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） 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 於其他市場發佈的公告 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。 茲載列中國南方航空股份有限公司在上海證券交易所網站刊登的《中國南方航空股份有限 公司關於召開2025年第三季度業績說明會的公告》，僅供參閱。 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10月22日 1 ...

《中国民航报》、中国民航网 记者田以丹 通讯员吴波 报道：为深入贯彻落实民航局及南航集团的网络 安全工作部署，全面提升分公司网络安全防护水平，近日，南航新疆分公司配合民航新疆管理局检查组 对分公司内部进行了全面深入的网络安全专项检查，为南航集团高质量发展保驾护航。 聚焦隐患排查，堵塞安全漏洞。针对"两高一弱"安全隐患展开深入排查，新疆分公司对所有信息系统进 行全面扫描，精准定位高危漏洞、高风险端口以及弱口令情况。建立漏洞管理长效机制，定期开展漏洞 扫描工作，严格遵循端口最小化原则，关闭非必要端口，减少潜在的安全风险。通过网络安全培训及现 场终端安全检查，从源头上杜绝弱口令问题的发生。 规范网络管理，杜绝违规行为。新疆分公司通过网络拓扑、关键字查询等方式对内部系统进行滚动排 查。对小程序、公众号、服务号等进行详细登记造册，明确管理责任；全面清理未经授权的网络连接和 设备接入，严格网络变更审批流程，杜绝先建后审、边建边审的情况，确保网络建设与管理的规范有 序。 强化边界防护，抵御外部威胁。在互联网边界安全管理方面，新疆分公司重点检查并优化边界防火墙、 上网行为管理、网络态势感知等安全设备的策略配置，确保规则库及时 ...

Market Overview - On October 22, the aviation and airport sector declined by 0.19% compared to the previous trading day, with Huaxia Airlines leading the decline [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Key stocks in the aviation and airport sector showed mixed performance, with China Eastern Airlines up by 0.82% to 4.90, while Huaxia Airlines fell by 2.36% to 10.77 [2][3] - The trading volume and turnover for major stocks included: - China Eastern Airlines: 1.0972 million shares, turnover of 534 million yuan - Huaxia Airlines: 327,400 shares, turnover of 351 million yuan - Xiamen Airport: 48,400 shares, turnover of 73.69 million yuan [1][2] Capital Flow - The aviation and airport sector experienced a net outflow of 152 million yuan from institutional investors, while retail investors saw a net inflow of 168 million yuan [2][3] - Detailed capital flow for selected stocks included: - China Eastern Airlines: Net inflow of 50.62 million yuan from institutional investors - Huaxia Airlines: Net inflow of 2.51 million yuan from institutional investors - Xiamen Airport: Net outflow of 6.81 million yuan from institutional investors [3]

Group 1 - The core point of the articles highlights the significant sales performance during the "Double 11" shopping festival, with many brands achieving transaction amounts exceeding 100 million yuan within the first 24 hours [1][2] - Major brands such as Marriott International, Chime Long Tourist Resort, All Nippon Airways, Wanda Hotels and Resorts, China Southern Airlines, and Shanghai Disneyland have seen their sales figures double compared to last year [1] - The outbound travel segment has shown remarkable growth, with destinations like Singapore, Italy, Switzerland, and Finland recording sales that have surpassed the total sales of last year's "Double 11" [1] Group 2 - Emerging destinations have gained popularity among consumers, with domestic locations like Xinjiang, Shanxi, and Guizhou recording over 500% growth in transaction amounts compared to last year [2] - Internationally, Nordic destinations such as Denmark, Finland, and Norway have seen transaction amounts increase by over 1000% year-on-year, indicating a trend towards deeper travel experiences [2] - New travel products debuted during the "Double 11" event have performed well, including offerings from Shanghai LEGO Resort and Disney Cruise Line, which have achieved record sales [2]

Core Points - China Southern Airlines has launched an expanded "One Minute Boarding" service starting from October 22, adding 7 new routes and an average of 58 additional flights per day [1][3] Group 1: Service Expansion - The newly added routes include Guangzhou-Zhengzhou (round trip), Beijing Daxing-Harbin (round trip), Guangzhou-Hangzhou (one way), Guangzhou-Haikou (one way), and Guangzhou-Kunming (one way), bringing the total to 11 routes [3] - The service now covers over 100 flights daily, catering to travelers with urgent travel needs, such as last-minute changes, early or late flights, and frequent business trips [3] Group 2: Special Services - For passengers with checked luggage, the check-in time for "One Minute Boarding" routes is set to be no later than 30 minutes before the scheduled departure [3] - Special service areas have been established for passengers with unique needs, including those requiring wheelchair assistance, first-time flyers, unaccompanied minors, pregnant women, and those traveling with infants or children, to minimize waiting times [3]

