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 ...

根据公告，东方航空2026年度计划持仓美元汇率套期保值上限不超过10亿美元；持仓美元现金流套期保 值上限不超过12亿美元；持仓航油套期保值总量不超过公司2026至2028年三年平均预计航油使用量的 20%（即1425万桶），其间任意月份的实际交割额度不超过119万桶。预计公司2026年汇率、航油套保 交易在任一交易日持有的最高合约价值低于公司最近一个会计年度经审计净资产的50%（即人民币 202.66亿元或等值外币），预计动用的交易保证金和权利金上限低于公司最近一个会计年度经审计净利 润绝对值的50%（即人民币21.13亿元或等值外币）。 众所周知，在航空公司的成本结构中，燃油成本一直占据着重要位置，通常占总运营成本的 20%~30%。国际油价受地缘政治、经济周期、供需关系等多重因素影响，常常出现剧烈波动。东方航 空也表示，航油成本作为公司最大的运营成本之一，其价格波动对公司效益有着重大影响。 1月28日，东方航空发布公告，2026年拟针对美元汇率和航油开展套期保值。 计划采用原油互换合约、原油期货合约等，以布伦特原油、上海国际能源交易中心原油作为价格基准， 套期保值到期时间为2026年至2028年，将选择合 ...

Core Viewpoint - The aviation and airport sector experienced a decline of 2.33% on January 28, with China Eastern Airlines leading the drop, while the Shanghai Composite Index rose by 0.27% and the Shenzhen Component Index increased by 0.09% [1][3]. Market Performance - The closing prices and performance of key stocks in the aviation and airport sector are as follows: - Shenzhen Airport: 7.25, +1.26%, volume 211,700, turnover 153 million [1] - Xiamen Airport: 17.56, +0.98%, volume 60,500, turnover 106 million [1] - Baiyun Airport: 9.56, +0.53%, volume 226,700, turnover 217 million [1] - China Eastern Airlines: 5.44, -5.88%, volume 2,833,500, turnover 1.571 billion [3] - China Southern Airlines: 7.28, -3.58%, volume 1,041,200, turnover 767 million [3] - China National Aviation: 8.37, -2.33%, volume 985,600, turnover 828 million [3] Capital Flow - The aviation and airport sector saw a net outflow of 99.48 million from institutional investors, while retail investors experienced a net outflow of 14.7 million, and speculative funds had a net inflow of 247 million [4]. - The capital flow for specific stocks includes: - China Eastern Airlines: net inflow from institutions 29.99 million, net outflow from retail -12.8 million [4] - Shenzhen Airport: net inflow from institutions 28.87 million, net outflow from retail -24.85 million [4] - China National Aviation: net inflow from speculative funds 48.49 million, net outflow from retail -49.32 million [4] ETF Performance - Aerospace ETF (Product Code: 159227) tracked the aerospace industry index, with a five-day decline of 2.64% and a net subscription of 85.38 million [6]. - General Aviation ETF (Product Code: 159230) tracked the general aviation industry index, with a five-day decline of 2.52% and a net redemption of -39.41 million [7]. - Tourism ETF (Product Code: 562510) tracked the tourism theme index, with a five-day decline of 4.37% and a net subscription of 7.42 million [7].

