国泰海通证券发布研报称，9月初重大活动后，北京市场带动量价快速回升，其中公商需求出行活跃； 考虑10月重大会议影响，公商需求前移将保障9月中下旬量价继续向好；预计2025Q3航司盈利仍有望同 比增长。考虑2024Q4价格战致低票价，预计反内卷将助力淡季票价表现好于上半年，航司有望继续同 比大幅减亏，全年将行业性扭亏。重视航空长逻辑，待公商需求恢复，考虑票价市场化与机队增速放 缓，航司盈利中枢将上升且持续。 航空股午后走高，截至发稿，中国国航（601111）(00753)涨4.82%，报5.44港元；东方航空(00670)涨 3.74%，报3.05港元；南方航空（600029）(01055)涨2.65%，报3.88港元。 消息面上，根据航旅纵横，截至9月8日，今年中秋国庆假期国内航线机票预订量超326万张，日均机票 预订量较去年同期增长超26%。今年中秋国庆假期的出入境航线机票预订量已超116万张，日均机票预 订量比去年同期增长约15%。随着中秋国庆小长假到来，航空出行需求有望提振。 ...

国泰海通证券发布研报称，9月初重大活动后，北京市场带动量价快速回升，其中公商需求出行活跃； 考虑10月重大会议影响，公商需求前移将保障9月中下旬量价继续向好；预计2025Q3航司盈利仍有望同 比增长。考虑2024Q4价格战致低票价，预计反内卷将助力淡季票价表现好于上半年，航司有望继续同 比大幅减亏，全年将行业性扭亏。重视航空长逻辑，待公商需求恢复，考虑票价市场化与机队增速放 缓，航司盈利中枢将上升且持续。 智通财经APP获悉，航空股午后走高，截至发稿，中国国航(00753)涨4.82%，报5.44港元；东方航空 (00670)涨3.74%，报3.05港元；南方航空(01055)涨2.65%，报3.88港元。 消息面上，根据航旅纵横，截至9月8日，今年中秋国庆假期国内航线机票预订量超326万张，日均机票 预订量较去年同期增长超26%。今年中秋国庆假期的出入境航线机票预订量已超116万张，日均机票预 订量比去年同期增长约15%。随着中秋国庆小长假到来，航空出行需求有望提振。 ...

《中国民航报》、中国民航网 记者郑雪 通讯员曹弋远 报道：9月9日，CZ3717航班从长沙黄花国际机 场起飞，这架由南航执飞的C919客机开启了长沙至北京大兴航线的首航之旅。 在航班上，一位80岁高龄的陈爷爷吸引了众人目光，他有着一段特殊的身份——退休机务工作人 员。"我跟飞机打了一辈子交道，今天能坐上咱们自己造的大飞机，非常激动。这次送孙女去北京读大 学，特地选了这趟航班。"陈爷爷话音刚落，便从随身背包里取出一张泛黄的老照片。照片中，年轻的 陈爷爷身着工装，站在安12飞机旁，眼神里满是对航空的好奇与憧憬。"这是50年前拍的，那会儿我刚 当机务，不少技术还得靠引进。"陈爷爷回忆道，当年为了保障飞机安全，他和同事们经常熬夜钻研， 哪怕是一个小零件的故障，都要反复排查，"那时候飞机坪停的都是国外造的飞机，我们就盼着啊，啥 时候咱们能有自己造的大飞机。" （本文图片均由南航提供） 如今，梦想照进现实，50年过去了，陈爷爷乘坐着国产大飞机C919送孙女去读大学。看着舷窗外的云 层，抚摸着C919机舱内的设施，陈爷爷难掩自豪，"看着C919，我真真切切感受到国家的强大。这是我 们中国人自己的飞机，作为老机务，打心底里为 ...

港股三大航空股集体上涨，其中，中国国航涨约2%，中国南方航空涨1.6%，中国东方航空涨超1%。 责任编辑：栎树 | 代码 | 名称 | 最新价 涨跌幅 v | | --- | --- | --- | | 00753 | 中国国航 | 5.290 1.93% | | 01055 | 中国南方航空股 | 3.840 1.59% | | 00670 | 中国东方航空股 | 2.970 1.02% | 消息上，高盛研究报告指，内地航空业次季强劲反弹，但该行认为暑假表现未如理想，国内航空需求仍 然疲弱。展望未来，考虑到航空公司已进一步减慢增购机队，且预测2025至27年净需求增长率为3%、 1%及1%，该行认为国际机票价格的按年跌幅将显著收窄，国内机票价格亦有机会自9月起改善。另一 方面，油价下跌亦将对航空公司的盈利有正面影响。 股份方面，该行看好中国国航，因其在盈利较高的航线中占比较高，若票价上升将成为最大受惠者；国 航H股目标价由6.5港元上调至7.3港元，国航A股目标价由8.6元上调至9.6元，评级"买入"。该行将中国 东方航空股份H股目标价由3.3港元上调至3.7港元，东航A股目标价由4.6元上调至5.1元，均 ...

Group 1 - The three major Hong Kong airline stocks, including Air China, China Southern Airlines, and China Eastern Airlines, experienced collective gains, with Air China rising approximately 2%, China Southern Airlines increasing by 1.6%, and China Eastern Airlines up over 1% [1] - Goldman Sachs reported a strong rebound in the mainland aviation industry for the second quarter, but noted that summer performance was not ideal, with domestic air travel demand remaining weak [1] - The firm predicts a significant narrowing of the year-on-year decline in international ticket prices, while domestic ticket prices may improve starting in September [1] Group 2 - Air China's passenger turnover increased by 3.2% year-on-year in August, indicating a gradual recovery in profitability [2] - China Southern Airlines reported an increase in passenger turnover of 5.97% year-on-year and a cargo turnover increase of 5.48% in August [2] - China Eastern Airlines saw an 8.72% year-on-year increase in passenger turnover in August and plans to hold a joint mid-term performance briefing on September 12 [2]

北京商报讯（记者 关子辰 牛清妍）9月15日，南方航空发布的月度运营数据显示，8月集团客运运力投 入（按可利用座公里计）同比上升6.37%；旅客周转量（按收入客公里计）同比上升5.97%；客座率为 86.99%，同比下降0.32个百分点。 ...

