航空机场行业12月数据点评：需求增速快于供给，推动客座率可观增长

Group 1 - Industry investment rating: Buy [3] - Core viewpoint: Demand growth outpaces supply, leading to significant increases in passenger load factors [2][8] - The industry saw a year-on-year improvement in supply and demand in December, with total supply and demand for five listed airlines improving by 7.6% and 13.7% respectively compared to the previous year [8] Group 2 - Domestic and international routes have shown strong recovery, with domestic supply and demand at 109.6% and 111.9% of 2019 levels respectively [8] - International routes experienced a substantial increase in supply and demand, with year-on-year growth of 34.7% and 47.2%, leading to a load factor increase of 6.9 percentage points [8] - The report highlights the robust recovery of major airlines, with significant improvements in operational data for airlines like Spring Airlines and Juneyao Airlines [8] Group 3 - The report anticipates that the long-term supply-demand dynamics in the industry will continue to improve, supported by government initiatives to boost tourism and simplified entry-exit policies [8] - The report recommends investment in specific airlines, including Air China, China Eastern Airlines, Spring Airlines, and Juneyao Airlines, while also monitoring Hainan Airlines and Huaxia Airlines [8] - The expected earnings of airlines are projected to rise, indicating potential investment opportunities in the aviation sector [8]