Market Performance - The Hong Kong stock market continued its upward trend with all three major indices closing higher: Hang Seng Index up 2.58% at 27,826.91 points, Hang Seng Tech Index up 2.53% at 5,900.16 points, and the National Enterprises Index up 2.89% at 9,512.24 points [2] - Leading sectors included optical communications, oil, gold, telecommunications, and real estate, while tea and aviation stocks faced downward pressure [3] Optical Communications - Demand for AI infrastructure has spurred the optical communications industry, with Changfei Optical Fiber Cable (06869.HK) leading the sector, closing up 15.43% at 75.20 HKD [4][5] - Corning, a major player in the fiber optics market, saw a single-day increase of over 15%, reaching a historical high, following a long-term agreement with Meta for the procurement of $6 billion worth of fiber optic cables by 2030 [4] Energy Sector - Geopolitical risks have heightened energy security expectations, with China National Offshore Oil Corporation (00883.HK) and China Petroleum & Chemical Corporation (00857.HK) both reaching historical highs, closing up 4.85% and 4.99% respectively [5][6] - The U.S. military's recent military exercises in the Middle East have raised concerns about energy supply stability, contributing to the rise in oil stocks [6] Gold Market - The weakening U.S. dollar has stimulated international gold prices, with Chifeng Jilong Gold Mining (06693.HK) rising 10.65% [7] - The dollar index experienced its largest single-day drop since April 2023, pushing gold prices above $5,200 per ounce [7] Telecommunications - The telecommunications sector is entering a new phase of "deep integration," with China Telecom (00728.HK) rising 6.27% [9] - The Ministry of Industry and Information Technology reported that the three major operators have added 108,000 data center racks, indicating a shift in focus from "broad coverage" to "deep integration" [9] Real Estate - Regulatory optimizations have boosted confidence in the real estate sector, with China Jinmao (00817.HK) rising 11.92% [11] - Feedback from multiple real estate companies indicates that the regulatory body has lifted the monthly reporting requirements for most firms, enhancing market expectations for liquidity and operational environment improvements [11] Individual Stock Movements - Wuneng Zhixing (00800.HK) rose 2.11% as it prepares to launch autonomous buses in Abu Dhabi [17][18] - Kuaishou-W (01024.HK) increased by 4.44%, with its AI product, Keling, surpassing 12 million monthly active users and achieving a 350% growth in paid users [19]

Group 1 - Airline stocks experienced significant declines, with China Southern Airlines down 7.67% to HKD 5.54, China Eastern Airlines down 7.12% to HKD 5.22, and Air China down 3.5% to HKD 6.89 [1] - The Chinese Ministry of Foreign Affairs advised citizens to avoid traveling to Japan during the Spring Festival, leading to the cancellation of all 49 flights to Japan in February [1] - Major airlines including Air China, China Eastern, China Southern, and others announced an extension of their free ticket refund and change policy for flights to Japan until October 24 [1] Group 2 - Dongxing Securities reported that the demand for flights to Japan is affected, causing some capacity to overflow to other routes, which may lead to oversupply in the market [1] - Recent fluctuations in oil prices and exchange rates were noted, with Huachuang Securities indicating that a 10% change in oil prices could impact the annual costs of the three major airlines by approximately CNY 4.3 to 5.1 billion, while a 1% change in exchange rates could affect them by CNY 130 to 260 million [1]

每经AI快讯，港股航空股跌幅居前。截至发稿，南方航空(01055.HK)跌7.67%，报5.54港元；东方航空 (00670.HK)跌7.12%，报5.22港元；中国国航(00753.HK)跌3.5%，报6.89港元。 （文章来源：每日经济新闻） ...

需求：航空出行需求有望稳增 a.国内需求：公商务出行缓慢复苏，因私出行活跃。2025Q3起，公商务旅客占比缓慢回升，商务线旅客 量同比增速加大，公商务出行逐渐回暖。因私出行方面，假期期间国内民航旅客量同比增速大多超过 5%，因私出行相对活跃。b.国际需求：出入境双向火热，未来增长可期。2025年全年行业国际线月度 平均旅客量达到664万人次，同比+21.6%，较2019年同期+7.4%，旅客出行量超过2019年水平。入境游 方面，受益于过境免签政策， 25Q1~3外国人累计出入境人数达到5819万人次，同比2024年同期增长 27.4%;免签入境外国人人次达到2088.6万人，同比增长51.9%，免签入境外国人在整体入境外国人中占 比超过70%。 2011~2019年行业供需相对平衡，2023年起运力率先恢复、随后机队利用率及客座率缓慢回升。2024年 行业ASK及RPK超过2019年水平，客座率回升后在2025年全年持续高位;而票价在2023年达到高位后， 历经2024和2025年连续两年下降。但2025年分季度看，25Q1~Q4票价跌幅同比逐渐收窄，25Q4票价出 现转正，行业票价水平或已低位筑底。 供给 ...

