汇丰环球研究报告指，内地三大航空公司第二季初步亏损中位数为11亿元人民币，国航(00753.HK) 或因国泰(00293.HK) 强劲贡献实现微利。该行认为，内地三大航空公司在有利环境下仍亏损，清楚表明业界持续面临困境。
该行指出季内对航空业经营环境有利因素：三大航空公司4月及5月整体载客率平均达84%，按年及按季升2.8及0.8个百分点，较2019年疫情前高2.1个百分点，收入乘客千米数(RPK)按年升10%，显示航空旅行需求强劲；新加坡飞机燃油价格季内持续下降，按季平均跌10%；人民币兑美元季内升值1.4%，平均按季及按年分别升值0.6%及升值0.1%；清明节和延长的劳动节假期亦应提升客流量和收益。该行认为，亏损可归因收益率在旺季持续下降，同时固定成本居高不下。
该行重申对国航、东航(00670.HK) 及南航(01055.HK) H股“减持”评级，目标价分别维持4元、2.1元及3元不变。(fc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-15 16:25。)
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