Investment Rating - The investment rating for the airline transportation industry is "Positive" [2][7]. Core Insights - The industry has maintained a high passenger load factor during the off-peak season, with both domestic and international travel thriving. The high load factor and slight recovery in ticket prices suggest a significant improvement in airline unit revenue. The implementation of "anti-involution" measures and the self-regulatory agreement by the China Air Transport Association is expected to reduce malicious low pricing, further supporting ticket price recovery and enhancing airline profitability. Additionally, the decline in oil prices is likely to reduce costs, contributing to further profit growth for airlines. Key airlines to focus on include China Southern Airlines, China Eastern Airlines, Air China, Spring Airlines, and Juneyao Airlines [3][13]. Summary by Sections 1. Investment Recommendations - The industry has seen sustained high passenger load factors since early 2025, with both domestic and international routes performing well. The off-peak season is not as weak as expected, with high load factors and a slight recovery in ticket prices, indicating a potential significant recovery in airline unit revenue. The implementation of self-regulatory measures is expected to mitigate low pricing practices, further supporting ticket price recovery and enhancing airline profitability [3][13]. 2. Off-Peak Passenger Load Factor and Ticket Prices 2.1 Supply and Demand - The capacity growth rate has rebounded, leading to an increase in passenger load factors. In October 2025, the industry’s Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) increased by 6.2% and 8.9% year-on-year, respectively, with a load factor of 87.4%, up 2.2 percentage points year-on-year [4][15]. 2.2 Ticket Prices - Ticket prices have weakened in December, with the average domestic ticket price at 839 yuan, down 7.0% year-on-year. The average ticket price for domestic routes, including fuel, was 709 yuan, down 6.2% year-on-year [4][23]. 2.3 Oil Prices and Exchange Rates - The average price of aviation fuel has slightly increased in December, with the domestic aviation fuel price at 6045 yuan per ton, up 3.9% year-on-year. The exchange rate of the Chinese yuan has appreciated against the US dollar, with the exchange rate at 7.0602 yuan per dollar as of December 16, 2025, down 1.78% from the end of 2024 [5][37]. 3. Airline Capacity and Load Factors 3.1 Operational Status - In November, most airlines maintained stable capacity growth, with significant increases in international capacity. The passenger load factors for both domestic and international routes have shown year-on-year improvements, significantly increasing compared to 2019 levels [4][43]. 3.2 Fleet Expansion - In November, Air China and China Southern Airlines each added 7 aircraft, marking the highest net increase among the six major airlines. From January to November, China Southern Airlines, Air China, and China Eastern Airlines saw net increases of 47, 26, and 21 aircraft, respectively [4][7].

2025年11月，公司国内客运运力投入(按可用座位公里计)较上月环比下降7.23%，国内旅客周转量(按收 入客公里计)环比下降10.32%，国内航线客座率环比下降3.00%。国际客运运力投入(按可用座位公里计) 较上月环比下降8.00%，国际旅客周转量(按收入客公里计)环比下降6.97%，国际航线客座率环比上升 0.90%。 智通财经APP讯，吉祥航空(603885.SH)发布公告，2025年11月，公司客运运力投入(按可用座位公里计) 同比上升6.05%，其中国内、国际和地区航线客运运力投入同比变动分别为-0.46%、26.84%和-27.66%; 旅客周转量(按收入客公里计)同比上升8.92%，其中国内、国际和地区航线旅客周转量同比变动分别为 0.81%、38.35%和-24.26%;客座率为85.39%，同比上升2.25%，其中国内、国际和地区航线客座率同比 变动分别为1.10%、6.76%和3.81%。 ...

2025年11月，本集团新增主要航线情况如下：哈尔滨-宁波-哈尔滨、贵阳-南通-贵阳、长春-海口-长春、 长春-珠海-长春(均为每周七班)。 智通财经APP讯，中国南方航空股份(01055)发布公告，2025年11月，本集团客运运力投入(按可利用座 公里计)同比上升8.68%，其中国内、地区和国际分别同比上升5.55%、9.75%和17.44%;旅客周转量(按收 入客公里计)同比上升10.42%，其中国内、地区和国际分别同比上升7.36%、12.38%和18.99%;客座率为 86.29%，同比上升1.36个百分点，其中国内、地区和国际分别同比上升1.46、1.85和1.12个百分点。 货运方面，2025年11月货运运力投入(按可利用吨公里—货邮运计)同比上升11.61%;货邮周转量(按收入 吨公里—货邮运计)同比上升7.17%;货邮载运率为53.39%，同比下降2.21 个百分点。 2025年11月，本集团引进7架飞机(包含5架A320NEO飞机和2架B737-8飞机)。截至2025年11月底，本集 团合计运营966架运输飞机。 ...

