Core Insights - The report highlights the performance of various sectors and companies, indicating potential investment opportunities in the market. [2][5] Economic News - The People's Bank of China conducted a 7-day reverse repurchase operation of 320.5 billion yuan at an interest rate of 1.4%, resulting in a net withdrawal of 79.5 billion yuan from the market. [3] - The overnight SHIBOR rate reported at 1.3680%, down by 1 basis point, while the 7-day SHIBOR rate decreased by 4 basis points to 1.4570%. [3] - The Supreme People's Court reported over 27,000 cases related to cross-border fraud, with significant sentences handed down to key criminal groups. [3] - The Ministry of Industry and Information Technology discussed the feasibility of new frequency bands for IMT and future 6G technology at a recent international meeting. [3] - Heilongjiang Province's government report emphasized the reform of state-owned enterprises and support for private sector development. [3] - The establishment of a national quality inspection center for rare earth permanent magnet motors in Liaoning Province aims to enhance quality assurance in high-end manufacturing. [4] Company News - Wens Foodstuff Group announced a share buyback plan of 800 million to 1.2 billion yuan at a maximum price of 24.00 yuan per share. [5] - Jiangxi Tungsten Holdings is planning to issue A-shares to specific investors to enhance its core competitiveness and fund acquisitions totaling up to 1.882 billion yuan. [5] - Huylon New Materials is undergoing a significant change that may affect its control, leading to a temporary suspension of its stock. [5] - Fangzheng Valve reported a revenue of 733 million yuan for 2025, a decrease of 2.98%, with net profit down by 6.34%. [5] - Nanya New Materials achieved a revenue of 5.228 billion yuan, a year-on-year increase of 55.52%, with net profit rising by 378.65% due to market demand recovery. [5] Transportation Industry Insights - In January 2026, domestic airline capacity decreased by approximately 4.3% year-on-year, but increased by 5.8% compared to December 2025, as airlines prepared for the Spring Festival. [7] - The overall passenger load factor for airlines improved by about 1.6 percentage points year-on-year, although it decreased by 0.4 percentage points compared to December. [7] - During the Spring Festival holiday, national civil aviation transported 22.05 million passengers, with a flight completion rate of 95.8%, indicating growth compared to the previous year. [8] - International flight capacity increased by 2.6% year-on-year in January, with a slight improvement in load factors, although some airlines faced challenges due to changes in the Japanese route. [9] - Baiyun Airport reported a significant increase in passenger throughput, while Shanghai Airport experienced a decline, attributed to shifts in travel demand. [10] - The report suggests focusing on large airlines for their earnings elasticity, as the industry moves towards a more balanced supply-demand dynamic. [11]

Core Insights - The Chinese civil aviation industry experienced a record high in passenger transport during the Spring Festival holiday, with a total of 22.05 million passengers transported, marking a 7.7% increase compared to the same period in 2025 [1] - The average daily passenger transport volume reached 2.452 million, a 7.3% year-on-year increase, also the highest level recorded for the Spring Festival [1] - Ticket prices for economy class flights rose significantly during the holiday, with an average price of 1,026.9 yuan, reflecting a 6.6% increase from 2025 and a 7.6% increase compared to pre-pandemic levels in 2019 [2] Passenger Transport Performance - On February 23, 2026, the peak day of passenger transport, 2.668 million passengers were transported, setting a new historical record [1] - China Eastern Airlines and China Southern Airlines reported record-breaking passenger numbers, with China Eastern Airlines transporting 526,000 passengers on February 22, 2026 [1] - Major airports, including Baiyun Airport and Shanghai Airport, also reported record passenger flow during the holiday [1] Ticket Pricing Trends - Following the Spring Festival, ticket prices for many routes dropped significantly, with some prices falling below 200 yuan [5] - The average ticket price for domestic routes from February 24 to March 13 is approximately 950 yuan, a decrease of about 13% from the Spring Festival average [6] - Price reductions were more pronounced for flights departing from major cities, with average price drops of around 30% from Beijing, 35% from Shanghai, and 31% from Guangzhou [6] Regulatory Environment - The Civil Aviation Administration of China (CAAC) is actively monitoring ticket pricing to prevent excessive low pricing and maintain market stability [7] - A new passenger transport cost investigation method is being developed, along with a price monitoring and early warning mechanism to coordinate the regulation of sales platforms [7]

