Zhi Tong Cai Jing·2025-12-05 02:12Group 1 - Citigroup research indicates that the poor performance of the airline industry in 2025 and capacity reductions will create a "tactical bullish cycle environment" for 2026, particularly benefiting "super airlines" [1] - Analysts define traditional airlines like American Airlines (AAL.US), Delta Air Lines (DAL.US), and United Airlines (UAL.US) as "super airlines," highlighting their core advantage of successfully integrating new travel business models with unique asset portfolios [1] - Traditional low-cost carriers (LLCC) are facing challenges as their business models, which were developed under different market conditions, are becoming saturated and unable to stimulate demand through lower fares [1] Group 2 - The anticipated "super airline super cycle" is expected to widen the gap between super airlines and traditional low-cost carriers, favoring the former [2] - Delta Air Lines is the only company among the three airlines rated "buy" by Citigroup to be removed from the "high-risk" rating, reflecting its long-term strategic sustainability [2] - Alaska Airlines (ALK.US), while not strictly a super airline, receives a "buy" rating due to its management's strategic plans aimed at enhancing its core competitive strengths [2] Group 3 - JetBlue Airways (JBLU.US) and Southwest Airlines (LUV.US) are attempting to reshape their business models in a manner similar to traditional airlines [3] - JetBlue's "JetForward" plan may lead to substantial stock price increases, but the analyst maintains a "sell/high risk" rating until significant performance improvements are observed [3] - Southwest Airlines faces scrutiny over its transformation plan, with a "neutral/high risk" rating, as copying operational strategies from super airlines may lead to significant brand and execution risks [3]