民航大重组，提速！

Core Viewpoint - The Chinese civil aviation industry is experiencing significant competition characterized by "involution," and current measures to counteract this trend have shown limited effectiveness [2][3][24]. Group 1: Reasons for Limited Effectiveness - The first reason is that any measures to counteract involution must be implemented within a "market-oriented and legal" framework [4][25]. - Many initiatives aimed at counteracting involution risk leading to monopolistic outcomes if not carefully managed [5][26]. - The second reason is that the essence of involution is rooted in supply and demand dynamics, with the current market showing an oversupply situation due to the lack of industry clearing during the pandemic [7][8][26]. Group 2: Necessity for Industry Consolidation - The civil aviation industry must undergo consolidation, including the closure of airlines, to achieve market clearing and effectively counteract involution [10][27]. - Unfortunately, such consolidation has not yet occurred in the Chinese market, contrasting sharply with ongoing global restructuring efforts [12][28]. Group 3: Global Restructuring Examples - AirAsia X has completed a debt restructuring and brand integration, aiming for a revenue target of nearly $6 billion and an EBITDA margin of 20% post-restructuring [16][32]. - Spirit Airlines is seeking acquisition opportunities to escape bankruptcy, reflecting the challenges faced by smaller airlines in the U.S. market [17][35]. - The restructuring of these airlines highlights the increasing concentration in the Asian low-cost airline market and the ongoing challenges in the U.S. market, where smaller airlines face significant survival pressures [33][36]. Group 4: Recommendations for Chinese Civil Aviation - The Chinese civil aviation industry should optimize resource integration by encouraging mergers and acquisitions among regional and smaller airlines to enhance operational efficiency and avoid homogeneous competition [21][36]. - Collaboration among airlines should be promoted to break down resource barriers, allowing for shared resources in fleet management, maintenance, and ground services to reduce operational costs [21][36].