航空公司相关产业港股： 2月5日，空客在其最新的亚太地区《全球航空服务市场预测》报告中预测，到2044年，该地区的服务总 需求将以5.2%的复合年均增长率增长，市场价值预计将达到1387亿美元。这种持续增长将得益于航空 客运量和机队规模的扩大。未来20年，亚太地区将需要19560架新客机，占预测期内全球总需求的 46%。预计该地区仍将是全球增长最快的航空旅行市场，客运量年增长率为4.4%。高于3.6%的全球平均 水平。 据航旅纵横大数据显示，截至1月29日国内航线预订量已超716万张，日均机票预订量同比+16%。 银河证券表示，高频预订数据与官方运量预测形成交叉印证，反映民航出行需求旺盛，叠加航班供给稳 步释放，有望支撑春运民航客流与收益水平同步改善。 摩根士丹利称，将中国国航（601111）、中国东方航空和南方航空（600029）的A股评级上调至超配。 在需求顺风的推动下，始于去年四季度的复苏可能会在2026-2027年继续获得动能，尽管投资者仓位和 信心仍然较低，但潜在的价格上调将有助提振市场情绪。摩根大通对三大航H股及春秋航空（601021） 维持超配评级。 2026年春节假期再次延长，将保障探亲出游继 ...

摩根士丹利称，将中国国航、中国东方航空和南方航空的A股评级上调至超配。在需求顺风的推动下， 始于去年四季度的复苏可能会在2026-2027年继续获得动能，尽管投资者仓位和信心仍然较低，但潜在 的价格上调将有助提振市场情绪。摩根大通对三大航H股及春秋航空维持超配评级。 ...

Core Viewpoint - The Chinese civil aviation industry is experiencing a significant turnaround after years of operational pressure, with major airlines like China Southern Airlines and Hainan Airlines expected to return to profitability by 2025, indicating substantial improvement in the industry's fundamentals [1][2]. Group 1: Airline Performance - China Southern Airlines is the first among major airlines to achieve profitability, projecting a net profit of 0.8 to 1 billion yuan for 2025, a significant recovery from a loss of 1.696 billion yuan the previous year [2]. - Hainan Airlines is also expected to turn profitable, forecasting a net profit of 1.8 to 2.2 billion yuan for 2025, compared to a loss of 0.921 billion yuan in the prior year [2]. - China Eastern Airlines and Air China are not expected to achieve profitability in 2025, with projected net losses of 1.3 to 1.9 billion yuan and 1.3 to 1.9 billion yuan respectively, despite improvements in core operational metrics [3]. Group 2: Market Trends - The 2026 Spring Festival travel season is anticipated to see a record high in passenger volume, with an expected 95 million travelers, reflecting a year-on-year increase of approximately 5.3% [4]. - The travel demand is driven by a longer holiday period, with new travel patterns emerging, including a trend of "returning home first, then traveling" [5][6]. - The aviation market is showing signs of "volume and price rising together," with a notable increase in flight operations and ticket prices during the early days of the Spring Festival travel period [6]. Group 3: Industry Dynamics - The civil aviation industry is undergoing a "de-involution" process, with measures being implemented to control excessive competition and improve profitability [7]. - The supply of new aircraft is limited, with a backlog of over 15,000 global aircraft orders and an extended delivery cycle of 6.8 years, which is expected to constrain supply in 2026 [8]. - International routes are becoming increasingly important for profitability, with airlines focusing on expanding international services to enhance revenue [8].

Investment Rating - The report maintains a "Recommend" rating for the aviation sector, highlighting opportunities in the industry [2][3]. Core Insights - The Spring Festival travel rush has begun, with air passenger volume averaging 2.313 million per day, up 5.5% year-on-year, while railway passenger volume averaged 11.792 million, down 0.7% [1][10]. - The report emphasizes the competitive landscape in instant retail, particularly with the launch of the "30 Billion Free Order" campaign by Qianwen, which saw over 10 million orders in just 9 hours [2][35]. - The report identifies key players in the aviation sector, including China National Airlines, Southern Airlines, and Eastern Airlines, as well as low-cost carriers like Spring Airlines, which are expected to benefit from high price elasticity and operational efficiency [2][34]. Industry Data Tracking - Air cargo: The outbound air cargo price index at Pudong Airport increased by 5.3% week-on-week and 8.9% year-on-year as of February 2 [7][44]. - Shipping: VLCC freight rates increased by 2%, while the BDI decreased by 10% and SCFI decreased by 4% [7][48]. - The report highlights the expected compound annual growth rate (CAGR) of approximately 3% for aircraft imports over the next three years, indicating a supply constraint in the aviation sector [31][32]. Investment Recommendations - The report suggests focusing on "performance elasticity" and "dividend value" as key investment themes for the transportation sector in 2026 [7][31]. - It recommends leading companies in express logistics, such as Zhongtong and Yuantong, as well as the instant retail leader Shunfeng Tongcheng, which is expected to benefit from rapid growth and low valuation [7][31]. - The report also highlights the importance of dividend-paying assets, recommending Sichuan Chengyu and China Merchants Port for their stable performance and potential for dividend increases [7][31].

