我们为什么看好国际航线？ 资本流动与跨境交往共振，国际航线增长迎来新篇章 航空机场 证券研究报告/行业深度报告 2026 年 02 月 28 日 评级： 增持（维持） 分析师：杜冲 执业证书编号：S0740522040001 Email：duchong@zts.com.cn 分析师：李鼎莹 执业证书编号：S0740524080001 Email：lidy@zts.com.cn 重点公司基本状况 简称 股价 EPS PE 评级 （元） 2023A 2024A 2025E 2026E 2027E 2023A 2024A 2025E 2026E 2027E 中国东航 5.73 -0.37 -0.19 0.03 0.22 0.37 / / 191.00 26.05 15.49 买入 吉祥航空 13.98 0.34 0.42 0.48 0.67 0.90 41.12 33.29 29.39 20.76 15.49 买入 南方航空 7.34 -0.23 -0.09 0.06 0.31 0.47 / / 122.33 23.68 15.62 买入 春秋航空 55.00 2.31 2.33 2.20 2.77 3.51 23 ...

记者 辛圆 在此之前，商务部等九部门印发《关于扩大服务消费的若干政策措施》。措施提出，吸引更多境外人员入境消费。有序扩大单方面免签国家范围，优化完善 区域性入境免签政策，持续优化外国人来华签证政策和通讯、住宿、支付等便利化措施，为更多符合条件的人员签发5年多次签证。 统计数据显示，2025年，通过免签渠道入境的外国人达3008万人次，占入境外国人总数的73.1%，同比增长49.5%。 从客源结构看，韩国、泰国、新加坡、马来西亚、日本位列前五大来源地，全部为免签国家。与此同时，来自俄罗斯、意大利、澳大利亚的远程客源增速尤 为突出，上海一地的俄罗斯游客单月平均增幅在免签政策落地后迅速攀升至80%以上。 国家统计局2月28日发布的2025年国民经济和社会发展统计公报显示，2025年，通过免签入境外国人3008万人次，增长49.5%。 智通财经通过检索统计，中国已给予50个国家公民免签证待遇，同时至少与29个国家签署了互免签证协议。中国政府还升级了其240小时过境免签政策，将 适用范围扩大到55个国家，入境口岸数量增加到65个。 入境旅游已成为中国缩小服务贸易逆差、优化贸易结构的重要渠道。商务部研究院国际服务贸易研究 ...

Core Insights - The Spring Festival has become a globally shared cultural event, with inbound tourist numbers to China doubling year-on-year and foreign tourist flight bookings increasing by over 400% compared to the previous year [1][2] Group 1: Inbound Tourism Growth - Inbound tourism has seen a significant increase due to the implementation of visa-free policies, improved consumer environment, and high cost-performance ratio compared to foreign markets [2] - During the Spring Festival holiday, China attracted tourists from over 160 countries and regions, covering more than 300 cities, with an average daily growth of 28.5% compared to last year [1][2] - Flight bookings for inbound tourism during the Spring Festival increased nearly tenfold, with data showing a 20% year-on-year growth in domestic flight bookings by foreign passport holders [3] Group 2: Regional Highlights - Shanxi's Dalian reported a staggering 735% growth in inbound tourism, ranking first in the nation, while Hohhot saw a 1.8 times increase in flight bookings [4] - Beijing received 142,000 inbound tourists during the Spring Festival, with spending reaching 1.48 billion yuan, both figures showing over 40% growth [3][4] - Guangdong province welcomed 6.54 million inbound tourists, a 34.8% increase, with foreign tourist numbers rising by 42.2% [3][4] Group 3: Economic Impact - The inbound tourism market is expected to significantly boost consumption, with the average spending per inbound tourist projected to exceed that of 2025 [2] - Hainan's duty-free shopping during the Spring Festival reached 2.72 billion yuan, a 30.8% increase from the previous year, indicating a dual growth in both duty-free shopping and inbound tourism [5] Group 4: Challenges and Recommendations - Despite the growth, there is a disparity between the increase in inbound tourists and the growth in international tourism revenue, indicating a need for improved convenience in communication, accommodation, and payment processes [6] - The tourism industry should enhance product offerings to focus on experiential value, as both inbound tourists and domestic travelers share similar preferences [6] - There is a significant talent gap in foreign language guides, which needs to be addressed to support the growing inbound tourism market [6]

