金吾财讯 | 华泰证券表示，3月或由于春运错期及国际线需求旺盛，民航数据较为强劲，三大航+春秋+吉祥ASK/RPK分别同增11.5%/16.8%，客座率同增4.0pct至87.2%，且比1-2月高1.9pct。同时3月票价稳步提升，根据航班管家数据，第10周-13周（3/2-3/29）国内线含油票价同增2.9%。另外4月燃油成本虽大幅上升，但4月第二周（4/6-4/12）国内线含油票价同增22.7%，航司呈现较强顺价能力。短期油价压力缓和，航司成本传导效果较好，且估值已显现吸引力。往后展望，关注航司顺价能力持续性，中长期行业仍处于供需改善周期，一季度三大航+春秋+吉祥+海航飞机净退出5架，相比25年末下降0.15%，供给增速或将保持低位；需求端公商务回暖、出入境游快速增长、银发经济、家庭出游、春/秋假等因素，或推动需求端良好表现，叠加“反内卷”，持续看好景气底部向上。建议积极布局航空板块。
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.