Core Viewpoint - The Chinese civil aviation industry is experiencing a significant turnaround after years of operational pressure, with major airlines like China Southern Airlines and Hainan Airlines expected to return to profitability by 2025, indicating substantial improvement in the industry's fundamentals [1][2]. Group 1: Airline Performance - China Southern Airlines is the first among major airlines to achieve profitability, projecting a net profit of 0.8 to 1 billion yuan for 2025, a significant recovery from a loss of 1.696 billion yuan the previous year [2]. - Hainan Airlines is also expected to turn profitable, forecasting a net profit of 1.8 to 2.2 billion yuan for 2025, compared to a loss of 0.921 billion yuan in the prior year [2]. - China Eastern Airlines and Air China are not expected to achieve profitability in 2025, with projected net losses of 1.3 to 1.9 billion yuan and 1.3 to 1.9 billion yuan respectively, despite improvements in core operational metrics [3]. Group 2: Market Trends - The 2026 Spring Festival travel season is anticipated to see a record high in passenger volume, with an expected 95 million travelers, reflecting a year-on-year increase of approximately 5.3% [4]. - The travel demand is driven by a longer holiday period, with new travel patterns emerging, including a trend of "returning home first, then traveling" [5][6]. - The aviation market is showing signs of "volume and price rising together," with a notable increase in flight operations and ticket prices during the early days of the Spring Festival travel period [6]. Group 3: Industry Dynamics - The civil aviation industry is undergoing a "de-involution" process, with measures being implemented to control excessive competition and improve profitability [7]. - The supply of new aircraft is limited, with a backlog of over 15,000 global aircraft orders and an extended delivery cycle of 6.8 years, which is expected to constrain supply in 2026 [8]. - International routes are becoming increasingly important for profitability, with airlines focusing on expanding international services to enhance revenue [8].

Investment Rating - The report maintains a "Recommend" rating for the aviation sector, highlighting opportunities in the industry [2][3]. Core Insights - The Spring Festival travel rush has begun, with air passenger volume averaging 2.313 million per day, up 5.5% year-on-year, while railway passenger volume averaged 11.792 million, down 0.7% [1][10]. - The report emphasizes the competitive landscape in instant retail, particularly with the launch of the "30 Billion Free Order" campaign by Qianwen, which saw over 10 million orders in just 9 hours [2][35]. - The report identifies key players in the aviation sector, including China National Airlines, Southern Airlines, and Eastern Airlines, as well as low-cost carriers like Spring Airlines, which are expected to benefit from high price elasticity and operational efficiency [2][34]. Industry Data Tracking - Air cargo: The outbound air cargo price index at Pudong Airport increased by 5.3% week-on-week and 8.9% year-on-year as of February 2 [7][44]. - Shipping: VLCC freight rates increased by 2%, while the BDI decreased by 10% and SCFI decreased by 4% [7][48]. - The report highlights the expected compound annual growth rate (CAGR) of approximately 3% for aircraft imports over the next three years, indicating a supply constraint in the aviation sector [31][32]. Investment Recommendations - The report suggests focusing on "performance elasticity" and "dividend value" as key investment themes for the transportation sector in 2026 [7][31]. - It recommends leading companies in express logistics, such as Zhongtong and Yuantong, as well as the instant retail leader Shunfeng Tongcheng, which is expected to benefit from rapid growth and low valuation [7][31]. - The report also highlights the importance of dividend-paying assets, recommending Sichuan Chengyu and China Merchants Port for their stable performance and potential for dividend increases [7][31].

Investment Rating - The report maintains a "Recommend" rating for the aviation sector, highlighting potential opportunities in the industry [2][3]. Core Insights - The Spring Festival travel rush has begun, with air passenger volume averaging 2.313 million per day, up 5.5% year-on-year, while railway passenger volume averaged 11.792 million, down 0.7% year-on-year [1][10]. - The report emphasizes the competitive landscape in instant retail, particularly with the launch of the "30 Billion Free Order" campaign by Qianwen, which saw over 10 million orders in just 9 hours [2][35]. - The report identifies key players in the aviation sector, including China National Airlines, Southern Airlines, and Eastern Airlines, as well as low-cost carriers like Spring Airlines, which are expected to benefit from high price elasticity and operational efficiency [2][34]. Industry Data Tracking - Air freight rates at Pudong Airport increased by 5.3% week-on-week and 8.9% year-on-year as of February 2 [7][44]. - The VLCC freight rate rose by 2% week-on-week, while the BDI decreased by 10% [7][48]. - The report highlights the growth potential in the express logistics sector, particularly for leading companies like Zhongtong and Yuantong, as well as the promising outlook for instant retail leader SF Express [7][31]. Investment Recommendations - The report suggests focusing on "performance elasticity" and "dividend value" as key investment themes for the transportation sector in 2026 [7][31]. - It recommends continued investment in the aviation sector due to expected low growth in aircraft supply and a projected 5% increase in passenger numbers [2][31]. - The report also emphasizes the importance of dividend assets, recommending companies like Sichuan Chengyu and China Merchants Port for their stable performance and potential for increased dividends [7][31].

