转自：中国证券报·中证网 中证报中证网讯（记者 王婧涵）2月2日，记者从国航获悉，2026年春运期间，国航计划执行的客运航 班总量将超过7万班次，较2025年春运增长约10.1%，在册飞机数量同比增加25架，日均航班量约1800 班次。为应对"四流叠加"的出行需求，运力投放进行了针对性调整。 国际方面，国航春运期间运力投入同比增长10.1%，增投覆盖悉尼、奥克兰、新加坡、首尔、曼谷等地 的17条热门航线。 为服务冰雪旅游市场，国航在东北地区运力投入同比增长15%，北京、成都、上海、杭州等地至哈尔滨 的航线已陆续投入宽体机运营，每周新增座位超1.2万个。 在西部地区，国航增班超500班次，覆盖丽江、大理、西双版纳、阿勒泰、喀什等热门旅游目的地。 国航表示，春运期间，国航9架C919国产大飞机将全部投入春运航班运行，继续执飞北京至杭州、成 都、武汉、西安等航线。此外，国航还宣布将部分现有服务进行整合升级，例如将覆盖13条航线的"国 航快线"产品进行标准化。 国内方面，国航重点聚焦京津冀、长三角、粤港澳、成渝四大城市群间的近50条骨干航线，航线范围覆 盖全国，航班保持高位运行。为满足旅客暖冬出行需求，国航在华南及海 ...

作者 | 第一财经 陈姗姗 2026.02. 02 本文字数：2338，阅读时长大约4分钟 2月2日，为期40天的2026年春运正式拉开帷幕。由于返乡探亲、学生放假、旅游度假多重客流叠加，使得春运首日就呈现出需求旺盛、出行目的地多 元等特征。 民航局数据显示，今天全民航预计保障航班19080班，运输旅客219万人次。据航旅纵横大数据，春运第一天的国内航线机票预订量超186万张，比去 年春运同期增长约5%；出入境航线机票预订量超25万张，比去年春运同期增长约7%。 记者采访的多家航司和旅游平台均预计，在史上最长春节、亲子游需求火热、外国游客"反向春运"体验中国年等多重因素叠加下，今年春节有望刷 新"最热春节"纪录，民航旅客量也有望创历史新高。 国内部分航线已售罄 在上海虹桥国际机场记者看到，早晨7点多开始，2026年春运的首个进出港航班高峰就已到来，出发大厅区域旅客往来密集。 东航地服部虹桥旅客服务中心副总经理熊杰对记者介绍，连日来东航日均服务的进出港旅客数量持续增长，特别是随着上海市中小学放假，携带孩子出 行的家庭旅客和无陪伴儿童数量明显增多。今天春运首日，东航的旅客运输量将突破42万人次。 东航营销部网络收 ...

来源：环球网 产品服务多维焕新 科技赋能优化全流程体验 春运期间，国航将围绕旅客全流程出行需求，统筹推进文化体验、责任践行与科技赋能协同发力，不断 提升服务品质与体验温度。 在空地服务体验方面，国航依托"紫轩""紫宸"系列休息室及"凤舞云端"客舱内饰，将东方美学理念融入 旅客候机与飞行场景，通过空间设计、文化元素与数字化展示，营造兼具文化内涵与舒适体验的出行环 境；以故宫博物院建院百年为契机的机上安全须知视频，融入"祈愿平安"主题，守文化根脉之正，融入 国航定点帮扶历程的登机音乐《远方的远方》，为旅客营造更具文化温度的出行感受。同时，围绕马年 新春主题，国航将推出数字资产系列之《国航相伴云途・骏连星河・丙午》，以数字化方式承载新春祝 福与航空文化内涵，进一步丰富旅客春运期间的互动体验。 在即将启用的广州"紫宸"贵宾休息室以科技赋能，推出"智享准入"服务，在国内9个航站休息室上线一 键定制"智享登机"服务；在武汉、杭州机场上线"行李倒计时服务"，旅客可实时掌握行李运输状态和当 前位置，提升数字化体验。此外，国航持续完善"空铁联运""空巴联运"网络，并在部分城市提供"豪华 车接送"服务，进一步延伸地面交通衔接。 ...

