金吾财讯 | 航空股普遍承压，中国南方航空股份(01055)跌3.50%，国泰航空(00293)跌3.74%，中国国航(00753)跌4.67%，中国东方航空股份(00670)跌6.25%。消息面上，在中东局势紧张影响下，航空燃油价格走高，国际油价飙涨7%，航司燃油成本恐继续承压。欧美市场运价高企，国际航空货运市场今年上半年亦出现淡季不淡。此前随着中东局势缓和预期加强，航空煤油价格已出现回落，叠加市场对后续欧洲跨境小包关税政策变化的预期，空运市场将迎来新变化。麦肯锡近期分析指出，燃油成本上升时，航空公司应首先重新审视机队结构。老旧机型通常油耗较高，在油价高企时经济性会迅速恶化。因此，高龄、低效率飞机停放或退役，往往比硬撑更加划算。这类调整之所以可行，是因为高油价时期需求通常偏弱，航空公司拥有更大空间去压缩低效资产。
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