[Table_Page] 跟踪分析|交通运输 证券研究报告 [Table_Title] 交通运输行业 元旦出行高景气，航空量价齐升强化信心 [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 [分析师： Table_Author]许可 SAC 执证号：S0260523120004 SFC CE No. BUY008 0755-88285832 xuke@gf.com.cn 分析师： 陈宇 SAC 执证号：S0260524100002 SFC CE No. BLW740 021-38003771 shchenyu@gf.com.cn -10% -2% 6% 14% 22% 30% 01/25 03/25 05/25 08/25 10/25 12/25 交通运输 沪深300 [Table_ 相关研究： DocReport] | 交通运输行业 2026 年投资策 | 2025-12-11 | | --- | --- | | 略:时来天地皆同力 | | | 交通运输行业 2025 年三季报 | 2025-11-03 | | 总结:反内卷与内需复苏共振 | | | 下的稳健修复 ...

此外，西宁机场在T3航站楼与GTC连廊处打造"冬游青海"主题廊道，为旅客提供青海冬季旅游线路、旅 游景区宣传与咨询服务，并针对乘机来青游客提供机票及景区门票直减福利。设施的推出，吸引了众多 旅客前来打卡、拍照，共同欣赏展示青海冬季独特民俗活动与生态景观的摄影作品，为来青旅客打造了 解青海冬季旅游的"新窗口"。服务保障方面，青海各机场通过动态增开值机柜台及安检通道、加强现场 引导、增加班车频次等方式缩短旅客排队等候时间。针对老幼病残孕等特殊旅客，提供全流程爱心服 务，并为中转旅客提供一次值机、行李直挂服务。同时，在值机柜台、安检通道、商户、航站楼入口等 处张贴新年祝贺标语和贴画，营造节日氛围，并组织丰富多彩的互动体验活动。 节日期间，旅客主要流向分布在福州、天津、重庆、三亚、成都、宁波、泉州、长沙等地。此外，西宁 至全国主要城市的航线航班运行平稳，其中，西宁至北京每日7班，成都每日7班，西安每日7班，上海 每日5班，郑州每日4班，杭州每日3班，长沙每日2班，南京每日2班，广州每日2班，深圳每日1班。 本报讯（西海新闻记者 范程程）1月4日，记者从青海机场公司获悉，元旦假期（1月1日至3日），青海 各机场累计执行 ...

人民财讯12月22日电，交通运输部消息，12月15日—12月21日，全国物流保通保畅运行数据：国家铁路 运输货物7836.6万吨，环比下降1.96%；全国高速公路货车通行5544.1万辆，环比增长2.02%；监测港口 完成货物吞吐量25869.7万吨，环比下降1.44%，完成集装箱吞吐量620.1万标箱，环比下降5.89%；民航 保障航班11.9万班(其中货运航班5444班，包括国际货运航班3699班，国内货运航班1745班)，环比增长 0.76%；邮政快递揽收量约40.60亿件，环比下降1.74%；投递量约41.59亿件，环比增长3.35%。 ...

《中国民航报》、中国民航网 记者路泞 通讯员岳千惠 报道：因处于祖国西北腹地，甘肃省冬季"极 寒、暴雪、大风、低能见度"的叠加气候特征，成为民航运行的"年度大考"。这里极端最低气温逼 近-28℃，漫长严寒考验设施设备稳定性；强降雪过程累计降雪量可达23毫米，山区积雪深度超16厘 米，短时间内即可覆盖跑道、滑行道与机坪；平均风速达28.3米/秒的强风常伴随扬沙天气，能见度可 降至500米以下，超出部分机型最低运行标准。 冬季民航运行保障涉及多单位、多环节，协同联动是提升效能的关键。集团打破部门壁垒，构建"预警- 处置-保障"全链条协同体系，破解极端天气带来的"风雪梗阻"。所以必须预警前置——与省、市气象部 门签订战略合作协议，共享观测数据与预报模型，动态发布未来3天趋势预报及逐小时精细化预报，重 点强化中到大雪、大风等灾害性天气的精准预判。建立气象预警快速响应机制，收到预警后第一时间发 布信息，启动相应等级应急响应。会商决策建立"早会商、早决策"机制，收到特殊天气预警后，机场值 班领导立即组织空管、航司、地服等驻场单位召开调度会，通报天气情况与运行风险，共同研判形势、 明确职责。借助A-CDM系统实现数据实时共 ...

