Group 1 - The State Council of China announced the holiday schedule for 2026, with the Spring Festival holiday from February 15 to February 23, totaling 9 days, which is expected to boost long-distance travel enthusiasm [1] - Following the announcement, travel data from Qunar shows a significant increase in ticket searches, with train and international flight searches doubling, and a threefold increase in flight searches for the Spring Festival period [3] - Popular domestic destinations for the Spring Festival include Haikou, Sanya, and Hangzhou, with flight bookings for the 2026 Spring Festival expected to increase by 63% compared to 2025 [3] Group 2 - The travel popularity of Harbin and Sanya as winter destinations is extending into the Spring Festival holiday, indicating a trend towards staggered travel and increased comfort for travelers [5] - The overall travel volume during the Spring Festival is anticipated to reach new highs, with a more balanced daily passenger flow expected [5]

Core Viewpoint - The domestic airline ticket prices in September showed a year-on-year increase driven by improved supply and demand dynamics, with expectations for a turning point in Q4 2025 as the supply-demand gap narrows [1] Industry Dynamics - In September, the demand for air travel benefited from increased passenger flow and longer flight distances, resulting in a higher growth rate than supply. The passenger load factor for both domestic and international routes reached record highs [1] - The six listed airlines in A-shares reported a combined ASK/RPK growth of +4.0%/+7.1% year-on-year in September, with domestic passenger load factors reaching 87.3%, an increase of 2.1 percentage points year-on-year, marking the highest level for September in history [1] - For international routes, the supply growth rate slowed, leading to a widening gap with demand growth. The ASK/RPK for international routes increased by +8.7%/+13.6% year-on-year, with a passenger load factor increase of 3.5 percentage points [1] Aircraft Utilization and Pricing - The aircraft utilization rate in September remained high at 7.8 hours, with narrow-body aircraft showing a slight increase of +0.4% year-on-year [2] - The domestic passenger load factor for the six airlines reached 87.3%, up 2.1 percentage points year-on-year, and 3.9 percentage points compared to 2019, achieving a historical high [2] - Domestic economy class ticket prices increased by +0.6% year-on-year, while international ticket prices decreased by -15.2% [2] Fleet Expansion - The fleet of the six listed airlines grew by 0.3% month-on-month, with a total of 3,340 aircraft managed as of September 2025, reflecting a net increase of 11 aircraft [3] - The main aircraft types introduced were narrow-body models, including 19 new narrow-body aircraft in September [3] Investment Targets - Key companies to watch include China Eastern Airlines (600115.SH), Huaxia Airlines (002928.SZ), Air China (601111.SH), China Southern Airlines (600029.SH), Juneyao Airlines (603885.SH), and Spring Airlines (601021.SH) [4]

Investment Rating - The report maintains a "Buy" rating for the airline sector, highlighting the potential for price recovery driven by improved supply-demand dynamics [6][10]. Core Insights - In September 2025, the airline industry experienced a significant increase in passenger load factors, with domestic and international routes reaching record highs. The combined ASK/RPK for six listed airlines grew by 4.0% and 7.1% year-on-year, respectively [3][12]. - The report emphasizes the tight supply-demand relationship, with a notable recovery in business travel demand contributing to price increases. The domestic passenger load factor reached 87.3%, up 2.1 percentage points year-on-year, marking the highest level for September in history [4][13]. - The report suggests that the industry is entering a critical phase where supply constraints may lead to sustained price improvements, particularly in the fourth quarter of 2025 [5][24]. Summary by Sections Passenger Load Factors and Pricing - The report indicates that high passenger load factors in September have led to price increases, with domestic economy class ticket prices rising by 2.4% year-on-year. International ticket prices, however, saw a decline of 15.2% [4][13]. - The domestic load factor for the six airlines reached 87.3%, which is 3.9 percentage points higher than the same period in 2019, reflecting strong demand recovery [4][12]. Fleet Expansion - The total fleet of the six listed airlines increased by 0.3% in September 2025, with a net addition of 11 aircraft. The primary models introduced were the A320 and B737 series [5][24]. - China National Airlines led the fleet expansion with a net increase of 5 aircraft, while Eastern Airlines added 2 aircraft during the same period [26][28]. Investment Recommendations - The report advises investors to focus on the sustainability of price improvements in the fourth quarter, particularly for business routes. The recovery in business travel is expected to enhance investor sentiment in the sector [5][24]. - Key airlines to watch include China Eastern Airlines, China Southern Airlines, and Spring Airlines, among others [5][6].

Core Insights - Fliggy announced a 48% year-on-year growth in GMV (Gross Merchandise Volume) for the 2025 National Day and Mid-Autumn Festival holiday period, indicating a strong performance in the tourism market [1] - The number of service users increased by 30% compared to the previous year, showcasing significant demand for travel services [1] - Fliggy's domestic flight and global hotel bookings reached historical peaks, setting new single-day records [1] - The hotel business performed exceptionally well, with hotel night stays from October 1 to 8 increasing by 78% year-on-year [1]

Group 1: Overall Market Performance - During the 2025 National Day and Mid-Autumn Festival holiday, Fliggy reported a 48% increase in GMV compared to last year, with service users growing by 30%, leading the tourism market [1] - Hotel stays during the holiday period saw a significant increase, with Fliggy reporting a 78% rise in hotel night stays compared to the previous year [1] - Huazhu Group's hotels received over 10.55 million guests during the holiday, a 36% increase from the same period last year, with foreign guests increasing by 75% [2] Group 2: Specific Company Performance - Fliggy's domestic flight and global hotel bookings reached historical peaks, with record single-day highs in both metrics [1] - Jinjiang Hotels reported a 4% increase in average occupancy rate, with over 13 million guests served, marking a more than 30% increase year-on-year [1] - Huazhu Group's overall hotel occupancy rate exceeded 80% during the holiday, peaking at over 98% on October 3, with more than 8,100 locations fully booked [2]

