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旅游热度高涨!国庆中秋日均机票预订量增长超25% 机构看好座收回升带来的航司利润弹性(附概念股)
Zhi Tong Cai Jing· 2025-09-17 13:13
具体来看,央视网援引航旅纵横大数据,截至 9 月 13 日,今年中秋国庆假期国内航线机票预订量超 452 万张,日均机票预订量较去年同期增长超 25%。截至 9 月 13 日,今年中秋国庆假期的出入境航线 机票预订量已超 129 万张,日均机票预订量比去年同期增长约 14%。 从搜索量上看,在线旅游预订平台的数据显示,国内机票搜索热度增长超过三成,赏月赏秋成为假期出 行的热词。"观景""赏月"关键词的搜索热度同比增长达 117%,山岳景区和园林古镇景区搜索热度周环 比提升超过 80%。其中,北京、上海、成都、广州等地出行较为热门。 从票价来看,央视网采访同程旅行获悉,今年国庆假期国内机票均价与去年同期基本一致,呈现出"首 尾高、中间低"的特征。假期开始和结束的时候价格相对较高,假期中间票价相对较低,在拼假策略的 推动下,预计 10 月 4 日到 5 日将会迎来国内民航市场的出游高峰。 此外,7 月22 日,2025 年全国民航年中工作电视电话会议在京召开,民航局局长宋志勇在会议强调, 优化航线网络布局,积极服务扩大内需和对外开放;加快构建民航领域统一大市场,综合整治行业"内卷 式"竞争。此前6 月26 日,民 ...
港股概念追踪 | 旅游热度高涨!国庆中秋日均机票预订量增长超25% 机构看好座收回升带来的航司利润弹性(附概念股)
智通财经网· 2025-09-16 23:44
智通财经APP获悉,9月16日,航空股午后走高,截至收盘,中国国航(00753)、东方航空(00670)涨超 4%,南方航空(01055)涨超2%。消息面上,据央视网报道,2025 年国庆中秋假期合并,10 月 1 日至 10 月 8 日放假八天,今年假期旅游热度高涨。此外,随着"内卷式"竞争整治,航空业格局有望改善。信达 证券指出,看好供需改善带来的座收盈利弹性。供给收缩确定性较强,整体旺季运载能力或提升空间有 限。民航局专题部署民航领域综合整治"内卷式"竞争工作,引导行业回归理性竞争、有序发展,格局有 望持续改善。暑运旺季需求持续增长、客座率高位,供需或将改善,有望带动座收回升。看好座收回升 带来的航司利润弹性。 具体来看,央视网援引航旅纵横大数据,截至 9 月 13 日,今年中秋国庆假期国内航线机票预订量超 452 万张,日均机票预订量较去年同期增长超 25%。截至 9 月 13 日,今年中秋国庆假期的出入境航线 机票预订量已超 129 万张,日均机票预订量比去年同期增长约 14%。 从搜索量上看,在线旅游预订平台的数据显示,国内机票搜索热度增长超过三成,赏月赏秋成为假期出 行的热词。"观景""赏月"关 ...
上市航司多维发力破解“旺丁不旺财”困境
Core Viewpoint - The overall performance of listed airlines in the first half of 2025 shows that state-owned airlines are still in a loss state, while private airlines demonstrate stronger performance recovery due to better operational flexibility [1][2]. Group 1: State-Owned Airlines Performance - In the first half of 2025, three state-owned airlines achieved revenue growth: China International Airlines reported revenue of 80.757 billion yuan, a 1.56% increase, with a net loss of 1.806 billion yuan, a reduction in loss [2] - China Eastern Airlines reported revenue of 66.822 billion yuan, a 4.09% increase, with a net loss of 1.431 billion yuan, also a reduction in loss [2] - China Southern Airlines reported revenue of 86.291 billion yuan, a 1.77% increase, with a net loss of 1.533 billion yuan [2]. Group 2: Private Airlines Performance - Private airlines achieved profitability in the first half of 2025, with Hainan Airlines reporting revenue of 33.083 billion yuan, a 4.22% increase, and a net profit of 56.945 million yuan [3] - Shanghai Juneyao Airlines reported revenue of 11.07 billion yuan, a 1.02% increase, with a net profit of 505 million yuan, a 3.29% increase [3] - Spring Airlines reported revenue of 10.304 billion yuan, a 4.35% increase, with a net profit of 1.169 billion yuan, a 14.11% decrease [3] - Huaxia Airlines reported revenue of 3.610 billion yuan, a 12.41% increase, with a net profit of 251 million yuan, an increase of 858.95% [3]. Group 3: Industry Trends and Insights - The summer transportation season saw a total of 147 million passengers transported, a 3.6% year-on-year increase, with an average seat occupancy rate of 84.8%, up 2.2 percentage points [4] - The market exhibited a trend of increasing volume but decreasing prices, attributed to oversupply and low-price competition [6] - The release of the "Self-Regulation Convention for Air Passenger Transport" aims to combat low-price competition and stabilize market prices [6]. Group 4: Future Outlook - The upcoming "Golden September and Silver October" period is expected to be a crucial window for revenue improvement [7] - Airlines plan to optimize sales strategies and innovate products to enhance efficiency and profitability in the second half of the year [7].
