智通财经APP获悉，航空股继续走低，截至发稿，南方航空(01055)跌3.07%，报5.06港元；东方航空 (00670)跌2.8%，报4.51港元；中国国航(00753)跌1.09%，报6.34港元。 消息面上，据第一财经援引航班管家DAST数据，截至11月24日10点，已有12条中日航线取消所有航 班。监测数据显示，未来一周赴日计划航班取消率将在12月27日达到21.6%，为1个月以来最高值。国 泰海通证券认为，日本航线客流回落，对行业淡季盈利影响或有限，不改航空长逻辑。该行预计后续航 司将动态调整航班计划，部分运力转投东南亚或国内航线，Q4淡季对行业盈利影响或有限。该行提示 国内干线是传统航司盈利来源，亦是未来两年盈利中枢上升核心动力。 ...

消息面上，据第一财经援引航班管家DAST数据，截至11月24日10点，已有12条中日航线取消所有航 班。监测数据显示，未来一周赴日计划航班取消率将在12月27日达到21.6%，为1个月以来最高值。国 泰海通证券认为，日本航线客流回落，对行业淡季盈利影响或有限，不改航空长逻辑。该行预计后续航 司将动态调整航班计划，部分运力转投东南亚或国内航线，Q4淡季对行业盈利影响或有限。该行提示 国内干线是传统航司盈利来源，亦是未来两年盈利中枢上升核心动力。 航空股继续走低，截至发稿，南方航空（600029）(01055)跌3.07%，报5.06港元；东方航空(00670)跌 2.8%，报4.51港元；中国国航（601111）(00753)跌1.09%，报6.34港元。 ...

Group 1: Oil Market Overview - Oil prices in Asia fell as OPEC+ agreed to significantly increase production, raising concerns about global oversupply [1] - Brent crude oil prices dropped to around $69 per barrel, while West Texas Intermediate crude approached $67 per barrel [1] - OPEC+ approved an increase of 547,000 barrels per day starting in September, aligning with market expectations [1] - There is a potential cancellation of approximately 1.66 million barrels per day in production cuts, although no clear signals have emerged yet [1] - After three months of price increases, oil prices have retreated, influenced by weak U.S. employment data and concerns over economic slowdown due to trade tensions [1] Group 2: Airline Industry Insights - Guotai Junan Securities suggests that short-term demand fluctuations do not alter the long-term growth logic of the airline industry, recommending a contrarian approach to airline investments [2] - The Chinese airline industry has a strong long-term outlook, with expectations of ticket price marketization and a recovery in supply-demand dynamics leading to profit growth [2] - The airline supply has entered a low growth phase, but the medium-term growth trend remains positive, with oil price declines and reduced competition expected to enhance profitability [2] Group 3: Related Stocks - Relevant Hong Kong-listed airline stocks include China National Aviation (00753), Southern Airlines (01055), and Eastern Airlines (00670) [3] - Private jet manufacturer mentioned is Cirrus (02507) [3]

Core Viewpoint - The report from Guotai Junan Securities suggests that short-term demand fluctuations do not alter the long-term growth logic of the aviation industry, recommending a contrarian investment approach in aviation [1] Industry Summary - The Chinese aviation industry has a long-term growth logic, with market-driven ticket pricing expected to lead to a recovery in supply and demand, pushing profitability upward [1] - The aviation supply has entered a low growth phase, but short-term demand fluctuations do not change the medium-term stable growth trend [1] - It is anticipated that supply and demand will continue to improve over the next two years, supported by declining oil prices and accelerated profit recovery due to reduced competition [1] - Recent risks associated with peak season competition have been alleviated, reinforcing the recommendation for contrarian investment in the aviation sector [1]