智通财经APP获悉，航空股集体走低，截至发稿，南方航空(01055)跌4.93%，报3.86港元；中国国航(00753)跌4.34%，报5.29港元；东方航空(00670)跌2.6%，报3港元；首都机场(00694)跌1.43%，报2.75港元。
国泰海通证券发布研报称，4-5月公商需求同比恢复增长，供需恢复良好保障航司淡季留存大部分燃油成本缩减，Q2航司同比大幅减亏。7-8月公商需求意外走弱，导致暑运未能展现盈利弹性。值得注意，在公商需求缩减压力下，票价下降与油价下降对冲，估算航司暑运盈利仍将同比增长。
该行指出，相较于十一黄金周，更建议关注两个方面：待十月重要会议后，重点观察公商需求恢复情况。9月公商需求旺盛初步验证暑运意外走弱或为阶段性影响，若进一步验证公商需求恢复可持续，预计2026年航司盈利中枢将开启显著上行。中国航司央国企为主，反内卷值得期待。预计中国民航局2025/26年冬航季将继续严控时刻增长，且淡季管控低价助力航司继续大幅减亏，短期将保障2025全年扭亏为盈，中期引导航司收益管理改善与加速盈利上升。
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