航空反内卷,可以做什么?
Tianfeng Securities· 2025-08-01 06:15
Industry Rating - The industry investment rating is maintained as "Outperform the Market" [1] Core Insights - The aviation industry has incurred significant losses, totaling 329.5 billion yuan from 2020 to 2023, while the cumulative profit from 2010 to 2019 was only 278.2 billion yuan [2][8] - The root cause of the losses is identified as excess capacity, with a 15% increase in the number of aircraft from 2019 to 2024, while passenger traffic only grew by 11% [3] - Average ticket prices for the three major airlines have decreased by approximately 7% compared to 2019, leading to continued losses in 2024 and the first half of 2025 [11] Summary by Sections 1. Aviation Industry Losses - The aviation industry urgently needs to address its losses, with major airlines continuing to report significant deficits [6] - The average ticket price for the three major airlines in 2024 is lower than in 2019, contributing to declining profit margins [11] 2. Capacity and Demand Imbalance - The growth in the number of aircraft has outpaced the growth in passenger traffic, leading to an ongoing imbalance in supply and demand [15] - Aircraft utilization rates have not fully recovered to pre-2019 levels, although passenger load factors have exceeded those levels in 2025 [20] 3. Opportunities for Improvement - There is potential for the early retirement of older aircraft, which could help clear excess capacity and improve profitability [24][27] - The prices of second-hand aircraft have risen, providing an opportunity for airlines to sell or lease older planes for good returns [28] - The profitability of foreign airlines is higher than that of domestic airlines, suggesting a need for domestic airlines to consider external aircraft adjustments [36] 4. Domestic Aircraft Market - The delivery volume of domestic large aircraft is expected to increase significantly, with domestic aircraft projected to become the main source of growth in aircraft numbers [39]
国泰海通:暑运旺季表现偏弱 关注公商需求恢复
Zhi Tong Cai Jing· 2025-07-31 09:20
国泰海通发布研报称,短期需求波动不改航空长逻辑,建议逆向布局航空。中国航空业具长逻辑,考虑 票价市场化,待供需恢复盈利中枢上行与持续可期。航空供给已进入低增时代,短期需求波动不改中期 稳健增长趋势,该行预计未来两年供需继续向好,油价下行与"反内卷"加速盈利恢复与中枢上升。近期 旺季博弈风险释放,建议逆向布局航空长逻辑。增持中国国航(601111)(601111.SH)、吉祥航空 (603885)(603885.SH)、南方航空(600029)(600029.SH)、春秋航空(601021)(601021.SH)、中国东 航(600115)(600115.SH)。 国泰海通主要观点如下: 2025Q2:航空供需稳中向好,行业实现大幅减亏 1)Q2国内供给保持低增:上半年行业新引进飞机107架,净增仅52架(2024年底在册4394架);受益周转继 续提升,估算行业ASK同比增长6.7%。上半年三大航机队规模同比增长3%,ASK同比增长5.3%,其中 国内持平,国际增长达21%,宽体机错配继续改善。其中,Q2三大航国内ASK同比仅增2%,保持低 增。 2)Q2国内需求恢复稳健增长:上半年航空国内需求(量价)同比基 ...