东兴证券：8月航空机场供给低增长 客座率环比改善

Core Viewpoint - The report from Dongxing Securities indicates a cautious approach from airlines regarding capacity deployment in domestic routes, with improvements in passenger load factors observed in August, supported by the introduction of the self-discipline convention by the China Air Transport Association [1][5]. Domestic Routes - In August, the capacity deployment for domestic routes by listed companies increased by approximately 1.7% year-on-year and 0.8% month-on-month, with growth rates declining to a lower level [2]. - The three major airlines maintained a capacity deployment level in August that was largely unchanged from July, with year-on-year growth rates declining compared to July [2]. - The overall passenger load factor for listed companies improved by about 0.9 percentage points year-on-year and increased by 3.3 percentage points month-on-month, indicating a significant recovery in load factors [2]. - Airlines adjusted their strategies in response to lower-than-expected demand, shifting focus from maximizing load factors to balancing capacity and pricing for better profitability [2][3]. International Routes - For international routes, capacity deployment by listed airlines increased by approximately 14.6% year-on-year and 1.0% month-on-month in August [4]. - The passenger load factor for international routes remained stable year-on-year, with a month-on-month increase of about 2.8 percentage points [4]. - Notable increases in load factors were observed for Spring Airlines and China Eastern Airlines, both based in Shanghai, reflecting strong seasonal demand in the region [4]. Industry Policy Changes and Investment Recommendations - The introduction of the self-discipline convention by the China Air Transport Association in August has laid the groundwork for reducing market chaos and improving operational standards, contributing to revenue enhancement [5]. - The ongoing effort to combat internal competition is seen as a long-term initiative that will aid in the rebalancing of the industry and improve overall profitability [5]. - Large airlines are expected to benefit more significantly from these changes, suggesting a focus on these companies for investment opportunities [5].