交通运输行业快评报告：1-2月航空数据跟踪点评

Investment Rating - The industry investment rating is "Outperform the Market" [5][8] Core Insights - In January-February 2025, civil aviation passenger volume continues to grow, supported by domestic demand-boosting policies and the release of post-holiday business travel demand, which is expected to enhance industry demand [1] - The introduction speed of the industry fleet is expected to remain low, while the current decline in oil prices will help reduce operational costs, leading to a potential recovery in ticket prices and profitability for airlines [1] Summary by Sections Passenger Traffic Data - During the Spring Festival travel period, passenger transport volume reached a record high, with a total civil aviation passenger transport volume growth of 7.4% in January-February 2025. The total turnover volume achieved 257 billion ton-kilometers, a year-on-year increase of 10.5%, with domestic routes growing by 3.7% and international routes by 25.8% [2] - The passenger volume reached 126 million, a year-on-year increase of 5.5%, and a 17.9% increase compared to the same period in 2019. International routes completed 12.84 million passengers, a year-on-year increase of 38.6%, recovering to 106.6% of the 2019 level [2] Ticket Pricing and Load Factor - The average ticket price for economy class during the Spring Festival decreased by 11.3%, reaching 874.9 yuan, with prices remaining lower than in 2024 after the Lunar New Year [3] - The load factor for civil aviation in January-February was 84%, an increase of 0.7 percentage points compared to 2024, and higher than the 2019 level of 83.2% [3] Fleet Operations - As of the end of February 2025, the number of operational aircraft among six listed airlines increased by 23 to a total of 3,278, reflecting a 0.7% year-on-year growth [4]