机构：看好航空行业投资机会

Group 1 - The core viewpoint is that the demand for air travel during the Spring Festival travel season is expected to increase significantly, with a projected national civil aviation passenger transport volume of 95 million, averaging 2.38 million passengers per day, representing a year-on-year growth of approximately 5.3% [1] - The airline market is entering a traditional off-peak season after New Year's, with airlines focusing on controlling irrational price competition, leading to a recovery in air traffic and pricing as universities begin to close for winter break [1] - The Spring Festival pre-sale has started, resulting in a significant increase in ticket sales, and the demand for the Spring Festival in 2026 is expected to remain strong, with limited additional flights due to strict control over capacity increases by airlines [1] Group 2 - The late timing of the Spring Festival this year may lead to a differentiated return rhythm among different demographics, with the student group expected to boost market demand as universities begin their winter breaks [2] - Short-term favorable conditions such as oil prices and the "anti-involution" initiative are expected to enhance the outlook for air traffic and pricing, indicating strong investment opportunities in the aviation sector [2] - The domestic civil aviation market is experiencing a slow growth in capacity, but demand is expected to continue its moderate recovery, driving passenger load factors to new highs and leading to a trend of rising ticket prices [2]