Market Overview - The Shanghai Composite Index rose by 1.38% on January 5, with 26 out of 28 sectors experiencing gains, led by Media and Pharmaceutical sectors, which increased by 4.12% and 3.85% respectively [1] - The sectors that saw declines included Oil & Gas and Banking, with decreases of 1.29% and 0.34% respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets was 8.334 billion yuan, with 15 sectors experiencing net inflows [1] - The Electronics sector had the highest net inflow, totaling 9.481 billion yuan, with a daily increase of 3.69% [1] - The Pharmaceutical sector followed with a net inflow of 4.379 billion yuan and a daily increase of 3.85% [1] - Conversely, 16 sectors experienced net outflows, with the Machinery Equipment sector leading at a net outflow of 3.694 billion yuan [1] - The Defense and Aerospace sector also saw significant outflows, totaling 3.411 billion yuan [1] Transportation Sector Performance - The Transportation sector declined by 0.30%, with a net outflow of 999 million yuan [2] - Out of 126 stocks in this sector, 64 stocks rose while 55 stocks fell [2] - The stocks with the highest net inflows included China Eastern Airlines, with a net inflow of 114 million yuan, followed by Wuzhou International and Southern Airlines with inflows of 78.9247 million yuan and 67.8255 million yuan respectively [2] - The stocks with the highest net outflows included COSCO Shipping Holdings, with a net outflow of 199.4076 million yuan, followed by Daqin Railway and HNA Holding with outflows of 175.7832 million yuan and 159.9235 million yuan respectively [4]

Core Viewpoint - China Eastern Airlines (600115.SH) aims to optimize its asset-liability structure and recover funds to support its main business by transferring its Hongqiao base to China Cargo Airlines for a transaction price of 137.6018 million yuan [1] Group 1 - The transaction involves the transfer of the Hongqiao base held by China Eastern Airlines to China Cargo Airlines [1] - The transaction price for the asset transfer is set at 137.6018 million yuan [1]

中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 证券代码：600115 证券简称：中国东航 公告编号：临 2026-001 中国东方航空股份有限公司 关于子公司出售土地房产暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 一、关联交易概述 （一）本次交易的基本情况 1、本次交易概况 为优化上航资产负债结构、回笼资金支持主业发展，上航与中货航签署《上 海市房地产买卖合同》，由上航将其持有的上航虹桥基地转让至中货航，交易价 格为 13,760.18 万元。 重要内容提示： 中国东方航空股份有限公司（以下简称"公司"）下属全资子公司上海航空 有限公司（以下简称"上航"）与公司控股股东中国东方航空集团有限公司 （以下简称"中国东航集团"）下属控股子公司东方航空物流股份有限公司 （以下简称"东航物流"）的控股子公司中国货运航空有限公司（以下简称 "中货航"）于 2026 年 1 月 5 日签署《上海市房地产买卖合同》，上航拟将 其持有的绥宁路上海虹桥基地土地使用权及其地上房屋 ...

Market Overview - The aviation and airport sector experienced a decline of 0.31% on January 5, with China National Aviation leading the drop [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Stock Performance - Key stocks in the aviation and airport sector showed mixed performance, with China National Aviation closing at 9.20, down 1.81%, and China Eastern Airlines at 6.05, up 0.83% [2] - The trading volume and turnover for major stocks included: - China National Aviation: 1.22 million shares, turnover of 1.11 billion [2] - China Eastern Airlines: 1.79 million shares, turnover of 1.07 billion [2] - Xiamen Airport: 66,800 shares, turnover of 115 million [2] Capital Flow - The aviation and airport sector saw a net inflow of 119 million from institutional investors, while retail investors experienced a net outflow of 173 million [2] - The capital flow for specific stocks indicated: - China Eastern Airlines had a net inflow of 94.70 million from institutional investors [3] - China National Aviation faced a net outflow of 18.89 million from institutional investors [3] - Shenzhen Airport had a net inflow of 12.24 million from institutional investors [3]

