2月25日，航旅纵横大数据显示，节后春运阶段（2月24日-3月13日）的国内航线机票平均价格（不含税）约950元，比2026春节假期机票平均价格回落约 13%。节后春运阶段，从北京出发的机票平均价格回落约30%；从上海出发的机票平均价格回落约35%；从广州出发的机票平均价格回落约31%。 而一些春节期间机票高企的目的地，节后机票价格回落明显。记者从飞猪平台查询到，上海-海口、上海-三亚、上海-北海等航线票价已经跌至200元以下， 北京-西安、北京-琼海、北京-武汉、上海-重庆、上海-长沙、上海-成都、北京-三亚等航线均有300元左右的机票在售。去哪儿旅行数据显示，国内航线机票 均价自2月23日触顶后开始下行，至3月13日降至低点，降幅超50%；即日起至3月底，错峰出游机票将持续维持低位。 | ■ ■ 一 奥 一 奥 | | | | | | | --- | --- | --- | --- | --- | --- | | 1成人 | | | | | | | 周三 | 周四 | 周五 | 周六班 | 周日 | | | 25 | 26 | 02-27 | 28 | 01 | | | $191 | $191 | ¥18 ...

2月9日，智通财经记者获悉，截至当日，2026春节假期国内航线机票预订量超1178万张，日均比去年春 节假期增长约11%；出入境航线机票预订量超22万张，日均比去年春节假期增长约8%。春运以来，国 内航线民航旅客量超1358万人次，出入境航线民航旅客量超182万人次，比去年春运同期均有所增长， 航空出行需求保持旺盛。（智通财经记者 邵冰燕） ...

Core Viewpoint - The aviation sector is experiencing a rebound, with significant increases in stock prices for major airlines amid rising ticket bookings for the upcoming Spring Festival travel period [1] Group 1: Stock Performance - Eastern Airlines (00670) increased by 4.81%, reaching HKD 5.66 [1] - Southern Airlines (600029) (01055) rose by 4.15%, reaching HKD 6.03 [1] - Air China (601111) (00753) saw a rise of 2.79%, reaching HKD 6.99 [1] - Cathay Pacific (00293) increased by 1.48%, reaching HKD 12.37 [1] Group 2: Ticket Booking Data - As of January 29, 2026, domestic flight ticket bookings exceeded 12.46 million, representing an approximate 8% increase compared to the same period last year [1] - Outbound flight ticket bookings surpassed 1.37 million, while inbound flight ticket bookings exceeded 1.47 million, both showing around a 5% increase compared to last year's Spring Festival [1] Group 3: Industry Analysis - According to a report by China Merchants Securities, since Q4 2025, the industry has benefited from improved ticket prices year-on-year and strengthened expectations for future profit recovery, leading to a significant overall increase in industry valuations [1] - The sector experienced a slight decline in late January due to a rapid increase in international oil prices, prompting a recommendation to monitor the performance of ticket volume and pricing during the Spring Festival, as well as the impact of supply-demand policies and Middle Eastern developments on oil prices [1]

Group 1 - The core viewpoint of the article highlights a recovery in airline stocks, with significant increases in share prices for major airlines such as China Eastern Airlines, China Southern Airlines, Air China, and Cathay Pacific [1] - As of January 29, 2026, domestic flight ticket bookings exceeded 12.46 million, representing an approximate 8% increase compared to the same period last year [1] - International flight ticket bookings surpassed 1.37 million, while inbound flight ticket bookings exceeded 1.47 million, both showing a growth of about 5% compared to the previous year [1] Group 2 - According to a report from China Merchants Securities, since the fourth quarter of 2025, the airline industry has benefited from improved ticket prices year-on-year, reinforced expectations for future profit recovery, and an overall market uptrend [1] - The industry valuation has significantly increased, although there has been a recent pullback due to a rapid rise in international oil prices [1] - Current recommendations focus on monitoring the performance of ticket volume and prices during the Spring Festival travel season, the implementation of supply-demand policies, and the impact of Middle Eastern geopolitical situations on oil prices [1]

Core Viewpoint - After the New Year, domestic flight ticket prices have significantly dropped, with some tickets available for as low as 10% of their original price, prompting consumers to choose off-peak travel [1] Group 1: Ticket Price Trends - Multiple flight routes have seen ticket prices plummet, with some fares dropping to as low as 210 yuan (approximately $30) for routes such as Guangzhou to Shanghai, equivalent to a 1.1% discount [1] - The trend of low ticket prices is expected to fluctuate as students begin their winter vacations in mid to late January [1]

Core Viewpoint - After the New Year, domestic flight ticket prices have significantly dropped, with some tickets available for as low as 10% of their original price, prompting consumers to choose off-peak travel [1] Group 1: Ticket Price Trends - Recent data from a third-party ticketing platform indicates that flight prices from Guangzhou to various cities have fallen to around 200 yuan, with the lowest fare from Guangzhou to Shanghai on January 7 being 210 yuan (excluding tax), equivalent to 11% of the original price [1] - Industry insiders suggest that as students begin their winter break in mid to late January, flight prices are expected to fluctuate [1]