Core Insights - China Southern Airlines reported a 6.37% year-on-year increase in passenger capacity for August 2025, with domestic, regional, and international segments rising by 4.89%, 3.43%, and 11.35% respectively [1] - The passenger turnover increased by 5.97% year-on-year, with domestic, regional, and international segments growing by 4.93%, 6.04%, and 9.40% respectively [1] - The passenger load factor was 86.99%, a decrease of 0.32 percentage points year-on-year, with domestic and regional segments increasing by 0.04 and 2.07 percentage points, while international decreased by 1.52 percentage points [1] Passenger Operations - The group’s passenger capacity (measured in available seat kilometers) increased by 6.37% year-on-year [1] - The passenger turnover (measured in revenue passenger kilometers) rose by 5.97% year-on-year [1] - The passenger load factor stood at 86.99%, reflecting a slight decline [1] Cargo Operations - Cargo capacity (measured in available ton kilometers) increased by 0.90% year-on-year [1] - Cargo turnover (measured in revenue ton kilometers) rose by 5.48% year-on-year [1] - The cargo load factor was 50.83%, an increase of 2.21 percentage points year-on-year [1] Fleet Update - In August 2025, the group introduced 7 new aircraft, including 2 A321NEO, 2 A320NEO, 2 B737-8, and 1 B787-9 [1] - The group retired 5 aircraft, including 1 A319, 1 A321, 1 A330-200, and 2 B737-800 [1] - As of the end of August 2025, the group operated a total of 952 aircraft [1]

Group 1: Industry Overview - The domestic aviation industry in mainland China showed a strong rebound in the second quarter, but the performance during the summer holiday was not as ideal due to weak business travel demand [1] - International ticket prices have significantly dropped mainly due to oversupply on the China-Japan routes, as airlines overestimated demand during the Japan Expo [1] - Future projections indicate that net demand growth rates for 2025 to 2027 will be 3%, 1%, and 1%, respectively, leading to a significant narrowing of the year-on-year decline in international ticket prices [1] - Domestic ticket prices are expected to improve from September, supported by a decrease in oil prices, which will positively impact airline profitability [1] Group 2: Company Recommendations - China National Aviation (00753) is favored due to its high market share in profitable routes, with target prices raised to HKD 7.3 for H-shares and RMB 9.6 for A-shares, rated "Buy" [2] - China Eastern Airlines (00670) has its H-share target price increased to HKD 3.7 and A-share target price to RMB 5.1, also rated "Buy" [2] - China Southern Airlines (01055) sees its H-share target price raised to HKD 4.6 and A-share target price to RMB 6.2, rated "Buy" for H-shares and "Neutral" for A-shares [2]

Core Viewpoint - China Southern Airlines reported an increase in passenger capacity and turnover for August 2025, indicating growth in both domestic and international markets, despite a slight decline in overall passenger load factor [1] Passenger Operations - The group's passenger capacity (measured in available seat kilometers) increased by 6.37% year-on-year, with domestic, regional, and international segments rising by 4.89%, 3.43%, and 11.35% respectively [1] - Passenger turnover (measured in revenue passenger kilometers) rose by 5.97% year-on-year, with domestic, regional, and international segments increasing by 4.93%, 6.04%, and 9.40% respectively [1] - The passenger load factor was 86.99%, a decrease of 0.32 percentage points year-on-year, with domestic and regional segments increasing by 0.04 and 2.07 percentage points, while international load factor decreased by 1.52 percentage points [1] Cargo Operations - Cargo capacity (measured in available ton kilometers) increased by 0.90% year-on-year for August 2025 [1] - Cargo turnover (measured in revenue ton kilometers) rose by 5.48% year-on-year [1] - The cargo load factor was 50.83%, an increase of 2.21 percentage points year-on-year [1] Fleet Update - In August 2025, the group introduced 7 new aircraft, including 2 A321NEO, 2 A320NEO, 2 B737-8, and 1 B787-9, while retiring 5 aircraft, including 1 A319, 1 A321, 1 A330-200, and 2 B737-800 [1] - As of the end of August 2025, the group operated a total of 952 transport aircraft [1]

智通财经APP讯，中国南方航空股份(01055)发布公告，2025年8月，集团客运运力投入(按可利用座公里 计)同比上升6.37%，其中国内、地区和国际分别同比上升4.89%、3.43%和11.35%;旅客周转量(按收入客 公里计)同比上升5.97%，其中国内、地区和国际分别同比上升4.93%、6.04%和9.40%;客座率为 86.99%，同比下降0.32个百分点，其中国内和地区分别同比上升0.04和2.07个百分点，国际同比下降 1.52 个百分点。 2025年8月，集团引进7架飞机(包含2架A321NEO飞机、2架A320NEO飞机、2架B737-8 飞机和1架B787- 9飞机)，退出5架飞机(包含1架A319飞机、1架A321飞机、1架A330-200 飞机和2架B737-800飞机)。截至 2025年8月底，集团合计运营952架运输飞机。 2025年8月，集团无新增主要航线。 货运方面，2025年8月货运运力投入(按可利用吨公里—货邮运计)同比上升0.90%;货邮周转量(按收入吨 公里—货邮运计)同比上升5.48%;货邮载运率为50.83%，同比上升2.21 个百分点。 ...