Investment Rating - The investment rating for the aviation industry is "Positive" [2] Core Viewpoints - The aviation industry's profitability framework is influenced by capacity supply, travel demand, load factor, ticket price performance, fuel prices, and exchange rate fluctuations, which ultimately affect company profit performance [16][2] - Domestic travel demand is steadily increasing, while international routes have largely recovered to 2019 levels [3][31] - Supply chain disruptions are delaying aircraft deliveries, leading to a contraction in capacity supply [4][6] Summary by Sections Demand - Domestic air passenger traffic increased by 4.2% year-on-year from January to May 2025, with high load factors sustained [3] - International passenger traffic has nearly returned to 2019 levels, with recovery rates of 106.3% for passenger volume and 101.0% for turnover by May 2025 [31][33] - Policies aimed at boosting consumption are expected to enhance public leisure travel demand, thereby increasing aviation travel demand [3][37] Supply - The growth rate of capacity introduction is slowing, and aircraft leasing prices are rising due to ongoing supply chain issues [4] - The average fleet utilization rate is expected to have limited improvement during peak seasons, with a significant gap remaining compared to 2019 levels [5] - The number of grounded aircraft for maintenance has increased, exacerbating capacity constraints [6] Supply and Demand Balance - The industry is experiencing a tight supply-demand balance, with load factors returning to high levels, and ticket prices are expected to rise during peak seasons [6] - In 2023, ticket prices reached historical highs, but are projected to decline in 2024 before rebounding in 2025 [7] - Airlines are likely to benefit from rising ticket prices and declining fuel costs, leading to high earnings elasticity [8] Revenue and Cost Sensitivity - Airlines can maximize revenue through high load factors and unit revenue per route, with domestic capacity growth slowing and international capacity gradually recovering [8] - Fuel cost pressures are expected to ease, with average fuel prices declining year-on-year [8] - Sensitivity analysis indicates that a 1% increase in ticket prices could significantly boost profits for major airlines [8] Investment Recommendations - The report recommends a positive outlook for the aviation industry, emphasizing the potential for improved supply-demand dynamics and ticket price recovery during peak seasons [8]

Group 1 - The civil aviation market in China is experiencing a peak as the summer travel season begins in 2025, with Southern Airlines' Xi'an branch enhancing its operational capabilities to provide efficient and comfortable travel experiences for passengers [1] - Southern Airlines plans to operate an average of 106 flights daily at Xi'an Xianyang International Airport, covering 23 destinations to support summer travel demand [1] - The airline's route network includes 20 key domestic cities and 3 international destinations, with a focus on routes from Xi'an to Guangzhou and Shenzhen, utilizing wide-body aircraft to accommodate increased passenger volume [1] Group 2 - There is a dual-direction travel trend from Xi'an this summer, with increased leisure travel to destinations like Urumqi and Sanya, alongside business travel to Guangzhou and Shenzhen [2] - Southern Airlines will increase the frequency of flights from Xi'an to Sanya from 2 to 3 daily flights during the peak season, providing more flexible travel options for families [2] - The airline has implemented a "summer travel weather warning mechanism" to anticipate the impact of extreme weather on flights and has advised passengers to check flight statuses through various channels [2] Group 3 - Southern Airlines is upgrading ground services at Xianyang Airport by establishing a "summer love channel" for elderly, children, and passengers with mobility issues, and increasing check-in counters and self-service check-in devices to reduce wait times [3] - The overall goal is to ensure a safe, comfortable, and warm travel experience for all passengers during the summer season [3]

2025年7月1日的那个夏日上午，刺耳的玻璃碎裂声撕破了南航长春基地的宁静。 31岁的机长李煜众，在刃伤两名公司领导之后，从高楼之巅纵身跃下，年轻的生命戛然而止，如同他所 驾驭的飞机突然从云端断线。留下的，是襁褓中不谙世事的孩子，和一位妻子泣血锥心的网络诘 问："我要知道真相！" 行凶暴力，法律不容，毋庸置疑。然而，一个拥有十年功勋、正值盛年、获誉无数并曾在疫情中主动请 缨的南航骨干，一个初尝人父喜悦、本应拥抱无尽可能的家庭顶梁柱，究竟被逼至何种绝境，才会选择 如此惨烈的方式告别蓝天与至亲？ 让我们先还原这场悲剧的脉络。 2025年6月27日，南航吉林分公司发生了一起"二级事件"——官方通报语焉不详，但据业内消息，这可 能涉及飞行操作失误或安全疏漏。机长李煜众，这位31岁的年轻飞行员，工作近十年，曾多次获得公司 表彰，是南航的骨干力量，疫情期间还曾主动请缨留守备飞。然而，事件发生后，公司迅速将他停飞。 两天后的6月30日，南航给出处理意见：将李煜众从机长降为"Z类机长"（实质是副驾驶）。这一降职， 不仅意味着收入锐减、职业尊严扫地，更可能终结他的飞行生涯。7月1日上午，李煜众前往公司申诉。 上午10点多，悲剧 ...