Core Insights - The Double Eleven shopping festival saw significant sales growth, with major brands like Marriott International, Chime Long Tourist Resort, All Nippon Airways, Wanda Hotels and Resorts, China Southern Airlines, and Shanghai Disneyland achieving transaction amounts exceeding 100 million [1] - Nearly 300 merchants reported transaction amounts that doubled compared to last year, indicating a strong market performance [1] - Outbound tourism showed remarkable results, with destinations such as Singapore, Italy, Switzerland, Finland, UAE, Egypt, Norway, Morocco, Austria, and Denmark surpassing last year's total sales during the Double Eleven period [1] Sales Performance - Family-friendly travel services remained popular among consumers, with products like "Kaiyuan 999 National 18 Store Exchange" selling over 100,000 units, and "Marriott Group 370+ Store 3-Night Exchange" selling over 60,000 units [1] - The "Toy Story/Shanghai Disneyland Hotel" package, allowing early park entry, sold over 40,000 units, showcasing strong demand for unique experiences [1] - All Nippon Airways' economy class tickets for two, including taxes, sold over 50,000 units, reflecting a trend towards family-oriented travel options [1]

Core Points - The article highlights the retirement of Xu Xiaoping, a flight attendant with China Southern Airlines, after 29 years of service, marking the end of her aviation career [1][3][8] - Xu has played a significant role in the development of China's civil aviation and has expressed gratitude for her experiences and the relationships built during her career [3][8] - The article emphasizes the mentorship aspect of Xu's career, noting that she has trained over 30 apprentices who continue to uphold her service philosophy [5][8] Summary by Sections - **Retirement Announcement** - Xu Xiaoping completed her final flight on October 18, landing at Shanghai Pudong International Airport, concluding her 29-year career in civil aviation [1] - **Career Journey** - Xu began her career as a flight attendant in December 1996 and gradually rose to the position of chief attendant, dedicating herself to frontline flight service [3] - **Memorable Experiences** - A notable incident during her career involved a medical emergency on a flight to Shantou, where she successfully initiated emergency procedures to assist a passenger in critical condition [7] - **Mentorship and Legacy** - Xu's legacy includes training over 30 apprentices, demonstrating the "pass on and help" spirit of China Southern Airlines, with her mentees now spread across various branches of the company [5][8] - **Commitment to Safety** - Throughout her career, Xu has prioritized safety, embodying a spirit of craftsmanship and love for aviation that will continue to influence future generations within the airline [8]

Core Insights - The report highlights a focus on the macroeconomic environment, indicating that the industrial added value in September showed a year-on-year growth of 6.5%, which is an increase compared to August and better than market expectations [6][8] - The report notes that the fixed asset investment growth rate for the first nine months of 2025 has fallen into negative territory, with a cumulative year-on-year decline of 0.5% [7][9] - The real estate sector is experiencing a decline in housing prices, with new home prices in 70 major cities decreasing by 0.4% month-on-month in September, and second-hand home prices also down by 0.6% [10][11] Macroeconomic Overview - In September, the industrial added value increased by 6.5% year-on-year, with manufacturing showing a cumulative growth of 6.8% for the first nine months [6][8] - The actual GDP growth for the first three quarters was 5.2%, with expectations to meet the annual target of 5.0% [6][9] - Fixed asset investment in the first nine months saw a decline of 0.5%, with private investment down by 3.1% [7][9] Real Estate Sector Analysis - The report indicates that in September, 63 out of 70 cities saw a month-on-month decline in new home prices, with an average drop of 0.47% [11][12] - The second-hand home prices in all 70 cities also experienced a decline, marking a significant trend as it is the first time in a year that all cities reported falling prices [10][11] - In first-tier cities, new home prices decreased by 0.3%, while second-hand home prices fell by 1.0%, indicating a more pronounced decline compared to second and third-tier cities [12][13] Investment Opportunities - The report lists a selection of stocks recommended for investment, including companies like Nanfang Airlines and Ningde Times, suggesting potential opportunities in the aviation and battery sectors [1] - The performance of various industry indices shows that the telecommunications and electronics sectors have seen significant gains, with increases of 4.90% and 3.50% respectively [4]

