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長坡厚雪，否極泰來
——航空行業(yè)年度策略報告(FromAdversitytoProsperity:TheAviationIndustry'sAnnualStrategicReport)本研究報告由海通國際分銷，海通國際是由海通國際研究有限公司，海通證券印度私人有限公司，海通國際株式會社和海通國際證券集團(tuán)其他各成員單位的證券研究團(tuán)隊所組成的全球品牌，海通國際證券集團(tuán)各成員分別在其許可的司法管轄區(qū)內(nèi)從事證券活動。關(guān)于海通國際的分析師證明，重要披露聲明和免責(zé)聲明，請參閱附錄。(Please
see
appendix
for
English
translation
of
the
disclaimer)Equity–Asia
Research陳宇Yu
Chen虞楠Nan
Yuyu.chen@htisec.com
nan.yu@31Dec
2023第一節(jié)要點：國內(nèi)供需已超19年同期一成，地區(qū)恢復(fù)至19年八成，國際線恢復(fù)進(jìn)程加快Q2人民幣貶值拖累業(yè)績表現(xiàn)，油匯擾動業(yè)績修復(fù)Q3行業(yè)量價齊升，多航司創(chuàng)歷史業(yè)績新高供需變化決定價格-收益?zhèn)鲗?dǎo)效果，建議持續(xù)關(guān)注客座率等指標(biāo)回顧：周期啟航一波三折，旺季兌現(xiàn)，航司業(yè)績新高Forfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertothelatestfullreportonourwebsiteat
3資料來源：Wind，各上市公司月度生產(chǎn)運營數(shù)據(jù)公告，HTI1.
23年1-10月總供需已接近19年同期九成23年1-10月，六家主要上市公司（國航、東航、南航、春秋、吉祥、海航，下同）總供給、需求同比上升120.4%/
157.1
%，客座率同比上升11.0個百分點至77.0
%。相比2019年同期，總供給、需求仍下降11.2
%/17.7
%，客座率下降6.1個百分點?？偣┬枰呀咏?9年同期九成。圖
2023年1-10月航司生產(chǎn)數(shù)據(jù)（百萬） 2023.1~102022.1~10變化(
)2023.1~102022.1~10變化(
)2023.1~102022.1~10變化(
)2023.1~102022.1~10變化(
)2023.1~102022.1~10變化(
)2023.1~102022.1~10變化(
)2023.1~102022.1~10變化(
)客運可用座位公里 247,473100,599146.00261,856135,15193.75201,04482,929142.43107,15542,446152.4539,61926,42749.9240,02419,564104.58897,171407,115120.4收入客公里 180,68364,140181.70203,89689,707127.29148,85552,780182.0388,42128,835206.6535,45719,76779.3733,16313,308149.19690,475268,538157.1客座率（
） 73.063.89.3pp77.966.411.5pp74.063.610.4pp82.567.914.6pp89.574.814.7pp82.968.014.8pp77.066.011.0pp國內(nèi)可用座位公里 206,21996,050114.70224,489128,95774.08168,07280,019110.0497,40041,459134.9334,35926,29230.6835,45719,15685.10765,995391,93395.4收入客公里 152,74762,092146.00174,17085,853102.87125,25151,202144.6282,00628,336189.4031,09119,68557.9429,91613,070128.89595,181260,240128.7客座率（
） 74.164.69.4pp77.666.611.0pp74.564.010.5pp84.268.315.8pp90.574.915.6pp84.468.216.1pp77.766.411.3pp國際可用座位公里 35,2993,322962.6035,4315,918498.6829,2662,6061,023.169,470987859.074,7361034,507.724,1273641,034.20118,33013,300789.7收入客公里 23,8931,4611,535.0028,2723,733657.4220,8541,4141,375.276,2334991,150.243,887606,365.512,8972121,265.8286,0367,3781,066.1客座率（
） 67.744.023.7pp79.863.116.7pp71.354.217.0pp65.850.515.3pp82.158.523.6pp70.258.311.9pp72.755.517.2pp地區(qū)可用座位公里 5,9561,240380.501,936275603.943,7063011,131.02285--524311,596.2744043913.1612,846--收入客公里 4,043571607.701,4531201,112.382,7501641,579.82183--479222,063.24350261,236.059,258--客座率（
