航空行业11月数据点评：航司运力投放环比下降，旅客周转量同比涨幅高于运力投放增长

Investment Rating - The report maintains a positive outlook on the aviation industry, rating it as "Overweight" [1]. Core Insights - The aviation industry is experiencing a recovery, with passenger turnover growth outpacing capacity growth. November data shows a year-on-year increase in passenger transport volume of approximately 56.54 million, a 15.4% increase compared to 2023 and a 6.6% increase compared to 2019 [1]. - Domestic airlines have seen a year-on-year increase in capacity and passenger turnover, with major airlines like Air China and China Eastern Airlines showing significant growth in both capacity and revenue passenger kilometers (RPK) [1][3]. - The report highlights that the average aircraft utilization rate in November was 7.5 hours per day, indicating room for improvement in operational efficiency [1]. Summary by Sections Industry Overview - The report discusses the recovery of the aviation sector, noting that international flights have resumed significantly, with over 49,800 international flights in November, reaching 76.1% of the levels seen in 2019 [1]. - The report emphasizes the resilience of travel demand, particularly in the domestic market, as airlines shift capacity from domestic to international routes [1]. Airline Performance - In November, major airlines reported year-on-year growth in capacity (ASK) and passenger turnover (RPK). For instance, Air China saw a 13% increase in ASK compared to 2023, while RPK increased by 22% [1][3]. - The report provides detailed performance metrics for various airlines, including passenger load factors, which indicate that Spring Airlines led with a load factor of 90.4% [1][3]. Investment Recommendations - The report recommends several airlines for investment, including Spring Airlines, China Eastern Airlines, and Air China, citing their strong performance and potential for continued recovery in the aviation market [1].