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。 1 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1055） 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11月20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。 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2025年12月12日（星期五）舉行2025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2025年12月4 日（星期四）至2025年12月12日（星期五）（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2025年12月3 日（星期三）下午 ...

Core Insights - The C919 aircraft made its debut at the Dubai Airshow, marking its first appearance in the Middle East, which has generated significant interest in the international aviation market [1][2] - Industry experts express optimism about the C919's potential to enhance competition and provide new options in the global aviation sector [2] Group 1: C919 Aircraft Presentation - The Dubai Airshow, one of the largest in the world, features over 1,500 exhibitors and is expected to attract 148,000 industry visitors [1] - The C919, showcased by China Commercial Aircraft Corporation and China Southern Airlines, performed a flight demonstration, impressing attendees with its design and performance [1] - Saudi Arabian Adil Airlines' engineering supervisor noted the C919's potential to bring new choices to the international market, indicating a promising future as operational experience accumulates [1] Group 2: Industry Reception and Competitiveness - A senior planner from Pakistan's Sialkot Airlines highlighted the innovative design of the C919, predicting it will invigorate the industry and foster healthy competition [2] - The general manager of a Dubai-based aircraft leasing company praised the internal space experience of the C919, suggesting it could gain adoption from more airlines within the next five years [2] Group 3: Broader Chinese Aviation Presence - In addition to the C919, various Chinese-developed products, including drones and electric vertical takeoff and landing vehicles, were also showcased at the airshow [2] - China Aviation Engine Group presented a comprehensive display of 19 types of power products, marking a significant overseas exhibition of domestic aviation engines [2] - A representative from Safran Aircraft Engines expressed astonishment at the advanced Chinese engines that are already in mass production [2]

Core Viewpoint - The C919 aircraft made its debut at the Dubai Airshow, showcasing China's advancements in aviation manufacturing and attracting significant interest from international industry professionals [1][2]. Group 1: C919 Aircraft Presentation - The C919 aircraft was presented at the Dubai Airshow, marking its first appearance in the Middle East [1]. - The event featured over 1,500 exhibitors and showcased more than 200 aircraft, with an expected attendance of 148,000 industry professionals [1]. - The C919 performed a flight demonstration, impressing attendees with its design and performance [1]. Group 2: Industry Reception and Future Prospects - Industry professionals, such as Ali Zahraani from Adil Airlines, expressed optimism about the C919, noting it provides new options in the international aviation market and has a promising future as operational experience accumulates [1]. - Dawood Abdullah from Sialkot Airlines highlighted the innovative design of the C919, predicting it would invigorate the industry and foster healthy competition [2]. - Garnik Papikyan, a leasing company manager, praised the internal space experience of the C919, suggesting it could gain adoption from more airlines in the next five years [2]. Group 3: Chinese Aviation Industry Participation - The China Commercial Aircraft Corporation (COMAC) has delivered 26 C919 aircraft and opened over 30 flight routes [2]. - The airshow also featured various Chinese-developed products, including drones and electric vertical takeoff and landing vehicles, with nearly 100 Chinese aviation-related companies participating [2]. - The China Aviation Engine Group showcased 19 types of power products, marking a significant presence of Chinese aviation engines at the event [3].

Core Viewpoint - The Hong Kong aviation stocks are experiencing a positive trend, driven by improvements in supply-demand dynamics, ticket price increases, and reduced cost pressures, with several institutions issuing optimistic reports on the sector [1] Group 1: Market Performance - On November 20, Hong Kong's three major airline stocks continued to rise, with China Eastern Airlines initially increasing by nearly 5%, regaining a market capitalization above HKD 100 billion, while China National Airlines rose over 2% and China Southern Airlines increased by over 1% [1] - The latest prices and changes for the airline stocks are as follows: China Eastern Airlines at HKD 4.910 (+3.37%), China National Airlines at HKD 6.730 (+2.12%), and China Southern Airlines at HKD 5.500 (+1.29%) [2] Group 2: Industry Insights - Research from Zhongtai Securities indicates a significant increase in international flight capacity and limited growth in domestic capacity, suggesting an optimization of the domestic competitive landscape, with high passenger load factors likely leading to improved ticket prices [1] - The report highlights favorable conditions with oil prices and exchange rates, predicting a "not-so-slow" trend in the fourth quarter, with expectations of substantial loss reduction in the airline industry by Q4 2025 and potential profit elasticity release in 2026 [1] - Huachuang Securities emphasizes the positive outlook for airline stock investments, noting that off-peak ticket prices are turning positive, with the industry's passenger load factor reaching its highest level of the year and ticket prices showing year-on-year improvement, indicating an upward cycle [1]