） 67.946.121.8pp75.143.631.5pp74.254.419.8pp64.1--91.471.719.7pp79.660.419.2pp72.1--貨運貨運載運噸公里 2,3333,209-27.36,5346,22051,9542,178-10.37657196.411031020.9318014325.2511,86712,570-5.6（百萬） 2023.1~102019.1~10變化(
)2023.1~102019.1~10變化(
)2023.1~102019.1~10變化(
)2023.1~102019.1~10變化(
)2023.1~102019.1~10變化(
)2023.1~102019.1~10變化(
)2023.1~102019.1~10變化(
)客運可用座位公里 247,473277,068-10.68261,856287,027-8.77201,044224,814-10.57107,155151,388-29.2239,61936,0639.8640,02434,09917.37897,1711,010,458-11.2收入客公里 180,683226,468-20.22203,896238,294-14.44148,855185,230-19.6488,421127,126-30.4535,45733,0317.3533,16329,30413.17690,475839,452-17.7客座率（
） 73.081.7-8.7pp77.983.0-5.2pp74.082.4-8.4pp82.584.0-1.5pp89.591.6-2.1pp82.985.9-3.1pp77.083.1-6.1pp國內(nèi)可用座位公里 206,219172,94819.24224,489196,31014.35168,072143,00917.5397,400110,696-12.0134,35923,49446.2535,45727,90827.05765,995674,36513.6收入客公里 152,747143,9336.12174,170163,2196.71125,251119,4194.8882,00697,587-15.9731,09121,76942.8229,91624,28023.21595,181570,2064.4客座率（
） 74.183.2-9.2pp77.683.1-5.6pp74.583.5-9.0pp84.288.2-4.0pp90.592.7-2.2pp84.487.0-2.6pp77.784.6-6.9pp國際可用座位公里 35,29994,313-62.5735,43186,917-59.2429,26676,247-61.629,47040,079-76.374,73611,337-58.224,1275,646-26.91118,330314,540-62.4收入客公里 23,89374,921-68.1128,27272,210-60.8520,85461,405-66.046,23329,079-78.563,88710,164-61.762,8974,580-36.7586,036252,359-65.9客座率（
） 67.779.4-11.8pp79.883.1-3.3pp71.380.5-9.3pp65.872.6-6.7pp82.189.7-7.6pp70.281.1-10.9pp72.780.2-7.5pp地區(qū)可用座位公里 5,9569,806-39.261,9363,800-49.063,7065,557-33.31285613-53.555241,233-57.51440546-19.4012,84621,554-40.4收入客公里 4,0437,614-46.891,4532,865-49.272,7504,406-37.58183461-60.394791,097-56.38350444-21.239,25816,887-45.2客座率（
） 67.977.6-9.8pp75.175.4-0.3pp74.279.3-5.1pp64.175.2-11.1pp91.489.02.4pp79.681.4-1.8pp72.178.4-6.3pp貨運貨運載運噸公里 2,3334,229-44.86,5346,20151,9542,380-17.97651,564-51.09103957.57180180-0.0911,86714,650-19.0Forfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertothelatestfullreportonourwebsiteat
41.國內(nèi)供需已超19年同期，春秋吉祥優(yōu)勢明顯國內(nèi)線方面，
23年1-10月六家主要上市公司總供給、需求相比2019年同期各+13.6%/+4.4%，客座率為77.7%，較19年同期下降6.9個百分點。其中春秋、吉祥優(yōu)勢明顯，其需求已分別超19年同期42.8%、23.2%，客座率分別為90.5%、84.4%，維持較高水平。國航、東航、南航需求分別超19年同期6.1%、6.7%、4.9%，雖增幅未及小航，但考慮量級恢復(fù)亦較為良好。圖
2023年1-10月航司生產(chǎn)數(shù)據(jù)（百萬） 2023.1~102022.1~10變化(
)2023.1~102022.1~10變化(
)2023.1~102022.1~10變化(
)2023.1~102022.1~10變化(
)2023.1~102022.1~10變化(
