Core Viewpoint - China Southern Airlines (600029.SH) reported an increase in passenger capacity and turnover for July 2025, indicating growth in both domestic and international markets [1] Passenger Operations - Passenger capacity (measured in available seat kilometers) increased by 6.66% year-on-year, with domestic, regional, and international segments rising by 5.69%, 1.01%, and 9.97% respectively [1] - Passenger turnover (measured in revenue passenger kilometers) rose by 7.29% year-on-year, with domestic, regional, and international segments increasing by 6.54%, 2.97%, and 9.85% respectively [1] - The passenger load factor was 84.38%, up by 0.50 percentage points year-on-year, with domestic and regional segments increasing by 0.67 and 1.56 percentage points, while international load factor decreased by 0.09 percentage points [1] Cargo Operations - Cargo capacity (measured in available ton kilometers) increased by 0.22% year-on-year [1] - Cargo turnover (measured in revenue ton kilometers) rose by 3.60% year-on-year [1] - The cargo load factor was 50.89%, up by 1.66 percentage points year-on-year [1]

Core Insights - China Southern Airlines reported a 6.66% year-on-year increase in passenger capacity (measured in available seat kilometers) for July 2025, with domestic, regional, and international segments rising by 5.69%, 1.01%, and 9.97% respectively [1] - The passenger turnover (measured in revenue passenger kilometers) increased by 7.29% year-on-year, with domestic, regional, and international segments growing by 6.54%, 2.97%, and 9.85% respectively [1] - The passenger load factor reached 84.38%, up by 0.50 percentage points year-on-year, with domestic and regional segments increasing by 0.67 and 1.56 percentage points, while international load factor decreased by 0.09 percentage points [1] Cargo Operations - In July 2025, cargo capacity (measured in available ton kilometers) saw a year-on-year increase of 0.22% [1] - Cargo turnover (measured in revenue ton kilometers) rose by 3.60% year-on-year [1] - The cargo load factor was 50.89%, reflecting an increase of 1.66 percentage points year-on-year [1]

2025年7月，本集团新增主要航线情况如下：长春-西宁-长春 1 （每周三班）。 证券代码：600029 证券简称：南方航空 公告编号：临 2025-038 中国南方航空股份有限公司 2025 年 7 月主要运营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 2025年7月，中国南方航空股份有限公司及所属子公司（以 下简称"本集团"）客运运力投入（按可利用座公里计）同比上 升6.66%，其中国内、地区和国际分别同比上升5.69%、1.01%和 9.97%；旅客周转量（按收入客公里计）同比上升7.29%，其中国 内、地区和国际分别同比上升6.54%、2.97%和9.85%；客座率为 84.38%，同比上升0.50个百分点，其中国内和地区分别同比上升 0.67和1.56个百分点，国际同比下降0.09个百分点。 货运方面，2025年7月，货运运力投入（按可利用吨公里— 货邮运计）同比上升0.22%；货邮周转量（按收入吨公里—货邮 运计）同比上升3.60%；货邮载运率为50.89%，同比上升1.66个 百分点。 2025年 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1055） 董事會召開日期 承董事會命 中國南方航空股份有限公司 聯席公司秘書 陳威華及劉巍 中華人民共和國，廣州 2025年8月15日 於本公告日期，董事包括執行董事馬須倫及韓文勝 ; 及獨立非執行董事何超瓊、郭為、張俊 生及祝海平。 1 中國南方航空股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2025年8月 28日（星期四）舉行董事會會議，藉以考慮及通過（其中包括）本公司截至2025年6月30日 止六個月的中期業績及派發中期股息（如有）。 ...

Group 1 - The Hong Kong aviation stocks have strengthened, with China Eastern Airlines and China Southern Airlines rising over 5%, China National Aviation increasing by 3%, and Cathay Pacific up over 1% [1][2] - The China Air Transport Association has recently released a self-discipline convention for air passenger transport, aiming to enhance industry self-regulation and eliminate malicious competition aimed at excluding rivals [1] - According to Cinda Securities, the current short-term increase in industry capacity is significant, while demand is expected to take time to recover. The industry’s passenger load factor remains high, indicating an improving supply-demand relationship, which is likely to drive ticket prices upward [1] Group 2 - The report highlights the expectation of improved supply-demand dynamics during the summer travel peak season, which is anticipated to lead to a recovery in ticket prices. Key airlines to focus on include China National Aviation, China Eastern Airlines, China Southern Airlines, Spring Airlines, and Juneyao Airlines [1]

信达证券提到，当前行业运力短期增投较多、需求仍需时间爬升，而行业客座率持续高位，供需关系仍 在改善，有望带动票价持续修复；看好暑运旺季供需改善带来的票价回升，并建议重点关注中国国航、 中国东航、南方航空、春秋航空、吉祥航空等。(格隆汇) 格隆汇8月15日｜港股航空股拉升走强，其中，中国东方航空、中国南方航空涨超5%，中国国航涨 3%，国泰航空涨超1%。 消息上，日前，中国航空运输协会发布航空客运自律公约，要求加强行业自律，杜绝以排挤竞争对手为 目的的恶意竞争行为。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 00670 | 中国东方航空股 | 3.120 | 5.41% | | 01055 | 中国南方航空股 | 4.020 | 5.24% | | 00753 | 中国国航 | 5.560 | 2.96% | | 00293 | 国泰航空 | 10.840 | 1.12% | ...

