Investment Rating - The industry investment rating is "Positive" for the transportation sector, indicating an expectation of performance that exceeds the market benchmark by more than 5% [6]. Core Insights - Domestic routes show significant improvement compared to 2024, with a 4.2% year-on-year increase in capacity and a 2.4 percentage point increase in passenger load factor [2][34]. - International routes are experiencing a short-term oversupply, with a 12.8% year-on-year increase in capacity but only a 1.0 percentage point increase in load factor, indicating weaker-than-expected demand [3][52]. - The cancellation of Japanese flights has a more pronounced impact on airports than on airlines, as airport revenues are closely tied to passenger volume and flight operations [4][66]. - The introduction of the "Self-Discipline Convention for Air Passenger Transport" in August 2025 is seen as a foundational step towards reducing market competition pressures and improving profitability in the industry [5]. Summary by Sections Domestic Routes - In December 2025, listed companies increased domestic route capacity by approximately 4.2% year-on-year and 1.9% month-on-month, reflecting a gradual recovery in supply-demand dynamics compared to the previous year [2][14]. - The overall passenger load factor for domestic routes improved by about 2.4 percentage points year-on-year, although it saw a seasonal decline of 1.0 percentage point compared to November [34][41]. International Routes - For international routes, capacity increased by approximately 12.8% year-on-year and 9.3% month-on-month in December 2025, but the load factor only increased by 1.0 percentage point year-on-year, with a significant month-on-month decline of 3.1 percentage points [3][52]. - The low year-on-year increase in load factor is attributed to a low base in 2024, and the demand for international routes is not meeting expectations, leading to oversupply [12][57]. Airport Sector - Major airports such as Shanghai, Beijing, Baiyun, and Shenzhen saw international passenger throughput growth of 4%, 9%, 22%, and 9% respectively in December, but the growth rates were significantly lower than in November due to the cancellation of Japanese flights [4][66]. - The impact of flight cancellations on airport revenues is more significant than on airlines, as airport income is based on passenger volume and flight operations [4][66].

南都记者致电杭州萧山国际机场，机场客服人员称，确实因为大雾天气，机场接收原本飞往上海浦东机场的航班 备降。"备降航班以国际航班为主，对于计划飞往杭州萧山国际机场的旅客暂不产生影响。" 1月16日，有网友发帖称，"由于大雾，上海浦东机场几乎全员备降。"随后，上海机场通报称，因大雾天气，浦东 机场起飞的航班出现不同程度的延误。对于准备飞抵浦东的航班，杭州萧山国际机场客服告诉南都N视频记者， 确有接收原本飞往浦东的航班备降，以国际航班为主。宁波栎社国际机场客服也表示，接收了从胡志明市飞往上 海的航班备降。 网友发帖称浦东机场受大雾影响。 有网友在社交平台发帖称，"浦东机场大雾，起飞延误"，"由于大雾，浦东几乎全员备降"。16日上午，上海机场 通过官方账号发布通报称，截至当天8时 ，因大雾天气原因，浦东机场起飞的航班出现不同程度的延误，请留意 天气及航班变动，合理安排出行。 同日12时许，宁波栎社国际机场客服人员也向南都记者表示，当天机场有接收从胡志明市飞往上海的航班备 降，"早上确实出现了这种情况，现在已经在陆续恢复了，具体可以关注航班的动态信息。"上海虹桥国际机场客 服人员也确认，有部分飞往上海浦东国际机场的航班 ...

