股价走强的背后，是多家航司业绩明显改善。例如，中国东航预计2025年实现扭亏为盈，利润总额预计 2亿元至3亿元，全年运输总周转量、旅客运输量分别同比增长10.82%和6.68%；南方航空预计归母净利 润与扣非净利润双双扭亏为盈，经营效益持续优化；华夏航空预计2025年归母净利润5亿元至7亿元，同 比增长86.59%至161.22%，受益于国内因私出行需求旺盛，该公司通过优化支线网络、提升干支衔接效 率，实现航班量与客座率双升。 提前布局 本报记者 彭衍菘 2026年的春运大幕已开启。根据今年有关放假安排，此次春节假期被称为"史上最长春节假期"。长假的 预热带动了出行航运订单的增长。与此同时，近期航空运输板块迎来需求复苏与业绩改善的双重利好， 相关个股表现活跃，提前布局的公募基金也收获颇丰。 Wind资讯数据显示，截至2月10日，开年以来，多只航司个股业绩预喜。整体上，万得航空运输指数上 涨3.28%，中证全指航空运输指数上涨2.55%。此前在2025年第四季度提前布局航空板块的多只公募基 金，凭借精准的"左侧布局"收获颇丰，多只产品开年以来的净值增长率超8%。 春运需求放量 航司业绩向好 2026年春运自2月 ...

❑ 一、聚焦：春运火热开启；千问"春节 30 亿免单"，即时零售竞争再加码 1、2 月 2 日，马年春运火热开启。春运第 1-5 天，民航客运量均值 231.3 万人 次，同比+5.5%，铁路客运量均值 1179.2 万人次，同比-0.7%。近 7 日民航国 内旅客量同比+6.2%，客座率同比+1.7%；民航跨境旅客量同比+6.0%，客座率 同比+1.9%；民航国内全票价（含油）同比+5.1%，跨境全票价同比-2.0%。 投资建议：继续推荐航空板块机会：1）供给"硬核"约束：预计我国飞机引 进或呈现中期低增速，未来 3 年飞机复合增速 3%左右。2）需求：航空或为内 需方向优选领域，国际线继续恢复+服务消费拉动国内出行需求，预计旅客人 数增长达到 5%左右。3）高客座率下的高价格弹性或一触即发。重点推荐：看 好中国国航、南方航空、中国东航三大航弹性释放；继续看好国内支线市场龙 头华夏航空，迎来可持续经营拐点；看好低成本航空龙头春秋航空，凭借低成 本核心竞争力，将"流量-成本-价格"发挥到极致；看好宽体机高效运营有望 助力吉祥航空弹性释放。 ❑ 2、千问"春节 30 亿免单"，即时零售竞争再加码，看好第三方即配 ...

证券研究报告 | 行业周报 gszqdatemark 2026 02 08 年 月 日 春运拉开帷幕，航空迎周期景气拐点 交通运输 周观点：2 月 2 日，2026 年春运正式拉开帷幕，首日全社会跨区域人员流动量 18498.6 万人次，比 2025 年同期增长 11.3%，其中民航客运量 223.4 万人次，比 2025 年同期增长 7.4%；根据航班管家，截至 2 月 6 日，2026 年春运民航累计平 均票价 840 元、同比 2025 年同期增长 3.0%，累计客座率 83.3%、同比 2025 年 同期增长 1.2 个百分点。在春运高景气预期下，继续看好" 扩内需"及" 反内卷" 下航空板块中长期景气度。 行情回顾：本周（2026.2.2-2026.2.6）交通运输板块行业指数上涨 1.90%，跑赢 上证指数 3.17 个百分点（上证指数下跌 1.27%）。从申万交通运输行业三级分类 看，涨幅前三名的板块分别为航空运输、快递、物流，涨幅分别为 8.15%、3.76%、 1.24%；跌幅前三名的板块分别为公路货运、航运、港口，跌幅分别为-0.85%、- 0.44%、-0.40%。 航运港口：VLCC ...

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].

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Insights - The aviation sector is expected to benefit from the Spring Festival travel peak, leading to a positive outlook for airline stocks. The report highlights a significant increase in flight operations and passenger volumes during this period, indicating a recovery in demand [4][6] - The report emphasizes the potential for oil transportation to rise, driven by geopolitical factors and structural demand growth, suggesting a favorable investment environment in the shipping sector [6][7] Summary by Sections Investment Highlights - The report identifies key investment opportunities in the aviation sector, particularly focusing on major airlines and low-cost carriers that are expected to benefit from rising ticket prices and improved operational performance [4][6] - It also highlights the logistics and express delivery sectors, noting the positive earnings forecast for companies like SF Express, which is capitalizing on the growth of instant delivery services [6] Aviation Data Tracking - Daily flight operations from February 2 to February 6 showed significant increases for major airlines, with Eastern Airlines and Southern Airlines leading the growth [4] - The average aircraft utilization rates also improved, indicating a recovery in operational efficiency across the sector [4] Shipping Data Tracking - The report tracks various shipping indices, noting a mixed performance in container shipping but a positive trend in oil transportation indices, suggesting a potential upturn in the oil shipping market [6][7] - The report recommends focusing on companies in the oil shipping sector due to limited supply and structural demand growth [6][7] Logistics Data Tracking - The report provides data on logistics performance, indicating a substantial increase in express delivery volumes, which is expected to continue benefiting from the growth in e-commerce and instant delivery services [6] - It highlights the importance of addressing industry challenges such as competition and regulatory changes to maintain profitability [6] Company Performance Tracking - The report includes performance metrics for key companies in the aviation and logistics sectors, showcasing their earnings forecasts and operational improvements [4][6] - It emphasizes the strategic positioning of companies like Spring Airlines and China Eastern Airlines, which are expected to leverage their market positions for growth [4][6]

