Core Viewpoint - 吉祥航空 is launching a series of Spring Festival themed activities to create a festive atmosphere for travelers, enhancing their overall travel experience during the holiday season [1][7]. Group 1: Thematic Activities - The company has initiated a "Leap Horse Spring Festival" theme, featuring immersive flights, festive decorations, and digital travel services to convey warm New Year wishes [1]. - The check-in areas, boarding gates, VIP lounges, and cabins have been meticulously decorated with red paper art and zodiac horse elements to create a celebratory visual experience [2][9]. Group 2: In-Flight Experience - On February 15, during the Spring Festival themed flight HO1177 from Shanghai Hongqiao to Sanya, the crew conveyed wishes for safety and family reunion through special announcements, and passengers participated in interactive activities [6]. - Unique meal services included placing a sugar-coated hawthorn on each passenger's tray, symbolizing the "taste of the New Year," along with a New Year greeting card to enhance the festive experience at high altitude [6]. Group 3: Digital Service Enhancements - As travel peaks during the Spring Festival, 吉祥航空 has upgraded its digital service capabilities by launching an "automatic ticket grabbing" feature on its official app, allowing travelers to submit ticket requests for sold-out flights [7]. - This feature monitors ticket availability until two hours before departure, automatically completing ticket purchases without service fees and offering full refunds before ticket issuance [7]. Group 4: Ground Services - The company’s VIP lounges at Hongqiao and Pudong airports have been decorated in a festive style, with staff dressed in red vests to warmly welcome travelers [9]. - A "New Year QR Code Lottery" has been introduced in the lounges, allowing travelers to scan a QR code for a chance to win various prizes, including customized mascots and flight points [9].

Investment Rating - The report maintains a "Recommend" rating for the aviation sector, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [56]. Core Insights - The report highlights a strong demand for air travel during the Spring Festival, with a projected growth in passenger numbers of around 5% due to the recovery of international routes and increased domestic travel demand driven by service consumption [8]. - The report notes that the supply of aircraft is expected to grow at a compound rate of approximately 3% over the next three years, indicating a "hardcore" constraint on supply [8]. - High load factors are anticipated to lead to significant price elasticity, particularly for major airlines such as China National Aviation, Southern Airlines, and Eastern Airlines, which are expected to see a release of elasticity [8]. Monthly Data Analysis Overall Performance - In January, the overall ASK (Available Seat Kilometers) growth rates varied among airlines, with Spring Airlines leading at 4.5% growth, while Hainan Airlines saw a decline of 6.6% [1]. - RPK (Revenue Passenger Kilometers) growth also showed a similar trend, with Spring Airlines at 6.0% and Hainan Airlines at -4.4% [1]. Domestic Routes - For domestic routes in January, Spring Airlines had the highest ASK growth at 13.3%, while Hainan Airlines had the lowest at -8.5% [2]. - RPK growth for domestic routes was led by Spring Airlines at 14.4%, with Hainan Airlines again at the bottom with -6.3% [2]. International Routes - On international routes, Southern Airlines showed the highest ASK growth at 10.5%, while Spring Airlines experienced a decline of 20.8% [2]. - RPK growth on international routes was also led by Southern Airlines at 8.0%, with Spring Airlines again showing a significant decline of 19.5% [2]. Regional Routes - Spring Airlines led regional routes with an ASK growth of 41.6%, while the lowest was seen in 吉祥 Airlines at -39.4% [2]. - RPK growth for regional routes was similarly led by Spring Airlines at 40.7% [2]. Load Factor - In January, Spring Airlines achieved the highest load factor at 92.0%, with a year-on-year increase of 1.3 percentage points [3]. - The load factors for other airlines were as follows: Eastern Airlines at 85.0%, 吉祥 Airlines at 84.0%, and Southern Airlines at 83.3% [3]. Fleet Size - In January 2026, the six listed airlines collectively saw a net exit of 5 aircraft from their fleets [3].