Investment Rating - The report maintains an "Accumulate" rating for the transportation industry [6] Core Views - The transportation sector is expected to benefit from the high demand during the Spring Festival travel season, with a notable increase in passenger volume and airline ticket prices [3][11] - The logistics sector shows promising growth, particularly for companies like ZTO Express, which has reported an increase in market share and profitability [4][17] - The shipping market is experiencing high VLCC rates due to tight capacity and geopolitical premiums, while dry bulk rates have seen a decline [2][14] Summary by Sections Weekly Insights and Market Review - On February 2, 2026, the Spring Festival travel season commenced, with a total of 184.986 million people traveling, an increase of 11.3% compared to the same period in 2025. The civil aviation passenger volume reached 2.234 million, up 7.4% year-on-year [3][11] - The transportation sector index rose by 1.90% during the week, outperforming the Shanghai Composite Index by 3.17 percentage points [21] - The top-performing segments included air transportation, express delivery, and logistics, with respective increases of 8.15%, 3.76%, and 1.24% [21] Air Travel - The average ticket price for civil aviation during the Spring Festival was 840 yuan, a 3.0% increase from 2025, with an average seat occupancy rate of 83.3%, up 1.2 percentage points year-on-year [3][11] - The report anticipates continued growth in the aviation sector driven by demand recovery and supportive policies, with a focus on business travel and international flight recovery [12] Shipping and Ports - The VLCC market is experiencing high rates, with the Middle East route commanding $119,447 per day and the West Africa route at $130,293 per day as of February 6 [2][13] - The Baltic Dry Index (BDI) fell to 1,923 points, indicating a decrease in dry bulk shipping rates [14] - The report highlights the importance of monitoring the shipping market dynamics, particularly in relation to geopolitical factors and supply chain developments [15] Logistics - ZTO Express reported a 9.3% year-on-year increase in parcel volume for Q4 2025, with a slight increase in single-ticket revenue and gross profit [4][17] - The company is issuing $1.5 billion in convertible bonds to finance share buybacks, aiming to enhance shareholder returns [18] - The logistics sector is expected to see growth driven by overseas e-commerce and competitive dynamics among leading express companies [19][20]

Investment Rating - The report maintains a "Recommend" rating for the aviation sector, highlighting potential opportunities in the industry [2][3]. Core Insights - The Spring Festival travel rush has begun, with air passenger volume averaging 2.313 million per day, up 5.5% year-on-year, while railway passenger volume averaged 11.792 million, down 0.7% year-on-year [1][10]. - The report emphasizes the competitive landscape in instant retail, particularly with the launch of the "30 Billion Free Order" campaign by Qianwen, which saw over 10 million orders in just 9 hours [2][35]. - The report identifies key players in the aviation sector, including China National Airlines, Southern Airlines, and Eastern Airlines, as well as low-cost carriers like Spring Airlines, which are expected to benefit from high price elasticity and operational efficiency [2][34]. Industry Data Tracking - Air freight rates at Pudong Airport increased by 5.3% week-on-week and 8.9% year-on-year as of February 2 [7][44]. - The VLCC freight rate rose by 2% week-on-week, while the BDI decreased by 10% [7][48]. - The report highlights the growth potential in the express logistics sector, particularly for leading companies like Zhongtong and Yuantong, as well as the promising outlook for instant retail leader SF Express [7][31]. Investment Recommendations - The report suggests focusing on "performance elasticity" and "dividend value" as key investment themes for the transportation sector in 2026 [7][31]. - It recommends continued investment in the aviation sector due to expected low growth in aircraft supply and a projected 5% increase in passenger numbers [2][31]. - The report also emphasizes the importance of dividend assets, recommending companies like Sichuan Chengyu and China Merchants Port for their stable performance and potential for increased dividends [7][31].

