Core Insights - The overall passenger turnover volume of multiple listed airlines has shown significant growth in October, indicating a potential improvement in industry conditions for the fourth quarter [1][4]. Group 1: China National Airlines - In October 2025, China National Airlines reported a year-on-year increase in combined passenger turnover volume (measured in revenue passenger kilometers) of 8.7% [1]. - Passenger capacity input (measured in available seat kilometers) increased by 4.3% year-on-year, with domestic capacity up by 3.2% and international capacity up by 7.5% [1]. - The average passenger load factor reached 85.3%, an increase of 3.4 percentage points year-on-year [1]. Group 2: China Eastern Airlines - China Eastern Airlines announced a year-on-year increase in passenger capacity input of 6.84% and a passenger turnover volume increase of 10.58% for October 2025 [2]. - The passenger load factor was reported at 87.52%, up by 2.97 percentage points year-on-year [2]. - Cargo turnover volume increased by 14.59% year-on-year [2]. Group 3: China Southern Airlines and Hainan Airlines - China Southern Airlines reported a 7.53% increase in passenger capacity input, with passenger turnover volume rising by 8.83% in October 2025 [3]. - The passenger load factor was 87.89%, an increase of 1.05 percentage points year-on-year [3]. - Hainan Airlines reported a 6.81% increase in passenger capacity input and a 7.33% increase in revenue passenger kilometers [3]. Group 4: Industry Outlook - According to a recent report by Cinda Securities, high passenger load factors and recovering ticket prices are expected to contribute to a rebound in travel demand in the fourth quarter [4]. - The airline industry has seen sustained high load factors and a recovery in ticket prices, which is anticipated to enhance airline revenue per seat [4]. - The implementation of "anti-involution" measures is expected to reduce malicious low pricing, further supporting ticket price recovery and airline profitability [4].

Core Viewpoint - The 2025 Dubai Airshow opened on November 17, showcasing two domestically developed C919 aircraft from China, marking their debut in the Middle East [1] Group 1: Event Details - The Dubai Airshow is taking place at the Dubai World Center in the UAE [1] - China Commercial Aircraft Corporation (COMAC) is exhibiting one C919 aircraft and one C909 aircraft [1] - China Southern Airlines is also showcasing a C919 aircraft [1] Group 2: Significance - This event represents the first appearance of the domestically produced C919 aircraft in the Middle East [1] - COMAC conducted a flight demonstration of the C919 on-site [1]

Group 1 - Multiple listed airlines reported significant growth in passenger turnover and high load factors for October, indicating a potential improvement in industry conditions for Q4 [1][2][3] - Air China announced a year-on-year increase of 8.7% in passenger turnover and a 4.3% rise in capacity input, with an average load factor of 85.3%, up 3.4 percentage points [1] - China Eastern Airlines reported a 10.58% increase in passenger turnover and a 6.84% rise in capacity input, achieving a load factor of 87.52%, up 2.97 percentage points [2] Group 2 - China Southern Airlines disclosed a year-on-year increase of 8.83% in passenger turnover and a 7.53% rise in capacity input, with a load factor of 87.89%, up 1.05 percentage points [2] - Hainan Airlines reported a 7.33% increase in passenger turnover and a 6.81% rise in capacity input, with cargo revenue ton-kilometers increasing by 25.37% [3] - Recent reports indicate high load factors and positive ticket pricing trends, suggesting a recovery in travel demand and potential profitability for airlines in Q4 [3]

Core Viewpoint - The 2025 Dubai Airshow will feature the debut of China's domestically developed C919 aircraft in the Middle East, showcasing China's advancements in commercial aviation [1] Group 1: Event Details - The Dubai Airshow is set to open on November 17, 2025, at the Dubai World Center in the UAE [1] - China Commercial Aircraft Corporation is presenting one C919 and one C909 aircraft, while China Southern Airlines is showcasing another C919 [1] Group 2: Significance of the Event - This marks the first appearance of the C919 aircraft in the Middle East, highlighting China's growing presence in the global aviation market [1] - The event includes a flight demonstration of the C919 by China Commercial Aircraft Corporation, emphasizing its capabilities [1]

