智通财经APP获悉，航空股集体走高，截至发稿，中国国航(00753)涨4.58%，报5.25港元；南方航空(01055)涨4.18%，报4.24港元；东方航空(00670)涨3.16%，报2.61港元；首都机场(00694)涨1.05%，报2.88港元。
消息面上，国泰君安研报指出，近期票价修复已成行业共识，观察航司收益管理策略初现积极改变，上周国内票价环比明显上升，客座率小幅回落，航司实现国内座收提升。考虑油价同比明显下降，估算上周国内扣油票价较2023年12月均值上升超两成，预计航司继续同比大幅减亏。业界预期春运供需乐观，积极收益管理策略将助力旺季表现，有望催化乐观预期。重申航空具长逻辑，2025年供需恢复趋势确定，考虑票价市场化与机队增速放缓，盈利中枢上升将开启。
上市航司近期相继披露11月运营数据，11月行业客座率环比下降约2.7个百分点，但高于19年同期1.6个百分点。申万宏源指出，航空在第四季度为常态性出行淡季，出行需求仍具韧性。目前航空板块供需基本面正处在向好阶段，国内需求稳定增长，国际需求持续恢复，长期供需差确定性较高，油汇目前均处于高位且有较大下行空间，在相对乐观或景气度向上的宏观环境下，顺周期标的航空板块有望受益，本轮周期行情有望启动。
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