Core Viewpoint - Air China is enhancing the travel experience during the 2026 Spring Festival by organizing a variety of themed flights and activities in its self-operated lounges, creating a festive atmosphere for passengers. Themed Flights - The CA717 flight from Hangzhou to Phuket features a "Galloping into the New Year" theme with traditional cultural activities, including a quiz and a lucky draw [1] - The CA403 flight from Chengdu Tianfu to Singapore transforms into a "New Year Mobile Living Room," decorated with lanterns and traditional motifs for a festive reunion night [3] - The CA969 flight from Beijing to Singapore offers a specially decorated cabin and traditional Spring Festival cuisine for a rich cultural experience at high altitude [5] - The CA933 flight from Beijing to Paris provides a festive atmosphere with dumplings and traditional Chinese pastries, allowing passengers to enjoy the essence of the Chinese New Year [7] - The CA825 flight from Shanghai Pudong to Singapore enhances the festive spirit with decorations and interactive activities, such as a fan printing event [8] - The CA449 flight from Chongqing to Singapore distributes New Year greeting cards and conducts fun quiz activities during the flight to spread warmth [8] Themed Lounge Activities - The self-operated lounge at Beijing Capital Airport features a "Phoenix Dance in the Land of China" theme, integrating intangible cultural heritage with airline services for an immersive waiting experience [10] - The lounge at Shanghai Pudong Airport T2 is decorated with Spring Festival themes, showcasing traditional foods and interactive activities for passengers [12] - The Hangzhou International Zicheng VIP Lounge hosts a "One Pot One Tea" theme, allowing travelers to experience traditional festival vibes [14] - The Chengdu Tianfu International Airport lounge offers a "Smartly Designed Lounge for the New Year" activity, inviting high-end travelers to engage in DIY projects and enjoy traditional New Year meals [14] - Additional lounges in Hohhot, Tianjin, Wuhan, Urumqi, Wenzhou, and Lhasa also host festive activities to enhance the travel experience for passengers [16]

不仅机场，航空公司同样实现服务与运力"双翼齐飞"的双提升局面。春运期间，国航全面扩充运力资 源，持续提升服务品质。"国航升级运力投入，在册飞机数量同比增加25架，计划执行客运航班超过7万 班次，较2025年春运增长10.1%，日均安排航班约1800班次，同比增加160班次。"国航商务委员会国际 航班计划经理刘雯琦称。 "2026年春运期间，首都机场预计运送旅客789万人次，日均19.7万人次；保障航班4.9万架次，日均1236 架次。预测2026年春运保障航班架次较去年同期增长约1.3%，客流量较去年同期增长约1.5%。"首都机 场运行控制中心运行值班主管冯立伟说，首都机场将关注航班和客流高峰时段的运行情况，动态调整值 机区域、问讯柜台和安检前端等旅客流程关键节点的服务引导人员，强化与相关单位的协同联动，及时 调配出租车、机场巴士等交通运力，确保地面交通与航班有效衔接。 走进北京首都国际机场3号航站楼，喜庆的节日氛围扑面而来。航站楼里民航旅客行色匆匆，客流量较 平日有了明显增长。 为守护旅客平安、顺畅、温馨的返乡与出行之路，今年首都机场推出了春运服务新举措。首都机场航站 楼管理部服务管理业务经理王景辉告诉记者 ...

Core Viewpoint - The C919, China's domestically produced large passenger aircraft, is being utilized extensively during the Spring Festival travel season, enhancing connectivity for travelers in major cities like Beijing, Shanghai, Guangzhou, and Wuhan [1][3]. Group 1: C919 Aircraft Operations - The C919 aircraft is now operational, with nine planes flying 36 segments daily during the Spring Festival, catering to a high volume of passengers [1]. - The aircraft represents a significant achievement in China's aviation industry, reflecting the dedication of aviation professionals from design to operation [3]. Group 2: Pilot's Perspective - The pilot, as a representative of the crew, emphasizes the responsibility of ensuring passenger safety and comfort, especially during the busy Spring Festival period [5][7]. - The emotional connection between the pilot and passengers is highlighted, as the pilot understands the importance of safe travel for families reuniting during the holiday [9]. Group 3: Passenger Experience - The flights are primarily filled with families, creating a warm atmosphere as children and elderly passengers look forward to reunions [5][7]. - The pilot expresses satisfaction in facilitating these reunions, noting the joy of seeing travelers eager to return home for the New Year celebrations [9].

