Investment Rating - The report maintains an "Outperform" rating for the aviation sector, recommending a focus on specific airlines such as Air China, Spring Airlines, China Eastern Airlines, and others [77]. Core Insights - Domestic flight schedules have decreased by 4% compared to 2024, but show a 22% increase compared to 2019, indicating a further easing of domestic supply [7][8]. - International flight schedules are steadily recovering, with plans to restore to 81% of 2019 levels, while flights to Hong Kong, Macau, and Taiwan have slightly decreased [7][8]. - The overall daily flight schedule for domestic airlines is projected at 17,500 flights, a 21% increase from 2019 [7][8]. Summary by Sections Domestic Market Overview - Domestic flight schedules for the summer-autumn season of 2025 are expected to average 16,100 flights per day, down 4% from 2024 but up 22% from 2019 [11][12]. - The total daily coordinated flight schedules are projected at 8,041 flights, a 21% increase from 2019 [11][12]. - The domestic airlines plan to operate 6,866 domestic routes during the summer-autumn season of 2025 [11]. International Market Overview - The average daily international and regional flights are set at 2,487, recovering to 81% of 2019 levels [51][62]. - Specific regional recovery rates include 78% for Australia, 26% for North America, and 84% for Southeast Asia [51][62]. Investment Analysis - The report suggests that external factors such as oil prices and currency exchange rates are improving, which could enhance airline profitability as domestic demand recovers [7][76]. - The report recommends continued attention to the aviation sector, highlighting the potential for revenue growth if ticket prices rebound [76]. Airline Performance - Major airlines like China Southern Airlines, China Eastern Airlines, and Air China maintain stable market shares, with slight variations in flight schedules compared to previous years [11][12]. - The report provides detailed statistics on individual airline performance, showing changes in flight schedules and market shares [16][17].