Haitong: International flights growing faster, travel in Sanya recovering well.

Haitong releases research report shows that according to Flight Manager data, during the 40-day Spring Festival travel season, the total number of passenger flights nationwide was 655,600, an increase of 10.7% compared to the same period in the lunar calendar in 2019, and an increase of 5.1% compared to the same period in the lunar calendar in 2024. Among them, the cumulative number of domestic, regional, and international passenger flights were 564,700, 14,400, and 76,400 respectively, with increases of 16.2%, -29.7%, and -10.5% compared to the same period in the lunar calendar in 2019, and increases of 2.4%, 9.0%, and 29.3% compared to the same period in the lunar calendar in 2024. Additionally, according to data from Hainan Airport Infrastructure Group quoted by the Hainan State-Owned Assets public account, during the 40-day Spring Festival travel season, the three major airports in Hainan, Haikou Meilan, Sanya Phoenix, and Qionghai Boao, completed a total of 47,200 flight take-offs and landings, with a passenger throughput of 7.888 million, an increase of 10.0% and 3.0% respectively compared to the previous year, and both flight take-offs and landings and passenger throughput reached historical highs. Main points of Haitong's analysis: - Passenger volume during the 2025 Spring Festival travel season reached a new high, with increasing growth rates initially high and then decreasing. - Compared to the same period in the lunar calendar in 2019 and 2024, the growth rates of air travel, rail travel, road travel, and water travel during the 40-day Spring Festival travel season were higher. - Road and rail remain the mainstream choices for travel. - Domestic capacity increased slightly year on year, while international capacity recovered at a faster pace. - Multiple data from three airports in Hainan reached new highs, with Sanya's tourism market showing good recovery. Investment advice: Overall, Spring Festival travel is steadily increasing, with international travel accelerating recovery. Consider investment opportunities in the aviation sector, and recommend Juneyao Airlines (603885.SH), Spring Airlines (601021.SH), Hainan Airlines Holding (600221.SH), and pay attention to Air China Limited (601111.SH). 2025 is the year of closure for Hainan's free trade port, and tourism consumption demand is expected to be driven. Pay attention to investment opportunities in Hainan travel, and consider shares in Hainan Strait Shipping (002320.SZ), Hainan Airport Infrastructure (600515.SH), and MEILAN AIRPORT (00357). Risk warning: Exchange rate and oil price fluctuations, economic downturn, safety accidents, etc.