JP Morgan released a research report, pointing out that although the pace is still slow, China's airlines are continuing to recover. Based on strong data during recent holidays such as Dragon Boat Festival, as well as anticipation for the upcoming peak season, expectations for the three major airlines in Mainland China have been adjusted accordingly. JP Morgan believes that the decline in air ticket prices this year is relatively mild compared to expectations, and it believes that the shift of profitable international flights will have a positive impact on the airlines' average pricing and profitability, some of which will be offset by cost pressure, aircraft leasing fees, maintenance, and rising overseas airport fees. JP Morgan lowered Air China's target price from HKD 6.8 to HKD 5.6, China Eastern Airlines' from HKD 3.2 to HKD 2.7, and China Southern Airlines' from HKD 5 to HKD 4.2. It maintains a "shareholding" rating and believes that the valuation of the industry is highly attractive, and the investment return rate is higher than the long-term average. JP Morgan raised its profit forecast for Air China for the next two years by 8.2% and 46%, China Southern Airlines' by 107.7% and 110.3%, and lowered China Eastern Airlines' by 35.3% and raised it by 14.9%. It continues to be bullish on the aviation/airlines industry sector, with a preference for Air China and Spring Airlines.