4月交通流量增长8%：包括11%的国际增长和3%的国内增长

Jul-20Oct-20Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Oct-22Jan-23Apr-23Jul-23Oct-23Jan-24Apr-24Jul-24Oct-24Jan-25Apr-25RPK (YoY)RPK (R12M)Restricted - External U.S. Aerospace & DefenceNEUTRALEuropean Aerospace & DefenceNEUTRALU.S. Aerospace & DefenseDavid Strauss+1 212 526 5580david.strauss@barclays.comBCI, USJoshua Korn+1 212 526 3283joshua.korn@barclays.comBCI, USBenjamin Tomick+1 212 526 8926benjamin.tomick@barclays.comBCI, USSrividya Vinjamuri+1 212 526 7536srividya.vinjamuri@barclays.comBCI, USEuropean Aerospace & DefenceMilene Kerner+33 (0)1 4458 4002milene.kerner@barclays.comBBI, Paris Source: IATA, FlightAware and Barclays Research. March 2021 - January 2024 compared to 2019. February 2024 - April 2025compared YOY.FIGURE 3. IATA Reported Global Domestic vs International Capacity-100%-80%-60%-40%-20%0%20%40%Feb-19Apr-19Jun-19Aug-19Oct-19Dec-19Feb-20Apr-20Jun-20Aug-20Oct-20Dec-20Feb-21Apr-21Jun-21Aug-21Oct-21Dec-21Feb-22Apr-22Jun-22Aug-22Oct-22Dec-22Feb-23Apr-23Jun-23Aug-23Oct-23Dec-23Feb-24Apr-24Jun-24Aug-24Oct-24Dec-24Feb-25Apr-25Domestic Capacity (ASK YoY)International Capacity (ASK YoY)Source: IATA, FlightAware and Barclays Research. March 2021 - January 2024 compared to 2019. February 2024 - April 2025compared YOY.2 IATATrafficby RegionPassengertrafficgrowth accelerated in all regions, including Africa (+14% vs +4% in March),Middle East (+11% vs -1%), Latin America (+11% vs +6%), Asia (+11% vs +6%), Europe (+8% vs+4%) and North America (+2% vs -1%). China domestictraffic(11% of total) grew 7% while U.S.domestic (14% of total) declined 1%.FIGURE 4. IATATrafficby RegionSource: IATA and Barclays ResearchIATA Capacity and Load FactorPassenger capacity (ASK) grew 7% in April, 150bps belowtraffic(+8%). Capacity growthaccelerated in Africa (+10% vs +5% in March), Latin America (+10% vs +9%), Asia (+8% vs +6%),Middle East (+7% vs +3%), and Europe (+7% vs +6%) while decelerating in North America (+3%vs +4%). Load factor increased 290bps to ~84% in April. Load factor is the lowest in Africa(76%), North America (82%), Latin America (82%) while highest in Middle East (83%), Asia (84%)and Europe (85%). 3 FIGURE 5. IATA Capacity by RegionSource: IATA and Barclays Research Analyst(s) Certification(s):We, David Strauss and Milene Kerner, hereby certify (1) that the views expressed in this research report accurately reflect our personal views about anyor all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be directly or indirectlyrelated to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In o