金吾财讯 | 航空股逆市走强，截至发稿， 国泰航空(00293)涨7.22%，中国东方航空(00670)涨2.09%，中国南方航空(01055)涨1.88%，中国国航(00753)涨1.49%。消息面上，国泰君安发布研报称，交通运输板块春运航司预期乐观，预计高速将受益市场偏好。近期航司淡季继续同比大幅减亏，预计2025年春运国内增班有限，业界预期春运供需乐观。油运考虑市场预期已回落低位，提示未来油运供需仍有望好于预期，低估值提升股息率。高速公路高分红持续现金流稳定，将继续受益市场风险偏好，未来市场偏好将继续主导收益空间。海通国际发研报指，春运、暑运旺季国内供给、需求同比19年均大幅增长，刚性的出行需求带动航司量端稳定增长。2024以来国际航班进一步修复，随着国际关系缓和、出入境签证等政策逐步友好，该行预计24年国际航空出行需求将进一步回暖。短期，该行认为国庆假期等因私出行需求旺盛，国际线供需加速修复，但淡季商务出行平淡或拖累整体恢复进度，整体受制于经济，价格表现或受影响。该行表示，长期看我国航空公司运力引进增速放缓确定性较高；出行信心持续修复，看好未来航空行业长期投资逻辑不变(即供需格局改善、票价市场化)，静待经济回暖。
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