國泰君安:油價與匯率不改變航司長期價值,或提供逆向時機
國泰君安發文稱,2025年春運因私需求旺盛且節後公商務啟動良好,維持航空增持。中國航空業具超預期長邏輯,2025年供需繼續恢復趨勢確定,考慮票價市場化與機隊增速顯著放緩,盈利恢復與中樞上行可期。市場對長邏輯預期仍處低位,分歧越大空間越大。2025年春運因私需求旺盛,航空客流再創新高,且元宵節後公商務需求啟動良好,有望催化航空需求增長與供需盈利繼續恢復的樂觀預期。提示油價與匯率不改變航司長期價值,或提供逆向時機。
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