交通运输行业周报 20260301 中东局势向全面冲突演化，油运景气度持续上行；春节假期民航出行量价双旺 glmszqdatemark 2026 年 03 月 02 日 航空货运：口岸运价同比回升，美国关税政策调整或带来美线全年出口表现超预 期。上周主要空运口岸运价企稳，受春节假期影响，三大航货机利用率普遍下降。 根据航班管家数据，26/2/17-2/23 东航物流/国货航/南航物流货机机队利用率为 9.2/9.6/13.6 小时，同比-36.1%、-14.7%、持平。美最高法院推翻特朗普政府关 税政策，美国对我国进口商品综合关税税率或有所调整，催化板块投资情绪，全 年展望美线出口需求表现或将超市场预期，继续推荐行业头部干线物流商东航物 流，配置价值突显。 本周关注：1）快递板块：推荐当前位于低估区间的顺丰控股、顺丰同城。看好"反 内卷"持续推行下，快递企业经营向好表现，推荐极兔速递-W、中通快递-W、申 通快递、韵达股份、圆通速递。2）航空板块：航空量价延续去年春运强势表现将 催化投资情绪，建议关注行业预售表现。关注三大航 A+H，中国国航、南方航空、 中国东航；民航春秋航空、吉祥航空。3）出海方向：推荐嘉 ...

北美至欧洲：13.5%（增长6.8%）； 亚洲内部：7.4%（增长10.0%）； 中东至亚洲：7.4%（增长5.8%）； 中国民航网 通讯员王英斌 编译报道：国际航空运输协会（IATA）发布的新闻稿称，受全球电子商务强 劲增长的推动，2025年全球航空货运需求（包括国内和国际货运量）同比增长3.4%，创历史新高。预 计2026年其增速将略微放缓至2.4%。按地区划分，中东地区微增0.3%，占全球市场份额达13.2%。非洲 地区增长6.0%，其市场份额为2.1%。 回顾2025年，中东航空公司的年度航空货运能力（容量）同比增长4.5%，非洲航空公司同比增长 7.8%。此外，从2025年12月的业绩看，中东航空公司的航空货运能力同比增长了10.6%，非洲航空公司 同比增长了9.8%，表明这两个地区的航空货运能力均呈现强劲增长。 2025年，从国际货运航线来看，亚洲与欧洲和美国之间的货运量很多，中东、亚洲航线占总货运量的 7.4%，中东、欧洲航线占5.2%。非洲与其他全球区域之间的总货运量中，非洲、亚洲航线的货运量占 比较大，但其占全球份额仅为1.3%，比上年下降了1.9%。2025年主要货运航线的运输量份额及其同 ...

根据港交所披露文件，2月12日，Cathay Pacific Airways Limited增持国泰航空6.43亿股普通股股份，每 股均价10.8374港元，价值约69.69亿港元。增持后，Cathay Pacific Airways Limited最新持股数目为6.43 亿股股份，好仓比例由0.00%升至9.56%。 国泰航空(00293)早盘涨超4%，截至发稿，涨3.97%，报13.35港元，成交额1.18亿港元。 消息面上，国泰股东特别大会中以99.9968%赞成，通过回购卡塔尔航空所持股份的决议案。据悉，国 泰航空去年11月宣布，将与卡塔尔航空签署回购协议，回购卡塔尔航空持有的全部国泰股份，约占公司 已发行股份总数的9.57%，作价达到69.69亿元。 ...

Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [47]. Core Insights - The Spring Festival travel season has seen a record high in cross-regional personnel flow, with an estimated total of 5.08 billion trips in the first 20 days, averaging 250 million trips per day, which is a 5.6% increase compared to the same period in 2025 [9][10]. - The aviation sector has shown strong performance in both passenger volume and ticket prices, with a 5.4% year-on-year increase in passenger volume and a 3.3% increase in average ticket prices during the same period [10][11]. - The 2026 Spring Festival is characterized by two main trends: "secondary travel" and "concentrated return trips," driven by a later Spring Festival and longer holiday period [12][13]. Summary by Sections Passenger Volume and Pricing - In the first 20 days of the Spring Festival, the average daily passenger volume for civil aviation reached 2.376 million, a 5.4% increase year-on-year, while the average ticket price was 1003 yuan, up 3.3% year-on-year [10][11]. - The domestic average passenger load factor was 85.1%, reflecting a 1.1% increase year-on-year, indicating strong demand [11]. Market Dynamics - Six listed airlines collectively withdrew 5 aircraft in January 2026, indicating a tightening supply constraint in the industry [26]. - The report highlights that except for Spring Airlines, all other major airlines have shown negative year-on-year growth in capacity deployment, with Spring Airlines leading at 4.5% growth [26]. Demand and Future Outlook - The demand structure in the aviation industry is improving, with a rebound in business travel sentiment since September 2025 [34]. - The introduction of visa-free policies for Canada and the UK starting February 17, 2026, is expected to boost cross-border travel demand [34]. - High passenger load factors are anticipated to lead to increased price elasticity, with the potential for significant price increases in 2026 [35]. Recommendations - The report recommends focusing on major airlines such as Air China, China Southern Airlines, and China Eastern Airlines for potential elasticity release, as well as low-cost carrier Spring Airlines for its core competitive advantages [35].

Core Insights - The civil aviation sector in Tibet has reported a significant increase in both passenger and cargo traffic during the first week of the Spring Festival travel rush, with a total of 1,415 flights and a passenger throughput of 156,500, reflecting a year-on-year growth of 13.4% compared to the 2025 Spring Festival [1][1][1] - Cargo and mail throughput reached 1,150 tons, averaging 164 tons per day, which also represents a year-on-year increase of 13.28% [1][1][1] Group 1 - The Civil Aviation Administration of Tibet has implemented safety measures to address the increased flight volume and adverse weather conditions, focusing on risk assessments related to aircraft collisions, bird strikes, and snow removal operations [1][1][1] - Continuous evaluations of airport runway conditions in snow-prone areas such as Ali, Chamdo, and Nyingchi have been conducted, with timely updates on operational status and emergency snow removal drills organized to ensure flight safety [1][1][1] - Various channels have been utilized to issue travel reminders for the Spring Festival, optimize traffic management around airports, and enhance the passenger experience by adding oxygen supply points and service stations in waiting areas [1][1][1]

货运运力投入同比下降0.03%，货邮周转量同比上升7.65%，货邮载运率为50.39%，同比上升3.59个百分 点。 当月无新增主要航线，退出1架A321飞机，截至2026年1月底运营971架运输飞机。 截至2026年2月13日收盘，南方航空（600029）报收于7.6元，较上周的8.22元下跌7.54%。本周，南方 航空2月9日盘中最高价报8.46元，股价触及近一年最高点。2月13日盘中最低价报7.58元。南方航空当前 最新总市值1377.19亿元，在航空机场板块市值排名2/12，在两市A股市值排名136/5189。 本周关注点 公司公告汇总 2026年1月，中国南方航空股份有限公司及所属子公司客运运力投入（按可利用座公里计）同比下降 1.10%，其中国内下降5.42%，地区上升0.12%，国际上升10.45%；旅客周转量同比下降2.86%，其中国 内下降6.91%，地区上升1.12%，国际上升7.96%；客座率为83.26%，同比下降1.51个百分点。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总：南航2026年 ...

2026年1月，海航控股及所属子公司合计运营360架飞机，当月引进3架飞机，退出2架飞机。国内航线收 入客公里同比下降6.25%，国际和地区航线同比分别增长3.38%和33.54%。客座率方面，国内航线为 86.40%，整体客座率为83.27%，同比提升1.84个百分点。货邮载运率合计为54.50%，同比上升6.33个百 分点。地区及国际航线客运和货运多项指标实现同比增长。上述数据未经审计，可能存在调整。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 截至2026年2月13日收盘，海航控股（600221）报收于1.67元，较上周的1.72元下跌2.91%。本周，海航 控股2月9日盘中最高价报1.75元。2月13日盘中最低价报1.66元。海航控股当前最新总市值721.7亿元， 在航空机场板块市值排名5/12，在两市A股市值排名275/5189。 本周关注点 公司公告汇总 海航控股：2026年1月主要运营数据公告 公司公告汇总：海航控股1月国际航线收入客公里同比增长3.38% 公司公告汇总：海航控股1月整体客座率同比提升1.84个百分 ...