Investment Rating - The report maintains an "Accumulate" rating for the transportation industry [5] Core Views - The domestic flight ticket bookings for the New Year period in 2026 exceeded 3.83 million, a year-on-year increase of 28%, while international flight bookings surpassed 740,000, up 14% year-on-year, indicating strong demand [1][2] - The report remains optimistic about the long-term outlook for the aviation sector under the themes of "expanding domestic demand" and "anti-involution" [2][12] - In the oil shipping sector, attention is drawn to the support for freight rates during the off-season and the timing of investments, particularly focusing on China Merchants Energy Shipping and COSCO Shipping Energy [3][15] Summary by Sections Weekly Insights and Market Review - The transportation sector index fell by 0.70% during the week of December 29, 2025, to January 2, 2026, underperforming the Shanghai Composite Index by 0.83 percentage points [18] - The best-performing segments were air transportation and warehousing logistics, with increases of 5.14% and 0.41%, respectively [18][19] Travel - The report highlights the strong recovery in air travel demand, with a focus on the low growth rate of capacity supply and the continuous recovery of demand, which is expected to narrow the supply-demand gap [2][12] Shipping and Ports - Oil shipping rates have continued to decline, with VLCC market rates dropping to $34,158 per day as of December 31 [3][13] - The dry bulk shipping indices have also seen a decline, with the BDI index at 1,882 points on January 2, 2026 [14] - The report emphasizes the importance of monitoring the support for freight rates during the off-season and the potential impact of geopolitical developments on shipping logistics [15] Logistics - The report identifies two main investment themes in the express delivery sector: 1. Expansion into overseas markets, with Jitu Express planning significant investments in new market operations [4][16] 2. The impact of anti-involution on the industry, where the growth rate is slowing due to increased competition and rising prices, leading to a concentration of market share among leading companies [4][17]

Core Insights - The data from Hanglv Zongheng indicates that domestic flight ticket bookings for the New Year holiday in 2026 are expected to exceed 3.54 million, representing a year-on-year increase of approximately 28% [1] - International flight ticket bookings are projected to surpass 370,000, with a year-on-year growth of about 12% [1] - Inbound flight ticket bookings are anticipated to exceed 350,000, showing a year-on-year increase of around 15% [1] Ticket Pricing and Flight Volume - The average ticket price for economy class (excluding tax) is projected to be 669 yuan, which is an 8.2% increase compared to the actual ticket price in the same period of 2025 [1] - On January 1, 2026, the ticket price is expected to increase by 3% year-on-year [1] - The planned flight volume for January 1 is expected to rise by 2.7% compared to the previous year [1] Market Impact - The 2026 New Year holiday will feature a three-day break, an increase from the one-day holiday in 2025, which is expected to significantly boost the cultural and tourism consumption market [1]

Core Viewpoint - The domestic passenger transport fuel surcharge will be reduced starting January 5, 2026, with specific fee adjustments for different flight distances, which is expected to positively impact travel costs for consumers and stimulate demand during peak travel seasons [1][2]. Group 1: Fuel Surcharge Adjustments - The fuel surcharge for domestic flights will be reduced to 10 yuan for flights of 800 kilometers or less and 20 yuan for flights over 800 kilometers, down from 20 yuan and 40 yuan respectively [1]. - Current fuel surcharge rates are based on the standards set on December 5, 2025, which had increased by 10 yuan and 20 yuan compared to earlier rates [1][2]. - The adjustments are designed to address the volatility of fuel prices while keeping ticket prices stable, as domestic ticket prices have an upper limit [2]. Group 2: Market Impact and Trends - The reduction in fuel surcharge is expected to benefit long-distance travel during the period between the New Year holiday and the Spring Festival peak travel season, potentially lowering travel costs for returning home and leisure travelers [4]. - There has been a significant increase in search and booking activity for flights and train tickets around the New Year holiday, with flight booking interest more than doubling compared to the previous year [4]. - The top 10 popular flight routes during the New Year holiday reflect a strong demand across various regions, indicating a notable "two-way flow" of travelers between northern and southern cities [5].

Core Viewpoint - Starting from next month, domestic flight fuel surcharges will be reduced, resulting in lower costs for travelers [1] Group 1: Fuel Surcharge Adjustment - From January 5, the fuel surcharge for domestic flights will be reduced by 10 yuan for flights of 800 kilometers or less, and by 20 yuan for flights over 800 kilometers [1] - The new surcharge rates will be 10 yuan for flights of 800 kilometers or less and 20 yuan for flights over 800 kilometers, marking a decrease of 10 yuan and 20 yuan respectively compared to previous rates [1] Group 2: Special Group Policies - Special groups such as disabled veterans, police officers injured in the line of duty, and children (including unaccompanied minors) will continue to benefit from a half-price surcharge policy [1] - For flights over 800 kilometers, these special group travelers will pay a surcharge of 10 yuan, while those on flights of 800 kilometers or less will be exempt from the fuel surcharge [1] - Infants traveling at a 10% fare of the adult ticket price will also be exempt from the domestic flight fuel surcharge [1]