本文源自：智通财经网 申万宏源指出，6月在节假日效应减弱背景下，航空市场仍延续修复趋势，运力运量稳步增长，各区域 结构性分化逐步显现。暑运开启，需求有望加速释放，叠加票价季节性回升，航司业绩弹性有望释放。 国泰海通证券则表示，反内卷短期将减少过度低价；中期有望助力航司收益管理改善；长期将保障机队 规划继续低速增长。短期需求波动不改航空长逻辑，旺季博弈风险释放，反内卷整治值得期待。 中国东方航空股份(00670)午后涨超4%，截至发稿，涨4.29%，报2.92港元，成交额3710.65万港元。 消息面上，中国东方航空股份公布，截至7月31日，累计回购8955.39万股A股，约占公司总股本的 0.4017%，总金额约为3.37亿元人民币；累计回购1.14亿股H股，约占公司总股本0.5114%，总金额约 3.11亿港元。 ...

Investment Rating - The investment rating for the aviation industry is "Overweight" indicating a positive outlook for the sector [7]. Core Insights - The civil aviation passenger transport volume continued to grow steadily in June, with a year-on-year increase of 3.8%, reaching approximately 60.9 million passengers. Capacity saw a slight increase of 0.3% year-on-year [4]. - The average aircraft utilization rate in June was 7.8 hours per day, showing a month-on-month decrease of 1% but remained stable year-on-year [4]. - Major airlines reported growth in capacity and passenger turnover, with notable increases from Spring Airlines (+12%) and China Eastern Airlines (+10%) in passenger turnover compared to the previous year [4]. - The international market is recovering, with June international flight numbers reaching 55,000, recovering to 87.1% of the same period in 2019 [4]. - The report highlights a structural differentiation in recovery across regions, with demand expected to accelerate as the summer travel season begins [4]. Summary by Sections Passenger Transport Data - In June, the total passenger transport volume was approximately 60.9 million, a 3.8% increase year-on-year. Domestic market capacity increased by 0.3%, while international flights reached 55,000, recovering to 87.1% of 2019 levels [4][5]. - Airlines' passenger turnover (RPK) showed growth, with China Eastern Airlines at +10% and Spring Airlines at +12% year-on-year [4]. Airline Performance - The report provides a summary of key airline metrics for June, including ASK (Available Seat Kilometers) and RPK, with China Eastern Airlines and Spring Airlines showing significant growth [5]. - The passenger load factor for June was highest for Spring Airlines at 92.1%, while China Southern Airlines and China Eastern Airlines also reported strong load factors [4][5]. Investment Recommendations - The report recommends continued investment in the aviation sector, highlighting the strong supply logic and demand elasticity, with specific recommendations for China National Aviation, China Eastern Airlines, Spring Airlines, and others [4][7].