2月4日午间，A股半日下来共有53只涨停股、13只跌停股。煤炭概念活跃，兖矿能源、晋控煤业等涨 停；民航概念走强，华夏航空、中国东航涨停。 连板股方面，ST京蓝8天6板，杭电股份、名雕股份4连板，天通股份4天3板，ST京机、民爆光电等3连 板，中集集团、银轮股份等2连板，中船科技、宏盛华源等涨停。 *ST万方连续17日跌停，*ST精伦连续7日跌停，*ST春天连续5日跌停，*ST海华连续4日跌停，*ST国 华、*ST节能连续3日跌停，西上海、万丰股份等跌停。 ...

Market Overview - The market experienced a volatile morning session with the Shanghai Composite Index turning negative, while the ChiNext Index fell over 2% at one point [1] - By midday, the Shanghai Composite Index was nearly flat, the Shenzhen Component Index dropped by 0.92%, and the ChiNext Index decreased by 1.74% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.62 trillion yuan, an increase of 116 billion yuan compared to the previous trading day [1][7] Index Performance - Shanghai Composite Index: 4067.67, change of -0.07% with 1037 gainers and 1229 losers [2] - Shenzhen Component Index: 13997.72, change of -0.92% with 1223 gainers and 1598 losers [2] - ChiNext Index: 3266.99, change of -1.74% with 422 gainers and 937 losers [2] Sector Highlights - The space photovoltaic concept saw significant gains, with Zhonglai Co. hitting the daily limit up [2] - The coal sector rebounded collectively, with Yanzhou Coal, China Coal Energy, and Shanxi Black Cat all reaching the daily limit up [2] - The airport and shipping sector strengthened, with China Eastern Airlines and Huaxia Airlines also hitting the daily limit up [2] - The real estate sector was active, with Rong'an Real Estate and Caixin Development reaching the daily limit up [2] - Hydrogen energy concepts surged, with Beijing Capital and Zhiyuan New Energy hitting the daily limit up [2] Declines - Precious metals concepts opened high but fell, with Zhaojin Mining and Sichuan Gold experiencing significant declines [3] - AI application concepts collectively dropped, with Yili Media hitting the daily limit down [3] Market Sentiment - 72.95% of users are bullish on the market [4] - A total of 2946 stocks declined, while 2358 stocks increased, and 53 stocks hit the daily limit up [5]

Group 1 - The A-share market showed mixed performance on February 4, 2026, with the Transportation ETF (159666) rising by 1.48%, and key holdings such as China Eastern Airlines increasing over 7%, Huaxia Airlines over 5%, and Ningbo Port over 4% [1] - The 2026 Spring Festival travel rush, lasting from February 2 to March 13, is expected to see a record high of 9.5 billion people traveling across regions, driven by both family visits and tourism [1] - National civil aviation passenger transport volume during the Spring Festival is projected to reach 95 million, averaging 2.38 million passengers per day, representing a year-on-year growth of approximately 5.3% [1] Group 2 - The Transportation ETF (159666) and its linked funds (019405/019404) are the only ETFs tracking the CSI All-Share Transportation Index, which includes logistics, railways, highways, shipping ports, and airports, reflecting the overall performance of listed transportation companies in the A-share market [2]

| 来源：新浪财经 （免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。） | | --- | | 编辑 段炼 杜恒峰 | | 校对 何小桃 | | 封面图片：视觉中国（图文无关） | 每日经济新闻综合自公开资料 每经编辑｜段炼 2月4日，A股航空运输板块集体爆发。截至发稿，东航涨停，南航涨超7%，国航涨超6%，华夏航空、春秋航空、吉祥航空、海航等纷纷上涨。 ...

国泰海通证券认为，2026年春节假期再次延长，将保障探亲出游继续两旺。官方预期2026年春运客流将 再创历史新高。近期春运客流逐步启动，铁路与航空加班有限，旺季表现可期。 交通运输ETF（159666）及其联接基金（019405/019404）是全市场唯一跟踪中证全指运输指数的ETF基 金，其涵盖了A股市场包括物流、铁路公路、航运港口、机场等，能够充分反映出A股运输行业上市公 司的整体表现。 （文章来源：每日经济新闻） 2026年2月4日，交运板块表现活跃，交通运输ETF（159666）上涨1.48%，持仓股中国东航涨停，南方 航空涨超7%，华夏航空涨超6%。 近两年春节假期持续优化调整，2024年春节调休形成8天假期，较2023年延长1天，且官方鼓励从除夕起 开始休息；2025年起春节法定节假日正式增加1天，同时优化调休规则，明确除夕起放假8天，拼假效应 也在当年春节假期前后凸显。假期的持续延长，有效推动春节探亲、出游需求双旺，春运客流接连创下 新高，节中规模化的二次出行更填补了传统出行低谷期的需求空白。 据交通运输部数据，2025年春运40天（1月14日-2月22日），全社会跨区域人员流动量超90亿人次， ...

