消息面上，7月22日，2025年全国民航年中工作电视电话会议在京召开，民航局局长宋志勇在会议强 调，优化航线网络布局，积极服务扩大内需和对外开放；加快构建民航领域统一大市场，综合整治行 业"内卷式"竞争。此前6月26日，民航局已召开电话会，专题部署民航领域综合整治"内卷式"竞争工 作。此外，据信达证券，7.1-7.22暑运累计旅客量吞吐量9986.4万人次，同比增加3.0%；航班执行量69.1 万架次，同比增加2.5%；国内线客座率84.3%，累计同比增加1.0pct，客座率持续高位。境内航线平均 票价同比减少7.8%，单位座收同比减少7.6%。 信达证券认为，民航局专题部署民航领域综合整治"内卷式"竞争工作，引导行业回归理性竞争、有序发 展，格局有望持续改善。暑运旺季需求持续增长、客座率高位，供需或将改善，有望带动座收回升。看 好座收回升带来的航司利润弹性。国泰海通证券指出，2025年以来，航空供需持续向好，且4-5月航司 收益管理策略初现改善。"反内卷"将减少过度低价，助力收益管理继续改善，加速行业盈利恢复与中枢 上行。同时，"反内卷"有望保障未来行业机队规划继续低速增长。 智通财经APP获悉，航空股表现 ...

Group 1 - On July 24, heavy rainfall in Beijing significantly impacted flight operations at Daxing Airport, leading to numerous flight diversions and delays [1][3] - China Southern Airlines issued a yellow alert for widespread flight delays at Daxing Airport from 18:30 to 23:59 on July 24 due to severe weather conditions [1][3] - A flight from Tokyo to Daxing Airport was diverted to Jinan Airport after being unable to land due to thunderstorms, highlighting the operational challenges faced by airlines during adverse weather [1][3] Group 2 - The weather forecast indicated that light thunderstorms would persist from July 24 at 3:00 AM to July 25 at 2:00 AM, suggesting ongoing disruptions to flight schedules [3] - Capital Airport also experienced rainfall around 18:00, with predictions of thunderstorms affecting operations between 18:20 and 20:00, further complicating the situation for airlines [3] - China Southern Airlines advised passengers to check flight statuses through various channels, including their official website and customer service hotline, in case of delays or cancellations [3]

Core Points - China Southern Airlines (CSA) will launch two new international routes from Shenzhen to Yangon, Myanmar, and Chiang Mai, Thailand, in late August, enhancing its international flight network from Shenzhen [1] - The Yangon route (CZ8055/6) will commence on August 21, operating every Thursday and Sunday, while the Chiang Mai route (CZ8063/4) will start on August 22, operating every Wednesday, Friday, and Sunday [1] - Both routes will be serviced by Airbus A320/A321 aircraft, increasing the total number of international and regional routes operated by CSA from Shenzhen to 17 [1] Safety and Service Enhancements - CSA has implemented several safety measures for the summer travel season, focusing on potential security risks and enhancing the handling of in-flight disturbances and the use of electronic devices [1] - The airline is conducting legal awareness campaigns in terminals to improve passenger safety and civility, along with regular emergency response drills to enhance crew readiness [1] - In response to the rising number of unaccompanied minor travelers, CSA has upgraded its "Mumian Children's Flight" service, providing dedicated one-on-one companionship and ensuring communication with parents during flight delays [2]

Core Viewpoint - The introduction of the TAOIX system's flight scheduling module by China Southern Airlines aims to enhance the efficiency and safety of operations during the peak summer travel season through comprehensive digitalization [1][2]. Group 1: Digital Transformation in Flight Scheduling - The new flight scheduling module utilizes operations research and artificial intelligence to improve task distribution and personnel matching, addressing inefficiencies in traditional scheduling methods [2]. - The module covers various maintenance scenarios, creating a closed-loop management system that enhances scheduling efficiency by reducing reliance on manual notifications [2][3]. - The intelligent scheduling algorithm and real-time monitoring capabilities allow for precise task and personnel matching, significantly improving the scientific and efficient nature of scheduling [2][3]. Group 2: Real-time Data Integration and Response - The module introduces a digital monitoring mechanism that connects with multiple data platforms, enabling a dynamic response system to flight changes [3]. - Automatic alert functions provide timely notifications to staff and management, facilitating quick task handling and improving overall operational efficiency [3]. - The system supports real-time tracking of key performance indicators, aiding in decision-making for scheduling strategies and resource allocation [3]. Group 3: Nationwide Implementation and Future Directions - The flight scheduling module has been successfully piloted in several bases, with significant improvements noted in monitoring and task management [4]. - The module has been rolled out to 17 maintenance units, expanding the coverage of digital scheduling [4]. - Future initiatives will focus on standardizing processes, digitizing management, and enhancing decision-making capabilities to further advance the digital transformation in maintenance operations [4].

