2024H1海外航空市场景气度跟踪：航空业景气度持续修复，海外航司经营分化

Investment Rating - The report maintains a positive investment outlook for the aviation industry, emphasizing a "dual-driven" investment strategy focusing on international routes and supply recovery [2][22]. Core Insights - The global aviation market is experiencing a recovery, with a 13.4% increase in RPK (Revenue Passenger Kilometers) in the first half of 2024, driven by a 17.4% increase in international RPK and a 7.4% increase in domestic RPK [2][4]. - The overall market seat load factor has improved to 82.3%, reflecting a year-on-year increase of 1.3 percentage points, indicating stronger passenger demand compared to capacity growth [2][4]. - The report highlights a divergence in profitability among airlines, particularly in the U.S. market, where major airlines have shown mixed results in net profits due to rising costs from labor and fuel [2][23]. Summary by Sections Global Aviation Market Overview - The global aviation market's capacity and demand continue to grow, with a 11.6% increase in ASK (Available Seat Kilometers) in the first half of 2024, including a 17.2% increase in international ASK [2][4]. - The recovery in the aviation sector is uneven, with the Asia-Pacific region leading in RPK growth, particularly benefiting from the recovery of international routes in China [2][4]. U.S. Aviation Market Tracking - The U.S. aviation industry returned to profitability in the first half of 2024, achieving an operating profit margin of 2.7%, despite a 7% increase in operating costs [23][24]. - Major U.S. airlines have seen a 5% increase in revenue year-on-year, but costs have risen by 7%, with labor costs being the largest expense [23][24]. European Aviation Market Tracking - The European aviation market is recovering, with passenger volumes increasing by 9% year-on-year in the first quarter of 2024, although ticket prices have shown a downward trend due to high base effects from the previous year [38][39]. - Airlines in Europe are facing pricing pressures despite strong demand, with expectations of continued revenue growth driven by both leisure and business travel [39][42]. Other Major Markets - The recovery in other markets is closely tied to their reliance on Chinese travelers, with airports benefiting from strong transit passenger flows [2][22]. - The report emphasizes the importance of monitoring the recovery of international routes and the impact of global supply chain disruptions on the aviation sector [2][22].