航空业迎转折点，量化数据揭示真相

Core Viewpoint - The recent aviation industry development conference in Liaoning Province has sparked discussions about an impending "super cycle," but there are concerns about the potential pitfalls for retail investors who may be misled by optimistic projections [1][8]. Group 1: Industry Trends - The aviation industry is experiencing high passenger load factors and effective market pricing, which are seen as positive indicators [1]. - The situation in the aviation sector is compared to the past downturn in the liquor industry, where expert predictions failed to foresee significant market shifts due to regulatory changes [3][4]. Group 2: Investor Behavior - Retail investors often fall into the trap of "locking in profits" on winning stocks while holding onto losing ones, driven by behavioral finance concepts such as "loss aversion" and "disposition effect" [3][8]. - The importance of understanding trading data and institutional behavior is emphasized, as many retail investors may not recognize the signs of institutional withdrawal from a sector [4][6]. Group 3: Recommendations for Investors - Investors are advised to not be swayed by superficial positive signals and to focus on data-driven analysis instead [8][10]. - Developing a personal decision-making framework and overcoming psychological biases are crucial for navigating the current market landscape [9][10].