航空行業:航空股新一輪大週期已經啟動
機構:方正證券
核心觀點:
1、航空股的大週期,本質上是危機週期
2、危機投資,是當下中國航空業最有效投資策略
買危機是勝率最高的策略,全球適用;買格局的策略只在美國成功過一次;
中國仍處激烈競爭階段,更適合買危機。
3、疫情重壓之下,航空業再迎歷史性底部
4、短期確定性估值修復,中期可期待供需彈性
5、凜冬已經過去,航空週期再啟
1)中國航空業的長期邏輯並沒有發生變化,隨着基本面走出底部,航空股新一輪大週期已經啟動
2)新冠疫苗的順利研發及未來大規模接種,將成為航空股反轉的最強催化劑。2021年是航空業修復之
年,我們繼續推薦航空業板塊性投資機會
6、風險提示:1)永久性虧損風險;2)股價波動風險;
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