Investment Rating - The report assigns an "Accumulate" rating for the aviation industry [5]. Core Insights - The demand for civil aviation during the 2026 Spring Festival is expected to be strong, with limited additional flights, leading to a gradual narrowing of passenger growth rates. Ticket prices are anticipated to continue rising year-on-year during and after the holiday period. Coupled with lower oil prices, airline profitability is expected to improve significantly compared to the previous year [3][4]. Summary by Sections Industry Overview - The 2026 Spring Festival travel season officially began on February 2, with strong demand expected to set a new historical high for passenger flow. As of February 12, the overall flow of people increased by 2.3% year-on-year, with aviation leading at a growth rate of 5.4% [5][6]. Passenger Flow Analysis - Passenger flow for various transportation modes showed the following year-on-year growth rates: aviation at 5.4%, rail at 2.6%, and road at 2.2%. The first week of travel was impacted by adverse weather, but recovery was noted in the second week as conditions improved [5][6][8]. Airline Performance - Daily average passenger volume for civil aviation reached approximately 2.36 million, with a year-on-year increase of 5.4%. The growth rate is in line with expectations, although the limited number of additional flights may lead to a slight decrease in growth rates as the holiday approaches [5][8]. Ticket Pricing Trends - The report estimates that domestic load factors increased by about 1 percentage point year-on-year, with ticket prices (excluding fuel surcharges) rising by approximately 1-2%. Despite a 13% year-on-year decrease in jet fuel prices, the net ticket prices are expected to rise, indicating an improvement in airline gross margins [5][8]. Future Outlook - The report anticipates a "super cycle" for the Chinese aviation industry, driven by sustained demand growth and a shift towards market-driven pricing. The upcoming peak season is expected to significantly enhance airline profitability, with the first quarter of 2026 likely to see industry-wide profitability [5][8]. Recommended Stocks - The report recommends accumulating shares of key airlines, including Air China, Juneyao Airlines, China Eastern Airlines, China Southern Airlines, and Spring Airlines, based on their expected performance and market conditions [5][13].

Core Viewpoint - The company, Juneyao Airlines (603885.SH), reported a decline in passenger capacity and turnover for January 2026 compared to the previous year, indicating challenges in the domestic and international aviation markets [1] Group 1: Passenger Capacity - The company's passenger capacity (measured in available seat kilometers) decreased by 7.84% year-on-year [1] - Domestic, international, and regional passenger capacity changes were -3.49%, -16.09%, and -39.44% respectively [1] Group 2: Passenger Turnover - The passenger turnover (measured in revenue passenger kilometers) fell by 6.04% year-on-year [1] - Year-on-year changes in domestic, international, and regional passenger turnover were -1.51%, -16.01%, and -35.70% respectively [1] Group 3: Load Factor - The load factor was reported at 84.03%, an increase of 1.61% year-on-year [1] - Year-on-year load factor changes for domestic, international, and regional routes were 1.76%, 0.07%, and 4.99% respectively [1] Group 4: Month-on-Month Changes - Domestic passenger capacity increased by 8.94% month-on-month [1] - Domestic passenger turnover rose by 9.40% month-on-month [1] - Domestic route load factor increased by 0.37% month-on-month [1] - International passenger capacity decreased by 2.07% month-on-month [1] - International passenger turnover fell by 3.78% month-on-month [1] - International route load factor decreased by 1.34% month-on-month [1]

Core Viewpoint - The article highlights the successful implementation of domestic flight planning systems by Juneyao Airlines, marking a significant shift from reliance on imported software to local solutions in the aviation industry [1][2]. Group 1: Implementation of Domestic Flight Planning Systems - Juneyao Airlines is set to use two domestic flight planning systems in a "main and backup" approach for the Spring Festival travel rush in 2026, having previously relied on imported software [1]. - The domestic flight planning systems have been in use for over 35,000 flights, successfully replacing imported systems in Juneyao's narrow-body fleet [1]. Group 2: Advantages of Domestic Systems - The domestic systems provide comparable fuel calculation results to traditional imported software, with enhanced granularity in ascent fuel calculations, improving flight planning for marginal routes [2]. - The systems offer efficient customer response capabilities, demonstrated by a rapid two-week upgrade to meet specific operational needs for the Shanghai-Kunming corridor [2]. - Domestic flight planning systems are built on newer technology architectures, support cloud deployment, and significantly reduce IT operational costs compared to foreign systems [2]. Group 3: Industry Collaboration and Ecosystem Development - Successful aviation software systems require collaboration between suppliers and airlines to gain practical experience and continuously improve [3]. - Juneyao Airlines aims to support domestic software suppliers in establishing a comprehensive ecosystem and integrated service capabilities to promote mutual benefits across the industry [3].

