Core Points - Southern Airlines flight CZ0333 from Guangzhou to Doha made an emergency landing in Muscat, Oman due to a "public safety" incident that could affect flight safety [2] - The flight took off at 19:49 on June 23 and landed in Muscat at around midnight, before arriving in Doha at 5:58 local time on June 24, resulting in a total delay of approximately 7 hours [2] - The Chinese Embassy in Qatar had previously issued warnings regarding flight changes and cancellations due to the closure of airspace in the region amid escalating tensions [3] Summary by Sections Flight Incident - Southern Airlines flight CZ0333 experienced a safety-related incident, leading to an emergency landing in Muscat [2] - The flight was delayed for about 7 hours before reaching its final destination in Doha [2] Regional Tensions - The Chinese Embassy in Qatar alerted citizens about the heightened tensions in the Middle East and the potential for flight disruptions [3] - Travelers were advised to monitor flight changes and adjust their travel plans accordingly [3]

Core Viewpoint - China Southern Airlines (CSA) has successfully launched its first C919 flight on the "Taiyuan-Guangzhou" route, marking a significant milestone for the airline and the domestic aviation industry [1][2] Group 1: Flight Details - The flight from Guangzhou to Taiyuan (CZ3695) departed at 16:05 and arrived at 18:30, while the return flight (CZ3696) left Taiyuan at 19:55 and reached Guangzhou at 22:45 [1] - The inaugural flight was celebrated with a water salute at Taiyuan Wusu International Airport, showcasing the highest level of aviation ceremony [1] Group 2: Aircraft and Technology - The C919 is a new generation passenger aircraft developed independently by China, featuring advanced technologies that enhance comfort, safety, and environmental performance [1] - The aircraft includes a spacious cabin and an advanced air circulation system, providing a comfortable flying experience for passengers [1] Group 3: Operational Preparations - CSA selected experienced flight crews to operate the C919, ensuring thorough preparation from aircraft performance verification to crew training [1] - Special check-in counters were set up at both Guangzhou Baiyun International Airport and Taiyuan Wusu International Airport to facilitate the inaugural flight, with a focus on guiding passengers through check-in, security, and boarding processes [2] Group 4: Market Strategy - The launch of the "Taiyuan-Guangzhou" route is part of CSA's strategy to respond to market demand and optimize its route network [2] - CSA holds a 55% market share for routes from Taiyuan to the Guangdong-Hong Kong-Macau Greater Bay Area and plans to continue expanding its route network and improving service quality by the summer and autumn seasons of 2025 [2]

Core Insights - The air transport sector in Xinjiang, China, is experiencing significant growth in both passenger and cargo volumes, particularly on routes to Central Asia, with passenger traffic increasing by 36% and cargo traffic by 200% year-on-year [1][2]. Group 1: Passenger Transport - The number of passengers carried by China Southern Airlines (CSA) on the Xinjiang to Central Asia routes has reached nearly 170,000, marking a 36% increase compared to the previous year [1]. - The flight frequency on the Urumqi-Almaty route has been increased to two flights daily starting June 20, and the Urumqi-Astana route will see an increase to five flights weekly from July 1 [1]. Group 2: Cargo Transport - The cargo volume on the Tashkent route has surged to 12.5 times that of the same period last year, with products like cherries from Dushanbe and honey from Bishkek being transported efficiently within 48 hours to various locations in China [2]. - CSA is continuously optimizing its flight schedules and transfer services to enhance the flow of goods between China and Central Asia, aiming to establish a central hub for resource allocation [2]. Group 3: Market Trends - The overall flight volume from China to Central Asia reached 926 flights in May, a 200% increase compared to the same month in 2019, with CSA's cargo volume tripling during the same period, leading the industry [1]. - The proportion of Central Asian passengers using Urumqi as a transit point has reached 24% this year, indicating a growing trend in cross-border travel facilitated by improved connectivity [1].