Core Viewpoint - The 2026 Spring Festival travel season has commenced, with significant increases in flight operations and passenger traffic, driven by a combination of returning home, family visits, student travel, and tourism demand [1][2][3]. Group 1: Flight Operations and Passenger Traffic - The civil aviation sector is expected to operate 19,080 flights and transport 2.19 million passengers on the first day of the Spring Festival travel season [1][2]. - Beijing's two airports plan to handle a total of 88,800 flight movements during the Spring Festival, representing a year-on-year increase of approximately 1.67% [2]. - Major airports such as Guangzhou Baiyun, Shanghai Pudong, and Beijing Capital are experiencing the highest traffic, with specific routes showing strong demand [2]. Group 2: Capacity Expansion and Route Focus - Airlines are increasing capacity on domestic and international routes, focusing on winter tourism and return home routes [3][4]. - Air China plans to operate over 70,000 passenger flights during the Spring Festival, with a 15% increase in capacity for routes to Northeast China [3]. - China Southern Airlines is enhancing its services on popular routes, including daily flights from Beijing to Altay [3]. Group 3: Service Enhancements - Airlines are introducing various services to improve passenger experience, such as online ticket standby and specialized baggage handling for ski equipment [5][6]. - Eastern Airlines has launched an online ticket standby service that automates the process of monitoring flight availability and issuing tickets [6]. - Hainan Airlines is promoting seamless check-in and baggage transfer services across multiple airports, enhancing convenience for travelers [6]. Group 4: Airport and Transportation Coordination - Airports are optimizing transportation services, including new bus routes to major railway hubs and enhanced ride-hailing services [7]. - Daxing Airport has implemented measures to ensure smooth operations during adverse weather conditions, coordinating closely with relevant authorities [7].

Core Viewpoint - The performance of China's four major airlines in 2025 shows significant divergence, with Hainan Airlines and China Southern Airlines expected to turn losses into profits, while China National Aviation and Eastern Airlines are projected to remain in the red [1][2]. Group 1: Performance Forecasts - China National Aviation anticipates a net loss of approximately 1.3 billion to 1.9 billion RMB for 2025, with a non-recurring net loss expected to be between 1.9 billion and 2.7 billion RMB [1]. - Eastern Airlines projects a total profit of about 200 million to 300 million RMB, with a net loss estimated between 1.3 billion and 1.8 billion RMB, and a non-recurring net loss of 2.7 billion to 3.3 billion RMB [1]. - In contrast, Hainan Airlines expects a significant improvement, forecasting a net profit of 1.8 billion to 2.2 billion RMB, with a non-recurring net profit of 900 million to 1.1 billion RMB [1]. - China Southern Airlines also predicts a turnaround, with a net profit forecast of 800 million to 1 billion RMB and a non-recurring net profit of 130 million to 190 million RMB [1]. Group 2: Factors Influencing Performance - Hainan Airlines attributes its expected profitability to a favorable civil aviation market, improved capacity management, the positive impact of the Hainan Free Trade Port, and exchange gains from the appreciation of the RMB [1]. - China Southern Airlines highlights its ongoing improvement in operational efficiency despite external uncertainties, supply chain pressures, and rising costs of aircraft and materials [2]. - All four airlines reported profitability in the first three quarters of 2025, with China National Aviation achieving a net profit of 1.87 billion RMB, a year-on-year increase of 37.31% [2]. - Eastern Airlines reported a net profit of 2.1 billion RMB, successfully turning around from losses, while China Southern Airlines and Hainan Airlines reported net profits of 2.3 billion RMB and 2.8 billion RMB, reflecting year-on-year growth of 17.40% and 30.93%, respectively [2].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國國際航空股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00753 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,955,610,672 | RMB | | 1 RMB | | 4,955,610,672 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 4,955,610,672 | RMB | | 1 RMB | | 4,955,610,672 | | 2. 股份分類 | 普通股 | ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國國際航空股份有限公司 1. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 00753 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 4,955,610,672 0 4,955,610,672 增加 / 減少 (-) 0 0 本月底結存 4,955,610,672 0 4,955,610,672 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00753 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | ...

