金吾财讯 | 航空股再度走强，截至发稿，中国东方航空股份(00670)涨3.01%，中国南方航空股份(01055)涨2.53%，国泰航空(00293)涨1.92%，中国国航(00753)涨1.13%。消息面上，中国东方航空股份公布，2月份，客运运力投入按年微升0.99%；旅客周转量上升3.08%；客座率85.12%，上升1.73个百分点。月内，货邮周转量上升2.64%。日前，浙商证券发布研报称，航空大周期刚刚启动，需求、油价、汇率三击，建议逢低布局。年初春运量价表现受高基数扰动，并且市场此前对油价、汇率预期相对悲观，导致航空板块股价下行。短期来看，行业进入传统淡季，供给持续紧张，低基数效应有望带来票价拐点，叠加油价、汇率均出现边际改善。中长期来看，行业供给受限预计较持久，需求有望稳健增长，供需关系逆转在即，高利润弹性可期，建议逢低布局。
中国银河证券研报表示，进入2025年，伴随国际航班加速增班趋势延续，叠加“9·24”一揽子政策出台后内需提振，2025年民航出行需求有望进一步释放。供需格局优化叠加油汇价格向好，几重因素边际改善下，票价市场化空间进一步打开，航司有望迎来量价齐升局面，盈利水平或进一步增厚。
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