航空业更新：详细定价分析

IndustryAirline Industry North AmericaUnited States Update Detailed Pricing Analysis Michael Linenberg Airline Fare Monitor Research Analyst+1-212-250-9254 Eachweek,we collect airfares across 500+of the largest domestic andinternational city pairs (ranked by ASMs) for the publicly traded US airlines using aprogram developed by Deutsche Bank’s Data Innovation Group (dbDIG). The dbDIGfare data in this report is representative of the lowest available published fares forone-way travel on a walk-up basis (defined as fares published on Thursday of eachweek for travel on Friday of the same week) and a 21-day advance purchase (21AP)basis. The week-over-week and year-over-year comparisons are color-coded toprovide readers with a magnitude of the change (green reflects fare increases, redreflects fare decreases). The markets average is a straight average but week-over-week and year-over-year changes exclude any "NA" fare comparisons. Also, beaware that these fares are subject to inventory control and a published fare does notnecessarily constitute a purchased fare. Hillary Cacanando, CFAResearch Analyst+1-212-250-3393 Shannon DohertyResearch Associate+1-212-250-5935 Doug Runte, CFAResearch Analyst+1-212-250-9319 Notable observations in recent fare scrape data:Changes for average, walk-up domestic airfares for Friday, October 3 were nmixed week-over-week. Gainers included Hawaiian up 27.8% (to $383 one-way), American up 6.9% (to $414 one-way), Southwest up 5.5% (to $405one-way), and Delta up 2.6% (to $504 one-way), while decliners wereAllegiant down 7.3% (to $206 one-way), JetBlue down 7.0% (to $282 one-way), and Spirit down 6.9% (to $194 one-way). Alaska and United wereflattish, down 0.4% (to $382 one-way) and down 0.1% (to $416 one-way),respectively. Fares by geography were mostly higher week-over-week,with gains ranging from up 1.0% (transatlantic, to $1,194 one-way) to up16.9% (transpacific, to $1,041 one-way). Intra West Coast and LatinAmerica were flat at $294 one-way and $438 one-way, respectively, whileFlorida was the lone decliner, down 4.1% (to $249 one-way). nAdvance purchase, domestic fares (i.e., 21AP) for Friday, October 24 werelower week-over-week, save for Hawaiian which increased 16.8% (to $299one-way), continuing last week’s downward trend. Allegiant fell the most,down 24.2% (to $85 one-way), followed by Delta down 20.2% (to $247 one-way), JetBlue down 19.7% (to $134 one-way), and Southwest down 18.3%(to $140 one-way). The remaining carriers saw more modest single-digitdeclines ranging from down 6.8% (United, to $204 one-way) to down 1.3%(Spirit, to $95 one-way). Fares by geography were largely mixed with fourmarkets up and five markets seeing declines from the prior week. Mexicofell the most, down 17.1% (to $226 one-way) with the remaining declinesranging from down 9.1% (transcontinental, to $158 one-way) to down 3.7% 6 October 2025AirlinesAirline Industry Update (the Caribbean, to $242 one-way). The remaining markets saw modestgains week-over-week, ranging from up 1.5% (Florida, to $118 one-way) toup 2.2% (Hawaii, to $305 one-way). Walk-up Fares Figure 2: Walk-up fares - Transatlantic Figure 5: Walk up fares - Caribbean Figure 6: Walk-up fares - Mexico Figure 8: Walk-up fares - Hawaii Figure 9: Walk-up fares - Intra West Coast 21-day Fares Figure 29: 21-day fares - Transatlantic Figure 30: 21-day fares - Transpacific Figure 32: 21-day fares - Caribbean Figure 33: 21-day fares - Mexico Figure 35: 21-day fares - Hawaii Figure 36: 21-day fares - Intra West Coast Appendix 1 Important Disclosures *Other information available upon request *Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from localexchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies,and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primarysubject of this research, please see the most recently published company report or visit our global disclosure look-up page onour website at https://research.db.com/Research/Disclosures/EquityResearchDisclosures. Aside from within this report,important risk and conflict disclosures can also be found at https://research.db.com/Research/Disclosures/Disclaimer.Investors are strongly encouraged to review this information before investing. Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst about the subjectissuers and the securities of those issuers. In addition, the undersigned lead analyst has not and will not receive anycompensation for providing a specific recommendation or view in this report. Michael Linenberg. 6 October 2025AirlinesAirline Industry Update Equity rating dispersion and banking relationships Equity Rating and Dispersion Key The Equity Rating Dispersion Chart depicts the following: The propo