading volume increased significantly, with a total turnover of 3.12 trillion yuan, marking the second-highest trading record in A-share history [15]

Group 1 - The core viewpoint of the article highlights the mixed performance of large technology stocks in the Hong Kong market, with significant movements in commercial aerospace stocks and oil stocks influenced by international oil price recovery and corporate restructuring news [2][4][5]. Group 2 - The Hang Seng Index rose by 0.32% to close at 26,231.79 points, while the Hang Seng Tech Index and the Hang Seng China Enterprises Index increased by 0.15% and 0.1%, respectively. However, for the week, the Hang Seng Index fell by 0.41%, the Hang Seng Tech Index by 0.86%, and the Hang Seng China Enterprises Index by 1.31% [5][7]. Group 3 - The Hang Seng Tech Index saw a mixed performance among its constituents, with Bilibili, Alibaba, and JD Group rising by 3.14%, 2.72%, and 2.6%, respectively, while Tencent, NetEase, Baidu, and Meituan experienced declines of 0.81%, 1.28%, 2.07%, and 2.48% [7][9]. Group 4 - Asia Pacific Satellite stocks surged by over 20% during the day but closed with a gain of 3.96%. This reflects the volatility and investor interest in the commercial aerospace sector [10][12]. Group 5 - The announcement of the restructuring between Sinopec and China Aviation Oil is expected to enhance the competitiveness of China's aviation fuel industry and support the green transition in the aviation sector. Sinopec is the world's largest refining company, while China Aviation Oil is the largest aviation fuel supplier in Asia [14][15]. Group 6 - The international oil prices have shown a rebound in the past two weeks, which has positively impacted oil stocks in the Hong Kong market [16][13]. Group 7 - Major airlines in Hong Kong, including China Eastern Airlines, China Southern Airlines, and Air China, saw declines of 4.16%, 3.47%, and 2.06%, respectively, due to a temporary glitch in ticket pricing by Hainan Airlines, which led to unusually low fares being displayed [20][21]. Group 8 - The Hong Kong Stock Exchange announced the launch of six new stock option categories set for January 19, 2026, aiming to expand the stock options market and provide investors with more choices. The average daily trading volume for derivatives reached a record high of 1,662,751 contracts last year, with stock options being one of the most actively traded products [22][23][24].

Core Viewpoint - The aviation and airport sector experienced a decline of 1.19% on January 9, with China Eastern Airlines leading the drop, while the overall Shanghai Composite Index rose by 0.92% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4120.43, up 0.92%, and the Shenzhen Component Index closed at 14120.15, up 1.15% [1] - The aviation and airport sector saw a net outflow of 408 million yuan from major funds, while retail investors contributed a net inflow of 377 million yuan [2] Group 2: Individual Stock Performance - China Eastern Airlines (600115) closed at 5.98, down 3.24%, with a trading volume of 1.3034 million shares and a transaction value of 778 million yuan [2] - Other notable declines included Spring Airlines (601021) down 1.87% and China National Airlines (601111) down 1.64% [2] - The highest trading volume was recorded for Hainan Airlines (600221) with 4.4577 million shares traded, despite a decline of 10.85% in net inflow from major funds [3] Group 3: Fund Flow Analysis - Major funds showed significant outflows in several stocks, including Hainan Airlines with a net outflow of 83.62 million yuan, and Spring Airlines with a net outflow of 28.47 million yuan [3] - Retail investors showed a positive net inflow in several stocks, with Hainan Airlines seeing a retail net inflow of 64.82 million yuan [3]

1月9日上午，中国航空集团有限公司召开领导班子（扩大）会议。受中央组织部领导委托，中央组织部有关干部局负责同志宣布了党中央关于中国航空集 团有限公司总经理调整的决定：曲光吉同志任中国航空集团有限公司董事、总经理、党组副书记，免去其中国南方航空集团有限公司副总经理、党组成员 职务；免去王明远同志的中国航空集团有限公司董事、总经理、党组副书记职务。相关职务任免，按有关法律和章程的规定办理。 公开信息显示，曲光吉出生于1970年2月，西安统计学院经济统计系统计学专业毕业，大学学历，在职取得东北财经大学经济学硕士、清华大学与法国国 立路桥和法国国立民用航空学校高级管理人员工商管理硕士学位，经济师，中共党员；1993年7月参加工作。 【导读】曲光吉任中国航空集团有限公司董事、总经理、党组副书记 中国基金报记者晨曦 曲光吉，履新！ 1月9日，中国航空集团有限公司官网显示，中国航空集团有限公司董事、总经理、党组副书记调整。 资料显示，王明远出生于1966年9月，已届退休年龄。目前，王明远在A股上市公司中国国航担任副董事长、执行董事、总裁职务。 据介绍，中国航空集团有限公司（中航集团）成立于2002年10月11日，是特大型国 ...

