金吾财讯 | 三大航齐跌，中国东方航空股份(00670)跌3.95%，中国南方航空股份(01055)跌2.56%，中国国航(00753)跌1.03%。中泰证券认为后续航空股价将从以下三个阶段进行演绎：①预期修复。地缘局势由紧转缓，油价高位回落，原油成本上涨带来的基本面恶化预期修复，航空股迎来反弹。②经营修复。航油供给完全恢复后，油价中枢实质性下行，成本压力真正缓解并带动产能利用率提升，驱动股价逐步上行。③业绩修复。原油扰动彻底出清，航司盈利中枢上移，股价重新由行业供需改善、企业盈利弹性释放主导，大幅上涨可期。当前板块正处于“阶段①”，油价下行预期增强，股价有望迎来反弹。
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