港股异动 | 航空股跌幅居前行业旺季客座率环比略降反内卷助力航司收益水平边际改善

智通财经

Aug 22, 2025

智通财经APP获悉，航空股跌幅居前，截至发稿，中国国航(00753)跌5.31%，报5.17港元；东方航空(00670)跌4.09%，报3.05港元；南方航空(01055)跌3.28%，报3.83港元；首都机场(00694)跌1.3%，报3.04港元。

消息面上，上市航司发布7月运营数据。东兴证券指出，7月上市公司国内航线运力投放同比提升2.3%，环比6月提升约20.5%。行业进入旺季，运力投放环比提升较为明显，但从同比角度考虑，增速并不算很高。客座率方面，7月上市公司整体客座率较去年同期提升约0.6pct，但环比6月则下降1.0pct。今年年初以来航司客座率整体高于去年同期，但7月旺季客座率增幅收窄至0.6pct，叠加旺季客座率反而环比走低，说明今年旺季需求端或弱于航司的预期。7月航司的客座率表现说明今年行业需求端依旧难言乐观。

华泰证券指出，8月14日中国航协发布《中国航空运输协会航空客运自律公约》，或反应行业改善经营环境的意愿。该行认为《公约》虽无法起到强制作用，但或可边际改善航司经营环境。整体来看旺季或由于公商务出行需求不足，行业景气度仍处底部有待提高。不过若行业收益管理边际转向追求量价平衡，航司收益水平即有望获得改善。

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