2月23日，民航客运量预计265万人次。海南三大机场预计运送旅客将突破23.2万人次，国航、东航、南航、海航四家航空公司增加海 南航班，最大限度满足旅客返程需求。 央视网消息（新闻联播）：2月23日，全社会跨区域人员流动量预计超3.6亿人次。其中，全国铁路预计发送旅客1850万人次，是 春节假期铁路出行的最高峰值。面对返程客流高峰，北京、成都、长春等多地火车站增派工作人员，还协调加密公交与出租车班 次，安排专人引导旅客快速换乘。 2月23日，全国高速公路车流量预计超6600万辆次。在江苏、安徽等车流量大的路段，交通部门采取应急车道动态管控措施，有效缓 解节点路段的拥堵状况。7座及7座以下小型客车免费通行高速公路将在24时结束。免收通行费时间以车辆驶离高速公路出口收费车 道的时间为准。 ...

Core Insights - The 2026 Spring Festival travel season has set multiple records, with over 50.8 billion cross-regional passenger flows in the first 20 days, averaging 2.5 billion daily, indicating economic recovery and increased travel demand [4][5][8] - The trend of "reverse Spring Festival" is gaining momentum, with ticket bookings for this phenomenon increasing by 84% compared to the previous year, reflecting changes in family structures and modern travel preferences [6][7] Group 1: Record Data - The Spring Festival travel period from February 2 to March 13, 2026, has seen unprecedented passenger flow, with a projected total of 95 billion cross-regional movements [8] - During the holiday, the peak day on February 22 recorded 3.8 billion passenger flows, a 12.3% increase year-on-year, with significant contributions from rail, road, and air travel [5][8] - The overall passenger flow during the Spring Festival is expected to exceed 28 billion, compared to 23 billion in 2025, showcasing a robust growth trend [5][8] Group 2: Changing Travel Patterns - The travel patterns have shifted from traditional homecoming to a mix of family visits, tourism, and leisure activities, with self-driving becoming the dominant mode of transport [5][7] - The increase in travel by older adults (60+) has been notable, with a 35% rise in flight bookings, indicating a shift in travel demographics [7] - Discounts and new services for elderly travelers, such as phone booking and luggage delivery, have been introduced to enhance the travel experience [7] Group 3: Technological Advancements - The integration of technology in transportation has improved safety and efficiency, with innovations like drone surveillance and AI models for traffic management being implemented during the Spring Festival [8][9] - The development of a more personalized and intelligent transportation system is expected to facilitate smoother travel experiences and a more balanced passenger flow throughout the year [9]

中新网南昌2月23日电 (刘力鑫 孟昭满 陈柯添)中国铁路南昌局集团有限公司(以下简称"南铁")23日消 息，当日是春节假期最后一天，南铁迎来返程客流最高峰，预计发送旅客140万人次，将打破南铁春运 单日旅客发送量历史纪录。 图为江西南昌站，旅客从站台上走过。(资料图)刘力鑫 摄 春节假期将要结束，南铁管内返程务工客流与探亲流、旅游流叠加。为满足旅客高峰出行需求，南铁研 判分析客流趋势，实施"一日一图"，精准投放运力，动态加开、重联运行旅客列车，2月23日计划增开 前往江浙沪、广深等热门地区和赣闽两省内中短途旅客列车396列，其中动车组列车310列，夜间高铁 115列，全力满足旅客出行需求。 2月22日，南铁共计发送旅客138.5万人次，同比增长12.3%，其中江西、福建两省分别发送旅客73万人 次、65.5万人次，同比分别增长11%、13.8%。 为进一步提升旅客春运返程体验，应对多重客流叠加带来的压力，提高旅客出行效率，南昌、福州、厦 门等地车站根据高峰客流情况，动态增开安检查危通道、人工退票改签窗口，有效应对大客流时段旅客 进站需求。 铁路部门温馨提示广大旅客，春节假日返程期间，铁路客流较大，有出行需求 ...

