航空机场2025年11月数据点评：国内供需继续改善，日本航线影响整体可控

Investment Rating - The industry investment rating is "Positive" [9] Core Insights - The domestic supply-demand relationship continues to improve, with a notable increase in domestic flight capacity and passenger load factors compared to the previous year [10][11] - The impact of the Japan route on international flights is manageable, with overall operational metrics remaining stable despite some route cancellations [3][54] - The implementation of the "Self-Regulation Agreement for Air Passenger Transport" in August 2025 is expected to help stabilize the market and improve profitability [4][15] Summary by Sections Domestic Routes - In November, the capacity for domestic routes increased by approximately 4.2% year-on-year, while it decreased by about 9.8% month-on-month due to seasonal factors [2][16] - The overall passenger load factor for November improved by approximately 2.1 percentage points year-on-year but decreased by 2.5 percentage points month-on-month, reflecting the seasonal downturn [34][44] - Major airlines like Spring Airlines and China Southern Airlines showed significant year-on-year capacity increases, while the decline in capacity for Juneyao Airlines has narrowed compared to previous months [2][18] International Routes - For international routes, capacity increased by about 15.0% year-on-year in November, with a month-on-month decrease of 5.1% [3][54] - The passenger load factor for international routes improved by 4.0 percentage points year-on-year, remaining consistent with October's performance [54][56] - The impact of travel advisories related to Japan is limited, as the affected routes constitute a small portion of the overall international operations [58] Industry Trends - The trend of "anti-involution" in the industry is beginning to show results, with a focus on maintaining supply control and improving load factors [4][15] - The convergence of operational metrics among airlines indicates a unified strategic direction, which is expected to alleviate operational pressures [11][21] - The upcoming months are anticipated to see continued low growth in domestic flight capacity, reinforcing the supply constraints necessary for industry rebalancing [21][48]