Investment Rating - The report maintains a rating of "Outperform" for the company, indicating a positive outlook compared to the market [7]. Core Insights - The company is expected to achieve a profit total of approximately RMB 200 million to 300 million in 2025, marking a turnaround from previous losses. The forecasted net profit attributable to shareholders is projected to be between RMB -1.3 billion and -1.8 billion [4]. - The airline industry is anticipated to experience steady growth in the passenger market in 2025, with the company's strategic initiatives showing positive results. These include enhancing long-haul capabilities, restoring international connections, and expanding into emerging markets [7]. - The company has reported significant improvements in operational metrics, with a 6.7% increase in overall Available Seat Kilometers (ASK) and a 10.7% increase in Revenue Passenger Kilometers (RPK) compared to 2024 [7]. Financial Data Summary - For 2025, total revenue is expected to reach RMB 136.75 billion, reflecting a year-on-year growth rate of 3.5%. The net profit attributable to shareholders is projected to be RMB -1.463 billion [6]. - The company’s gross margin is expected to improve to 6.9% in 2025, with a return on equity (ROE) forecasted at -11.4% [6]. - The total fleet size is projected to reach 826 aircraft by the end of 2025, representing a 14.2% increase compared to 2019 [7].

南方航空海南分公司市场销售副经理 李胜卫：目前，我们在海南至北京、上海、广州、成都、杭州的航 线，增加宽体客机投入，已经达到1100多班次，后续将进一步增加海南市场运力投入。 除了航空公司以外，机场也升级了节日期间的服务。海口美兰国际机场增设过夜躺椅，充电座椅、自助 售货机等设施，满足旅客出行需求。 （央视财经《经济信息联播》）随着春节临近，海南即将迎来全岛封关运作后的首个春运，海南各机场 与航空公司提前联动，全力保障旅客出行顺畅。 记者了解到，2月13日前后，海南将迎来入岛客流高峰，北京、上海、广州等地飞往海南的机票已经趋 紧。面对客流压力，各航空公司纷纷加大海南市场运力投放，春运期间，南方航空在海南市场计划执行 约9600班次航班。 海南航空除了稳定执飞海口往返北京、广州，和三亚往返上海、重庆等城市的核心航线外，春运期间还 将开通海口—烟台—哈尔滨等跨区域新航线，加密海口至重庆、博鳌至北京等热门航线班次。 交通衔接方面，海口美兰国际机场、三亚凤凰国际机场联动高铁开设空铁联运专柜，并提供租车异地还 车等服务，构建立体交通网，支持旅客"多地联游"。 转载请注明央视财经 编辑：王昕宇 ...

Core Viewpoint - The performance forecast of the four major Chinese airlines shows significant divergence, with China Southern Airlines and Hainan Airlines expected to report profits, while Air China and China Eastern Airlines anticipate losses [1][2]. Group 1: Company Performance Forecasts - Air China is expected to report a net loss of 1.3 billion to 1.9 billion yuan [1]. - China Southern Airlines anticipates a net profit of 800 million to 1 billion yuan, benefiting from its logistics assets and proactive market strategies [1]. - Hainan Airlines forecasts a net profit of 1.8 billion to 2.2 billion yuan, attributing its success to operational adjustments and the positive impact of the Hainan Free Trade Port [1]. - China Eastern Airlines expects a net loss of 1.3 billion to 1.8 billion yuan, although this loss is projected to narrow compared to the previous year [2]. Group 2: Operational Metrics and Industry Growth - In 2025, China's civil aviation industry is projected to achieve record-high transportation metrics, with a total turnover of 1,640.8 billion ton-kilometers and passenger transport volume of 770 million, reflecting year-on-year growth of 10.5% and 5.5% respectively [3]. - The comprehensive passenger load factor for the four airlines exceeded 80%, with China Southern Airlines at 85.74% and China Eastern Airlines at 85.86% [3]. - The Civil Aviation Administration of China forecasts continued growth in 2026, with expected transportation turnover of 1,750 billion ton-kilometers and passenger transport volume of 810 million [3].

