On September 30, Guolian Securities research reports pointed out that Hainan Airlines Holding (600221.SH) is the fourth largest aviation group in China, with a market share of 8.1% in the summer flight season of 2024; the top 20 airports nationwide have a market share of 8.6%, with nine airports ranking top three in market share, possessing scarce resources as a first-mover advantage. As of August 2024, the company's fleet size is 345 aircraft, accounting for approximately 8.0% of the industry's fleet, with wide-body aircraft accounting for 20.6%, much higher than other airlines. The company, part of the Hainan Aviation Group, has a rich layout in the aviation industry chain of passenger transportation, cargo transportation, general aviation, maintenance, and flight training. The company shares resources and closely cooperates in business with unlisted companies within the group, demonstrating strong synergies. Given the company's early stage in the industry and its own turnaround predicament, the future fundamental outlook is relatively strong, highlighting the company's first-mover advantage in aviation industry, poised to benefit from strong air passenger flow growth, driving profit growth. First coverage, with a "buy" rating.