Core Points - China Southern Airlines has resumed the direct flight route from Urumqi to Osh, which is currently the only direct flight from China to Osh, expanding the air traffic points between China and Kyrgyzstan to two [1][2] - The flight operates on a Boeing 737-800 aircraft, with one flight per week on Saturdays, and a one-way flight time of 2 hours and 30 minutes [1] - The route aims to enhance the travel experience for cross-border passengers, allowing them to connect to 19 major domestic cities in China after arriving in Urumqi [1] Group 1 - The resumption of the Osh route will significantly reduce transportation time and costs for goods between China, Kyrgyzstan, and Uzbekistan, strengthening economic and cultural exchanges [2] - Passengers previously had to transit through Bishkek, which added complexity to travel plans; the new direct route simplifies this process [2] - China Southern Airlines has set up a dedicated service counter at Urumqi Tianshan International Airport to assist passengers with document verification and other travel processes [2] Group 2 - Urumqi Tianshan Airport Customs is promoting "smart customs" initiatives to optimize clearance processes, enhancing efficiency for international travelers [2] - From January to October 2025, Urumqi Tianshan Airport Customs supervised 32 international routes, including 5 new routes and 10 additional flights [2]

Core Viewpoint - Next week, 38 stocks will be unlocked, with a total market value of 21.678 billion yuan based on the latest closing prices [1] Group 1: Stock Unlocking Details - China Southern Airlines will have 804 million shares available for trading next week, primarily from a targeted placement, with an unlock market value of 5.689 billion yuan [1] - Feiling Technology will follow with 22 million shares unlocked, mainly from original shareholders' restricted shares, amounting to an unlock market value of 1.871 billion yuan [1] - In contrast, companies like Huayang Racing, Aotewei, Tiannai Technology, and Aopu Technology will experience relatively low unlocking pressure, with unlock market values of less than 10 million yuan each [1] Group 2: Performance Impact - Generally, companies with poor performance face greater unlocking pressure; among the stocks being unlocked next week, Hongyang, Shuifa Gas, Zhongwang Software, Bio Valley, Jiuqi Software, and Biyiwei reported losses in the first three quarters [1]

Core Points - The State-owned Assets Supervision and Administration Commission (SASAC) organized a meeting to promote the specialized integration of central enterprises and held a signing ceremony for key projects [1][2] - A total of 17 units participated in the signing of key projects, focusing on areas such as carbon fiber industry cooperation, intelligent driving, industrial internet, and aviation logistics [1] - The specialized integration projects aim to accelerate breakthroughs in key technologies, enhance emerging industries, and promote the high-quality development of key industrial chains [1][2] Summary by Sections - **Project Signings**: The meeting resulted in the signing of key projects between major companies, including Sinopec and Dongfang Electric Group, and China FAW and Zhuoyue Technology [1] - **Focus Areas**: The integration projects are designed to integrate quality resources, promote technological and industrial innovation, and enhance traditional industries [1] - **Strategic Direction**: SASAC emphasized the need for central enterprises to enhance their integration capabilities in strategic emerging industries and to utilize mergers and acquisitions as a means of integration [2] - **Capital Market Utilization**: There is a call for central enterprises to leverage the capital market for integrating non-core but high-potential businesses into main business platforms for mutual benefits [2]

Core Insights - The central enterprises are advancing specialized integration through the signing of 8 specialized integration projects involving 17 entities, including central enterprises, local state-owned enterprises, and private enterprises, focusing on sectors such as new materials, artificial intelligence, inspection and testing, and aviation logistics [1][2] Group 1: Specialized Integration Projects - The signed projects include collaborations such as Sinopec with Dongfang Electric Group, a carbon fiber project in Inner Mongolia, and FAW Group's integration in the intelligent driving sector with Zhuoyue Technology [2] - Other notable projects involve FAW Group and China Minmetals in the battery key materials supply chain, as well as Chinalco and Ansteel in the industrial internet and smart supply chain sectors [2] Group 2: Objectives and Future Directions - The specialized integration aims to accelerate breakthroughs in key core technologies, strengthen strategic emerging industries, and promote the deep integration of technological and industrial innovation [1] - The State-owned Assets Supervision and Administration Commission emphasizes the need for central enterprises to enhance organizational leadership, ensure legal compliance, and strengthen risk management while focusing on improving core functions and competitiveness [2]

Core Viewpoint - Airline stocks experienced a significant decline, particularly after the Chinese Foreign Ministry advised citizens to avoid traveling to Japan, leading to major airlines offering free ticket changes for flights to Japan until December 31 [1] Group 1: Stock Performance - China Eastern Airlines (00670) fell by 4.93%, trading at HKD 4.63 [1] - China Southern Airlines (600029) (01055) decreased by 4.38%, trading at HKD 5.24 [1] - Capital Airport (00694) dropped by 2.42%, trading at HKD 2.82 [1] - Air China (601111) (00753) declined by 1.82%, trading at HKD 6.47 [1] Group 2: Market Impact - The advisory against travel to Japan is expected to impact airlines with significant passenger volumes on Japan routes, as these routes represent a substantial portion of international flights [1] - Dongxing Securities noted that airlines with a high proportion of Japan routes may face certain challenges due to the travel advisory [1] - Huatai Securities indicated that while there may be short-term fluctuations in the China-Japan routes, the overall impact is manageable, estimating that as of October 2025, the China-Japan routes accounted for 2.8% of the overall Available Seat Kilometers (ASK) in China [1]

Core Viewpoint - Airline stocks experienced a significant decline, particularly after the Chinese Foreign Ministry advised citizens to avoid traveling to Japan, leading to major airlines offering free ticket changes for flights to Japan until December 31 [1] Group 1: Stock Performance - China Eastern Airlines (00670) fell by 4.93%, trading at HKD 4.63 [1] - China Southern Airlines (01055) decreased by 4.38%, trading at HKD 5.24 [1] - Capital Airport (00694) dropped by 2.42%, trading at HKD 2.82 [1] - Air China (00753) declined by 1.82%, trading at HKD 6.47 [1] Group 2: Market Impact - Major airlines announced free ticket changes for flights to Japan due to the advisory, which is expected to impact airlines with significant passenger volumes on Japan routes [1] - Dongxing Securities noted that airlines with a high proportion of international flights to Japan may face considerable pressure [1] - Huatai Securities indicated that while there may be short-term fluctuations in the China-Japan routes, the overall impact is manageable, estimating that as of October 2025, the China-Japan routes accounted for 2.8% of the overall ASK (Available Seat Kilometers) in China [1]

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 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。 1 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） 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 ...

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].