Guotai Junan issued a statement saying that there will be strong demand for private reasons during the 2025 Spring Festival travel rush and that public and business activities will start off well after the holiday, so it will maintain its overweight position in the aviation sector. China's aviation industry has a long-term logic that exceeds expectations. The supply and demand will continue to recover in 2025. Considering the marketization of ticket prices and the significant slowdown in fleet growth, profit recovery and an upward trend in the center can be expected. The market's long-term expectations are still low, and the greater the differences, the greater the space. During the 2025 Spring Festival travel rush, private demand is strong, and air passenger traffic has reached a new high. In addition, public and business demand has started well after the Lantern Festival, which is expected to catalyze optimistic expectations for continued recovery in aviation demand growth and supply and demand profits. It is suggested that oil prices and exchange rates do not change the long-term value of airlines, or provide reverse opportunities.