Core Insights - The Qinghai civil aviation sector experienced significant growth during the 2026 Spring Festival holiday, with a total of 1,314 flights executed and 154,000 passengers transported, representing year-on-year increases of 2.9% and 16.7% respectively [1] - Xining Airport, in particular, saw a notable rise, with 1,146 flights and 143,000 passengers, marking year-on-year growth of 8.8% and 22.1% [1] Flight Operations - The Qinghai Airport Company proactively coordinated with various airlines to increase capacity and frequency on key routes from cities such as Beijing, Shanghai, Nanjing, Changsha, Kunming, Chengdu, and Haikou [1] - High passenger traffic was noted in cities like Chengdu, Chongqing, Changsha, Xiamen, Quanzhou, Kunming, and Xishuangbanna, with seat occupancy rates exceeding 90% [1] Service Innovations - The Qinghai Airport Company introduced several unique services and products to enhance travel experiences, including a special travel package to Thailand priced at 3,980 yuan per person [1] - A themed corridor titled "Winter Travel in Qinghai" was created in the T3 terminal to promote winter tourism routes and services [1] - Promotional efforts included the production and distribution of a themed short video to boost awareness of winter tourism and air travel in Qinghai [1]

Core Insights - The 2026 Spring Festival holiday saw a total of 1,744 flight operations and a passenger throughput of 241,000 at three airports in Ningxia, marking year-on-year increases of 1.2% and 8.6% respectively [1] - The operational performance during the holiday was stable, with a passenger load factor at Yinchuan Airport reaching 90%, an increase of 5.9 percentage points year-on-year [1] Group 1: Operational Performance - The airport company effectively coordinated with airlines to increase capacity and optimize route networks based on big data analysis of passenger flow and peak times [2] - The average ticket price was below the regional average in Northwest China, highlighting a cost-effective travel option for passengers [1] - The main travel destinations included major urban clusters such as Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao, and Chengdu-Chongqing, with significant passenger growth on routes to Guangzhou, Chongqing, and Shijiazhuang [1] Group 2: Customer Experience Enhancements - The airport implemented various measures to address the high demand for checked luggage and inquiries, including increasing check-in and security channels during peak times, achieving a 100% open rate for security channels [2] - A volunteer service team was established to assist family and first-time travelers, ensuring smooth passage through the airport [2] - Ground transportation was optimized with real-time parking information and shuttle services to alleviate parking difficulties for travelers [2] Group 3: Safety and Cultural Integration - The airport maintained a high level of safety vigilance, preparing sufficient de-icing and snow-melting materials and conducting thorough inspections of heating, power, and lighting systems [3] - Collaborative efforts with local cultural and tourism departments led to the introduction of cultural activities at the airport, enhancing the travel experience and promoting regional culture [3] - No safety incidents occurred during the holiday period, ensuring a secure travel environment for passengers [3] Group 4: Future Operations - The airport company plans to continue high operational standards and adjust resources dynamically based on returning passenger flows after the holiday [4]

Core Viewpoint - Gansu Province Civil Aviation Airport Group successfully ensured passenger travel services during the 2026 Spring Festival holiday, achieving significant increases in flight operations, passenger throughput, and cargo volume compared to the previous year [1] Group 1: Operational Performance - The group completed 3,942 flight takeoffs and landings, with a passenger throughput of 533,600 and cargo mail throughput of 674.3 tons, representing year-on-year increases of 6.40%, 5.30%, and 18.44% respectively [1] - The group focused on optimizing services for special passenger groups, including first-time travelers, the elderly, and military personnel, by implementing personalized service measures [1] Group 2: Cultural and Consumer Integration - The group launched various promotional activities, such as themed campaigns and discounts on tickets, hotel rentals, and local products, enhancing the cultural experience of air travel [2] - Collaborative efforts with local tourism departments included promoting flight routes and engaging in cultural activities, enriching the travel experience with regional characteristics [2] Group 3: Logistics and Transportation - The group improved multi-modal transport systems, launching the "Lan-Ga Express" to optimize air travel connections and provide free shuttle services for high-speed rail passengers [2] - The civil aviation logistics company established a green channel for the transportation of essential goods, successfully transporting approximately 80 tons of local specialty products to ensure efficient supply during the holiday [2] Group 4: Festive Atmosphere and Community Engagement - Airports were decorated with festive elements, and various cultural activities were organized to create a vibrant New Year atmosphere for travelers [3] - Volunteer services were enhanced through youth organizations, providing assistance and support to travelers, thereby fostering a warm and welcoming environment [3] - The group plans to refine service measures to improve efficiency and quality during the return peak of the Spring Festival travel [3]

