2026年春运首日，航站楼流动的人潮。李宜鹏 摄 春运期间客流量大且高度集中，恰逢冬季寒潮、雨雪、大雾等恶劣天气易发。西安机场与空管气象部门 建立信息联动机制，动态掌握天气变化趋势，适时启动"机场冰雪天气响应""低能见度运行程序"等相关 应急预案。畅通与航空公司、地面代理等跨单位的协同处置，加强全链条全流程的无缝对接，研究确定 大面积航班延误情况下的旅客改退签政策，主动布防、积极应对，确保各环节衔接顺畅。针对烟花爆竹 等易燃易爆危险品，提前组织专项培训，强化人员岗位技能，杜绝各类风险隐患，严格把好安全关口， 守护好每一位旅客的春运回家路。(完) 春运期间西安机场预计保障航班3.9万架次 中新网西安2月2日电 (记者 阿琳娜)2日春运首日，西安机场客流、航班架次显著增加。家庭旅客、旅游 团队、研学队伍等在楼内交织穿行，值机区一派繁忙景象，安检区旅客有序过检，候机区旅客或静候登 机或在商业街区购物。T5航站楼古建区内全球首家机场在地文物博物馆外已排起了长队，热闹的非遗 特色文化活动吸引旅客驻足观赏。 据了解，2026年春运自2月2日至3月13日，共计40天。春运期间，西安机场预计保障航班3.9万架次、发 送旅客5 ...

（文章来源：证券日报） 证券日报网讯 2月2日，华夏航空发布公告称，截至2026年1月31日，公司通过回购专用证券账户以集中 竞价交易方式累计回购股份数量为13，203，450股，占公司股份总数的比例为1.03%。 ...

www.ccxi.com.cn 2026 年 2 月 目录 | 摘要 | 1 | | --- | --- | | 分析思路 | 2 | | 行业基本面 | 2 | | 行业财务表现 | 8 | | 结论 | 10 | 联络人 作者 企业评级部 钟 婷 027-87339288 tzhong@ccxi.com.cn 吴亚婷 027-87339288 ytwu@ccxi.com.cn 其他联络人 | 贺文俊 | 027-87339288 | | --- | --- | | | wjhe@ccxi.com.cn | | 余 璐 | 027-87339288 | | | lyu@ccxi.com.cn | 中诚信国际 行业展望 航空运输行业 中国航空运输行业展望，2026 年 2 月 中诚信国际认为，短期来看，受行业供给端长期低增速影响， 航空客运在完成三年"先国内、后国际" 的总量快速恢复后，将 步入量质并举的发展阶段，而航空货运市场则处于机遇与调整 并存的发展局面。 中国航空运输行业的展望维持稳定，中诚信国际认为，未来 12~18 个月该行业总体信用质量不会发生重大变化。 经营端，从外部竞争来看，2025 年以来 ...

Market Overview - The aviation and airport sector declined by 0.73% on February 2, with Juneyao Airlines leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Key stocks in the aviation sector showed varied performance: - China Eastern Airlines (600115) closed at 5.48, up 0.74% with a trading volume of 1.94 million shares and a turnover of 1.08 billion yuan - Southern Airlines (600029) closed at 7.26, up 0.69% with a trading volume of 924,400 shares and a turnover of 680 million yuan - Juneyao Airlines (603885) closed at 14.46, down 3.86% with a trading volume of 133,600 shares and a turnover of 199 million yuan [1][3] Capital Flow - The aviation and airport sector experienced a net outflow of 24.80 million yuan from institutional investors, while retail investors saw a net outflow of 105 million yuan and speculative funds had a net inflow of 130 million yuan [3][4] - China National Airlines (601111) had a net inflow of 12 million yuan from institutional investors, while Shenzhen Airport (000089) saw a net inflow of 23.46 million yuan [4] ETF Performance - The Aerospace ETF (product code: 159227) tracked the National Aerospace Industry Index and experienced 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 saw a decline of 9.25%, with a net subscription of 10.71 million yuan [7]

证券代码：002928 证券简称：华夏航空 公告编号：2026-007 华夏航空股份有限公司 关于回购股份进展情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 （1）自可能对公司证券及其衍生品种交易价格产生重大影响的重大事项发 生之日或者在决策过程中，至依法披露之日内； （2）中国证监会和深圳证券交易所规定的其他情形。 2、公司以集中竞价交易方式回购股份时，符合下列要求： （1）委托价格不得为公司股票当日交易涨幅限制的价格； 华夏航空股份有限公司（以下简称"公司"）于 2025 年 09 月 15 日召开公 司第四届董事会第一次会议审议通过了《关于以集中竞价交易方式回购公司股 份方案的议案》。公司拟使用自有资金及股票回购专项贷款资金以集中竞价交 易方式回购部分公司已发行的社会公众股份（A 股人民币普通股），用于员工 持股计划或者股权激励。本次回购金额不低于人民币 8,000.00 万元且不超过人 民币 16,000.00 万元，回购价格不超过人民币 13.54 元/股（按回购金额上限和 回购价格上限测算，预计可回购股份数量为 11,816,839 股 ...