Core Insights - The Chinese civil aviation industry showed strong growth in October, with total transportation turnover reaching 146.0 billion ton-kilometers, passenger transport volume at 67.83 million, and cargo mail transport volume at 917,000 tons, representing year-on-year increases of 10.8%, 5.8%, and 13.4% respectively [1][2] Group 1: October Performance - Domestic routes achieved a transportation turnover of 90.5 billion ton-kilometers, a year-on-year growth of 5.8% [1] - International routes recorded a transportation turnover of 55.5 billion ton-kilometers, with a significant year-on-year increase of 19.9% [1] - Passenger transport on domestic routes reached 60.84 million, growing by 4.4% year-on-year [1] - International passenger transport amounted to 6.99 million, reflecting a robust year-on-year growth of 20.4% [1] - Domestic cargo mail transport was 51.8 million tons, up 8.1% year-on-year [1] - International cargo mail transport reached 39.9 million tons, with a year-on-year increase of 21.0% [1] Group 2: Year-to-Date Performance (January to October) - The total transportation turnover for the year reached 1,366.3 billion ton-kilometers, marking a year-on-year growth of 10.3% [2] - Domestic routes contributed 862.2 billion ton-kilometers, with a year-on-year increase of 4.8% [2] - International routes achieved 504.1 billion ton-kilometers, showing a significant year-on-year growth of 21.2% [2] - Total passenger transport for the year was 650 million, reflecting a year-on-year growth of 5.3% [2] - Domestic passenger transport accounted for 580 million, with a year-on-year increase of 3.6% [2] - International passenger transport reached 66.146 million, growing by 23.2% year-on-year [2] - Total cargo mail transport for the year was 831.2 thousand tons, up 13.9% year-on-year [2] - Domestic cargo mail transport was 474.5 thousand tons, reflecting an 8.7% year-on-year increase [2] - International cargo mail transport reached 356.8 thousand tons, with a year-on-year growth of 21.7% [2]

Group 1: Railway Transportation Performance - National railway cargo volume reached 3.03 billion tons in the first three quarters of 2025, a year-on-year increase of 3.4% [1] - Key materials such as coal, metallurgical materials, and grain were prioritized with "green channels" for efficient delivery; coal transport totaled 1.553 billion tons, including 1.056 billion tons of electricity coal [3] - The implementation of a new train operation schedule in Q3 led to 453 cross-bureau train routes, a 17.1% increase, enhancing transportation efficiency [6] Group 2: International Trade and Cross-Border Transportation - The China-Europe Railway Express operated 14,500 trains and the China-Central Asia Railway operated 10,800 trains in the first three quarters, marking a 22.8% increase; cross-border goods transported via the China-Laos Railway reached 4.13 million tons, up 10.4% [9] - The overall foreign exchange receipts and payments reached $11.6 trillion in the first three quarters of 2025, setting a historical record for the same period [12] - In September, cross-border capital flows remained active, with a net inflow of $119.7 billion and a surplus in bank foreign exchange sales and purchases of $63.2 billion, both higher than the previous year [14]

