【天风交运】航空反内卷，可以做什么？

发掘交运价值2025-08-04

【报告要点】1.航空亟需反内卷2020-23年航空公司累计亏损3295亿元，而2010-19年累计盈利仅2782亿元；2025H1平均票价不仅低于2024年，也低于2019年，三大航仍在亏损。2.根源在运力过剩2019-24年民航业飞机数量累计增长15%，而客运量仅增长11%，三大航平均票价下跌7%左右，运力过剩。预计未来航空客运需求随GDP温和增长，运力过剩或将持续。3.可淘汰老旧飞机15岁以上...

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