Ge Long Hui A P P·2025-12-03 06:16Group 1 - The core viewpoint of the article highlights that China National Aviation is the only flag carrier in China and has entered the first tier of global aviation transport companies, with a broad international route network and a balanced domestic and international network covering economically developed and densely populated areas of China [1] - The growth rate of China's civil aviation fleet is showing a "step-down" trend, influenced by global supply chain disruptions, leading to a decline in the order delivery capacity of major aircraft manufacturers [1] - The continuous recovery of the tourism market is expected to boost demand for air travel, while the average price of aviation kerosene in the first ten months of this year has decreased compared to the same period last year, which is beneficial for enhancing the company's profitability [1] Group 2 - The report initiates coverage of the company with an "overweight" rating [1]