航空新周期系列点评之三：国家发布《提振消费专项行动方案》，扩大旅游消费有望刺激支线航空需求提升

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [14]. Core Insights - The recent issuance of the "Special Action Plan to Boost Consumption" by the central government is expected to stimulate travel demand, particularly benefiting the regional aviation sector, especially in areas with unique tourism resources [1]. - The report suggests focusing on the leading regional airline, Huaxia Airlines, which holds a significant market share [3]. Summary by Sections Industry Overview - Over 70% of domestic airports in China are regional airports, yet they account for only 6% of passenger throughput. Regional aviation refers to short-distance, non-mainline routes between small and medium-sized cities, typically using aircraft with fewer than 110 seats and flying distances of 600-1200 kilometers [5]. - In 2024, there are 263 transport airports in mainland China, with 186 airports having an annual passenger throughput of less than 2 million, representing 70.72% of the total. These airports collectively handled 90.49 million passengers, accounting for only 6.2% of total civil aviation throughput [5]. Market Dynamics - Passenger throughput at regional airports has remained stable at around 90 million over the past five years. The throughput figures from 2019 to 2024 are 92.49 million, 94.16 million, 96.92 million, 71.94 million, 88.72 million, and 90.49 million respectively [8]. - In 2024, regional airports are expected to handle nearly 1 million takeoffs and landings, representing about 9.5% of total domestic airport operations, with a year-on-year growth of 3.8% [5]. Regional Distribution - Regional airports are distributed across 28 provinces in China, covering over 170 cities. The top three regions with the most regional airports are Southwest (41), Northwest (41), and Central South (29) [5]. - The report highlights that the current regional aviation demand is primarily concentrated in the central and western regions, which are rich in tourism resources. The government's new consumption plan is expected to enhance travel demand in these areas [5]. Competitive Landscape - In 2024, Huaxia Airlines leads the regional aviation market with a market share of 13.4%. The top ten airlines in the regional aviation market include China Eastern Airlines (12.9%), Southern Airlines (10.6%), and others, with the top ten airlines collectively holding 69.3% of the market [5][7].