Citic Sec pointed out that in the outlook for 2025, positive factors such as the return to normality in domestic aviation revenue management, the construction of international hubs, and the decrease in aviation fuel costs are continuously accumulating. Unlike the past, the traditionally 'post-cycle' performing aviation cycle is expected to advance. Reviewing history, we believe the main difference in this upward cycle is that the industry has experienced a continuous low introduction of aircraft for five years. From 2020 to 2023, the introduction growth rate is 8.3 percentage points lower than the CAGR from 2010 to 2018. Analyzing from the perspectives of airlines, aircraft manufacturers, and operational leasing, we determine that the market has not fully reflected the strong constraints of supply. Compared to 2014-2015, the decline in aviation fuel costs may be the most direct factor for the release of airline profits, with the factory price of aviation fuel in November 2024 decreasing by 14.8% compared to the average price of the previous five months. It is expected that the alleviation of aviation fuel pressure in 2025 will promote the release of airline profits. The revenue management of domestic routes is expected to return to normal in 2025, and positive policy signals such as the continuous expansion of visa-free countries are emerging. The 2025 Spring Festival travel season is likely to become a touchstone for the aviation cycle.