Airlines stocks rose in the afternoon. As of press release, Meilan Airport (00357) rose 5.45% to HK$8.7; Bank of China Airlines (02588) rose 4.15% to HK$63.98; China Southern Airlines (01055) rose 3.36% to HK$3.08; Capital Airport (00694) rose 2.91% to HK$2.83; and Air China (00753) rose 2% to HK$4.09.
The Zhitong Finance App learned that aviation stocks rose in the afternoon. As of press release, Meilan Airport (00357) rose 5.45% to HK$8.7; Bank of China Airlines (02588) rose 4.15% to HK$63.98; China Southern Airlines (01055) rose 3.36% to HK$3.08; Capital Airport (00694) rose 2.91% to HK$2.83; and Air China (00753) rose 2% to HK$4.09.
According to estimates by the Ministry of Culture and Tourism, the total number of domestic travel trips during the May 1st holiday was 295 million, up 7.6% year on year, up 28.2% from the same period in 2019 according to comparable standards; the total travel expenses of domestic tourists were 166.89 billion yuan, up 12.7% year on year, and 13.5% compared to the same period in 2019 according to comparable standards. The number of travelers during the May 1st holiday reached a record high.
Guotai Jun An pointed out that during the May 1st period, thunderstorms affected the increase in passenger traffic, and ticket prices fell year on year as scheduled. The bank expects the weak season of the aviation market in 2024 to be obvious and will continue, and the airline will pay more attention to flexible adjustment of business strategies compared to 2023. The bank pointed out that international flight increases will continue to drive the recovery of supply and demand in the off-season, indicating that capital market expectations have gradually fallen to a low level, and that the long-term value of airlines with high-quality airline networks has gradually become prominent. It is recommended to focus on reverse timing.