Group 1 - The tourism sector is experiencing a strong rally, with China Eastern Airlines rising over 5%, and China Southern Airlines, Jin Jiang Hotels, and ShouLve Hotels increasing by more than 4% [1] - The tourism ETF has seen an approximate increase of 3% due to market influences [1] Group 2 - Various segments of the tourism industry, including scenic spots, hotels, travel agencies, and retail, are showing comprehensive recovery from a supply perspective [2] - The government continues to implement industry policies to support high-quality development in tourism, focusing on regulating industry growth, enhancing quality tourism products and services, improving infrastructure investment, optimizing transportation services, and broadening financing channels [2] - The recent increase in tourism activity is attributed to the extended Spring Festival holiday, heightened interest in ice and snow tourism, and the introduction of duty-free and visa-free policies [2]

Group 1 - The core viewpoint of the article highlights a significant increase in airline stocks, with Eastern Airlines rising by 7.66%, Southern Airlines by 4.68%, Air China by 3.18%, and Cathay Pacific by 0.66% [1] - The 2026 Spring Festival travel season is set to begin on February 2 and end on March 13, with an expected passenger volume of 95 million over the 40 days, averaging 2.375 million passengers per day, representing a year-on-year growth of 5.3% [1] - A report from Zhongtai Securities indicates that the later timing of the Spring Festival this year may lead to varied return travel patterns among different demographics, particularly benefiting student travel as schools begin their winter breaks, which is expected to boost market demand [1] Group 2 - Short-term favorable conditions in oil and exchange rates are anticipated to continue, alongside the "anti-involution" trend and the Spring Festival holiday, creating a strong expectation for improved airline volume and pricing [1] - The positive changes in the fundamentals of the airline industry are expected to present investment opportunities [1]

Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [61]. Core Insights - The domestic passenger load factor for listed airlines continues to improve, with Spring Airlines leading at 92.2% in December, and Air China showing the highest year-on-year increase [1]. - The report highlights a structural improvement in demand for the aviation industry, with a notable recovery in cross-border travel demand outpacing domestic demand [9]. - The report emphasizes the high elasticity of prices under high load factors, indicating potential for price increases as the industry recovers [9]. Summary by Sections 1) Domestic Routes - In December, the ASK (Available Seat Kilometers) growth was led by Spring Airlines at 16.4%, followed by China Southern Airlines at 6.8% and Air China at 4.2% [2]. - The RPK (Revenue Passenger Kilometers) growth for December was also led by Spring Airlines at 17.7%, with Air China at 10.6% and China Southern Airlines at 6.9% [2]. - For the cumulative data from January to December, East China Airlines had the highest ASK growth at 10.7%, while Spring Airlines and East China Airlines both had RPK growth of 9.1% [2]. 2) International Routes - In December, China Southern Airlines led with an ASK growth of 25.8%, followed by East China Airlines at 9.4% and Air China at 4.1% [3]. - The RPK growth for December was also led by China Southern Airlines at 22.8%, with East China Airlines at 11.0% and Air China at 9.1% [3]. - For the cumulative data from January to December, 吉祥航空 (Juneyao Airlines) showed the highest ASK growth at 37.6% and RPK growth at 43.5% [3]. 3) Regional Routes - In December, Spring Airlines had the highest ASK growth at 92.0%, while 吉祥航空 (Juneyao Airlines) experienced a decline of 20.2% [4]. - The RPK growth for December was again led by Spring Airlines at 97.5%, with 吉祥航空 (Juneyao Airlines) showing a decline of 15.9% [4]. - For the cumulative data from January to December, China Southern Airlines had the highest ASK growth at 3.1%, while Spring Airlines and 吉祥航空 (Juneyao Airlines) both showed significant declines [4]. 4) Passenger Load Factor - In December, Spring Airlines had a load factor of 91.5%, with a year-on-year increase of 0.7% [5]. - For the cumulative data from January to December, Spring Airlines maintained a load factor of 91.5%, with Air China at 81.9% showing a year-on-year increase of 2.0% [5]. - The total fleet of the five listed airlines increased by 15 aircraft by December 2025, with a year-on-year fleet growth of 4% [5].

