According to the Haitong Securities Research Report, international flights have been further restored since this year. With the easing of international relations and the gradual friendliness of policies such as entry and exit visas, demand for international air travel is expected to pick up further in 2024. In the short term, demand for private travel was strong during the National Day holiday, etc., and the recovery in international supply and demand accelerated. However, off-season business travel was sluggish or hampered overall recovery progress, and overall economic and price performance may be affected. In the long run, there is a high degree of certainty that China's airline capacity introduction is slowing down, and travel confidence continues to recover. It is optimistic that the long-term investment logic of the aviation industry will not change in the future (that is, the supply and demand pattern will improve, and ticket price marketization). The airline's profit center is expected to rise in 2024. Focus on investment opportunities in the aviation sector. Individual stocks focus on: Spring Airlines, HNA Holdings, Juneyao Airlines, etc.