为了让旅客更深切感受中国年味，吴淞口国际邮轮港特别策划传统文化"微展演"。罗泾十字挑花、俞氏 百宝镶嵌制作技艺两大传统文化项目亮相，引得各国旅客驻足观赏体验。 面对瞬时客流量大、通关要求高的实际情况，浦江边检站主动对接、提前谋划，量身定制"一船一策"专 项保障机制，依托大数据分析动态调配警力，在筑牢口岸安全防线的基础上，全力提升通关效率。 马年新春首艘国际访问港邮轮到访上海 中新网上海2月25日电 (陈静 卢姣)25日，"威斯特丹"号邮轮靠泊上海吴淞口国际邮轮港，成为马年新春 到访上海的首艘国际访问港邮轮。 据悉，该轮从韩国釜山抵沪，搭载来自美国、澳大利亚等40余个国家的1900余名旅客，计划2月26日前 往中国香港。据统计，本次入境旅客中超95%为外籍人员，其中近九成享受外国旅游团乘坐邮轮入境免 签、单方面免签及240小时过境免签等便利政策。 据了解，受益于2月17日中方对加拿大、英国实施的单方面免签新政，现场涌现不少两国旅客身影，免 签新政让他们无需办理签证即可轻松开启中国新春之旅。多重免签政策叠加落地，为国际旅客打通出 行"快车道"，大幅降低跨境旅行成本。"说走就走"成为现实，多位外籍旅客不约而同地表示 ...

免签政策红利全面释放，海南入境旅游市场迎来快速增长。据有关口岸部门统计，入境旅客（含港澳 台）2万人次，同比增长82%。 （文章来源：人民日报） 今年春节，首批日用消费品免税店开业等政策利好协同发力，让免税购物与海岛度假深度融合，成为新 年俗。据海口海关数据，春节假期海南离岛免税购物平均购物金额、购物人数、购物件数分别达3.03亿 元、3.6万人次、22.2万件，同比分别增长16.5%、20%、8.3%。 本报海口2月24日电记者从海南省旅游和文化广电体育厅获悉：春节假期海南接待游客1232.05万人次， 实现游客总花费183.66亿元，与去年春节假期相比，分别增长28.9%、30.7%。 ...

中新社深圳2月24日电 (记者 索有为)深圳出入境边防检查总站24日发布的统计数据显示，今年以来，深 圳机场口岸出入境外国人超26万人次，同比增长近48%。 据了解，随着深圳机场国际航线不断丰富加密，免签政策持续放宽优化，外国人入境游越来越火热。特 别是随着近期中国对英国、加拿大持普通护照人员实施免签政策，进一步带动外籍旅客来华观光游玩。 "今年以来，免签入境的外国人占入境外国人总量约60%，同比增长近61%，来自韩国、马来西亚、新 加坡、俄罗斯、英国等国家的旅客位居前列。"深圳边检总站深圳机场边检站执勤三队副队长叶显茂 说。 英国旅客Simon White表示，免签政策非常好，因为它能促进文化交流，也能为两国创造经济价值。对 其英国的朋友、家人来说，可以很方便地来中国游玩，真的是一件特别棒的事。 马来西亚旅客Kiat Thong经常来中国出差，此次来华是代表其公司进行商贸活动。他说："深圳与马来 西亚有许多直飞的航线，来往非常方便。" 据了解，今年春节假期，深圳机场口岸出入境人员超17万人次，同比增长近13%。同时，截至2月23 日，今年以来口岸通关量也超过了105万人次，同比增长近10%。两项数据均创历史 ...

《中国民航报》、中国民航网 记者冯智君报道：2月24日，记者从深圳边检总站获悉，今年春节假期， 深圳机场口岸出入境人员超17万人次，同比增长近13%。同时，截至2月23日，今年以来口岸通关量也 超过了105万人次，同比增长近10%。两项数据均创历史同期新高。 马来西亚旅客Kiat Thong经常来中国出差，此次来华是代表其公司进行商贸活动。"深圳跟马来西亚有 许多直飞的航线，来往非常方便。" 2月24日，春节假期后的第一天，中午时分，记者在深圳宝安国际机场出入境大厅看到，十余架次国际 航班接连抵离，出入境客流仍高位运行。 （深圳机场供图） "这次春节，接老婆和小孩去海外过了一个团圆年，在海外待了6天，主要是去海边，赶了一下海，然后 去了一些风景名胜。"旅客唐先生表示，今日返程可以错峰入境，通关更顺畅。 "春节我们去了越南的芽庄，然后住在芽庄海边的酒店里面，小孩和我一起在海边玩了好几天，期间抓 了一些螃蟹，在沙滩上边畅游。"旅客冯先生说道，"小孩子出国很兴奋，这个春节在国外玩得也很开 心。 据了解，由于此次春节假期时间长、跨度大，不少旅客除了选择短期的东南亚航线游玩，前往中东、欧 洲、大洋洲国家的中长旅游航线也 ...