Market Overview - The aviation and airport sector declined by 0.78% on January 16, with CITIC Hainan Airlines leading the drop [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Stock Performance - Notable stock performances included: - Huaxia Airlines (002928) increased by 2.06% to close at 10.90 with a trading volume of 221,100 shares and a turnover of 239 million yuan [1] - Hainan Airlines (600221) rose by 0.60% to 69.1 with a trading volume of 2.51 million shares and a turnover of 423 million yuan [1] - Xiamen Airport (600897) increased by 0.42% to 16.87 with a trading volume of 35,800 shares and a turnover of 60.46 million yuan [1] - China Eastern Airlines (600115) decreased by 0.86% to 5.78 with a trading volume of 1.33 million shares and a turnover of 770 million yuan [1] - China Southern Airlines (600029) fell by 1.46% to 7.43 with a trading volume of 795,100 shares and a turnover of 594 million yuan [2] Capital Flow - The aviation and airport sector experienced a net outflow of 477 million yuan from institutional investors, while retail investors saw a net inflow of 257 million yuan [2] - The capital flow for individual stocks showed: - Xiamen Airport had a net inflow of 121.82 million yuan from retail investors, despite a net outflow of 341.39 million yuan from institutional investors [3] - CITIC Hainan Airlines faced a significant net outflow of 75.42 million yuan from institutional investors, while retail investors contributed a net inflow of 57.25 million yuan [3] - China Eastern Airlines had a net outflow of 73.70 million yuan from institutional investors, with retail investors contributing a net inflow of 45.21 million yuan [3]

Core Viewpoint - China National Airlines' stock price has experienced a decline of 10.78% year-to-date, with significant drops in recent trading days, indicating potential challenges in the aviation sector [2]. Group 1: Stock Performance - As of January 16, China National Airlines' stock price fell by 2.11%, trading at 8.36 CNY per share, with a total market capitalization of 145.87 billion CNY [1]. - The stock has decreased by 6.90% over the last five trading days, 4.46% over the last 20 days, and 1.88% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, China National Airlines reported a revenue of 129.83 billion CNY, reflecting a year-on-year growth of 1.31%, while the net profit attributable to shareholders was 1.87 billion CNY, up 37.31% year-on-year [2]. - The company has cumulatively distributed dividends of 13.32 billion CNY since its A-share listing, with no dividends paid in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for China National Airlines was 129,100, a slight decrease of 0.12% from the previous period [2]. - The top circulating shareholder, China Securities Finance Corporation, holds 311 million shares, unchanged from the previous period, while Hong Kong Central Clearing Limited reduced its holdings by 12.3 million shares [3].

证券代码：601111 股票简称：中国国航 公告编号：2026-003 中国国际航空股份有限公司 2025年12月主要运营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 2025年12月，中国国际航空股份有限公司（以下简称"本公司"）及所属子公司（以下简称"本集团"）合 并旅客周转量（按收入客公里计）同比上升。客运运力投入（按可用座位公里计）同比上升4.0%，旅 客周转量同比上升10.0%。其中，国内客运运力投入同比上升4.2%，旅客周转量同比上升10.6%；国际 客运运力投入同比上升4.1%，旅客周转量同比上升9.1%；地区客运运力投入同比下降0.7%，旅客周转 量同比上升4.1%。平均客座率82.2%，同比上升4.5个百分点。其中，国内航线同比上升4.9个百分点， 国际航线同比上升3.6个百分点，地区航线同比上升3.4个百分点。 货运方面，货运运力投入（按可用货运吨公里计）同比下降1.9%，货邮周转量（按收入货运吨公里 计）同比上升5.3%。货运载运率为39.2%，同比上升2.7个百分点。 2025年12月30日 ...

Group 1 - The core viewpoint of the article is that the aviation aftermarket services market is shifting towards Asia, with China projected to become the largest market, growing from $24.8 billion in 2025 to $63.8 billion by 2044 [1] - Over the next 20 years, China is expected to receive approximately 9,570 new aircraft, reinforcing the demand for various services throughout the aircraft lifecycle [3] - Several Chinese airlines have recently announced new aircraft orders with Airbus, including Air China ordering 60 A320neo aircraft, with a total catalog price of approximately $9.53 billion [4] Group 2 - The maintenance and training market is expanding, becoming a critical component for fleet operation as Airbus secures more aircraft orders in China [5] - The Off-Wing Maintenance market is projected to grow from $17 billion in 2025 to $44.8 billion by 2044, while the On-Wing Maintenance market is expected to increase from $3 billion to $6.8 billion in the same period [6] - The digital and connected market is anticipated to be the fastest-growing segment, expanding from $1.4 billion in 2025 to $5.1 billion by 2044, focusing on smarter operations and predictive maintenance [6] Group 3 - The aviation maintenance market in China is expected to grow rapidly due to the increasing fleet size and aging aircraft, with maintenance costs for engines surpassing their purchase costs [7] - Chinese airlines are accelerating their digital transformation, with over 9,000 aircraft expected to have onboard connectivity, potentially saving over $2.2 billion in operational costs and an additional $5.7 billion through reduced fuel costs [7]

