According to the Huatai Securities Research Report, at the peak of the summer travel season in August, the three major airlines+Spring and Qiuxiang ASK and RPK increased 5.2% and 7.6% year over year, respectively, and passenger occupancy rates increased 2% to 88.8% year over year, reaching record highs. At the same time, ticket price performance improved. However, domestic fuel-containing ticket prices increased by only 1.0% year-on-year during the July-August summer travel season or due to extreme weather, demand did not match capacity investment in a timely manner, etc., and the overall oil price transmission effect was weak. Looking ahead, the rebound in the sector will have to wait for oil prices to fall. Focus on high-frequency data during the Mid-Autumn Festival and National Day holidays. In addition, off-season capacity investment in the fourth quarter may be more cautious, which is beneficial to the year-on-year earnings performance. In the medium to long term, we are still optimistic about the bottom of the recovery of the transportation industry's boom.

According to the Huatai Securities Research Report, at the peak of the summer travel season in August, the three major airlines+Spring and Qiuxiang ASK and RPK increased 5.2% and 7.6% year over year, respectively, and passenger occupancy rates increased 2% to 88.8% year over year, reaching record highs. At the same time, ticket price performance improved. However, domestic fuel-containing ticket prices increased by only 1.0% year-on-year during the July-August summer travel season or due to extreme weather, demand did not match capacity investment in a timely manner, etc., and the overall oil price transmission effect was weak. Looking ahead, the rebound in the sector will have to wait for oil prices to fall. Focus on high-frequency data during the Mid-Autumn Festival and National Day holidays. In addition, off-season capacity investment in the fourth quarter may be more cautious, which is beneficial to the year-on-year earnings performance. In the medium to long term, we are still optimistic about the bottom of the recovery of the transportation industry's boom.