智通财经APP获悉，航空股午后走高，截至发稿，东方航空(00670)涨5.41%，报2.34港元；首都航空(00694)涨4.74%，报2.65港元；中国国航(00753)涨3.91%，报4.52港元；南方航空(01055)涨1.94%，报3.16港元。
消息面上，近期，油价受特朗普关税政策和OPEC+5月增产大幅超预期影响，大幅下挫。中信证券指出，考虑布油同比变化传导至航油滞后1个月，预计5月航空煤油同比降幅有望进一步扩大。油价每波动10%，2024年三大航航油成本减少45.5~55.0亿，或为2025年上市航司最大的业绩边际变量。此外，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。
华创证券指出，航空公司供给端逻辑依旧清晰，处于低增速，需求尚未呈现强动能，而在“加征关税”背景下，若政策端继续发力，或推动需求提速，结合供需差，有望推动票价弹性。根据三大航2024年报，若票价提升10%，对应三大航收入增厚121~152亿元，计算税后利润增厚91~114亿元。
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