金吾财讯 | 华泰证券表示，当前油价是抑制航空运营和股价主要因素，航司通过削减航班、征收燃油附加费、提高裸票价等措施，尽所能缓解燃油成本上涨影响。不过4月中下旬以来，航煤裂解价差边际缩窄，航司成本压力有望缓解。往后紧密跟踪中东局势，若油价趋势性回落，行业将迎来催化，关注左侧机会。中长期仍看好行业供需持续改善、景气底部抬升，推动航司进入盈利周期。上市机场受到航司削减航班影响较小，关注免税业务表现，非航业务整体有待改善，当前产能周期逻辑占据主导，精选处于产能爬坡、盈利提升周期个股，或更具有中长期性价比。
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