Group 1 - The core viewpoint is that the summer and National Day peak seasons are driving a continuous recovery in air travel demand, supported by visa-free policies and a strong recovery in international routes, particularly in East and South China airports [1][2][4] - During the summer travel period of 2025, the total number of civil aviation flights in China reached 1.054 million, a year-on-year increase of 3.2%, with domestic flights increasing by 2.0% and international flights by 13.2% [1][2] - The passenger transport volume during the National Day holiday reached approximately 19.17 million, a year-on-year increase of 3.4%, with a total of 135,000 flights, up 3.3% compared to the previous year, and a 15.1% increase compared to 2019 [1][2] Group 2 - Major listed airports showed a steady recovery in production, with significant improvements in passenger throughput, particularly at Pudong, Baiyun, Shenzhen, and Capital airports, which saw year-on-year increases of 10.0%, 8.2%, 8.8%, and 3.9% respectively [1][2] - The winter-spring flight schedule for 2025 indicates a slight overall contraction in capacity, with a 1.16% year-on-year decrease in total flight slots, while major airports maintained stable performance with domestic and international slots increasing by 6.18% and 7.07% respectively [3] - Investment recommendations suggest focusing on airports with a high proportion of international routes and potential for transfer traffic, such as Shenzhen Airport and Shanghai Airport, as the industry experiences a steady increase in prosperity [4]

Core Viewpoint - The report from GF Securities indicates a positive recovery trend in major airports' production, with a steady optimization of passenger flow structure [1] Group 1: Passenger Traffic Recovery - From January to August 2025, cumulative production data for major listed airports shows a steady rebound [1] - Passenger throughput is benefiting from airlines adopting a price-for-volume strategy and stable demand, leading to a significant year-on-year improvement in load factors for major airlines [1] - The recovery of international flights has accelerated, with the year-on-year growth rate of passenger flow outpacing that of flight volume [1] Group 2: Industry Outlook - The aviation sector continues to recover, with an increase in international routes contributing to a steady rise in industry prosperity [1] - Major airports have sufficient ground capacity, and under the initiative to develop international hub airports, the structure is expected to continuously improve, leading to gradual recovery in profit elasticity [1] - It is recommended to focus on airports with a high proportion of international routes, as well as those with potential for transfer and regional passenger flow expansion [1]