)2023.1~102022.1~10變化(
)2023.1~102022.1~10變化(
)客運可用座位公里 247,473100,599146.00261,856135,15193.75201,04482,929142.43107,15542,446152.4539,61926,42749.9240,02419,564104.58897,171407,115120.4收入客公里 180,68364,140181.70203,89689,707127.29148,85552,780182.0388,42128,835206.6535,45719,76779.3733,16313,308149.19690,475268,538157.1客座率（
） 73.063.89.3pp77.966.411.5pp74.063.610.4pp82.567.914.6pp89.574.814.7pp82.968.014.8pp77.066.011.0pp國內(nèi)可用座位公里 206,21996,050114.70224,489128,95774.08168,07280,019110.0497,40041,459134.9334,35926,29230.6835,45719,15685.10765,995391,93395.4收入客公里 152,74762,092146.00174,17085,853102.87125,25151,202144.6282,00628,336189.4031,09119,68557.9429,91613,070128.89595,181260,240128.7客座率（
） 74.164.69.4pp77.666.611.0pp74.564.010.5pp84.268.315.8pp90.574.915.6pp84.468.216.1pp77.766.411.3pp國際可用座位公里 35,2993,322962.6035,4315,918498.6829,2662,6061,023.169,470987859.074,7361034,507.724,1273641,034.20118,33013,300789.7收入客公里 23,8931,4611,535.0028,2723,733657.4220,8541,4141,375.276,2334991,150.243,887606,365.512,8972121,265.8286,0367,3781,066.1客座率（
） 67.744.023.7pp79.863.116.7pp71.354.217.0pp65.850.515.3pp82.158.523.6pp70.258.311.9pp72.755.517.2pp地區(qū)可用座位公里 5,9561,240380.501,936275603.943,7063011,131.02285--524311,596.2744043913.1612,846--收入客公里 4,043571607.701,4531201,112.382,7501641,579.82183--479222,063.24350261,236.059,258--客座率（
） 67.946.121.8pp75.143.631.5pp74.254.419.8pp64.1--91.471.719.7pp79.660.419.2pp72.1--貨運貨運載運噸公里 2,3333,209-27.36,5346,22051,9542,178-10.37657196.411031020.9318014325.2511,86712,570-5.6（百萬） 2023.1~102019.1~10變化(
)2023.1~102019.1~10變化(
)2023.1~102019.1~10變化(
)2023.1~102019.1~10變化(
)2023.1~102019.1~10變化(
)2023.1~102019.1~10變化(
)2023.1~102019.1~10變化(
)客運可用座位公里 247,473277,068-10.68261,856287,027-8.77201,044224,814-10.57107,155151,388-29.2239,61936,0639.8640,02434,09917.37897,1711,010,458-11.2收入客公里 180,683226,468-20.22203,896238,294-14.44148,855185,230-19.6488,421127,126-30.4535,45733,0317.3533,16329,30413.17690,475839,452-17.7客座率（
） 73.081.7-8.7pp77.983.0-5.2pp74.082.4-8.4pp82.584.0-1.5pp89.591.6-2.1pp82.985.9-3.1pp77.083.1-6.1pp國內(nèi)可用座位公里 206,219172,94819.24224,489196,31014.35168,072143,00917.5397,400110,696-12.0134,35923,49446.2535,45727,90827.05765,995674,36513.6收入客公里 152,747143,9336.12174,170163,2196.71125,251119,4194.8882,00697,587-15.9731,09121,76942.8229,91624,28023.21595,181570,2064.4客座率（
