The Report is produced in Chinese only.
關注國內航空需求復蘇行情 隨著國內疫苗接種有序推進、國內疫情管控措施放寬,被壓制的航空客運出行需求正在逐步恢復。數據顯示,3月中國民航的整體執飛率為83%,環比增長27%,航班量恢復到19年同期91%。相關平臺統計,清明節假期期間國內計劃出港客運航班量為3.47萬架次,同比增長2倍以上。 因“就地過年”受到抑制的春節探親和旅客需求會在清明、五一和端午三個節日得到一定程度的釋放,叠加小長假本身的出行需求,或將促使今年的航空旺季提前到來,航空公司有望迎來業績改善的機遇。CAPSE發布報告數據顯示,4月份旅客出行意願指數環比上升25%,同比上升47%,出行熱情持續走高。四月航空需求量有望繼續保持樂觀,五月行業流量同比19年將有15%的增長。 同時政策端方面多項利好政策出臺也反映政府對民航業的呵護,包括2021 年民航發展基金徵收標準在此前降低 50%的基礎上再降低 20%,繼續放寬對支線機場直飛北上廣等大型樞紐的准入限制等。 我們預計航空公司業績修復將開始加速。投資者可以適時布局航空市場恢復行情。建議投資者關注國內航線占比較高的南方航空(1055.HK)和“低成本航空”模式優勢明顯的春秋航空(601021.CH)。 |
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