中经记者 孙丽朝 龙岩报道 在福建漳平至龙川的漳龙铁路线上，有一段30公里穿越闽西崇山峻岭的险要区段。这里山高林密、地势 陡峭，中国铁路南昌局集团有限公司龙岩工务段北河路桥检养工区的职工们常年在此巡逻看守，铁路旁 有个名为北河的小村庄，如今，这段铁路和这个村子已相互陪伴了六十多年。 这段深厚情缘的起点，要回溯到上世纪60年代铁路修建之时。老巡守工吴深彪对《中国经营报》记者回 忆："大队长来村里动员，说需要工人，承诺每个月都能领3元补贴。许多人都报名了，但是只挑选身强 体壮的人。我因为个子高、皮肤黑，看着能干活，就被选上了。" 像吴深彪一样，许多村民就这样加入了修路队伍。他们和铁道兵一起开山、架桥、铺轨。而那条为施工 修建的吊桥，最初只是运料通道，铁路建成之后，吊桥没有拆除，成为职工巡山、村民出山的最佳通 道。 铁路通车后，吴深彪等一批参与铁路建设的村民，因为熟悉线路情况，被留下来成为巡守工。刚开始大 家只觉得是份生计，后来才发现，铁路真把山外和村里连起来了，村民出行再也不用翻山越岭，只需走 过吊桥沿着铁路路肩就能直达乡镇。这条路带来的实实在在的便利，让守护这条铁路线逐渐成了村民自 觉的事。 正在搜山扫石 摄影 ...

Group 1 - On February 23, the China Railway Beijing Bureau Group Co., Ltd. expects to send 1.33 million passengers, with 505,000 from Beijing and 935,000 arriving [1] - To accommodate the peak return passenger flow, the railway department coordinated with relevant Beijing authorities to extend the operation hours of 9 subway lines from February 22 to 24 [3] - Beijing South Station plans to add 19 high-speed trains from various cities including Qingdao, Jinan, and Yantai on February 23 to meet the return travel demand [3] Group 2 - The Qinghe Station utilized an intelligent control platform to monitor and guide passenger flow effectively [6] - Tianjin Station provided comprehensive assistance for vulnerable groups such as the elderly and pregnant women, ensuring a one-stop service for entry, security checks, and boarding [6]

