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航空机场8月数据点评:供给低增长,客座率环比改善
Dongxing Securities·2025-09-17 07:55

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights that the aviation industry is experiencing low growth in supply, while passenger load factors have improved significantly month-on-month in August [3][12] - The cautious approach of airlines towards capacity deployment is influenced by the unsatisfactory load factors in July and the ongoing trend of industry self-regulation [4][5][7] - The report emphasizes the importance of maintaining supply constraints to achieve a balance between supply and demand, which is crucial for alleviating operational pressures on airlines [5][21] Summary by Sections Domestic Routes - In August, the capacity deployment for domestic routes by listed airlines increased by approximately 1.7% year-on-year and 0.8% month-on-month, indicating a slowdown in growth [4][17] - The overall passenger load factor for listed companies improved by about 0.9 percentage points year-on-year and 3.3 percentage points month-on-month, reflecting a recovery in demand during the peak season [4][35] - Airlines are shifting their focus from maximizing load factors to balancing pricing and volume, prioritizing profitability over market share [4][42] International Routes - For international routes, capacity deployment increased by approximately 14.6% year-on-year and 1.0% month-on-month in August, with load factors remaining stable [6][57] - Notably, airlines based in Shanghai, such as Spring Airlines and Eastern Airlines, saw significant improvements in load factors, exceeding 4% month-on-month [6][59] - The report indicates that the demand in the Shanghai region is relatively strong, as evidenced by the higher growth rates in international passenger throughput compared to other major airports [6][71] Industry Policy Changes and Investment Recommendations - The publication of the "Self-Regulation Agreement for Air Passenger Transport" by the China Air Transport Association in August is seen as a foundational step towards curbing market chaos and improving revenue levels [7][16] - The report suggests that the ongoing self-regulation efforts are essential for achieving long-term balance in the industry, with larger airlines expected to benefit more significantly from these changes [7][16]