Group 1 - The core viewpoint is that the rising popularity of tourism in Xinjiang is driving a significant increase in domestic flight ticket prices, with a projected overall increase of over 10% during the peak travel season [1][6][7] - In early June, domestic flight ticket prices in Xinjiang rose by over 20% month-on-month and 13% year-on-year, indicating a strong demand driven by both tourism and festive travel [2][3] - The increase in ticket prices is also affecting international routes, with prices for connecting flights from mainland China to Central Asia through Urumqi rising approximately 15% compared to May [2][3] Group 2 - Xinjiang is expected to receive over 3.02 billion tourists in 2024, a 14% increase year-on-year, with total tourist spending projected to reach 359.54 billion yuan, a 21% increase [3][4] - The tourism heat in Xinjiang has exceeded industry expectations, with inbound tourist numbers reaching 1.12 million in the first four months of the year, a 7.67% increase, and international tourism revenue of 1.068 billion USD, a 13.18% increase [3][4] - The demand for air travel is expected to exceed 160 million passengers by 2025, with over 50% of visitors choosing to fly to Xinjiang [3][4] Group 3 - Airlines are adjusting their capacity in response to the increased demand, with Southern Airlines increasing its wide-body aircraft to 12 in June and planning to reach 20 by July and August [5][6] - The airline is also increasing flight frequencies to popular cities and adding new routes to enhance connectivity [5][6] - The rising ticket prices may lead to a transformation in the tourism industry towards higher quality and more premium services, as well as the development of differentiated travel products [7][8]

Investment Rating - The industry investment rating is "Positive" [5] Core Insights - The overall passenger load factor remains high, indicating a recovery in demand compared to the previous year [1][9] - Domestic airlines have increased capacity by 2.8% year-on-year and 4.8% month-on-month in May, driven by seasonal demand from the May Day holiday [2][13] - The passenger load factor for domestic routes improved by 0.6 percentage points month-on-month and approximately 2.8 percentage points year-on-year [29][37] - International routes saw a 20.3% year-on-year increase in capacity, although the growth rate has slowed due to a higher base from the previous year [4][48] - The overall load factor for international routes increased by 3.4 percentage points year-on-year, despite a 1.1 percentage point decrease month-on-month [4][48] Summary by Sections Domestic Routes - Capacity for domestic routes increased by 2.8% year-on-year and 4.8% month-on-month in May, with major airlines showing over 5% growth in capacity due to seasonal factors [2][14] - The overall passenger load factor for domestic airlines rose to 92% in May, recovering from a dip below 90% in April [36][43] - Major airlines have stabilized their ticket sales strategies, contributing to a more predictable pricing environment [3][10] International Routes - International capacity increased by approximately 20.3% year-on-year, with a 1.0% increase month-on-month, indicating a gradual recovery [4][48] - The load factor for international routes improved significantly year-on-year, primarily due to a low base from the previous year [4][48] - The industry anticipates continued pressure on international routes due to capacity management in domestic routes, which may lead to an oversupply situation [50] Airport Throughput - Major airports such as Shanghai and Shenzhen reported significant year-on-year increases in international passenger throughput, with growth rates of 25% and 31% respectively [55][63] - Compared to 2019, international throughput at these airports has also shown strong recovery, indicating a robust rebound in international travel [55][63]

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [6][57]. Core Insights - The report expresses a positive outlook on the aviation sector, particularly regarding the upcoming summer travel season, driven by improved demand and operational metrics [8]. - Key factors supporting this outlook include resilient domestic demand, ongoing recovery in international routes, and supply constraints in the market [8]. - The report highlights specific airlines, such as Huaxia Airlines and Spring Airlines, as leaders in the domestic regional market, while also noting the potential for China National Aviation to release elasticity in operations [8]. Summary by Sections Airline Data Analysis - In May, the overall ASK (Available Seat Kilometers) growth rates were led by Spring Airlines (11.5%), followed by Eastern Airlines (9.3%) and Southern Airlines (5.0%) [2]. - For RPK (Revenue Passenger Kilometers), Eastern Airlines showed the highest growth at 15.4%, with Spring Airlines at 11.7% [2]. - Cumulative data from January to May indicates Spring Airlines leading in ASK growth (8.9%) and Eastern Airlines in RPK growth (12.7%) [2]. Domestic and International Routes - Domestic routes in May saw Spring Airlines with an ASK growth of 10.9% and RPK growth of 12.0% [3]. - Internationally, Juneyao Airlines led with an ASK growth of 50.1% and RPK growth of 66.7% in May [3]. - Cumulative data for international routes from January to May shows Juneyao Airlines with a significant ASK growth of 69.5% and RPK growth of 71.2% [3]. Load Factor and Fleet Size - The load factor in May was highest for Spring Airlines at 91.1%, with a year-on-year increase of 0.1 percentage points [4]. - The total fleet size of the five listed airlines increased by 6 aircraft in May, with a year-on-year growth of 3.1% [4]. Market Performance - The aviation sector's total market capitalization is reported at 730.725 billion yuan, with a circulating market value of 514.519 billion yuan [6]. - The absolute performance of the sector over the last month was -3.3%, while the relative performance was +2.8% [6].

