机构：航空出行需求有望提振

Core Viewpoint - The upcoming National Day holiday is expected to boost air travel demand, with online travel booking platforms reporting a more than 30% increase in domestic flight search popularity [1] Group 1: Industry Outlook - The aviation sector is anticipated to benefit from a cyclical recovery in passenger volume and pricing, driven by high load factors and industry initiatives to reduce internal competition, leading to a potential rebound in ticket prices [1] - On the supply side, the introduction of new aircraft is slowing, while the utilization rate of existing aircraft is gradually recovering, resulting in a decline in capacity growth year-on-year [1] - On the demand side, the resilience of business travelers is expected to recover, private travel is performing well, and the silver economy will continue to develop, indicating sustained growth in air travel demand [1] Group 2: Pricing and Revenue Dynamics - With record high load factors and enhanced price regulation by the Civil Aviation Administration, there is a strong foundation for ticket price increases [1] - As the bull market progresses and economic expectations improve, business travel (due to improved corporate profitability) and tourism consumption (due to rising household income) are likely to enhance the fundamentals of airlines, leading to better profitability [1] - Airports are also expected to benefit from the recovery in air travel demand, with both aviation and non-aviation revenues showing significant improvement [1]