Core Viewpoint - The Hainan Free Trade Port has experienced a significant increase in inbound tourism during the first Spring Festival holiday after the full island closure, with "spending the Spring Festival in Hainan" becoming a new choice for both domestic and international tourists [1] Group 1: Inbound Tourism Data - A total of over 86,000 inbound and outbound passengers were processed by Hainan border inspection authorities during the Spring Festival holiday, representing a 43.3% increase compared to last year [1] - Haikou Meilan International Airport saw an average of approximately 5,300 inbound and outbound passengers per day, marking a year-on-year increase of 22.7% [1] - Sanya Phoenix International Airport recorded an average of about 3,400 inbound and outbound passengers per day, with a year-on-year increase of 54.9% [1] Group 2: Tourist Demographics - Tourists from countries such as Russia, Malaysia, Indonesia, South Korea, Kazakhstan, and Singapore have become the main source of inbound visitors to Hainan during the Spring Festival [1] Group 3: Tourist Experience - Tourists expressed high satisfaction with the convenience of customs clearance and the overall travel experience in Hainan, highlighting the positive impact of the visa-free policy [1]

Core Viewpoint - The article highlights the significant increase in inbound and outbound passenger flow at Beijing Capital International Airport during the Spring Festival, showcasing the growing trend of international travelers visiting China to experience traditional Chinese New Year celebrations [1][3][5]. Group 1: Passenger Flow and Trends - During the Spring Festival, the airport experiences a surge in both domestic and international travelers, with many foreigners visiting China specifically for the holiday [1][3]. - Data indicates that in January 2026, the number of foreign travelers entering and exiting Beijing reached 560,000, accounting for 31.7% of total passenger flow, representing a year-on-year increase of 44.5% [5]. - The number of foreign travelers benefiting from visa-free or temporary entry permits reached over 184,000, which is 1.9 times that of the same period in 2025, making up 71.9% of all inbound foreign travelers [5]. Group 2: Immigration Policies and Efficiency - The expansion of visa-free policies has facilitated easier access for foreign travelers, with many now able to visit China without the need for extensive visa preparations [3][4]. - The implementation of an online entry card system for foreigners, set to launch in November 2025, will allow travelers to complete necessary documentation via their mobile devices, significantly improving efficiency [4]. - The Beijing border inspection station has established dedicated channels for temporary entry permits, allowing for streamlined processing without the need for additional queuing [4]. Group 3: Accessibility and Special Services - The airport has introduced low-height inspection counters to accommodate travelers with disabilities, ensuring a more inclusive experience [7][8]. - Special assistance is provided for elderly travelers and those with mobility challenges, with border inspection officers actively guiding them through the process [8][11]. - The commitment to enhancing passenger experience is reflected in the ongoing efforts to optimize services for special groups, ensuring consistent support regardless of peak travel times [8][11].

2月17日，中国对加拿大、英国持普通护照人员实施免签政策正式落地。政策落地4天来，已有570余名 加拿大、英国籍旅客在上海口岸享受到了这一便利。30天的停留期，为他们前来中国商务考察、深度旅 游、探亲访友预留了充足空间。 中新社上海2月21日电 (陈静曹乃文)截至2月21日零时的春节假期(15日—23日)内，上海边检总站累计查 验出入境旅客数量67.9万人次。浦东、虹桥两大国际机场口岸累计出入境旅客数量65.6万人次，其中出 境数量34.0万人次、入境数量31.6万人次；近2.3万人次旅客乘邮轮出游，选择海上过春节。 春节假期以来，截至2月21日零时，上海边检机关已在机场口岸累计查验入境外籍旅客数量6.2万人次。 其中，有3.2万人次的外籍旅客利用免签政策和240小时过境免签政策从上海口岸入境，占入境外籍旅客 总量的52%。 在机场口岸出境客流中，内地居民出境达27.6万人次，从出境方向来看，大多数集中在泰国、韩国、新 加坡、马来西亚等邻近国家，居家过年和出国旅游两不误是不少人的新春攻略。 上海机场口岸出入境客流高峰预计集中在2月22日至23日(正月初六至初七)。为有效应对出入境客流高 峰，上海边检机关依托大 ...