清明经济｜燃油附加费明日下调，航空出行“旺丁不旺财”

Core Insights - The aviation industry continues to exhibit a "price for volume" characteristic, with airlines experiencing lower-than-expected operational efficiency, leading to a situation where passenger numbers are high but financial performance is weak [1][3][19] Pricing Adjustments - Starting April 5, 2025, domestic fuel surcharges will be reduced: 20 yuan for flights over 800 kilometers and 10 yuan for flights 800 kilometers or less, marking a decrease of 20 yuan and 10 yuan respectively compared to previous rates [4][6] - The last adjustment to fuel surcharges occurred in February 2025, which had increased the fees, indicating that the current reduction returns the charges to early-year levels [6] Ticket Pricing Trends - Average ticket prices for the Qingming holiday are approximately 672.9 yuan, reflecting a 2.7% decrease compared to 2019 and a 7.0% decrease compared to 2024 [6] - International ticket prices have also decreased, with flights to destinations like Bangkok and Singapore showing nearly a 10% drop compared to last year [16] Passenger Demand and Flight Volume - Daily passenger volume during the Qingming holiday is expected to reach approximately 1.876 million, a 10.3% increase from 2024, while the growth in flight numbers is smaller, with an expected increase of 5.7% [9] - Among the top 20 airlines, 15 are projected to see year-on-year growth in flight numbers, with some airlines like Tibet Airlines and China National Aviation experiencing significant increases [9] Airport Activity - 38 major airports are expected to see an increase in flight volumes compared to 2024, with Guangzhou Baiyun and Shenzhen Baoan airports showing the highest growth rates [13] Market Dynamics - The international flight market is recovering, with March 2025 seeing nearly 54,000 international flights, reaching 85.5% of pre-pandemic levels [19] - The competition between airlines and high-speed rail is intensifying, leading to a structural shift in passenger demographics, with high-end travelers moving to rail and budget travelers shifting to air travel [22]