智通财经网·2025-12-26 09:28Core Insights - Potential merger discussions are ongoing between Spirit Airlines and Frontier Airlines, with a possible announcement as early as this month [2] - The U.S. Department of Transportation has released a national strategy for advanced air mobility from 2026 to 2036, focusing on safety, security, defense, and economic competitiveness [2] - American Airlines is tightening its loyalty program by discontinuing mileage and elite qualification points for basic economy ticket purchases starting December 2025 [3] - Delta Airlines' President Glen Hauenstein will retire in February 2026, with Joe Esposito set to succeed him [3] Market and Consumer Insights - Capacity planning for Q2 2026 shows varied adjustments among major North American airlines, with American Airlines' short-haul international capacity up 7.6% year-over-year [4] - Consumer travel intent remains strong, with 58% planning to travel in the next six months, slightly down from 62% year-over-year but higher than the previous month [4] - Higher-income households show a strong travel intent, with 79% of those earning over $150,000 planning to travel [4] Investment Views and Stock Ratings - Morgan Stanley maintains an "attractive" industry outlook for North American airlines, updating stock ratings and target prices for nine major airlines [5] - Alaska Airlines, American Airlines, Delta Airlines, United Airlines, and Southwest Airlines are rated "overweight," while Allegiant Travel, Frontier Airlines, and JetBlue Airways are rated "hold" [5] - Delta Airlines is favored for its strong balance sheet and leading loyalty program, while United Airlines excels in execution [5]