航空行业:航空股新一轮大周期已经启动
机构:方正证券
核心观点:
1、航空股的大周期,本质上是危机周期
2、危机投资,是当下中国航空业最有效投资策略
买危机是胜率最高的策略,全球适用;买格局的策略只在美国成功过一次;
中国仍处激烈竞争阶段,更适合买危机。
3、疫情重压之下,航空业再迎历史性底部
4、短期确定性估值修复,中期可期待供需弹性
5、凛冬已经过去,航空周期再启
1)中国航空业的长期逻辑并没有发生变化,随着基本面走出底部,航空股新一轮大周期已经启动
2)新冠疫苗的顺利研发及未来大规模接种,将成为航空股反转的最强催化剂。2021年是航空业修复之
年,我们继续推荐航空业板块性投资机会
6、风险提示:1)永久性亏损风险;2)股价波动风险;
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