航空行业9月数据点评：9月航空运力运量同比提升，助推行业复苏

Investment Rating - The report maintains a positive outlook on the aviation industry, indicating a "Look Favorably" rating for the sector [4][8]. Core Insights - In September, domestic airlines saw a year-on-year increase in capacity and passenger volume, with a total of approximately 60.15 million passengers transported, representing a 12.5% increase compared to 2023 and a 9.9% increase compared to 2019 [4]. - The average aircraft utilization rate decreased to 7.8 hours per day, down 12% month-on-month, indicating a decline post-summer peak travel season [4]. - All listed airlines reported double-digit growth in passenger turnover compared to 2023, with overall load factors improving year-on-year [4]. - The report highlights that domestic demand remains stable while international demand continues to recover, suggesting a favorable long-term supply-demand balance in the aviation sector [4]. Summary by Sections September Data Overview - Passenger transport volume reached 60.15 million, up 12.5% YoY from 2023 and 9.9% from 2019 [4]. - Domestic capacity decreased by 1.1% YoY from 2023 but increased by 7.5% from 2019 [4]. - Daily aircraft utilization was 7.8 hours, with wide-body aircraft at 9.2 hours and narrow-body at 7.8 hours [4]. Airline Performance - Major airlines showed significant growth in passenger turnover: Air China (+15%), China Eastern Airlines (+16%), China Southern Airlines (+13%), Spring Airlines (+10%), and Juneyao Airlines (+5%) compared to 2023 [4]. - Load factors improved for all airlines, with Spring Airlines leading at 90.5% [4]. Domestic and International Market Analysis - Domestic market performance showed stable growth in passenger turnover, while international capacity saw significant increases, particularly for Spring Airlines and Juneyao Airlines [4]. - The report notes that the recovery in international markets is contributing positively to overall airline performance [4]. Investment Recommendations - The report recommends continued investment in the aviation sector, highlighting companies such as Juneyao Airlines, Spring Airlines, Air China, China Southern Airlines, and China Eastern Airlines as favorable options [4][8]. - It also suggests monitoring companies involved in airport operations and leasing, such as China Aircraft Leasing Group and various major airports [4].