Group 1 - The 2026 Spring Festival holiday marked a significant recovery in the civil aviation market, with passenger transport volume reaching 22.067 million, averaging 2.452 million per day, a 7.3% increase compared to the previous year [2] - The total number of civil aviation flights during the Spring Festival was 154,000, averaging 17,121 flights per day, a historical high with a year-on-year increase of 4.6% [2] - Major airports played a crucial role, with 41 major airports handling 228,000 takeoffs and landings, accounting for 79.6% of total domestic airport operations [2] Group 2 - Smaller airports saw a surge in passenger volume, with destinations like Wuyishan experiencing a 160% increase in travelers, leading the nation [3] - The average economy class ticket price during the Spring Festival was 1,026.9 yuan, reflecting a 6.6% increase from 2025 and a 7.6% increase from 2019 [3] - The ticket prices followed a typical trend, peaking on the seventh day of the new year after a drop on the first day [3] Group 3 - Hainan remained a popular destination during the Spring Festival, with 10,623 flights and a passenger throughput of 1.9256 million, a 6.0% year-on-year increase [6] - The international flight operations from Hainan saw a 6.79% increase, with passenger throughput rising by 43.86% [6] - Post-holiday, ticket prices for flights from Hainan dropped significantly, with some tickets available for as low as 200 yuan [6] Group 4 - International outbound flights during the Spring Festival reached 8,829, recovering to 92.3% of 2019 levels, with major destinations including Thailand, South Korea, and Malaysia [8] - The expansion of visa-free travel options contributed to a significant increase in ticket sales to countries like Brazil and Turkey, with growth rates of 190% and over 100% respectively [10] - Foreign tourists visiting China during the Spring Festival increased by 20% compared to the previous year, with a trend of exploring multiple cities [10] Group 5 - Airlines enhanced service guarantees during the Spring Festival, with China Eastern Airlines offering free Wi-Fi on select flights, benefiting nearly 50,000 passengers [11] - GE Aviation implemented comprehensive support for airlines during the Spring Festival, ensuring no aircraft were grounded due to engine issues [12]

Core Viewpoint - Cathay Pacific Airways has shown a strong start in 2026, with significant increases in passenger and cargo volumes compared to the previous year [1] Group 1: Passenger Traffic - In January 2026, Cathay Pacific and Hong Kong Express collectively carried over 3.3 million passengers, an 11% increase compared to January 2025 [1] - Cathay Pacific achieved a record single-day passenger count of over 100,000 on February 14, 2026, with a total of approximately 128,000 passengers including Hong Kong Express [1] - The passenger volume for Cathay Pacific in January 2026 increased by 11% year-on-year, with available seat kilometers rising by 14% [1] Group 2: Cargo Operations - Cathay Pacific's cargo volume in January 2026 exceeded 130,000 tons, reflecting a 5% year-on-year growth [1] - The available cargo ton kilometers increased by 3% in January 2026 compared to the same month in 2025 [1]

Core Viewpoint - Cathay Pacific Airways is experiencing a significant increase in passenger and cargo volumes for January 2026 compared to January 2025, driven by strong demand from overseas students and holiday travelers [1] Passenger Business - Cathay Pacific's passenger capacity is expected to increase by 11% year-on-year in January 2026, with available seat kilometers rising by 14% [1] - The demand for passenger travel remains robust, particularly due to the return of travelers after the year-end holidays and a notable recovery in business travel, with front cabin load factors performing better than in January 2025 [1] - The airline is seeing a significant increase in transfer passenger traffic as flight frequencies are increased, reinforcing Hong Kong's position as an international aviation hub [1] - There is a strong demand for leisure travel during the Lunar New Year holiday, and expectations for overall travel demand remain high leading into the Easter holiday [1] Cargo Business - Cathay Pacific's cargo volume is projected to increase by 5% year-on-year in January 2026, with available cargo ton kilometers rising by 3% [1] - The cargo business started the year relatively slowly after a peak in the previous year but continues to show year-on-year growth [1] - Specific cargo solutions, such as the transport of cherries and seafood from Oceania and pharmaceuticals from Europe and Central America, are driving demand for specialized cargo services [1] - The airline is also involved in transporting elite horses for the Longines Hong Kong International Horse Show, showcasing its expertise in animal transport [1] - Market demand is expected to gradually recover after a slowdown during the Lunar New Year holiday period [1] Hong Kong Express - Hong Kong Express recorded over 710,000 passengers in January 2026, an 8% increase compared to January 2025, with available seat kilometers increasing by 13% [1] - The growth in passenger numbers is primarily supported by strong load factors on routes to South Korea and Thailand [1] - The airline achieved a new record on February 20, carrying over 30,000 passengers in a single day [1]

