Core Viewpoint - The aviation and airport sector experienced a notable increase of 2.53% on January 20, with Southern Airlines leading the gains, while the overall stock market indices showed slight declines [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4113.65, down 0.01%, and the Shenzhen Component Index closed at 14155.63, down 0.97% [1]. - Southern Airlines saw a closing price of 8.13, with a rise of 4.90%, and a trading volume of 936,000 shares, resulting in a transaction value of 750 million yuan [1]. - China Eastern Airlines closed at 6.36, up 3.75%, with a trading volume of 1,763,300 shares and a transaction value of 1.111 billion yuan [1]. Group 2: Individual Stock Performance - China National Aviation Holdings closed at 9.10, increasing by 3.29%, with a trading volume of 991,800 shares and a transaction value of 895 million yuan [1]. - Shenzhen Airport's closing price was 7.16, up 2.43%, with a trading volume of 294,900 shares and a transaction value of 209 million yuan [1]. - Shanghai Airport closed at 32.37, rising by 2.05%, with a trading volume of 206,900 shares and a transaction value of 666 million yuan [1]. Group 3: Capital Flow - The aviation and airport sector saw a net inflow of 137 million yuan from main funds, while retail investors experienced a net outflow of 1.22 billion yuan [2]. - Southern Airlines had a net outflow of 57.22 million yuan from main funds, with retail investors also showing a net outflow of 38.10 million yuan [3]. - Shanghai Airport recorded a net inflow of 45.37 million yuan from main funds, while retail investors had a net outflow of 34.33 million yuan [3].

Core Insights - The article discusses the prevalent practice of airlines locking certain economy class seats, which limits consumer choice and is seen as a method for airlines to increase revenue through service tier differentiation [1][2] Group 1: Airline Practices - A survey conducted by the Jiangsu Consumer Protection Committee revealed that none of the 10 major airlines fully open all economy class seats for selection, indicating that seat locking has become a common practice in civil aviation services [1] - The airlines surveyed include Eastern Airlines, Southern Airlines, Air China, Hainan Airlines, Xiamen Airlines, Shenzhen Airlines, Shandong Airlines, Sichuan Airlines, Spring Airlines, and Juneyao Airlines [1] Group 2: Seat Locking Statistics - The proportion of locked seats during the purchasing phase varies significantly among the surveyed airlines, ranging from 19.9% to 62.1%, with an average of 38.7% [1] - Specific routes with high seat locking include Spring Airlines' "Nanjing-Lanzhou" route, which has over 60% of economy seats locked, and Shenzhen Airlines' "Shenzhen-Zhanjiang" route, with over 50% locked [1] Group 3: Consumer Concerns - Consumers have raised questions regarding the reasons for seat locking, the extent of locked seats, unlocking methods, and related rules, but airline customer service responses have been vague regarding these issues [2]

Core Viewpoint - The practice of charging for seat selection in airlines is seen as a method to increase revenue by locking premium seats, which raises concerns about consumer rights and fair trading [1] Group 1: General Findings - The survey conducted by Jiangsu Consumer Protection Committee revealed that all 10 selected domestic airlines have implemented seat locking practices, with no airline fully opening all economy class seats [2] - The average seat locking rate across the surveyed routes is 38.7%, with some airlines like Spring Airlines and Shenzhen Airlines exceeding 60% and 50% respectively [2] Group 2: Payment for Unlocking Seats - Many airlines require consumers to use miles or membership points to unlock preferred seats, with specific examples showing that certain seats can require up to 2000 points for unlocking [3] - Some airlines have introduced additional paid options for purchasing points or miles, further pushing consumers towards paid unlocking methods [3] Group 3: Lack of Transparency - Airlines provided vague explanations for seat locking, citing reasons such as reserving seats for special passengers or maintaining flight balance, which do not align with the high locking rates observed [4][5] - Customer service responses were often unclear, failing to provide solid justifications for the locking practices [5] Group 4: Unfair Terms - The seat selection agreements of the airlines contain unfair terms, lacking clear communication about locking rules and fees, which may infringe on consumer rights [6] - Airlines are currently evaluating their policies to balance revenue optimization with consumer rights and improve transparency in seat selection information [6]