Investment Rating - The report maintains a "Positive" outlook on the shipping industry, highlighting strong performance in the sector despite seasonal challenges [4]. Core Insights - The shipbuilding sector is expected to show significant earnings growth, with Su Mei Da's Q4 net profit forecasted at 2.5 billion, a year-on-year increase of 71%, driven by strong contributions from shipbuilding and power generation [5]. - The shipping market continues to experience robust demand, with one-year charter rates for VLCCs rising by 2.8% to $64,000 per day, and Cape rates increasing by 8.4% to $28,700 per day [5]. - The report emphasizes the ongoing volatility in oil transportation rates, with VLCC rates experiencing a 62% increase in a single day due to supply-demand imbalances and geopolitical tensions [5]. - The dry bulk shipping market is also showing resilience, with the BDI index rising by 21.9% week-on-week, driven by strong demand from Australia and Brazil [5]. Summary by Sections Shipbuilding Sector - Su Mei Da's Q4 net profit is projected at 2.5 billion, up 71% year-on-year, exceeding expectations [5]. - ST Songfa's Q4 net profit is estimated between 11-14 million, with a net profit margin of 14%, reflecting a 1.6 percentage point increase from Q3 [5]. - Attention is drawn to China Shipbuilding's upcoming full consolidation of assets and the release of high-priced orders in Q1 2026 [5]. Shipping Market - The report notes a continued upward trend in shipping rates, with VLCC rates increasing by 2.8% and Cape rates by 8.4% [5]. - The VLCC average rate rose by 16% week-on-week, reaching $122,326 per day, with Middle East to Far East rates dropping by 25% [5]. - The report highlights the impact of geopolitical tensions on oil transportation, particularly in the context of the Ukraine conflict [5]. Dry Bulk Shipping - The BDI index recorded a 21.9% increase, with Capesize rates rising by 35.8% to $31,809 per day [5]. - Strong demand from Australia and Brazil is noted, with limited supply contributing to higher rates [5]. Air Transportation - The report indicates a significant opportunity for airlines due to rising passenger volumes and historical high load factors, suggesting a potential "golden era" for the industry [5]. - Airlines such as China Eastern Airlines and Spring Airlines are highlighted as key players to watch [5]. Express Delivery - The report anticipates uncertainty in the express delivery sector due to fluctuating demand and industry self-regulation policies, but notes that leading companies like Zhongtong Express and YTO Express are expected to maintain their market share and profitability [5]. Rail and Road Transportation - Rail freight volumes and highway truck traffic are showing resilience, with recent data indicating a slight decline in volumes but overall stability [5]. - The report suggests that high dividend investment themes and potential value management catalysts in the highway sector are worth monitoring [5].

（本文图片均由常州机场提供） 《中国民航报》、中国民航网 记者胡夕姮 通讯员贾赛 报道：2026年春运即将开启，常州奔牛国际机场围绕冬季旅客出行实际需求，对"暖冬易行"服务进行 全面升级。此次升级以"常来往·畅九州"服务品牌为依托，重点针对旅客携带厚重冬衣不便的痛点，推出包括"舱门口取衣"在内的多项便利举措，助力旅客 春运期间轻松往返广州、深圳、三亚、揭阳等南方热门旅游目的地。 T 版社 let >> and t th & 1 8 e = I) 金出 1 D 1 - - 0 24 72 26 刀 特殊故 用元电影 47 衣 納 8 Inf 升级后的"暖冬易行"服务为旅客提供快递寄送、热线预约及他人代取三种取衣方式。其中，"舱门口取衣"为返程旅客带来显著便利——旅客只需在返程前拨 打服务热线并提供航班信息，便可在航班抵达常州后，直接在舱门口领取此前寄存的冬衣，实现"落地即取、温暖瞬达"，有效避免在寒风中辗转寻找寄存点 的困扰。 本次服务优化聚焦多重细节：寄存范围覆盖羽绒服、棉服等厚重衣物，每人可寄存2件，满足家庭出行需求；为老年旅客及带儿童的家庭旅客优先办理，并 提供专人协助；国内到达区更衣室已完成环境改造，以 ...

《中国民航报》、中国民航网 记者胡夕姮 通讯员贾赛 报道：1月22日，常州奔牛国际机场雷达管制正式获批。该机场自1986年开航以来沿用近40年的程序 管制模式宣告终结，空管保障能力实现历史性跨越。管制水平间隔从原先约50公里大幅缩减至5.6公里，达到国际先进、国内领先的精细化管制标准，空域 容量与运行效率显著提升。常州机场也成为全国第七个、2024年以来唯一获批进近管制空域的中小机场，为打造长三角重要干线机场、赋能低空经济发展奠 定了坚实空管基础。 1 图1 ... l 1 / an f ) l . . 8 4 4 . ITET / - （本文图片均由常州机场提供） 近年来，常州机场航班量持续增长，2025年旅客吞吐量突破500万人次，空域资源日趋紧张。原有的程序管制模式已难以满足航班保障需求。在此背景下， 机场于2023年初启动雷达管制筹备工作，在民航局、民航华东局、华东空管局、江苏空管分局及相关军方单位的指导与支持下，系统推进各项准备工作。 2023年9月13日，机场进近管制室获批设立。2024年10月12日，塔台正式启用进近管制席位，并于试运行期间邀请江苏空管分局教员陪伴运行，通过"点对 点""面对面" ...

