中国南方航空股份今日盘中大跌5.17%，引发了市场对航空板块的广泛关注。
消息面上，航空燃油价格的大幅上涨是导致股价下跌的主要原因。国际航空运输协会数据显示，近期亚太地区航空燃油平均价格较前一周上涨16.6%，较上月平均价格飙升129.8%，其上涨速度和幅度远超全球油价基准布伦特原油。燃油成本约占航空公司营运成本的三分之一，价格的急剧攀升显著增加了运营压力。
摩根大通此前发布研报指出，尽管中国航空公司正进入逾十年来最强劲的供需格局，但地缘政治风险导致的油价飙升已成为主导的短期风险。报告提到，布兰特原油价格已急升约50%，而中国航空公司完全未有对冲。该行基本情境预测，若油价维持高位，可能使包括南方航空在内的三大内地航空公司在2026年录得亏损或接近盈亏平衡，因此在油价前景明朗前维持审慎看法。
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