中国国航公告，2025年12月，本集团合并旅客周转量（按收入客公里计）同比上升。客运运力投入（按 可用座位公里计）同比上升4.0%，旅客周转量同比上升10.0%。其中，国内客运运力投入同比上升 4.2%，旅客周转量同比上升10.6%；国际客运运力投入同比上升4.1%，旅客周转量同比上升9.1%；地区 客运运力投入同比下降0.7%，旅客周转量同比上升4.1%。平均客座率82.2%，同比上升4.5个百分点。其 中，国内航线同比上升4.9个百分点，国际航线同比上升3.6个百分点，地区航线同比上升3.4个百分点。 货运方面，货运运力投入（按可用货运吨公里计）同比下降1.9%，货邮周转量（按收入货运吨公里 计）同比上升5.3%。货运载运率为39.2%，同比上升2.7个百分点。 ...

Core Viewpoint - China National Airlines (00753) reported an increase in passenger turnover and capacity for December 2025, indicating positive growth in both domestic and international operations [1] Group 1: Passenger Operations - The company's passenger turnover (measured in revenue passenger kilometers) increased by 10.0% year-on-year [1] - Passenger capacity (measured in available seat kilometers) rose by 4.0% year-on-year [1] - Domestic passenger capacity increased by 4.2%, with a turnover rise of 10.6% [1] - International passenger capacity grew by 4.1%, while turnover increased by 9.1% [1] - Regional passenger capacity decreased by 0.7%, but turnover rose by 4.1% [1] - The average passenger load factor reached 82.2%, up by 4.5 percentage points year-on-year [1] - Domestic routes saw a load factor increase of 4.9 percentage points, international routes increased by 3.6 percentage points, and regional routes rose by 3.4 percentage points [1] Group 2: Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) decreased by 1.9% year-on-year [1] - Cargo turnover (measured in revenue cargo ton kilometers) increased by 5.3% year-on-year [1] - The cargo load factor was 39.2%, up by 2.7 percentage points year-on-year [1] Group 3: Fleet Expansion - Starting December 30, 2025, the company will launch a new route from Chengdu Tianfu to Almaty, operating two flights per week [1] - In December 2025, the group introduced 6 A320 series aircraft and 2 C919 aircraft [1] - By the end of December 2025, the group operated a total of 964 aircraft, including 418 owned, 252 under finance leases, and 294 under operating leases [1]

货运方面，货运运力投入(按可用货运吨公里计)同比下降1.9%，货邮周转量(按收入货运吨公里计)同比 上升5.3%。货运载运率为39.2%，同比上升2.7个百分点。2025年12月30日起，公司新增成都天府-阿拉 木图航线(每周两班)。 格隆汇1月15日丨中国国航(00753.HK)公告，2025年12月，中国国际航空股份有限公司及所属子公司合 并旅客周转量(按收入客公里计)同比上升。客运运力投入(按可用座位公里计)同比上升4.0%，旅客周转 量同比上升10.0%。其中，国内客运运力投入同比上升4.2%，旅客周转量同比上升10.6%；国际客运运 力投入同比上升4.1%，旅客周转量同比上升9.1%；地区客运运力投入同比下降0.7%，旅客周转量同比 上升4.1%。平均客座率82.2%，同比上升4.5个百分点。其中，国内航线同比上升4.9个百分点，国际航 线同比上升3.6个百分点，地区航线同比上升3.4个百分点。 2025年12月，集团共引进6架A320系列飞机和2架C919飞机。截至2025年12月底，集团合计运营964架飞 机，其中自有飞机418架，融资租赁252架，经营租赁294架。 ...