Core Insights - The overall inter-regional mobility of people reached 38,035.2 million trips on February 22, 2026, marking a month-on-month increase of 5.8% and a year-on-year increase of 12.3% compared to the same day in 2025 [1] Transportation Modes Summary - Railway passenger volume was 18.27 million trips, with a month-on-month increase of 6.3% and a year-on-year increase of 11.1% compared to 2025 [1] - Road mobility, including both commercial and non-commercial passenger trips, totaled 35,776 million trips, reflecting a month-on-month increase of 5.8% and a year-on-year increase of 12.3% compared to 2025 [1] - Commercial road passenger volume was 33.35 million trips, with a month-on-month increase of 8% and a year-on-year increase of 1.4% [1] - Non-commercial passenger trips on highways and regular national and provincial roads reached 32,441 million trips, with a month-on-month increase of 5.6% and a year-on-year increase of 13.5% [1] - Waterway passenger volume was 1.672 million trips, showing a month-on-month decrease of 8% but a year-on-year increase of 36.1% compared to 2025 [1] - Civil aviation passenger volume reached 2.644 million trips, with a month-on-month increase of 1.4% and a year-on-year increase of 6.8% compared to 2025 [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report This year's Spring Festival holiday had unique advantages, including the longest duration in history and a consumption - stimulating activity. It showed excellent performance in multiple dimensions, especially in travel and consumption. The real - estate market showed signs of hitting the bottom, while the film market was dismal. Overseas capital markets had various trends due to factors like Fed's FOMC meeting minutes, geopolitical conflicts, and AI industry development [2][8]. 3. Summary by Related Catalogs Travel - The Spring Festival travel rush saw a continuous increase in long - distance travel. The total cross - regional passenger flow from February 2nd to 21st this year increased by 5.4% compared to the same period in 2025 and 26.3% compared to 2019, reaching a record high. The number of passengers in various transportation modes increased by about 5% - 6%. The self - driving travel enthusiasm was significantly boosted, with the national population migration scale index from the 15th day of the twelfth lunar month to the fifth day of the first lunar month increasing by 22.2% this year compared to 2025 [3][9][12]. - The difference in growth rates between the data from the Ministry of Transport and Baidu Migration was likely due to statistical methods. The non - operational passenger volume on roads accounted for 81.3% of the total cross - regional passenger flow, indicating that self - driving was the main mode of travel during the Spring Festival [16][17]. Consumption - Retail, catering, and service consumption were active. The average daily sales of key retail and catering enterprises in the first four days of the holiday increased by 8.6% compared to the same period in 2025, higher than the growth rates during the May Day and National Day holidays in 2025. The consumption of domestic tourism on key platforms increased by 4.5% in the first three days of the holiday. The rental car order volume on key platforms increased by 26%, and the north - south cross - region orders increased by 196% [4][19][22]. - The "trade - in" policy continued to release consumer demand. By February 19th, the trade - in of consumer goods benefited 28.88 million people, driving sales of 198.02 billion yuan. Smart devices maintained high growth, and Hainan's duty - free sales increased rapidly [22]. Film Market The film market continued its dismal performance since 2025, hitting a new low in the Spring Festival season in the past 7 years. As of the afternoon of the sixth day of the first lunar month, the cumulative box office of this year's Spring Festival season was 4.91 billion yuan, and it was unlikely to exceed 6 billion yuan. The number of screenings reached a new high, but the number of movie - goers hit a new low, mainly due to the lack of high - quality works [25]. Real - Estate Market The real - estate market showed a weak rebound at the bottom, with first - tier cities having a stronger rebound than second - and third - tier cities. From the first to the fifth day of the first lunar month, the average daily sales volume of commercial housing in 30 large and medium - sized cities was 1.04 million square meters, a 24.9% increase compared to the same period last year. The transaction and listing prices of second - hand houses in January also showed signs of stabilization. If the trend in the past 1 - 2 months continues, the real - estate sales may have hit the bottom [5][29]. Overseas Capital Markets - Most overseas bond yields declined. The 10 - year US Treasury yield adjusted upwards due to the hawkish FOMC meeting minutes and tariff policy fluctuations. European bond markets generally strengthened under the expectation of easing. The 10 - year Japanese government bond yield declined by 10.9bp, while the 10 - year Indian government bond yield increased by 4.8bp [6][32]. - The US dollar index strengthened, and the copper - gold ratio fluctuated weakly. Most overseas commodities rose, with oil and coal prices rising by more than 5%. Precious metals and some agricultural products also had varying degrees of increase [35][37]. - European and American stock markets rose collectively, while Asian stock markets were divided. The US stock market rebounded strongly, and European stock markets followed suit. The South Korean stock market hit a record high, while the Hong Kong and Japanese stock markets were weak. The FTSE A50 index rose 0.3% during the holiday [40].

Group 1: Domestic Economic Trends - The extended Spring Festival holiday is expected to boost travel, tourism, and consumption significantly, with a projected increase in passenger volume during the Spring Festival travel rush[2] - In 2026, the Spring Festival is anticipated to set five new records for travel intensity, with a notable increase in self-driving trips and strong demand for tourism[9] - The sales of commercial housing during the Spring Festival are expected to show a positive year-on-year growth of 5.2%[4] Group 2: AI and Technological Advancements - The year 2026 is projected to be a pivotal year for the widespread adoption of AI consumer terminals, marking the beginning of competitive AI applications[2] - The introduction of AI technologies during the Spring Festival gala has enhanced public awareness of embodied intelligence, further supporting the notion of 2026 as a key year for AI application competition[34] Group 3: International Trade and Currency - The repeal of Trump-era tariffs is expected to lead to a moderate appreciation of the RMB, with the current tariff rate on Chinese goods at 28.93%, a decrease of 2.3 percentage points from late 2025[4] - The global trade tensions are easing, which is likely to support a resilient growth rate in China's export sector[4] Group 4: Inflation and Economic Data - Inflation rates in the US and Japan are lower than expected, indicating a downward trend, with the US CPI at 2.4% and Japan's at 1.5%[6] - The US GDP growth for Q4 2025 was below expectations, primarily due to temporary impacts from government shutdowns, reflecting a growth rate of 1.4%[6]

