Core Insights - The collaboration between Xilinhot Airport, Air China, and Huaxia Airlines aims to enhance winter travel services and expand flight routes for the 2025 winter season [1][2][3] Group 1: Flight Services and Products - Air China introduced a "ticket + skiing" travel service, offering discounts for ski resorts in Hohhot when booking flights on the Xilinhot-Hohhot route [2] - Huaxia Airlines presented various travel products, including the Mohe Northern Lights package on the Xilinhot-Harbin route and outbound travel options to Japan and South Korea [2] - Xilinhot Airport highlighted new routes for the 2025 winter season, including Xilinhot-Zhengzhou-Guangzhou and Xilinhot-Baotou-Xi'an, along with convenient transfer services [2] Group 2: Strategic Collaboration and Market Development - The visit served as a platform for face-to-face communication among airlines, tourism enterprises, and the airport, promoting resource sharing and mutual benefits [3] - Xilinhot Airport plans to leverage this event to further expand its route network and promote new travel products, enhancing the integration of aviation and tourism [3] - The initiative aims to improve service quality and operational efficiency, contributing to the high-quality development of the regional economy and facilitating citizen travel [3]

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].