Core Viewpoint - China International Airlines announced a significant increase in passenger turnover and capacity for the year, indicating strong recovery and growth in both domestic and international travel segments [1] Group 1: Passenger Traffic - Passenger turnover (measured in revenue passenger kilometers) increased by 19.1% year-on-year [1] - Passenger capacity (measured in available seat kilometers) rose by 13.8% year-on-year [1] - Domestic passenger capacity increased by 13.3%, with a turnover rise of 16.9% [1] - International passenger capacity grew by 14.0%, with a turnover increase of 23.7% [1] - Regional passenger capacity surged by 25.4%, with a turnover increase of 37.1% [1] - Average passenger load factor reached 85.9%, up by 3.8 percentage points year-on-year [1] - Domestic routes saw a load factor increase of 2.7 percentage points, while international routes increased by 6.5 percentage points and regional routes by 6.8 percentage points [1] Group 2: Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) increased by 11.5% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) rose by 21.4% year-on-year [1] - Cargo load factor was recorded at 32.4%, up by 2.6 percentage points year-on-year [1] Group 3: Fleet Information - In February 2026, the group introduced 1 B737 series aircraft and retired 1 A320 series aircraft [1] - As of the end of February 2026, the group operated a total of 960 aircraft, including 423 owned, 247 under finance leases, and 290 under operating leases [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 二零二六年二月的主要營運數據公告 隨附公告（「上交所公告」）乃由中國國際航空股份有限公司（「中國國航」）於二零二六年三 月十六日在上海證券交易所刊發，其中載有中國國航及其附屬公司（統稱「本集團」）二零 二六年二月的合併營運數據。本公告附上上交所公告乃由中國國航根據香港聯合交易所 有限公司證券上市規則（「上市規則」）第13.09條及第13.10B條，以及香港法例第571章證 券及期貨條例第XIVA部項下之內幕消息條文（定義見上市規則）而作出。 隨附上交所公告載列的數據來自本集團內部統計，可能與相關期間定期報告披露的數據 有差異。投資者應注意不恰當信賴或使用以上信息可能造成投資風險。 承董事會命 中國國際航空股份有限公司 公司秘書 肖烽 2026 年 2 月，中国国际航空股份有限公司（以下简称"本公司"）及所属 子公司（以下简称"本集团" ...

Investment Rating - The report maintains an "Outperform" rating for the aviation sector, recommending a focus on specific airlines such as China National Aviation, China Eastern Airlines, Spring Airlines, and others [74]. Core Insights - The summer flight schedule for 2026 indicates a controlled domestic capacity and a focus on international market recovery, with domestic flight schedules showing a 3% decrease compared to 2025 but a 19% increase compared to 2019 [3][6]. - The overall daily average flight schedule for domestic airlines is projected at 17,278 flights, reflecting a 1% decrease from 2025 but a 17% increase from 2019 [6]. - Domestic airlines are optimizing their route networks while international flights are expanding to stimulate recovery, with a recovery rate of 86% compared to 2019 levels [6][57]. Summary by Sections Domestic Market - Domestic airlines' average daily passenger flight schedules are expected to be 15,645 flights in 2026, down 3% from 2025 but up 19% from 2019 [4][27]. - The total daily average flight schedules for coordinated airports are projected to be 8,056 flights, remaining stable compared to 2025 and increasing by 21% from 2019 [6][27]. - Major airlines like China National Aviation, China Southern Airlines, and China Eastern Airlines maintain significant market shares in key airports, with respective shares of 75%, 54%, and 49% [7][28]. International Market - The international flight schedules are expected to recover to 98% of 2019 levels, with a daily average of 2,621 flights planned for 2026 [6][57]. - Recovery rates for specific regions show varied performance, with Australia at 88%, North America at 24%, and Southeast Asia at 91% compared to 2019 [57][61]. - Domestic airlines are expected to achieve a recovery rate of 97% for international flights, indicating a strong rebound in international travel demand [61]. Investment Analysis - The report emphasizes the strong certainty in aviation supply logic, with limited fleet growth and resilient demand, particularly driven by visa-free policies boosting international travel [73]. - Recommendations include focusing on the aviation sector and specific airlines, as well as global aircraft leasing companies and airport operators with improving performance [73].

