证券研究报告 全球航空业需求向好，供应链约束仍存 海外航空市场25Q4景气度跟踪 证券分析师： 王凯婕 A0230525110001 闫海 A0230519010004 罗石 A0230524080012 郑逸欢 A0230526010001 联系人： 王凯婕 A0230525110001 2026.3.18 海外航空市场2 5 Q 4总结 www.swsresearch.com 证券研究报告 2 ◼ 全球视角：全球航空运力运量进入常态化增长区间 ，Q 4全球航空需求增速为25年季度最高。25年全年全球航空旅客周转量 （RPK）同比增长5.3%，其中国际RPK增长7.1%，国内RPK增长2.4 %；全行业运力投放（ASK）同比增长5.2%，其中国 际ASK增长6.8%，国内ASK增长2.5%。全年整体旅客需求增长略高于运力供给，整体客座率微升至83.6%，同比提升0.1 个百分点。其中25Q4为全年需求增速最高季度，RPK同比增6.0%、ASK同比增5.7%，客座率升至84.0% ◼ 美国市场：国际机票收入持续增长，四大航司盈利分化。25 Q3起美国航空客票销售扭转了前两个季度的同比下滑态势 ，11月 虽有政 ...

Flight Cancellations Overview - Major airlines have cancelled numerous flights to and from key Middle Eastern destinations due to ongoing regional conflicts, significantly impacting global air travel [30] - The cancellations include flights to Tel Aviv, Dubai, Beirut, and other cities, with some airlines extending their suspension periods into late April and beyond [30] Airline-Specific Updates - **AEGEAN AIRLINES**: Canceled flights to Tel Aviv, Beirut, and Amman until April 22, and to Erbil and Baghdad until May 24. Flights to Dubai and Riyadh are canceled until April 19 and April 18, respectively [1] - **AIR BALTIC**: All flights to Tel Aviv are canceled until April 5, and flights to Dubai are canceled until October 24 [2] - **AIR CANADA**: Canceled all flights to Tel Aviv until May 2 and to Dubai until March 28 [4] - **AIR FRANCE KLM**: Canceled flights to Tel Aviv and Beirut until March 21, and to Dubai and Riyadh until March 20. KLM suspended flights to Riyadh, Dammam, and Dubai until March 28 [7] - **CATHAY PACIFIC**: Canceled all passenger and cargo flights to and from Dubai and Riyadh until April 30 [9] - **DELTA**: Canceled flights from New York to Tel Aviv until March 31 and from Tel Aviv to New York until April 1, with further delays for Atlanta to Tel Aviv service until August [10] - **EL AL ISRAEL AIRLINES**: Regular flights canceled until March 21 [11] - **EMIRATES**: Operating a reduced flight schedule following a partial reopening of regional airspace [12] - **ETIHAD AIRWAYS**: Limited commercial flight schedule between Abu Dhabi and key destinations [13] - **FINNAIR**: Canceled flights to Dubai until March 29 and to Doha until April 2, avoiding airspace of Iraq, Iran, Syria, and Israel [14] - **IAG (British Airways)**: Canceled all flights to Abu Dhabi until later this year and to Amman, Bahrain, Doha, Dubai, and Tel Aviv until later in March [16] - **QATAR AIRWAYS**: Scheduled flight operations temporarily suspended due to the closure of Qatari airspace, with limited flights from March 18 to March 28 [25] - **TURKISH AIRLINES**: Canceled flights to multiple destinations including Iraq, Syria, Lebanon, and Dubai until March 19 [26] - **WIZZ AIR**: Suspended flights to Israel until March 29 and to Dubai, Abu Dhabi, Amman, and Jeddah from mainland European destinations until mid-September [27]

Airline and Travel Companies - Shares of airlines and travel companies rebounded, with Delta rising more than 6%, Norwegian Cruise Line Holdings climbing over 2%, and Expedia Group jumping more than 4% [1][10][11] - American Airlines Group gained 3.5% after raising its revenue guidance for the current quarter, while United Airlines rose 3.2% [11] Oil Prices and Economic Impact - Concerns over prolonged supply disruptions due to the closure of the Strait of Hormuz have kept crude prices near $100 a barrel [2][11] - The Federal Reserve is expected to keep borrowing costs unchanged, with rate futures suggesting a potential 25-basis-point cut toward the end of the year, down from around two before the conflict [4][11] Market Performance - The S&P 500 climbed 0.25% to end at 6,716.09 points, with eight of the eleven sector indexes rising, led by energy, which was up 1.02% [7][11] - The S&P 500 financials sector index rebounded 0.5%, with asset managers Blackstone, Apollo Global, and KKR seeing gains of 4.6%, 5.3%, and 3.3% respectively [6][11] Trading Volume and Stock Movements - Trading volume on U.S. exchanges was light, with 16.9 billion shares traded compared to an average of 19.8 billion shares over the previous 20 sessions [8][11] - Energy companies Occidental and ConocoPhillips rose about 1% each, tracking higher crude prices [8][11] - Eli Lilly fell nearly 6% after being downgraded by HSBC from "hold" to "reduce" [9][11]

