分红方面，春秋航空A股上市后累计派现28.30亿元。近三年，累计派现18.99亿元。 机构持仓方面，截止2025年9月30日，春秋航空十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股2194.75万股，相比上期减少76.55万股。中国证券金融股份有限公司位居第四大流通股 东，持股1689.28万股，持股数量较上期不变。工银可转债债券（003401）位居第八大流通股东，持股 956.55万股，相比上期增加110.84万股。华泰柏瑞沪深300ETF（510300）位居第九大流通股东，持股 827.10万股，相比上期减少44.08万股。易方达沪深300ETF（510310）位居第十大流通股东，持股 602.07万股，相比上期减少18.74万股。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月25日，春秋航空跌0.20%，成交额2.27亿元。两融数据显示，当日春秋航空获融资买入额2015.39万 元，融资偿还1240.31 ...

2月15日至2月23日，为期9天的2026年春节长假催生了旅客火热的出行需求。 国内方面，南方航空密切关注探亲与旅游出行双重需求，持续加强重点航线运力投放。在郑州、安康、 常德等返乡热门目的地，以及海口、三亚、哈尔滨、阿勒泰、长白山等"避寒""冰雪"旅游热门目的地， 通过加密航班、改大机型等方式，加大运力投入，确保旅客春运出行顺畅。 春节假期期间，南方航空在广州枢纽累计保障进出港航班超7100班次，服务旅客近115万人次，同比分 别增长8.2%和8.7%。在广州出港的全部国内航班上推出"一刻登机"服务，让旅客出行更加从容。 值得一提的是，今年春节南方航空9架C919国产大飞机全部投入运营，实现了在广州、长沙双基地运营 国产大飞机，执飞广州至西安、武汉、杭州、长沙、宁波、南京以及长沙至北京大兴、上海浦东等8条 航线。春节假期期间，南航C919国产大飞机共执行航班超290班次，承运旅客超4万人次。 在2026年春运期间（2月2日至3月13日），中国国际航空股份有限公司（以下简称"中国国航"）紧扣春 运返乡、探亲、学生、旅游"四流叠加"的市场特点，全面升级运力投入，在册飞机数量同比增加25架， 计划执行客运航班超过 ...

智通财经APP获悉，国泰海通发布研报称，春运过半，截至2月22日(春运前21天)全社会人员流动量农历 同比增长6.0%，其中公路+6.0%，铁路+5.3%，航空+6.0%。2026年春运前21天，估算国内航司客座率 同比上升约1-2pct；估算国内裸票价(不含燃油附加费)同比上升约3-4%；考虑2026年2月航油价格同比下 降13%，估算国内扣油票价(含油票价扣除人均燃油成本)同比上升，意味着航司毛利率应同比提升。假 期二次出行旺盛，航司客座率创新高，票价同比升幅明显扩大，预计节后票价同比上升趋势有望继续向 好。 国泰海通主要观点如下： 2026年春运跟踪：春节假期客流增幅提升，航空客流增速继续居前 节后(2/24-3/13)：预计节后拼假效应亦将弱于往年，返程客流将较2025年同期相对集中。 航空客流：春运加班相对有限，其中春节假期客流增速较节前提升 2026年春运前21天，民航日均客运量约239万人，农历同比增长6.0%，增速符合局方预期。2026年春运 民航加班较为有限，且局方严控干线市场航司增加与客运增班。根据航班管家统计，春运前21天全国日 均实际客运执飞航班同比增长近5%，其中国内与国际航线增幅较 ...

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 ...

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].

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].

以下文章来源于晓芳聊财经 ，作者王晓芳团队 网上流传着这么一句话： 春秋不嫌你穷，你也别嫌春秋抠。 到底有多"抠"呢？ 晓芳聊财经 . 说商业奇闻、讲品牌故事、人话解读行业内幕。王晓芳，壹创新商学创始人，20年企业管理咨询经验， 链接赋能16万家企业。聚景资本管理合伙人，投资中信建设、喜马拉雅、金维制药等众多项目。 作者： 王晓芳团队 来源： 晓芳聊财经 ----------------------------- 比如： 更有人吐槽，春秋的空乘堪比"推销员"，飞机一平稳就开始卖纪念品、护肤品、零食，从头到尾不 停歇，想眯一会儿都难。 但是，别看他"抠"，赚起钱来可真不含糊。 2024年，在A股7家上市航司里（中国国航、中国东航、南方航空、海南航空、吉祥航空、春秋航 空、华夏航空），只有华夏航空、吉祥航空与春秋航空三家实现盈利。 其中，春秋航空以22.73亿元，再次成为A股年度盈利最多的上市航司。 同时，春秋航空2025年一季度，以6.77亿元的净利润，稳居第一。 更厉害的是，春秋航空的赚钱能力，还能和国际巨头掰掰手腕。 春秋航空因为"抠"，明明被骂得这么惨，为什么还能赚得盆满钵满呢？ 没有免费的矿泉水，想喝口 ...