Core Viewpoint - China Eastern Airlines (600115.SH) announced an increase in passenger capacity and turnover for November 2025, indicating positive growth trends in the airline industry [1] Group 1: Passenger Operations - The passenger capacity input (measured in available seat kilometers) for November 2025 is expected to rise by 6.51% year-on-year [1] - The passenger turnover (measured in revenue passenger kilometers) is projected to increase by 10.35% year-on-year [1] - The passenger load factor stands at 87.37%, reflecting a year-on-year increase of 3.04 percentage points [1] Group 2: Cargo Operations - The cargo and mail turnover (measured in cargo mail ton kilometers) is anticipated to grow by 13.30% year-on-year for November 2025 [1]

华夏航空 11 月股价上涨 30%，领跑上市航司。前 11 个月民航支线补 贴约 3,100 元/小时，同比增长超 10%，较疫情前翻倍。预计全年飞机 利用率 8.1 小时，2026 年有望达 8.5 小时，反映运营效率提升潜力。 公司面临机长短缺（C909 机型缺口 20%）和普惠发动机维修挑战（22 台受影响，预计明年底解决 15 台），影响轮档小时数恢复，预计全年 22.3 万小时，低于预期。 9 月起票价同比转正，增幅 3-4%。11 月客座率达 82%，创历史新高。 前三季度江补平均 1.6 亿元/季度，同比增长超 25%，显示盈利能力改 善。 机队规模达 78 架，年底预计 80 架（31 架 A320、33 架 CRJ900、16 架 C909）。计划处置 CRJ900 并引进 3 架 A320 和 6 架 C909，总量 或有 1-2 架增量，优化机队结构。 航班换季后，时刻同比增加 4.5%，西北区域（兰州）增幅 82%，华东 区域（舟山新增基地）增幅近 40%，新疆增加 11%，反映公司战略重 点区域调整。 Q&A 今年（2025 年）以来，华夏航空的经营情况如何？未来展望如何？ 今年（2 ...

Core Insights - China National Airlines (CNA) reported an increase in passenger turnover volume by 8.7% year-on-year, measured in revenue passenger kilometers, for October 2025 [1] - The average passenger load factor improved to 85.3%, up by 3.4 percentage points year-on-year [1] Group 1: Passenger Operations - Passenger capacity input, measured in available seat kilometers, increased by 4.3% year-on-year [1] - Domestic passenger capacity input rose by 3.2%, with a corresponding turnover increase of 5.5% [1] - International passenger capacity input grew by 7.5%, leading to a significant turnover increase of 17.6% [1] - Regional passenger capacity input saw a 0.6% increase, with a turnover rise of 7.7% [1] - Load factors improved across all segments: domestic routes up by 2.0 percentage points, international routes up by 7.0 percentage points, and regional routes up by 5.0 percentage points [1] Group 2: Cargo Operations - Cargo capacity input, measured in available cargo ton kilometers, decreased by 0.9% year-on-year [1] - Cargo and mail turnover, measured in revenue cargo ton kilometers, increased by 3.1% [1] - Cargo load factor improved to 38.9%, up by 1.5 percentage points year-on-year [1] Group 3: Fleet and Routes - The company introduced 4 A320 series aircraft and 1 B737 series aircraft, while retiring 1 A330 series and 1 A320 series aircraft as of October 2025 [2] - The total fleet size reached 949 aircraft, comprising 417 owned, 238 financed leased, and 294 operating leased [2] - New routes added include Hangzhou-Hanoi, Beijing Capital-Panzhihua, Beijing Capital-Xishuangbanna, Hangzhou-Zhuhai, Chengdu Tianfu-Wuhan-Quzhou, Hohhot-Yinchuan-Chengdu Tianfu, and Hangzhou-Hohhot-Ulanhot, with varying frequencies [1]