Core Viewpoint - Southern Airlines has introduced a "Pet Travel" service allowing small pets to accompany their owners in the cabin, enhancing convenience for travelers [1][3]. Group 1: Service Details - Pets must be small enough to fit in a designated soft carrier where they can stand or move comfortably [1]. - Each passenger is allowed to bring only one pet on board, with a maximum of four pets permitted per flight [1][3]. - Pets will have their own boarding passes, indicating that they require a ticket for travel [3]. Group 2: Required Documentation - Passengers must prepare valid health certificates, vaccination proof, and compliant carriers for their pets [6]. - Additional items such as masks (muzzles) and diapers for pets are also necessary [6]. Group 3: Passenger Considerations - To minimize disruption, pet owners will be seated at the back of the aircraft, and adjacent seats will be kept vacant when possible [8]. - Pets must remain in their carriers throughout the flight, and small dogs are required to wear masks to ensure the comfort of other passengers [8].

伴随着贵金属板块的持续震荡，科技股走势盘整，在主线投资纷纷熄火之际，消费、旅游出行等个 股隐有走强的趋势，其中较为"小众"的航空出行板块近几个交易日更为坚挺：华夏航空、中国东 航、吉祥航空、南方航空等个股年后集体上涨，Wind分类下航空指数已经连续三日逆势上涨，拉长 时间来看，这一指数也逼近了三年来新高。 随着多家公司扭亏的业绩预告披露，展望后市，有基金经理指出，近期航空的上座率已经达到了历史新高的水 平，航空机票也有明显上涨的基础。此外，叠加汇率走强以及油价波动，以及飞机交付量供给紧俏，多重因素 对航司的利润情况亦构成利好。 "小众"板块稳步上行 是持续看跌的，对这些航空公司的利润弹性是比较大的。"该基金经理表示。 工银瑞信基金表示，展望后续，航空业供需格局有望迎来进一步改善。 在去年的"科技牛"行情中，航空股虽然没有动辄翻倍的表现，但依旧走出缓步向上的势头，多只主动权益型产 品也在去年四季度内选择加仓这一板块。因此，年后个股的上涨也使得相关基金产品业绩走强。 以杨金金管理的交银瑞元三年定开为例，该基金截至去年四季度重仓了包括华夏航空、南方航空和中国航空在 内的三只航空个股，并在年后续写了涨幅，截至2月4日 ...

Core Viewpoint - The collaboration between the Liaoning Provincial Department of Culture and Tourism and China Southern Airlines Northern Branch aims to enhance travel experiences during the Spring Festival by promoting cultural tourism and facilitating convenient travel for returning home and tourists [1][3][5] Group 1: Event Overview - The "Returning to Liaoning for the New Year" series of activities was launched as a strategic initiative during the Spring Festival travel peak [1][3] - A themed flight, CZ6368, took off from Guangzhou on February 4, transforming the cabin into a festive "air station" with engaging activities [3][5] Group 2: Cultural Engagement - The onboard activities included a "guess the lantern riddle" game that highlighted local specialties, such as "Shenyang chicken rack" and "Dalian tram," fostering a lively atmosphere among passengers [3] - Additional segments like "Liaoning tongue twisters" and "wish messages" further enhanced passenger interaction and cultural immersion [3] Group 3: Post-Flight Activities - Upon landing at Shenyang Taoxian International Airport, a welcoming event featured the distribution of local gifts and photo opportunities for passengers, creating a warm and inviting atmosphere [5] - This initiative exemplifies the integration of aviation and cultural tourism, enriching the travel experience while promoting Liaoning's tourism resources and unique cultural traditions [5] Group 4: Future Collaboration - China Southern Airlines Northern Branch and the Liaoning Provincial Department of Culture and Tourism plan to deepen their partnership to create a new ecosystem of "aviation + cultural tourism," inviting guests to experience the beauty and warmth of the region [5]