机构认为，静待市场企稳后，有望破局。 【财经日历】 美国2月PPI 加拿大央行公布利率决议 财报发布：腾讯控股、微博 ►►3月17日，外交部发言人林剑主持例行记者会。有记者问：此前有媒体表示，特朗普称如果中国不在霍尔木兹海峡护航问题上提供协助，他将推迟访 华。请问中方有何回应？对此，林剑表示，我们注意到美方已就媒体的不实报道公开作出澄清，表示有关报道是完全错误的，强调访问与霍尔木兹海峡通航 问题无关。 ►►近日，国家发展改革委推出了新一批13个标志性重大外资项目，计划投资额134亿美元。新入选项目主要集中在制造业，包括电子制造、化工、汽车、 机械等，促进产业集群加速发展。今年，首次将物流项目纳入新一批标志性重大外资项目清单，继续支持生物医药等领域研发中心项目，释放出我国加大对 服务业支持，推动现代服务业和先进制造业深度融合的积极信号。此外，投资来源地更加多元，包括英国、德国、瑞士、瑞典、土耳其等国跨国企业。 ►►证监会3月17日消息，近日，证监会核准新一批硬科技主题基金产品，共计15只产品同日获批，产品主要为跟踪双创人工智能指数的被动基金，和以中 国战略新兴产业成份指数为基准的主动基金。本批产品聚焦核心科技、 ...

On Tuesday, S&P 500 rose 16.71 points, or 0.2%, to 6,716.09. Dow Jones Industrial Average rose 46.85 points, or 0.1%, to 46,993.26. Nasdaq composite rose 105.35 points, or 0.5%, to 22,479.53. Russell 2000 index of smaller companies rose 16.70 points, or 0.7% to 2,519.99.Shares of airlines and travel companies rebounded from losses in recent weeks related to the U.S. and Israeli attack on Iran and surging energy prices. Delta rallied more than 6% and American Airlines Group gained 3.5% after both companies ...

Market Recap: A Green Day on Wall StreetU.S. equity markets found their footing on Tuesday, March 17, 2026, as investors shook off recent geopolitical jitters to push major indexes higher. The rebound comes after a volatile start to the month, with the S&P 500 (SPY) rising 0.6% to reach 6,741.72. The blue-chip Dow Jones Industrial Average (DIA) climbed 217.44 points, or approximately 0.5%, to finish at 47,163.85, while the tech-heavy Nasdaq Composite (QQQ) led the charge with a 0.7% gain, closing at 22,526. ...

U.S. equity markets showed remarkable resilience during Tuesday afternoon trading on March 17, 2026, as investors pivoted from geopolitical anxieties toward robust corporate guidance and continued optimism in the artificial intelligence sector. Despite ongoing volatility in the energy markets linked to the conflict in the Middle East, the major indexes maintained steady gains as the trading day progressed toward the final hour.Major Indexes and Sector PerformanceAs of mid-afternoon, the Dow Jones Industrial ...

Delta Airlines More Upbeat for First Quarter Amid March Bookings. Listen for more on Bloomberg Intelligence. https://t.co/nceT3ONPdI ...

We're back on Morning Trade Live. Airlines in focus today. Shares in Delta flying high this morning after the company issued more upbeat guidance even in the face of these higher oil prices.The company now sees revenue growing in high single digits to about 15 to 15.3% billion through March thanks to leisure and corporate customers holding up. It had originally guided for a range of between 5 to 7% sales growth. While Delta is expecting a more positive revenue outlook, it is sticking with its original earni ...

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced and qualified news journalists who produce independent content [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content delivered includes insights across various sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for being a forward-looking technology adopter, utilizing decades of expertise and experience among its content creators [4] - The company employs automation and software tools, including generative AI, while ensuring that all published content is edited and authored by humans [5]