证券代码：601111 股票简称：中国国航 公告编号：2026-013 中国国际航空股份有限公司 2026年2月主要运营数据公告 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。 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"）合并旅客周转量（按收入客公里计）同比上升。 客运运力投入（按可用座位公里计）同比上升 13.8%，旅客周转量同比上升 19.1%。 其中，国内客运运力投入同比上升 13.3%，旅客周转量同比上升 16.9%；国际客 运运力投入同比上升 14.0%，旅客周转量同比上升 23.7%；地区客运运力投入同 比上升 25.4%，旅客周转量同比上升 37.1%。平均客座率 85.9%，同比上升 3.8 个百分点。其中，国内航线同比上升 2.7 个百分点，国际航线同比上升 6.5 个百 分点，地区航线同比上升 6.8 个百分点。 货运方面，货运运力投入（按可用货运吨公里计）同比上升 11.5%，货邮周 转量（按收入货运吨公里计）同比上升 21.4%。货运载运率为 ...

Core Viewpoint - China National Airlines (601111.SH) reported a significant increase in passenger turnover and capacity in February 2026, indicating strong operational performance and recovery in the aviation sector [1] Group 1: Operational Performance - 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 increased 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 grew by 25.4%, and passenger turnover surged 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 6.5 percentage point increase in load factor [1] - Regional routes had a load factor increase of 6.8 percentage points [1]

Core Viewpoint - China National Airlines (601111.SH) reported significant growth in passenger turnover and capacity for February 2026, indicating a strong recovery in both domestic and international travel demand [1] Group 1: Passenger Operations - The company's 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] - The 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, international routes increased by 6.5 percentage points, and regional routes rose 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] - The cargo load factor was 32.4%, up by 2.6 percentage points year-on-year [1] Group 3: Fleet Information - The company introduced one B737 series aircraft and retired one A320 series aircraft in February 2026 [1] - As of the end of February 2026, the company operated a total of 960 aircraft, including 423 owned, 247 under finance leases, and 290 under operating leases [1]

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The Civil Aviation Administration of China has released the flight schedule for the summer-autumn season of 2026, indicating a 2.71% year-on-year decrease in domestic flight schedules, reflecting the intention to control capacity [3][5] - The flight schedule in first-tier cities shows a slight increase of 0.72%, while lower-tier cities experience declines ranging from 1.45% to 9.97% [3] - The overall structure of flight schedules remains stable, with first-tier, new first-tier, second-tier, and third-tier cities accounting for 19%, 28%, 26%, and 12% of total schedules, respectively [3] - Airlines such as Huaxia Airlines and Spring Airlines show significant year-on-year growth in domestic flight schedules, while China Southern Airlines has the highest proportion of schedules in first-tier cities [3] - The report highlights that international flight schedules are recovering, with domestic airlines' international and regional flight schedules reaching 97% and 89% of 2019 levels, respectively [3][31] Summary by Sections Industry Overview - The total market capitalization of the industry is 632.8 billion yuan, with 12 listed companies [1] Flight Schedule Analysis - Domestic airlines' flight schedules for the summer-autumn season of 2026 show a year-on-year decrease of 2.71%, with specific declines in various city tiers [3][5] - The highest number of domestic flight schedules is at Guangzhou Baiyun International Airport, with 8,777 schedules per week [3] Airline Performance - China Southern Airlines, China Eastern Airlines, and Air China show varying growth rates in domestic flight schedules, with Huaxia Airlines and Spring Airlines experiencing notable increases [3] - The report recommends focusing on opportunities in the international flight sector due to favorable policies and trends in cross-border travel [3] Investment Recommendations - The report suggests taking advantage of the current adjustments in the market, recommending key airlines such as the "Big Three" (China Southern, China Eastern, Air China), Hainan Airlines, and Spring Airlines for their performance certainty [3]

中国国航公告，2026年2月，本集团合并旅客周转量（按收入客公里计）同比上升。客运运力投入（按 可用座位公里计）同比上升13.8%，旅客周转量同比上升19.1%。其中，国内客运运力投入同比上升 13.3%，旅客周转量同比上升16.9%；国际客运运力投入同比上升14.0%，旅客周转量同比上升23.7%； 地区客运运力投入同比上升25.4%，旅客周转量同比上升37.1%。平均客座率85.9%，同比上升3.8个百分 点。其中，国内航线同比上升2.7个百分点，国际航线同比上升6.5个百分点，地区航线同比上升6.8个百 分点。货运方面，货运运力投入（按可用货运吨公里计）同比上升11.5%，货邮周转量（按收入货运吨 公里计）同比上升21.4%。货运载运率为32.4%，同比上升2.6个百分点。 ...

Core Viewpoint - China Eastern Airlines Group announced a share buyback plan of up to 1 billion RMB amid a significant decline in its stock price, which has dropped over 25% in the past month [1][2] Group 1: Company Actions - China Eastern Airlines Group has already increased its stake by purchasing 33.97 million shares, representing 0.15% of the total share capital, and plans to continue buying shares for a total investment of no less than 500 million RMB and no more than 1 billion RMB over the next 12 months [1] - Prior to this buyback, China Eastern Airlines Group and its concerted parties held a total of 12.095 billion shares, accounting for 54.76% of the total share capital [1] Group 2: Market Context - The stock price of China Eastern Airlines has fallen from 6.39 RMB on February 9 to 4.68 RMB on March 16, marking a decline of 26.76% [2] - The entire aviation sector has experienced a systemic decline, with the aviation transportation index dropping by 18.89% since February 10, and other airlines like Air China and Spring Airlines also facing significant declines [2] Group 3: Market Analysis - The recent downturn in airline stocks is attributed to geopolitical tensions and soaring international oil prices, with crude oil prices rising nearly 60% since early March [3] - Fuel costs, which account for 30% to 40% of total operating costs for airlines, have been significantly impacted by these rising oil prices [3] - Despite the current challenges, analysts maintain a positive long-term outlook for the aviation industry, suggesting that the demand for air travel will continue to recover gradually [4][5]

