航空机场10月数据点评：航司谨慎投放运力，国内客座率环比回升

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [2][69]. Core Insights - The report highlights that domestic airlines are cautiously managing capacity, resulting in a rebound in passenger load factors for October. The cautious approach is attributed to concerns about demand in the fourth quarter [7][15]. - Domestic market demand saw a short-term increase during the October holiday, with capacity deployment increasing by approximately 4% month-on-month. However, this is still around 120% of the capacity compared to the same period in 2019 [8][23]. - The report notes that while the supply pressure on domestic routes has eased somewhat due to the recovery of international routes, the overall excess capacity in domestic routes remains a concern for the upcoming low season [10][15]. Summary by Sections Industry Overview - The transportation industry has a total market capitalization of approximately 32,276.28 billion, with a circulating market value of about 28,499.98 billion. The average price-to-earnings ratio for the industry stands at 17.5 [5][6]. Domestic Routes - Airlines have been cautious in their capacity deployment, with October's capacity being similar to last year and a 4% increase from September. Compared to 2019, the capacity is about 120% of the same period [8][23]. - The passenger load factor for airlines improved significantly in October, with an overall increase of approximately 2.1 percentage points compared to September, exceeding the levels of 2019 by 2.2 percentage points [9][30]. International Routes - For international routes, airlines' capacity deployment in October was about 92% of the levels seen in 2019, with a month-on-month increase of approximately 2.2%. However, the passenger load factor decreased by 0.4 percentage points compared to September, although it was up by 1.0 percentage point compared to 2019 [10][18]. - The report indicates significant variability among airlines, with some experiencing increased capacity while others faced declining load factors, highlighting a bottleneck in demand for international routes [41][39]. Future Outlook - The report suggests that while the civil aviation industry continues to face operational pressures, improvements in the fundamental aspects of the industry could lead to significantly better profit performance compared to last year. Major airlines' stock prices have shown a long-term adjustment, indicating a potential for increased safety margins and investment opportunities [10][11].