金吾财讯 | 航空股晋升，截至发稿，中国南方航空(01055)涨4.92%，中国国航(00753)涨3.75%，中国东方航空(00670)涨1.9%，国泰航空(00293)涨1.89%。消息面上，华泰证券指出，航空票价有望迎来持续好转态势。在刚刚结束的春运 40 天里，民航旅客量呈现出稳步增长的趋势，同比提升 7.4%，这一增速略高于全社会跨区域人员流动量 7.1% 的同比增速，凸显出民航在较长假期中满足因私出行需求方面所具备的韧性。在票价层面，受 2024 年基数相对较高以及 2025 年春运出行需求较为分散的影响，2025 年春运期间整体收益水平表现欠佳。不过，回顾 2024 年春运尾声，航空公司逐渐推行降价促销策略，这使得基数有所下降，进而导致 2025 年票价同比降幅收窄。展望后续，在低基数的背景下，票价同比有望实现转正，逐步落实行业供需改善的逻辑。从长期视角来看，该行认为民航供给增速放缓的态势有望延续，这将为航空公司收益水平的提升提供有力支撑。对于机场而言，其盈利增长进程较为缓慢，PE 估值水平的消化尚需时日，因此，那些在公司治理方面存在边际改善的个股，更具中长期投资价值 。
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