民航的2026年：反内卷、低空与国产化

Core Insights - The civil aviation industry in China achieved a profit of 6.5 billion yuan in 2025, driven primarily by air cargo, airports, and aviation fuel and materials, with passenger transport lagging behind [1][3] - The industry aims to transport 810 million passengers in 2026 and will focus on addressing "involution" competition and preventing airlines from engaging in predatory pricing [1][5] Financial Performance - In 2025, the civil aviation sector completed a total transport turnover of 1,640.8 billion ton-kilometers, with passenger transport reaching 770 million and cargo mail transport at 10.172 million tons, representing year-on-year growth of 10.5%, 5.5%, and 13.3% respectively [3] - Domestic and international cargo mail transport volumes grew by 7.3% and 22.1%, respectively, with Chinese airlines capturing 44% of the international cargo market, an increase of 3 percentage points [3] Airline and Airport Performance - Major airlines such as Air China, China Eastern Airlines, and China Southern Airlines reported net profits of 1.87 billion yuan, 2.103 billion yuan, and 2.307 billion yuan, respectively, by Q3 2025 [3] - Listed airports like Shanghai Airport and Guangzhou Baiyun Airport reported net profits of 1.634 billion yuan and 1.096 billion yuan, while Beijing Capital Airport incurred a loss of 239 million yuan, although this was a 48.11% reduction in losses year-on-year [4] Market Dynamics - The recovery of international flights has significantly improved operational efficiency, with international passenger transport increasing by 21.6% year-on-year and international cargo transport volumes showing substantial growth across various regions [4] - The industry is experiencing a trend of "involution" competition, with airlines adopting low-price strategies, leading to a 12.7% decline in average economy class ticket prices in 2024 and a further 3.1% drop in 2025 [5][6] Strategic Initiatives - The civil aviation sector plans to enhance the domestic aviation market by addressing "involution" competition through regulatory reforms and improving operational efficiency [6] - The focus will also be on increasing the domestic production rate of aviation products, with specific attention to the C919 and C909 aircraft models [7] Low-altitude Economy Development - The meeting highlighted the importance of developing the low-altitude economy, with significant progress in general aviation and the establishment of low-altitude flight service stations [7][8] - The industry aims to promote high-quality development in general aviation and low-altitude economy, including the establishment of a comprehensive monitoring service platform for low-altitude flights [8]