Zheng Quan Shi Bao Wang·2025-11-18 00:19Core Insights - The overall passenger turnover volume of multiple listed airlines has shown significant growth in October, indicating a potential improvement in industry conditions for the fourth quarter [1][4]. Group 1: China National Airlines - In October 2025, China National Airlines reported a year-on-year increase in combined passenger turnover volume (measured in revenue passenger kilometers) of 8.7% [1]. - Passenger capacity input (measured in available seat kilometers) increased by 4.3% year-on-year, with domestic capacity up by 3.2% and international capacity up by 7.5% [1]. - The average passenger load factor reached 85.3%, an increase of 3.4 percentage points year-on-year [1]. Group 2: China Eastern Airlines - China Eastern Airlines announced a year-on-year increase in passenger capacity input of 6.84% and a passenger turnover volume increase of 10.58% for October 2025 [2]. - The passenger load factor was reported at 87.52%, up by 2.97 percentage points year-on-year [2]. - Cargo turnover volume increased by 14.59% year-on-year [2]. Group 3: China Southern Airlines and Hainan Airlines - China Southern Airlines reported a 7.53% increase in passenger capacity input, with passenger turnover volume rising by 8.83% in October 2025 [3]. - The passenger load factor was 87.89%, an increase of 1.05 percentage points year-on-year [3]. - Hainan Airlines reported a 6.81% increase in passenger capacity input and a 7.33% increase in revenue passenger kilometers [3]. Group 4: Industry Outlook - According to a recent report by Cinda Securities, high passenger load factors and recovering ticket prices are expected to contribute to a rebound in travel demand in the fourth quarter [4]. - The airline industry has seen sustained high load factors and a recovery in ticket prices, which is anticipated to enhance airline revenue per seat [4]. - The implementation of "anti-involution" measures is expected to reduce malicious low pricing, further supporting ticket price recovery and airline profitability [4].