Core Viewpoint - The Hong Kong aviation stocks are experiencing a continued upward trend, driven by positive signals in the industry such as improved supply-demand dynamics, rising ticket prices, and reduced cost pressures [1] Group 1: Market Performance - China Eastern Airlines saw an intraday increase of nearly 5%, with its market capitalization surpassing HKD 100 billion [1] - China Southern Airlines and Air China rose over 1% and 2% respectively [1] - The latest stock prices are as follows: China Eastern Airlines at HKD 4.910 (up 3.37%), Air China at HKD 6.730 (up 2.12%), and China Southern Airlines at HKD 5.500 (up 1.29%) [2] Group 2: Industry Insights - Multiple institutions have released reports indicating positive improvements in the aviation sector, focusing on the optimization of the supply-demand structure, ticket price increases, and alleviated cost pressures [1] - According to Zhongtai Securities, the significant increase in international flight capacity and limited growth in domestic capacity suggests an optimization of the domestic competitive landscape, with high passenger load factors indicating potential ticket price improvements [1] - The report anticipates a "not-so-slow" trend in the fourth quarter, with expectations of substantial loss reduction in the aviation industry by Q4 2025 and potential profit elasticity release in 2026 [1] Group 3: Investment Recommendations - Huachuang Securities emphasizes a positive outlook on aviation stock investment opportunities, noting that the passenger load factor has reached its highest level of the year and ticket prices have turned positive year-on-year [1] - The report highlights a cyclical upward turning point in the industry and recommends focusing on China Eastern Airlines, Air China, and China Southern Airlines for potential elasticity release [1]

Core Insights - China Southern Airlines (CSA) has launched a direct cargo flight route from Shanghai to Santiago, marking its first direct cargo route to South America and the longest cargo route from mainland China [2][4] - The new route aims to enhance trade cooperation between China and Chile, expanding services from simple goods transportation to high-value services like warehousing, regional distribution, and supply chain finance [4][5] - CSA's cold chain logistics company will officially operate in October 2025, focusing on the growing international fresh produce trade, particularly cherries from Chile [5][7] Group 1: Logistics and Trade Development - The new cargo route will connect the two major hubs of Santiago and Shanghai, creating a comprehensive logistics service system that integrates air transport and distribution [4] - The route is expected to significantly reduce the logistics transportation time for China-Chile trade to under 24 hours [12][13] - The flight utilizes a Boeing 777F freighter with a total weekly capacity of approximately 500 tons [12] Group 2: Market Impact and Future Prospects - Chile is the largest exporter of cherries to China, with over 90% of its cherry exports going to the Chinese market, and the export volume is projected to reach 131 million boxes for the 2025/26 season [10] - CSA plans to continue expanding its international cargo flight network to facilitate the export of more Chinese products to South America and expedite the delivery of South American goods to Chinese consumers [7][16] - The collaboration between CSA and Chilean partners aims to ensure the freshness and quality of Chilean products during transportation, exploring further growth opportunities in the market [12]

