消息面上，近日，中国东方航空股份发布公告，于2025年前三季度，该集团取得营业收入1064.14亿 元，同比增加3.73%；归母净利润21.03亿元，去年同期亏损1.38亿元；基本每股收益0.09元。 中金指出，中国东方航空三季度业绩符合该行预期。该行认为，公商务出行触底反弹，月度环比持续恢 复，公司拥有优质商务航线和时刻，且客源质量高、公商务客源比例高，盈利弹性较大。9月以来，机 票价格持续回暖，这与民航业发力"反内卷"密不可分，在行业"反内卷"持续推进下，该行认为公司较为 受益。 智通财经APP获悉，中国东方航空股份(00670)涨近3%，截至发稿，涨2.88%，报4.28港元，成交额 3103.79万港元。 ...

国庆中秋假期期间，民航业迎来暑运后的又一次客流高峰。 10月9日，《证券日报》记者从中国民航局了解到，2025年国庆中秋假期期间（10月1日至10月8日）， 全国民航累计运输旅客1913.8万人次，日均239.2万人次，比2024年国庆假期日均增长3.2%；日均客座 率87.9%，比2024年国庆假期日均增长3.5个百分点。其中，10月1日全国民航运输旅客247.5万人次，超 过国庆假期历史峰值。 从机票价格来看，来自航班管家DAST的数据显示，10月1日至10月8日，国内机票（经济舱）均价849 元（含燃油附加费），同比2024年微增0.3%，整体票价水平稳定。 中国东航则加密了上海浦东—喀什、上海浦东—伊宁、上海浦东—大同多条国内航线，并在上海虹桥— 广州等航线上，通过机型"小换大"等方式提升运力、加大投放。 "民航业'旺丁不旺财'的局面迎来拐点。"广东外语外贸大学南国商学院教授郭佳告诉《证券日报》记 者，今年"双节"假期迎来多重利好因素，一方面出行周期更长，另一方面各个航司都有的放矢地调整航 线供应，加之民航业"反内卷"的持续推进，这些因素共同促成了民航机票价格止跌回升逐步企稳。 上市航司多措并举保供应 ...

Core Viewpoint - The Chinese civil aviation market is experiencing growth in transport scale and competition, with overall transport turnover, passenger transport volume, and seat occupancy rate increasing year-on-year, despite challenges from excessive competition and a complex demand environment [1] Domestic Market - The domestic market is characterized by a "volume increase and price decrease" phenomenon, leading to a decline in operational revenue for most airlines on domestic routes [1][5] - In the first half of 2025, the total transport turnover in the domestic market grew by 11.4%, and passenger transport volume increased by 3.9%, while the average ticket price for economy class fell by 6.9% compared to the same period in 2024 [5] - Major airlines like China Southern Airlines, China Eastern Airlines, and Air China reported varying degrees of revenue growth, with respective revenues of 862.91 billion, 807.57 billion, and 668.22 billion yuan, reflecting year-on-year growth rates of 1.77%, 1.6%, and 4.09% [1][3] Profitability - Despite pressure on domestic route prices, factors like falling oil prices and currency appreciation have alleviated some cost pressures for airlines [2] - Among the three major airlines, China Eastern Airlines had the least net profit loss, while China Southern Airlines saw an increase in its net profit loss [2] - The four major private airlines showed varying degrees of improvement in profitability [2] International Market - The international market saw significant capacity expansion, with a net increase of 123 international routes and a 28.5% year-on-year growth in international passenger transport volume in the first half of 2025 [11] - The three major airlines increased their international route capacity by 24.38%, 16.7%, and 22.5%, respectively, leading to growth in international passenger revenue despite some decline in passenger kilometer revenue [12][14] - Private airlines also expanded their international capacity significantly, with Spring Airlines, Juneyao Airlines, and Hainan Airlines increasing their international capacity by 41.04%, 65.55%, and 60.09%, respectively [13][14] Operational Strategies - Airlines are focusing on expanding international routes, particularly in Northeast Asia and Southeast Asia, with significant capacity increases noted for routes to Japan and South Korea [15][16] - Domestic airlines are also enhancing their route networks, particularly in the Yangtze River Delta region, to improve connectivity and operational efficiency [16][17] Industry Regulations - The "anti-involution" policy has been initiated in the domestic aviation industry, with the release of the "Self-Regulation Convention for Air Passenger Transport" aimed at curbing unhealthy market practices [8][9]

Core Viewpoint - The Chinese civil aviation market is experiencing growth in transport scale and competition, with a notable increase in transport turnover, passenger transport volume, and seat occupancy rate, but facing challenges from excessive competition and a complex demand environment [1][4]. Domestic Market Summary - The domestic market shows a "volume increase and price decrease" trend, leading to a decline in operational revenue for most airlines on domestic routes [1][4]. - In the first half of 2025, the total transport turnover increased by 11.4%, and passenger transport volume grew by 3.9%, while the average economy class ticket price fell by 6.9% compared to the same period in 2024 [4]. - Major airlines reported varying revenue growth: China Southern Airlines, Air China, and China Eastern Airlines achieved revenues of 862.91 billion, 807.57 billion, and 668.22 billion yuan, with year-on-year growth rates of 1.77%, 1.6%, and 4.09% respectively [1][3]. Profitability Situation - Despite pressure on domestic route prices, falling oil prices and currency appreciation have alleviated some cost pressures for airlines [2]. - Among the three major airlines, China Eastern Airlines had the least net profit loss, while China Southern Airlines' losses expanded [2]. - The profitability of the four major private airlines improved to varying degrees [2]. International Market Summary - The international market saw significant capacity expansion, with a net increase of 123 international routes and a 28.5% increase in passenger transport volume compared to the previous year [9]. - Major airlines increased their international route capacity: China Eastern Airlines by 24.38%, Air China by 16.7%, and China Southern Airlines by 22.5% [9][11]. - Despite a decline in passenger kilometer revenue, the increase in international passenger transport volume positively impacted revenue performance for these airlines [9]. Competitive Landscape - The domestic aviation industry continues to face intense competition, characterized by product service homogeneity and insufficient control over sales channels [4][6]. - The "anti-involution" policy has been initiated, with the release of the "Self-Discipline Convention for Air Passenger Transport" aimed at regulating unhealthy market behaviors [6][7]. Specific Airline Performance - Hainan Airlines and Spring Airlines increased their domestic route capacity by 2.67% and 3.61% respectively, while China Southern Airlines and Air China saw declines in passenger kilometer revenue [6]. - Huaxia Airlines significantly increased its domestic route capacity by 21.42%, resulting in a 27.13% increase in passenger turnover and a 12.41% revenue growth [5]. International Route Focus - Airlines are focusing on routes to Japan and Southeast Asia, with Spring Airlines reporting a 116.8% increase in capacity for Japanese routes [12]. - New international routes have been opened by various airlines, enhancing connectivity to Europe and countries involved in the Belt and Road Initiative [13].