Huatai Securities reports that in August peak travel the big three carriers (Air China, China Eastern, China Southern) plus Spring Airlines and Juneyao saw ASK +5.2% YoY and RPK +7.6% YoY; load factor rose 2ppt to a record 88.8% and ticket pricing showed some improvement. However, July–August domestic fares including fuel surcharges rose only 1.0% YoY—extreme weather and demand/capacity mismatches limited pricing and weakened oil-price pass-through. Huatai says a sector rebound will await lower

Huatai Securities reports that in August peak travel the big three carriers (Air China, China Eastern, China Southern) plus Spring Airlines and Juneyao saw ASK +5.2% YoY and RPK +7.6% YoY; load factor rose 2ppt to a record 88.8% and ticket pricing showed some improvement. However, July–August domestic fares including fuel surcharges rose only 1.0% YoY—extreme weather and demand/capacity mismatches limited pricing and weakened oil-price pass-through. Huatai says a sector rebound will await lower oil prices; monitor high-frequency Mid-Autumn and National Day travel data. It expects cautious capacity deployment in Q4, which could support YoY revenue performance, and remains constructive on a mid-to-long-term recovery in the transport sector.