Airline stocks rose collectively, with CHINA EAST AIR (00670) up 5.43% to HK$3.3, AIR CHINA (00753) gaining 4.24% to HK$5.65, CHINA SOUTH AIR (01055) climbing 3.24% to HK$4.14, and CATHAY PAC AIR (00293) advancing 1.23% to HK$10.66 at the time of writing.

On the news front, during the eight-day National Day and Mid-Autumn Festival holiday period, total cross-regional personnel movement reached 24.33 billion trips, with daily average up 6.3% year-on-year and 30.8% higher compared to the same period in 2019. Last year's National Day holiday (seven days) had a relatively high base for civil aviation travel, with daily average passenger flow up 11.1% year-on-year; this year's eight-day holiday period still achieved a 3.3% year-on-year growth in daily average civil aviation passenger flow.

According to flight management data, the average domestic economy class ticket price during the holiday was 849 yuan, up 0.3% year-on-year, remaining essentially flat and down 1.4% compared to the same period in 2019, showing relatively stable holiday pricing performance.

Guosen Securities issued a research report stating that the fourth quarter enters the travel off-season, with business travel demand relatively weak during the same period last year, suggesting potential year-on-year recovery this year. The certainty of slower capacity supply growth is strengthening, and if travel demand can maintain steady growth, driving continued recovery in airline seat revenue, it could bring high elasticity to airline performance. Combined with falling oil price centers and stable exchange rates, airlines have promising upside profit potential.