证 券 研 究 报 告 华夏航空（002928）深度研究报告 强推（维持） 深耕支线蓝海市场，编织航空末梢网络 ——华创交运|航空强国系列研究（三） [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 6,696 | 7,548 | 8,394 | 9,439 | | 同比增速(%) | 30.0% | 12.7% | 11.2% | 12.4% | | 归母净利润(百万) | 268 | 591 | 911 | 1,214 | | 同比增速(%) | 127.8% | 120.6% | 54.2% | 33.3% | | 每股盈利(元) | 0.21 | 0.46 | 0.71 | 0.95 | | 市盈率(倍) | 55 | 25 | 16 | 12 | | 市净率(倍) | 4.4 | 3.8 | 3.1 | 2.4 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 2 月 6 日收盘价 公司研究 航空 2026 年 0 ...

伴随着贵金属板块的持续震荡，科技股走势盘整，在主线投资纷纷熄火之际，消费、旅游出行等个 股隐有走强的趋势，其中较为"小众"的航空出行板块近几个交易日更为坚挺：华夏航空、中国东 航、吉祥航空、南方航空等个股年后集体上涨，Wind分类下航空指数已经连续三日逆势上涨，拉长 时间来看，这一指数也逼近了三年来新高。 随着多家公司扭亏的业绩预告披露，展望后市，有基金经理指出，近期航空的上座率已经达到了历史新高的水 平，航空机票也有明显上涨的基础。此外，叠加汇率走强以及油价波动，以及飞机交付量供给紧俏，多重因素 对航司的利润情况亦构成利好。 "小众"板块稳步上行 是持续看跌的，对这些航空公司的利润弹性是比较大的。"该基金经理表示。 工银瑞信基金表示，展望后续，航空业供需格局有望迎来进一步改善。 在去年的"科技牛"行情中，航空股虽然没有动辄翻倍的表现，但依旧走出缓步向上的势头，多只主动权益型产 品也在去年四季度内选择加仓这一板块。因此，年后个股的上涨也使得相关基金产品业绩走强。 以杨金金管理的交银瑞元三年定开为例，该基金截至去年四季度重仓了包括华夏航空、南方航空和中国航空在 内的三只航空个股，并在年后续写了涨幅，截至2月4日 ...

证券代码：002928 证券简称：华夏航空 公告编号：2026-008 华夏航空股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、担保额度审批情况概述 华夏航空股份有限公司（以下简称"公司"）分别于 2025 年 04 月 24 日召开 第三届董事会第十七次会议、第三届监事会第十六次会议，于 2025 年 05 月 16 日召开 2024 年年度股东大会，审议通过《关于为全资子公司提供担保的议案》， 同意公司为全资子公司向银行或其他金融机构申请授信不超过人民币 17 亿元或 等值外币提供担保，主要用于子公司引进飞机、飞机预付款、项目建设、购买航 材、设备采购、日常运营等事项；其中，对全资子公司华夏飞机维修工程有限公 司（以下简称"华夏维修"）担保额度为 5 亿元。上述担保额度不含此前已提供 且仍在担保期限内的担保余额（此前已提供且仍在担保期限内的担保余额继续有 效），自 2024 年年度股东大会审议通过之日起至 2025 年年度股东会召开日期间 该担保额度可循环使用。具体内容详见公司于 2025 年 04 月 ...

◎记者 李雨琪 2月4日，A股主要指数涨跌不一，沪指午后拉升，重返4100点。截至收盘，上证指数报4102.20点，涨 0.85%；深证成指报14156.27点，涨0.21%；创业板指报3311.51点，跌0.40%；科创综指报1785.43点，跌 0.98%。沪深北三市全天成交25033亿元。 盘面上，太空光伏概念延续强势，晶科能源、中来股份以20%幅度涨停；煤炭股爆发，兖矿能源、中煤 能源等多只个股涨停；氢能源概念走强，致远新能、昇辉科技以20%幅度涨停；机场航空板块表现活 跃，中国东航、华夏航空涨停。AI应用、算力硬件、半导体等科技成长题材跌幅明显。 光伏产业链持续走强 昨日，光伏产业链再度走强，太空光伏方向领涨。截至收盘，泽润新能、中来股份、晶科能源均以20% 幅度涨停。 晶科能源近日在分析师会议及路演活动中表示，光伏是太空场景长效能源的未来趋势，太空光伏能量密 度较地面提升7倍至10倍，发电小时数较地面提升4倍至7倍，且不占用土地资源。 国盛证券研报认为，太空光伏有望成为光伏产业下一个增长蓝海，但需注意的是，行业目前仍处于探索 阶段，极端太空环境对产品可靠性的严苛要求、技术规模化应用的落地进度等，仍 ...

Group 1 - The aviation and airport sector experienced a significant increase of 5.9% on February 4, with Huaxia Airlines leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the aviation sector showed notable price increases, with Huaxia Airlines rising by 10.02% to a closing price of 11.53, and China Eastern Airlines increasing by 9.98% to 6.28 [1] Group 2 - The net inflow of main funds in the aviation and airport sector was 796 million yuan, while retail funds saw a net outflow of 396 million yuan [1] - Major stocks like Hainan Airlines and China Eastern Airlines had varying levels of net fund inflow and outflow, with Hainan Airlines seeing a net inflow of 336 million yuan from main funds [2] - Retail investors showed a negative trend, with significant outflows from stocks such as China Eastern Airlines and China Southern Airlines, indicating a cautious sentiment among smaller investors [2]