Core Insights - The Japanese tourism market is experiencing a rapid decline due to travel warnings issued by Chinese authorities, leading to a significant number of cancellations and a shift in tourist preferences towards other destinations [1][2][4] Group 1: Ticket Cancellations and Market Impact - As of November 19, approximately 900,000 tickets for trips to Japan remain booked but unused, down from 1.55 million on November 15, indicating a cancellation of 543,000 tickets in just four days [1][2] - Major Chinese airlines, including Air China, China Eastern, and China Southern, have implemented free cancellation policies for flights to Japan, contributing to a 32% drop in planned travelers from 1.55 million to 1.06 million between November 15 and November 17 [2][4] - The cancellation rate reached 13.4% on November 18, the highest in five days, reflecting travelers' safety concerns dominating market trends [4] Group 2: Shift to Alternative Destinations - Other destinations are actively competing for the Chinese tourists who initially planned to visit Japan, with Southeast Asia seeing a 20% increase in inquiries for travel products [1][8] - Thailand has launched the "Thailand Safe Travel" initiative to alleviate safety concerns among Chinese tourists and is offering exclusive New Year discounts [8][11] - Russia is also attracting attention, with President Putin announcing a visa-free policy for Chinese tourists, leading to a surge in flight searches to Moscow [9][11] Group 3: Travel Agency Responses - Travel agencies have canceled all group tours to Japan for November and December, with 80% of travelers opting to cancel their trips following the travel warnings [7][8] - Despite the airlines' flexible cancellation policies, travel agencies face losses from non-recoverable costs related to ground services and hotel bookings [7][8] - Some agencies report that the impact is manageable due to the current off-peak travel season, but there are concerns about the potential effects on the upcoming New Year and Spring Festival travel [7][8]

Core Insights - China Southern Airlines has officially launched commercial operations for the domestically produced C919 aircraft on the Guangzhou to Ningbo route starting from November 18, with two flights daily [1] Company Summary - The C919 aircraft is now operational in a commercial capacity, marking a significant milestone for China Southern Airlines and the domestic aviation industry [1] Industry Summary - The introduction of the C919 into commercial service represents a step forward for China's aviation sector, showcasing advancements in domestic aircraft manufacturing [1]

Core Points - The 2025 Dubai Airshow opened on November 17, showcasing over 200 aircraft and featuring more than 1,500 aerospace and defense companies from over 40 countries, with an expected attendance of 148,000 visitors during the five-day event [1] - China Commercial Aircraft Corporation (COMAC) made its debut at the airshow, presenting the C919 aircraft and the C909 business jet, along with various domestic large cargo drones and advanced aircraft engines [1][2] - The theme of the airshow is "The Future is Here," focusing on advancements in sustainable development, artificial intelligence, space exploration, and smart transportation within the aerospace industry [1] Company Highlights - The C919 aircraft, operated by China Southern Airlines, was showcased alongside the C909 business jet, marking a significant step for Chinese civil aviation and manufacturing on the international stage [1] - A Kuwaiti aerospace engineer praised the high construction quality of the C919, indicating its potential competitiveness in terms of economic efficiency, reliability, and service support as COMAC continues to optimize its aircraft and improve international airworthiness standards [1] - China Aviation Engine Group participated for the first time, presenting a comprehensive range of products including the Taihang engine and AES100 engine, highlighting the most extensive and diverse display of Chinese-made aircraft engines abroad [2]

Group 1 - The aviation stocks are experiencing a general recovery, with China National Airlines rising by 2.8% to HKD 6.6, Southern Airlines increasing by 2.05% to HKD 5.48, Eastern Airlines up by 1.69% to HKD 4.81, and Meilan Airport gaining 1.06% to HKD 2.85 [1] - As of November 18, domestic crude oil futures have rebounded over 7% from a one-month low, with the main contract reaching a high of CNY 466.2 per barrel, indicating a volatile oil market influenced by geopolitical factors and supply-demand dynamics [1] - Haitong Futures notes that while there is a natural downward pressure on oil prices due to oversupply, geopolitical uncertainties continue to inject volatility into the market, suggesting that oil prices will maintain a fluctuating trend for some time [1] Group 2 - Cathay Haitong's report indicates that the seasonal impact at the end of October was weaker than in previous years, with airlines maintaining high passenger load factors and ticket prices rising year-on-year [2] - The estimated passenger load factor for international routes in September-October exceeded 80%, a year-on-year increase of over 3 percentage points, driving ticket prices significantly higher than market expectations [2] - Zhongtai Securities highlights that the current favorable conditions in oil prices and exchange rates suggest a "not-so-slow" trend for the fourth quarter, with expectations of significant loss reduction in the aviation industry by Q4 2025 and potential profit elasticity in 2026 [2]