夏秋航季控量或保价，航司盈利改善可期待

Investment Rating - The report maintains an "Overweight" rating for the airline industry [1]. Core Insights - The summer and autumn flight schedule for 2025 indicates a 3.4% decrease in domestic airline passenger flight slots, with domestic, international, and regional slots changing by -3.9%, +6.1%, and -16.8% respectively compared to the 2024 summer and autumn schedule [4]. - The report highlights that the airline industry is expected to see improved profitability due to controlled capacity and potential fare increases, supported by a resilient demand from business travelers and the growth of the silver economy [4]. - Key recommendations include airlines such as Huaxia Airlines, Spring Airlines, and Jixiang Airlines, as well as airports like Shanghai Airport and Baiyun Airport, which are expected to benefit from the recovery in air travel demand [4][10]. Summary by Sections 1. Key Targets - Recommended stocks include Jixiang Airlines with projected P/E ratios of 15.33X for 2025 and 11.45X for 2026, benefiting from a dual-brand strategy [10]. - Spring Airlines is highlighted as a leading low-cost carrier with strong profitability and cost control, projected P/E ratios of 16.52X for 2025 and 12.95X for 2026 [10]. - Huaxia Airlines, the only independent regional airline in China, is expected to see performance rebound with a P/E of 10.13X for 2025 and 8.58X for 2026 [10]. - Southern Airlines and China Eastern Airlines are also recommended, with P/E ratios of 19.60X and 13.59X for 2025, respectively [10]. 2. Airline Data Tracking 2.1 Airlines - Daily average flight operations for major airlines show mixed results, with Southern Airlines operating 2092.40 flights, a decrease of 0.46% week-on-week, while Eastern Airlines increased by 1.40% to 2150.60 flights [4][22]. - Average aircraft utilization rates varied, with Southern Airlines at 7.40 hours per day, a decrease of 2.63% week-on-week [4][30]. 2.2 Airports - Passenger throughput data indicates Shanghai Airport handled 11.21 million passengers, a month-on-month increase of 8.22% [40]. - Daily average flight operations for domestic routes at major airports like Shenzhen Bao'an and Beijing Capital showed increases of 1.75% and 3.82% respectively [51].