Core Viewpoint - Major Chinese airlines, including Air China, China Eastern Airlines, and China Southern Airlines, have announced policies to protect passenger rights by offering free ticket refunds in response to price fluctuations [1][7]. Group 1: Air China Policies - Passengers can verify their itinerary and ticket prices through the "Air China" app or mini-program after purchasing tickets. If discrepancies are found, they can report to customer service for a refund of the price difference [2]. - Air China offers a "2+2+2" purchase guarantee, which includes two domestic no-reason refund tickets, two international no-reason refund tickets, and two hours of free or discounted refund rights [2]. Group 2: China Eastern Airlines Policies - Passengers can verify their tickets and prices via the "China Eastern Airlines" app or mini-program. If discrepancies are found, they can report to customer service for a refund of the price difference [4]. - A price fluctuation refund policy allows passengers to request a free refund if they find a lower price for the same ticket within 24 hours of purchase [4]. - The "2-hour full refund" feature allows passengers to request a full refund within two hours of purchase, provided the flight is at least 12 hours away [4]. Group 3: China Southern Airlines Policies - Passengers can verify their itinerary and ticket prices through the "China Southern Airlines" app or mini-program. Discrepancies can be reported for a direct refund of the price difference [6][8]. - If passengers find a lower ticket price within 24 hours of purchase, they can apply for a free refund of the original ticket after purchasing the new ticket [6][8].

证券代码：603885 证券简称：吉祥航空 公告编号：临 2026-013 上海吉祥航空股份有限公司（以下简称"吉祥航空"或"公司"）及所属子 公司九元航空有限公司（以下简称"九元航空"）2026 年 2 月份合并主要运营 数据： （一）运营情况 2026 年 2 月，公司客运运力投入（按可用座位公里计）同比上升 6.94%，其 中国内、国际和地区航线客运运力投入同比变动分别为 8.71%、3.28%和-8.66%； 旅客周转量（按收入客公里计）同比上升 9.47%，其中国内、国际和地区航线旅 客周转量同比变动分别为 9.68%、9.41%和-2.51%；客座率为 87.55%，同比上升 2.02%，其中国内、国际和地区航线客座率同比变动分别为 0.79%、4.53%和 5.74%。 2026 年 2 月，公司国内客运运力投入（按可用座位公里计）较上月环比下 降 0.90%，国内旅客周转量（按收入客公里计）环比上升 2.04%，国内航线客座 率环比上升 2.60%。国际客运运力投入（按可用座位公里计）较上月环比下降 2.98%，国际旅客周转量（按收入客公里计）环比上升 4.23%，国际航线客座率 环比上升 5 ...

相關主要運營數據來自本集團內部統計，可能與相關期間定期報告披露的數據有差異。投 資者應注意不恰當信賴或使用相關資訊可能造成投資風險。 本公告乃根據將在上海證券交易所刊登的中國南方航空股份有限公司（「本公司」）及其 附屬公司（統稱「本集團」）2026年2月主要營運數據，香港聯合交易所有限公司證券上市 規則（「上市規則」）第13.09條及第13.10B條，以及香港法例第571章證券及期貨條例第 XIVA部項下之內幕消息條文（定義見上市規則）而作出。 2026年2月，本集團客運運力投入（按可利用座公里計）同比上升14.39%，其中國內、地區 和國際分別同比上升11.49%、13.24%和22.73%；旅客周轉量（按收入客公里計）同比上升 13.82%，其中國內、地區和國際分別同比上升10.68%、22.35%和23.03%；客座率為86.31%， 同比下降0.44個百分點，其中國內同比下降0.64個百分點，地區和國際分別同比上升6.05和 0.21個百分點。 貨運方面，2026年2月貨運運力投入（按可利用噸公里—貨郵運計）同比上升13.18%；貨郵 周轉量（按收入噸公里—貨郵運計）同比上升12.56%；貨郵載運率為 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 2026年2月，中国南方航空股份有限公司及所属子公司（以 下简称"本集团"）客运运力投入（按可利用座公里计）同比上 升14.39%，其中国内、地区和国际分别同比上升11.49%、13.24% 和22.73%；旅客周转量（按收入客公里计）同比上升13.82%，其 中国内、地区和国际分别同比上升10.68%、22.35%和23.03%； 客座率为86.31%，同比下降0.44个百分点，其中国内同比下降0.64 个百分点，地区和国际分别同比上升6.05和0.21个百分点。 货运方面，2026年2月，货运运力投入（按可利用吨公里— 货邮运计）同比上升13.18%；货邮周转量（按收入吨公里—货邮 运计）同比上升12.56%；货邮载运率为47.02%，同比下降0.26个 百分点。 2026年2月，本集团新增主要航线情况如下：广州-呼和浩特 1 证券代码：600029 证券简称：南方航空 公告编号：临 2026-012 中国南方航空股份有限公司 2026 年 2 月主要运营数据公告 -赤峰- ...