Core Insights - China Eastern Airlines (600115.SH) reported an increase in passenger capacity for October 2025, with a year-on-year rise of 6.84% in available seat kilometers [1] - The passenger turnover for October 2025 also saw a significant increase, with a year-on-year growth of 10.58% in revenue passenger kilometers [1] - The airline's load factor reached 87.52%, which is an increase of 2.97 percentage points compared to the previous year [1] - Additionally, the cargo and mail turnover for October 2025 increased by 14.59% year-on-year, measured in cargo ton kilometers [1]

Core Insights - The company reported a year-on-year decrease of 0.81% in passenger capacity input for October 2025, with domestic, international, and regional routes showing changes of -6.88%, 18.29%, and -34.55% respectively [1] - Passenger turnover increased by 1.51% year-on-year, with domestic, international, and regional routes experiencing changes of -6.18%, 30.57%, and -30.26% respectively [1] - The passenger load factor reached 87.16%, up 1.99% year-on-year, with domestic, international, and regional routes showing changes of 0.68%, 7.55%, and 5.38% respectively [1] Domestic Operations - Domestic passenger capacity input increased by 4.69% month-on-month in October 2025 [1] - Domestic passenger turnover rose by 6.01% month-on-month [1] - Domestic route passenger load factor increased by 1.12% month-on-month [1] International Operations - International passenger capacity input increased by 1.99% month-on-month [1] - International passenger turnover rose by 3.10% month-on-month [1] - International route passenger load factor increased by 0.86% month-on-month [1] Fleet Information - As of October 31, 2025, the company operated 93 A320 series aircraft, including 27 A321, 22 A320neo, and 14 A321neo models, along with 10 Boeing 787 series aircraft [2] - The subsidiary, Jiuyuan Airlines, operated 26 Boeing 737 series aircraft [2]

Core Insights - The company, Juneyao Airlines (603885.SH), reported a year-on-year decrease of 0.81% in passenger capacity input (measured in available seat kilometers) for October 2025 [1] - Domestic, international, and regional passenger capacity inputs changed by -6.88%, 18.29%, and -34.55% respectively [1] - Passenger turnover (measured in revenue passenger kilometers) increased by 1.51% year-on-year, with domestic, international, and regional turnover changes of -6.18%, 30.57%, and -30.26% respectively [1] - The passenger load factor reached 87.16%, up by 1.99% year-on-year, with domestic, international, and regional load factors changing by 0.68%, 7.55%, and 5.38% respectively [1] Domestic Operations - In October 2025, domestic passenger capacity input increased by 4.69% month-on-month [1] - Domestic passenger turnover rose by 6.01% month-on-month [1] - The domestic route passenger load factor increased by 1.12% month-on-month [1] International Operations - International passenger capacity input rose by 1.99% month-on-month [1] - International passenger turnover increased by 3.10% month-on-month [1] - The international route passenger load factor saw a month-on-month increase of 0.86% [1]

Core Viewpoint - The company reported a slight decline in revenue and net profit for the first three quarters of 2025, indicating challenges in the current operating environment [1] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 17.48 billion yuan, a year-on-year decrease of 0.06%, and a net profit attributable to shareholders of 1.09 billion yuan, down 14.28% year-on-year [1] - In Q3 2025, the company recorded operating revenue of 6.41 billion yuan, a year-on-year decline of 1.88%, and a net profit of 584 million yuan, down 25.29% year-on-year [1] Operational Metrics - As of September 30, 2025, the company had a fleet size of 130 aircraft, an increase of 3 from the end of 2024 [2] - In Q3 2025, the company's available seat kilometers (ASK) and revenue passenger kilometers (RPK) showed a slight decline, but the load factor improved to 86.64%, up 0.90 percentage points year-on-year [2] - The ASK for the overall, domestic, international, and regional segments showed year-on-year changes of -1%, -7%, +19%, and -47% respectively, while the RPK changes were 0%, -7%, +27%, and -44% respectively [2] Cost and Revenue Management - The company experienced a slight decrease in seat kilometer revenue, measured at 0.4346 yuan in Q3 2025, down 0.5% year-on-year, while seat kilometer costs increased by 1.0% to 0.3497 yuan [2] Profit Forecast and Investment Rating - The company revised its net profit forecasts for 2025-2027 to 1.04 billion, 1.47 billion, and 1.97 billion yuan respectively, with corresponding P/E ratios of 27.2X, 19.2X, and 14.3X [3] - Given the quality of the domestic route network and expectations of improved ticket prices, the company is expected to benefit, maintaining a "buy" rating [3]