航空运输行业10月数据点评：客座率超19年同期

Investment Rating - The industry investment rating is "Buy" [1] Core Views - In October, the aviation industry saw a significant year-on-year improvement in supply and demand, with international and regional routes recovering strongly. The total supply and demand of five listed airlines increased by 3.9% and 5.7% month-on-month, reaching approximately 110.2% and 113.1% of the levels in the same period of 2019, respectively. The passenger load factor rose by 1.4 percentage points to 84.7%, which is 2.1 percentage points higher than the same period in 2019 [2][3] - The three major airlines continued to recover steadily, with their supply and demand in October reaching 115.8% and 119.3% of the levels in the same period of 2019. Spring Airlines and Juneyao Airlines showed remarkable performance, with their international route supply increasing by 120.5% and 133.3% year-on-year, and demand increasing by 134.8% and 158.1% year-on-year [2][3] - The international flight market continues to recover, with strong travel demand during the National Day holiday. Domestic government efforts to promote cultural and tourism consumption are expected to sustain the recovery momentum in the aviation industry. Simplified entry and exit policies abroad are also aiding the growth of international routes. While a seasonal decline in private travel is anticipated towards the end of the year, the Christmas holiday may bring an influx of overseas travelers. Long-term, the aviation industry is expected to see a steady increase in profitability, with a focus on investment opportunities in the sector, recommending China National Aviation, China Eastern Airlines, Spring Airlines, and Juneyao Airlines [2][3] Summary by Sections Supply and Demand Analysis - In October, domestic supply and demand increased by 4.4% and 7.1% month-on-month, reaching approximately 117.6% and 121.0% of the levels in the same period of 2019. The passenger load factor rose by 2.3 percentage points to 87.1%, which is 2.4 percentage points higher than the same period in 2019 [2] - For international routes, supply and demand increased by 2.6% and 1.5% month-on-month, reaching approximately 95.6% and 95.7% of the levels in the same period of 2019, with a slight decrease in passenger load factor [2] - Regional routes saw supply and demand increase by 5.8% and 9.2% month-on-month, reaching approximately 94.0% and 102.7% of the levels in the same period of 2019, with a notable increase in passenger load factor [2] Company Performance - The three major airlines reported a month-on-month increase in supply and demand of 3.6% and 5.5% in October, continuing their recovery trend. Spring Airlines and Juneyao Airlines showed significant growth in international routes, with their supply and demand reaching 76.3% and 72.9% of the levels in the same period of 2019 for Spring Airlines, and 214.2% and 209.8% for Juneyao Airlines [2][3] Investment Recommendations - The report recommends focusing on investment opportunities in the aviation sector, particularly in companies such as China National Aviation, China Eastern Airlines, Spring Airlines, and Juneyao Airlines, while also keeping an eye on Hainan Airlines and Huaxia Airlines [2][3]