Di Yi Cai Jing·2025-10-17 00:02Core Viewpoint - The airline industry is experiencing a slight slowdown in capacity growth post-summer, but high passenger load factors are maintained, and ticket prices have started to show positive year-on-year growth due to recovering business travel demand [1] Group 1: Capacity and Load Factors - In September, the capacity growth of airlines (ASK) increased by 3.9% while revenue passenger kilometers (RPK) rose by 7.1%, leading to a 2.6 percentage point increase in load factor to 86.0% [1] - Data from the flight management system indicates that from week 36 to week 41 (September 1 to October 12), domestic ticket prices increased by 3.0% year-on-year [1] Group 2: Future Outlook - The new flight schedule is expected to continue tightening year-on-year, indicating signs of improvement in industry conditions, alongside a low base effect and reduced competition [1] - The positive trend in ticket prices is anticipated to continue into the fourth quarter, supported by falling oil prices which may alleviate cost pressures for airlines, thereby enhancing profitability and increasing sector attention [1] - The long-term supply growth in the industry is expected to remain low, suggesting a sustained improvement in the aviation sector's outlook [1]