金吾财讯 | 华泰证券表示，近期三大航预告2Q25业绩，国航、东航、南航2Q25归母净利润中值分别为0.94亿、-4.05亿、-8.00亿，合计归母净亏损中值同比收窄78.0%，环比1Q25收窄70.7%。该机构认为三大航盈利好转主要因为收益水平改善，根据航班管家数据，2Q25国内线含油票价均价同降3.6%，相比1Q25的同比降幅11.3%收窄，同时2Q25客座率同增2.8pct至84.1%。油汇方面，2Q航空煤油出厂价均价同降16.9%，人民币兑美元中间价升值0.3%（1Q25为美元升值0.4%），共同减轻成本费用压力。往后展望，短期需持续跟踪旺季票价和客座率表现，当前板块或已较为充分反应较弱的票价，该机构认为行业供给增速将维持较低水平，供需关系若有改善，叠加收益管理，航司盈利有望兑现弹性，持续推荐航空板块。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.