China Galaxy Securities said in a research note that oil prices have retreated
since mid‑June and civil aviation passenger declines in weeks 24–25 of 2026 have
narrowed to single digits. With July domestic aviation fuel surcharges and
gasoline prices expected to fall back toward pre‑war levels and autumn holidays
Imminent, Q3 travel passenger growth is likely to turn positive, supporting
marginal earnings improvement across the travel sector.
