航空行业1月数据点评：1月春运启动，航空旅客运输量同比双位数增长

Investment Rating - The report maintains an "Overweight" rating for the aviation industry, indicating a positive outlook for the sector's performance relative to the overall market [4][7]. Core Insights - January saw a significant increase in air passenger transport volume, with approximately 64.63 million passengers, representing a year-on-year growth of 12.8% compared to 2024 and 21.0% compared to 2019 [4]. - Domestic capacity increased by 4.9% year-on-year, while domestic passenger traffic grew by 9.4% compared to 2024 and 23.2% compared to 2019 [4]. - International flights exceeded 59,000, recovering to 92.4% of the levels seen in 2019, with Southeast Asia and East Asia being the most popular regions, accounting for 77.4% of international departures [4]. - The average daily aircraft utilization rate for civil aviation was 8.5 hours, reflecting a 12% month-on-month increase [4]. - The report highlights that all major airlines experienced double-digit year-on-year growth in capacity and passenger turnover for January [4]. Summary by Sections Airline Performance - Major airlines such as Air China, China Eastern Airlines, and Southern Airlines reported significant increases in capacity (ASK) and passenger turnover (RPK) in January 2025, with growth rates ranging from 10% to 20% year-on-year [4][5]. - The report provides detailed statistics for each airline, showing Air China's ASK at 31,387 million seat kilometers, a 10% increase from 2024, and a 32% increase from 2019 [5]. Domestic Market Analysis - Domestic passenger turnover growth outpaced capacity growth, with some airlines reducing their domestic capacity compared to the previous year [4]. - Specific figures indicate that Air China's domestic ASK increased by 3% year-on-year, while its RPK grew by 4% [5]. International Market Analysis - Most listed airlines have restored their capacity and traffic to levels exceeding those of 2019, with significant growth reported by airlines like Spring Airlines and Juneyao Airlines [4][5]. - The report notes that international ASK for China Eastern Airlines increased by 39% year-on-year, while RPK grew by 53% [5]. Investment Recommendations - The report suggests a continued positive outlook for the aviation sector, emphasizing the resilience of post-pandemic travel demand and the potential for improved pricing in the off-peak season of 2025 [4]. - Specific airline recommendations include Air China, Cathay Pacific, Spring Airlines, and others, based on their strong performance metrics and market positioning [4][7].