8月20日，南航在上海虹桥—广州往返航线取消此前值机柜台在航班起飞前30分钟截载的时间要求，不 需要托运行李的旅客只需在航班登机口关闭前（即航班计划起飞时刻之前15分钟）完成安检并抵达登机 口即可登机。 在此之前，南航已取消广州—北京大兴航线值机截载时间要求，海航也取消海口—北京值机截载时间限 制。 对于有托运行李的旅客，航班办理行李托运的截载时间仍按机场标准执行。（第一财经记者 陈姗姗） (本文来自第一财经) ...

8月19日晚间，南航发布航班动态，受雷雨天气影响，北京大兴机场航班进出港流控严重，截至20:00， 预计未来90分钟内南航在北京大兴机场出港延误且未起飞的航班达到23班。南航北京大兴（8月19日， 20:00-23:59）启动航班大面积延误黄色响应，请各位旅客多关注留意航班变动及短信通知。对于受影响 的旅客，公司将全力做好服务保障工作。 ...

今年7月，南航在广州白云国际机场累计保障进出港"小飞侠"1.54万人次。其中，7月5日—6日保障近 1900人次，同比比去年最高峰增长超23%。 北京商报讯（记者 关子辰 牛清妍）8月19日，北京商报记者从南航获悉，暑运以来（7月1日至8月17 日），南航"无成人陪伴儿童"（以下简称"无陪儿童"）服务累计保障无陪儿童超7.55万人次，同比增长 61.73%。 此外，上海、沈阳、长春等地的无陪儿童出行量也增长明显。南航广州枢纽将迎来暑运第二波无陪儿童 保障高峰。 ...

Core Viewpoint - The civil aviation industry in China is experiencing record-high transportation volumes, but faces significant financial losses and increasing competition pressures, prompting the introduction of self-regulatory measures to combat "involution" in the market [1][5][12]. Group 1: Transportation Volume and Growth - In July, China's civil aviation industry achieved a historical high with a total transportation turnover of 148 billion ton-kilometers, a passenger volume of 71.82 million, and cargo mail volume of 867,000 tons, representing year-on-year growth of 8.6%, 3.9%, and 15.3% respectively [1][6][7]. - Domestic passenger transport reached 64.73 million, up 2.7% year-on-year, while international routes saw a 15.7% increase with 7.09 million passengers [6]. - Cargo transport also showed strong growth, with domestic routes handling 479,000 tons (up 10.8%) and international routes 388,000 tons (up 21.5%) [7]. Group 2: Financial Performance of Major Airlines - The three major airlines reported losses exceeding 40 billion yuan in the first half of the year, with Air China expecting a net loss of 1.7 to 2.2 billion yuan, China Eastern Airlines projecting a loss of 1.2 to 1.6 billion yuan, and China Southern Airlines estimating a loss of 1.338 to 1.756 billion yuan [5][10]. - Factors contributing to these losses include market supply imbalances, changes in passenger demographics, competition from high-speed rail, and increased international uncertainties [10]. Group 3: Price Trends and Market Dynamics - Despite the peak travel season, average ticket prices in July fell by 8.8% year-on-year, indicating weak price performance [11]. - The industry anticipates a potential reduction in supply and a gradual increase in demand as the economy recovers, which may support price increases in the future [11]. Group 4: Regulatory Measures and Industry Response - The China Air Transport Association released a self-regulatory charter aimed at addressing "involution" in the industry, emphasizing adherence to market rules and anti-competitive practices [1][12][14]. - The charter seeks to curb malicious competition, such as predatory pricing and false advertising, and aims to enhance the overall market order [1][12]. - Experts suggest that the charter's implementation could help stabilize the market and improve the industry's long-term competitiveness [14]. Group 5: Recommendations for Market Expansion - To avoid "involution," experts recommend expanding international routes to meet the growing demand for business travel and cross-border tourism, which could enhance the global market share of Chinese airlines [15][16]. - Proper allocation of capacity between trunk and regional flights is essential to prevent competition that undermines pricing and service quality [16]. - A coordinated development strategy between high-speed rail and civil aviation is necessary to optimize the transportation system and mitigate price wars [16].

