中信证券：2026年航司或持续受益需求边际增量与汇率升值共振 继续推荐航空板块

Core Insights - The report from CITIC Securities indicates that the growth rate of civil aviation passenger traffic during the New Year holiday exceeded the growth rate of flight numbers, confirming that excess capacity is being effectively absorbed [1] - In a context of low incremental supply, there is a recommendation to pay attention to the profitability turning point for airlines [1] - The appreciation of the currency is expected to significantly reduce airline losses by Q4 2025, with airlines potentially continuing to benefit from marginal demand increases and currency appreciation in 2026 [1] - The aviation sector is continuously recommended for investment [1]