Group 1 - The company reported a year-on-year increase in passenger turnover (measured in revenue passenger kilometers) of 3.0% in January 2026, 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%. International passenger capacity increased by 1.5%, with a 4.2% rise in international passenger turnover [1] - The average passenger load factor reached 82.2%, an increase of 3.2 percentage points year-on-year, with domestic routes up by 3.7 percentage points, international routes up by 2.0 percentage points, and regional routes up by 1.9 percentage points [1] Group 2 - In cargo operations, cargo capacity (measured in available cargo ton kilometers) decreased by 3.9%, while cargo and mail turnover (measured in revenue cargo ton kilometers) increased by 4.4% [1] - The cargo load factor was 35.6%, reflecting a year-on-year increase of 2.8 percentage points [1] - The company plans to launch new routes, including Beijing Capital to Abu Dhabi starting January 24, 2026, and Beijing Capital to Luzhou starting January 28, 2026 [1] Group 3 - As of the end of January 2026, the company operated a total of 960 aircraft, including 417 owned aircraft, 251 financed leased aircraft, and 292 operating leased aircraft [2] - The company exited 3 A320 series aircraft and 1 A330 series aircraft in January 2026 [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 二零二六年一月的主要營運數據公告 隨附公告（「上交所公告」）乃由中國國際航空股份有限公司（「中國國航」）於二零二六年二 月十三日在上海證券交易所刊發，其中載有中國國航及其附屬公司（統稱「本集團」）二零 二六年一月的合併營運數據。本公告附上上交所公告乃由中國國航根據香港聯合交易所 有限公司證券上市規則（「上市規則」）第13.09條及第13.10B條，以及香港法例第571章證 券及期貨條例第XIVA部項下之內幕消息條文（定義見上市規則）而作出。 隨附上交所公告載列的數據來自本集團內部統計，可能與相關期間定期報告披露的數據 有差異。投資者應注意不恰當信賴或使用以上信息可能造成投資風險。 承董事會命 中國國際航空股份有限公司 公司秘書 肖烽 中國北京，二零二六年二月十三日 於本公告日期，本公司的董事為劉鐵祥先生、王明遠先生、崔曉峰先生、Pat ...

Company Performance - The company expects a net profit loss of 1.3 billion to 1.9 billion yuan for 2025, primarily due to the reversal of deferred tax assets. Despite a profit of 1.87 billion yuan in the first three quarters, the fourth quarter loss is projected to expand to 3.17 billion to 3.77 billion yuan [2] Capital Increase - The company announced that its application for a private placement of shares has been approved by the Shanghai Stock Exchange, pending registration decision from the CSRC. This move may optimize the capital structure, but the final outcome and timing remain uncertain [3] Business Operations - During the Spring Festival travel period (February 2 to March 13), the company plans to operate over 70,000 flights, a year-on-year increase of 10.1%, and will deploy 9 C919 aircraft to meet the peak demand for homecoming and tourism [4] Stock Performance - On February 12, the stock price fell by 2.04% to 8.64 yuan per share, with a net outflow of 8.988 million yuan in principal funds. Year-to-date, the stock has declined by 7.79%, reflecting market reactions to performance and macroeconomic factors [5] Industry Environment - The Civil Aviation Administration expects the passenger volume during the 2026 Spring Festival to reach a historical high of 95 million. Additionally, the ongoing "anti-involution" policy is expected to support a rebound in ticket prices. Institutions like GF Securities indicate that supply constraints and rising demand may become long-term driving factors [6]

证券代码：601111 股票简称：中国国航 公告编号：2026-008 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%，旅客周转量同比上升 3.0%。 其中，国内客运运力投入同比下降 2.0%，旅客周转量同比上升 2.6%；国际客运 运力投入同比上升 1.5%，旅客周转量同比上升 4.2%；地区客运运力投入同比下 降 0.8%，旅客周转量同比上升 1.8%。平均客座率 82.2%，同比上升 3.2 个百分 点。其中，国内航线同比上升 3.7 个百分点，国际航线同比上升 2.0 个百分点， 地区航线同比上升 1.9 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 3.9%，货邮周 转量（按收入货运吨公里计）同比上升 4.4%。货运载运率为 35.6%，同比上 ...