Core Viewpoint - The 2025 Dubai Airshow, themed "The Future is Here," opened on November 17, 2023, in Dubai, showcasing significant advancements in the aviation industry, including the debut of China's C919 aircraft in the Middle East [1] Group 1: Event Overview - The Dubai Airshow will last for five days, from November 17 to 21, 2023, and is described as the largest and most comprehensive edition to date [1] - Over 1,500 exhibitors are participating, with an expected attendance of 148,000 industry professionals [1] - More than 200 aircraft of various types will be displayed, including commercial, military, business jets, drones, and advanced aviation technologies, featuring both static displays and flight demonstrations [1] Group 2: Chinese Participation - Nearly 100 aviation-related companies from mainland China are participating in this year's airshow [1] - China Commercial Aircraft Corporation is showcasing a C919 aircraft and a C909 aircraft, while China Southern Airlines is also presenting a C919 aircraft [1] - The C919 aircraft is making its debut in the Middle East, with flight demonstrations conducted by China Commercial Aircraft Corporation [1] - Additionally, Chinese-developed drones and electric vertical takeoff and landing (eVTOL) vehicles are also featured at the airshow [1]

Core Viewpoint - The 2025 Dubai Airshow, themed "The Future is Here," opened on November 17, showcasing significant advancements in the aviation industry, including the debut of China's C919 aircraft in the Middle East [1] Group 1: Event Overview - The Dubai Airshow will last for five days, from November 17 to 21, and is described as the largest and most comprehensive in its history [1] - Over 1,500 exhibitors are participating, with an expected attendance of 148,000 industry professionals [1] - More than 200 aircraft of various types will be displayed, including commercial, military, business, and unmanned aerial vehicles, featuring both static displays and flight demonstrations [1] Group 2: Chinese Participation - Nearly 100 aviation-related companies from mainland China are exhibiting at the event [1] - China Commercial Aircraft Corporation is showcasing one C919 and one C909 aircraft, while China Southern Airlines is also presenting a C919 [1] - The C919 aircraft is making its first appearance in the Middle East, with flight demonstrations conducted by China Commercial Aircraft Corporation [1] - Additionally, Chinese-developed drones and electric vertical takeoff and landing (eVTOL) vehicles are also featured at the airshow [1]

此外，春秋航空（601021.SH）、海航控股（600221.SH）、吉祥航空（603885.SH）、 厦门航空、四川航空、深圳航空和山东航空7家航司均发布了涉日本航线免费退改政策。据 《中国经营报》记者统计，截至发稿，已有10家航司发布赴日航班退改政策。 日本一直是中国游客出境最重要的目的地之一，近日中国外交部发布提醒中国公民近期避免 前往日本后，多家航司发布涉日本机票免费退改政策。 中国外交部11月14日在其官方网站发布提醒称，今年以来，日本社会治安不靖，针对中国 公民违法犯罪案件多发，发生多起在日中国公民遇袭事件，部分案件迄未侦破，中国公民在 日本安全环境持续恶化。近日，日本领导人公然发表涉台露骨挑衅言论，严重恶化中日人员 交流氛围，给在日中国公民人身和生命安全带来重大风险。 上述提醒发出后，中国各大航空公司陆续推出退改政策。 中国国际航空公司（以下简称"中国国航"，601111.SH）11月15日发布方案显示，对于 11月15日12时（含）前购买或换开产生新票号的国航999开头的客票且客票未使用行程涉 及旅行日期为2025年11月15日（含）至2025年12月31日（含）之间东京、大阪、名古 图说：1 ...

Core Insights - The overall passenger turnover volume of listed airlines has shown significant growth, indicating a potential improvement in industry conditions for the fourth quarter [1][2][3][4] Group 1: Airline Performance Data - Air China reported a 4.3% increase in passenger capacity and an 8.7% increase in passenger turnover for October 2025, with an average load factor of 85.3%, up 3.4 percentage points year-on-year [1] - China Eastern Airlines announced a 6.84% increase in passenger capacity and a 10.58% increase in passenger turnover for October 2025, achieving a load factor of 87.52%, up 2.97 percentage points year-on-year [2] - China Southern Airlines reported a 7.53% increase in passenger capacity and an 8.83% increase in passenger turnover for October 2025, with a load factor of 87.89%, up 1.05 percentage points year-on-year [3] - Hainan Airlines indicated a 6.81% increase in passenger capacity and a 7.33% increase in passenger turnover for October 2025, with cargo revenue ton-kilometers increasing by 25.37% [3] Group 2: Market Trends and Outlook - The airline industry is experiencing high load factors and a recovery in ticket prices, with expectations for improved travel demand in the fourth quarter [4] - The implementation of measures to reduce aggressive pricing strategies is anticipated to support ticket price recovery, further enhancing airline revenue per seat [4] - A decline in oil prices is expected to lower operational costs for airlines, potentially leading to increased profitability [4]