Group 1 - RuiLian New Materials reported a total operating revenue of 1.677 billion yuan for 2025, an increase of 14.95% year-on-year, with a net profit of 311 million yuan, up 23.48% year-on-year [1] - China Shenhua's subsidiary, Guoneng Qingyuan Power, successfully put its fourth generator unit into commercial operation, expected to provide approximately 20 billion kWh of clean energy annually [2] - Qijiang Airlines announced a 6.04% year-on-year decline in passenger turnover for January 2026, with a passenger load factor of 84.03%, up 1.61% year-on-year [3] Group 2 - QiZheng Tibetan Medicine reported a total operating revenue of 2.416 billion yuan for 2025, a year-on-year increase of 3.34%, with a net profit of 646 million yuan, up 10.98% year-on-year [5] - QiaoYin Co. announced the termination of its artificial intelligence industry headquarters project due to changes in investment cooperation conditions [6] - New Point Software plans to use 90.81 million yuan of surplus raised funds for new projects, including AI-driven software development [7] Group 3 - High Measurement Co. announced plans for major shareholders and executives to reduce their holdings by up to 3.19% of the company's shares [8] - SAIC Group's subsidiary plans to establish a private equity fund with an initial scale of 2.5 billion yuan, focusing on solid-state batteries and chip localization [9] - Tianqi Lithium announced the resignation of its deputy general manager due to personal career planning [10] Group 4 - ZhongKong Technology reported a total operating revenue of 8.051 billion yuan for 2025, a decrease of 11.90%, with a net profit of 450 million yuan, down 59.70% year-on-year [11] - Spring Airlines reported a 6.28% year-on-year increase in total passenger volume for January 2026, with a total available ton-kilometers of 57,008.37 [12] - Qifan Cable's controlling shareholder reduced its stake by 3% through various trading methods [13] Group 5 - China Chemical signed contracts worth a total of 36.925 billion yuan in January 2026, with significant contracts exceeding 5 billion yuan totaling 11.371 billion yuan [19] - SaiTuo Bio received a CEP certificate for its raw material drug Betamethasone, which is used to treat allergies and autoimmune inflammation [20] - Giant Star Agriculture reported a sales revenue of 649 million yuan from commodity fat pigs in January 2026, with a sales volume of 404,400 pigs [23] Group 6 - Qinglong Pipe Industry's subsidiary won a 146 million yuan pipeline project [24] - Changshan Pharmaceutical announced that some of its products are expected to be selected for national centralized procurement [26] - Yangdian Technology completed the transfer of 12.96% of its shares through an agreement [27] Group 7 - Deepin Technology's investment fund introduced new limited partners and adjusted the capital contributions of some partners [28] - Qingyun Technology plans to pledge 25% of its shares for a loan application of up to 30 million yuan [29] - LaiMei Pharmaceutical reported a 57.20% year-on-year decline in net profit for 2025 [30] Group 8 - YouLiDe reported a 16.88% year-on-year decline in net profit for 2025, with total operating revenue of 1.221 billion yuan, up 7.99% [31] - Warner Pharmaceutical reported a net profit of 241 million yuan for 2025, an increase of 46.95% year-on-year [32] - LianRui New Materials reported a net profit of 293 million yuan for 2025, an increase of 16.42% year-on-year [33] Group 9 - HuaQin Technology expects a 24.28% year-on-year decrease in net profit for 2025, with projected revenue of 1.251 billion yuan, up 9.83% [34] - QiPai Technology's shareholder subscribed for 6.3 million shares, accounting for 5.49% of the total share capital [35] - Qilin Security's shareholders completed their planned share reductions without exceeding the original plan [36] Group 10 - Dameng Data announced the lifting of the detention of its senior vice president, allowing him to resume his duties [37] - Haiyou Engineering won a contract for the "NFPS COMP5" project worth approximately 4 billion USD, with the company's share exceeding 800 million USD [38] - Yatai Group plans to sell 20.81% of its shares in Northeast Securities, pending confirmation of financial statements [39]

