行业数据点评：2025年国庆假期出行创新高，机票价格持稳

Investment Rating - The industry investment rating is "Positive" [2][5] Core Insights - The 2025 National Day holiday saw a record high in travel volume, with a total of 2.433 billion trips made, representing a year-on-year increase of 6.3% and a 30.8% increase compared to 2019 [4] - Domestic air travel maintained growth despite high base figures from the previous year, with an average daily passenger volume increase of 3.3% year-on-year during the holiday period [4] - Average ticket prices remained stable, with domestic average ticket prices at 942 yuan, a decrease of 1.5% year-on-year, while the oil-adjusted ticket price increased by 1.2% [4] - Long-distance travel orders increased significantly, with outbound travel seeing a notable rise, particularly to destinations in East Asia and Southeast Asia [4] - Domestic tourism numbers and revenue showed slight increases, with total domestic travel expenditure reaching 809 billion yuan, a year-on-year increase of 1.0% [4] - The report suggests a positive outlook for the airline industry, highlighting strong private travel demand and the potential for airline performance recovery due to stable demand and decreasing operational costs [4] Summary by Sections Travel Volume - The total cross-regional travel volume during the holiday reached 2.433 billion trips, with daily averages showing significant increases compared to previous years [4] Air Travel - Domestic air travel saw a daily average increase of 3.3% year-on-year, with a total of 135,000 flights operated during the holiday [4] Ticket Pricing - Average domestic ticket prices were stable, with a slight decrease in overall prices but an increase in oil-adjusted prices [4] Long-Distance and Outbound Travel - There was a marked increase in long-distance travel orders, with outbound travel to popular destinations seeing significant growth [4] Domestic Tourism - Domestic tourism numbers and spending showed slight growth, with per capita spending nearly returning to pre-pandemic levels [4] Investment Recommendations - The report recommends focusing on airlines such as Air China, China Eastern Airlines, Southern Airlines, Spring Airlines, and Juneyao Airlines due to expected performance recovery [4]