Core Points - China Southern Airlines (CSA) has launched a new service called "Pet in Cabin," allowing passengers to bring their pets into the cabin on flights, enhancing the travel experience for pet owners [1][2] - The service has expanded from 9 initial locations to include 10 additional airports, covering over 200 direct routes, thus increasing accessibility for pet travelers [1] - CSA has optimized the service standards by increasing the number of pets allowed per flight from 2 to 4, removing restrictions on short-nosed dogs and cats, and requiring dogs to wear muzzles during transport [1] Service Details - Passengers needing the "Pet in Cabin" service can purchase it through the China Southern Airlines app or mini-program at least 6 hours before departure, with options for pet placement under the seat or purchasing an additional seat [2] - CSA provides a range of services including pet cabin transport, dedicated service counters, pet boarding passes, protective nets for pet carriers, and pet transport insurance [2] - The airline has introduced personalized services such as "Pet Flies Alone," "Pet Flies Together," and "Pet in Cabin," along with dedicated pet service areas at Guangzhou Baiyun International Airport [2]

据央视新闻，吉林省长春市公安局二道区分局发布警情通报： 2025年7月1日10时22分，长春市二道区吉林大路与洋浦西街交汇处发生一起刑事案件。南航吉林 分公司员工李某某（男，31岁）因工作纠纷，将同事黄某（男，52岁）、李某（男，47岁）扎伤后 跳楼身亡。黄某、李某经送医救治，无生命危险。 目前，案件正在进一步侦办中。 ...

7月2日， 长春市公安局二道区分局发布警情通报称，2025年7月1日10时22分，长春市二道 区吉林大路与洋浦西街交汇处发生一起刑事案件。南航吉林分公司员工 李某某（男，31岁） 因工作纠纷，将同事黄某（男，52岁）、李某（男，47岁）扎伤后跳楼身亡 。黄某、李某经 送医救治，无生命危险。 目前，案件正在进一步侦办中。 来源： 新华社 ...

据央视新闻， 吉林省长春市公安局二道区分局发布警情通报： 2025年7月1日10时22分，长春市二道区吉林大路与洋浦西街交汇处发生一起刑事案件。南航吉林分 公司员工李某某（男，31岁）因工作纠纷，将同事黄某（男，52岁）、李某（男，47岁）扎伤后跳 楼身亡。黄某、李某经送医救治，无生命危险。 目前，案件正在进一步侦办中 。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國南方航空股份有限公司 呈交日期: 2025年7月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01055 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,643,997,308 | RMB | | 1 | RMB | | 4,643,997,308 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 4,643,997,308 | RMB | | 1 | RMB | | 4,643,997,308 | | 2. 股 ...

Core Points - The first flight of the domestically produced C919 aircraft by China Southern Airlines took place at Xi'an Xianyang International Airport on July 1, coinciding with the 104th anniversary of the founding of the Communist Party of China, symbolizing a significant milestone for the airline and the nation [1][4] - The successful operation of the C919 flight demonstrates the airline's commitment to enhancing its route network and providing passengers in Xi'an with the opportunity to experience the quality of domestic aircraft [1][4] Group 1: Operational Preparedness - The operational command center of China Southern Airlines' Xi'an branch established a special working group to ensure comprehensive planning and resource allocation for the flight [2] - The working group conducted a thorough assessment of personnel qualifications and resource distribution, coordinating with airport and air traffic control units to meet operational requirements [2] - On the day of the flight, command center staff closely monitored every aspect of the operation, ensuring effective collaboration among various operational units [2] Group 2: Safety and Training - The technical division at the Xi'an base prepared meticulously for the flight, forming a dedicated support team to identify potential safety risks and develop emergency plans [3] - Personnel underwent extensive training specific to the C919 aircraft, including release training and duty training, with strict assessments to ensure compliance with qualifications [3] - A dual prevention mechanism was implemented to manage maintenance risks, with detailed checklists created to supervise critical operational phases [3] Group 3: Ground Services and Efficiency - The ground service team proactively reviewed the flight schedule for the C919 during peak seasons, enhancing monitoring of all ground operations to ensure safety and efficiency [3] - On the day of the first flight, staff efficiently guided 141 passengers through the boarding process, completing door closure 10 minutes ahead of schedule, showcasing the airline's commitment to high-quality service [3]

Core Insights - The Civil Aviation Administration of China reported a total profit of 1.2 billion yuan for the aviation industry in 2024, marking a significant improvement of 20.61 billion yuan year-on-year, representing the first overall "loss reduction and profit increase" since the pandemic [1] - Private airlines demonstrated significantly better profitability compared to state-owned carriers, with Spring Airlines, Juneyao Airlines, and China United Airlines achieving net profits of 2.273 billion yuan, 914 million yuan, and 268 million yuan respectively [1] - State-owned airlines, including China Southern Airlines, China Eastern Airlines, and Air China, continued to face losses for the fifth consecutive year, with an average loss reduction from 5 billion USD in 2022 to 286 million USD in 2024 [2] Industry Structure - The profitability of private airlines is attributed to their low-cost operating models, with Spring Airlines exemplifying this approach by maintaining a focus on core metrics such as flight utilization, passenger load factor, and cost control [3] - Private airlines have shown greater flexibility in route selection, prioritizing market demand and profitability, which has allowed them to fill market gaps that state-owned airlines have overlooked [3] - The operational efficiency and decision-making agility of private airlines have enabled them to recover more quickly from the pandemic compared to state-owned counterparts [4] Future Outlook - The aviation market in China is expected to undergo a reshuffling in the coming years as it emerges from the pandemic, with private airlines likely to continue focusing on differentiated and segmented market strategies [4] - State-owned airlines may need to implement deep structural reforms in their organizational, financial, and operational mechanisms to escape the cycle of losses, potentially exploring mixed-ownership trials for non-core routes and subsidiaries [4]