国金证券：行业供需改善趋势确定，看好航司业绩释放

Core Viewpoint - The report from Guojin Securities indicates a confirmed trend of supply and demand improvement in the airline industry, with expectations for significant performance release from airlines [1] Short-term Outlook - Recent strong performance in private travel and the anticipated release of business travel demand are expected to drive continuous improvement in industry passenger load factors, which are reaching new highs [1] - The "anti-involution" policy is expected to sustain ticket price improvements, leading to a notable year-on-year increase in airline profits in the fourth quarter [1] Mid-term Outlook - Due to capacity constraints from aircraft manufacturers and upstream component suppliers, the growth rate of supply in the aviation industry is expected to slow down, with an annualized growth rate projected at around 3% [1] - Demand is expected to maintain a high single-digit growth rate, and the optimization of supply and demand will drive ticket price increases [1] - Airlines exhibit high price elasticity, with a 1% increase in ticket prices potentially resulting in over 1 billion yuan in profit release for large airlines [1]