2月15日—23日9天春节假期期间，全国民航累计运输旅客2205万人次，比2025年春运同期（2025年1月27日—2月4日，共9天）增长7.7%。其中，2026年2月 23日（正月初七）运输旅客266.8万人次，创历史新高。 这是中国民航局最新披露的春节民航运输成绩单。2026年春节9天，民航日均旅客运输量达245.2万人次，同比2025年春节增长7.3%，也为历年春节最高水 平。 不少航司和机场也披露了创历史纪录的数据。比如中国东航（600115.SH）的旅客出行最高峰出现在2月22日（农历正月初六），当天运输旅客52.6万人次， 刷新公司单日承运旅客历史纪录；南方航空（（600029.SH）在其乌鲁木齐枢纽执行航班和承运旅客量均创历史新高。 不过，春节过后不少航线的机票价格立刻"跳水"。记者查询多个平台发现，不少航线的票价不到1折。比如上海到成都，青岛等城市的不含税票价均不到200 元。 | 特价优选 ◎上海出发 | | 查看更多 > | | --- | --- | --- | | 2 超值低价 | ● 出行热门 ○ 精选推荐 | 2 宝藏冷 | | 全国低价 | 降幅超省 | 精选折扣 | | 单程 ...

2月24日，中国中免跌停，A股和H股的市值蒸发超190亿元。 长江商报消息 ●长江商报记者 沈右荣 农历新年A股开市首日，沪深北三大指数上行，超4000多家公司股票上涨，"免税茅"中国中免（601888.SH， 01880.HK）却跌停。 公司股票意外跌停，可能与京沪机场免税经营权的相关事宜相关。对此，中国中免回应称，公司确实失去了上海 机场部分经营权。 此前，中国中免通过控股子公司经营京沪机场长达26年。 在海南，中国中免的竞争对手也有所增加。尽管中国中免仍然占据了中国免税市场大部分份额，但其面临的竞争 在加剧。 还有消息称，中国中免股价大跌与境外关税政策变化影响相关，政策不确定性使市场担忧免税行业盈利预期受影 响。 中国中免的经营业绩增长承压。继2024年营收、盈利双降后，2025年前三季度，公司经营业绩延续下滑趋势，当 期归母净利润为30.52亿元，同比下降22.13%。 失去上海机场部分经营权 A股迎来马年开门红，中国中免股价却闪崩跌停。 2月24日早盘，A股市场上，中国中免低开至88元/股，低开幅度为7.02%。开盘后，股价有过2分钟的挣扎，随即 闪崩下跌，迅速跌停。至全天交易结束，仍然被封死在跌停 ...

出港客流高峰日出现在2月13日，为21.5万人次，其中浦东机场14.3万人次、虹桥机场7.2万人次；进港 客流高峰日出现在2月23日，为23.1万人次，其中浦东机场15.2万人次、虹桥机场7.9万人次。 智通财经记者 邹桥 2月24日，智通财经记者从上海机场集团获悉，2月15日（腊月二十八）至2月23日（年初七）春节假期 期间，上海机场共保障进出港旅客365.9万人次，其中浦东机场238万人次、虹桥机场127.9万人次，日均 40.7万人次，比去年春运同期增长5.5%；共保障进出港航班2.2万架次，其中浦东机场1.5万架次、虹桥 机场0.7万架次，日均2409架次，比去年春运同期增长3.1%。 其中，2月20日（年初四）、21日（年初五）、22日（年初六），上海机场单日客流量分别达到42.5万 人次、43.1万人次、43.8万人次，连续3天刷新历史纪录。 ...