Core Viewpoint - The company, Juneyao Airlines, reported a decline in passenger capacity and turnover for January 2026 compared to the previous year, with a slight increase in seat occupancy rate [1] Group 1: Year-on-Year Performance - The company's passenger capacity (measured in available seat kilometers) decreased by 7.84% year-on-year, with domestic, international, and regional routes showing changes of -3.49%, -16.09%, and -39.44% respectively [1] - The passenger turnover (measured in revenue passenger kilometers) fell by 6.04% year-on-year, with domestic, international, and regional routes experiencing declines of -1.51%, -16.01%, and -35.70% respectively [1] - The overall seat occupancy rate was 84.03%, which represents an increase of 1.61% year-on-year, with domestic, international, and regional routes showing changes of 1.76%, 0.07%, and 4.99% respectively [1] Group 2: Month-on-Month Performance - Domestic passenger capacity (measured in available seat kilometers) increased by 8.94% month-on-month, while domestic passenger turnover (measured in revenue passenger kilometers) rose by 9.40% month-on-month [1] - The seat occupancy rate for domestic routes increased by 0.37% month-on-month [1] - In contrast, international passenger capacity (measured in available seat kilometers) decreased by 2.07% month-on-month, with international passenger turnover (measured in revenue passenger kilometers) declining by 3.78% month-on-month [1] - The seat occupancy rate for international routes fell by 1.34% month-on-month [1]

Core Viewpoint - The announcement from the company indicates a decline in passenger capacity and turnover for January 2026 compared to the previous year, with varying impacts across domestic, international, and regional routes [1] Group 1: Passenger Capacity - The company's passenger capacity (measured in available seat kilometers) for January 2026 decreased by 7.84% year-on-year, with domestic, international, and regional routes showing changes of -3.49%, -16.09%, and -39.44% respectively [1] - Domestic passenger capacity increased by 8.94% month-on-month, while international capacity decreased by 2.07% [1] Group 2: Passenger Turnover - The passenger turnover (measured in revenue passenger kilometers) for January 2026 fell by 6.04% year-on-year, with domestic, international, and regional routes experiencing declines of -1.51%, -16.01%, and -35.70% respectively [1] - Domestic passenger turnover rose by 9.40% month-on-month, while international turnover decreased by 3.78% [1] Group 3: Load Factor - The load factor for January 2026 was 84.03%, reflecting a year-on-year increase of 1.61%, with domestic, international, and regional routes showing changes of 1.76%, 0.07%, and 4.99% respectively [1] - The load factor for domestic routes increased by 0.37% month-on-month, while the international load factor decreased by 1.34% [1]

Core Insights - The company reported a year-on-year decrease in passenger capacity input (measured in available seat kilometers) of 7.84% for January 2026, with domestic, international, and regional routes showing declines of 3.49%, 16.09%, and 39.44% respectively [1] - The passenger turnover (measured in revenue passenger kilometers) also saw a year-on-year decline of 6.04%, with domestic, international, and regional routes experiencing changes of -1.51%, -16.01%, and -35.70% respectively [1] - The overall passenger load factor improved to 84.03%, an increase of 1.61% year-on-year, with domestic, international, and regional routes showing increases of 1.76%, 0.07%, and 4.99% respectively [1] Domestic Operations - In January 2026, the company's domestic passenger capacity input increased by 8.94% month-on-month, while domestic passenger turnover rose by 9.40% month-on-month [1] - The domestic route load factor increased by 0.37% month-on-month [1] International Operations - The company's international passenger capacity input decreased by 2.07% month-on-month, and international passenger turnover fell by 3.78% month-on-month [1] - The international route load factor declined by 1.34% month-on-month [1] Fleet Information - As of January 31, 2026, the company operated 93 A320 series aircraft (including 27 A321, 22 A320neo, and 14 A321neo) and 10 Boeing 787 series aircraft [2] - The subsidiary, Jiuyuan Airlines, operated 26 Boeing 737 series aircraft [2]

上海吉祥航空股份有限公司 2026 年 1 月主要运营数据公告 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。 上海吉祥航空股份有限公司（以下简称"吉祥航空"或"公司"）及所属子 公司九元航空有限公司（以下简称"九元航空"）2026 年 1 月份合并主要运营 数据： （一）运营情况 2026 年 1 月，公司客运运力投入（按可用座位公里计）同比下降 7.84%，其 中国内、国际和地区航线客运运力投入同比变动分别为-3.49%、-16.09%和 -39.44%；旅客周转量（按收入客公里计）同比下降 6.04%，其中国内、国际和 地区航线旅客周转量同比变动分别为-1.51%、-16.01%和-35.70%；客座率为 84.03%，同比上升 1.61%，其中国内、国际和地区航线客座率同比变动分别为 1.76%、0.07%和 4.99%。 2026 年 1 月，公司国内客运运力投入（按可用座位公里计）较上月环比上 升 8.94%，国内旅客周转量（按收入客公里计）环比上升 9.40%，国内航线客座 率环比上升 0.37%。国际客运运力投 ...