交运ETF(159662)紧密跟踪国证交通运输行业指数，国证细分行业指数将沪深北交易所证券根据国证行 业分类标准的二、三、四级行业进行划分，用以反映各细分行业上市公司的整体特征，进一步丰富指数 化投资标的，满足市场投资管理的需求。指数前十大权重股分别为京沪高铁、顺丰控股、中远海控、大 秦铁路、中国东航、上海机场、中国国航、南方航空、海机场、圆通速递。 交运ETF(159662)，场外联接(A类：019886；C类：019887)。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 航空市场需求持续回暖，国际航线恢复势头良好。华源证券认为，当前航空供需关系优化趋势明确，中 期受飞机制造商及上游供应商产能制约，供给增速放缓将推动票价提升，航司利润弹性有望释放。同 时，中韩放宽团体旅游签证及中国对外籍游客简化入境手续等政策将刺激入境需求增长。多地机场国际 旅客量大幅上升，白云机场国际旅客同比增19.01%，深圳机场同比增长23%，青岛机场同比增25.5%。 中信证券指出，民航机队产能释放受新增飞机低引进、发动机检修、航材备件等因素制约，旺季机队产 能利用率愈发临近极限状态，近期公商务需求持续复 ...

Core Viewpoint - The report from Guojin Securities indicates a confirmed trend of supply and demand improvement in the airline industry, with expectations for significant performance release from airlines [1] Short-term Outlook - Recent strong performance in private travel and the anticipated release of business travel demand are expected to drive continuous improvement in industry passenger load factors, which are reaching new highs [1] - The "anti-involution" policy is expected to sustain ticket price improvements, leading to a notable year-on-year increase in airline profits in the fourth quarter [1] Mid-term Outlook - Due to capacity constraints from aircraft manufacturers and upstream component suppliers, the growth rate of supply in the aviation industry is expected to slow down, with an annualized growth rate projected at around 3% [1] - Demand is expected to maintain a high single-digit growth rate, and the optimization of supply and demand will drive ticket price increases [1] - Airlines exhibit high price elasticity, with a 1% increase in ticket prices potentially resulting in over 1 billion yuan in profit release for large airlines [1]