According to a research report from citic sec, based on the revised "National Holidays and Commemorative Days Vacation Regulations" released in November 2024, starting in 2025, all citizens will have two additional days off. Considering the market performance during the Spring Festival of 2024, this revision will significantly boost travel demand due to its timing and the willingness of people. Since the second quarter of 2024, the civil aviation market has clearly shown characteristics of "increasing volume but decreasing prices," likely due to a higher proportion of price-sensitive travelers and airlines adopting more conservative revenue management strategies. The introduction of a series of debt reduction and promotional policies is expected to be bullish for the demand side, with a clear trend of tightening supply in the industry. Airlines' revenue management strategies for domestic routes may be able to "set things right again," as airline performance is highly sensitive to ticket prices, and profit margins have considerable elasticity. With falling oil prices, it is anticipated that the operating cost pressure for airlines will significantly ease in 2025, while the advancement of debt reduction efforts is expected to drive a recovery in revenue from cooperative routes. The aviation sector has strong pro-cyclical attributes.