航空行业更新报告：暑运客流创历史新高，客座率票价平疫前

Investment Rating - The report maintains an "Accumulate" rating for the aviation industry [5][20]. Core Insights - The summer travel season in 2024 saw record-high passenger traffic, with a total of over 140 million passengers transported from July to August, exceeding previous forecasts and showing a year-on-year increase of over 12% compared to 2023, and nearly 18% compared to 2019 [3][5]. - Domestic flight traffic increased by approximately 22% compared to 2019, while international routes recovered to about 90% of 2019 levels [3][11]. - The average daily flights during the summer season reached nearly 18,700, an increase of 8.2% from the same period in 2023, indicating a strong recovery in flight operations [3][5]. - The report anticipates continued resilience in demand during the off-peak season, with airlines expected to manage capacity effectively to maximize revenue [3][5]. Summary by Sections Summer Travel Insights - The summer travel demand was robust, with passenger traffic reaching historical highs, and the peak travel period shifted slightly later than in previous years due to various factors [3][5]. - The passenger composition showed a significant presence of family travel, with children and elderly passengers returning to pre-pandemic levels [3][5]. Pricing and Capacity - Airlines have successfully optimized their flight networks, maintaining passenger load factors and ticket prices close to pre-pandemic levels [3][5]. - The report notes that while ticket prices have seen some decline compared to the high base in 2023, the overall revenue for airlines is expected to grow, leading to substantial profitability [3][5]. Outlook for Off-Peak Season - The aviation market in China is still in a recovery phase, with distinct seasonal demand characteristics emerging [3][5]. - The report suggests that airlines will continue to focus on revenue management strategies to maintain load factors close to 2019 levels during the off-peak season [3][5]. Investment Strategy - The long-term value of airlines is becoming more apparent, with significant growth potential due to low penetration rates in air travel consumption in China [3][5]. - The report recommends a contrarian investment approach, highlighting that the market expectations are currently low, and the long-term profitability of airlines is likely to improve as demand continues to recover [3][5].