Shenwan Hongyuan Securities·2025-10-14 09:14Domestic Flight Schedule - Domestic airlines' average daily flight schedule for winter 2025 is 15,439 flights, a decrease of 1.8% compared to 2024 and an increase of 20% compared to 2019[4] - Total average daily flight schedule for domestic airlines is 16,911 flights, down 1.6% from 2024 and up 15% from 2019[4] - The average daily flight schedule for international flights is 1,276, an increase of 1.8% from 2024 but a decrease of 19% from 2019[4] International and Regional Flight Recovery - International flight schedules are recovering to 81% of 2019 levels, with domestic airlines' international flights averaging 1,472, maintaining the same recovery rate as 2024[6] - Flights to Australia, North America, Southeast Asia, and Europe are recovering to 79%, 25%, 77%, and 129% of 2019 levels respectively[6] - The average daily flight schedule for international and regional flights is 2,403, recovering to 77% of 2019 levels[52] Investment Insights - The aviation sector is expected to see significant improvements in profitability, driven by strong supply logic and elastic demand[6] - Recommended stocks include China Eastern Airlines, Spring Airlines, China National Aviation, and others, with a focus on the aviation sector's recovery potential[6] - Risks include fluctuations in oil prices, economic growth not meeting expectations, and aviation safety incidents[6]