智通财经APP获悉，航空股多数转涨，截至发稿，美兰空港(00357)涨6.28%，报8.8港元；东方航空(00670)涨4.15%，报2.26港元；中国国航(00753)涨4.04%，报4.38港元；南方航空(01055)涨5.03%，报3.13港元；首都航空(00694)涨2.02%，报2.53港元。
中信证券发布研报表示，油价每波动10%，2024年三大航航油成本减少45.5亿~55.0亿，或为2025年上市航司最大的业绩边际变量。从清明节出行数据来看，航班管家预计出行人次同比增幅或10.3%，国内线客座率创新高，同时国际线周转量维持高增长。3月以来行业票价同比跌幅逐步企稳走窄，航班管家预计清明节全票价同比跌幅或7.9%，低引进趋势确认，期待行业票价表现逐步从“行业自律”向“供需优化”过渡，期待顺周期、促消费政策传导至需求端。
申万宏源认为，油价受关税影响叠加OPEC增产下行释放航司成本压力，在航空供应链恢复受限、关税进一步影响飞机交付、国内宽体机利用率提升等变化下，航空供给逻辑已有多方面验证，内需复苏下航空需求侧有望触底提升，加速顺周期行情启动。航空市场正稳步过渡淡季阶段，从今年市场的供需结构来看，市场供给增长受限，旅客量自然增长的核心逻辑不变，去年淡季后市场票价绝对值快速回落，若后续国内航司票价回暖，将持续验证支撑航司收益提升逻辑。
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