） 74.183.2-9.2pp77.683.1-5.6pp74.583.5-9.0pp84.288.2-4.0pp90.592.7-2.2pp84.487.0-2.6pp77.784.6-6.9pp國際可用座位公里 35,29994,313-62.5735,43186,917-59.2429,26676,247-61.629,47040,079-76.374,73611,337-58.224,1275,646-26.91118,330314,540-62.4收入客公里 23,89374,921-68.1128,27272,210-60.8520,85461,405-66.046,23329,079-78.563,88710,164-61.762,8974,580-36.7586,036252,359-65.9客座率（
） 67.779.4-11.8pp79.883.1-3.3pp71.380.5-9.3pp65.872.6-6.7pp82.189.7-7.6pp70.281.1-10.9pp72.780.2-7.5pp地區(qū)可用座位公里 5,9569,806-39.261,9363,800-49.063,7065,557-33.31285613-53.555241,233-57.51440546-19.4012,84621,554-40.4收入客公里 4,0437,614-46.891,4532,865-49.272,7504,406-37.58183461-60.394791,097-56.38350444-21.239,25816,887-45.2客座率（
） 67.977.6-9.8pp75.175.4-0.3pp74.279.3-5.1pp64.175.2-11.1pp91.489.02.4pp79.681.4-1.8pp72.178.4-6.3pp貨運貨運載運噸公里 2,3334,229-44.86,5346,20151,9542,380-17.97651,564-51.09103957.57180180-0.0911,86714,650-19.0資料來源：
Wind，各上市公司月度生產(chǎn)運營數(shù)據(jù)公告，HTIForfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertothelatestfullreportonourwebsiteat
51.
國際線復(fù)蘇較為緩慢，僅為19年四成；地區(qū)線恢復(fù)快于國際線國際線方面，
23年1-10月六家主要上市公司總供給、需求相比2019年同期各-62.4%/-65.9%，客座率為72.7%，較19年同期下降7.5個百分點。疫后國際線復(fù)蘇整體較為緩慢，主因地緣政治、海外機場地面保障不足等多方面影響；
23年1-10月地區(qū)線方面，六家主要上市公司總供需相比2019年同期各-40.4%/-45.2%，客座率為72.1%，較19年同期下降6.3個百分點，恢復(fù)程度優(yōu)于國際線。圖
2023年1-10月航司生產(chǎn)數(shù)據(jù)（百萬） 2023.1~102022.1~10變化(
)2023.1~102022.1~10變化(
)2023.1~102022.1~10變化(
)2023.1~102022.1~10變化(
)2023.1~102022.1~10變化(
)2023.1~102022.1~10變化(
)2023.1~102022.1~10變化(
)客運可用座位公里 247,473100,599146.00261,856135,15193.75201,04482,929142.43107,15542,446152.4539,61926,42749.9240,02419,564104.58897,171407,115120.4收入客公里 180,68364,140181.70203,89689,707127.29148,85552,780182.0388,42128,835206.6535,45719,76779.3733,16313,308149.19690,475268,538157.1客座率（
） 73.063.89.3pp77.966.411.5pp74.063.610.4pp82.567.914.6pp89.574.814.7pp82.968.014.8pp77.066.011.0pp國內(nèi)可用座位公里 206,21996,050114.70224,489128,95774.08168,07280,019110.0497,40041,459134.9334,35926,29230.6835,45719,15685.10765,995391,93395.4收入客公里 152,74762,092146.00174,17085,853102.87125,25151,202144.6282,00628,336189.4031,09119,68557.9429,91613,070128.89595,181260,240128.7客座率（
） 74.164.69.4pp77.666.611.0pp74.564.010.5pp84.268.315.8pp90.574.915.6pp84.468.216.1pp77.766.411.3pp國際可用座位公里 35,2993,322962.6035,4315,918498.6829,2662,6061,023.169,470987859.074,7361034,507.724,1273641,034.20118,33013,300789.7收入客公里 23,8931,4611,535.0028,2723,733657.4220,8541,4141,375.276,2334991,150.243,887606,365.512,8972121,265.8286,0367,3781,066.1客座率（
