航空行业2024年10月数据点评：10月上市航司旅客周转量超19年10%，春秋客座率90.4%领跑行业

Investment Rating - The report maintains a "Buy" recommendation for Spring Airlines [1] Core Insights - The aviation industry has shown significant recovery, with passenger turnover in October exceeding 10% compared to 2019, and Spring Airlines leading the industry with a passenger load factor of 90.4% [1] - The report highlights the importance of fiscal stimulus in driving airline performance, suggesting that airline stocks typically exhibit two phases of significant excess returns during such periods [1] Summary by Sections High-Frequency Data Tracking - Average domestic passenger volume in the last 7 days of November reached 1.68 million, a year-on-year increase of 11% and an 8% increase compared to 2019 [1] - The average ticket price (including fuel) for domestic flights was 541 yuan, down 7% year-on-year and down 18% compared to 2019 [1] Airline Data Analysis for October - Overall, airlines like Juneyao Airlines and Spring Airlines showed significant increases in Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) compared to 2019, with Juneyao Airlines' ASK up by 37.4% and RPK up by 36.1% [1] - Domestic routes saw Spring Airlines with an RPK increase of 49.7% compared to 2019, while international routes showed Juneyao Airlines with an ASK increase of 114.2% [1] Passenger Load Factor - Spring Airlines led the industry with a passenger load factor of 90.4% in October, showing a year-on-year increase of 0.2 percentage points and a 0.5 percentage point increase compared to 2019 [1] Fleet Data - The five listed airlines collectively added 12 aircraft in October, with a total fleet increase of 2.0% compared to the end of 2023 [1] Investment Recommendations - The report suggests focusing on key companies such as Huaxia Airlines, which is expected to benefit from a sustainable operational turning point, and Juneyao Airlines, which is anticipated to release operational elasticity due to efficient wide-body aircraft operations [1]