[Citic Securities: the early pessimistic expectations of the aviation sector may have fully reflected the proposal for timely layout]-- CITIC Securities Research Daily pointed out that the repair of the prosperity of the civil aviation industry is initially reflected in the cash flow statement and the profit statement. The leading performance of the private aviation department is particularly outstanding, and it is expected to gradually transmit to the balance sheet in the second half of the year. Aviation demand will expand in the off-peak season in 2023, summer demand and fare resilience can be used for reference with reference to May Day, and the Dragon Boat Festival date is later than the same period last year, which is expected to form an effective connection with summer demand. We expect that the resumption of domestic fare elasticity- international line in 2024 will bring cost optimization. Early pessimistic expectations may have been fully reflected, it is suggested that the layout in time.