Core Viewpoint - The aviation sector is experiencing significant declines, particularly among major airlines, due to travel restrictions and demand impacts related to Japan. [1] Group 1: Stock Performance - China Southern Airlines (01055) has dropped by 7.67%, trading at HKD 5.54 - China Eastern Airlines (00670) has decreased by 7.12%, trading at HKD 5.22 - Air China (00753) has fallen by 3.5%, trading at HKD 6.89 [1] Group 2: Travel Restrictions - The Ministry of Foreign Affairs has advised Chinese citizens to avoid traveling to Japan during the Spring Festival - Data from DAST indicates that all 49 flights to Japan have been canceled in February - Major airlines including Air China, China Eastern, and China Southern have extended their free ticket refund and change policy for flights to Japan until October 24 [1] Group 3: Market Analysis - Dongxing Securities reports that the demand for flights to Japan is affected, leading to excess capacity as some flight capacity shifts to other routes - Airlines need to strengthen supply management for international routes to mitigate overcapacity risks - Huachuang Securities notes that a 10% change in oil prices could impact the annual costs of the three major airlines by approximately CNY 4.3 to 5.1 billion, while a 1% fluctuation in exchange rates could affect them by CNY 130 to 260 million [1]

【国联民生交运*周报260126】即时零售再起势，重视顺丰同城布局机会；航空量价环比回升预热春运 #阿里即时零售领域长期投入的决心坚定，抖音、拼多多入局，即时零售再起势。 1）阿里：持续加码大消费和服务电商赛道，即时零售领域长期投入的决心坚定。 25H2淘宝闪购日订单峰值达1.2亿单，8月周度日均订单突破8000万单。 2025Q3，即时零售收入同比增长60%。 【国联民生交运*周报260126】即时零售再起势，重视顺丰同城布局机会；航空量价环比回升预热春运 #阿里即时零售领域长期投入的决心坚定，抖音、拼多多入局，即时零售再起势。 1）阿里：持续加码大消费和服务电商赛道，即时零售领域长期投入的决心坚定。 25H2淘宝闪购日订单峰值达1.2亿单，8月周度日均订单突破8000万单。 2025Q3，即时零售收入同比增长60%。 2）抖音&拼多多：抖音整合即时零售业务，抖音超市合并至小时达，开展"直播带货 #顺丰同城：即时零售"必争之地"趋势渐明，重视顺丰同城布局机会。 公司为独立第三方即配龙头，享即配行业规模持续快速扩张和快递业务量高增双β红利，2030年中国即时零售市场 规模有望超过2万亿元，在品牌化趋势下其竞争 ...

"国博号"主题彩绘飞机的涂装鲜艳夺目。卢旭摄（新华社发） 游客在西安咸阳国际机场参观文物。曹欣摄（人民图片） 杭州萧山国际机场陈列的非遗作品和书籍。叶子摄 手握登机牌，顺着几串可爱的"爪印"路标向前走，不远处的"迪士尼·疯狂动物城号"主题航班仿佛从银 幕中跃出，朱迪、尼克等人物的笑脸瞬间点亮旅程；落地中转机场，行李直挂等手续更加简便，让游客 轻松走出机场，来一场"中转游"；抵达目的地，手中的机票变成了吃住行的"折扣卡"，既省钱又舒 心……乘坐飞机出游的体验，正在变得更丰富、更便捷、更有趣。 去年11月，文化和旅游部、中国民航局印发《文化和旅游与民航业融合发展行动方案》，提出到2027 年，文化和旅游与民航业实现更深层次、更大范围、更高质量的融合。"民航+文旅"带来哪些新产品、 新场景？游客体验如何？产业发展将迎来怎样的机遇？ 从机场到客舱 拉满"出游体验感" 在杭州萧山国际机场T3航站楼，古色古香的萧山非遗厅引得不少旅客驻足。展柜中陈列着萧山花边、 丝绸画缋扇子等精美的非遗作品，作品旁的牌子上详细介绍了技艺与作品背后的故事。 越来越多的机场通过器物展览、快闪市集等方式，成为旅客感受城市之美的"文化会客厅"。在 ...