Core Viewpoint - The investigation by Jiangsu Consumer Protection Committee reveals that the practice of locking seats by airlines is widespread and raises concerns about consumer rights and transparency in the airline industry [3][4]. Group 1: Investigation Findings - The survey included 10 major domestic airlines, all of which confirmed the existence of seat locking practices, with no airline fully opening all economy class seats [4]. - The average seat locking ratio across the surveyed airlines is 38.7%, with some routes showing locking ratios as high as 62.1%, such as Spring Airlines' "Nanjing-Lanzhou" route [4]. - Preferred seating areas, such as front rows and exit rows, are commonly included in the locked categories, with higher fees or points required for unlocking these seats [4]. Group 2: Payment and Redemption Issues - Some airlines require consumers to use miles or membership points to unlock preferred seats, with specific examples showing redemption thresholds of 2000 points for premium seats [5]. - Airlines have introduced additional paid options for purchasing points or miles, further pushing consumers towards paid unlocking methods [6]. Group 3: Transparency and Communication - Airlines provided vague explanations for seat locking, citing reasons like reserving seats for special passengers or maintaining flight balance, which contradicts the high locking ratios observed [7]. - Customer service responses were often unclear, failing to provide satisfactory explanations for the locking practices, which raises concerns about consumer rights [7]. Group 4: Unfair Terms and Conditions - The seat selection agreements of the airlines contain unfair terms, lacking clear communication about locking rules and fees, which may infringe on consumer rights [8]. - Airlines often use ambiguous language in their agreements, avoiding the disclosure of free seat availability and locking practices, which benefits the airlines at the expense of consumer transparency [8].

Core Insights - The aviation and airport sector experienced a significant increase of 3.36% on January 19, with China Eastern Airlines leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Stock Performance - China Eastern Airlines (600115) closed at 6.13, up 6.06%, with a trading volume of 1.6115 million shares and a transaction value of 979 million [1] - Southern Airlines (600029) closed at 7.75, up 4.31%, with a trading volume of 937,300 shares and a transaction value of 720 million [1] - Air China (601111) closed at 8.81, up 4.14%, with a trading volume of 1.3003 million shares and a transaction value of 1.141 billion [1] - Spring Airlines (601021) closed at 58.46, up 3.87%, with a trading volume of 75,900 shares and a transaction value of 441 million [1] - Other notable performances include Xiamen Airport (600897) at 17.27, up 2.37%, and Shanghai Airport (600009) at 31.72, up 1.05% [1] Capital Flow - The aviation and airport sector saw a net inflow of 27.1067 million in main funds, while retail funds experienced a net inflow of 54.5283 million [2] - The sector's overall capital flow indicates a mixed sentiment, with main funds showing a net outflow in some stocks while retail investors contributed positively [2][3] Individual Stock Capital Flow - Hainan Airlines (600221) had a main fund net outflow of 56.1893 million, while retail investors showed a net outflow of 28.2785 million [3] - Shanghai Airport (600009) recorded a main fund net inflow of 41.0025 million, but retail investors had a net outflow of 50.1886 million [3] - Southern Airlines (600029) saw a main fund net inflow of 23.9450 million, with retail investors also showing a net outflow of 13.4306 million [3] - Other stocks like Xiamen Airport (600897) and Shenzhen Airport (000089) also reflected varied capital flows, indicating differing investor sentiments across the sector [3]

Group 1 - The core stock price of HNA Holding (600221) closed at 1.69 yuan on January 16, 2026, with a 0.6% increase and a turnover rate of 0.59% [1] - The trading volume was 2.51 million shares, with a total transaction value of 423 million yuan [1] - On January 16, the net outflow of main funds was 10.78 million yuan, accounting for 2.55% of the total transaction value [2] Group 2 - In December 2025, HNA Holding and its subsidiaries saw a 4.1% year-on-year increase in passenger capacity, with international passenger capacity increasing by 22.61% [1] - Revenue passenger kilometers increased by 6.13% year-on-year, with international revenue passenger kilometers growing by 25.76% [1] - The passenger transport volume rose by 2.80% year-on-year, with international growth at 21.95% [1] - Cargo and mail revenue ton-kilometers increased by 14.22%, with international growth at 23.70% [1] - The total cargo and mail volume increased by 8.39%, with international growth at 24.27% [1] - In December 2025, the company added three new flight routes and introduced one A320NEO and two C909 aircraft, while retiring five aircraft, bringing the total fleet to 359 aircraft by the end of 2025 [1]

Group 1 - Hainan Airlines Holdings (600221) closed at 1.69 yuan on January 16, 2026, down 2.31% from last week's 1.73 yuan [1] - The company's current market capitalization is 73.034 billion yuan, ranking 5th out of 12 in the aviation and airport sector and 264th out of 5183 in the A-share market [1] Group 2 - In December 2025, the company's passenger capacity input increased by 4.1% year-on-year, with international passenger capacity input rising by 22.61% [2][3] - Revenue passenger kilometers grew by 6.13% year-on-year, with international growth at 25.76% [2] - Passenger transport volume increased by 2.80% year-on-year, with international growth at 21.95% [2] - Cargo and mail revenue ton-kilometers increased by 14.22% year-on-year, with international growth at 23.70% [2] - Cargo and mail volume grew by 8.39% year-on-year, with international growth at 24.27% [2] - The company added 3 new flight routes and introduced 1 A320NEO and 2 C909 aircraft while retiring 5 aircraft, operating a total of 359 aircraft by the end of 2025 [2][3]

