Investment Rating - The industry investment rating is not explicitly stated in the provided content, but the analysis suggests a cautious outlook for 2026 due to supply constraints and demand resilience. Core Insights - The report indicates that 2026 is expected to be a turning point for the aviation industry, with a genuine reversal in supply and demand dynamics anticipated [60][64]. - Supply constraints are highlighted, with aircraft manufacturers Boeing and Airbus expected to continue facing delivery delays, impacting overall capacity [9][12]. - Demand remains resilient, with a projected growth rate of approximately 5% for 2026, despite supply limitations [36][56]. Supply Summary - Aircraft manufacturers are experiencing capacity shortages, with Boeing and Airbus not expected to return to pre-pandemic delivery levels [9][10]. - The report notes that the delivery volume for Boeing's B737MAX and Airbus's A320NEO remains below pre-pandemic figures, with 2026 targets still not reaching those levels [10]. - Engine issues are affecting the industry, with an increase in grounded aircraft expected in 2026 due to problems with Pratt & Whitney engines [16][17]. - The aircraft utilization rate is projected to increase slightly in 2026, but the growth potential is limited [21]. Demand Summary - The demand for air travel is expected to show resilience, with a projected passenger turnover growth of 8% in 2025, leading to a 5% growth in 2026 [37][56]. - Domestic air travel demand is anticipated to outpace rail travel, with increasing flight distances to counter competition from high-speed rail [41][44]. - The report suggests that the passenger load factor is expected to reach historical highs, with a forecasted increase to 87% in 2026 [50][56]. - Potential demand growth is expected to exceed 5%, but actual demand growth will be constrained by supply limitations [53][56]. Conclusion - The aviation industry is poised for a significant shift in 2026, with supply constraints likely to create a supply-demand imbalance, leading to increased ticket prices and a focus on capacity management [60][66].

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 近日，海航控股发布2025年11月主要运营数据公告。公告显示，2025年11月，海航控股客运运力投入同 比增长6.87%，其中国际客运运力投入增长22.20%；收入客公里同比增长8.14%，其中国际增长 24.36%；旅客运输量同比增长5.08%，其中国际增长16.09%。货邮运收入吨公里同比增长17.80%，其中 国际增长23.75%；货运及邮运量同比增长14.32%，其国际增长21.20%；货邮载运率同比提升3.36个百分 点。当月新增1架A320NEO和3架B737-8MAX飞机，新开重庆=布鲁塞尔航线。截至2025年11月底，公 司运营362架飞机。上述数据未经审计，可能存在调整。 《海航控股：2025年11月主要运营数据公告》 截至2025年12月15日收盘，海航控股（600221）报收于1.75元，较前一交易日上涨1.16%，最新总市值 为756.27亿元。该股当日开盘1.73元，最高1.76元，最低1.7元，成交额达7.07亿元，换手率为1.24%。 最新公告列表 ...