） 67.744.023.7pp79.863.116.7pp71.354.217.0pp65.850.515.3pp82.158.523.6pp70.258.311.9pp72.755.517.2pp地區(qū)可用座位公里 5,9561,240380.501,936275603.943,7063011,131.02285--524311,596.2744043913.1612,846--收入客公里 4,043571607.701,4531201,112.382,7501641,579.82183--479222,063.24350261,236.059,258--客座率（
） 67.946.121.8pp75.143.631.5pp74.254.419.8pp64.1--91.471.719.7pp79.660.419.2pp72.1--貨運貨運載運噸公里 2,3333,209-27.36,5346,22051,9542,178-10.37657196.411031020.9318014325.2511,86712,570-5.6（百萬） 2023.1~102019.1~10變化(
)2023.1~102019.1~10變化(
)2023.1~102019.1~10變化(
)2023.1~102019.1~10變化(
)2023.1~102019.1~10變化(
)2023.1~102019.1~10變化(
)2023.1~102019.1~10變化(
)客運可用座位公里 247,473277,068-10.68261,856287,027-8.77201,044224,814-10.57107,155151,388-29.2239,61936,0639.8640,02434,09917.37897,1711,010,458-11.2收入客公里 180,683226,468-20.22203,896238,294-14.44148,855185,230-19.6488,421127,126-30.4535,45733,0317.3533,16329,30413.17690,475839,452-17.7客座率（
） 73.081.7-8.7pp77.983.0-5.2pp74.082.4-8.4pp82.584.0-1.5pp89.591.6-2.1pp82.985.9-3.1pp77.083.1-6.1pp國內(nèi)可用座位公里 206,219172,94819.24224,489196,31014.35168,072143,00917.5397,400110,696-12.0134,35923,49446.2535,45727,90827.05765,995674,36513.6收入客公里 152,747143,9336.12174,170163,2196.71125,251119,4194.8882,00697,587-15.9731,09121,76942.8229,91624,28023.21595,181570,2064.4客座率（
） 74.183.2-9.2pp77.683.1-5.6pp74.583.5-9.0pp84.288.2-4.0pp90.592.7-2.2pp84.487.0-2.6pp77.784.6-6.9pp國際可用座位公里 35,29994,313-62.5735,43186,917-59.2429,26676,247-61.629,47040,079-76.374,73611,337-58.224,1275,646-26.91118,330314,540-62.4收入客公里 23,89374,921-68.1128,27272,210-60.8520,85461,405-66.046,23329,079-78.563,88710,164-61.762,8974,580-36.7586,036252,359-65.9客座率（
） 67.779.4-11.8pp79.883.1-3.3pp71.380.5-9.3pp65.872.6-6.7pp82.189.7-7.6pp70.281.1-10.9pp72.780.2-7.5pp地區(qū)可用座位公里 5,9569,806-39.261,9363,800-49.063,7065,557-33.31285613-53.555241,233-57.51440546-19.4012,84621,554-40.4收入客公里 4,0437,614-46.891,4532,865-49.272,7504,406-37.58183461-60.394791,097-56.38350444-21.239,25816,887-45.2客座率（
） 67.977.6-9.8pp75.175.4-0.3pp74.279.3-5.1pp64.175.2-11.1pp91.489.02.4pp79.681.4-1.8pp72.178.4-6.3pp貨運貨運載運噸公里 2,3334,229-44.86,5346,20151,9542,380-17.97651,564-51.09103957.57180180-0.0911,86714,650-19.0資料來源：
Wind，各上市公司月度生產(chǎn)運營數(shù)據(jù)公告，HTIForfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertothelatestfullreportonourwebsiteat
623年航司生產(chǎn)經(jīng)營穩(wěn)定恢復(fù)，1月到10月，六家主要上市公司總供給/需求與2019年同期的差距從30.3%/37.7%縮小為5.6%/8.9%?？妥蕪?月的72.6%上升至10月的79.7%，其中10月客座率環(huán)比上升2.2個百分點，與2019年同期下降2.8個百分點。1.
