Zhi Tong Cai Jing·2026-02-09 01:19Group 1 - The 2026 Spring Festival holiday is expected to boost travel demand, with a projected 9.5 billion trips, a year-on-year increase of approximately 5.3%, setting a new historical record [1] - The civil aviation sector anticipates a passenger transport volume of 95 million during the Spring Festival, also reflecting a growth of about 5.3% compared to the previous year [1] - The Asia-Pacific region's air service market is projected to grow at a compound annual growth rate of 5.2%, reaching a market value of $138.7 billion by 2044, driven by increased passenger volume and fleet expansion [1] Group 2 - High-frequency booking data corroborates official forecasts, indicating strong demand for civil aviation travel, which, combined with steady flight supply, is expected to support improvements in passenger flow and revenue during the Spring Festival [2] - Morgan Stanley upgraded the ratings of China National Aviation (601111), China Eastern Airlines, and China Southern Airlines (600029) to "overweight," anticipating continued momentum in recovery driven by demand [2] - UBS forecasts that China Aviation Leasing (02588) will benefit from accelerated asset growth, with a projected return on equity (ROE) of 11.7% in 2026 and 12.7% in 2027, indicating potential for revaluation [3]