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研報掘金丨華金證券:航空2023弱貝塔,廉航結構機會在醖釀
格隆匯5月26日丨華金證券發研報指,4月客運量恢復率顯著提升,4月民航旅客運輸量5027.5 萬人,恢復至2019年同期的94.6%,較3月提升9.2個百分點,其中國內旅客運輸量超19年3.4%,較3月提升9.4個百分點。4月吉祥、春秋、國航、南航、東航、海航RPK恢復至19年同期的109.8%、108.3%、89.2%、84.1%、77.6%、69.2%,吉祥和春秋RPK恢復率領先。華金交運航空觀點:在主要航空公司一季報低於預期以及五一出行數據預期兑現之後的背景下,航空股進入回調階段。雖然該行仍然判斷2023年航空行業弱貝塔,但隨着板塊的調整,個股結構性的機會在醖釀。作為可選消費,因私出行旅客對於票價始終敏感;在民航收益管理新時代,航空旅客有望向廉價航空擠出,同時歐美出境旅客向東南亞和東亞擠出;廉價航空有望成為旺季結構勝負手。
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