China Merchants Securities released a research report saying that in April, due to the negative impact of the traditional off-season and bad weather, the number of passengers in civil aviation declined from the 2019 growth rate, and the overall performance of the industry was stable; the number of civil aviation passengers in the entire industry recovered by more than 80% compared to +5% in 2019. In May, the immigration policy further opened up and made international travel more convenient. Looking ahead to 2024, as the repair of oversupply pressure on international flights eases, airline passenger occupancy rates are expected to further improve, and profit flexibility brought about by further restoration of peak season ticket price flexibility is expected to become more apparent. Recommended attention: 1) Spring Airlines (601021.SH) and Juneyao Airlines (603885.SH) have benefited from the recovery performance of the domestic market and are relatively certain. 2) Air China (601111.SH) and China Southern Airlines (600029.SH) are expected to benefit from the resilience of international flight performance this year and next.