中国民航网讯：作为一名深耕民航飞行一线的飞行员，东航山东分公司机长刘甲始终以"安全是民航业 的生命线"为准则，作为教员，他将匠心传承融入每一次起落，用创新破解行业难题，先后斩获东航股 份"安全标兵"、教育培训"先进个人"及东航集团"先进个人""劳动模范"等多项荣誉。 恪尽职守，以匠心筑牢安全防线 十数载安全飞行生涯里，刘甲把对安全的敬畏刻进骨子里，将严谨细致融入每一个飞行操作环节。 他深耕大数据飞行品质监控领域，凭借敏锐的洞察力和扎实的专业功底，梳理总结风险预判方法，有效 降低特殊天气、复杂航线等场景下的运行隐患。他投身高层级手册编写工作，结合万余小时经历和数千 次起落的飞行实践经验，让手册内容更贴合一线运行实际，以实打实的业绩为航班安全保驾护航。 作为刘甲飞行劳模工作室领衔人，他深知"独行快，众行远"的道理，他牵头汇聚17名飞行骨干力量，组 建起一支攻坚破难的专业团队。 在他的带领下，工作室凭借扎实的创新成果和突出的攻坚能力，于2023年12月获评"山东省交通运输行 业劳模工匠创新工作室"称号，2024年跻身山东省创新工作室赛道前50名，成为山东交通系统内创新创 效的标杆。 多维攻坚，以实干书写年度答卷 2 ...

Core Insights - The article highlights the exceptional service provided by Eastern Airlines Northwest during extreme weather conditions, showcasing their commitment to passenger care and safety [1][9]. Group 1: Emergency Response - On December 31, 2025, a passenger on flight MU2302 experienced respiratory issues, prompting the crew to provide immediate oxygen support and coordinate a seamless transfer to medical care upon landing [3]. - On January 3, 2026, a first-class passenger on flight MU750 suffered from heart discomfort due to fatigue. The cabin crew activated an emergency response plan, providing oxygen and monitoring the passenger's condition, which led to significant improvement [5]. Group 2: Customer Experience During Delays - The heavy snowfall in Xi'an on December 31, 2025, caused delays for flight MU2154. The crew not only reassured passengers but also prepared festive treats to enhance the New Year experience, transforming a stressful situation into a memorable one [6]. - On January 1, 2026, flight MU2213 provided New Year cards to passengers, creating a joyful atmosphere as they welcomed the new year at high altitude [6]. Group 3: Positive Passenger Feedback - The crew's effective communication during delays on December 31, 2025, led to handwritten notes of appreciation from passengers, reflecting their gratitude for the service provided [7]. - On January 3, 2026, a passenger expressed their appreciation for the crew's service by presenting handwritten greeting cards, highlighting the positive impact of the airline's customer service [7][9]. Group 4: Commitment to Service Quality - Eastern Airlines Northwest aims to continue enhancing service quality by transforming each service experience into practical improvements, ensuring passenger safety and comfort on every journey [9].

（民航江苏监管局供图） 随后，督导组前往东航江苏公司运行指挥中心，实地了解公司在复杂天气下的运行组织、航班调整和旅 客服务等保障工作的开展情况。督导组要求公司持续加强运行监控与内外协调，在确保安全的前提下努 力提升运行效率，同时切实做好旅客服务保障工作。 江苏监管局表示，下一步将持续紧盯冬季运行的重点环节和关键岗位，督促辖区各单位严格落实安全主 体责任及各项规章制度，以"时时放心不下"的责任感，牢牢守住安全底线，确保冰雪天气下辖区民航运 行持续安全、顺畅。（编辑：许浩存 校对：陈虹莹 审核：韩磊） 《中国民航报》、中国民航网 记者胡夕姮 通讯员郭奕柏 报道：2026年元旦凌晨，南京迎来新年首场降 雪。雪情即战情，民航江苏监管局闻雪而动，组织督导组于凌晨时分赶赴南京机场一线，对出港航班保 障情况进行检查，重点督导低温雨雪天气下各单位飞机除防冰、场道除冰雪及应急预案执行情况，确保 运行安全有序。 督导组首先深入飞行区现场，实地检查各单位对民航局《2025冬季运行总体保障方案》的落实情况，对 预案执行、资源调配、操作流程等环节进行了全面督导。各专业监察员分组行动，仔细查看跑道、滑行 道及机坪的除冰雪效果，并对航空器 ...

