风险提示：海外超预期衰退，影响国内经济复苏进程；国内政策及经济复苏进度不及预期；宏观经济超 预期扰动；政策超预期变化；国际关系变化带来经济环境变化；海外宏观流动性超预期收紧；海外波动 加剧。 责任编辑：王珂 来源：中原证券股份有限公司 投资要点： A 股市场综述 周五（01 月23 日）A 股市场冲高遇阻、小幅震荡上行，早盘股指高开后震荡上行，盘中沪指在4143 点 附近遭遇阻力，随后股指维持震荡，盘中光伏设备、能源金属、电池以及航天航空等行业表现较好；航 空机场、保险、银行以及船舶制造等行业表现较弱，沪指全天基本呈现小幅震荡上行的运行特征。创业 板市场周五震荡上扬，创业板成分指数全天表现强于主板市场。 后市研判及投资建议 周五A 股市场冲高遇阻、小幅震荡上行，早盘股指高开后震荡上行，盘中沪指在4143 点附近遭遇阻 力，随后股指维持震荡，盘中光伏设备、能源金属、电池以及航天航空等行业表现较好；航空机场、保 险、银行以及船舶制造等行业表现较弱，沪指全天基本呈现小幅震荡上行的运行特征。创业板市场周五 震荡上扬，创业板成分指数全天表现强于主板市场。当前上证综指与创业板指数的平均市盈率分别为 16.88 倍、53. ...

证券之星消息，1月23日航空机场板块较上一交易日下跌1.3%，中国东航领跌。当日上证指数报收于4136.16，上涨0.33%。深证成指报收于 14439.66，上涨0.79%。航空机场板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000099 | 中信海直 | 21.27 | 0.76% | 16.56万 | 3.51亿 | | 600221 | 海航控股 | 1.74 | 0.58% | 363.14万 | 6.32亿 | | 600004 | 白云机场 | 9.65 | 0.52% | 24.34万 | 2.35亿 | | 603885 | 吉祥航空 | 15.71 | 0.45% | 8.16万 | 1.27亿 | | 600897 | 厦门空港 | 17.48 | 0.40% | 4.74万 | 8261.70万 | | 000089 | 深圳机场 | 7.20 | 0.00% | 17.37万 | 1.25亿 | | 600009 | 上海机场 | 31.35 ...

跌幅前五的行业分别是保险-1.37%、煤炭行业-0.54%、燃气-0.47%、航空机场-0.4%、电机-0.22%。 每经AI快讯：北京时间1月23日11:30，上证指数早盘上涨11.0点，涨幅为0.27%，报收4133.58点，成交额8072.92亿元；深证成指 上涨33.93点，涨幅为0.24%，报收14360.98点，成交额10856.3亿元；创业板指下跌5.69点，跌幅为0.17%，报收3322.96点，成交 额5063.3亿元；沪深300下跌16.67点，跌幅为0.35%，报收4707.04点，成交额4256.91亿元。 涨幅前五的行业分别是光伏设备7.23%、贵金属4.46%、珠宝首饰3.52%、医药商业3.12%、有色金属2.82%。 | 指数 | 最新 | 涨跌幅 | | --- | --- | --- | | 上证指数 | 4133.58 | 0.27% | | 深证成指 | 14360.98 | 0.24% | | 创业板指 | 3322.96 | -0.17% | | 沪深300 | 4707.04 | -0.35% | （记者 王晓波） 免责声明：本文内容与数据仅供参考，不构成投资建议 ...

证券之星消息，1月22日航空机场板块较上一交易日下跌0.69%，中国东航领跌。当日上证指数报收于4122.58，上涨0.14%。深证成指报收于 14327.05，上涨0.5%。航空机场板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600221 | 海航控股 | 1.73 | 1.76% | 479.22万 | 8.26亿 | | 000089 | 深圳机场 | 7.20 | 1.55% | 18.58万 | + 1.33亿 | | 002928 | 华夏航空 | 11.28 | 1.17% | 16.88万 | 1.91亿 | | 600897 | 厦门空港 | 17.41 | 0.99% | - 4.92万 | 8544.54万 | | 603885 | 吉祥航空 | 15.64 | 0.58% | 11.90万 | 1.87亿 | | 600004 | 白云机场 | 9.60 | 0.52% | 12.27万 | 1.18亿 | | 6600000 | 中信海直 | ...