（原标题：春节出行优惠盘点，祝您旅途愉快） 今天是除夕前一天（2月15日），红灯笼高挂，年味渐浓。为期9天的"超级春运"正值出行最高峰，返乡、探亲、旅游客流交织叠加。为了让游子 的归途更顺畅，各大出行平台纷纷开启补贴大战：打车券、租车满减、航空里程兑换……优惠花样繁多,为返程之路"减负" 网约车出行：滴滴"6折起"保驾护航，嘀嗒主打"老乡"温情牌 作为城市出行的"毛细血管"，网约车平台在春运期间运力承压，但优惠力度也最为直接。 滴滴出行在春运及春节期间，滴滴在全国超100个城市发放打车优惠。2月6日起，在杭州、宁波、温州、金华、长沙、武汉、南昌、合肥等地的用 户每日可抢限量5折券或6折券。此外，至2月28日，用户使用"宠物出行"服务带"毛孩子"出门，可领满20元减10元优惠券。宠物友好地图功能已上 线北京、上海、成都、广州、重庆、深圳等城市，让携宠出行更从容。 嘀嗒出行主打顺风车的社交温情。平台推出"一句家乡话，温暖顺到家"主题活动，并首次上线"春节里程榜"。车主在活动期间累计里程超1000公 里，可赢取"一马当先挂件"；乘客与车主若点亮相同的"家乡"标签成功接单，双方均可获得专属挂件，车主还可额外获得15元 ...

Investment Rating - The report maintains a "Recommend" rating for the aviation sector, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [56]. Core Insights - The report highlights a strong demand for air travel during the Spring Festival, with a projected growth in passenger numbers of around 5% due to the recovery of international routes and increased domestic travel demand driven by service consumption [8]. - The report notes that the supply of aircraft is expected to grow at a compound rate of approximately 3% over the next three years, indicating a "hardcore" constraint on supply [8]. - High load factors are anticipated to lead to significant price elasticity, particularly for major airlines such as China National Aviation, Southern Airlines, and Eastern Airlines, which are expected to see a release of elasticity [8]. Monthly Data Analysis Overall Performance - In January, the overall ASK (Available Seat Kilometers) growth rates varied among airlines, with Spring Airlines leading at 4.5% growth, while Hainan Airlines saw a decline of 6.6% [1]. - RPK (Revenue Passenger Kilometers) growth also showed a similar trend, with Spring Airlines at 6.0% and Hainan Airlines at -4.4% [1]. Domestic Routes - For domestic routes in January, Spring Airlines had the highest ASK growth at 13.3%, while Hainan Airlines had the lowest at -8.5% [2]. - RPK growth for domestic routes was led by Spring Airlines at 14.4%, with Hainan Airlines again at the bottom with -6.3% [2]. International Routes - On international routes, Southern Airlines showed the highest ASK growth at 10.5%, while Spring Airlines experienced a decline of 20.8% [2]. - RPK growth on international routes was also led by Southern Airlines at 8.0%, with Spring Airlines again showing a significant decline of 19.5% [2]. Regional Routes - Spring Airlines led regional routes with an ASK growth of 41.6%, while the lowest was seen in 吉祥 Airlines at -39.4% [2]. - RPK growth for regional routes was similarly led by Spring Airlines at 40.7% [2]. Load Factor - In January, Spring Airlines achieved the highest load factor at 92.0%, with a year-on-year increase of 1.3 percentage points [3]. - The load factors for other airlines were as follows: Eastern Airlines at 85.0%, 吉祥 Airlines at 84.0%, and Southern Airlines at 83.3% [3]. Fleet Size - In January 2026, the six listed airlines collectively saw a net exit of 5 aircraft from their fleets [3].