今年春节假期，上海机场还积极响应上海市委市政府"新春消费季""来上海过大年马力全开""环球美食 汇"等活动号召，结合"中国样·China Young"上海机场人文品牌打造，精心布置新春氛围，推出10余场不 同主题的演出和旅客互动活动，围绕旅客出行全流程优化细化服务举措，积极打造"多重福利+多元折 扣"的新春消费新场景，更好满足广大旅客多样化和个性化的节日出行需求，吸引更多全国和全球游客 来沪欢度春节。（编辑：李季威 校对：张彤 审核：程凌） 随着我国免签政策持续放宽优化，出入境游、北方冰雪游、南方避寒游热度不断提升，上海机场客流量 持续增长。今年春运启动以来，出港客流高峰日出现在2月13日（腊月廿六），出港达21.5万人次，其 中浦东机场14.3万人次、虹桥机场7.2万人次；进港客流高峰日出现在2月23日（年初七），进港达23.1 万人次，其中浦东机场15.2万人次、虹桥机场7.9万人次。 《中国民航报》、中国民航网 记者钱擘 通讯员尚机轩 报道：数据显示，2月15日（农历腊月廿八）至2 月23日（农历正月初七）的今年春节假期，上海机场共保障进出港旅客365.9万人次，其中浦东机场238 万人次、虹桥机场12 ...

出行票房等数据亮眼 机场的数据折射出新春"开门红"，客流量持续增长。今年2月20日，上海国际机场股份有限公司（以下 简称"上海机场"）单日客流量达到42.49万人次，其中浦东机场27.57万人次、虹桥机场14.92万人次，同 比增长6.4%，创下历史新高，迎来新年"开门红"。上海机场预计，今年春运期间，上海浦东、虹桥两场 的航班量将达到9.6万架次（浦东机场6.5万架次、虹桥机场3.1万架次），同比增长1.9%；旅客吞吐量达 到1553万人次，日均38.8万人次，同比增长3.6%。 今年春运，随着我国免签"朋友圈"再增加加拿大、英国两国，以及出入境游、北方冰雪游、南方避寒游 热度持续走高，上海机场客流量持续增长。快报数据显示，自2月2日春运启动至2月20日，上海机场共 保障进出港航班超4.6万架次，其中浦东机场3.1万架次、虹桥机场1.5万架次，同比春运同期增长2.7%； 保障进出港旅客743.4万人次，其中浦东机场480.6万人次、虹桥机场262.8万人次，同比春运同期增长 3.8%。 广州白云国际机场股份有限公司（以下简称"白云机场"）春节期间多项数据创历史新高。2026年春运第 20天（2月21日），白 ...