证券之星消息，1月21日航空机场板块较上一交易日下跌1.17%，中国东航领跌。当日上证指数报收于 4116.94，上涨0.08%。深证成指报收于14255.12，上涨0.7%。航空机场板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601111 | 中国国航 | -2299.38万 | 3.68% | 551.82万 | 0.88% | -2851.20万 | -4.56% | | 000099 中信海直 | | 1955.60万 | 6.95% | 1031.46万 | 3.66% | -2987.06万 | -10.61% | | 000089 深圳机场 | | 1292.91万 | 10.12% | 277.01万 | 2.17% | -1569.92万 | -12.29% | | 002928 华夏航空 | | 810.51万 | 4.84% | 269.38万 | 1.61% | -1 ...

Core Viewpoint - The aviation and airport sector experienced a notable increase of 2.53% on January 20, with Southern Airlines leading the gains, while the overall stock market indices showed slight declines [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4113.65, down 0.01%, and the Shenzhen Component Index closed at 14155.63, down 0.97% [1]. - Southern Airlines saw a closing price of 8.13, with a rise of 4.90%, and a trading volume of 936,000 shares, resulting in a transaction value of 750 million yuan [1]. - China Eastern Airlines closed at 6.36, up 3.75%, with a trading volume of 1,763,300 shares and a transaction value of 1.111 billion yuan [1]. Group 2: Individual Stock Performance - China National Aviation Holdings closed at 9.10, increasing by 3.29%, with a trading volume of 991,800 shares and a transaction value of 895 million yuan [1]. - Shenzhen Airport's closing price was 7.16, up 2.43%, with a trading volume of 294,900 shares and a transaction value of 209 million yuan [1]. - Shanghai Airport closed at 32.37, rising by 2.05%, with a trading volume of 206,900 shares and a transaction value of 666 million yuan [1]. Group 3: Capital Flow - The aviation and airport sector saw a net inflow of 137 million yuan from main funds, while retail investors experienced a net outflow of 1.22 billion yuan [2]. - Southern Airlines had a net outflow of 57.22 million yuan from main funds, with retail investors also showing a net outflow of 38.10 million yuan [3]. - Shanghai Airport recorded a net inflow of 45.37 million yuan from main funds, while retail investors had a net outflow of 34.33 million yuan [3].

Investment Rating - The report maintains a positive outlook on the aviation industry, indicating it is entering a "golden era" with an investment rating of "Overweight" [2][3]. Core Insights - The National Civil Aviation Work Conference emphasized "quality improvement and efficiency enhancement," with initial signs of reducing "involution" in the industry. The 2026 targets include a total transport turnover of 1,750 billion ton-kilometers, 810 million passenger transport, and 10.7 million tons of cargo, representing year-on-year growth of 6.7%, 5.2%, and 5.2% respectively [3]. - The global aircraft supply chain remains unhealed, with an aging fleet exacerbating supply constraints. Airbus plans to deliver 793 aircraft in 2025, while Boeing aims for 600, both below pre-pandemic levels. The backlog exceeds 15,000 aircraft, and the delivery cycle has extended to 6.8 years, leading to prolonged service of older models [3]. - Demand is bolstered by visa exemption policies, driving an increase in inbound travelers. The proportion of foreign visitors entering China under visa exemptions has stabilized above 70%. The upcoming Spring Festival is expected to see a daily average of 5.3% growth in passenger volume, with ticket prices projected to rise by 20% compared to the previous year [3]. - The report recommends continued investment in the aviation sector, highlighting the unprecedented constraints in aircraft manufacturing, high passenger load factors, and the growth of inbound and outbound travel. Key companies recommended include China Eastern Airlines, China Southern Airlines, Air China, Spring Airlines, Huaxia Airlines, and Juneyao Airlines [3]. Summary by Sections Supply Side - The global aircraft supply chain is still recovering, with significant delivery delays and an aging fleet leading to supply constraints. The total number of passenger aircraft in China is projected to grow by only 4% in 2025, with a peak in retirements expected by 2030 [3]. Demand Side - The implementation of visa exemption policies is expected to significantly increase the number of inbound travelers, with international routes becoming the main driver of demand growth in 2026. The Spring Festival is anticipated to show a notable increase in both volume and pricing [3]. Investment Recommendations - The report suggests a strong investment in the aviation sector, citing the current supply constraints and the potential for significant improvements in airline profitability. Specific airlines and global aircraft leasing companies are highlighted as key investment opportunities [3][4].