Core Viewpoint - Hainan Airlines Holdings (600221) reported significant growth in its operational data for December 2025, indicating a strong performance in both passenger and cargo segments [1] Group 1: Operational Performance - In December 2025, the total revenue passenger kilometers reached 10,545.80 million, with international revenue passenger kilometers increasing by 25.76% to 2,413.25 million [1] - The passenger transport volume grew by 2.80% year-on-year, totaling 5,399.27 thousand passengers, while international passenger transport volume surged by 21.95% to 382.66 thousand passengers [1] - The capacity input for passenger transport (measured in available seat kilometers) increased by 4.10%, reaching 13,003.27 million kilometers [1] - Cargo and mail revenue ton kilometers rose by 14.22%, with cargo and mail volume increasing by 8.39%, and the cargo load factor improved by 2.63 percentage points [1] Group 2: Fleet and Route Expansion - In December 2025, the company made dynamic adjustments to its fleet, introducing one A320NEO and two C909 aircraft, while retiring one B787-8, one A330-200, and four B737-800 aircraft, maintaining a fleet size of 359 aircraft [1] - The company launched three new international and regional routes in December 2025, including the Qionghai-Kuala Lumpur route starting December 7, the Changchun-Hong Kong route starting December 16, and the Haikou-Hanoi route starting December 28, demonstrating its commitment to expanding in international markets [1]

Core Viewpoint - The implementation of the announcement regarding import tax policies in pilot free trade zones and free trade ports has led to significant financial benefits for companies, particularly in reducing maintenance costs for imported goods [1] Group 1: Policy Impact - Since the announcement was implemented two years ago, Haikou Customs has processed temporary export goods returning to the country with repair costs amounting to 30.6 billion yuan, resulting in over 40 million yuan in tax reductions [1] - The policy has allowed companies, such as Hainan Airlines, to enjoy substantial cost savings, with 706 shipments benefiting from the policy, significantly lowering maintenance and support costs [1] Group 2: Future Directions - Haikou Meilan Airport Customs plans to continue leveraging the free trade port policies by enhancing risk management, streamlining customs processes, and improving services for enterprises, aiming for lower costs and higher efficiency for operations [1]

Core Insights - Hainan Airlines Holding Co., Ltd. reported significant growth in operational metrics for December 2025, with international passenger kilometers increasing by 25.76% year-on-year, reaching 2,413.25 million passenger kilometers [1] - The company is leveraging the historical opportunity of Hainan's free trade port to enhance its international aviation hub status through network expansion, service innovation, and industry collaboration [1] Group 1: Operational Performance - In December 2025, the total passenger transportation volume increased by 2.8% year-on-year, reaching 5,399.27 thousand passengers, with international passenger transport volume growing by 21.95% to 382.66 thousand passengers [1] - The available seat kilometers (ASK) for passenger transport increased by 4.1% year-on-year, totaling 13,003.27 million kilometers [1] - Cargo and mail revenue ton-kilometers grew by 14.22%, with cargo and mail volume increasing by 8.39% and cargo load factor rising by 2.63 percentage points [1] Group 2: Route Expansion and Service Optimization - As of December 2025, the company has restored, newly opened, and planned over 70 international and regional passenger routes originating from cities like Beijing, Shanghai, Shenzhen, and Haikou, including 27 international routes from Hainan [2] - The company is enhancing flight frequency on popular routes such as Haikou to Sydney, Melbourne, Auckland, and Moscow, in line with the strategy to increase direct international routes from Hainan to major global source markets [2] - The "Boutique Express" and "Free Trade Port Express" systems are being optimized, with the latter strengthening connections between Haikou and major hubs like Guangzhou, Shenzhen, and Changsha [2] Group 3: Strategic Initiatives and Collaborations - Hainan Airlines is actively participating in the promotion of tourism and international cooperation, having hosted the "Sunshine Hainan • Vacation Paradise" tourism promotion event in Vienna and Rome in December 2025, showcasing the appeal of Hainan's free trade port and five-star airline services [3] - A strategic cooperation agreement was signed with the management of the Boao Lecheng International Medical Tourism Pilot Zone to deepen collaboration in areas such as major client cooperation, brand building, and member interchange, aiming to create a fusion of "medical + health + tourism + exhibitions" [3] - The company organized an event for investors to showcase its fleet structure, route network optimization, and aircraft engine maintenance capabilities to 16 well-known securities firms and investment institutions [3]