Looking at the stock price level, with the thorough optimization of the epidemic prevention and control policy, the driving force of future stock prices in the transportation and travel sector may gradually shift from a recovery in volume to an increase in prices. The recovery in volume in 2023 is incomplete, and strong prices may mean the full arrival of the 2024 boom cycle. We continue to be optimistic about the general direction of the reversal of the civil aviation industry cycle, and recommend Spring Airlines, Juneyao Airlines, and Air China.
国信证券：继续看好民航业周期反转大方向
Guoxin Securities: Continued optimism about the general reversal of the civil aviation industry cycle
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