大行评级丨高盛:预期机票价格有进一步上行空间 继续对航空股持有正面看法

中金财经
Dec 22, 2025

  高盛发表研究报告,展望明年中国航空公司将迎来更高的国际旅游需求,更多国家对中国旅客实施免签政策,加上机位供应短缺的情况或持续,预期机票价格有进一步上行空间,此受国际旅客流量预测上调所驱动,原因包括中国出口活动改善、更多国家对中国旅客实施免签政策,料可推动航空股2027年股本回报率达到达到22%。该行指出,虽然与日本相关旅游风险仍值得关注,但目前继续对航空股持有正面看法。考虑到国航表现强劲,高盛重点推荐国航H股及A股,评级“买入”。   

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