金吾财讯 | 华泰证券发研报指，9月民航需求好转，带动票价同比回暖。根据航班管家的数据，第36-39周（9/1-9/28）国内经济舱含油均价同增1.5%（暑运期间为-6.5%）。另外中秋国庆假期民航旅客量虽由于错峰、天气和日均口径等因素影响，同增3.3%，相比“五一”假期的11.8%有所放缓，不过含油平均票价同比提升0.3%，表现较为稳健。往后展望，考虑供给增速低位、行业反内卷、基数较低，我们认为行业收益水平的回暖有望在4Q延续，并且中长期行业景气有望持续改善。机场公司非航营收增速普遍低于流量增速，仍需挖掘流量变现能力。中期需关注机场资本开支周期及其对盈利的冲击。
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