November 27th, UBS Group initiated coverage of the aviation/airlines industry in the United States, expecting a stronger growth in Revenue per Available Seat Mile (RASM) by 2025, with profit margins improving. UBS rated Alaska Air Group, United Airlines, and Delta Air Lines as 'buy', anticipating attractive profit growth from these three companies, high pre-tax profit margins, and healthy balance sheets to help mitigate risks of fluctuating travel demand and potential cost inflation. Additionally, the bank rated American Airlines, Allegiant Travel, and Frontier Group as 'neutral'. Southwest Airlines and JetBlue Airways were given a 'sell' rating. Due to weak profit margin performance, valuation premiums, and risks associated with new service and revenue strategies, the bank is cautious towards Southwest Airlines. Concerns for JetBlue Airways include uncertainties regarding the company's transition to positive operating profit margins before 2025, cash consumption, and high leverage on the balance sheet. (Gelonghui)