Core Insights - Hainan Airlines Holdings Co., Ltd. reported significant operational data for January 2026, showing a year-on-year increase in international revenue passenger kilometers (RPK) by 3.38% to 2,166.36 million kilometers and a total passenger transport volume of 5,724.71 thousand passengers, with international passenger transport increasing by 2.44% to 344.91 thousand passengers [1] - The company is shifting its operational focus from pure scale growth to a balance of "quality and efficiency," exemplified by its participation in a national flight delay information data sharing project, enhancing operational efficiency and safety [2] - Looking ahead to 2026, the company aims to leverage the benefits of the Hainan Free Trade Port, transforming these advantages into a unique route network, optimized cost competitiveness, and collaborative industry benefits, while contributing to the high-quality development of China's civil aviation [3] Group 1 - The company achieved a total RPK of 11,072.57 million kilometers by the end of January, with a notable increase in regional and international cargo revenue ton-kilometers by 64.06% and cargo and mail volume by 90.51% [1] - The operational capacity measured in available seat kilometers reached 13,297.31 million kilometers, indicating a robust growth in capacity [1] - The company is focusing on high-quality development by enhancing its operational efficiency through data-driven innovations, such as real-time sharing of airport parking information [2] Group 2 - The company is committed to creating long-term value for shareholders and providing a five-star experience for passengers, while also aiming to be a key player in the development of the Hainan Free Trade Port [3] - The strategic initiatives taken by the company are expected to be tested in the market during the peak travel season, potentially leading to impressive operational results [3] - The company is positioning itself as a "super carrier," emphasizing its role in the digital transformation of the industry and improving internal efficiencies [2][3]

公告显示，1月载客人数为13988.62千人，同比下降5.81%；货邮运量为160.02千吨，同比下降1.27%。 南方航空1月30日晚间披露2025年度业绩预告，预计2025年归母净利润8亿元，上年同期亏损16.96亿 元；扣非净利润预计1.3亿元至1.9亿元，上年同期亏损39.48亿元。 | 载客人数(千人) | | | | | | | --- | --- | --- | --- | --- | --- | | 国内 | 11, 884. 62 | 0. 77 | -7.82 | 11, 884. 62 | -7.82 | | 地区 | 153. 70 | 0. 75 | 0. 49 | 153. 70 | 0. 49 | | 国际 | 1, 950. 30 | 1.97 | 8. 04 | 1, 950. 30 | 8.04 | 来源：读创财经 | 合计 | 13. 988. 62 | 0. 94 | -5. 81 | 13.988.62 | -5.81 | | --- | --- | --- | --- | --- | --- | | 货运及邮运量(千吨) | | | | | | | 国内 | 77. ...

2026年1月，集团退出1架A321飞机。截至2026年1月底，集团合计运营971架运输飞机。 2026年1月，集团无新增主要航线。 中国南方航空（600029）股份(01055)发布公告，2026年1月，集团客运运力投入(按可利用座公里计)同 比下降1.10%，其中国内同比下降5.42%，地区和国际分别同比上升0.12%和10.45%;旅客周转量(按收入 客公里计)同比下降2.86%，其中国内同比下降6.91%，地区和国际分别同比上升1.12%和7.96%;客座率为 83.26%，同比下降1.51个百分点，其中国内和国际分别同比下降1.34和1.90个百分点，地区同比上升 0.77个百分点。 货运方面，2026年1月货运运力投入(按可利用吨公里—货邮运计)同比下降0.03%;货邮周转量(按收入吨 公里—货邮运计)同比上升7.65%;货邮载运率为50.39%，同比上升3.59 个百分点。 ...