中泰证券研报指出，短期来看，油汇利好有望延续，叠加后续"反内卷"及春运假期催化，航空量价向好 预期较强，看好基本面积极变化带动下的航空投资机会。长期来看，民航量价正循环效应逐步显现，高 客座率叠加行业反内卷倡议有望带动行业景气上行超预期，看好航空投资机会。 国泰海通证券认为，根据观察，随着大学陆续放假，且公商出行逐步恢复，近日航空量价开始回升。同 时，近日春运预售开始启动，出票量大增。该行预计2026年春运需求将保持旺盛。中国航空供给已进入 低增时代，且票价已市场化，航空需求稳健增长与航司收益管理改善将驱动票价盈利上行且可持续，具 有业绩估值双重空间。 智通财经APP获悉，三大航继续上涨，截至发稿，南方航空(01055)涨3.21%，报6.1港元；东方航空 (00670)涨2.63%，报5.85港元；中国国航(00753)涨2.23%，报7.33港元。 ...

消息面上，据新华社12月27日报道，全国人大常委会会议12月27日表决通过新修订的民用航空法，自 2026年7月1日起施行。这部新修订的法律共16章262条，本次修法贯彻落实党中央决策部署，适应民航 事业发展新形势新要求，充实完善规范民用航空活动、保障民用航空安全和支持民航制造业、运输业、 低空经济发展的各方面制度措施，对于推动民航事业高质量发展具有重要意义。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 曾庆怡）12月29日上午，A股民用航空概念震荡上涨。截至10时11分，中国 国航涨超6%，中国东航、南方航空涨超3%。港股航空板块同步拉升，中国国航、中国东方航空股份涨 超3%，中国南方航空股份涨超2%。 上证报中国证券网讯（记者 曾庆怡）12月29日上午，A股民用航空概念震荡上涨。截至10时11分，中国 国航涨超6%，中国东航、南方航空涨超3%。港股航空板块同步拉升，中国国航、中国东方航空股份涨 超3%，中国南方航空股份涨超2%。 消息面上，据新华社12月27日报道，全国人大常委会会议12月27日表决通过新修订的民用航空法，自 2026年7月1日起施行。这部新修订的法律共16章262条，本次修法 ...

Group 1 - The core viewpoint of the article highlights a significant increase in airline stocks, driven by favorable market conditions and rising consumer demand for travel during the upcoming New Year holiday [1] Group 2 - Airline stocks experienced a morning surge, with China Southern Airlines rising by 1.97% to HKD 5.7, China Eastern Airlines increasing by 3.73% to HKD 5.29, and Air China climbing by 4.41% to HKD 7.1 [1] - The offshore RMB against the USD briefly surpassed the "7" mark, alleviating exchange rate pressure on airlines [1] - Data shows that as of December 25, domestic flight ticket bookings exceeded 2.71 million, representing a year-on-year increase of approximately 35% [1] Group 3 - The upcoming New Year holiday from January 1 to January 3, 2026, is expected to boost travel, with flexible holiday arrangements encouraging more consumers to travel [1] - Short-term expectations for the airline industry are positive, supported by declining oil prices, a strengthening RMB, and the upcoming holiday season, which is likely to enhance both volume and pricing [1]

Investment Rating - The report maintains an "Overweight" rating for the aviation industry [2] Core Viewpoints - The aviation sector is expected to see significant investment opportunities despite low expectations, with a focus on the recovery of passenger demand and operational efficiency [6][7] - Historical performance indicates that aviation stocks have outperformed during bull markets, with substantial gains observed in previous cycles [6][9] - The report highlights a positive outlook for the industry driven by improved aircraft utilization rates, rising passenger volumes, and high load factors [6][7] Summary by Sections Industry Overview - The total market capitalization of the aviation industry is 618.65 billion, with a circulating market value of 574.52 billion [3] - The report covers 12 listed companies within the industry [3] Historical Performance - The aviation transportation index has shown remarkable gains in past bull markets, with peak increases of 952%, 165%, 427%, and 56% during different periods [6][9] - The report notes that the aviation sector typically starts to perform well in the latter stages of bull markets [6] Current Market Dynamics - Aircraft utilization rates have significantly improved, with July 2025 rates exceeding those of July 2019 by over 3% [6][7] - Passenger transport volume for the first seven months of 2025 averaged 63.36 million per month, marking a 6% increase from 2024 and a 16% increase from 2019 [6][7] - Load factors have remained high, with most months in 2025 showing rates above those of 2019 [6][7] Future Outlook - The report anticipates a gradual recovery in demand, particularly in business travel and tourism, supported by economic improvements and regulatory measures to stabilize pricing in the industry [6][7] - The report emphasizes the importance of policy support and improved market sentiment as catalysts for stock price increases in the aviation sector [6][7] Investment Recommendations - The report suggests focusing on companies with larger fleet sizes and strong cyclical attributes, particularly the "Big Three" airlines [6][7] - It also recommends companies with stable operational performance, such as Huaxia Airlines, Spring Airlines, and Hainan Airlines, which are expected to benefit from favorable policies and market conditions [6][7]