Core Insights - The civil aviation industry has maintained steady growth in transportation production during the first three quarters of 2025, with a total of 488 million flights supported, averaging 18,000 flights per day, a year-on-year increase of 5% [1][2] Group 1: Overall Performance - The total transportation turnover reached 1,220.3 billion ton-kilometers, with a year-on-year growth of 10.3% [1] - Passenger transportation volume reached 580 million, growing by 5.2% year-on-year [1] - Cargo and mail transportation volume was 739,500 tons, marking a 14.0% increase year-on-year [1] Group 2: Third Quarter Highlights - The civil aviation transportation production showed a rapid growth, with a total transportation turnover of 436.8 billion ton-kilometers, up 12.4% year-on-year [2] - Passenger transportation volume in the third quarter reached 210 million, a year-on-year increase of 3.9% [2] - Monthly passenger transport during the peak summer travel period exceeded 70 million, with international passenger transport surpassing 7 million, both setting monthly historical records [2] Group 3: Cargo and Efficiency - Cargo and mail transportation volume in the third quarter was 261,100 tons, reflecting a year-on-year growth of 12.8% [2] - The aircraft daily utilization rate reached 9.6 hours, an increase of 0.1 hours year-on-year [2] - The on-time performance rate improved to 89.7%, a year-on-year increase of 5.2 percentage points [1][2]

Core Insights - The logistics sector in China showed mixed performance during the period from September 29 to October 5, with some areas experiencing growth while others faced declines [1] Transportation Sector - National railway freight transport reached 80.43 million tons, reflecting a month-on-month increase of 0.95% [1] - The number of freight trucks on national highways was 44.14 million, showing a significant month-on-month decrease of 27.55% [1] Port Operations - Monitored ports achieved a cargo throughput of 272.18 million tons, which is a month-on-month increase of 4.69% [1] - Container throughput at these ports reached 6.61 million TEUs, marking a month-on-month growth of 8.84% [1] Aviation Sector - Civil aviation supported 133,000 flights, including 4,536 cargo flights (3,046 international and 1,490 domestic), representing a month-on-month increase of 10.93% [1] Postal and Express Delivery - The volume of postal and express deliveries saw a collection of approximately 3.27 billion items, which is a month-on-month decline of 19.15% [1] - The delivery volume was about 3.52 billion items, reflecting a month-on-month decrease of 11.16% [1]

Group 1: Travel and Transportation - The railway department expects to send 18.4 million passengers on September 30, with plans to add 2,002 trains to meet travel demand [2] - National civil aviation anticipates operating 19,207 flights and transporting 2.44 million passengers on the same day [6] - Major cities are experiencing increased traffic flow towards out-of-town destinations starting from the afternoon of September 30 [4] Group 2: Accommodation and Booking Trends - There is a surge in hotel and homestay bookings as the National Day and Mid-Autumn Festival approach, with Beijing leading in hotel booking rates, surpassing Shenzhen and Shanghai by 6 percentage points [10] - Coastal cities are seeing a hot booking situation, with homestay reservations increasing by over 30% year-on-year [10] Group 3: Cultural and Tourism Consumption - A national cultural and tourism consumption month has been launched, with over 480 million yuan in subsidies to enhance travel experiences [11] - Various regions are distributing consumption vouchers, with Zhejiang province planning to issue 47.75 million yuan in tourism vouchers [12][16] Group 4: Food Supply and Market Stability - The supply of "vegetable basket" products is sufficient and prices are stable as the holidays approach, with over 10 million tons of daily supply for key vegetables [25] - The Ministry of Commerce has initiated a monitoring system for essential goods during the holiday period to ensure supply meets consumer demand [30]

Core Insights - The national railway system is expecting a significant increase in passenger flow ahead of the holiday, with an estimated 18.4 million passengers to be sent on September 30 [1] - A total of 2,002 additional passenger trains are planned to accommodate the increased demand [1] - Key urban areas such as Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macau Greater Bay Area, and Chengdu-Chongqing are experiencing concentrated passenger flow [1] Railway Operations - The railway department is implementing night high-speed trains and has initiated a 24-hour operation mode at several stations to meet travel demands [1] Road Traffic - Road traffic is expected to increase from the afternoon of September 30, continuing until midnight, primarily focusing on medium to long-distance travel [1] - From midnight, small passenger vehicles (seven seats and below) will be allowed free passage on national highways [1] Aviation Sector - The civil aviation sector anticipates operating 19,207 flights, transporting approximately 2.44 million passengers on the same day [1] - Starting October 1, domestic airline passenger transport services will uniformly use electronic itinerary slips [1]