《中国民航报》、中国民航网 记者胡夕姮 通讯员吴新蕊、李佳怡 报道：2026年春运自2月2日开始，至3月13日结束，共计40天。面对春运期间返乡流、探 亲流、学生流与假日旅游客流的多重叠加，以及冬季寒潮、雨雪、大雾等复杂天气考验，东部机场集团提前部署、科学研判、细化保障，全力确保春运期间 运行安全顺畅、服务温暖有序。据预测，春运期间东部机场集团运送旅客约610万人次，同比增长约5%，其中南京机场约380万人次，日均将超9.5万人次， 同比增长约3.5%。 （本文图片均由房天翔拍摄） 为了满足旅客多样化出行需求，东部机场集团持续优化航线网络：南京机场新增乌兰浩特航线，加密哈尔滨、西双版纳、丽江、长白山等方向航班；徐州机 场加密广州、深圳、长沙航线；常州机场加密重庆、长沙、大连、西双版纳和锦州航线；连云港机场加密广州、贵阳航线；淮安机场加密揭阳、武汉、贵阳 航线；扬泰机场加密沈阳、揭阳、威海等航线。国际及地区航线方面，南京机场新开柬埔寨金边航线，恢复斗湖航线，加密泰国曼谷、马来西亚吉隆坡、新 加坡、泰国普吉航班。常州至越南芽庄、老挝万象、中国香港、中国澳门，盐城至韩国首尔，扬泰至首尔等航线保持稳定运营。 筑牢安全 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [5]. Core Insights - The company is expected to achieve a net profit of 800-1,000 million yuan in 2025, marking a significant turnaround from previous losses, with a year-on-year increase of 2.5-2.7 billion yuan [3]. - The company anticipates a non-recurring net profit of 130-190 million yuan for 2025, reflecting a year-on-year increase of 408-414 million yuan [3]. - The report highlights that the company is increasing its passenger capacity and optimizing its cargo operations, which are expected to enhance profitability [5]. - The decline in oil prices is projected to improve cost structures, with a significant foreign exchange gain expected due to the appreciation of the yuan against the dollar [5]. - The report suggests that the aviation industry is entering a golden investment era, driven by supply-demand mismatches and increasing international travel demand [5]. Financial Data and Profit Forecast - Total revenue for 2025 is projected at 179.291 billion yuan, with a year-on-year growth rate of 2.9% [4]. - The net profit for 2025 is forecasted at 702 million yuan, with a substantial increase of 598.7% compared to the previous year [4]. - Earnings per share (EPS) for 2025 is estimated at 0.05 yuan, with a significant increase expected in subsequent years [4]. - The gross profit margin is projected to improve from 9.8% in 2025 to 16.9% by 2027 [4]. - Return on equity (ROE) is expected to rise from 2.5% in 2025 to 22.1% by 2027 [4].

中国青年报客户端北京1月31日电（陈蔚晴 中青报·中青网记者 张敏）北京时间1月31日，随着一架来自 北京首都航空有限公司的客机平稳降落在斯里兰卡首都科伦坡班达拉奈克机场，首都航空北京大兴直飞 科伦坡的国际航线顺利完成首飞。 此次新开的航线采用空客A330宽体机型执飞，作为首都航空第10条宽体机航线，将为旅客出行提供硬 件方面的便利，包括宽敞的客舱空间、舒适的乘坐体验与充足的运力优势。 该航线是首都航空2026年新开通的首条国际航线，也是继葡萄牙里斯本、马尔代夫马累后又一条"首都 飞首都"的精品空中航线，班期为每周二、周六往返。 这条航线开通后，与北京大兴直飞马累的航线形成互补，打造出"印度洋双点搭配"的特色布局，既完善 了北京连通南亚、印度洋海岛的空中网络，还能给旅客提供"历史人文+海岛度假"的复合型旅行选择。 此次首飞科伦坡，首都航空还创新推出"历史人文+海岛度假"复合型旅行产品，让旅客体验一站式跨境 旅行服务，进一步激活两地旅游市场，吸引更多中国游客赴斯里兰卡探寻历史秘境。 资料图片 来源：中国青年报客户端 同时，该航线还为旅客提供文化交融、丰富客舱服务的高品质体验。目前首都航空推出了特色云端餐 食，旅 ...

《中国民航报》、中国民航网 记者路泞 通讯员周珊珊 报道：航空安全生产无小事，冬季雨雪低温天气更是航空运行安全的"拦路虎"，其突发性、不确定性 强，极易引发飞机结冰、机坪打滑、能见度骤降等多重安全隐患，直接威胁飞机起降安全、机坪作业安全及旅客出行安全，做好冬季雨雪天气下的安全生产 保障工作，既是守住航空安全底线的必然要求，更是践行"人民航空为人民"承诺的迫切使命。 Va 2 三十 === （长安航空供图） 公司计划控制席精准研判天气变化趋势，提前制定除防冰排序表，科学统筹航班除防冰作业流程，为及时启动机场互援、避免因除防冰不及时导致航班延误 或安全隐患做足准备；签派放行席实行24小时专人值守，持续密切监控西安本场降雪天气趋势、能见度、跑道摩擦系数等关键运行参数，及时发布天气预警 信息和安全风险提示，为航班放行、航路规划提供科学依据，坚决杜绝因天气研判不到位引发安全问题；地面服务部提前开展除冰车辆全面排查，对车辆发 动机、管路、喷嘴等关键部位进行细致检修，确保每辆参与生产保障的除冰车满油满液、性能良好，随时可以投入作业，同时足额储备融雪剂、铁锹、推雪 板、吹雪机等应急除雪物资，明确划分积雪清理"责任区"，细化清 ...