10月生產(chǎn)數(shù)據(jù)出爐，供需恢復(fù)更進(jìn)一步圖六家上市航司合計單月客座率-120-6001月
2月
3月
4月
5月
6月
7月
8月
9月
10月11月12月ASK（2021vs2019）ASK（2022vs2019）ASK（2023vs2019）RPK（2021vs2019）RPK（2022vs2019）RPK（2023vs2019）圖六家上市航司合計供給需求單月同比增速(yoy%)9085807570656055502019年2020年2021年2022年2023年(yoy%)資料來源：
Wind，各上市公司月度生產(chǎn)運營數(shù)據(jù)公告，HTIForfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertothelatestfullreportonourwebsiteat
71.
國內(nèi)線恢復(fù)穩(wěn)健，地區(qū)線恢復(fù)至19年同期八成國內(nèi)線方面，10月六家主要上市公司總供給、需求對比2019年同期各+11.6%/+7.1
%，客座率較19年同期下降3.4個百分點至81.6
%，10月受“黃金周”拉動，國內(nèi)恢復(fù)穩(wěn)健。地區(qū)線方面，10月六家主要上市公司總供給、需求恢復(fù)至2019年同期的80.3%/81.4%，客座率為70.7%，較19年同期上升1.0個百分點。圖
2023年10月航司生產(chǎn)數(shù)據(jù)（百萬） 2023.10國航2022.10變化(
)2023.10南航2022.10變化(
)2023.10東航2022.10變化(
)2023.10海航2022.10變化(
)2023.10春秋2022.10變化(
)2023.10吉祥2022.10變化(
)六家上2023.10市航空合計2022.10變化(
)客運可用座位公里 26,8287,711247.9028,6539,716194.8922,5766,571243.5810,7822,418345.963,9982,11189.444,0501,682140.8296,88730,209220.7收入客公里 20,5844,959315.1023,2516,507257.3017,4014,325302.309,0191,478510.263,6061,603124.973,3981,108206.5977,25819,981286.7客座率（
） 76.764.312.4pp81.167.014.2pp77.165.811.2pp83.661.122.5pp90.276.014.2pp83.965.918.0pp79.766.113.6pp國內(nèi)可用座位公里 20,6417,021194.0023,1448,864161.1117,1346,154178.419,4622,216327.083,5062,09467.423,4841,619115.2177,37227,967176.6收入客公里 16,2734,652249.8018,9645,970217.6613,5124,074231.658,1851,398485.433,2191,593102.073,0201,075180.8063,17418,763236.7客座率（
） 78.866.312.6pp81.967.414.6pp78.966.212.7pp86.563.123.4pp91.876.115.7pp86.766.420.2pp81.667.114.6pp國際可用座位公里 5,503531936.505,265793563.534,9533751,220.211,278202532.46438152,842.6151553878.7717,9521,969811.7收入客公里 3,8452341,545.404,115513702.163,5362311,432.6780780912.6533793,565.48339291,071.4512,9801,0951,085.0客座率（
） 69.944.025.9pp78.264.713.5pp71.461.59.9pp63.239.423.7pp76.961.715.2pp65.855.010.8pp72.355.616.7pp地區(qū)可用座位公里684161324.4024459312.50489411,07941- -5413,853.615110392.931,563
--收入客公里46672548.1017124601.87352201,64026- -5016,848.86394877.901,105
--客座率（
）68.144.623.5pp70.341.329.0pp72.048.823.2pp63.4- -93.353.140.2pp77.839.238.6pp70.7
--貨運貨運載運噸公里 32624732.17756242426723613.19336157.8912119.582210129.621,4961,16428.5（百萬） 2023.102019.10變化(
)2023.102019.10變化(
)2023.102019.10變化(
)2023.102019.10變化(
)2023.102019.10變化(
)2023.102019.10變化(
)2023.102019.10變化(
