锡林浩特机场代表围绕2025年冬航季新开通的"锡林浩特—郑州—广州"、"锡林浩特—包头西安"、"锡 林浩特—乌兰察布—重庆"等多条航线、多项优惠航旅产品以及锡林浩特经呼和浩特、郑州等便捷的中 转服务进行了重点介绍，充分展示了锡林浩特机场在提升区域通达性、促进"航空+旅游"融合发展方面 的成果。 此次走访活动，不仅集中展示了锡林浩特机场冬航季航线网络布局与服务的提质升级，更通过"旅游产 品互推、旅游客源互送"的形式，搭建了航司、文旅企业与机场之间的面对面交流平台，促进各方实现 资源共享、互利共赢，共同开拓冬季旅游市场。下一步，锡林浩特机场将此次活动以冬航季换季为契 机，持续拓展航线网络，进一步宣传推介新的航旅产品，深化"航空+旅游"融合，不断提升服务品质与 运行效率，为方便市民出行、服务区域经济社会高质量发展贡献力量。（编辑：贾昊天 校对：李海燕 审核：程凌） （洽谈航旅融合产品） 中国民航网 通讯员李海英 报道：10月22日，锡林浩特机场联合中国国际航空、华夏航空共同拜访锡林 郭勒盟华程集团、当地旅行社及销售代理等合作单位，围绕2025年冬航季航线航班及航旅产品展开深入 交流。 在走访过程中，锡林浩特机场与各 ...

Investment Rating - The report maintains a "Buy" rating for the company [10]. Core Views - The company is expected to return to its historical growth trajectory due to several factors: 1) Short-term: The pilot shortage is gradually being resolved, leading to improved aircraft utilization [2][8]. 2) Mid-term: Significant subsidies for regional airlines are expected to provide a safety net amid industry downturns, with a focus on underdeveloped regions benefiting from new subsidy policies [2][8]. 3) Long-term: The company aims to leverage partnerships with mainline carriers to monetize regional traffic through joint products, utilizing excess capacity from mainline airlines [2][8]. Summary by Sections Introduction: The "Running Ahead" Mystery of Overseas Regional Airlines - Regional airlines are essential in large countries, acting as vital transportation links across vast territories, with North America holding a 55% market share globally [20][21]. Strong Monopoly: Low-Cost Supply Creates Dominant Structure - The regional airline market has significant growth potential due to its vast geographical coverage and the unique demand characteristics that differentiate it from mainline carriers [6][53]. Stability: Meeting Demand and Transferring Risks - Regional airlines exhibit stable long-term profitability akin to utility companies, effectively managing demand fluctuations and operational costs through strategic agreements with mainline carriers [7][53]. The Alpha of Huaxia Airlines: Turning Point Approaches - Huaxia Airlines, as a leading regional carrier in China, benefits from government support and a focus on cost-effective operations, positioning it for substantial growth in the coming years [8][7]. Investment Recommendations: Restarting Growth - The company is projected to achieve net profits of 700 million, 1 billion, and 1.21 billion yuan from 2025 to 2027, with corresponding P/E ratios of 15.8X, 11.0X, and 9.1X [2][8].