小摩认为，随着国泰利用其网络优势、资本自律性巩固在区域内的领导地位，股价具上涨潜力，正将目 标价的设定方法由市账率(PB)切换至企业价值对税息折旧及摊销前利润(EV/EBITDA)比率，以反映行业 盈利能见度提升及利润可持续性改善。 智通财经APP获悉，摩根大通发布研报称，亚洲全服务航空业正步入盈利可见性及利润率韧性兼备的新 时代，国泰航空(00293)正引领着区域的复苏与增长。因其收益于需求强劲、具纪律的运力管理及较早 实现资产负债表正常化; 且有望从行业供给紧张、亚太区交通量增长强劲及灵活调配运力至最具吸引力 市场的能力中获益，将国泰的目标倍数定为6倍，目标价从9.1港元大幅升至18港元，蕴含约40%上升空 间，评级从"中性"升至"增持"。 ...

Core Insights - Harbin Airport achieved a record high of 855,000 passengers during the Spring Festival holiday, marking a significant increase in travel activity [1][3] - The airport facilitated 5,063 flight operations during the holiday period, with daily passenger throughput exceeding 80,000 on multiple occasions [1][3] Group 1: Passenger Traffic - The daily passenger volume at Harbin Airport consistently exceeded 80,000, with a peak of 99,500 on February 20, 2023, breaking the previous record of 98,919 set on February 5, 2025 [3] - On February 22, 2023, Harbin Airport became the first airport in Northeast China to surpass 100,000 passengers in a single day, achieving a record of 101,608 passengers on February 23, 2023 [3][4] Group 2: Flight Operations - To accommodate the increased travel demand, Harbin Airport adjusted its flight capacity by increasing flight frequency and changing aircraft types, focusing on popular destinations such as Beijing, Shanghai, Guangzhou, Sanya, and Haikou [4] - The average number of daily flights reached approximately 560, with a peak of 578 flights, and over 20 flights daily to Beijing and Shanghai, and more than 10 flights to Shenzhen, Sanya, and Haikou [4]

Group 1 - The domestic cultural and tourism market in China is expected to maintain high activity levels until early March 2026, with the peak travel period anticipated to end this weekend [1] - Average ticket prices for popular routes have decreased by 10%-50% compared to the Spring Festival holiday period from February 15 to 23, indicating sustained low prices for off-peak travel [1] - Significant price drops for popular routes include Beijing to Chengdu at approximately 578 yuan (down 32%), Shenzhen to Beijing at 762 yuan (down 36%), and Guangzhou to Chengdu at 451 yuan (down 50%) [1] Group 2 - Ticket prices for flights to Hainan have also seen substantial reductions, with the average price for Beijing to Sanya at 585 yuan (down 66%) and Shanghai to Sanya at 479 yuan (down 63%) [1] - Other popular routes to Hainan, such as Guangzhou to Sanya and Chongqing to Haikou, have average ticket prices below 500 yuan [1] - During the early February period, flights from cities like Beijing and Chengdu to Sanya had economic class prices exceeding 1800 yuan, with some peak times even surpassing 4000 yuan [2][3]

(中国东航) 据中国东航（600115）消息，2月15日—23日春节长假期间，东航累计运输旅客超433万人次，日均运输 超48.1万人次，同比增长6.5%；累计执行航班2.85万班，日均超3169班，同比上升2.2%。其中，旅客出 行最高峰出现在2月22日(农历正月初六)，当天东航执行航班3287班，运输旅客52.6万人次。 ...