Group 1 - Core viewpoint: Southern Airlines (600029.SH) has released a performance forecast for 2025, indicating a turnaround from loss to profit year-on-year [1] - Domestic demand recovery: The passenger load factor has significantly improved year-on-year [1] - Industry supply and demand: Continuous improvement is expected, leading to potential profit elasticity in the medium to long term [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][14] Core Views - The company is expected to turn a profit in 2025, with a projected net profit of 0.8 to 1 billion yuan, compared to a loss of 1.7 billion yuan in 2024. The non-recurring net profit is estimated to be between 130 to 190 million yuan, improving from a loss of 3.95 billion yuan in 2024 [1][8] - The domestic demand recovery is evident, with passenger transport volume, revenue passenger kilometers (RPK), and available seat kilometers (ASK) expected to grow by 5.5%, 8.3%, and 6.6% respectively in 2025. The overall passenger load factor is projected to be 85.74%, an increase of 1.4 percentage points year-on-year [2][10] - The supply-demand dynamics in the industry are improving, with a forecasted 8.3% growth in RPK for China's civil aviation in 2025. The demand is expected to remain strong due to supportive domestic policies and a recovering macroeconomic environment, while supply growth will be limited due to manufacturing constraints [2][10] Financial Projections - The company's revenue is projected to reach 16.91 billion yuan in 2025, up from 15.99 billion yuan in 2024, reflecting a growth rate of 5.7% [4] - The net profit forecast for 2025 is 0.89 billion yuan, with subsequent years showing significant growth: 5.55 billion yuan in 2026 and 8.395 billion yuan in 2027 [4][14] - The earnings per share (EPS) is expected to improve from a loss of 1.80 yuan in 2023 to a profit of 0.05 yuan in 2025, and further to 0.31 yuan in 2026 [4][14]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][14] Core Views - The company is expected to turn a profit in 2025, with a projected net profit attributable to shareholders of 0.8 to 1 billion yuan, compared to a loss of 1.7 billion yuan in 2024. The non-recurring net profit is forecasted to be between 130 to 190 million yuan, improving from a loss of 3.95 billion yuan in 2024 [1][8] - The domestic demand recovery is evident, with significant increases in passenger transport volume, revenue passenger kilometers (RPK), and available seat kilometers (ASK) for 2025, showing growth rates of 5.5%, 8.3%, and 6.6% respectively. The overall passenger load factor reached 85.74%, up by 1.4 percentage points year-on-year [2][10] - The supply-demand dynamics in the industry are improving, with expectations for continued growth in civil aviation demand supported by domestic demand policies and macroeconomic recovery. The supply side remains constrained due to limited production capacity from aircraft manufacturers, leading to a gradual shift from weak balance to tight balance in the market, which is likely to support ticket price recovery and enhance airline profitability [2][10] Financial Projections - The company's revenue is projected to increase from 87.059 billion yuan in 2023 to 169.074 billion yuan in 2025, reflecting a growth rate of 83.7% in 2024 and 5.7% in 2025 [4] - The net profit attributable to shareholders is expected to improve significantly from a loss of 32.682 billion yuan in 2023 to a profit of 892 million yuan in 2025, with a notable increase in profitability margins [4] - Earnings per share (EPS) is forecasted to turn positive, moving from -1.80 yuan in 2023 to 0.05 yuan in 2025, indicating a recovery in earnings performance [4]

Meeting Information - The company will hold its first extraordinary general meeting of shareholders in 2026 on March 2 at 14:30 [2] - The meeting will be convened by the board of directors [2] - Voting will be conducted through a combination of on-site and online methods [2] - The on-site meeting will take place at the company's headquarters in Guangzhou, China [2] Voting Details - The online voting system will be provided by the Shanghai Stock Exchange [3] - Voting will be available on March 2 during specific trading hours: 9:15-9:25, 9:30-11:30, and 13:00-15:00 [3] - Shareholders can vote via the trading system or the internet voting platform [7] Shareholder Participation - Only shareholders registered by the close of trading on the registration date are eligible to attend the meeting [12] - Shareholders can appoint proxies to attend and vote on their behalf [12][14] - Registration for the meeting will be open from February 12 to February 24, 2026 [17] Agenda and Proposals - The meeting will review and vote on two proposals that have already been approved by the board [6] - There are no special resolutions or proposals requiring separate voting for minority investors [7] Voting Procedures - Shareholders must complete identity verification to vote online for the first time [8] - Votes exceeding the number of shares held will be considered invalid [9] - The first voting result will prevail in case of duplicate votes [9] Additional Services - The company will provide a reminder service for small and medium investors to ensure they can participate in the meeting [8] - Investors will receive notifications about the meeting and proposals via SMS [8]