中银晨会聚焦-2025-03-20

Investment Rating - The industry investment rating is "stronger than the market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [16]. Core Viewpoints - The recent issuance of the "Consumption Promotion Special Action Plan" by the Central Committee and the State Council is expected to stimulate travel demand, benefiting the aviation transportation sector, particularly the demand for regional aviation focused on tourism resources [4][6]. - The current passenger throughput of regional airports in China is relatively low, with only 6.2% of total throughput, suggesting significant growth potential as GDP per capita increases [4][5]. - The regional aviation market is characterized by a steady passenger throughput of around 90 million over the past five years, with a projected increase in flight operations and passenger demand [5][6]. Summary by Sections Industry Overview - Regional airports account for over 70% of the total number of airports in China, but only 6% of passenger throughput, indicating room for growth [4]. - The number of regional airports is distributed across 28 provinces, covering over 170 cities, with a concentration in areas with unique tourism resources [6]. Market Dynamics - In 2024, Huaxia Airlines holds the largest market share in the regional aviation sector at 13.4%, with the top ten airlines accounting for 69.3% of the market [7]. - The regional aviation market is expected to benefit from the government's focus on expanding tourism consumption, leading to a diversified and increased demand for regional air travel [4][6].