Guotai Junan has emphasized that private travel demand during the 2025 Spring Festival travel rush has been robust, and post-festival business activities have commenced seamlessly, reinforcing its recommendation to bolster holdings in the aviation sector. China's aviation industry is showcasing a long-term growth potential that surpasses expectations, with a pronounced trend of supply and demand recovery in 2025. The anticipated marketization of ticket prices and a notable deceleration in fleet expansion are projected to catalyze profit recovery and margin enhancement. Currently, market expectations for long-term growth potential remain subdued; however, the greater this divergence, the more significant the potential for future growth. The unprecedented surge in private travel demand during the 2025 Spring Festival travel rush has set a new benchmark for air passenger traffic, while business demand has also kicked off positively post-Lantern Festival, further fueling optimistic outlooks for aviation demand growth and supply-demand profit recovery. Moreover, fluctuations in oil prices and exchange rates do not detract from the long-term value of airlines and may, in fact, present investors with opportunities for contrarian strategies.