核心观点：11 月行业客座率依旧坚挺，国际线与地区线恢复强劲。根据11 月五家上市航司（中国国航、东方航空、春秋航空、吉祥航空）主要运营数据公告，其总供给、需求同比各改善9.9%/18.5%（中国国航数据为并表山航口径，下同），较19 年同比各增3.6%/6.2%，客座率同比大幅改善6.0 个百分点，较19 年同期高2.0 个百分点。11 月行业供需环比略降但国际及地区恢复依旧强劲。具体来看：国内...
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