Investment Rating - The industry investment rating is "Recommended" [2] Core Viewpoints - Continuous efforts to combat "involution" in the aviation industry are underway, with expectations for ticket prices to stabilize and improve [9] - The demand side remains resilient due to endogenous growth in domestic demand and ongoing recovery in international routes [9] - Supply constraints are expected to persist, and a decrease in oil prices will alleviate cost pressures [9] - Positive outlook on domestic regional market leader Huaxia Airlines and low-cost airline leader Spring Airlines, which leverage their core competitiveness to optimize "traffic-cost-price" dynamics [9] - Anticipation of elasticity release from major airlines represented by Air China, with a favorable recovery in international routes and efficient operation of wide-body aircraft expected to benefit Juneyao Airlines [9] Summary by Sections 1. Airline Data Analysis for July - In July, the overall ASK (Available Seat Kilometers) growth rates were led by Spring Airlines (10.4%), followed by Eastern Airlines (7.4%), Southern Airlines (6.7%), Air China (2.3%), and Juneyao Airlines (-3.0%) [2] - RPK (Revenue Passenger Kilometers) growth rates for July were highest for Eastern Airlines (9.4%), followed by Spring Airlines (8.6%), Southern Airlines (7.3%), Air China (2.2%), and Juneyao Airlines (-3.2%) [2] - Cumulative ASK growth from January to July showed Spring Airlines (9.6%) leading, followed by Eastern Airlines (7.5%) and Southern Airlines (5.7%) [2] - Cumulative RPK growth for the same period was highest for Eastern Airlines (11.8%) [2] 2. Passenger Load Factor - In July, the passenger load factor was highest for Spring Airlines at 91.9%, followed by Juneyao Airlines and Eastern Airlines both at 84.8% [4] - Cumulative load factor from January to July showed Spring Airlines at 90.7%, with Southern Airlines at 85.3% [4] 3. Fleet Size - As of July 2025, the five listed airlines collectively added 7 aircraft, with a year-on-year fleet size increase of 3.5% [4]

《中国民航报》、中国民航网 记者杨群峰 报道：8月7—11日，以"AI与出海"为主题的2025（第十九 届）中国品牌节在深圳会展中心举办。在8月9日的荣耀盛典上，南航荣获"Top Brand 2025中国品牌节华 谱奖"等多项荣誉。8月9日，南航在2025（第十九届）中国品牌节荣耀盛典上荣获"Top Brand 2025中国 品牌节华谱奖"，与南航同获殊荣的有中国交建、比亚迪等知名企业。"华谱"意为中华的脸谱，"Top Brand 2025中国品牌节华谱奖"为本年度最能代表国家品牌形象的典范品牌而设立，代表中国自主品牌 年度建设的最高荣誉，是"中国自主品牌群英谱"。共40个品牌经过网络票选入围华谱奖，最终推选出25 个品牌获奖。从2007年至2025年，华谱奖已进入第19个年头。同日，南航成功入选"Top Brand 2025世界 品牌500强"，今年同获此项殊荣的有微软、英伟达、腾讯、华为等知名企业。"Top Brand 2025世界品牌 500强"榜单首次发布于2022年，其评价标准依托成熟的品牌价值评估模型，样本涵盖近40000家全球知 名品牌企业，是一份以中国标准评定、汇聚全球智慧的世界品牌榜单，对于 ...

Core Insights - China Southern Airlines (600029) reported a 6.66% year-on-year increase in passenger capacity input (measured in available seat kilometers) for July 2025, with domestic, regional, and international segments increasing by 5.69%, 1.01%, and 9.97% respectively [1] - The 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 reached 84.38%, an increase of 0.50 percentage points year-on-year, with domestic and regional segments rising by 0.67 and 1.56 percentage points, while international load factor decreased by 0.09 percentage points [1] - In cargo operations, the cargo capacity input (measured in available ton kilometers) increased by 0.22% year-on-year, and the cargo turnover (measured in revenue ton kilometers) rose by 3.60% [1] - The cargo load factor was 50.89%, up by 1.66 percentage points year-on-year [1] - The company introduced 8 new aircraft in July 2025, including 2 A321NEO, 3 A320NEO, 2 B737-8, and 1 B787-9, while retiring 1 B737-700 aircraft, bringing the total operational fleet to 950 aircraft by the end of July 2025 [1]

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 - The group's 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 - In July 2025, 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]

格隆汇8月15日丨中国南方航空股份(01055.HK)宣布，董事会谨定于2025年8月28日（星期四）举行董事 会会议，藉以考虑及通过（其中包括）本公司截至2025年6月30日止六个月的中期业绩及派发中期股息 （如有）。 ...

Core Viewpoint - China Southern Airlines reported a year-on-year 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] Fleet Update - In July 2025, the company introduced 8 new aircraft, including 2 A321NEO, 3 A320NEO, 2 B737-8, and 1 B787-9, while retiring 1 B737-700 [1] - As of the end of July 2025, the total operational fleet consisted of 950 aircraft [1]