Galaxy Securities in China: Airlines are expected to usher in a situation where both volume and price increase, and profitability may further increase.

China Galaxy Securities pointed out that by 2025, with the continued trend of accelerating increase in international flights and the boost in domestic demand following the introduction of the "924" package of policies, the demand for civil aviation travel in 2025 is expected to further release. With the optimization of supply and demand structure and the improvement in oil and exchange rates, along with several factors of marginal improvement, the marketization space of ticket prices will further open up, and airlines are expected to usher in a situation of simultaneous increase in quantity and price, with profitability levels potentially further increasing.