Group 1 - The core idea of the news is the launch of a "New Year Gift Package" by Beijing's cultural and tourism bureau to welcome British tourists arriving in Beijing, enhancing cultural exchange and tourism ties between China and the UK [1][2] - The "send-off and welcome" event included a warm send-off in London and a reception in Beijing, showcasing the importance of bilateral cultural exchanges [2] - The gift package contained tickets to the Beijing Dadu New Year Temple Fair, Peking Opera performances, brochures for premium inbound tourism routes, and various small gifts, aiming to create a festive atmosphere for the arriving tourists [1] Group 2 - The event aligns with the consensus reached by leaders of China and the UK, emphasizing the importance of deepening bilateral cultural exchanges and promoting mutual understanding [2] - Data indicates that by 2025, the number of British tourists visiting Beijing is expected to reach 117,500, marking a significant growth point for inbound tourism in Beijing [2] - Starting from February 17, 2026, China will implement a visa exemption policy for ordinary passport holders from Canada and the UK, facilitating easier travel for business, tourism, family visits, and transit for up to 30 days [2]

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].

Investment Rating - The report assigns an "Accumulate" rating for the aviation industry [5]. Core Insights - The demand for civil aviation during the 2026 Spring Festival is expected to be strong, with limited additional flights, leading to a gradual narrowing of passenger growth rates. Ticket prices are anticipated to continue rising year-on-year during and after the holiday period. Coupled with lower oil prices, airline profitability is expected to improve significantly compared to the previous year [3][4]. Summary by Sections Industry Overview - The 2026 Spring Festival travel season officially began on February 2, with strong demand expected to set a new historical high for passenger flow. As of February 12, the overall flow of people increased by 2.3% year-on-year, with aviation leading at a growth rate of 5.4% [5][6]. Passenger Flow Analysis - Passenger flow for various transportation modes showed the following year-on-year growth rates: aviation at 5.4%, rail at 2.6%, and road at 2.2%. The first week of travel was impacted by adverse weather, but recovery was noted in the second week as conditions improved [5][6][8]. Airline Performance - Daily average passenger volume for civil aviation reached approximately 2.36 million, with a year-on-year increase of 5.4%. The growth rate is in line with expectations, although the limited number of additional flights may lead to a slight decrease in growth rates as the holiday approaches [5][8]. Ticket Pricing Trends - The report estimates that domestic load factors increased by about 1 percentage point year-on-year, with ticket prices (excluding fuel surcharges) rising by approximately 1-2%. Despite a 13% year-on-year decrease in jet fuel prices, the net ticket prices are expected to rise, indicating an improvement in airline gross margins [5][8]. Future Outlook - The report anticipates a "super cycle" for the Chinese aviation industry, driven by sustained demand growth and a shift towards market-driven pricing. The upcoming peak season is expected to significantly enhance airline profitability, with the first quarter of 2026 likely to see industry-wide profitability [5][8]. Recommended Stocks - The report recommends accumulating shares of key airlines, including Air China, Juneyao Airlines, China Eastern Airlines, China Southern Airlines, and Spring Airlines, based on their expected performance and market conditions [5][13].

证券代码：601111 股票简称：中国国航 公告编号：2026-008 以上主要运营数据来自本集团内部统计，可能与相关期间定期报告披露的数据有差异。投资者应注意不 恰当信赖或使用以上信息可能造成投资风险。 特此公告。 2026年1月24日起，公司新开北京首都-阿布扎比航线（每周四班）。1月28日起，公司新开北京首都-泸 州航线（每周七班）。 2026年1月，本集团共退出3架A320系列飞机和1架A330系列飞机。截至2026年1月底，本集团合计运营 960架飞机，其中自有飞机417架，融资租赁251架，经营租赁292架。 2026年1月主要运营数据如下表： ■■ 注：1、运输能力及运输同比、环比单位为百分比，载运率同比、环比单位为百分点 中国国际航空股份有限公司2026年1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。 2026年1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）同比下降0.9%， ...

