春节假期出行旺盛，航空票价升幅扩大 [Table_Industry] 航空 ——2026 年"春运"系列报告之（四） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 岳鑫(分析师) | 0755-23976758 | yuexin@gtht.com | S0880514030006 | | 陈亦凡(研究助理) | 0755-23976151 | chenyifan2@gtht.com | S0880124070025 | 本报告导读： 2026 年春运需求旺盛，航空客流增幅领跑，且客座率票价同比上升。其中，春节假 期票价升幅扩大，节后趋势或继续向好。叠加油价降低，料春运航司盈利同比改善。 投资要点： [Table_Report] 相关报告 航空《节前将现客流高峰，票价趋势有望向好》 2026.02.14 航空《春运客流逐步启动，官方预期再创新高》 2026.02.02 航空《航空春运预售启动，预计因私需求旺盛》 2026.01.23 航空《春运预售开始启动，预计需求保持旺盛》 2026.01.20 航空《预计元旦假期出游旺盛 ...

行 业 及 产 业 交通运输/ 航空机场 行 业 研 究 / 行 业 点 评 相关研究 《为何现阶段我们仍看好航空？——航空 迎来黄金时代之周期持续性探讨》 2026/01/30 《航空"反内卷"初见成效——航空迎来 黄金时代系列报告》 2026/01/20 证券分析师 王凯婕 A0230525110001 wangkj@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 郑逸欢 A0230526010001 zhengyh@swsresearch.com 联系人 王凯婕 A0230525110001 wangkj@swsresearch.com 2026 年 02 月 24 日 节中航空量价超预期，飞机供应链 挑战依旧艰巨 看好 ——航空迎来黄金时代之 26 年春运点评 本期投资提示： ⚫ 风险提示：油汇大幅波动、经济增速不及预期、航空安全事故风险。 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 ...

海南日报消息，2月23日从海南控股旗下海南机场（600515）获悉，海南航空2月26日海口 福州、宁波 共4架次新增航班已获批。至此，四大航空公司已全部增加海南航班并已开舱售票。 2026年春节假期即将结束，海南机场迎来返程客流高峰，为最大限度满足旅客返程需求，经海南省交通 运输厅、民航海南监管局、海南机场集团协调，中国民航局批准了海口美兰机场、三亚凤凰机场第三批 加班。 除海南航空外，中国国航（601111）增加2月23日至25日海口美兰至北京首都、海口美兰至成都天府，2 月24日、25日海口美兰至上海浦东，2月23日海口美兰至杭州萧山航班，每日各一班；东方航空增加2月 24日至3月5日海口美兰至上海浦东航班，每日一班；南方航空（600029）增加2月23日三亚凤凰至广州 白云、2月24日广州白云至三亚凤凰各一班。 数据显示，今年春运2月2日启动以来，岛内三大机场航班量、旅客吞吐量屡创新高，累积已有15天单日 旅客吞吐量超过20万人次。2月23日，岛内三大机场预计执行航班近1200架次，旅客吞吐量约23.2万人 次。 为应对返程高峰，海南机场在民航驻琼监管部门及省交通运输厅的指导下，会同18家在琼运营航司做 ...

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].

Group 1 - The core point of the article highlights the surge in flight demand during the Spring Festival travel peak in Hainan, with many flights from Sanya to major cities like Beijing and Shanghai sold out, leading to significantly high ticket prices for remaining business class seats [1] - Airlines, including Hainan Airlines, have responded to the high ticket prices by stating that price fluctuations are a normal phenomenon influenced by market supply and demand, and they are monitoring prices to ensure they remain within a reasonable range [1] - A total of over 2,000 additional flights have been scheduled during the Spring Festival travel period, with an expected increase of 600,000 seats, and the total seat capacity for the 40-day travel period is projected to exceed 10 million, marking a 10% increase compared to 2025 [1] Group 2 - The Civil Aviation Administration has approved additional flights to meet the high demand for return trips, particularly to popular destinations like Shanghai and Beijing, with daily flights exceeding 100 between Hainan and these cities during the peak travel days [1] - Various airlines, including China Southern Airlines and Eastern Airlines, have also added flights to accommodate the increased passenger flow, demonstrating a coordinated effort among airlines to manage the travel demand effectively [1]

正值春节假期返程高峰，2月23日，海南离岛机票价格大涨，部分票价逼近万元，今明两天琼州海峡船 票均已售罄。目前，四大航司均已增开航班，春运期间海南航班已加班超2000架次。此外，多部门还协 调启用临时航路，并更换大机型，多措并举全力疏运旅客。 多家在线购票平台显示，由于票量紧张，2月23日（初七），从海南三亚等地飞往北京、上海、深圳等 热门城市的机票价格大幅上涨，部分票价逼近万元。26日以后的票价大幅回落。 ¥7642 ¥8120 推荐¥9075 ¥9553 | 更多出行厅条推荐 | | | | --- | --- | --- | | 飞机中转 临近日期 | 飞机+火车 | | | *9553起 ¥2630起 | ¥6443起 | | | 02-24 周二 8h55m | | | | 23:10 11:55 转 | 少量 ¥9555 | | | 武汉 凤凰国际T1 虹桥T2 | | 公务舱 | | 2) (D) 017 | | 未 | | 推荐排序 直飞优先 时间排序 | | 价格低-高 | | 海口一广州 v | N | | | | 低价提醒 | 重多 | | 今天 明天 后天 周四 | 周 | | | 2 ...