Core Viewpoint - The overall performance forecast for Chinese airlines in 2025 indicates a trend of "significantly reduced losses, some airlines turning profitable, and accelerated profit differentiation" [2][3]. Group 1: Annual Performance Forecast - China Southern Airlines and Hainan Airlines have turned profitable, contributing significantly to the sector's profit recovery, while Air China and China Eastern Airlines remain in the loss zone, with China Eastern's losses narrowing [1][2]. - China Southern Airlines and Hainan Airlines are the core contributors to profit recovery, while Huaxia Airlines continues to show growth, reflecting the relative advantages of regional routes and operational flexibility [2][3]. Group 2: Quarterly Performance Insights - In Q4 2025, the industry remains under pressure with losses prevailing, but most airlines show significant year-on-year improvements, indicating a continued recovery trend despite seasonal profitability pressures [1][2]. Group 3: Future Outlook - Demand remains a key variable for ticket price recovery and profit improvement, with domestic passenger volume expected to grow moderately due to normalized consumer travel and enhanced leisure tourism [4]. - The supply constraints and cost pressures are likely to amplify profit elasticity, with slow aircraft deliveries maintaining capacity control and policies aimed at reducing disorderly competition stabilizing revenue quality [4]. Group 4: Recommended Stocks - The top picks include Hainan Airlines (600221.SH) and Huaxia Airlines (002928.SZ), with a focus on China National Aviation (601111.SH, 00753), Juneyao Airlines (603885.SH), and Spring Airlines (601021.SH) [5].

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2026 年 02 月 02 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 1）圆通速递举行 2025 年工作总结暨 2026 年工作部署大会，强调"守底线、强基 石、开新路"。1 月 26 日，圆通速递 2025 年工作总结暨 2026 年工作部署大会召开， 圆通速递董事局主席喻渭蛟表示：要打造安全畅通、便捷高效、自主可控、可持续、 有韧性的供应链；要贯彻执行国家邮政局局长赵冲久关于深入推进交通强国邮政篇 建设等 9 个方面的工作，要以"守底线、强基石、开新路"为管理理念和工作指南， 做好各项重点工作。圆通速递总裁潘水苗围绕"守底线、强基石、开新路"对 2026 年重点工作作了具 ...

国内方面，国航重点聚焦京津冀、长三角、粤港澳、成渝四大城市群间的骨干航线，保持高位运行，覆 盖全国近50条航线。为满足旅客暖冬出行需求，国航在华南及海南地区持续优化运力，计划执行广深相 关航线航班超7000班次，其中宽体机执飞超过3000班次。海南方向的三亚航线已全部由宽体机执飞，海 口航线也在北京、成都等关键航线上于高峰日全面启用宽体机。 2026年春运自2月2日开始，3月13日结束，共计40天。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，日均安排航班约1800班次，同比增 加160班次。 国际出境游方面，国航今年春运期间运力投入同比增长10.1%，增投航线覆盖悉尼、奥克兰、新加坡、 首尔、曼谷等17条热门航线。(完)【编辑:于晓艳】 为更好服务冰雪旅游市场，今年春运国航在东北地区运力投入同比增长15%，北京、成都、上海、杭州 等地至哈尔滨的航线已陆续投入宽体机运营，每周新增座位超1.2万个。在西部地区，国航增班超500班 次，覆盖丽江、大理、西双版纳、阿勒泰、喀什等热门旅游目的地。华东方向则在福州、厦门、上海等 地增班近400班次。春运期间，国 ...