Core Viewpoint - China National Airlines (601111.SH) reported an increase in passenger turnover in January 2026, with a year-on-year rise in revenue passenger kilometers, despite a slight decrease in capacity input [1] Group 1: Passenger Operations - The group's passenger turnover (measured in revenue passenger kilometers) increased by 3.0% year-on-year [1] - Passenger capacity input (measured in available seat kilometers) decreased by 0.9% year-on-year [1] - Domestic passenger capacity input decreased by 2.0%, while domestic passenger turnover increased by 2.6% [1] - International passenger capacity input increased by 1.5%, with international passenger turnover rising by 4.2% [1] - Regional passenger capacity input decreased by 0.8%, and regional passenger turnover increased by 1.8% [1] - The average passenger load factor was 82.2%, up by 3.2 percentage points year-on-year [1] - Domestic routes saw an increase in load factor by 3.7 percentage points, international routes by 2.0 percentage points, and regional routes by 1.9 percentage points [1] Group 2: Cargo Operations - Cargo capacity input (measured in available cargo ton kilometers) decreased by 3.9% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) increased by 4.4% year-on-year [1] - The cargo load factor was 35.6%, up by 2.8 percentage points year-on-year [1]

Group 1: Passenger Traffic and Capacity - In January 2026, the passenger turnover (measured in revenue passenger kilometers) of China International Airlines and its subsidiaries increased by 3.0% year-on-year, despite a 0.9% decrease in passenger capacity (measured in available seat kilometers) [1] - Domestic passenger capacity decreased by 2.0%, while domestic passenger turnover increased by 2.6% [1] - International passenger capacity increased by 1.5%, with international passenger turnover rising by 4.2% [1] - Regional passenger capacity decreased by 0.8%, while regional passenger turnover increased by 1.8% [1] - The average passenger load factor reached 82.2%, an increase of 3.2 percentage points year-on-year [1] Group 2: Cargo Operations - In January 2026, cargo capacity (measured in available cargo ton kilometers) decreased by 3.9%, while cargo turnover (measured in revenue cargo ton kilometers) increased by 4.4% [1] - The cargo load factor was 35.6%, an increase of 2.8 percentage points year-on-year [1] Group 3: Fleet Information - As of January 2026, the company exited 3 A320 series aircraft and 1 A330 series aircraft [2] - The total fleet operated by the company reached 960 aircraft, comprising 417 owned aircraft, 251 financed leased aircraft, and 292 operating leased aircraft [2] Group 4: New Routes - Starting January 24, 2026, the company will launch a new route from Beijing Capital to Abu Dhabi, operating four flights per week [1] - A new route from Beijing Capital to Luzhou will commence on January 28, 2026, with seven flights per week [1]

Group 1: Passenger Traffic and Capacity - In January 2026, the passenger turnover (measured in revenue passenger kilometers) of China International Airlines and its subsidiaries increased by 3.0% year-on-year, despite a 0.9% decrease in passenger capacity (measured in available seat kilometers) [1] - Domestic passenger capacity decreased by 2.0%, while domestic passenger turnover increased by 2.6% [1] - International passenger capacity increased by 1.5%, with international passenger turnover rising by 4.2% [1] - Regional passenger capacity decreased by 0.8%, while regional passenger turnover increased by 1.8% [1] - The average passenger load factor reached 82.2%, up by 3.2 percentage points year-on-year [1] Group 2: Cargo Operations - In January 2026, cargo capacity (measured in available cargo ton kilometers) decreased by 3.9%, while cargo turnover (measured in revenue cargo ton kilometers) increased by 4.4% [1] - The cargo load factor was 35.6%, an increase of 2.8 percentage points year-on-year [1] Group 3: Fleet Information - As of January 2026, the company exited 3 A320 series aircraft and 1 A330 series aircraft [2] - The total fleet operated by the company reached 960 aircraft, comprising 417 owned aircraft, 251 financed leased aircraft, and 292 operating leased aircraft [2] Group 4: New Routes - Starting January 24, 2026, the company will launch a new route from Beijing Capital to Abu Dhabi, operating four flights per week [1] - From January 28, 2026, a new route from Beijing Capital to Luzhou will commence, with seven flights per week [1]