Core Viewpoint - The tourism ETF (562510) experienced a significant rise, with a peak increase of over 2% during early trading on February 4, driven by strong performance from China Eastern Airlines and other companies in the sector [1] Group 1: Company Developments - China Eastern Airlines announced it will provide free 4.5-hour high-speed Wi-Fi for all international and Hong Kong, Macau, and Taiwan inbound flights operated by wide-body aircraft on February 16, coinciding with the Lunar New Year [1] - This initiative continues China Eastern's leading position in onboard Wi-Fi services, having achieved full coverage of free basic Wi-Fi on domestic flights with wide-body aircraft since January 2026 [1] Group 2: Industry Trends - Analysts believe that the tourism sector is poised for growth due to positive expectations for the Spring Festival and the ongoing popularity of cross-border travel [1] - As the "longest Spring Festival in history" approaches, there is an anticipated surge in travel demand, supported by service innovations and policy backing, which may sustain the momentum in the tourism and aviation sectors [1]

Core Viewpoint - The significant disparity in performance among gold stocks is attributed to the ability of some fund managers to adjust their portfolios in advance, avoiding major downturns, while others did not, leading to substantial losses [1][3]. Group 1: Market Dynamics - The recent decline in gold stocks has seen some funds experience minimal drawdowns, while others have nearly erased their gains from the past year, highlighting the importance of understanding the true sentiment of capital in the market [3]. - Many investors rely solely on market trends and news, which can lead to poor investment decisions, as the underlying capital participation varies significantly among stocks within the same sector [3][4]. Group 2: Case Studies - An example is provided of an investor who faced significant losses due to relying on price movements and news, illustrating the pitfalls of not recognizing the underlying trading logic [4][5]. - The investor's experience demonstrates that stocks can appear to be on the verge of collapse or recovery based solely on price charts, without considering the actual trading activity of larger funds [10][12]. Group 3: Quantitative Data Insights - Utilizing quantitative data, such as "institutional inventory," can reveal the active participation of large funds, helping investors discern market realities beyond superficial price movements [8][10]. - The analysis of institutional inventory data shows that sustained activity indicates ongoing interest from large funds, while a decline suggests a lack of interest, which can lead to misleading price movements [10][12]. Group 4: Advantages of Quantitative Tools - Quantitative tools simplify complex trading data into intuitive indicators, enabling even novice investors to make informed decisions without being swayed by emotional reactions to market fluctuations [13]. - The proactive adjustments made by fund managers using quantitative analysis exemplify the effectiveness of this approach in navigating market volatility [13][14]. Group 5: Long-term Investment Perspective - Recent market corrections are viewed as temporary emotional releases rather than signs of a trend reversal, encouraging a long-term investment mindset [14]. - Investors are advised to enhance their understanding of market dynamics through quantitative tools, fostering a more stable and confident approach to investment decisions [14].

Group 1 - The aviation and airport sector increased by 2.35% on February 3, with Southern Airlines leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Key stocks in the aviation sector showed varied performance, with Southern Airlines closing at 7.65, up 5.37%, and China Eastern Airlines at 5.71, up 4.20% [1] Group 2 - The aviation and airport sector experienced a net outflow of 43.44 million yuan from institutional investors, while retail investors saw a net outflow of 106 million yuan [3] - Notable inflows from speculative funds were recorded at 149 million yuan [3] - The stock performance of major companies included China Eastern Airlines with a net inflow of 69.47 million yuan from institutional investors [4] Group 3 - The Aerospace ETF (product code: 159227) tracked the National Aerospace Industry Index and saw a decline of 8.15% over the past five days, with a net subscription of 12.87 million yuan [6] - The General Aviation ETF (product code: 159230) tracked the National General Aviation Industry Index and experienced a decline of 9.25%, with a net subscription of 10.71 million yuan [7] - The Tourism ETF (product code: 562510) tracked the CSI Tourism Theme Index and saw a decline of 2.92%, with a net subscription of 8.91 million yuan [7]

2025年中国东航利润总额2亿~3亿，大航以后首次实现利润总额转正，或受益精准投放运力、持续优化航线网络、 持续推进精益成本管控。 （春秋航空）周观点：继续推荐航空&油轮周期 航空：2026年大航或迎利润表显著改善。 2025年中国东航利润总额2亿~3亿，大航以后首次实现利润总额转正，或受益精准投放运力、持续优化航线网络、 持续推进精益成本管控。 我们测算中国东航转回部分前期可抵扣亏损形成的递延所得税资产增加所得税16.2~20.8亿，或为归母净利承压主 要原因，对冲部分所得税费用有望缓解2026~27年压力，轻装上阵迎 （春秋航空）周观点：继续推荐航空&油轮周期 航空：2026年大航或迎利润表显著改善。 油运：周五运价再次突破11万，1Q26油轮龙头净利润有望创近10年单季度利润新高，继续推荐。 根据Clarksons，本周VLCC运价环比前一周增长17%至115541美元/天，其中VLCC TD3C（中东-中国）TCE前四日 均值环比下降28%至78529美元/天。 受潜在地缘冲突影响，部分货主为规避周末可能发生的地缘事件，锁定运力推动周五运价快速回升至11万美元/天 以上。 近两年来地缘冲突逐渐成为影响 ...

2月2日，华夏航空跌2.38%，成交额2.34亿元。两融数据显示，当日华夏航空获融资买入额1897.56万 元，融资偿还1367.40万元，融资净买入530.16万元。截至2月2日，华夏航空融资融券余额合计1.91亿 元。 融资方面，华夏航空当日融资买入1897.56万元。当前融资余额1.89亿元，占流通市值的1.44%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，华夏航空2月2日融券偿还9500.00股，融券卖出2600.00股，按当日收盘价计算，卖出金额 2.67万元；融券余量15.61万股，融券余额160.16万元，超过近一年80%分位水平，处于高位。 资料显示，华夏航空股份有限公司位于重庆市渝北区江北国际机场航安路30号，成立日期2006年4月18 日，上市日期2018年3月2日，公司主营业务涉及国内、国际的航空客货运输业务。主营业务收入构成 为：客运98.46%，其他1.27%，货运0.27%。 截至9月30日，华夏航空股东户数2.11万，较上期减少4.88%；人均流通股60533股，较上期增加5.13%。 2025年1月-9月，华夏航空实现营业收入57.34亿元，同比增长11.25% ...