摩根士丹利：中国航空_焦点图表_国际航空运力

Investment Rating - The industry investment rating is "In-Line" [5] Core Insights - China's total non-domestic Available Seat Kilometers (ASK) increased by 11% year-over-year (YoY) to 79% of 2019's level as of June 23, 2025, compared to 77% in the previous week [10] - Non-domestic seat capacity grew by 14% YoY for the same period [5] - Capacity additions were observed on routes to Thailand (+7%), Hong Kong (+7%), Macau (+4%), and Japan (+3%) on a week-over-week (WoW) basis [10] Summary by Sections International Air Capacity - Non-domestic ASK was 79% of 2019's level as of June 23, 2025, up from 77% the previous week [2] - The increase in ASK was driven by significant growth on Japan (+37%), Hong Kong (+24%), Korea (+21%), and US (+14%) routes, while Macau and Thailand saw decreases of -11% and -28% respectively [10] Capacity Metrics - Seat capacity on Japan, Thailand, and Korea routes reached 113%, 51%, and 97% of 2019 levels, respectively, while US routes were at 29% [10] - The overall growth in non-domestic ASK reflects a recovery trend in international air travel post-pandemic [5][10] Company Ratings - Air China Limited (601111.SS) rated Equal-weight [62] - Air China Limited (0753.HK) rated Overweight [62] - Cathay Pacific Airways (0293.HK) rated Equal-weight [62] - China Southern Airlines (600029.SS) rated Equal-weight [62] - COSCO SHIPPING Energy Transportation (1138.HK) rated Overweight [62]