Huachuang Securities·2025-12-16 11:10Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, indicating a positive outlook for investment opportunities in the sector [4]. Core Insights - The aviation industry is experiencing a recovery, with domestic passenger load factors showing a year-on-year increase. International supply and demand are accelerating [1]. - The overall supply-demand balance is better than in 2019 and 2024, with structural improvements in demand, particularly in business travel and cross-border needs [4]. - Supply constraints are strengthening due to maintenance backlogs and low growth in new aircraft introductions, indicating a potential turning point in the "supply-demand-price" dynamic [4]. Summary by Sections Domestic Operations - In November, the ASK (Available Seat Kilometers) growth rates were led by Spring Airlines (15.6%), followed by China Southern Airlines (8.7%) and China Eastern Airlines (6.5%). The RPK (Revenue Passenger Kilometers) growth was also highest for Spring Airlines (18.0%) [1]. - Cumulative data from January to November shows Spring Airlines leading in both ASK (12.0%) and RPK (12.0%) growth rates [1]. International Operations - For international routes in November, the highest ASK growth was recorded by Juneyao Airlines (26.8%), while RPK growth was led by Juneyao Airlines (38.4%) [2]. - Cumulative data from January to November indicates Juneyao Airlines also leads in ASK (41.5%) and RPK (48.3%) growth rates [2]. Regional Operations - In November, Spring Airlines had the highest ASK growth (20.5%) for regional routes, while RPK growth was also led by Spring Airlines (26.4%) [2]. - Cumulative data shows China Southern Airlines leading in ASK growth (2.8%) and China National Airlines leading in RPK growth (4.7%) [2]. Passenger Load Factor - In November, Spring Airlines had the highest passenger load factor at 92.3%, with a year-on-year increase of 1.9 percentage points [3]. - Cumulative data from January to November shows Spring Airlines maintaining a load factor of 91.5%, unchanged from the previous year [3]. Fleet Growth - As of November 2025, the five listed airlines collectively added 17 aircraft, with a year-on-year fleet increase of 4.0% [3].