Core Viewpoint - The overall performance forecast for Chinese airlines in 2025 indicates a trend of "significantly reduced losses, some airlines turning profitable, and accelerated profit differentiation" [2][3]. Group 1: Annual Performance Forecast - China Southern Airlines and Hainan Airlines have turned profitable, contributing significantly to the sector's profit recovery, while Air China and China Eastern Airlines remain in the loss zone, with China Eastern's losses narrowing [1][2]. - China Southern Airlines and Hainan Airlines are the core contributors to profit recovery, while Huaxia Airlines continues to show growth, reflecting the relative advantages of regional routes and operational flexibility [2][3]. Group 2: Quarterly Performance Insights - In Q4 2025, the industry remains under pressure with losses prevailing, but most airlines show significant year-on-year improvements, indicating a continued recovery trend despite seasonal profitability pressures [1][2]. Group 3: Future Outlook - Demand remains a key variable for ticket price recovery and profit improvement, with domestic passenger volume expected to grow moderately due to normalized consumer travel and enhanced leisure tourism [4]. - The supply constraints and cost pressures are likely to amplify profit elasticity, with slow aircraft deliveries maintaining capacity control and policies aimed at reducing disorderly competition stabilizing revenue quality [4]. Group 4: Recommended Stocks - The top picks include Hainan Airlines (600221.SH) and Huaxia Airlines (002928.SZ), with a focus on China National Aviation (601111.SH, 00753), Juneyao Airlines (603885.SH), and Spring Airlines (601021.SH) [5].

国际地区航线方面，东南亚方向航班增加较为明显。海南航空已加密重庆—曼谷航线至每日1班；重庆航 空自2月起将陆续开通曼谷、胡志明、沙巴、槟城等航线。届时，重庆—曼谷的每日航班最多可达6班。中 国国航加密重庆—首尔航线至每日1班，加密重庆—新加坡航线至每日2班，加密后该航线每日航班最多可 达5班。天津航空也计划于3月1日起将重庆—莫斯科航线加密至每周2班。 目前，重庆江北国际机场在飞国际（地区）客运航线已达38条，每周执行航班约240班，可通达西雅图、 伦敦、巴黎、罗马、布达佩斯、迪拜、新加坡、首尔、普吉、河内等全球众多城市，为广大市民春节期间 出国旅游、探亲提供便利。 重庆江北国际机场提醒广大旅客：春运期间客流量大，建议旅客朋友们预留充足时间抵达机场办理值机手 续。T3航站楼10号线出口层，即B1层办理乘机手续客流小、过检速度快，有助于节约等候时间，提升出行 效率。 2月2日，2026年春运正式开启。重庆江北国际机场发布消息，据初步统计，春运40天预计保障航班起降超 过4万架次，迎送旅客超625万人次，机场在春运期间的客流量将创新高。 重庆江北国际机场T3航站楼 据介绍，春运40天，重庆江北国际机场预计保障航班 ...

Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: The records primarily discuss the cyclical sector, including commodities like precious metals, chemicals, oil shipping, and aviation [1][2][12]. Core Insights and Arguments Monetary Policy and Market Impact - **Federal Reserve's Stance**: Kevin Walsh's hawkish position as the new Fed Chair has temporarily alleviated concerns about the Fed's independence, but his proposed policies of balance sheet reduction and interest rate cuts may not effectively address issues like deficit monetization and government debt financing costs [1][27]. - **Liquidity Environment**: Both domestic and international liquidity conditions are currently loose, supporting price increases in precious and non-ferrous metals. Geopolitical instability and de-dollarization trends provide long-term support for these assets [1][4]. Commodity Performance - **Cyclical Sector Performance**: The cyclical sector in the A-share market has shown strong performance since early 2026, with significant gains in non-ferrous metals, particularly a 60% increase in precious metals in January [2][23]. - **Chemical Sector**: Despite recent price increases, the chemical sector is in a seasonal demand lull, and valuations are no longer attractive. The long-term outlook indicates a decrease in global chemical capacity growth due to reduced capital expenditure in China [5][6]. Oil Shipping Market - **High Demand and Pricing**: The oil shipping market is experiencing high demand due to OPEC+ production increases, with the VLOC freight index showing significant price increases. The market is characterized by limited supply and high demand, indicating a strong bullish outlook [1][13][14]. Aviation Sector - **Valuation and Recovery**: The aviation sector is currently facing short-term losses, but valuations have reached reasonable levels. Ticket prices are expected to recover and potentially exceed 2019 levels, with profit peaks possibly reaching 15 billion to 20 billion yuan [1][15][16]. Highway Sector - **Investment Attractiveness**: The highway sector has become more attractive relative to the broader market, with specific stocks like Sichuan Chengyu and Shenzhen International offering high dividend yields [1][17]. Additional Important Insights - **Geopolitical Factors**: The significant rise in non-ferrous metals prices in January 2026 was driven by geopolitical factors rather than traditional supply-demand dynamics, including U.S. interventions in various regions and military demand [23][25]. - **Future Trends in Chemical Industry**: The chemical industry is expected to face challenges due to stricter carbon emission regulations and reduced capital expenditure, leading to a decline in capacity growth [7][8][9]. - **Investment Opportunities**: Despite short-term price corrections, the long-term outlook for various commodities remains positive, with potential for price recovery as supply constraints and demand growth align [11][30][31]. Conclusion The cyclical sector is currently navigating a complex landscape influenced by monetary policy, geopolitical factors, and sector-specific dynamics. Investment opportunities exist, particularly in oil shipping, aviation, and select highway stocks, while caution is advised in the chemical sector due to valuation concerns and regulatory pressures.

此外，东航税前利润总额为2-3亿元，受所得税费用影响导致东航税后利润出现亏损：受21年经营利润亏损影 响，2021年三大航分别确认较大额度的未经抵消的递延所得税资产（未弥补税务亏损），根据报表披露21年国航/ 东航/南航确认额度分别为29.8/46.2/38.1亿元，根据税法约定，可抵扣暂时性差异形成的递延所得税资产要求在未 来5个纳税年度内能产生足够的应纳税所得额用以抵扣，意味着对于三大航而言需要在26年之前确认同等额度的所 得税费用，导致大航不得不在25年提前确认部分所得税费用，使得税后利润由正转负。 预计三大航均在25年提前确认15亿上下的所得税费用。 2、近期航空板块调整幅度较大，主要由于三方面原因：1）递延所得税问题逐步被市场认识，市场下修对2025年 业绩预期；2）地缘战争预期升温，油价同比大幅上涨，压制板块股价；3）中日航线摩擦持续，边际改善有限。 随着业绩预告最后一重利空落地，我们认为短期来看股价里面隐含的悲观预期得到了充分的释放；25年税后盈利 低于预期不改经营利润显著改善的趋势，预计26年开始行业的经营利润仍有望持续且显著的改善。 大航业绩预告落地，经营改善确认周期拐点 1、事件点评：三大 ...

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - Geopolitical factors are driving up VLCC freight rates, with the Clarksons VLCC-TCE index rising to $116,000 per day, a week-on-week increase of 17%. The Middle East to China route is reported at $127,000 per day, up 27% week-on-week [1][10]. - The BDI index is showing resilience during the off-season, closing at 2148 points, a week-on-week increase of 21.9%. The average BDI for January is reported at 1759 points, a year-on-year increase of 89% [2][23][24]. Summary by Sections Oil Transportation - The ongoing tensions between the US and Iran have led to an increase in VLCC freight rates, with the market showing signs of weakness as the supply of cargo from the Middle East is tapering off [1][10]. - The Brent crude oil futures price has risen to $69.83 per barrel, a 9.6% increase since January 22, driven by concerns over potential disruptions in Middle Eastern oil supply [2][11]. Dry Bulk Transportation - The BDI index has shown strong performance despite seasonal trends, with significant increases in various sub-indices: BCI up 35.8%, BPI up 8.1%, BSI up 4.0%, and BHSI up 3.0% week-on-week [2][23]. - The report highlights that the supply side is constrained due to recent storms affecting shipping schedules, while demand remains robust due to favorable weather conditions for iron ore exports from Brazil [3][24]. Investment Recommendations - The report suggests a positive outlook for both oil and dry bulk markets, recommending companies such as China Merchants Energy and COSCO Shipping for oil transportation, and Haitong Development and Pacific Shipping for dry bulk [7][28]. - The report emphasizes the importance of performance elasticity and dividend value in the transportation sector, particularly in aviation and shipping [7][62].