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly focusing on oil transportation and shipbuilding sectors, recommending stocks such as ST Songfa and China Merchants Energy [4]. Core Insights - The report highlights a strong performance in oil shipping, with VLCC TCE rates rising by 24% to $146,385 per day, and a significant increase in demand leading to higher freight rates [4]. - The global energy chain's valuation is on the rise, driven by long-term capacity utilization and mid-cycle profit expectations, suggesting a favorable environment for shipping rates [4]. - The report emphasizes the resilience of the dry bulk market, with the BDI index recording a slight increase of 1.19% to 2,043 points, indicating stable demand despite seasonal fluctuations [5]. Summary by Sections Shipping Market Performance - The shipping index decreased by 1.41%, underperforming the CSI 300 index by 1.77 percentage points, with the aviation sector experiencing the largest decline at -5.16% [5]. - The report notes that the coastal dry bulk freight index in China fell by 1.76%, while the Baltic Dry Index increased by 1.19% [5]. Oil Transportation - VLCC rates reached a new high of approximately $160,000 per day during the Spring Festival, with expectations for continued strength in the coming weeks [4]. - The report indicates that the average VLCC freight rate increased by 23% week-on-week, reaching $149,564 per day, reflecting tight capacity and strong demand [4]. Dry Bulk Market - The report mentions that the Capesize freight rate decreased by 4.1%, while the Panamax index showed resilience with a 3.5% increase [4]. - The report anticipates that post-holiday demand recovery will be crucial for the dry bulk market, particularly in iron ore shipments [4]. Air Transportation - The report suggests that the airline industry is at a turning point, with potential for significant profit growth due to increased passenger volumes and operational efficiencies [4]. - Airlines such as China Eastern Airlines and Spring Airlines are highlighted as key players to watch in this sector [4]. Express Delivery - The report notes uncertainties in the express delivery sector due to fluctuating demand and competitive pressures, but highlights the strong market position of leading companies like ZTO Express and YTO Express [4]. Rail and Road Transportation - Rail freight volumes and highway truck traffic are reported to be resilient, with the Ministry of Transport data showing a slight decrease in freight volume but overall stability [4]. - The report identifies two main investment themes in the highway sector: high dividend yields and potential value recovery in undervalued stocks [4].

针对近期海南出岛机票紧张，中国民航局已批复多个批次航班增加计划，在海口增加超110架次航班， 精准执飞上海、北京、成都等热门目的地。 (责任编辑：王擎宇) 民航各单位正全力应对节后返程客流高峰，科学安排航班运力，优化出行服务，确保旅客安全顺畅出 行。华北空管局围绕大流量运行与复杂天气叠加等特点，动态优化流量控制措施，提升整体运行效率。 北京首都机场强化与各部门协同联动，及时调配出租车、机场巴士等运力，确保航班与地面交通有效衔 接。南航对近期进出东北地区，以及新疆、海南等地的热门航线持续增加航班数量，并通过更换宽体机 执飞进一步增加运力。 春节假期即将结束，民航迎来返程客流高峰。交通运输部数据显示，2月22日(农历正月初六)，预计民 航旅客运输量266万人次，比2025年同期增长7.5%。 ...

民航各单位正全力应对节后返程客流高峰，科学安排航班运力，优化出行服务，确保旅客安全顺畅出 行。华北空管局围绕大流量运行与复杂天气叠加等特点，动态优化流量控制措施，提升整体运行效率。 北京首都机场强化与各部门协同联动，及时调配出租车、机场巴士等运力，确保航班与地面交通有效衔 接。南航对近期进出东北地区，以及新疆、海南等地的热门航线持续增加航班数量，并通过更换宽体机 执飞进一步增加运力。 针对近期海南出岛机票紧张，中国民航局已批复多个批次航班增加计划，在海口增加超110架次航班， 精准执飞上海、北京、成都等热门目的地。（记者王聿昊） 春节假期即将结束，民航迎来返程客流高峰。交通运输部数据显示，2月22日（农历正月初六），预计 民航旅客运输量266万人次，比2025年同期增长7.5%。 ...

中国青年报客户端讯（中青报·中青网记者 林洁）2月21日，广州白云国际机场迎来春运生产新突破，单 日起降航班1676架次、接送旅客27.76万人次、保障货邮4154.14吨，同比去年春运分别增长7.37%、 9.12%、9.1%。 春运期间 的东航柜台井然有序。受访者供图 东航在广东投入的座位数同比增加逾10万个，增幅达8.43%；执行航班8100余班，同比增长约5.11%； 预计运输旅客128万人次，同比增长8.21%。随着东航在广州白云国际机场的国际航班转至T3航站楼运 营，东航也进一步优化了国际国内中转流程。 根据春节热门旅游目的地，东航在广州加密了往返西安、昆明、成都、兰州、太原、南京的航班；在深 圳加密了往返大理、太原、武汉航班，并新增深圳往返哈尔滨的直飞航班；在珠海加密了往返昆明、上 海虹桥的航班。在近年来火爆的潮汕市场，东航新增或加密往返上海、成都、南京、郑州、北京、宁 波、昆明、南昌、兰州等地的航班；在湛江加密往返南京、上海、武汉、南昌、成都的航班；在梅州新 增往返上海浦东的航班。 国际机场亮出"广州欢迎您"。受访者供图 广州白云 自2月2日春运启动以来，广州白云国际机场累计运送旅客527.8 ...