金吾财讯 | 华泰证券表示，8月暑运旺季高峰，三大航（国航/东航/南航，下同）+春秋+吉祥ASK/RPK分别同增5.2%/7.6%，客座率同增2.0pct至88.8%，创历史新高，同时票价表现有所改善，国内线含油票价第32周-35周（8/3-8/30）同增3.5%（6/29-8/2为同降3.2%，航班管家）。不过7-8月暑运整体或由于极端天气，需求未及时匹配运力投放等原因，国内线含油票价同比仅增长1.0%，整体油价传导效果较弱。当前油价仍是板块核心压制因素，板块关注度及预期较低，若油价回落将对板块形成明显催化。往后还需继续关注海峡局势和国际油价走势，同时高频数据或将改善。中长期该机构仍看好行业景气底部回暖，供需改善叠加“反内卷”，有望推动航司盈利释放。
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