（本文图片均由吉林机场提供） 飞翼造型彩灯以"骐骥展翅"为设计灵感，结合道路两侧的灯笼、雪花灯、烟花灯等灯光矩阵，构建出一 条流光溢彩的迎宾长廊，热情迎送每一位出行旅客，皆能感受这份独属于冬日里的空港温情。飞翼造型 不仅契合马年生肖主题，更表达着长春龙嘉国际机场将以"行万里"的担当服务区域发展，助力吉林省 在"十五五"新征程中蹄疾步稳、驰骋致远。 进场路上，通过吉祥物与冰雪运动元素的动线布局实现功能与意象的深度融合。停车场区域的"跃龙门· 纳吉福"冰雕寓意旅客前程似锦，沿线"冰雪逐梦·畅滑长春"系列冰雕直接呼应"学滑雪到长春"文旅口 号，而金黄麦穗灯光则象征冰雪经济的丰收预期。这种沉浸式的冰雪体验成为吉林空港冰雪文化宣传 的"第一展厅"。 骐骥展翅行万里，冰雪献瑞启新篇。长春机场冰雕景观与亮化工程，不仅提升了吉林窗口的环境品质， 更以冰雪艺术为媒介，呈现了"春运"以及节日氛围，为吉林省冰雪经济持续升温注入空港动能。（编 辑：李佳洹 校对：许浩存 审核：韩磊） 《中国民航报》、中国民航网 记者教欣铭 通讯员刘野 报道：近日，长春机场公共区冰雕与亮化工程全 面竣工。依托"冰雪金山"主题冰雕与"学滑雪到长春"灯光两 ...

保障更周全：精细准备确保顺畅运行 为保障电梯投用后旅客动线清晰、换乘流畅，武汉机场公管会提前一个多月启动投用准备工作，通过多 轮专题会议与现场勘查，明确了电梯编号、旅客流向及标识系统优化方案，并督导完成扶梯与直梯安全 提示、方向指引牌等数十处标识的增设与优化工作，确保现场引导系统完备、直观。 自2024年4月15日T2航站楼投用以来，乘坐空港3路的旅客需从交通中心绕行航站楼、多次转换楼层， 换乘体验受到影响，尤其对老年人、行动不便及携带大件行李的旅客带来诸多不便。如今，新建电梯采 用先进技术标准与人性化设计，运行平稳高效，承载量大，能够快速疏导高峰时段大客流。轿厢内部空 间宽敞明亮，并充分考虑无障碍出行需求，为行动不便旅客及携带大件行李乘客提供极大便利。旅客可 在T3一层直接通过连廊电梯快速抵达交通中心，步行距离与时间大幅缩短，机上地面交通衔接更加高 效，尤其减轻了携带重物旅客、老年旅客及儿童的出行负担，使换乘过程更为轻松顺畅。 服务再升级：主动优化提升出行体验 随着2024年T2航站楼启用，武汉天河机场正式迈入三航站楼协同运营的新阶段。为进一步提升综合交 通枢纽的衔接效率，武汉机场公司积极响应旅客出行需求， ...

Core Viewpoint - The article highlights the impact of foggy weather at Shanghai Pudong Airport, leading to a record number of diversion flights at Hangzhou Airport on the morning of the 16th, with a total of 23 flights diverted, including 22 international flights and 1 domestic flight [1][3]. Group 1: Flight Operations - Hangzhou Airport began receiving diversion flights at 04:43, with the last flight, CA3134 from Milan, landing at 09:00 [1]. - The number of international diversion flights set a single-day record for Hangzhou Airport since its opening [1]. Group 2: Emergency Response - In response to the diversion information, Hangzhou Airport's operations management committee established a diversion flight command center and issued a yellow alert for multiple diversions at 05:55 [3]. - The airport prepared for dual runway operations, assessed parking resources, and developed plans for morning flight departures and diversion flight support [3]. Group 3: Ground Support - The ground support department conducted a special inspection for parking suitability and organized standby personnel to provide reliable ground service support for the diverted flights, which mainly included large aircraft such as A350 and B787 [3]. - As of 11:15 on the same day, the on-time departure rate for morning flights at Hangzhou Airport was 95%, and 7 diversion flights had already taken off as weather improved at Shanghai Pudong [3].

