Guosheng Securities believes that the domestic routes continue to recover, the establishment of a green channel for the approval of the resumption of production and international passenger charter plan, and the marginal growth of international routes is expected. At present, the valuation and oil price of the civil aviation sector are in the bottom range. Spring Airlines with low cost, Huaxia Airlines with high domestic line share, Jixiang airlines and three major airlines with strong risk resistance are recommended. Due to the good business model and growth of the airport, it is affected by the epidemic in the short term, but the investment value of the airport sector is prominent in the long term. Due to the expectation that the tax-free market will grow, the airport sector will rise in the near future. It is suggested to focus on Shanghai airport and Baiyun Airport.