来源：新民晚报 近日，有网友发文称 乘坐中国国航的航班 在登机前要现场称体重 引发热议 对此，2月6日，记者致电中国国际航空95583客服热线了解到，称体重是为了保证航班的业载重量保持 在限制范围之内，"飞机承重是有上限的，可能是担心这个问题"，对于旅客体重情况不记名，国航客服 人员表示，目前对旅客没有体重方面的限制。 对于登机前要现场称体重 有网友觉得内心别扭 也有网友表示支持 称体重对于飞机 应该是一件很重要的事 评论区中有网友表示，比较介意被他人看到自己的体重，能否选择不称重？对于称体重是否遵循自愿原 则，国航客服表示需查询后答复，发帖网友则回复称，"机场人员会询问，每个人都是自愿称重的，还 给了小礼物。" 据了解，航空公司定期采集旅客体重数据是国际通行做法。此前，新西兰航空、芬兰航空、大韩航空等 多家国际航司均进行过类似的体重调查工作。定期采集真实数据有助于更新这些标准平均值，确保飞行 安全计算的准确性，使航班业载控制更加科学合理。 公开资料显示，中国民航局目前批准航空公司使用"标准平均重量"体系，成人旅客标准体重参考值为73 公斤~75公斤。 "为了安全 支持航空公司这一工作" 新民晚报综合中国新闻 ...

（来源：消费日报官方平台） 据中国新闻周刊，对此，2月6日，记者致电中国国际航空客服热线了解到，称体重是为了保证航班的业载重量保持在限制范围之内，"飞机承重是有上限 的，可能是担心这个问题"，对于旅客体重情况不记名，"肯定会进行保密"。客服人员表示，目前对旅客没有体重方面的限制。 rant 144, 2 1191 A 201 .. .. � 05 e start the state ge the t re, and 7 0 10 art a provin r (4) 与日 70 d a Amil == 917 p 34 r 44.2 评论区有网友提出，部分乘客可能对公开称重数据有所顾虑，是否可以自主选择不参与体重测量？针对体重测量是否采取自愿参与的方式，航空公司客服 回应需要进一步核实后给予明确答复。而发布相关讨论的网友补充说明："现场工作人员会逐一征询乘客意见，所有测量都是在自愿基础上进行的，参与 者还会收到纪念品。" 有部分网友坚决反对，认为体重属于高度个人隐私，绝不应被公开。还有部分网友表示，为了安全可以理解。 转自：消费日报官方平台 近日，有网友发文称，乘坐中国国航的航班在登机前要现场称体重，引发热议 ...

munimal de pa] 15 . 8 .. 5 1 = . Ke may A 20 a 1 10 . 22 e 22 1 11:20 10 es 499 846 t the st T Party of t an 4:50 p 400 � r t 18450 si SUCAS A 1 - 1 s 14 program the the D 用 the the 12 . 8 STATE . an and LA e = l ..... Z 15 下滑 P ost TIFE! 4 2 0 2月6日，记者致电中国国际航空95583客服热线。客服表示，称旅客体重是为了保证航班的业载重量保 持在限制范围之内。"我们对于旅客体重情况不记名，数据保密，如果旅客不愿意当众称量，也可以和 现场工作人员沟通，安排隐私的空间称量。"此外，该客服人员表示，目前航司对旅客没有体重方面的 限制。 据公开资料显示，中国民航局目前批准航空公司使用"标准平均重量"体系，成人旅客标准体重参考值为 73公斤-75公斤。（新京报，德塔） 【#国航回应一航班登机前要称乘客体重#】2月5日，有网友在社交媒体发文称，其在上海乘坐中国国航 的航班在登机前要 ...

转自：今晚报 【#航司回应坐飞机要称体重#】近日，有网友发文称，乘坐中国国航的航班在登机前要现场称体重，引 发热议。其展示的航司短信中称，根据中国民航局要求，需定期进行旅客体重样本的采集工作，以便于 航空公司对旅客体重标准进行修订，"本次航班将对所有乘机旅客进行登机重量测量，测量数据不记名 且保密，仅用于为航空公司提供修订旅客体重标准的依据。"对此，2月6日，中国国际航空表示，称体 重是为了保证航班的业载重量保持在限制范围之内，"飞机承重是有上限的，可能是担心这个问题"，对 于旅客体重情况不记名，"肯定会进行保密"。国航客服人员表示，目前对旅客没有体重方面的限制。评 论区中有网友表示，比较介意被他人看到自己的体重，能否选择不称重？对于称体重是否遵循自愿原 则，国航客服表示需查询后答复，发帖网友则回复称，"机场人员会询问，每个人都是自愿称重的，还 给了小礼物。" （中国新闻周刊）#过年前的工作强度# （来源：今晚报） ...