Core Insights - The core focus of the news is the successful hosting of the Linyi Airport's 2025 winter-spring flight schedule promotion conference, emphasizing the optimization of flight networks, enhancement of services, and convenience for travelers [1] Flight Network Expansion - Linyi Airport will restore flights to Beijing, achieving full coverage of the top ten domestic hubs (Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Chongqing, Harbin, Kunming, Xi'an, Urumqi) [2] - The new flight season will optimize and increase the frequency of routes to key domestic hubs and popular tourist cities, ensuring sufficient capacity and optimized schedules for essential routes to meet the travel needs of business and leisure travelers [2] Service Enhancement - The flight schedule change represents not only an expansion of routes but also a significant improvement in service efficiency [3] - Linyi Airport will continue to implement "first-time passenger services" and promote the construction of a "smart airport," optimizing the entire service process including check-in, security checks, and boarding to reduce passenger waiting times [3] - Collaborations with airlines and travel agencies will lead to the introduction of special ticket prices and diversified travel products such as "flight + hotel" and "flight + scenic spots," benefiting the public and stimulating air travel consumption [3] Economic Development Collaboration - The flight schedule change is a crucial measure for Linyi Airport to adapt to market demands and support local economic and social development [4] - The airport aims to establish itself as an important aviation hub in the southern Shandong and northern Jiangsu regions, continuously improving its flight network to facilitate external openness, deepen economic cooperation, and promote tourism development [4] - Representatives from the cultural and tourism bureau, airlines, travel agencies, and corporate clients highly praised the new flight season plan, believing it will greatly facilitate local residents' travel and attract more visitors and business people to Linyi, injecting new vitality into the local economy [4]

Summary of the Conference Call on the Chinese Aviation Industry Industry Overview - The Chinese aviation industry is currently in the early stages of a super cycle, driven by a demographic dividend that continues to boost demand for air travel, alongside an increased willingness to travel post-pandemic, despite no significant improvement in the macroeconomic environment [1][4][12]. Key Points and Arguments - **Market Price Adjustments**: The marketization of ticket prices has largely been completed, with full ticket prices on major routes increased by 50%-70% [1][3]. - **Fleet Growth**: During the "14th Five-Year Plan" period, fleet growth has significantly slowed to single digits (2%-3%), alleviating investment pressure in third and fourth-tier cities, which is beneficial for enhancing industry profitability [1][3]. - **Demand and Supply Dynamics**: Since 2019, the passenger load factor in the Chinese aviation industry has significantly improved, with some routes nearing capacity limits. Future improvements in supply and demand will be reflected more in ticket prices, as the industry enters a low supply growth phase due to airspace bottlenecks and slow recovery in aircraft manufacturing capacity [1][8]. - **Long-term Growth**: By 2025, the Chinese aviation industry is expected to enter a phase of increasing supply, which is projected to last for 15 years, achieved through optimized airspace management, controlled aircraft introduction rates, improved fleet turnover efficiency, and increased passenger load factors [1][6][7]. Investment Opportunities - **Profitability Outlook**: The aviation sector is anticipated to see a recovery in profitability and valuation over the next two years, with a high probability of turning profitable by 2025 and potentially achieving profit margins higher than those in 2019 by 2026 [2][13]. - **Valuation Potential**: The traditional airline valuation could rise from 8-10 times earnings to 15-20 times during this super cycle, indicating significant investment potential despite recent stock price increases [2][14]. - **Recommended Airlines**: Key airlines to focus on include: - **Air China**: Strong network and quality of passenger sources, optimistic long-term profitability outlook [15]. - **Juneyao Airlines**: Expected to release significant profit potential in the next two years [17]. - **China Southern Airlines and China Eastern Airlines**: Both have substantial slot resources in the trunk market, poised to benefit from the super cycle [17]. - **Spring Airlines**: Leading profit margins and valuations in key markets, expected to maintain steady growth [17]. Additional Insights - **Passenger Load Factor**: The passenger load factor has reached levels between 88% and 90% during peak periods, indicating efficient utilization of existing seat resources [8]. - **Macroeconomic Factors**: Despite the lack of significant macroeconomic improvement, strong air travel demand persists due to the ongoing super cycle and increased travel willingness post-pandemic [4][10]. - **Strategic Timing for Investment**: The current period is viewed as an optimal time for strategic investment in the aviation sector, with expectations of continued demand growth and recovery in business travel [12]. This comprehensive analysis highlights the robust growth potential and investment opportunities within the Chinese aviation industry, driven by structural changes and favorable market dynamics.