Core Viewpoint - The aviation industry is experiencing a tightening supply-demand structure during the off-peak season, leading to an increase in ticket prices, driven by a recovery in domestic travel demand and improved supply dynamics [1][3][4]. Group 1: Demand and Pricing - Domestic business travel passenger volume has been steadily increasing since June, contributing to overall industry demand growth and higher ticket prices, as business travelers are less price-sensitive and often choose premium seating [2]. - Since the "Eleventh" holiday, domestic ticket prices have shown a year-on-year increase, reversing the decline seen in the first three quarters of the year, indicating a sustainable upward trend in pricing due to improved supply-demand conditions [1][4]. Group 2: Supply Dynamics - In September, as the aviation industry enters the off-peak season, airlines are grounding more aircraft for maintenance or reducing flight schedules, while travel volume continues to grow year-on-year, resulting in a tighter supply-demand balance [1][3]. - The industry is adjusting its strategies in response to market changes, focusing on revenue management to avoid excessive price competition, particularly among the three major airlines [4]. Group 3: Future Outlook - The industry supply-demand structure is expected to continue optimizing over the next few years, with an average annual growth rate of 3% in supply (ASK) projected from 2026 to 2028, while demand (RPK) is anticipated to maintain a growth rate of over 5% due to increasing travel population and economic recovery [5]. Group 4: Recommended Stocks - The company recommends China Eastern Airlines (00670) for H-shares and suggests Huaxia Airlines (002928.SZ), Juneyao Airlines (603885.SH), and Spring Airlines (601021.SH) for A-shares [6].