航空机场11月数据点评：淡季量价难以兼得，航司客座率表现分化

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][73]. Core Insights - The report highlights that the domestic aviation market is currently in a low-demand season, leading to a reduction in capacity deployment by approximately 10.4% compared to October, which is equivalent to 115% of the capacity in the same period of 2019. Year-on-year, there is only a slight increase of 1.8% [8][22]. - The report notes a significant divergence in passenger load factors among airlines, with Eastern Airlines and Southern Airlines showing higher load factors compared to 2019, while Air China and others are performing similarly to that period. This indicates differing sales strategies among airlines in response to low demand [9][30]. - The report suggests that the oversupply in domestic routes remains a challenge, and the recovery of international routes is crucial to alleviate this pressure. The performance of major airlines' stock prices has shown a significant margin of safety after prolonged adjustments, making them worthy of attention [10][40]. Summary by Sections Industry Overview - The transportation industry has a market capitalization of approximately 33,430.04 billion yuan, with a circulating market value of about 29,435.26 billion yuan. The average price-to-earnings ratio for the industry stands at 18.13 [5][6][7]. Domestic Route Capacity Deployment - In November, the domestic aviation market entered a low season, with a further decrease in capacity deployment. The cautious approach to capacity management reflects airlines' awareness of insufficient demand in the fourth quarter [8][22]. Passenger Load Factors - The passenger load factor for the industry decreased by approximately 2.7 percentage points month-on-month in November but remains 1.6 percentage points higher than in the same month of 2019. Airlines are facing challenges in balancing ticket prices and load factors due to low demand [9][30]. International Route Performance - For international routes, capacity deployment in November was about 92% of the level seen in the same month of 2019, with a month-on-month decrease of approximately 5.7%. The load factor for international routes improved by 0.7 percentage points compared to October, exceeding expectations [10][40]. Future Outlook - The report anticipates that the recovery of international routes will be essential for addressing the oversupply in domestic routes. Despite ongoing operational pressures, the fundamental improvements in the industry suggest that profit performance is likely to be significantly better than last year [10][40].