航空机场9月数据点评：旺季过后需求下降，航司重点保障客座率

Investment Rating - The industry investment rating is "Positive" [1][42] Core Viewpoints - The transportation industry is experiencing a seasonal transition from peak to off-peak demand, leading airlines to prioritize maintaining passenger load factors [3][4] - Domestic air traffic capacity has significantly contracted, with a month-on-month decrease of approximately 16% in September compared to August, while capacity is at 118% of the same period in 2019 [4][9] - The oversupply pressure in domestic routes is gradually alleviated due to the recovery of international routes, although challenges remain in the short term [4][9] - Airlines are actively managing capacity to ensure load factors, with September's overall load factor down by about 2.2 percentage points from August but still higher than the same period in 2019 by 1.7 percentage points [4][19] - International routes saw a capacity utilization of about 90% compared to the same period in 2019, with a month-on-month decrease of 5.3% in capacity [5][11] Summary by Sections Domestic Routes - The domestic market has shifted from peak to off-peak, with a notable contraction in capacity and a month-on-month decrease of approximately 16% in September [4][9] - Airlines are facing oversupply issues, but efforts are being made to redirect excess capacity to international routes [4][9] - The load factor for domestic routes decreased in September but remains higher than in 2019, indicating effective capacity management by airlines [4][19] International Routes - International route capacity in September was approximately 90% of the same period in 2019, with a month-on-month decrease of 5.3% [5][11] - The load factor for international routes decreased by about 4.3 percentage points from August but improved by 0.5 percentage points compared to 2019 [5][11] - Airlines with a higher proportion of leisure travel, such as Spring Airlines and Juneyao Airlines, experienced more significant declines in load factors [5][26] Future Outlook - The industry is expected to continue facing pressure during the off-peak season in the fourth quarter, but the fundamental improvements in the industry suggest that profit performance may significantly exceed last year's results [5][9]