【导读】曲光吉任中国航空集团有限公司董事、总经理、党组副书记 中国基金报记者 晨曦 曲光吉，履新！ 1月9日，中国航空集团有限公司官网显示，中国航空集团有限公司董事、总经理、党组副书记调整。 资料显示，王明远出生于1966年9月，已届退休年龄。目前，王明远在A股上市公司中国国航担任副董事长、执行董事、总裁职 务。 据介绍，中国航空集团有限公司（中航集团）成立于2002年10月11日，是特大型国有航空运输集团公司，也是中国唯一载国旗 飞行的航空运输企业。2017年12月29日，按照公司制改制要求，中航集团由全民所有制企业改制为国有独资公司，改制后公司 名称由中国航空集团公司改为中国航空集团有限公司。 中航集团所属二级公司主要有7家，包括中国国际航空股份有限公司、中国航空（集团）有限公司、中国国际货运航空股份有限 公司、中翼航空投资有限公司、中国航空集团建设开发有限公司、中国航空资本控股有限责任公司、中国航空传媒有限责任公司 等。经营业务涵盖航空客运、航空货运及物流两大核心产业，涉及飞机维修、航空配餐、航空货站、地面服务、机场服务、航空 传媒等高相关产业，以及金融服务、航空旅游、工程建设、信息网络等延伸服务产业， ...

民航吉林监管局将继续锚定民航局、东北局工作要求，持续深化运行治理，优化监管模式，督促长春机 场巩固现有成效，探索更多可复制的运行保障经验，为东北民航高质量发展贡献吉林力量。（编辑：张 薇 校对：李季威 审核：韩磊） 东北局2025年工作报告明确提出，要聚焦运行治理能力提升，持续提升航班正常水平。民航吉林监管局 将其作为工作重点，采取系列举措，确保监管工作与上级要求同频共振。一是深化运行治理筑牢安全根 基。将安全与运行同抓共管，在局安委会上每月通报长春机场运行情况，结合行政检查计划和上级电报 要求，开展全链条风险隐患排查，以动态评估为支撑，实现保障能力与航班需求精准匹配，确保长春机 场各运行保障部门在安全的前提下提升效率。二是督促主体发力提升保障效能。以长春机场运管委为抓 手，督促相关部门完善《运管委手册》《航班计划动态调整工作机制》等制度程序，建立"日监测、周 分析、月总结"的精细化管控机制，形成"预、盯、调、析"的闭环管理，确保从计划到放行的全流程顺 畅，筑牢航班放行正常基座。三是聚焦重点环节推进精准监管。结合近几年长春机场在运行保障过程中 的关键环节，加大对航空器除防冰、飞行区除冰雪、货物机坪装卸的监管力 ...

据公开信息显示，曲光吉，男，1970年2月出生，1993年7月参加工作，1992年3月加入中国共产党。 据中航集团网站消息，2026年1月9日上午，中国航空集团有限公司召开领导班子（扩大）会议。受中央 组织部领导委托，中央组织部有关干部局负责同志宣布了党中央关于中国航空集团有限公司总经理调整 的决定：曲光吉同志任中国航空集团有限公司董事、总经理、党组副书记，免去其中国南方航空 （600029）集团有限公司副总经理、党组成员职务；免去王明远同志的中国航空集团有限公司董事、总 经理、党组副书记职务。相关职务任免，按有关法律和章程的规定办理。 2023年8月，曲光吉任中国南方航空集团有限公司副总经理、党组成员。 据介绍，中国航空集团有限公司简称"中航集团"，2002年10月11日成立，是特大型国有航空运输集团公 司，也是中国唯一载国旗飞行的航空运输企业。2017年12月29日，按照公司制改制要求，中航集团由全 民所有制企业改制为国有独资公司，改制后公司名称由中国航空集团公司改为中国航空集团有限公司。 ...