benvxPC
2023.03.28 00:50

【长江交运】民航换季开启,五一有望释放弹性

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【长江交运】民航换季开启,五一有望释放弹性

2023 夏秋是防疫政策调整后的第 1 次换季,预计 10 月底,国内航班供给较 2019 年增长约 20%,国际恢复到疫情前的 80%。我们强调供给端的变化是超额收益的来源,同时提示今年需求的方向确定,重点在于观测向上幅度。五一假期,航空需求集中释放,机场免税场景恢复,一旦确认价格上涨的幅度,盈利预期的调整将会带来向上机会。考虑到资源禀赋和需求恢复的结构性特征,优先推荐白云机场春秋航空吉祥航空及龙头航空机场公司。

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