Shenwan Hongyuan Securities·2026-02-24 01:12Investment Rating - The report maintains a positive outlook on the aviation sector, indicating it is entering a golden era [3][10]. Core Insights - Passenger volume has reached a historical high, demonstrating strong demand resilience, with an average daily passenger flow of 2.11 million people, a year-on-year increase of 6% [3]. - The average domestic ticket price is 1,010 yuan, reflecting a 3% year-on-year increase [3]. - The supply side remains constrained, with limited increases in seat capacity, averaging 82.4% occupancy rate, up 2 percentage points year-on-year [3]. - The report anticipates continued strong performance in passenger volume and pricing during the peak travel period, with daily passenger numbers exceeding 2.3 million during the holiday [3]. - The report highlights significant growth in non-first-tier tourist airports, with passenger flow at Chaozhou Airport increasing by 30% and Nanning Airport by 26% [3]. - The aircraft supply chain faces ongoing challenges, with a significant gap between demand and supply for new aircraft and engine maintenance [3]. - The report recommends investing in the aviation sector, citing high passenger load factors and a confirmed growth trend in inbound and outbound travel [3][10]. Summary by Sections Passenger Volume and Pricing - Domestic passenger volume has reached a record high, with an average daily flow of 2.11 million people, a 6% increase year-on-year [3]. - The average ticket price is 1,010 yuan, up 3% year-on-year [3]. - The report expects continued strong performance in passenger volume and pricing during the holiday peak [3]. Supply Chain Challenges - The aircraft supply chain remains under significant pressure, with production not meeting the dual demands of new aircraft deliveries and maintenance [3]. - Airbus has adjusted its 2027 production guidance due to engine delivery issues, indicating ongoing supply constraints [3]. Investment Recommendations - The report recommends a focus on the aviation sector, highlighting the potential for a golden era due to high load factors and increasing travel demand [3][10]. - Specific companies recommended for investment include China Southern Airlines, China Eastern Airlines, Spring Airlines, and others [10].