CICC pointed out that 2026 will be the year of a real reversal in aviation supply and demand, and the industry will gradually enter a situation where supply is in short supply. Step by step — China's civil aviation industry has experienced a low supply growth rate for many years, and the growth in aviation demand is gradually absorbing excess capacity. In 2026, tight supply and demand will cause the industry's passenger occupancy rate to peak again; peak turnaround — industry ticket prices may rise moderately to cope with insufficient supply, and the civil aviation industry has actually entered an upward cycle. Focus on aviation off-season investment opportunities. In the past, aviation investment focused on the peak season, but supply disturbances may cause the industry's off-season supply and demand to be tighter in 2026, and the off-season ticket price increase or greater, so the performance of listed companies may also improve even more during the off-season.

CICC pointed out that 2026 will be the year of a real reversal in aviation supply and demand, and the industry will gradually enter a situation where supply is in short supply. Step by step — China's civil aviation industry has experienced a low supply growth rate for many years, and the growth in aviation demand is gradually absorbing excess capacity. In 2026, tight supply and demand will cause the industry's passenger occupancy rate to peak again; peak turnaround — industry ticket prices may rise moderately to cope with insufficient supply, and the civil aviation industry has actually entered an upward cycle. Focus on aviation off-season investment opportunities. In the past, aviation investment focused on the peak season, but supply disturbances may cause the industry's off-season supply and demand to be tighter in 2026, and the off-season ticket price increase or greater, so the performance of listed companies may also improve even more during the off-season.