1 证券代码：600029 证券简称：南方航空 公告编号：临 2025-034 中国南方航空股份有限公司 2025 年 5 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5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4.99%，其中国内、地区和国际分别同比上升1.48%、0.19%和 16.49%；旅客周转量（按收入客公里计）同比上升8.43%，其中 国内和国际分别同比上升4.65%和21.54%，地区同比下降0.83%； 客座率为85.91%，同比上升2.73个百分点，其中国内和国际分别 同比上升2.63和3.49个百分点，地区同比下降0.77个百分点。 货运方面，2025年5月，货运运力投入（按可利用吨公里— 货邮运计）同比上升8.26%；货邮周转量（按收入吨公里—货邮 运计）同比上升9.24%；货邮载运率为54.20%；同比上升0.49个 百分点。 2025年5月，本集团无新增主要航线。 2025年5月，本集团引进4架飞机（包 ...

智通财经6月16日电，南方航空(600029.SH)公告称，2025年5月，公司及所属子公司客运运力投入同比 上升4.99%，旅客周转量同比上升8.43%，客座率为85.91%，同比上升2.73个百分点。 南方航空：5月客运运力投入同比上升4.99% ...

南方航空（600029）公告，2025年5月，公司及所属子公司客运运力投入同比上升4.99%，旅客周转量 同比上升8.43%，客座率为85.91%，同比上升2.73个百分点。货运运力投入同比上升8.26%，货邮周转量 同比上升9.24%，货邮载运率为54.20%，同比上升0.49个百分点。5月引进4架飞机，退出1架A321飞 机，截至5月底，运营940架运输飞机。 ...

Group 1 - China Southern Airlines launched its first direct flight route between Beijing Daxing International Airport and Dushanbe, marking a significant milestone for Chinese airlines in connecting the capitals of the two countries [1][3] - The inaugural flight was operated using a Boeing 787, with subsequent flights scheduled on Boeing 737-8 aircraft, operating two flights per week on Tuesdays and Saturdays [3] - The flight schedule includes a departure from Beijing at 17:00, arriving in Dushanbe at 21:00, with a return flight leaving Dushanbe at 22:30 and arriving back in Beijing at 07:20 the next day [3] Group 2 - China Southern Airlines has implemented various passenger services at Beijing Daxing International Airport, including multiple check-in counters and enhanced guidance for travelers, particularly for special needs passengers [3] - The airline has introduced a multilingual AI transparent screen at its international check-in counter, capable of real-time translation in 14 languages, providing smart guidance for check-in services [3] - Passengers traveling from cities like Guangzhou, Hangzhou, Changsha, and Wuhan can achieve efficient transfers to Dushanbe within three hours at Beijing Daxing International Airport [3] Group 3 - By the summer and autumn of 2025, China Southern Airlines plans to operate seven fast routes from Beijing Daxing Airport, including over 206 international and regional flights per week [4] - The airline will also open 16 international direct routes, including connections to cities like London, Amsterdam, and Moscow, as well as seven routes to countries involved in the Belt and Road Initiative [4] - The upcoming summer travel season is expected to see a significant increase in outbound flight bookings, with over 3.8 million tickets reserved, reflecting an approximate 8% year-on-year growth [4]