证券研究报告 南方航空(600029.SH) 投资评级： 买入（首次） ——枢纽网络优势巩固，复苏弹性有望释放 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 联系人 交通运输 | 航空机场 非金融|首次覆盖报告 证券分析师 hyzqdatemark 2026 年 01 月 29 日 投资要点： 风险提示。人民币汇率波动，油价上涨，出行需求不及预期，地缘政治风险。 | | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 8.28/5.35 | | 2023 | 2024 | 2025E | 2026E | 2027E | | | 营业收入（百万元） | 159,929 ...

北京商报讯（记者 关子辰 牛清妍）1月29日，记者从南航北京分公司获悉，2026年春运期间，南航北京 大兴枢纽进出港航班日均将达到350班次。其中宽体机航班46班次，集中在北京大兴至三亚、广州、深 圳、成都双流、上海虹桥、乌鲁木齐等热门探亲和旅游航线。 国内航线方面，南航聚焦"北上追雪""南下寻暖"文旅热潮，在"冰雪游"热门目的地阿勒泰、白山，南 方"网红"旅游目的地揭阳、芒市、桂林，以及探亲返乡客流集中的常德、佳木斯等地实施新开航班与增 班。国际航线方面，南航计划在北京大兴—比什凯克航线实施增班，计划于3月1日新开北京大兴—乌鲁 木齐—巴库航线，为旅客出行提供更多选择。 ...

春运期间，南航将在广州、长沙双基地运营国产C919大飞机，常态化执行8条航线，预计执行航班超1000班次。与此同时，C909机型也将在国内60条航线上 执行航班超5000班次。 国际及地区航线方面，南航计划在春运期间执行航班1.6万班次。欧洲、大洋洲、中亚、西亚、东南亚等成为旅客春运出行的热门目的地。从2025年12月开 始，南航已陆续新开广州至马德里、达尔文航线，复航广州至珀斯、阿德莱德等航线，在广州至布里斯班、悉尼等航线上增班。南航还将进一步加密广州至 曼谷、沙巴、吉隆坡、清迈，深圳至河内，郑州至吉隆坡等航线，东南亚航线每周航班量将超500个往返。 北京商报讯（记者 关子辰 牛清妍）1月29日，记者从南航集团获悉，南航集团计划在春运期间执行客运航班超12.6万班次（1个往返计2班次，下同）。其 中，南航将在超260条航线上执行加班约1.3万班次。 国内航线方面，春运期间南航计划在500余条国内航线上执行航班超10.9万班次。针对哈尔滨、长春、长白山、阿勒泰等"冰雪游"热门目的地，南航匹配市 场需求，积极安排增班。对于"避寒游"目的地海南，南航深圳、北京大兴往返海口航线的部分航班，还有广州、深圳、北京大兴、 ...

据了解，新航线将由波音787-9客机执飞，北京大兴—赫尔辛基航班CZ8171于北京时间14:45起飞，当地 时间18:35抵达；返程航班CZ8172于当地时间20:35起飞，北京时间9:45抵达。该航线在3月29日—6月18 日每周二、四、日运营三班，在6月20日—10月24日增班至每日一班。 芬兰国家旅游局国际业务总监Teemu Ahola表示，近年来，中国游客赴芬兰旅行的需求持续回暖。过去 几年，中国游客在芬兰的间夜数每年稳定增长。此次中国南方航空新增北京直飞赫尔辛基航线，将横跨 芬兰春、夏、秋季，也覆盖中国多个长假出行节点，这将为更多中国游客前往芬兰创造便利条件。 北京商报讯（记者 关子辰 牛清妍）1月29日，记者从芬兰国家旅游局获悉，3月29日，中国南方航空北 京大兴国际机场直飞赫尔辛基航线将开通，这一直飞航线将进一步加强中国与芬兰之间的空中连通性， 为中国游客前往芬兰及北欧地区提供更加便捷、高效的出行选择。 ...

Group 1 - The 2026 Spring Festival travel season will start on February 2 and last for 40 days until March 13, with a significant increase in passenger flow expected due to the longest Spring Festival holiday [1] - China Southern Airlines (CZ) plans to operate over 8,440 flights in and out of Hubei, providing an average of over 23,000 seats daily, with new routes added to popular destinations [1] - China Southern Airlines has optimized schedules for high-density routes, such as Wuhan-Guangzhou and Wuhan-Beijing Daxing, to enhance convenience for travelers [1] Group 2 - China Southern Airlines has introduced "Aurora Routes" during the Spring Festival to facilitate travel to regions with high aurora visibility, including Xinjiang, Heilongjiang, Mongolia, and Northern Europe [2] - Internationally, China Southern Airlines has increased flights to Bangkok and Phuket, with Wuhan to Bangkok now at 4 flights per week and Wuhan to Ho Chi Minh City at 7 flights per week [2] - China Eastern Airlines (MU) plans to increase its flight capacity in Hubei by 2.65% compared to the same period in 2025, with nearly 900 additional flights scheduled [4] Group 3 - China Eastern Airlines is launching new routes to northern ice and snow tourism destinations and increasing flights to southern warm destinations to meet diverse travel needs [4] - The airline is enhancing its service for unaccompanied minors and first-time travelers, ensuring comprehensive support during the travel experience [4] - The peak travel demand is expected from the 24th day of the twelfth lunar month to New Year's Eve and from the fourth to the tenth day of the first lunar month, with concentrated demand for routes from Wuhan to Shenzhen, Kunming, Sanya, and Harbin [5]

