航空机场行业11月数据点评：客座率依旧坚挺，看好行业中长期供需格局改善

Investment Rating - The industry investment rating is "Buy" [3][22]. Core Viewpoints - The industry shows strong resilience in passenger load factors, with robust recovery in international and regional routes. The overall supply and demand have improved compared to 2019, with a 6.0 percentage point increase in passenger load factors [3][4]. - Major airlines, including Air China, China Eastern Airlines, Spring Airlines, and Juneyao Airlines, have reported significant improvements in supply and demand, with domestic supply and demand decreasing by 10.2% and 13.0% respectively compared to the previous month, but still maintaining a load factor of 80.3%, which is 3.9 percentage points higher than the same period in 2019 [3][4]. - The report emphasizes the ongoing recovery of international flights and suggests that the long-term investment logic in the aviation industry remains intact, driven by improved supply-demand dynamics and market-driven pricing [3][4]. Summary by Sections Industry Overview - The report highlights that the passenger load factor remains strong, with significant recovery in international and regional routes. The overall supply and demand have improved, with a notable increase in load factors compared to 2019 [3][4]. Airline Performance - The three major airlines reported a year-on-year increase in supply and demand of 9.8% and 19.1% respectively, with load factors exceeding 83.1%, which is above the levels seen in 2019 [3][4]. - Spring Airlines and Juneyao Airlines have shown particularly strong performance, with their total demand recovering significantly [3][4]. Future Outlook - The report anticipates a continued recovery in the aviation sector, supported by government initiatives to boost tourism and simplified entry-exit policies abroad. It suggests that while there may be a seasonal dip in demand towards the end of the year, the long-term outlook remains positive as airlines are expected to see a rise in profitability in the coming years [3][4].