Group 1 - The aviation stocks are experiencing a general recovery, with China National Airlines rising by 2.8% to HKD 6.6, Southern Airlines increasing by 2.05% to HKD 5.48, Eastern Airlines up by 1.69% to HKD 4.81, and Meilan Airport gaining 1.06% to HKD 2.85 [1] - As of November 18, domestic crude oil futures have rebounded over 7% from a one-month low, with the main contract reaching a high of CNY 466.2 per barrel, indicating a volatile oil market influenced by geopolitical factors and supply-demand dynamics [1] - Haitong Futures notes that while there is a natural downward pressure on oil prices due to oversupply, geopolitical uncertainties continue to inject volatility into the market, suggesting that oil prices will maintain a fluctuating trend for some time [1] Group 2 - Cathay Haitong's report indicates that the seasonal impact at the end of October was weaker than in previous years, with airlines maintaining high passenger load factors and ticket prices rising year-on-year [2] - The estimated passenger load factor for international routes in September-October exceeded 80%, a year-on-year increase of over 3 percentage points, driving ticket prices significantly higher than market expectations [2] - Zhongtai Securities highlights that the current favorable conditions in oil prices and exchange rates suggest a "not-so-slow" trend for the fourth quarter, with expectations of significant loss reduction in the aviation industry by Q4 2025 and potential profit elasticity in 2026 [2]