Zhongtai: The new aviation season still faces strong constraints on air supply, seize the opportunity to optimize the layout.

Zhongtai released a research report stating that the total flight hours of domestic airlines in the 2025 winter-spring season showed a decreasing trend compared to the previous season, with a decrease in total volume indicating a shift in structure or potential impact on ticket prices. The report continues to recommend investing in aviation opportunities under low expectations. With the industry fleet growth slowing down, and first-line flight resources not experiencing significant growth, the report believes that there is still strong airline supply constraints. The combination of high passenger load factors and industry initiatives against over-competition is expected to drive ticket prices upward, suggesting positioning on the downside for marginal improvement. Key points from Zhongtai include: Seasonal Overview: Total volume showed a decrease compared to previous seasons, indicating a clear intention to control volume. In the 2025 winter-spring season, the total flight hours of domestic airlines showed a decreasing trend compared to previous seasons (a 2% decrease year-on-year and a 3% decrease compared to the previous season), which is a 15% increase from the 2019 winter-spring season. International Routes: Limited growth, with significant increases in Canada in the North America region mentioned, with China Eastern Airlines Corporation having advantages in Japan, South Korea, and Thailand. International flight hours (including Chinese origin/destination) increased by 2% compared to the 2024 winter-spring season, accounting for 75% of the 2019 winter-spring season; while domestic airline regional flight hours decreased by 12% compared to the 2024 winter-spring season, accounting for 83% of the 2019 winter-spring season. For domestic airlines, the proportion of planned flight hours in Asia (including the region, excluding Chinese origin/destination)/Europe/Oceania/Middle East/North America for the total international (including region) flight hours accounted for 83%/9%/3%/2%1%. Planned flight hours in Asia/Europe/Oceania/Middle East/North America/Africa have recovered to 79%/126%/81%/171%/26%/267% compared to the same period in 2019. North America's weekly planned flight hours increased by 46 year-on-year, with a growth rate of 48.4% year-on-year (major increase from Canada). Among the top 20 destinations, domestic airlines recovered their planned flight hours to exceed those of 2019 in Hong Kong...