港股概念追踪 | 旅游热度高涨!国庆中秋日均机票预订量增长超25% 机构看好座收回升带来的航司利润弹性(附概念股)

Core Viewpoint - The aviation sector is experiencing a positive trend due to increased demand during the upcoming National Day and Mid-Autumn Festival holidays, with significant growth in ticket bookings and a favorable supply-demand balance expected to enhance profitability for airlines [1][2][3]. Industry Overview - The aviation industry is anticipated to benefit from a reduction in "involution" competition, leading to a more rational market environment and improved operational efficiency [1][2]. - The Civil Aviation Administration of China (CAAC) is actively working to optimize route networks and control flight schedules, which is expected to stabilize the market and improve profitability for airlines [2][4]. Demand Insights - Domestic flight ticket bookings for the upcoming holidays have exceeded 4.52 million, with a daily average increase of over 25% compared to the previous year [1]. - The average price of domestic tickets during the National Day holiday is expected to remain stable compared to last year, with a pattern of higher prices at the beginning and end of the holiday period [2]. Supply Dynamics - The supply of domestic flights is expected to grow slowly, with the CAAC maintaining strict control over flight schedules and capacity [4]. - The overall capacity for the peak season is limited, and airlines are likely to face challenges in increasing operational efficiency due to ongoing supply chain disruptions [4][5]. Financial Performance - China National Aviation achieved a revenue of 80.76 billion yuan in the first half of 2025, with a net loss of 1.81 billion yuan, showing a reduction in losses compared to the previous year [6]. - China Eastern Airlines reported a revenue of 66.82 billion yuan in the first half of 2025, with a net loss of 1.43 billion yuan, also reflecting an improvement from the previous year [7]. - China Southern Airlines recorded a revenue of 86.29 billion yuan in the first half of 2025, with a net loss of 2.03 billion yuan, indicating a continued recovery in operational performance [7].