Core Insights - The Chinese airport construction industry is experiencing significant growth, with a projected investment of 140.43 billion yuan in 2024, contributing to a total fixed asset investment of 204.03 billion yuan in civil aviation [9][25]. Industry Overview - Airport construction includes site selection, overall planning, preliminary design, detailed design, implementation, and acceptance of airport projects [2]. - The industry supply chain consists of upstream material and equipment suppliers, midstream construction companies, and downstream airport management departments [2][4]. Industry Policy Background - The "12th Five-Year Plan" focused on constructing international hub and trunk airports, while the "13th Five-Year Plan" continued to enhance their functions and develop general airports [5]. - The "14th Five-Year Plan" aims to accelerate the construction of international airport clusters and improve air transport capacity [5]. Current Industry Development - The airport construction industry is capital-intensive, with significant fixed asset investments supported by policies aimed at boosting economic growth and infrastructure [9]. - From 2016 to 2024, the total fixed asset investment in civil aviation is expected to show a fluctuating growth trend [9]. Competitive Landscape - The industry is characterized by a competitive landscape with various companies holding different levels of qualifications, including 24 companies with first-level qualifications for runway engineering [11][12]. - The market concentration for runway engineering is high, with the top 10 companies capturing 70.13% of the market share [18]. International Competitiveness - Chinese companies have participated in airport construction projects in developing countries, indicating a moderate level of international competitiveness [15][17]. Market Concentration Analysis - In 2024, the top five companies in the air traffic control and weak current engineering sectors accounted for 56.21% of the market share, showing slight growth from 2023 [19]. Regional Competitive Landscape - By the end of 2024, companies with first-level qualifications for airport construction projects are primarily located in Beijing, Sichuan, Liaoning, Guangdong, and Shanxi, with Beijing holding the highest share at 18.8% [22]. Future Development Trends - The industry is moving towards smart, green, balanced regional development, and integrated hub construction, with significant advancements in technology and sustainability [25][27]. - The application of smart technologies is expected to reduce construction time by 15%-20%, and by 2030, major airports will achieve digital operations [27]. - Green construction is becoming a requirement, with 87% of new airport projects planned to incorporate distributed energy systems by 2025 [27]. - The construction strategy is focusing on balancing development between eastern and western regions, with a significant increase in general airports expected by 2030 [27].

2月22日大年初六，9天春节假期临近尾声。 智通财经记者从中国铁路上海局集团有限公司获悉，连日来长三角铁路春运返程客流保持增长态势，2 月21日发送旅客291.3万人次，同比增长18.3%，22日预计发送旅客319万人次，同比增长15.3%。今年春 运以来，截至2月21日已累计发送旅客5189.3万人次，日均发送旅客约259.5万人次。 新虹派出所社区警务队队长邓演刚介绍，在临时上客点区域，警方会同安保力量，动态引导车辆，遇 到"车等人"的情况，便引导车辆停入固定车位，确保主通道"随到随走"，实现"人到车走"的快速流转； 建议旅客选择地下通道或天桥步行出站后打车，如提前预约网约车接送，务必确认上车位置，避免耽误 行程。 虹桥火车 浦东机 场。 上海机场集团 供图 智通财经记者另从上海机场集团获悉，2月20日大年初四，上海机场单日客流量达到42.49万人次，其中 浦东机场27.57万人次、虹桥机场14.92万人次，相比去年春运同期增长6.4%，创下历史新高，迎来新 年"开门红"。 站返程客流。 铁路上海站 供图 为积极应对客流高峰，铁路部门加大重点方向和高峰时段运力投放，22日计划增开旅客列车584列（直 通旅 ...

【#深圳上海等地机场单日客流创新高#】春节假期临近尾声，多地迎来返程高峰。深圳、上海等地机场 发布的数据显示，2月20日单日客流量达到历史新高。 据"深圳机场发布"2月21日消息，2月20日，深圳机场旅客量突破21万人次，创下单日客流量新高。未来 几天，返程高峰将持续，深圳机场客流将呈现进出两旺状态，单日客流量纪录有望再被刷新。 上海机场集团的数据显示，昨日（2月20日），上海机场单日客流量达到42.49万人次，其中浦东机场 27.57万人次、虹桥机场14.92万人次，同比去年春运同期增长6.4%，创下历史新高，迎来新年"开门 红"。 另据昆明长水国际机场21日消息，2月20日，该机场单日旅客吞吐量达17.06万人次，刷新通航以来单日 历史最高纪录。 2月20日，郑州机场单日旅客吞吐量首次超过10万人次，创下1997年通航以来历史最高水平。（每经综 合，德塔） 春节假期近尾声 深圳机场运行繁忙有序 2月20日 深圳机场旅客量 突破21万人次 创下单日客流量新高 未来几天 返程高峰将持续 深圳机场客流 将呈现进出两旺状态 单日客流量纪录有望再被刷新 电子游戏 E ...