中银证券：中银晨会聚焦-20250320

Core Insights - The report highlights the potential benefits for the aviation transportation sector due to the recent issuance of the "Consumption Promotion Special Action Plan" by the central government, which aims to expand cultural, sports, and tourism consumption [4][6] - The report emphasizes that regional air travel demand, particularly for regional airlines focusing on tourism-rich areas, is expected to gradually increase as GDP per capita rises [4][6] Industry Overview - The report notes that over 70% of domestic airports in China are regional airports, yet they only account for 6% of total passenger throughput [4][5] - In 2024, there are 263 domestic transport airports in China, with 186 of them (70.72%) having an annual passenger throughput of less than 2 million [4][5] - The passenger throughput for regional airports has remained stable at around 90 million in the past five years, with 2024 projected to see approximately 9.05 million passengers [5][6] Market Dynamics - The report identifies that in 2024, Huaxia Airlines holds the largest market share in the regional aviation sector at 13.4%, followed by China Eastern Airlines (12.9%) and China Southern Airlines (10.6%) [7] - The top ten airlines in the regional aviation market collectively account for 69.3% of the market share [7] Regional Distribution - Regional airports are distributed across 28 provinces in China, covering over 170 cities, with the highest concentrations in the Southwest and Northwest regions [6] - The report suggests that the demand for regional air travel in central and western China is expected to grow steadily due to the government's focus on promoting tourism [6]