Changes in Hong Kong stocks | Aviation stocks continue to grow, agencies expect airlines to continue to drastically reduce unit losses or recover significantly in the fourth quarter

The Zhitong Finance App learned that aviation stocks continued their growth trend. As of press release, Capital Airport (00694) rose 4.49% to HK$2.79; Eastern Airlines (00670) rose 3.43% to HK$5.12; Air China (00753) rose 2.82% to HK$6.92; and China Southern Airlines (01055) rose 2.15% to HK$5.69.

Cathay Pacific Haitong released a research report saying that since aviation entered the traditional low season in September, public demand is the core force affecting ticket prices. From September to October, benefiting from the concentrated release of suppressive commercial demand during the summer travel season, ticket prices increased year-on-year. The year-on-year increase in ticket prices narrowed slightly due to fewer exhibitions and a slight year-on-year decline in commercial passenger traffic in November. In December, benefiting from an increase in visits and team building, etc., the share of public and commercial passenger traffic rebounded. In the early stages, domestic raw ticket prices fell slightly year on year, and domestic oil ticket prices continued to rise year on year; considering revenue management improvements in the same period in 2024, the year-on-year increase or continued to narrow throughout the month. The bank expects to continue to reduce losses sharply in 2025Q4 and reverse losses throughout the year.

Cinda Securities said that since the beginning of 2025, the industry's passenger occupancy rate has continued to be high, and domestic and foreign routes are booming. The off-season is not easy. Passenger occupancy rates are high, and there has been some correction in ticket prices. The bank believes that airline unit seating capacity may have improved significantly. From January to November 2025, with the exception of Air China and Jixiang, the domestic flight capacity of all airlines declined slightly year on year; passenger occupancy rates continued to be high, and domestic passenger occupancy rates of the three major airlines increased significantly year on year; with the exception of Jixiang, domestic flight turnover of all airlines increased year on year. Among them, Chunqiu and China Eastern Airlines grew at 8.4% and 5.9%, and the rest of the airlines grew within 5%.