Core Viewpoint - The aviation sector in Hong Kong and mainland China is experiencing a positive performance, with significant stock price increases for major airlines, while the industry is also addressing challenges related to competition and profitability [1][5][6]. Group 1: Stock Performance - Hong Kong aviation stocks showed active performance, with China National Aviation rising by 6.25%, China Southern Airlines and China Eastern Airlines increasing by over 3%, and Cathay Pacific rising by 0.17% [1]. - In the A-share market, Huaxia Airlines rose over 4%, while China National Aviation and Juneyao Airlines increased by over 3% [2]. Group 2: Industry Developments - The Civil Aviation Administration of China (CAAC) held a meeting on July 22, 2025, outlining nine requirements to enhance the aviation sector, including the establishment of a unified market and addressing "involution" competition [3][4]. - In the first half of the year, the aviation industry achieved a total transport turnover of 783.5 billion ton-kilometers and a passenger transport volume of 37 million, marking year-on-year growth of 11.4% and 6% respectively [3]. Group 3: Financial Performance of Airlines - Major state-owned airlines are expected to report significant losses for the first half of 2025, with China Eastern Airlines projecting a net loss of 1.2 to 1.6 billion yuan, China Southern Airlines expecting a loss of 1.338 to 1.756 billion yuan, and China National Aviation forecasting a loss of 1.7 to 2.2 billion yuan [6][8]. - In contrast, Huaxia Airlines anticipates a net profit of 220 to 290 million yuan, reflecting a year-on-year increase of 741% to 1009% [9]. Group 4: Market Recovery and Future Outlook - The international flight recovery remains slow, with only 84% of pre-pandemic levels restored by 2024, and 88% by the first half of 2025, impacting the profitability of major state-owned airlines [8][10]. - The aviation industry is projected to benefit from the "anti-involution" policies, which may stabilize ticket prices and improve revenue management strategies, potentially leading to a recovery in profitability [14][15].

Group 1 - The peak travel season in Xinjiang is currently underway, prompting the Southern Airlines Xinjiang branch to enhance daily training and optimize the "Red-Blue confrontation" training model to improve emergency response capabilities and strengthen aviation safety [1][3] - The "Red-Blue confrontation" training mode simulates standard emergency procedures and replicates details of flight incidents based on recent aviation safety events, aiming to create realistic scenarios for training [1][2] - The training emphasizes rapid decision-making in high-pressure situations, where aviation security personnel must assess threat levels and isolate risks within seconds, thereby improving both response speed and psychological resilience [1][2] Group 2 - The training system includes a review and summary process that focuses on key actions during the "Red-Blue confrontation" training, using guidelines and tactical simulations as references to enhance professional skills [2] - In response to the increasing flight and passenger volumes during the peak season, the Southern Airlines Xinjiang security team is committed to ensuring passenger safety through rigorous training and effective incident management [3] - The management department is dedicated to addressing challenges posed by extreme weather and disturbances, ensuring safe and orderly travel for passengers during the peak summer season [3]

Investment Rating - The industry investment rating is "Positive" [5] Core Viewpoints - The report highlights that the domestic airline industry is currently in a low season, with a modest increase in capacity deployment of 1.1% year-on-year in June, but a decrease of approximately 2.9% compared to May. Demand remains weak, leading airlines to adopt a more restrained approach to capacity deployment [2][10][14] - Eastern Airlines has shown a notable increase in passenger load factor, rising against the trend of other major airlines, indicating a strategic focus on improving load factors [2][30] - The report anticipates that as the peak summer travel season approaches, operational pressures on the industry are expected to improve, with potential for higher ticket prices due to increased load factors [3][11][38] Summary by Sections 1. Domestic Route Capacity Deployment - In June, listed companies increased domestic route capacity by 1.1% year-on-year, but saw a decrease of about 2.9% month-on-month. Major airlines like Eastern Airlines and Air China reduced capacity by 5.1% and 4.3% respectively compared to May [2][14][16] - The overall passenger load factor for listed companies decreased by 0.4 percentage points month-on-month but increased by approximately 1.7 percentage points year-on-year. Eastern Airlines' load factor continued to rise, reflecting its prioritization of this metric in sales strategies [30][38] 2. International Route Capacity Deployment - International route capacity for listed airlines increased by about 17.4% year-on-year in June, but decreased by 1.5% compared to May. The demand growth for international routes appears to be slowing [3][55] - The passenger load factor for international routes improved by 0.9 percentage points month-on-month and by 1.0 percentage point year-on-year, indicating a slight recovery despite ongoing demand pressures [3][55] 3. Airport Throughput - Major airports such as Shanghai and Shenzhen reported year-on-year growth in international passenger throughput of 17% and 19% respectively. However, there has been a recent slowdown in growth, with some airports experiencing a decline in international passenger numbers over the past two months [68][70]

