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]

Group 1: Industry Overview - The Civil Aviation Administration of China (CAAC) has outlined seven key tasks for the aviation industry in 2026, focusing on improving quality and efficiency, enhancing core competitiveness, and addressing "involution" competition [1] - The CAAC plans to develop a passenger transport cost survey method and establish a price monitoring and early warning mechanism to prevent unhealthy competition based on below-cost pricing [1][2] Group 2: Pricing Trends - Domestic ticket prices have been declining, with an average bare ticket price of 704 yuan in the first 50 weeks of 2025, down 1.8% from 2024 and 11.3% from 2019 [3] - In the fourth quarter of 2025, the average full ticket price rose to 628 yuan, an increase of 2.5% year-on-year, although still down 10.7% compared to 2019 [3] Group 3: Profitability and Market Performance - The aviation market saw overall profitability improvement in the first three quarters of 2025, with all listed airlines reporting profits except Spring Airlines and Juneyao Airlines, which faced specific challenges [4] - The CAAC reported that in 2025, the total transport turnover reached 1,640.8 billion ton-kilometers, with passenger transport volume at 770 million, and cargo/mail transport volume at 10.17 million tons, representing year-on-year growth of 10.5%, 5.5%, and 13.3% respectively [4] Group 4: International Demand Growth - The implementation of visa-free policies has contributed to increased demand for international flights, with 40.6 million inbound foreign visitors recorded by December 16, 2025, a year-on-year increase of 27.2% [5]

Core Insights - The aviation industry is expected to enter a more significant profit growth phase, as indicated by the recent national civil aviation work conference held by the Civil Aviation Administration of China (CAAC) [1] Group 1: Industry Developments - The CAAC has outlined seven key tasks for civil aviation work in 2026, focusing on enhancing core competitiveness and innovating macro-control measures to address "involution" competition [1] - The CAAC plans to develop a passenger transport cost survey method and establish a price monitoring and early warning mechanism to prevent unhealthy competition by collecting data from airlines [1] Group 2: Pricing Trends - Domestic ticket prices have been declining, with an average bare ticket price of 704 yuan in the first 50 weeks of 2025, down 1.8% from 2024 and 11.3% from 2019 [3] - In the fourth quarter of 2025, ticket prices showed a year-on-year increase, with an average full ticket price of 628 yuan, up 2.5% year-on-year but down 10.7% from 2029 [3] Group 3: Financial Performance - The overall profitability of listed airlines improved in the first three quarters of 2025, with all but Spring Airlines and Juneyao Airlines reporting profits [4] - The CAAC reported that in 2025, the total transport turnover reached 1,640.8 billion ton-kilometers, with passenger transport volume at 770 million and cargo/mail transport volume at 10.172 million tons, reflecting year-on-year growth of 10.5%, 5.5%, and 13.3% respectively [4] Group 4: Demand Drivers - The growth in international flight demand is supported by visa-free policies, with 40.6 million foreign visitors entering China by December 16, 2025, marking a 27.2% year-on-year increase [5] - The recovery of international flights to over 90% of 2019 levels and a 21.6% year-on-year increase in international passenger transport volume further contribute to the positive outlook for airlines [4][5]

Core Insights - The 2026 National Civil Aviation Work Conference revealed that in 2025, the industry achieved a total transport turnover of 1640.8 billion ton-kilometers, with passenger transport reaching 770 million people and cargo mail transport at 10.172 million tons, representing year-on-year growth of 10.5%, 5.5%, and 13.3% respectively [1] - For 2026, the Civil Aviation Administration anticipates further growth in passenger volume, although at a slower rate than in 2025, aiming for a total transport turnover of 1750 billion ton-kilometers, passenger transport of 810 million people, and cargo mail transport of 10.7 million tons [1] - The Civil Aviation Administration plans to develop a passenger transport cost survey method in 2026 and explore the establishment of a fare monitoring and early warning mechanism, while enhancing the regulation of sales network platforms [1] Industry Developments - The Civil Aviation Administration is collecting relevant data from multiple airlines to assess cost situations on different routes, which will provide a basis for the upcoming "fare monitoring and early warning" system to prevent malicious competition through pricing below cost [1]