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Views - The report highlights a significant year-on-year increase in travel demand during the New Year holiday period, attributed to a low base effect from the previous year [6] - The aviation sector is expected to benefit from limited supply growth, rising ticket prices, and improved profitability due to favorable oil prices and currency exchange rates [9] Summary by Sections Travel Demand Growth - During the 2026 New Year holiday, cross-regional travel reached 595 million trips, averaging 198 million trips per day, with a year-on-year growth of 19.62% [6] - Rail travel saw the highest growth at 52.6%, while civil aviation grew by 10.4% and intercity buses by 20.8% [6] Aviation Sector Insights - Civil aviation passenger volume reached 5.88 million during the holiday, with a daily average of 1.96 million, reflecting a 10.4% increase year-on-year [6] - Average domestic economy class ticket prices rose to 684.6 yuan, showing a recovery trend after a decline in the previous year [6] Road and Rail Travel - Road travel accounted for 540 million trips, with a daily average of 18 million, marking a 15.7% increase year-on-year [7] - Rail travel demand remained strong, with an estimated 48.09 million trips during the holiday, reflecting a 52.7% year-on-year increase [8] Investment Recommendations - The report recommends focusing on the aviation sector for 2026, anticipating strong performance during the Spring Festival and sustained demand growth in the medium to long term [9] - Key stocks recommended include Huaxia Airlines, Spring Airlines, and China Southern Airlines, all rated as "Buy" with target prices set for 2026 [5][12]

Summary of Key Points from Conference Call Industry Overview - **A-Share Market Performance**: The Shanghai Composite Index rose by 18.41% in 2025, indicating a positive market outlook for 2026, driven by expectations of U.S. interest rate cuts and increased liquidity in overseas markets [2][3]. - **Chemical Industry**: The chemical sector showed strong performance in 2025, with expectations of continued growth into 2026, as supply pressures ease and some products see price increases [10][11]. - **Aviation Industry**: The aviation sector experienced a 13% increase in passenger traffic during the New Year period, with ticket prices rising over 10% year-on-year. Future growth is anticipated due to low supply growth and recovering demand [6]. - **Oil Shipping Industry**: The oil shipping sector is at a four-year high, driven by increased oil production. The next five years are expected to see continued demand growth [8][9]. Core Insights and Arguments - **Market Trends**: The A-share market is expected to benefit from several factors, including anticipated U.S. interest rate cuts, a stable and appreciating RMB, and supportive policies for investment and real estate [2][3]. - **Price Increase Logic**: Price increases are emerging in sectors like chemicals and new energy materials due to improved demand and constrained supply. The TMT supply chain is also experiencing price hikes due to demand expansion [4]. - **Investment Recommendations**: - **Technology Growth**: Positive outlook for technology sectors, including internet, electronics, and power equipment [5]. - **Non-Banking Financials**: Favorable conditions for insurance and brokerage firms [5]. - **Cyclical Sectors**: Sectors benefiting from domestic demand and stable real estate policies, such as tourism and consumer goods, are recommended [5]. Additional Important Insights - **Industrial Metals**: The industrial metals market is optimistic for 2026, with supply disruptions and increased demand from AI and traditional sectors driving growth [15]. - **Chemical Sector Recommendations**: Key companies to watch include Hualu Hengsheng in coal chemicals and leading firms in the refrigerant and new materials sectors [11]. - **Coal Market Outlook**: The coal market is expected to stabilize, with prices projected to rise in the latter half of 2026 after a period of decline [22][24]. - **Real Estate Sector**: The real estate sector is receiving renewed attention from policymakers, indicating potential recovery and investment opportunities in leading companies [25]. This summary encapsulates the key points discussed in the conference call, highlighting the performance and outlook of various industries, along with strategic investment recommendations.

2026.01. 04 本文字数：2208，阅读时长大约4分钟 作者 | 第一财经 陈姗姗 2026年元旦期间（1.01-1.03），民航旅客运输量约588.5万人次（仅含境内航司承运数据），日 均约196.2万人次，同比增长10.8%。 这是记者今日从航班管家获得的最新数据。今年元旦旅客人数同比大增，一方面与不少旅客"请3休 8"的拼假模式催热了东南亚、欧洲出境游有关，另一方面，外籍游客入境游也在持续增长。 赴日航班量大降40.5% 2026年元旦比2025年多放2天假，令不少游客有时间出境游。去哪儿平台数据显示，元旦期间热门 地区出境机票预订增4成以上，其中韩国、越南机票预订涨2倍以上。 从热度蹿升最快的目的地来看，飞往韩国首尔的出境机票量同比增长3.3倍，是增幅最高的目的地， 也是大学生群体元旦出境游首选；飞往越南胡志明市、河内的机票增幅分别达3.2倍和2.4倍，成为 23-30岁"工作党"的热门选择。 还有不少"请3休8"拼假族，选择在元旦前飞向南半球过夏天，带动前往新西兰的机票预订增长1.1 倍。此外，2025年底航线加密后，在元旦期间飞往巴西的机票增长近3倍；飞往格鲁吉亚、乌兹别 克斯坦、哈萨克斯 ...