国联交运：2024冬航季换季专题

Investment Rating - The report provides a "Buy" rating for the industry, indicating a positive outlook for the next 6 to 12 months based on expected performance relative to market indices [45]. Core Insights - Domestic flights have increased by 20% compared to 2019, although there are decreases on a year-over-year and quarter-over-quarter basis. The total weekly flight volume is 126,986, which is a 0.6% decrease year-over-year and a 5.5% decrease quarter-over-quarter, but a 13.5% increase compared to the same period in 2019 [16]. - The report highlights a significant growth in international flights, with a year-over-year increase of 4.9%, although it remains 23.3% lower than in 2019 [17]. - The cargo flight sector shows a robust growth of 14% year-over-year, with international cargo flights increasing by 33% year-over-year, indicating a shift towards international operations [31][33]. Summary by Sections Domestic Flight Analysis - Domestic flights account for 86.6% of total flights, with a total of 110,019 flights, reflecting a year-over-year decrease of 0.9% and a quarter-over-quarter decrease of 6% [16]. - The breakdown of domestic flights shows a 58.3% share for "dry" flights, 36.3% for "mixed" flights, and 5.4% for "support" flights, with the latter showing a significant year-over-year increase of 13.1% [16]. International and Regional Flight Trends - The report notes a net addition of 8 international carriers compared to the 2019 winter season, while 38 carriers have exited the market [23]. - Regional flights have seen a decline, with a year-over-year drop of 13% [17]. Major Airports and Routes - The report provides a comparative analysis of the top 20 airports and routes, indicating varying growth rates across different locations, with some routes experiencing significant increases in flight volume [24][26]. Airline Performance - Major airlines have shown varied performance, with Spring Airlines and Huaxia Airlines expanding their market share compared to 2019, while others have contracted [30]. - The report indicates that Hainan Airlines, Huaxia Airlines, and China Southern Airlines have expanded their operations compared to the previous winter season [30]. Cargo Flight Dynamics - Cargo flights have seen a substantial increase, with international cargo flights growing by 33% year-over-year and domestic cargo flights decreasing by 7% [33]. - The international cargo flight share has increased from 47.4% in 2019 to 63.3% in the current season, indicating a shift in focus towards international logistics [34].