Group 1 - The core viewpoint of the article highlights a significant increase in Hong Kong airline stocks, with China Eastern Airlines and China Southern Airlines rising over 5%, and Air China increasing by 3% [1] - The Civil Aviation Administration of China has released a self-discipline convention for air transport, aiming to strengthen industry self-regulation and eliminate malicious competition aimed at excluding rivals [1] - According to Cinda Securities, the current short-term increase in industry capacity is substantial, while demand is expected to take time to recover; however, the high passenger load factor indicates an improving supply-demand relationship, which is likely to drive ticket prices upward [1] Group 2 - The article emphasizes the potential for ticket price recovery during the peak summer travel season due to improved supply and demand dynamics [1] - Key airlines to watch include Air China, China Eastern Airlines, China Southern Airlines, Spring Airlines, and Juneyao Airlines, as they are expected to benefit from the anticipated recovery in ticket prices [1] - The latest stock prices and percentage changes for the airlines mentioned are as follows: China Eastern Airlines at 3.120 (up 5.41%), China Southern Airlines at 4.020 (up 5.24%), Air China at 5.560 (up 2.96%), and Cathay Pacific at 10.840 (up 1.12%) [1]

智通财经获悉，航空股早盘走高，截至发稿，东方航空(00670)涨4.73%，报3.1港元；南方航空(01055) 涨3.66%，报3.96港元；中国国航(00753)涨3.15%，报5.57港元；国泰航空(00293)涨0.65%，报10.79港 元。 国泰海通证券指出，暑运客流客座率维持高位，扣油票价继续持平，暑运大额盈利可期。该行指出，近 期中国民航局部署综合整治"内卷式"竞争，预计短期将减少过度低价；中期或政策引导收益管理改善； 长期将保障机队规划继续低增。提示短期需求波动不改长逻辑，关注公商务需求恢复与反内卷，建议逆 向布局。 本文源自智通财经网 消息面上，中国航空运输协会正式发布《中国航空运输协会航空客运自律公约》。公约重点提出，加强 行业自律，维护市场秩序，强化反垄断和反不正当竞争措施。倡导各企业严格遵守价格法、反不正当竞 争法等相关法律规定，杜绝以排挤竞争对手为目的的恶意竞争行为，包括低价倾销、虚假宣传等。自律 条款同时还提出，对航空销售网络平台以及销售代理人执行的航司票价、退改签规则等，中航协要加强 监督管理，严禁违规捆绑销售、价外加价。 ...

Group 1 - Airline stocks rose in early trading, with Eastern Airlines up 4.73% at HKD 3.1, Southern Airlines up 3.66% at HKD 3.96, Air China up 3.15% at HKD 5.57, and Cathay Pacific up 0.65% at HKD 10.79 [1] - The China Air Transport Association officially released the "Self-Discipline Convention for Air Passenger Transport," emphasizing industry self-regulation, market order maintenance, and strengthening anti-monopoly and anti-unfair competition measures [1] - The convention advocates strict compliance with pricing laws and anti-unfair competition laws, aiming to eliminate malicious competition practices such as predatory pricing and false advertising [1] Group 2 - Cathay Securities noted that the passenger load factor during the summer travel season remains high, with ticket prices holding steady, indicating potential for significant profits during this period [1] - The Civil Aviation Administration of China has initiated comprehensive measures to address "involution" competition, which is expected to reduce excessive low pricing in the short term and improve revenue management in the medium term [1] - Long-term policies are anticipated to ensure continued low growth in fleet planning, with a focus on the recovery of business travel demand and addressing involution [1]

Group 1 - The core viewpoint of the article highlights a positive trend in airline stocks, with significant increases in share prices for major airlines in China, including Eastern Airlines, Southern Airlines, Air China, and Cathay Pacific [1] - The China Air Transport Association has officially released the "Self-Discipline Convention for Air Passenger Transport," emphasizing the need for industry self-regulation, market order maintenance, and enhanced anti-monopoly measures [1] - The convention advocates strict adherence to laws related to pricing and competition, aiming to eliminate malicious competitive behaviors such as predatory pricing and false advertising [1] Group 2 - Cathay Securities notes that the passenger load factor during the summer travel season remains high, with stable ticket prices, indicating potential for significant profits during this period [1] - The Civil Aviation Administration of China is implementing measures to address "involution" competition, which is expected to reduce excessive low pricing in the short term and improve revenue management in the medium term [1] - Long-term policies are anticipated to ensure a low growth rate in fleet planning, while short-term demand fluctuations do not alter the overall positive outlook for the industry [1]