该行分析认为，时刻是航司核心盈利资产。2019年前，国航已拥有行业最高品质航网客源，盈利能力长期领跑大航。2019年后，北京开启一市两场，国航把握战略机遇留驻首都机场，航网客源 风险提示 经济波动，油价汇率，行业政策，增发摊薄，安全事故 责任编辑：史丽君 1）上半年：公司归母净亏损18亿元，同比减亏近10亿元。其中，Q2受益于公商需求同比恢复增长，该行估算公司座收同比转正，淡季实现燃油成本缩减大比例留存，公司实现扭亏录得盈利2. 深航拟股权融资160亿元，公司将继续保持控股地位 深圳航空（公司控股51%）拟分两期股权融资160亿元，其中，公司按持股比例增资不超过81.6亿元，首期现金增资20.82亿元；首期投资将由新投资方现金增资20亿元。融资后公司持股比例不 公司航网客源显著优化，盈利中枢上升有望开启 国泰海通发布研报称，维持中国国航（00753）"增持"评级。2025Q2公司在大航率先扭亏，若公商需求恢复可持续，未来两年盈利中枢上行可期。考虑短期需求波动影响，下调2025-26年归母 国泰海通主要观点如下： 2025Q2淡季实现扭亏，预计全年扭亏为盈 ...

Group 1: Economic Indicators and Predictions - Wells Fargo economists predict that the Consumer Price Index (CPI) for April will rise by 0.2% after a surprising decline of 0.1% in March, leading to an annual CPI rate of 2.3%, the lowest in four years [1] - Deutsche Bank expects the Federal Reserve to maintain the federal funds rate in the range of 4.25-4.50% and emphasizes the need to observe the impact of recently implemented trade policies on economic growth and inflation [3] - UBS Wealth Management highlights that concerns over the independence of the Federal Reserve could significantly damage the dollar's safe-haven status, with currencies like the yen and Swiss franc benefiting in the current environment [2] Group 2: Market Trends and Asset Allocation - Analysts at Societe Generale note a trend of investors shifting from U.S. assets to European assets, although this transition may take time to fully materialize [4] - Bank of America indicates that the recent surge in interest in European markets does not necessarily signal a structural shift, as many institutional investors remain cautious about large-scale capital transfers from the U.S. [5] - Citic Securities maintains a preference for gold over copper and oil in the commodities market, citing OPEC+'s unexpected production increase as a factor that may lead to a supply surplus in the oil market [6][5] Group 3: Commodity Price Forecasts - KPMG has revised its Brent crude oil price forecast for the end of the year down from $70 to $60 per barrel, reflecting improved global oil supply conditions [6] - Barclays has postponed its forecast for the next Bank of Japan interest rate hike to January 2026, adjusting its final rate prediction down to 1.00% [7] Group 4: Domestic Market Insights - Galaxy Securities reports a significant increase in global gold ETF inflows in Q1 2025, with net purchases by central banks remaining strong, supporting the long-term bullish outlook for gold prices [8] - The automotive market in China is expected to see a rebound in sales, driven by the release of new models and the end of consumer hesitation following the Shanghai Auto Show [8]