证券之星消息，11月17日航空机场板块较上一交易日下跌0.89%，春秋航空领跌。当日上证指数报收于 3972.03，下跌0.46%。深证成指报收于13202.0，下跌0.11%。航空机场板块个股涨跌见下表： 从资金流向上来看，当日航空机场板块主力资金净流出1.78亿元，游资资金净流出1.31亿元，散户资金净 流入3.09亿元。航空机场板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600029 | 南方航空 | 3849.73万 | 6.93% | -2052.54万 | -3.70% | -1797.19万 | -3.24% | | 601021 | 春秋航空 | 2833.16万 | 3.60% | -7820.84万 | -9.93% | 4987.68万 | 6.34% | | 600115 | 中国东航 | 2459.30万 | 2.55% | -460.98万 | -0.48% | ...

Core Viewpoint - The aviation industry is experiencing a continuous digestion of existing supply, with aircraft utilization rates exceeding 2019 levels during peak season, indicating a potential slowdown in supply growth in the future. The significant increase in international routes and limited domestic capacity growth suggest an optimization of the domestic competitive landscape, with high passenger load factors likely to improve ticket prices. Favorable oil prices and exchange rates are expected to lead to a "not-so-slow" trend in Q4, with a significant reduction in losses anticipated for the aviation industry by Q4 2025 and a release of profit elasticity in 2026 [1]. Group 1: Flight and Passenger Volume - Flight and passenger volume growth: In Q3 2025, overall, domestic, international, and regional flight volumes increased by 3%/2%/12%/7% year-on-year, while overall, domestic, international, and regional passenger volumes grew by 3.90%/2.84%/15.31%/-2.37% year-on-year [1]. - Airlines' capacity deployment: Except for Juneyao Airlines, overall capacity investment increased, focusing on international routes. In Q3 2025, ASK (Available Seat Kilometers) for major airlines showed year-on-year growth of 1.9%/5.7%/6.0%/4.4%/14.1%/-1.4% [2]. - Passenger turnover growth outpaced available seat kilometers growth, with load factors remaining high. In Q3 2025, passenger turnover for major airlines increased by 3.6%/6.2%/8.9%/4.2%/14.0%/-0.4% year-on-year, with industry load factors for July to September averaging 84.5%/87.5%/86.3%, up 0.5/0.6/2.4 percentage points year-on-year [2]. Group 2: Revenue and Cost Analysis - Revenue growth driven by capacity increase and passenger volume: In Q3 2025, total operating revenue for major airlines grew by 0.9%/3.0%/3.1%/1.8%/6.0%/-1.9% year-on-year [3]. - Decrease in oil prices alleviated fuel costs, while capacity investment diluted fixed costs, although variable costs increased. In Q3 2025, operating costs for major airlines increased by 0.07%/1.63%/1.51%/-1.43%/8.74%/-0.46% year-on-year [3]. - Revenue per available seat kilometer decreased, but the decline in costs was generally greater than the decline in revenue. In Q3 2025, revenue per available seat kilometer for major airlines decreased by 1.03%/2.55%/2.72%/2.41%/7.09%/0.47%/5.28%, while costs decreased by 1.84%/3.86%/4.26%/5.54%/4.70%/8.21% [3]. Group 3: Profitability and Market Outlook - Favorable oil prices and exchange rates positively impacted net profits. In Q3 2025, the average price of aviation kerosene was 5593 RMB/ton, down 11.05% year-on-year, and the USD/CNY exchange rate decreased by 0.74%, affecting net profits of major airlines [4]. - Slightly better-than-expected net profits for China Southern Airlines and China Eastern Airlines. In Q3 2025, net profits for major airlines were 36.76/38.40/35.34/27.88/11.67/5.84/3.69 billion RMB, with year-on-year growth rates of -11.31%/+20.26%/34.37%/-0.75%/-6.17%/-25.29%/+31.60% [4]. Group 4: Investment Recommendations - Investment themes include performance elasticity from ticket price increases, recommending major airlines with larger fleets and strong cyclical attributes, as well as Hainan Airlines benefiting from policy advantages and Juneyao Airlines with optimal route networks among private carriers [5]. - Emphasis on the certainty of operational performance, recommending airlines with stable subsidies like China Express Airlines and those with clear cost advantages and neutral exchange rate exposure like Spring Airlines [5].