2025年春运数据深度分析：春运过半，量增价弱

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The cumulative inter-regional passenger flow reached 5.48 billion trips, a year-on-year increase of 7.5%, and up 21.4% compared to the same period in 2019 [3][5] - The railway and civil aviation passenger volumes for the first 22 days of the Spring Festival were 280 million and 49.99 million respectively, with year-on-year increases of 7.0% and 6.0% [3][6][8] - Daily average passenger volume and flight volume during the Spring Festival increased by 1.6% and 2.3% respectively compared to the previous year [3] - Domestic travel during the Spring Festival reached 501 million trips, a year-on-year increase of 5.9%, with total spending of 677 billion yuan, up 7.0% [3] - The average economy class ticket price during the Spring Festival was 959 yuan, down 16.6% year-on-year [3] Summary by Sections Passenger Flow Data - Cumulative inter-regional passenger flow for the first 22 days of the Spring Festival was 5.48 billion trips, with a year-on-year increase of 7.5% and a 21.4% increase compared to 2019 [3][5] - Railway passenger volume reached 280 million, with a year-on-year increase of 7.0% [6] - Civil aviation passenger volume reached 49.99 million, with a year-on-year increase of 6.0% [8] Travel Trends - Daily average passenger volume during the Spring Festival was 2.286 million, with a year-on-year increase of 1.6% [3] - Domestic travel increased significantly, with popular destinations including Harbin, Xiamen, and traditional cultural sites [3] Economic Impact - Total domestic travel spending during the Spring Festival was 677 billion yuan, with a year-on-year increase of 7.0% [3] - The average ticket price for economy class flights was 959 yuan, reflecting a decrease due to lower fuel surcharges [3]