航空行业10月数据点评：10月客流量环比增长，国际航班进一步恢复

Investment Rating - The report rates the aviation industry as "Positive" due to the recovery in international flights and growth in domestic passenger traffic [2][3]. Core Insights - In October, domestic airlines saw a year-on-year increase in capacity and passenger volume, with a total of approximately 64.56 million passengers, representing a 15.2% increase compared to 2023 and a 13.3% increase compared to 2019 [3]. - The average aircraft utilization rate for civil aviation was 7.9 hours per day, indicating potential for further improvement [3]. - Major airlines reported double-digit growth in passenger transport volume compared to 2023, with China National Airlines (+18%), Eastern Airlines (+15%), Southern Airlines (+11%), Spring Airlines (+15%), and Juneyao Airlines (+13%) [3]. Summary by Sections Domestic Market - Domestic airlines have slowed capacity growth, but passenger turnover has increased year-on-year. ASK (Available Seat Kilometers) growth for major airlines compared to 2023 includes: China National Airlines (+3%), Eastern Airlines (-1%), Southern Airlines (0%), Spring Airlines (+5%), and Juneyao Airlines (+1%) [3][6]. - RPK (Revenue Passenger Kilometers) growth for major airlines compared to 2023 includes: China National Airlines (+11%), Eastern Airlines (+9%), Southern Airlines (+7%), Spring Airlines (+6%), and Juneyao Airlines (+4%) [3][6]. International Market - International flights have further recovered, with Spring Airlines and Juneyao Airlines leading in year-on-year growth in capacity and volume. ASK growth compared to 2019 includes: China National Airlines (-4%), Eastern Airlines (-2%), Southern Airlines (-10%), Spring Airlines (-24%), and Juneyao Airlines (+114%) [3][6]. - RPK growth compared to 2023 shows significant increases, with Spring Airlines (+135%) and Juneyao Airlines (+158%) leading [3][6]. Regional Market - China National Airlines leads in regional market capacity growth compared to 2023, while Spring Airlines and Juneyao Airlines have reduced regional capacity. ASK growth compared to 2019 includes: China National Airlines (+5%), Eastern Airlines (+10%), Southern Airlines (-14%), Spring Airlines (-79%), and Juneyao Airlines (-3%) [3][6]. Investment Recommendations - The report suggests a positive outlook for the aviation sector, with stable domestic demand and ongoing recovery in international demand. Recommended stocks include Juneyao Airlines, Spring Airlines, Huaxia Airlines, China National Airlines, Southern Airlines, and Eastern Airlines [3][6].