Galaxy Securities: In March, civil aviation passenger travel volume remained on an upward trajectory, and the off-peak season staying strong is expected to continue through the April policy incremental window.

Galaxy Securities research report states that, according to Trip.com for Flights (Hangban Jia), in March, China’s domestic civil aviation passenger traffic increased by +12% year over year. Of that, business route passenger volume increased by +8.3% year over year, and it is expected that overall air travel demand growth will still be mainly driven by leisure travel. Considering that pilot provinces began implementing the spring holiday in April, it is expected that overall travel data will continue to maintain strong and rapid growth. Based on data from Trip.com (Hanglv Zongheng) and Civil Aviation Manager, as of April 1–6, the number of reservations for domestic routes increased by +9% year over year; during the May Day holiday, reservations for domestic routes increased by +13% year over year. In terms of pricing, during the Qingming holiday, the base ticket price for unbundled tickets increased by +16% year over year.