Group 1 - Airline stocks experienced a broad decline, with China National Aviation (00753) down 8.51% to HKD 5.59, China Southern Airlines (01055) down 3.56% to HKD 4.61, Beijing Capital International Airport (00694) down 1.4% to HKD 2.81, China Eastern Airlines (00670) down 0.75% to HKD 3.96, and Meilan Airport (00357) down 0.57% to HKD 10.49 [1] - According to Huatai Securities, after the summer travel season, the growth rate of airline capacity slightly slowed in September, while the passenger load factor remained high at 86.0%, an increase of 2.6 percentage points year-on-year [1] - The outlook for the new flight season indicates a continued tightening of flight schedules year-on-year, with signs of improvement in the industry, alongside a potential continuation of positive ticket prices in Q4 due to lower oil prices reducing cost pressures for airlines [1] Group 2 - According to Cinda Securities, during the National Day and Mid-Autumn Festival holiday, the industry saw a year-on-year increase in ticket prices, with demand remaining relatively strong in early October [2] - The fourth quarter is entering a low season primarily driven by business travel, with significant year-on-year improvements expected due to last year's low base, which will help restore unit revenue for airlines [2] - The ongoing "anti-involution" measures and the implementation of the "Convention" are expected to reduce malicious low pricing in the industry, further supporting the recovery of ticket prices and unit revenue for airlines [2]