交通运输行业：冬春航季即将开启，国际航班持续恢复

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The upcoming winter-spring flight season is expected to see a continuous recovery in international flights, with domestic airlines planning to operate 95,968 domestic flights weekly, which is roughly in line with last year's figures [2][3] - The report highlights that the aviation industry is on a positive recovery trend, with improved flight operation efficiency and a favorable supply-demand balance expected to enhance airline performance [2][3] Summary by Sections Industry Overview - The industry comprises 124 listed companies with a total market capitalization of 31,254.26 billion and a circulating market capitalization of 29,747.15 billion [2] - The transportation sector saw a weekly increase of 1.9%, outperforming the broader market, with logistics, aviation, and shipping indices showing significant gains [2] Aviation Data Tracking - Daily average flight operations varied among airlines from October 21 to October 25, with Southern Airlines operating 2,210.40 flights (down 0.46% week-on-week) and Eastern Airlines at 2,229.60 flights (down 0.88%) [2][11] - The average aircraft utilization rate for Southern Airlines was 7.80 hours per day, reflecting a week-on-week decrease of 1.27% [2][11] Investment Recommendations - Key recommendations include: - Hua Xia Airlines: Expected P/E ratios for 2024-2026 are 24.72X, 10.55X, and 8.94X, with a focus on regional market growth and government subsidies [11] - Spring Airlines: Projected P/E ratios are 15.97X, 12.62X, and 11.85X, benefiting from cost control and market leadership in low-cost travel [11] - Jixiang Airlines: Anticipated P/E ratios are 15.54X, 9.16X, and 8.44X, with a strategy to cover all passenger segments [11] - China Southern Airlines: Expected P/E ratios are 32.87X, 12.21X, and 9.29X, focusing on building comprehensive international hubs [11] - China Eastern Airlines: Projected P/E ratios are 39.43X, 11.63X, and 8.93X, with a strong position in key international routes [11]