Group 1: Industry Dynamics - The overall container shipping price has slightly decreased, with the SCFI composite price index dropping by 4.4% to 1574 points [6] - SF Express and J&T Express have engaged in a strategic mutual shareholding, with an investment amounting to HKD 8.3 billion, aiming for a strategic win-win in both domestic and international markets [1] - Xiamen Xiangyu has released a five-year strategic plan (2026-2030) focusing on high-quality development and optimizing its business portfolio [2] Group 2: Air Transport - China Southern Airlines has significantly increased its capital in Shantou Airlines, raising its registered capital from CNY 280 million to approximately CNY 1.504 billion, an increase of 437.25% [3] - Cambodia has announced a visa-free policy for Chinese tourists for a trial period, which may boost air travel demand [3] - The Philippines has also implemented a visa-free entry policy for Chinese citizens, effective for one year [3] Group 3: Shipping and Port Operations - The BDTI index for crude oil shipping has increased by 15.61% to 1388 points, indicating a positive trend in oil transportation [6] - The BDI index for bulk shipping has decreased by 10.2% to 1591 points, reflecting a decline in bulk shipping rates [6] - China's port cargo throughput has increased by 3.06% week-on-week, with container throughput rising by 5.50% [7] Group 4: Logistics and Supply Chain - National logistics operations have been running smoothly, with rail freight increasing by 10.26% and highway truck traffic rising by 17.3% [8] - Gansu Expressway reported a 5.14% year-on-year increase in total revenue for 2025, driven by growth in smart transportation services [9] - The logistics sector is expected to benefit from a reduction in competition and a rebound in demand, with companies like Deppon Logistics and Aneng Logistics showing strong profit potential [12]

Group 1: Industry Dynamics - The overall container shipping price has slightly decreased, with the SCFI composite index dropping by 4.4% to 1574 points [8] - In the express logistics sector, SF Express and J&T Express have entered a strategic mutual shareholding agreement worth HKD 8.3 billion, aiming for collaborative growth in both domestic and international markets [2] - Xiamen Xiangyu has released its strategic plan for 2026-2030, focusing on high-quality development and optimizing its business portfolio across various sectors [3] Group 2: Air Transport - China Southern Airlines has significantly increased its investment in Shantou Airlines, raising its registered capital from CNY 280 million to approximately CNY 1.504 billion, an increase of 437.25% [4] - Cambodia has announced a four-month visa exemption for Chinese tourists, effective from June 15 to October 15, 2026, which may boost travel demand [4] - The Philippines has implemented a 14-day visa exemption for Chinese citizens, valid for one year, which could enhance tourism and travel between the two countries [4] Group 3: Shipping and Port Operations - The BDTI index for crude oil shipping has increased by 15.61% to 1388 points, indicating a positive trend in oil transportation rates [8] - The BDI index for bulk shipping has decreased by 10.2% to 1591 points, reflecting a decline in bulk shipping rates [8] - China's port cargo throughput has increased by 3.06% week-on-week, with container throughput rising by 5.50% [8] Group 4: Road and Rail Transport - National logistics operations have been running smoothly, with rail freight increasing by 10.26% and highway truck traffic rising by 17.3% during the week of January 5-11, 2026 [10] - Gansu Expressway reported a 3.18% year-on-year increase in net profit for 2025, driven by growth in smart transportation services [11] - The issuance of short-term financing bonds by China Merchants Expressway at a low interest rate of 1.58% indicates favorable financing conditions [11] Group 5: Investment Opportunities - The express delivery sector is expected to benefit from resilient demand and a reduction in competition, with companies like SF Express and JD Logistics poised for growth [12] - The oil transportation market is anticipated to improve due to OPEC+ production increases and favorable economic conditions, with companies like China Merchants Energy and COSCO Shipping Energy being potential beneficiaries [13] - The shipping market is expected to recover, driven by environmental regulations and increasing demand for bulk commodities, with companies like China Merchants Energy and Hainan Airlines being highlighted for their growth potential [13]

Group 1: Core Insights - The tourism and travel sector in China is experiencing significant growth, driven by increased consumer demand and favorable government policies [5][6] - The upcoming Spring Festival is expected to boost travel, with a notable increase in ticket bookings and travel service reservations [4][6] - Social security funds have heavily invested in key tourism stocks, indicating strong institutional interest in the sector [6] Group 2: Company Performance - China Duty Free Group (中国中免) has seen a cumulative stock increase of 30.91% since October 2025, supported by its expansion into city duty-free stores [6] - Spring Airlines (春秋航空) reported a 23.68% year-on-year increase in available ton-kilometers in December 2025, reflecting growth in operational capacity [7] - China National Aviation Holding (中国国航) and Spring Airlines are among the top holdings by social security funds, with market values of 5.56 billion and 6.01 billion yuan respectively [6] Group 3: Market Trends - The domestic tourism market showed strong recovery in 2025, with 4.85 trillion yuan in spending, an 11.5% increase year-on-year [5] - The "reverse Spring Festival" trend is gaining traction, with a 35% increase in ticket bookings for parents traveling to their children's work locations [4] - The Wind tourism index rose by 2.5% on January 19, 2026, indicating a positive market sentiment ahead of the Spring Festival [3]