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly focusing on oil transportation and shipbuilding sectors, recommending stocks such as ST Songfa and China Merchants Energy [4]. Core Insights - The report highlights a strong performance in oil shipping, with VLCC TCE rates rising by 24% to $146,385 per day, and a significant increase in demand leading to higher freight rates [4]. - The global energy chain's valuation is on the rise, driven by long-term capacity utilization and mid-cycle profit expectations, suggesting a favorable environment for shipping rates [4]. - The report emphasizes the resilience of the dry bulk market, with the BDI index recording a slight increase of 1.19% to 2,043 points, indicating stable demand despite seasonal fluctuations [5]. Summary by Sections Shipping Market Performance - The shipping index decreased by 1.41%, underperforming the CSI 300 index by 1.77 percentage points, with the aviation sector experiencing the largest decline at -5.16% [5]. - The report notes that the coastal dry bulk freight index in China fell by 1.76%, while the Baltic Dry Index increased by 1.19% [5]. Oil Transportation - VLCC rates reached a new high of approximately $160,000 per day during the Spring Festival, with expectations for continued strength in the coming weeks [4]. - The report indicates that the average VLCC freight rate increased by 23% week-on-week, reaching $149,564 per day, reflecting tight capacity and strong demand [4]. Dry Bulk Market - The report mentions that the Capesize freight rate decreased by 4.1%, while the Panamax index showed resilience with a 3.5% increase [4]. - The report anticipates that post-holiday demand recovery will be crucial for the dry bulk market, particularly in iron ore shipments [4]. Air Transportation - The report suggests that the airline industry is at a turning point, with potential for significant profit growth due to increased passenger volumes and operational efficiencies [4]. - Airlines such as China Eastern Airlines and Spring Airlines are highlighted as key players to watch in this sector [4]. Express Delivery - The report notes uncertainties in the express delivery sector due to fluctuating demand and competitive pressures, but highlights the strong market position of leading companies like ZTO Express and YTO Express [4]. Rail and Road Transportation - Rail freight volumes and highway truck traffic are reported to be resilient, with the Ministry of Transport data showing a slight decrease in freight volume but overall stability [4]. - The report identifies two main investment themes in the highway sector: high dividend yields and potential value recovery in undervalued stocks [4].

中经记者 路炳阳 乌海报道 陈海军端坐在电脑前，目光在屏幕间快速切换。"综控室，站台捡到旅客遗失物品，请广播寻找。""收 到，马上广播。"陈海军目光快速扫过监控屏，指尖在控制台上轻盈移动。监控画面里是归心似箭的旅 客，画面外是她全神贯注的侧脸。 综控室是车站的"心脏"，其前身是广播室，包银高铁乌海站投入使用后，设备更新换代，设置了综控员 岗位。综控员会根据列车调度命令、开行旅客列车数量、客票数据等信息编制班计划，协调车站各岗位 作业衔接，确保每位旅客顺利踏上平安旅途。面对新岗位，陈海军没有退缩与懈怠，她努力掌握新设备 操作规范，反复演练应急处置流程，把每一个细节都记在心上。 陈海军 （左）通过对讲机与候车厅工作人员沟通工作事宜。摄影/路炳阳 陈海军 （左）和同事核对作业重点事项。摄影/路炳阳 农历丙午马年新春，内蒙古铁路乌海站，乘客行色匆匆。2月21日（农历正月初五）10时许，车站综控 室传来温柔且清澈的声音，穿透喧嚷直达候车室："旅客朋友们，由银川开往北京北的D1068次列车即 将检票……" 《中国经营报》记者走进车站综控室，一整面电子大屏映着车站的每个角落——这是综控员陈海军 的"战场"。2026年是包银 ...