Core Insights - The summer transportation period at Tianhe Airport concluded on August 31, 2025, with a total of 41,500 flight operations and 5.953 million passengers, indicating strong vitality in the Wuhan aviation market [1][3]. Group 1: Passenger Demand and Flight Operations - During the summer season, diverse travel demands such as educational tours, family trips, and summer vacations were continuously released, with high passenger volumes on domestic routes to cities like Chengdu, Guangzhou, Shanghai, and Beijing, achieving seat occupancy rates close to 90% or even 95% [3]. - The airport's international and regional routes also performed well, with increasing passenger loads on flights to the U.S., Southeast Asia, and Japan/Korea, supported by the expansion of China's "visa-free" travel network [3]. - Tianhe Airport enhanced its international flight network by adding routes to Singapore, Ho Chi Minh City, Kuala Lumpur, and Seoul, with plans to launch direct flights to Moscow and Phnom Penh in September [3]. Group 2: Operational Efficiency and Weather Management - Tianhe Airport improved its capacity to handle high traffic and complex weather conditions during the rainy season by implementing scientific flow predictions and enhanced coordination [7]. - The airport achieved an average takeoff punctuality rate of 83.32% and an average release punctuality rate of 90.52%, surpassing the national average for major airports by 4.94% and 3.05%, respectively, ranking 6th among 40 major airports in the country [7]. Group 3: Service Enhancements - The airport launched the "Super Transfer" service upgrade plan, providing comprehensive services for air-to-air and air-to-rail transfers, including free shuttle services between the high-speed rail station and the airport [10]. - The check-in deadline for domestic flights at Terminal 3 was shortened to 30 minutes before scheduled departure, making it the first major airport to achieve this target [10]. - A series of convenience tools were introduced, including online check-in, electronic boarding passes, expedited security channels, and special services for unique passenger needs, creating a comprehensive service system [10].

Investment Rating - The report maintains a positive outlook on the aviation industry, indicating a "Look Favorably" rating for the sector [2][4]. Core Insights - The summer travel season has seen a steady increase in both capacity and passenger volume, with domestic flights up by 2.2% and international flights up by 14.1% year-on-year [4]. - The average daily aircraft utilization in July was 8.8 hours, reflecting a 13% increase month-on-month and a 0.6% increase year-on-year [4]. - The report highlights that the demand for air travel remains strong, with airlines increasing capacity to meet this demand [4]. Summary by Sections Capacity and Passenger Volume - In July, the overall capacity (ASK) increased by 3.5% year-on-year, with domestic passenger volume rising by 2.0% and international passenger volume increasing by 13.1% [4]. - The report provides detailed statistics for major airlines, showing varied growth rates in capacity and passenger turnover [5]. Airline Performance - Six listed airlines showed different performance metrics in July, with China Eastern Airlines and Spring Airlines leading in capacity growth [4]. - The report notes that Spring Airlines continues to have the highest passenger load factor at 91.9% [4]. Domestic and International Markets - The domestic market shows a balanced growth in supply and demand, with significant increases in capacity and passenger volume for China Eastern Airlines and Southern Airlines [4]. - In the international market, airlines have significantly increased capacity, with China Eastern Airlines and Spring Airlines recovering to pre-pandemic levels [4]. Investment Recommendations - The report suggests a continued positive outlook for the aviation sector, with expectations of a gradual increase in passenger volume and load factors over the next 3-5 years [4]. - Recommended stocks include China National Aviation, Spring Airlines, and China Eastern Airlines, among others, based on their strong performance and growth potential [7].

Core Insights - The civil aviation passenger market in the Liaoning-Shenyang region has experienced significant growth during the summer travel season, with Southern Airlines reporting a 3% year-on-year increase in passenger numbers from July 1 to July 28, totaling 617,000 passengers [1] Capacity and Route Expansion - Southern Airlines has increased its capacity by adding new routes from Shenyang to Yantai and Hohhot, and has doubled the frequency of flights on the Shenyang to Wuhan route from 2 to 4 flights per day [1] - For high-demand routes such as Shenyang to Urumqi and Shenyang to Hangzhou, Southern Airlines has deployed Airbus A330 wide-body aircraft to ensure sufficient seating capacity for travelers [1] Passenger Trends - Traditional tourist destinations remain popular among Liaoning-Shenyang travelers, with the average seat occupancy rate for the Shenyang to Shanghai route reaching 90.2%, and other routes to Shenzhen, Guiyang, Urumqi, Changsha, and Chengdu exceeding 80% occupancy [1] - Data indicates a notable influx of travelers visiting Liaoning for summer vacations, with over 110,000 passengers arriving in Shenyang from cities such as Shanghai, Guangzhou, Xi'an, Changsha, and Shenzhen [1] International Routes Performance - International routes have also seen strong performance, with the Shenyang to Tokyo route achieving an average seat occupancy rate of 90.8%, and over 18,000 passengers carried on flights to Seoul since the beginning of the summer travel season [1]