国泰海通证券发布研报称，9月初重大活动后，北京市场带动量价快速回升，其中公商需求出行活跃； 考虑10月重大会议影响，公商需求前移将保障9月中下旬量价继续向好；预计2025Q3航司盈利仍有望同 比增长。考虑2024Q4价格战致低票价，预计反内卷将助力淡季票价表现好于上半年，航司有望继续同 比大幅减亏，全年将行业性扭亏。重视航空长逻辑，待公商需求恢复，考虑票价市场化与机队增速放 缓，航司盈利中枢将上升且持续。 航空股午后走高，截至发稿，中国国航（601111）(00753)涨4.82%，报5.44港元；东方航空(00670)涨 3.74%，报3.05港元；南方航空（600029）(01055)涨2.65%，报3.88港元。 消息面上，根据航旅纵横，截至9月8日，今年中秋国庆假期国内航线机票预订量超326万张，日均机票 预订量较去年同期增长超26%。今年中秋国庆假期的出入境航线机票预订量已超116万张，日均机票预 订量比去年同期增长约15%。随着中秋国庆小长假到来，航空出行需求有望提振。 ...

Core Viewpoint - The aviation sector is experiencing a rise in stock prices, driven by increased demand for domestic and international flights during the upcoming Mid-Autumn Festival and National Day holidays, with significant growth in ticket bookings compared to last year [1] Group 1: Stock Performance - As of the report, China National Aviation (00753) increased by 4.82% to HKD 5.44, Eastern Airlines (00670) rose by 3.74% to HKD 3.05, and Southern Airlines (01055) gained 2.65% to HKD 3.88 [1] Group 2: Ticket Booking Trends - As of September 8, domestic flight ticket bookings for the Mid-Autumn Festival and National Day holidays exceeded 3.26 million, with an average daily booking increase of over 26% compared to the same period last year [1] - International flight ticket bookings surpassed 1.16 million, with a daily booking increase of approximately 15% year-on-year [1] Group 3: Market Insights - According to Guotai Junan Securities, following significant events in early September, the Beijing market has seen a rapid recovery in both volume and price, with active demand from business travelers [1] - Anticipating the impact of major meetings in October, business travel demand is expected to shift forward, supporting continued positive trends in volume and pricing through mid to late September [1] - It is projected that airline profitability will continue to grow year-on-year in Q3 2025, with expectations of reduced losses in the off-peak season due to a price war in Q4 2024, leading to an overall industry turnaround [1] - The long-term outlook for the aviation industry remains positive, with expectations for an increase in profitability as business travel demand recovers and market pricing becomes more competitive [1]