Aviation stocks in Hong Kong staged a collective rebound. At the time of writing, CHINA EAST AIR (00670) rose 4.34% to HK$4.33; CHINA SOUTH AIR (01055) gained 3.88% to HK$4.82; AIR CHINA (00753) increased 2.96% to HK$5.57; and CATHAY PAC AIR (00293) was up 2.88% to HK$12.87. The catalyst for the movement is the upcoming summer flight season schedule for 2026, which shows a 2.71% year-on-year decrease in planned domestic flight slots. Analysis suggests this reduction demonstrates the civil aviation authority's intent to manage capacity and support fares. Conversely, planned international flight slots for Chinese carriers increased year-on-year for the 2026 summer season. With the benefits of visa-free policies and a clear trend of companies expanding overseas, international routes are expected to experience growth in both volume and pricing. In a related development, four Hong Kong-based carriers, including CATHAY PAC AIR, announced increases in fuel surcharges. It was noted that the National Development and Reform Commission adjusts the ex-factory price of jet fuel at the beginning of each month. This creates a lag relative to crude oil prices, resulting in smoother fluctuations in aviation fuel costs. Furthermore, when international crude oil prices rise significantly, airlines can increase fuel surcharges to offset a portion of the additional costs, thereby helping to protect profit margins in their core operations.