金吾财讯 | 华泰证券表示，1-2月民航延续高客座率低票价的趋势，三大航（中国国航、中国东航、南方航空）+春秋+吉祥客座率同增1.7pct，但国内线票价仍同比双位数下滑。不过25年夏秋航季时刻同比收缩，且航线质量有所提升，或为票价改善提供支撑。
该行指，25年夏秋航季呈现3点利好：1）伴随内航国际线进一步恢复，内航内线时刻同比下降，为国内供需改善提供支持。2）航司开始削减需求较弱的航线，航网质量提升为国内票价改善提供进一步支撑。3）内航国际线份额提升，我国航司国际航线或将具备更强竞争力。
该行认为由于供应商产能未恢复、发动机检修、在手订单有限，供给低增速中短期难以改变。同时政策刺激下，需求端或迎来增量，叠加25年民航工作会议提出行业盈利水平进一步提升，票价或将见底反弹。观察之后公商务及假期出行数据，推荐景气有望改善的航空板块。
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