航空机场 2026 年 1 月数据点评：春节错期 导致 1 月数据平淡，春运数据表现良好 事件：上市航司发布 2026 年 1 月运营数据。受春节错期影响，数据表现较为 平淡，但我们认为实际情况好于预期。 国内航线：春节错期导致 1 月运力投放同比下降，春运数据表现良好 2026 年 1 月上市公司国内航线运力投放同比下降约 4.3%，环比 25 年 12 月提 升约 5.8%。行业备战春运，运力投放环比有较明显提升。但由于 26 年春节较 25 年晚了近 3 周，春节错期导致今年 1 月运力投放同比是下降的。 客座率方面，1 月上市公司整体客座率较 25 年同期提升约 1.6pct，同比继续 改善；环比 12 月则下降 0.4pct。由于今年春节较晚，但航司的运力投放已经 提前部署，因此 1 月客座率表现环比看并不强势。我们认为这是正常现象，随 着春运逐渐发力，预计 2 月客座率环比会有较明显提升。 根据民航局数据，2 月 15 日起的 9 天春节假期期间，全国民航累计运输旅客 2205 万人次、保障航班 17.1 万班，日均 245 万人次、18956 班，分别较 2025 年春运同期增长 7.7%、4. ...

Core Insights - The Chinese civil aviation industry experienced a record high in passenger transport during the Spring Festival holiday, with a total of 22.05 million passengers transported, marking a 7.7% increase compared to the same period in 2025 [1] - The average daily passenger transport volume reached 2.452 million, a 7.3% year-on-year increase, also the highest level recorded for the Spring Festival [1] - Ticket prices for economy class flights rose significantly during the holiday, with an average price of 1,026.9 yuan, reflecting a 6.6% increase from 2025 and a 7.6% increase compared to pre-pandemic levels in 2019 [2] Passenger Transport Performance - On February 23, 2026, the peak day of passenger transport, 2.668 million passengers were transported, setting a new historical record [1] - China Eastern Airlines and China Southern Airlines reported record-breaking passenger numbers, with China Eastern Airlines transporting 526,000 passengers on February 22, 2026 [1] - Major airports, including Baiyun Airport and Shanghai Airport, also reported record passenger flow during the holiday [1] Ticket Pricing Trends - Following the Spring Festival, ticket prices for many routes dropped significantly, with some prices falling below 200 yuan [5] - The average ticket price for domestic routes from February 24 to March 13 is approximately 950 yuan, a decrease of about 13% from the Spring Festival average [6] - Price reductions were more pronounced for flights departing from major cities, with average price drops of around 30% from Beijing, 35% from Shanghai, and 31% from Guangzhou [6] Regulatory Environment - The Civil Aviation Administration of China (CAAC) is actively monitoring ticket pricing to prevent excessive low pricing and maintain market stability [7] - A new passenger transport cost investigation method is being developed, along with a price monitoring and early warning mechanism to coordinate the regulation of sales platforms [7]

2月15日—23日9天春节假期期间，全国民航累计运输旅客2205万人次，比2025年春运同期（2025年1月27日—2月4日，共9天）增长7.7%。其中，2026年2月 23日（正月初七）运输旅客266.8万人次，创历史新高。 这是中国民航局最新披露的春节民航运输成绩单。2026年春节9天，民航日均旅客运输量达245.2万人次，同比2025年春节增长7.3%，也为历年春节最高水 平。 不少航司和机场也披露了创历史纪录的数据。比如中国东航（600115.SH）的旅客出行最高峰出现在2月22日（农历正月初六），当天运输旅客52.6万人次， 刷新公司单日承运旅客历史纪录；南方航空（（600029.SH）在其乌鲁木齐枢纽执行航班和承运旅客量均创历史新高。 不过，春节过后不少航线的机票价格立刻"跳水"。记者查询多个平台发现，不少航线的票价不到1折。比如上海到成都，青岛等城市的不含税票价均不到200 元。 | 特价优选 ◎上海出发 | | 查看更多 > | | --- | --- | --- | | 2 超值低价 | ● 出行热门 ○ 精选推荐 | 2 宝藏冷 | | 全国低价 | 降幅超省 | 精选折扣 | | 单程 ...