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） 中國南方航空股份有限公司（「本公司」）將於2026年3月2日（星期一）舉行2026年第一次 臨時股東會（「臨時股東會」）。一份載有將於臨時股東會上提呈的決議案詳情之通函，連 同臨時股東會通知，將在適當時候寄發予股東。 為確定符合資格出席臨時股東會及於會上投票的H股股份持有人，本公司將於2026年2月11 日（星期三）至2026年3月2日（星期一）（包括首尾兩日）暫停辦理H股股份持有人過戶登 記手續。為符合資格出席臨時股東會，所有H股過戶文件連同有關股票須於2026年2月10日 （星期二）下午4時30分前送達本公司香港股份過戶登記處香港中央證券登記有限公司，地 址為香港灣仔皇后大道東183號合和中心17樓1712-1716號鋪，以進行登記。 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 2026年 ...

（在中華人民共和國註冊成立的股份有限公司） （股份代號：1055） 暫停辦理股份過戶登記手續 中國南方航空股份有限公司（「本公司」）將於2026年3月2日（星期一）舉行2026年第一次 臨時股東會（「臨時股東會」）。一份載有將於臨時股東會上提呈的決議案詳情之通函，連 同臨時股東會通知，將在適當時候寄發予股東。 為確定符合資格出席臨時股東會及於會上投票的H股股份持有人，本公司將於2026年2月11 日（星期三）至2026年3月2日（星期一）（包括首尾兩日）暫停辦理H股股份持有人過戶登 記手續。為符合資格出席臨時股東會，所有H股過戶文件連同有關股票須於2026年2月10日 （星期二）下午4時30分前送達本公司香港股份過戶登記處香港中央證券登記有限公司，地 址為香港灣仔皇后大道東183號合和中心17樓1712-1716號鋪，以進行登記。 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 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。 中華人 ...

Market Performance - The Hong Kong stock market continued its upward trend with all three major indices closing higher: Hang Seng Index up 2.58% at 27,826.91 points, Hang Seng Tech Index up 2.53% at 5,900.16 points, and the National Enterprises Index up 2.89% at 9,512.24 points [2] - Leading sectors included optical communications, oil, gold, telecommunications, and real estate, while tea and aviation stocks faced downward pressure [3] Optical Communications - Demand for AI infrastructure has spurred the optical communications industry, with Changfei Optical Fiber Cable (06869.HK) leading the sector, closing up 15.43% at 75.20 HKD [4][5] - Corning, a major player in the fiber optics market, saw a single-day increase of over 15%, reaching a historical high, following a long-term agreement with Meta for the procurement of $6 billion worth of fiber optic cables by 2030 [4] Energy Sector - Geopolitical risks have heightened energy security expectations, with China National Offshore Oil Corporation (00883.HK) and China Petroleum & Chemical Corporation (00857.HK) both reaching historical highs, closing up 4.85% and 4.99% respectively [5][6] - The U.S. military's recent military exercises in the Middle East have raised concerns about energy supply stability, contributing to the rise in oil stocks [6] Gold Market - The weakening U.S. dollar has stimulated international gold prices, with Chifeng Jilong Gold Mining (06693.HK) rising 10.65% [7] - The dollar index experienced its largest single-day drop since April 2023, pushing gold prices above $5,200 per ounce [7] Telecommunications - The telecommunications sector is entering a new phase of "deep integration," with China Telecom (00728.HK) rising 6.27% [9] - The Ministry of Industry and Information Technology reported that the three major operators have added 108,000 data center racks, indicating a shift in focus from "broad coverage" to "deep integration" [9] Real Estate - Regulatory optimizations have boosted confidence in the real estate sector, with China Jinmao (00817.HK) rising 11.92% [11] - Feedback from multiple real estate companies indicates that the regulatory body has lifted the monthly reporting requirements for most firms, enhancing market expectations for liquidity and operational environment improvements [11] Individual Stock Movements - Wuneng Zhixing (00800.HK) rose 2.11% as it prepares to launch autonomous buses in Abu Dhabi [17][18] - Kuaishou-W (01024.HK) increased by 4.44%, with its AI product, Keling, surpassing 12 million monthly active users and achieving a 350% growth in paid users [19]

Group 1 - Airline stocks experienced significant declines, with China Southern Airlines down 7.67% to HKD 5.54, China Eastern Airlines down 7.12% to HKD 5.22, and Air China down 3.5% to HKD 6.89 [1] - The Chinese Ministry of Foreign Affairs advised citizens to avoid traveling to Japan during the Spring Festival, leading to the cancellation of all 49 flights to Japan in February [1] - Major airlines including Air China, China Eastern, China Southern, and others announced an extension of their free ticket refund and change policy for flights to Japan until October 24 [1] Group 2 - Dongxing Securities reported that the demand for flights to Japan is affected, causing some capacity to overflow to other routes, which may lead to oversupply in the market [1] - Recent fluctuations in oil prices and exchange rates were noted, with Huachuang Securities indicating that a 10% change in oil prices could impact the annual costs of the three major airlines by approximately CNY 4.3 to 5.1 billion, while a 1% change in exchange rates could affect them by CNY 130 to 260 million [1]

每经AI快讯，港股航空股跌幅居前。截至发稿，南方航空(01055.HK)跌7.67%，报5.54港元；东方航空 (00670.HK)跌7.12%，报5.22港元；中国国航(00753.HK)跌3.5%，报6.89港元。 （文章来源：每日经济新闻） ...