观点全追踪（2月第4期）：晨会精选-20260205

Group 1: Transportation Industry - The core variable for the aviation and airport industry is the recovery of ticket prices and profit improvement driven by demand. Domestic passenger volume is expected to grow moderately due to normalized consumer travel and increased leisure tourism, supported by refined airline revenue management [2] - The international routes may experience short-term fluctuations due to external uncertainties, but the long-term trend remains positive with the expansion of visa-free policies and improved outbound travel convenience [2] - Supply constraints and cost pressures are expected to amplify profit elasticity, as slow aircraft deliveries will keep capacity expansion restrained, and policies aimed at reducing competition will stabilize revenue quality [2] Group 2: Construction Materials Industry - The valuation of the construction materials sector is at a low point, with a focus on urban renewal initiatives. The allocation ratio for construction materials is projected to increase to 0.72% by Q4 2025, up by 0.11 percentage points from Q3 2025, indicating a positive trend in industry supply-demand dynamics and price expectations [2] - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development have issued guidelines to support urban renewal actions, emphasizing the construction of "two renewals and two new projects" and the ongoing upgrade of aging municipal facilities [2] - The combination of industry supply-demand optimization, price increase expectations, and overseas expansion is expected to drive ROE and valuation recovery [2]