Core Insights - The Chinese civil aviation industry experienced a record high in passenger transport during the Spring Festival holiday, with a total of 22.05 million passengers transported, marking a 7.7% increase compared to the same period in 2025 [1] - The average daily passenger transport volume reached 2.452 million, a 7.3% year-on-year increase, also the highest level recorded for the Spring Festival [1] - Ticket prices for economy class flights rose significantly during the holiday, with an average price of 1,026.9 yuan, reflecting a 6.6% increase from 2025 and a 7.6% increase compared to pre-pandemic levels in 2019 [2] Passenger Transport Performance - On February 23, 2026, the peak day of passenger transport, 2.668 million passengers were transported, setting a new historical record [1] - China Eastern Airlines and China Southern Airlines reported record-breaking passenger numbers, with China Eastern Airlines achieving a single-day record of 526,000 passengers on February 22 [1] - Major airports, including Baiyun Airport and Shanghai Airport, also reported record passenger flows during the holiday period [1] Ticket Pricing Trends - Following the Spring Festival, ticket prices for many routes dropped significantly, with some prices falling below 200 yuan [4] - The average ticket price for domestic routes from February 24 to March 13 is approximately 950 yuan, a decrease of about 13% from the Spring Festival average [6] - Price reductions were more pronounced for flights departing from major cities, with average prices dropping by 30% from Beijing, 35% from Shanghai, and 31% from Guangzhou [6] Regulatory Environment - The Civil Aviation Administration of China (CAAC) is actively monitoring ticket pricing and has plans to establish a price monitoring and warning mechanism to prevent excessive low pricing by airlines [7] - The CAAC is collecting data from airlines to assess cost structures for different routes, which will inform future regulatory measures [7]

2月24日，中国东航跌2.19%，成交额7.36亿元。两融数据显示，当日中国东航获融资买入额2558.49万 元，融资偿还1835.19万元，融资净买入723.30万元。截至2月24日，中国东航融资融券余额合计2.58亿 元。 来源：新浪证券-红岸工作室 截至9月30日，中国东航股东户数14.99万，较上期减少3.37%；人均流通股0股，较上期增加0.00%。 2025年1月-9月，中国东航实现营业收入1064.14亿元，同比增长3.73%；归母净利润21.03亿元，同比增 长1623.91%。 分红方面，中国东航A股上市后累计派现32.96亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年9月30日，中国东航十大流通股东中，中国证券金融股份有限公司位居第八 大流通股东，持股4.30亿股，持股数量较上期不变。香港中央结算有限公司位居第十大流通股东，持股 2.95亿股，相比上期减少545.24万股。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff. ...

February 24, 2026 04:01 PM GMT China Transportation | Asia Pacific CNY Holiday: Tourism - A Consumption Bright Spot Key Takeaways CNY Public Holiday: 2026 Feb 15-23, 9 days; vs. 2025 Jan 28-Feb 4, 8 days. MoT Data: In the CNY holiday (9 days in total), average daily air pax grew 7.4% YoY, while total air pax grew 21% YoY with one extra day. National Immigration Administration: Daily cross-border travellers grew 10.1% YoY (+24% YoY growth in total with one extra day). On a daily basis: | M | | | | --- | --- ...

该行认为基本面更有利于获评"买入"的酒店股，包括华住集团、亚朵酒店，澳门股包括银河娱乐、金沙 中国，及航空股包括国航、东航。 高盛发表报告指，春节旅游数据整体健康，国内游客量年增19%达5.96亿人次，旅游花费按年增19%至 8030亿元，日均增长6%；出境旅客量年增24%达480万人次，其中日本航线年减约50%，但东南亚及韩 国航线按年增10-40%的转移需求抵消了部分影响。 报告指，春节酒店业表现亮眼，每间可供房收入受平均房价带动，按年增长达中至高个位数百分比；航 空票价亦表现优于预期，受限于运力紧绷，国内航线票价按年上涨7%，国际航线票价按年上涨15%。 海南免税店表现逊于预期，日均销售额仅增长15%，1月为45%，主因每位旅客消费额下滑；澳门日均 博彩总收入7.86亿澳门币，按年增5%，未达预期8.5亿至9亿澳门元，部分源于贵宾厅赢率下降。 ...

