Huachuang Securities·2026-01-17 09:24Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [61]. Core Insights - The domestic passenger load factor for listed airlines continues to improve, with Spring Airlines leading at 92.2% in December, and Air China showing the highest year-on-year increase [1]. - The report highlights a structural improvement in demand for the aviation industry, with a notable recovery in cross-border travel demand outpacing domestic demand [9]. - The report emphasizes the high elasticity of prices under high load factors, indicating potential for price increases as the industry recovers [9]. Summary by Sections 1) Domestic Routes - In December, the ASK (Available Seat Kilometers) growth was led by Spring Airlines at 16.4%, followed by China Southern Airlines at 6.8% and Air China at 4.2% [2]. - The RPK (Revenue Passenger Kilometers) growth for December was also led by Spring Airlines at 17.7%, with Air China at 10.6% and China Southern Airlines at 6.9% [2]. - For the cumulative data from January to December, East China Airlines had the highest ASK growth at 10.7%, while Spring Airlines and East China Airlines both had RPK growth of 9.1% [2]. 2) International Routes - In December, China Southern Airlines led with an ASK growth of 25.8%, followed by East China Airlines at 9.4% and Air China at 4.1% [3]. - The RPK growth for December was also led by China Southern Airlines at 22.8%, with East China Airlines at 11.0% and Air China at 9.1% [3]. - For the cumulative data from January to December, 吉祥航空 (Juneyao Airlines) showed the highest ASK growth at 37.6% and RPK growth at 43.5% [3]. 3) Regional Routes - In December, Spring Airlines had the highest ASK growth at 92.0%, while 吉祥航空 (Juneyao Airlines) experienced a decline of 20.2% [4]. - The RPK growth for December was again led by Spring Airlines at 97.5%, with 吉祥航空 (Juneyao Airlines) showing a decline of 15.9% [4]. - For the cumulative data from January to December, China Southern Airlines had the highest ASK growth at 3.1%, while Spring Airlines and 吉祥航空 (Juneyao Airlines) both showed significant declines [4]. 4) Passenger Load Factor - In December, Spring Airlines had a load factor of 91.5%, with a year-on-year increase of 0.7% [5]. - For the cumulative data from January to December, Spring Airlines maintained a load factor of 91.5%, with Air China at 81.9% showing a year-on-year increase of 2.0% [5]. - The total fleet of the five listed airlines increased by 15 aircraft by December 2025, with a year-on-year fleet growth of 4% [5].