Core Viewpoint - The three major Chinese airlines (Air China, China Eastern Airlines, and China Southern Airlines) are expected to report significant reductions in net losses for the first half of 2025, but the overall performance remains uneven compared to international counterparts like Delta Airlines, highlighting a complex recovery landscape in the domestic aviation market [1][2]. Group 1: Financial Performance - Air China anticipates a net loss of between 17 billion to 22 billion yuan, with a non-recurring net loss of 18 billion to 24 billion yuan, showing improvement from a net loss of 27.82 billion yuan in the same period of 2024 [2]. - China Eastern Airlines expects a net loss of 12 billion to 16 billion yuan, with a non-recurring net loss of 16 billion to 21 billion yuan, down from a net loss of 27.68 billion yuan year-on-year [2]. - China Southern Airlines projects a net loss of 13.38 billion to 17.56 billion yuan, with a non-recurring net loss of 17.54 billion to 23.80 billion yuan, although its net loss is slightly higher than the previous year's 12.28 billion yuan [2]. Group 2: Factors Influencing Performance - The reduction in losses for the three major airlines is attributed to various strategies, including improved aircraft utilization, marketing strategies, and cost control measures [2]. - The airlines face challenges from high-speed rail competition on short-haul routes and insufficient ticket revenue, despite passenger volumes recovering to or exceeding 2019 levels [3][6]. - Hainan Airlines is expected to achieve a net profit of 45 million to 65 million yuan, indicating successful capacity adjustments and refined management compared to the larger airlines [3]. Group 3: Market Trends and Expectations - The civil aviation industry in China has shown significant recovery momentum, with passenger transport volume reaching 370 million in the first half of 2025, a 5.9% increase year-on-year [4]. - During the summer travel season, passenger transport volume is expected to reach 150 million, reflecting a 5.4% year-on-year growth [4]. - Despite the recovery, the average ticket price for domestic routes has decreased by 7.1%, indicating ongoing challenges in profitability for airlines [5]. Group 4: Future Outlook - The outlook for the second half of 2025 suggests that the three major airlines may further reduce losses, supported by declining fuel costs and a surge in outbound travel demand [4]. - However, the recovery path is complicated by factors such as consumer travel willingness, weather conditions, and ongoing competition from high-speed rail [6].

Group 1 - The article discusses British Airways' request for China to include British citizens in its 30-day visa-free policy to boost market demand for the China-UK route [3][4][10] - Since the suspension of the Beijing-London route last year, British Airways has been observing the situation, indicating a potential urgency to return to the Beijing market [6][10] - The article highlights that many foreign airlines, including British Airways, have left the Chinese market but have not made definitive statements about permanently exiting [12][20][38] Group 2 - The current state of China's inbound and outbound travel market is not fully recovered, with statistics showing low recovery rates for international arrivals from countries like the US (45.24%) and Germany (56.19%) as of June [31][32] - The geopolitical situation, including the Russia-Ukraine war, has complicated air travel routes, increasing costs and reducing the feasibility for foreign airlines to return to the Chinese market [35][36][38] - Chinese airlines have rapidly filled the void left by foreign carriers, with significant increases in seat capacity on European routes compared to 2019, such as Air China increasing capacity by 24% [41][42] Group 3 - Despite the expansion of international routes by Chinese airlines, profitability remains a challenge, with major airlines reporting significant losses in the first quarter of 2025 [49][50] - The competitive landscape has led to complaints from foreign airlines about unfair competition, as Chinese carriers benefit from lower costs and subsidies [51][52] - The article concludes that while Chinese airlines have captured market share, the sustainability of this growth is uncertain if revenues do not keep pace with expansion efforts [53]

证券代码：600029 证券简称：南方航空 公告编号：临 2025-037 中国南方航空股份有限公司 2025 年 6 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6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4.57%，其中国内、地区和国际分别同比上升1.41%、4.38%和 14.60%；旅客周转量（按收入客公里计）同比上升6.69%，其中 国内、地区和国际分别同比上升3.60%、9.38%和16.56%；客座 率为85.18%，同比上升1.69个百分点，其中国内、地区和国际分 别同比上升1.81、3.77和1.41个百分点。 货运方面，2025年6月，货运运力投入（按可利用吨公里— 货邮运计）同比上升7.04%；货邮周转量（按收入吨公里—货邮 运计）同比上升6.51%；货邮载运率为55.02%；同比下降0.27个 百分点。 2025年6月，本集团新增主要航线情况如下：沈阳-银川-沈阳 1 3 （每周三班）、沈阳-呼和浩特-沈 ...