招商证券：2026春运上半程需求快速增长收益水平企稳回升

智通财经02-25

智通财经APP获悉，招商证券发布研报称，春运上半程量价齐升，总体表现符合预期;假期以来受益假期延长、旅游出行需求释放，国内客流及票价快速增长，即使考虑数据采样对收益水平计算的影响，全行业需求增长动力较强、收益水平企稳信号意义依然明确。全年维度，受益需求增长、供给增速放缓、收益水平企稳、油汇条件有望同比改善，行业盈利有望持续恢复。1月下旬以来受国际油价较快上涨、春运数据表现等影响板块波动幅度略有扩大...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2614709393?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-02-25 16:05","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2614709393","market":"hk","top_or_hot":-1,"title":"招商证券：2026春运上半程需求快速增长 收益水平企稳回升","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，招商证券发布研报称，春运上半程量价齐升，总体表现符合预期;假期以来受益假期延长、旅游出行需求释放，国内客流及票价快速增长，即使考虑数据采样对收益水平计算的影响，全行业需求增长动力较强、收益水平企稳信号意义依然明确。全年维度，受益需求增长、供给增速放缓、收益水平企稳、油汇条件有望同比改善，行业盈利有望持续恢复。1月下旬以来受国际油价较快上涨、春运数据表现等影响板块波动幅度略有扩大...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1407094.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>招商证券：2026春运上半程需求快速增长 收益水平企稳回升</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n招商证券：2026春运上半程需求快速增长 收益水平企稳回升\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-25 16:05 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1407094.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，招商证券发布研报称，春运上半程量价齐升，总体表现符合预期;假期以来受益假期延长、旅游出行需求释放，国内客流及票价快速增长，即使考虑数据采样对收益水平计算的影响，全行业需求增长动力较强、收益水平企稳信号意义依然明确。全年维度，受益需求增长、供给增速放缓、收益水平企稳、油汇条件有望同比改善，行业盈利有望持续恢复。1月下旬以来受国际油价较快上涨、春运数据表现等影响板块波动幅度略有扩大...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1407094.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK0276","symbol_name":"资本市场","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1407094.html","article_id":"2614709393","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2614709393","pubTimestamp":1772006731,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"全年维度，受益需求增长、供给增速放缓、收益水平企稳、油汇条件有望同比改善，行业盈利有望持续恢复。但由于日本线航距短、客公里收益偏高，预计日本线占比的下降结构上将拉低国际总体客公里收益。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"600999":"招商证券","BK0276":"资本市场","BK0183":"MSCI概念","BK0188":"融资融券","BK0012":"证金概念","BK1147":"投资银行业与经纪业","06099":"招商证券","BK0010":"央企","BK1564":"中资券商股","BK0028":"国家队"},"translate_title":"China Merchants Securities: Demand grew rapidly in the first half of the Spring Festival travel in 2026, and income levels stabilized and rebounded","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600999":1.5,"06099":1.5},"content_text":"智通财经APP获悉，招商证券发布研报称，春运上半程量价齐升，总体表现符合预期;假期以来受益假期延长、旅游出行需求释放，国内客流及票价快速增长，即使考虑数据采样对收益水平计算的影响，全行业需求增长动力较强、收益水平企稳信号意义依然明确。全年维度，受益需求增长、供给增速放缓、收益水平企稳、油汇条件有望同比改善，行业盈利有望持续恢复。1月下旬以来受国际油价较快上涨、春运数据表现等影响板块波动幅度略有扩大，建议持续关注春运下半程量价表现、供需政策落地情况及中东局势对油价影响。招商证券主要观点如下：春运前20天民航总体客流增长和国内航线收益水平表现基本符合预期第11-20天受益假期延长、二次出行需求旺盛数据好于前10天。前20日(2月2日–21日，腊月十五至正月初五)民航客流同比+6.3%，其中国内+6.5%、国际及地区+4.4%，国内含油票价+3.3%、国内客座率+1.4pts;其中前10日(2月2日–11日，腊月十五至腊月廿四)民航客流同比+4.9%，国内+5.1%、国际及地区+3.3%，国内含油票价+2.7%、国内客座率+0.6pts;第11–20日(2月12日–21日，腊月廿五至正月初五)民航客流同比+7.6%，其中国内+7.9%、国际及地区+5.5%，国内含油票价+3.9%、国内客座率+2.2pts。供给增长较快，窄体机利用率提升贡献显著受益于飞机增长及利用率提升，春运期间供给增长较快，春运前三周ASK为958亿座公里，同比+6.9%;民航机队平均飞机利用率为9小时，同比提升3.4%，其中窄体机利用率为9.03小时，同比提升3.4%，宽体机利用率为10.83小时，同比提升0.9%。航距拉长，剔除航距影响后客公里收益同比小幅改善受出行消费热点变化、航网结构调整等影响，春运前三周国内平均航距为1394公里，同比小幅提升1.7%;若剔除航距影响，春运前三周平均裸客公里收益为0.64元/客公里，同比+1.7%。东南亚、韩国等方向客流快速增长，长假出境旅游需求增势较强春运前三周，内航国际及地区累计发送往返旅客561.2万人次，同比+5.1%;前五目的地为泰国(80.3万人次，+10.6%)、韩国(58.6万人次，+20.8%)、日本(47.8万人次，-55%)、马来西亚(38.1万人次，+68.6%)、新加坡(35.2万人次，+32%);若剔除日本线影响，其余国际及地区往返旅客量同比+20.1%，显示非日本方向需求强劲，国际航线复苏基础持续夯实。但由于日本线航距短、客公里收益偏高，预计日本线占比的下降结构上将拉低国际总体客公里收益。风险提示：宏观经济下行、人民币大幅贬值、油价大幅上涨、重大自然灾害等。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2614709393","isCrawlerRequest":true}

招商证券：2026春运上半程需求快速增长 收益水平企稳回升

精彩评论

招商证券：2026春运上半程需求快速增长收益水平企稳回升