中国国航：10月旅客周转量同比上升8.7%

Core Viewpoint - China National Airlines (601111.SH) announced an increase in passenger turnover and capacity for October 2025, indicating positive growth trends in both domestic and international markets [2] Group 1: Passenger Turnover and Capacity - The company's passenger turnover volume is expected to increase by 8.7% year-on-year [2] - Passenger capacity (measured in available seat kilometers) is projected to rise by 4.3% year-on-year [2] - Domestic passenger capacity is anticipated to grow by 3.2%, with a corresponding 5.5% increase in passenger turnover [2] - International passenger capacity is expected to increase by 7.5%, leading to a 17.6% rise in passenger turnover [2] - Regional passenger capacity is forecasted to grow by 0.6%, with a 7.7% increase in passenger turnover [2] Group 2: Average Load Factor - The average load factor is projected to reach 85.3%, an increase of 3.4 percentage points year-on-year [2] - The load factor for domestic routes is expected to rise by 2.0 percentage points [2] - The load factor for international routes is anticipated to increase by 7.0 percentage points [2] - The load factor for regional routes is projected to grow by 5.0 percentage points [2]