Core Viewpoint - The cancellation of the Bahrain and Saudi Arabian Grand Prix due to the ongoing conflict in the Middle East significantly impacts the F1 calendar and the broader tourism and investment landscape in the region [3][5][6]. Group 1: F1 Events Cancellation - The Bahrain Grand Prix was scheduled for April 10-12, and the Saudi Arabian Grand Prix for April 17-19, but both have been canceled due to the current situation in the Middle East [5]. - The F1 CEO Domenicali stated that the decision was difficult but necessary given the circumstances, and no replacement events will be scheduled in April [5][6]. - This is not the first time Bahrain has canceled an F1 event, as it previously did so in 2011 due to domestic unrest [5]. Group 2: Impact on Tourism and Investment - The ongoing conflict is causing a direct impact on tourism, real estate, and foreign investment in Gulf countries, particularly in the UAE and Bahrain, which heavily rely on these sectors [3][8]. - The World Travel and Tourism Council estimates that the Middle East is losing approximately $600 million in international tourist spending daily due to the conflict [8]. - If the conflict lasts for two months, the international tourist numbers in the Middle East could decline by 27%, equating to a loss of 38 million tourists and about $56 billion in tourism revenue [9]. Group 3: Broader Economic Implications - The Middle East serves as a crucial hub for global air travel, with about one-third of passenger traffic between Asia and Europe passing through the Gulf region [9]. - The current situation has led to a significant increase in flight prices for routes bypassing the Middle East, forcing many travelers to cancel their trips due to budget constraints [9].

中国东方航空股份有限公司 2026 年 2 月运营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整 性承担法律责任。 一、运营情况 中国东方航空股份有限公司（以下简称"本公司"）2026 年 2 月客运运力投入 （按可用座公里计）同比上升 12.79%；旅客周转量（按客运人公里计）同比上升 14.68%；客座率为 86.54%，同比上升 1.42 个百分点。2026 年 2 月货邮周转量 （按货邮载运吨公里计）同比上升 33.88%。 中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 证券代码：600115 证券简称：中国东航 公告编号：临 2026-010 2026 年 2 月，本公司国内、国际地区市场的主要新开、复航、加密航线情况 如下： 国内市场：新开上海虹桥-长白山、成都双流-长春、长春-厦门、昆明-嘉兴、 无锡-西双版纳等航线；复航上海虹桥-琼海、上海浦东-腾冲、上海浦东-伊春、成 都双流-宁波、济南-成都双流等航线；加密上海虹桥-揭阳潮汕、上海虹桥-贵阳、 上海浦东-海口、北京大兴 ...

Core Viewpoint - China National Airlines (601111.SH) reported significant growth in passenger turnover and capacity for February 2026, indicating a strong recovery in the aviation sector post-pandemic [1] Group 1: Operational Data - The consolidated passenger turnover (measured in revenue passenger kilometers) increased year-on-year [1] - Passenger capacity (measured in available seat kilometers) rose by 13.8% year-on-year, while passenger turnover grew by 19.1% [1] Group 2: Domestic and International Performance - Domestic passenger capacity increased by 13.3%, with passenger turnover rising by 16.9% [1] - International passenger capacity saw a 14.0% increase, with passenger turnover up by 23.7% [1] - Regional passenger capacity surged by 25.4%, with passenger turnover increasing by 37.1% [1] Group 3: Average Load Factor - The average load factor reached 85.9%, an increase of 3.8 percentage points year-on-year [1] - Domestic routes experienced a load factor increase of 2.7 percentage points [1] - International routes saw a load factor increase of 6.5 percentage points, while regional routes increased by 6.8 percentage points [1]