Group 1 - A fire broke out at an oil tank facility near Dubai International Airport (DXB), initially identified as a drone attack, leading to temporary flight suspensions [1] - Emirates Airlines announced the cancellation of several flights due to the incident, with some flights from China rerouted to Al Maktoum International Airport (DWC) and Muscat [1] - Domestic airlines in China have suspended flights to Dubai until the end of the month, with only Emirates Airlines continuing operations [2]

Core Viewpoint - China Eastern Airlines experienced a slight decline of 0.43% on March 16, with a trading volume of 1.288 billion yuan and a market capitalization of 103.371 billion yuan [1][9]. Group 1: Company Overview - China Eastern Airlines is headquartered in Shanghai and was established on April 14, 1995, with its shares listed on November 5, 1997. The company primarily engages in passenger, cargo, mail, and luggage transportation, along with general aviation services and aircraft maintenance [7][15]. - The main revenue sources for the company include passenger service revenue (92.50%), cargo service revenue (3.86%), ticket refund fees (1.74%), other services (1.28%), and ground services (0.62%) [15]. - As of September 30, 2025, the number of shareholders was 149,900, a decrease of 3.37% from the previous period [8][16]. Group 2: Financial Performance - For the period from January to September 2025, China Eastern Airlines reported a revenue of 106.414 billion yuan, representing a year-on-year growth of 3.73%. The net profit attributable to shareholders was 2.103 billion yuan, showing a significant increase of 1623.91% [8][16]. - The company has cumulatively distributed 3.296 billion yuan in dividends since its A-share listing, with no dividends distributed in the last three years [16]. Group 3: Shareholder and Market Activity - The top ten circulating shareholders include China Securities Finance Corporation, holding 430 million shares, and Hong Kong Central Clearing Limited, holding 295 million shares, with the latter reducing its holdings by 5.4524 million shares [8][16]. - The stock has seen a net outflow of 1.21 million yuan today, with a continuous reduction in main funds over the past three days [3][11]. Group 4: Business Developments - The company’s subsidiary, Eastern Airlines Logistics, is a key player in cross-border e-commerce, designated as a major logistics enterprise in Shanghai's cross-border e-commerce pilot program, with operations expected to commence by the end of the year [2][9]. - Eastern Airlines Technology has successfully integrated 3D-printed cabin components into the Boeing B777-300ER aircraft, indicating advancements in manufacturing capabilities [2][9]. - The company signed a framework agreement with Commercial Aircraft Corporation of China to be the first user of the C919 aircraft, with plans to negotiate the purchase of five aircraft within a year after the first flight [2][10]. Group 5: Technical Analysis - The average trading cost of the stock is 4.85 yuan, with the stock price approaching a resistance level of 4.71 yuan. A breakthrough of this resistance could signal a potential upward trend [6][14]. - The main trading volume from major investors is 5.58 billion yuan, accounting for 11.42% of the total trading volume, indicating a relatively dispersed distribution of shares among major holders [5][13].

Core Viewpoint - UBS reports that Swire Pacific (00019) will sell its stake in Cathay Pacific (00293) through a placement at HKD 11.74 per share, raising HKD 1.789 billion. This sale is due to Cathay Pacific's repurchase of Qatar Airways' previous 9.6% stake, restoring its shareholding closer to historical levels. After the sale, Swire's actual holding in Cathay Pacific is expected to decrease to 45.12% [1] Group 1 - Swire Pacific's sale of Cathay Pacific shares is expected to increase its market value by approximately 0.7% [1] - The company's consolidated net debt ratio may improve from 20.6% at the end of last year to 20% [1] - The sale is considered similar to the recent share sale by another strategic shareholder, China National Aviation (601111) (00753) [1] Group 2 - Swire Pacific remains confident in its aviation business despite the share sale [1]

Investment Rating - The report assigns an "Accumulate" rating for the transportation industry [2]. Core Insights - The aviation sector is expected to see strong demand during the Spring Festival, with both volume and price increasing. The report anticipates industry profitability in Q1 2026, driven by a rise in passenger load factors and ticket prices [3][4]. - The oil shipping sector maintains high freight rates, with a focus on changes in the gray market and geopolitical factors affecting oil prices [4]. Summary by Sections Aviation - The Spring Festival of 2026 saw a record high in passenger flow, with an estimated 94.39 million trips, reflecting a year-on-year growth of 5.3%. The report estimates that the passenger load factor increased by over 2 percentage points compared to the previous year, and domestic ticket prices rose by 3-4%, with an 8% increase during the peak holiday period [4][11]. - The Civil Aviation Administration of China continues to strictly control flight schedules, with a slight reduction in flight plans by 1.6% year-on-year. The report suggests that the aviation sector is entering a low-growth supply era, benefiting from consumption policies that will drive demand [4][3]. - The report recommends stocks such as Air China, Spring Airlines, and China Eastern Airlines, highlighting the potential for a "super cycle" in the aviation industry [4]. Oil Shipping - The oil shipping sector is characterized by high freight rates, with the report noting that geopolitical tensions, particularly in the Middle East, have significant impacts on shipping routes and pricing [4]. - The report emphasizes the importance of monitoring the gray market, as changes in sanctions against Iran could lead to increased demand for compliant shipping and accelerate the retirement of older vessels [4]. - Recommended stocks in the oil shipping sector include COSCO Shipping Energy Transportation and China Merchants Energy Shipping [4].