Group 1: Transportation Industry Insights - The Spring Festival travel peak has shown a significant increase in passenger volume and ticket prices, indicating an industry turning point. The total inter-regional passenger flow reached 5.08 billion, with a year-on-year growth of 5.5% [3][4] - During the first 20 days of the Spring Festival, the civil aviation passenger volume increased by 6.0% year-on-year, with an average ticket price of 943 yuan, up 3.5% year-on-year [3][4] - The civil aviation industry is expected to maintain a growth rate of over 5% in passenger volume for 2026, supported by a recovery in business travel and a high seat occupancy rate [5] Group 2: Chemical Industry Outlook - The chemical industry is entering a favorable cycle with rising prices due to the upcoming peak season and a global trend of reducing overcapacity. The focus is on the recovery of demand and the potential for increased dividend yields from leading companies [6][8] - Key sectors to watch include coal chemical, oil refining, and agricultural chemicals, with specific companies highlighted for their strong performance potential [8][9] - The industry is expected to benefit from a reduction in supply and increased demand, particularly in sectors like PTA and tire manufacturing, as well as in the context of AI-driven demand [8][9] Group 3: Coal Market Dynamics - The price of thermal coal has risen to 718 yuan per ton, reflecting a week-on-week increase of 23 yuan, driven by supply constraints and increased demand from power plants [45][46] - The competitiveness of imported coal has diminished, leading to a favorable outlook for domestic coal prices as supply tightens and demand remains stable [45][46] - The overall coal mining industry is expected to see a long-term upward trend in prices due to rising operational costs and regulatory pressures, with a focus on maintaining high-quality assets and cash flow [47]

Core Insights - The report highlights the significant advancements in robotics showcased during the 2026 CCTV Spring Festival Gala, emphasizing the progress in hardware, control systems, and bionic technologies [2][11] - The polyester industry is experiencing a recovery, with leading companies benefiting from an integrated supply chain and improved demand dynamics [3][12] Mechanical Industry - The 2026 Spring Festival Gala featured performances by four companies, demonstrating cutting-edge achievements in embodied intelligence, including hardware, control, and bionic operations [2][11] - The performance of robots exceeded expectations, serving as a catalyst for the sector, with recommendations to focus on domestic robot supply chain companies [2][11] Polyester Industry - The polyester supply chain is witnessing a recovery, with profits shifting towards the filament segment due to improved supply-demand dynamics [3][12] - Zhejiang Petrochemical is expected to contribute stable investment returns, with projected annual contributions exceeding 1.5 billion yuan from 2025 to 2027, significantly smoothing out the cyclical fluctuations of the filament business [3][12] - The report forecasts a steady increase in net profit for the company, with estimates of 2.046 billion yuan, 3.693 billion yuan, and 4.987 billion yuan for 2025, 2026, and 2027 respectively, indicating a strong growth potential [3][12]

丨证券研究报告丨 行业研究丨行业周报丨航空货运与物流 [Table_Title] 快递降速提质，格局拐点已来 报告要点 [Table_Summary] 截至 2 月 22 日（正月初六），春节及前 5 周全国快递周度揽收业务量累计同比增速为 1.9%， 业务量增长显著放缓。展望 2026 年，伴随精准税收走向常态化、"反内卷"托底竞争底线，业 务量增速或维持个位数增长，龙头份额提升有望加速，1 月件量数据验证龙头持续占优。当前 龙头快递公司估值处于历史相对低位，看好板块格局拐点，重点推荐头部快递公司中通、圆通， 建议关注 3-4 月业务量和利润端的催化。 分析师及联系人 [Table_Author] 韩轶超 鲁斯嘉 胡俊文 SFC：BQK468 SFC：BWN875 SAC：S0490512020001 SAC：S0490519060002 SAC：S0490524120001 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 航空货运与物流 cjzqdt11111 [Table_Title2] 快递降速提质，格局拐点已来 [Table_Summary2] 快递降 ...