格隆汇2月13日丨中国国航(601111.SH)公布，2026年1月，本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)同比下降0.9%，旅客周转量同比上升3.0%。其 中，国内客运运力投入同比下降2.0%，旅客周转量同比上升2.6%；国际客运运力投入同比上升1.5%， 旅客周转量同比上升4.2%；地区客运运力投入同比下降0.8%，旅客周转量同比上升1.8%。平均客座率 82.2%，同比上升3.2个百分点。其中，国内航线同比上升3.7个百分点，国际航线同比上升2.0个百分 点，地区航线同比上升1.9个百分点。 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。 货运方面，货运运力投入(按可用货运吨公里计)同比下降3.9%，货邮周转量(按收入货运吨公里计)同比 上升4.4%。货运载运率为35.6%，同比上升2.8个百 ...

格隆汇2月13日｜2026年1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同比上升。 客 运运力投入同比下降0.9%，旅客周转量同比上升3.0%。 其中，国内客运运力投入同比下降2.0%，旅客 周转量同比上升2.6%；国际客运 运力投入同比上升1.5%，旅客周转量同比上升4.2%；地区客运运力投 入同比下 降0.8%，旅客周转量同比上升1.8%。平均客座率82.2%，同比上升3.2个百分 点。其中，国内 航线同比上升3.7个百分点，国际航线同比上升2.0个百分点， 地区航线同比上升1.9个百分点。 ...

《中国民航报》、中国民航网 记者张丰蘩 报道：2026年春运中，国航米兰—温州航线作为连接海外侨 胞与故乡的"空中纽带"，成为众多温州籍旅客返乡探亲的热门通道，呈现"孩子多、老人多、行李多、 方言交流多"的鲜明特点。面对多元化的出行需求，国航在温州精心打造"侨乡亲情服务"，用"乡音""乡 情"陪伴返乡旅客的团圆之旅。 2月11日，227名旅客搭乘国航CA838航班从米兰抵达温州。"一上飞机就听到熟悉的家乡话，感觉很亲 切！还没飞到，心已经到温州了。"刚下飞机的李先生推着行李车，兴奋地感慨道。他回忆道，祖辈早 年赴意大利经商，一家人在异乡仍坚持讲温州话，"我来来回回坐了很多次航班，从来没有碰到乘务员 是温州人的，这次乘务员用温州话跟我说新年好。"航班上，像李先生这样因乡音而安心的旅客不在少 数。陈阿姨带着妈妈从米兰回国过年，她说："回国，我就喜欢坐中国民航，感觉这是家，很温馨，对 老人家无微不至照顾。"在13个小时的飞行中，乘务组陪着小旅客玩游戏、讲故事，全程陪护、耐心安 抚。 国航致力于将春运航线转化为传递乡情的桥梁，用专业与温度诠释"人民航空为人民"的服务内核，让每 一位旅客的归途皆成暖途，让每一份团圆期盼 ...

Core Insights - The report predicts a "front low and back high" trend for the real estate market in 2026, suggesting potential recovery opportunities in the sector [1][3] - It emphasizes the importance of stabilizing the market through inventory reduction and boosting demand and confidence, while also supporting reasonable financing needs of real estate companies [3][4] - The report identifies three main investment lines: stable companies in core cities, "small but beautiful" firms with significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [1][9] Market Outlook - The real estate market is expected to face continued pressure in 2025, with a focus on policy measures to prevent a sharp decline [3][4] - The report forecasts a decline in key real estate indicators for 2026, including a projected 8% decrease in sales area to 810 million square meters and a 12% drop in sales revenue to 7.4 trillion yuan [5][6] - It anticipates a gradual recovery in the market, with potential policy and fundamental turning points in Q1 and Q4 of 2026, respectively [7][8] Investment Recommendations - The report suggests focusing on companies with strong fundamentals in first and second-tier cities, such as China Resources Land and China Merchants Shekou [1][9] - It highlights the potential of Poly Real Estate Group as a "small but beautiful" firm that has made significant sales and land acquisition breakthroughs [9] - The report also points to commercial real estate companies like China Resources Vientiane Life and Swire Properties that are actively exploring new operational models [1][9]

