智通财经APP获悉，三大航集体走高，截至发稿，南方航空(01055)涨4.29%，报3.4港元；中国国航(00753)涨3.07%，报4.7港元；东方航空(00670)涨2.1%，报2.43港元。
消息面上，特朗普关税计划引发金融市场持续动荡之际，周四，美国能源信息署（EIA）大幅下调今明两年油价预期，将今年全球石油需求增速预期下调，还下调了今明两年美国原油产量的预期。隔夜国际油价重回跌势，美油、布油期货结算价收跌超3%。华创证券指出，从已经披露2024年报的三大航看，航油成本占总营业成本比重分别为国航34%、南航34.5%、东航36%，若油价持续下行有助于成本端减负。根据三大航2024年报，若航油价格下降10%，对应三大航航油成本减少45.5~55.0亿元，对应利润预计增厚34.1~41.2亿元。
中信证券则表示，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。利好因素不断累积，淡季航司利润表现有望同比改善，继续推荐航空股的布局机会。
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