Group 1 - The core viewpoint is that the aviation industry is expected to benefit from the Civil Aviation Administration's "anti-involution" policy, which may optimize the competitive structure and improve airline profitability in the long term [1] - The global aviation market is experiencing a normalization in growth, with a 5.1% year-on-year increase in global passenger turnover (RPK) in the first half of 2025, driven by higher demand than capacity growth [2] - The U.S. airline industry is stabilizing, with a profit margin of 3.6% in the first half of 2025, reflecting a 0.9 percentage point increase year-on-year, despite a decline in ticket prices [3] Group 2 - The European aviation market faces uncertainties, with ticket prices showing volatility; however, core markets are expected to see improvements in profitability and shareholder returns [4] - In Asia, particularly in Southeast Asia and Japan, passenger traffic continues to grow, with significant increases in airport throughput compared to pre-pandemic levels [5]