航空机场1月数据点评：春运旺季需求回升，上市航司国际线运力投放首次超过19年同期

Investment Rating - The industry investment rating is "Positive" as the aviation sector shows signs of recovery and improvement in operational metrics [5]. Core Insights - The demand for air travel has rebounded significantly, with listed airlines' international capacity deployment in January surpassing the same period in 2019 for the first time since the pandemic [1][3]. - Domestic routes saw a 4.2% year-on-year increase in capacity, while international routes experienced a substantial 43.0% increase compared to last year [2][3]. - The report highlights a divergence in strategies among airlines regarding the balance between maintaining passenger load factors and ticket prices, indicating a need for flexible adjustments based on market conditions [2][4]. Summary by Sections Domestic Routes - In January, domestic route capacity increased by 15.3% month-on-month and 4.2% year-on-year, reflecting a cautious approach by airlines due to the early timing of the Spring Festival [2][15]. - Eastern Airlines showed the most significant improvement in passenger load factor, increasing by 4.8% year-on-year, while other airlines like Air China and Spring Airlines had smaller increases [2][33]. International Routes - International route capacity in January reached 108.8% of the levels seen in January 2019, marking a 10.5% increase from December and a 43.0% increase year-on-year [3][47]. - The passenger load factor for international routes improved by 6.0 percentage points year-on-year, attributed to a low base from the previous year [3][48]. Airport Throughput - Major airports such as Shanghai and Shenzhen reported significant year-on-year increases in international passenger throughput, with growth rates of 51% and 60%, respectively [57][60]. - Compared to 2019 levels, Shanghai's international throughput reached 108%, indicating a strong recovery trajectory [57].