Core Insights - The combination of the National Day holiday and the Mid-Autumn Festival has led to a significant increase in travel demand, with a 130% year-on-year rise in the number of travelers during the "Eleventh" holiday period [1] - Domestic flight ticket bookings have surpassed 5.93 million as of September 19, with a daily average increase of approximately 28% compared to the same period last year [3] Group 1 - Travelers are booking tickets earlier this year, with peak travel days on September 30 and October 1, and some flights from Chengdu to Beijing, Shenzhen, and Hangzhou reaching an 80% occupancy rate [5] - Popular travel destinations during the holiday include those known for autumn scenery, with search terms related to "autumn appreciation," "red leaves," "beach," "grassland," and "autumn harvest" seeing a twofold increase compared to August [7] - Specific regions like Yulin in Shaanxi and Jixi in Heilongjiang have seen significant increases in flight bookings, with Yulin's bookings nearly doubling and Jixi's increasing by 79% [7] Group 2 - The average price of domestic flight tickets remains stable compared to last year, exhibiting a "high-low-high" pricing pattern, with cities experiencing the highest search interest including Yining, Luzhou, Hailar, Jieyang, Ganzhou, Yangzhou, Xuzhou, Mangshi, Altay, and Zunyi [9]

Core Insights - The upcoming National Day and Mid-Autumn Festival holiday period is expected to see a significant increase in travel demand, with the railway sector preparing for a peak in passenger flow [3][4]. Group 1: Railway Sector - Train tickets for popular routes from Beijing to cities like Wuhan, Changsha, and Taiyuan are already sold out, indicating high demand [3]. - The railway is expected to transport approximately 219 million passengers during the 12-day holiday period from September 29 to October 10, with October 1 anticipated to be the peak travel day [3]. - To accommodate the concentrated passenger flow, the railway department plans to add temporary trains and adjust ticket availability based on data analysis from the 12306 platform [4]. - New pricing regulations for children's tickets have been introduced, offering discounts on various classes of seats [4]. Group 2: Road and Air Travel - Public transport tickets for road travel are now fully available, with local bus stations prepared for peak travel times [6]. - In the aviation sector, domestic flight ticket prices during the holiday are expected to remain stable compared to last year, with higher prices at the beginning and end of the holiday and lower prices during the middle [8].

Group 1 - The upcoming National Day holiday is leading to a peak in domestic flight ticket bookings, with online travel platforms reporting a search volume increase of over 30% compared to the previous year [1] - Major cities such as Beijing, Chengdu, and Shanghai are seeing the highest search interest, while lesser-known destinations like Yining, Luzhou, and Hailar have experienced search volume increases exceeding 60% [1] - The average price of domestic flight tickets during the National Day holiday remains similar to last year, exhibiting a pattern of higher prices at the beginning and end of the holiday, with lower prices in the middle [1] Group 2 - There is a significant surge in demand for various types of tourism, including red tourism and scenic mountain areas, with red tourism searches increasing by over 200% year-on-year [3] - Keywords related to "viewing" and "moon appreciation" have seen a 117% increase in search volume compared to the previous year, indicating a growing interest in these activities [3] - Searches for mountain and garden scenic spots have risen by over 80% week-on-week, reflecting a strong interest in outdoor and cultural experiences [3]

Group 1 - The upcoming National Day holiday is leading to a peak in domestic flight ticket bookings, with online travel platforms reporting over a 30% increase in search interest for domestic flights compared to the same period last year [1] - The search volume for travel during the Mid-Autumn and National Day holidays has significantly increased, with domestic flight searches rising over 30% year-on-year in the past week [1] - Popular destinations for flight searches include Beijing, Chengdu, and Shanghai, while lesser-known locations like Yining, Luzhou, and Hailar have seen search interest grow by over 60% year-on-year [1] Group 2 - The average price of domestic flight tickets for the National Day holiday remains similar to last year, exhibiting a pattern of higher prices at the beginning and end of the holiday, with lower prices in the middle [3] - A peak in domestic air travel is expected around October 4th to 5th, driven by holiday travel strategies [3] Group 3 - There is a significant increase in demand for various types of tourism, including red tourism and scenic mountain areas, with red tourism searches up over 200% year-on-year [5] - Keywords related to "viewing" and "moon appreciation" have seen a 117% increase in search interest year-on-year, while searches for mountain and garden scenic spots have risen over 80% week-on-week [5]

Group 1 - The core viewpoint of the articles highlights that the recent Dragon Boat Festival holiday was characterized by affordable and less crowded travel options, with an increase in per capita tourism spending despite lower hotel prices compared to the May Day holiday [1][2] - The demand for quality travel experiences has risen, with "light vacation" products seeing a year-on-year increase in per capita spending by 8.8%, indicating a shift towards more flexible and personalized travel options [2][3] - Short-distance self-driving and nearby vacationing have become more popular, with domestic car rental bookings increasing by approximately 30% year-on-year, reflecting a trend towards spontaneous travel [2][3] Group 2 - High-star hotels in county areas have gained popularity during the holiday, with international high-star hotel packages seeing a fourfold increase in orders, particularly in regions with good natural resources and improved tourism infrastructure [3] - Domestic and international flight prices saw a decrease during the holiday, with domestic ticket prices dropping over 20% on the first day of the holiday, while international connecting flight bookings increased by nearly 20% [4][5] - The industry anticipates a rise in flight prices following the holiday, with predictions indicating that international ticket prices may exceed 3,000 yuan shortly after the holiday, driven by the upcoming summer travel peak [5]