Investment Rating - The report recommends a "Buy" rating for China Eastern Airlines, China Southern Airlines, and Air China, highlighting their potential to benefit from the growth in international travel demand [2][3]. Core Insights - The growth in inbound tourism demand is expected to become a long-term trend, with significant opportunities for Chinese airlines to expand their international capacity, particularly in Europe, the Middle East, and Central Asia [2][15]. - The report predicts a compound annual growth rate (CAGR) of up to 15% for international passenger flow for Chinese airlines over the next three years, driven by the gradual recovery of inbound tourism and the slow recovery of foreign airlines' capacity [12][13][15]. Summary by Sections 1. Policy: Visa Relaxation and Local Support - The report discusses the expansion of visa-free entry policies, with China implementing unilateral visa exemptions for 48 countries and optimizing transit visa policies to enhance the convenience of inbound travel [11][24]. - The ongoing policy support is expected to significantly boost inbound tourism, with a focus on improving travel experiences and product offerings for foreign visitors [39][42]. 2. Market Potential: Growth Projections - The report estimates that there is over a 30% growth potential for inbound tourist flows in China, comparing the current contribution of inbound tourism to GDP (0.3%) with that of other major economies (1.2%) [12][13]. - The analysis indicates that the international passenger flow for Chinese airlines could see a CAGR of up to 15% due to the increasing demand from both outbound Chinese travelers and inbound foreign tourists [12][15]. 3. Airline Capacity and Passenger Flow Outlook - Chinese airlines are expected to capture a larger share of the inbound passenger flow, with significant increases in flight frequencies and new routes planned for 2025 [2][15]. - The report highlights that the recovery of international passenger traffic is primarily driven by the growth in inbound tourism, with foreign tourist entry numbers expected to increase significantly [12][39]. 4. Investment Recommendations - The report emphasizes the importance of positioning in the international market, recommending investments in leading airlines such as China Eastern Airlines, which has a strong base in Shanghai and is expected to benefit the most from international route expansions [2][15].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Chinese Tourism - **Context**: The tourism sector is rapidly becoming a key focus for enhancing the quality of life in China, aligning with government policies aimed at boosting service consumption, expanding employment, and further opening up to the outside world [1][4] Core Insights and Arguments - **Projected Revenue Growth**: - Total tourism revenue in China is expected to reach approximately RMB 12 trillion by 2030, with a compound annual growth rate (CAGR) of 11% [1][13] - Domestic tourism spending is projected to account for 18% of per capita consumption by 2030, up from 13% in 2023 [1][14] - The contribution of tourism to GDP is anticipated to rise from 4.8% in 2024 to 6.7% by 2030 [1][11] - **Domestic Tourism Growth**: - Domestic tourism is expected to grow at a CAGR of 9.7% over the next five years [1][14] - In 2025, domestic travel volume is projected to reach 6.5 billion trips, a 16% increase year-on-year [1][17] - **Inbound and Outbound Tourism**: - Inbound tourism is expected to contribute 16% to total tourism revenue by 2030, up from 12% in 2025 [1][15] - The appreciation of the RMB is expected to boost outbound tourism, which is crucial for the revenue of Chinese airlines [1][31] Driving Forces Behind Tourism Demand - **Macroeconomic Rebalancing**: Emphasis on service consumption and enhancing quality of life [1][25] - **Global Engagement**: Continued openness to international visitors [1][25] - **Currency Strength**: The appreciation of the RMB is favorable for outbound tourism [1][29] - **Policy Support**: Initiatives aimed at stimulating travel demand among younger and older demographics [1][25] - **Technological Innovation**: Enhanced travel experiences through technology [1][38] Structural Improvements and Monetization - **Visitor Demographics**: Improvement in visitor structure, with an increase in the proportion of non-domestic and business travelers [2][9] - **Supply Constraints**: Airlines are facing low capacity growth due to global supply chain issues, while hotel supply growth has slowed significantly [2][9] Key Investment Opportunities - **Recommended Stocks**: - Air China H-shares, Spring Airlines, Huazhu, Atour, and Trip.com are highlighted as key investment opportunities to capitalize on the strong growth in tourism demand [2][41] - **Airlines**: - Airlines are expected to see improved pricing power and valuation as they recover from deflationary pressures [9][41] - **Hotels**: - The hotel sector is witnessing a positive trend in revenue per available room (RevPAR), with expectations of continued growth [9][42] - **Online Travel Agencies (OTAs)**: - OTAs are expected to benefit from strong tourism demand, but regulatory uncertainties should be monitored [9][43] Additional Important Insights - **Entertainment and Events**: The rise in large-scale entertainment events is significantly contributing to tourism growth, with a notable increase in attendance [1][21] - **Visa Policies**: The introduction of new visa-free policies is driving inbound tourism growth, with a 50% increase in visa-free visitors [1][23][22] This summary encapsulates the key points from the conference call regarding the Chinese tourism industry, highlighting growth projections, driving factors, investment opportunities, and additional insights that may be overlooked.