The Zhitong Finance App learned that aviation stocks fell again in the afternoon. As of press release, Air China (00753) fell 3.6% to HK$5.62; China Southern Airlines (01055) fell 3.49% to HK$4.43; Cathay Pacific (00293) fell 2.09% to HK$7.95; and Eastern Airlines (00670) fell 1.83% to HK$2.68.

According to the news, HSBC previously released a research report saying that the number of domestic air passengers has surpassed that before the COVID-19 pandemic, yet the recovery of international flights is still slow. The bank still has confidence in the accumulated demand for international routes. It expects the three major airlines to return to 43% of pre-epidemic levels on international routes this year, 82% next year, and not fully recover until 2025.

HSBC said that the stock prices of the three major airlines were dragged down by economic recovery data, reversing the strong recovery trend in the first quarter. The bank lowered its target price for H shares of the three major airlines, but at the same time maintained its “buy” rating.