智通财经网·2026-02-27 07:34Core Viewpoint - The Chinese aviation industry is expected to enter a "super cycle," driven by sustained demand growth and market-driven pricing, with a positive outlook for 2026 [1] Group 1: Demand and Passenger Flow - During the 2026 Spring Festival travel period, overall passenger flow increased by 6.0% year-on-year, with aviation passenger flow growth leading the way [1] - The pre-festival period saw a 3.1% increase in passenger flow, while the mid-festival period experienced a significant 9.7% growth, supported by an extended holiday [1][2] - Post-festival, a concentrated return flow is expected, with business travel recovering faster than in previous years [2] Group 2: Flight Operations and Capacity - Daily average passenger volume during the first 21 days of the Spring Festival was approximately 2.39 million, reflecting a 6.0% year-on-year increase [2] - The number of flights operated during this period increased by nearly 5% year-on-year, with both domestic and international routes showing similar growth [2] Group 3: Pricing and Profitability - Estimated domestic seat occupancy rates rose by about 1-2 percentage points year-on-year, while average ticket prices increased by approximately 3-4% [3] - The decline in jet fuel prices by 13% year-on-year is expected to enhance airlines' gross profit margins [3] - The strong demand during the mid-festival period is anticipated to lead to significant improvements in airline profitability, with the industry expected to achieve profitability in Q1 2026 [3]