)客運可用座位公里 26,82827,925-3.9328,65329,363-2.4222,57623,098-2.2610,78214,988-28.063,9983,8493.874,0503,46316.9696,887102,686-5.6收入客公里 20,58422,893-10.0923,25124,414-4.7617,40118,667-6.799,01912,360-27.033,6063,4624.163,3982,97714.1677,25884,773-8.9客座率（
） 76.782.0-5.3pp81.183.1-2.0pp77.180.8-3.7pp83.682.51.2pp90.290.00.3pp83.986.0-2.1pp79.782.6-2.8pp國內(nèi)可用座位公里 20,64117,91115.2423,14420,48912.9617,13414,62617.159,46210,973-13.763,5062,45842.653,4842,85022.2577,37269,30711.6收入客公里 16,27315,1207.6318,96417,23610.0213,51212,23610.438,1859,581-14.573,2192,27341.653,0202,52119.7763,17458,9677.1客座率（
） 78.884.4-5.6pp81.984.1-2.2pp78.983.7-4.8pp86.587.3-0.8pp91.892.5-0.6pp86.788.5-1.8pp81.685.1-3.4pp國際可用座位公里 5,5039,108-39.585,2658,560-38.494,9537,979-37.921,2783,959-67.714381,266-65.41515562-8.2017,95231,433-42.9收入客公里 3,8457,150-46.234,1156,970-40.963,5366,081-41.858072,744-70.583371,085-68.97339417-18.7212,98024,448-46.9客座率（
） 69.978.5-8.6pp78.281.4-3.3pp71.476.2-4.8pp63.269.3-6.2pp76.985.7-8.8pp65.874.3-8.5pp72.377.8-5.5pp地區(qū)可用座位公里 684906-24.51244314-22.25489494-1.034157-26.6954125-56.955151-1.411,5631,947-19.7收入客公里 466623-25.26171207-17.253523500.652635-24.7450105-51.9039382.801,1051,358-18.6客座率（
） 68.168.8-0.7pp70.366.14.2pp72.070.81.2pp63.461.81.6pp93.383.59.8pp77.874.63.2pp70.769.71.0pp貨運貨運載運噸公里326453-28.077564720267285-6.393174-46.3812122.5322220.961,4961,592-6.1資料來源：
Wind，各上市公司月度生產(chǎn)運營數(shù)據(jù)公告，HTIForfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertothelatestfullreportonourwebsiteat
81.
國際線恢復(fù)五成，航司正在增加運力國際線方面，10月六家主要上市公司總供給、需求對比2019年同期各下降42.9%/46.9%，9月供需較19年各下降45.2%/48.0%，環(huán)比持續(xù)恢復(fù)；10月客座率為72.3%，較19年同期下降5.5個百分點。換季后，航司正在增加國際線運力，后期或許國際線利好政策形成合力，加速國際線恢復(fù)。圖
2023年10月航司生產(chǎn)數(shù)據(jù)國航南航東航海航春秋吉祥六家上市航空合計（百萬） 2023.102022.10變化(
)2023.102022.10變化(
)2023.102022.10變化(
)2023.102022.10變化(
)2023.102022.10變化(
)2023.102022.10變化(
)2023.102022.10變化(
)客運可用座位公里 26,8287,711247.9028,6539,716194.8922,5766,571243.5810,7822,418345.963,9982,11189.444,0501,682140.8296,88730,209220.7收入客公里 20,5844,959315.1023,2516,507257.3017,4014,325302.309,0191,478510.263,6061,603124.973,3981,108206.5977,25819,981286.7客座率（
） 76.764.312.4pp81.167.014.2pp77.165.811.2pp83.661.122.5pp90.276.014.2pp83.965.918.0pp79.766.113.6pp國內(nèi)可用座位公里 20,6417,021194.0023,
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