Core Viewpoint - The recent application for sea area usage related to the Shenzhen Airport North Cargo Area and supporting apron project has been accepted, with a public announcement of the sea area usage demonstration report [1] Group 1: Project Details - The applicant for the sea area usage is Shenzhen Airport (Group) Co., Ltd. [1] - The organization responsible for compiling the sea area usage demonstration report is Qingdao Guohai Haohan Ocean Engineering Consulting Co., Ltd. [1] - The public announcement period for the sea area usage demonstration report is from January 15 to January 28, 2026, lasting for 10 working days [1]

白云机场公告称，2026年1月15日至22日，T1航站楼所有航司将有序切换至T2和T3航站楼，切换完成后 T1将暂时关闭。此次切换预计不会对公司生产经营造成重大影响。为满足未来业务及轨道交通站点建 设需求，提升枢纽建设水平，T1关闭后将进行更新改造，完成后重新开放。具体改造方案、投资规模 及实施周期尚不确定，提醒投资者注意风险。 ...

保障期间，延吉机场跑道和机坪持续保持适航状态。在即将到来的春运保障中，延吉机场全体工作人员 将坚守一线，密切关注天气和运行情况，动态调整保障措施，以高度的责任感和专业精神，确保每一位 旅客平安顺畅出行。（编辑：李佳洹 校对：许浩存 审核：韩磊） （本文图片均由延吉机场提供） 中国民航网 通讯员张晓娜 报道：1月10日，吉林延吉迎来新年首场强降雪。延吉机场全体动员，有序开 展各项保障工作。 此次降雪机场区域累计降雪量达6.5厘米，部分区域出现积雪结冰。延吉机场严格执行除冰雪预案，并 优化作业流程。依托《延吉机场军民一体化除冰雪作战方案》，自1月10日4时起，冷吹扫雪车、强吹扫 雪车等设备编组作业，对跑道、滑行道、机坪等关键区域进行循环清扫，确保航班起降期间跑道持续符 合适航标准。截至1月10日10时，机场军民航共出动人员42人次、各类除冰雪设备13台次，连续作业超 过6小时。航站区管理部调派4辆清雪车，重点清理候机楼前、停车场和旅客主要通道积雪；同时组织人 工突击队，对公交站点、廊桥下方、机坪边角等机械设备难以覆盖的区域进行彻底清扫，全力保障地面 交通和机坪运行安全有序。 ...

新华社香港1月15日电（郭辛）香港机场管理局15日公布，香港国际机场2025年客运量录得双位数增 长，达6100万人次，同比增加15%，飞机起降量同比上升8.7%至394730架次，货运量同比增长2.7%，达 到507万吨。 ...

Core Insights - The data from Hong Kong International Airport indicates a significant increase in passenger traffic and flight movements in December 2025, marking a strong recovery in the aviation sector [1][2] - The airport welcomed 6.1 million passengers in December 2025, a 13.5% increase year-on-year, with a total of 61 million passengers for the entire year, reflecting a 15% growth compared to the previous year [1] - Cargo volume also saw growth, with December figures rising by 3.6% to 462,000 metric tons, and a total annual cargo volume of 5.07 million metric tons, up 2.7% year-on-year [1] Passenger Traffic - In December 2025, the number of flights increased by 7.1% year-on-year, totaling 35,920 movements [1] - Notable growth was observed in passenger traffic from mainland China, Southeast Asia, and North America [1] - The peak travel days during the Christmas season saw daily passenger numbers exceeding 200,000 on eight occasions [1] Cargo Operations - December cargo volume growth was driven by increases in both export and transshipment volumes, with transshipment volume rising by 18% [1] - Key markets contributing to cargo growth included Southeast Asia, Europe, and mainland China [1] Strategic Developments - The CEO of the Airport Authority highlighted the strong traffic in 2025 as a milestone, reinforcing Hong Kong's position as a leading international aviation hub in Asia [2] - The airport expanded its network by adding 30 new destinations globally, including Abu Dhabi, Brussels, and Dallas, and increased flight frequencies on major routes [2] - The airport community received approximately 80 awards across various operational and service categories, showcasing professionalism and excellence [2]