中国南方航空股份有限公司 可转换公司债券 2025 年跟踪评级报告 | | | 跟踪评级报告 | 1 www.lhratings.com 联合〔2025〕2407 号 联合资信评估股份有限公司通过对中国南方航空股份有限公司 主体及其相关债券的信用状况进行跟踪分析和评估，确定维持中国 南方航空股份有限公司主体长期信用等级为 AAA，维持"南航转债" 信用等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年五月二十一日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受中国南方航空股份有限公司（以下简称"该 公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关 系外，联合资信、评级人 ...

Core Viewpoint - China Southern Airlines Group showcased its latest achievements in the aviation industry at the 34th Harbin International Economic and Trade Fair, emphasizing the theme "Open North, Co-Revitalize" [1] Group 1: Technological Innovations - The technology exhibition featured the self-developed A320 NEO flight and navigation training simulator, which utilizes a panoramic view system and vector graphic instruments to simulate global airport environments, breaking foreign technology monopolies and providing a cost-effective training solution for pilots [3] - Other innovative systems displayed included the Tian Tong flight perception system and Tian Yue data decoding system, which have supported the maiden flight of the domestically produced C919 aircraft and received civil aviation technology awards, highlighting breakthroughs in digital transformation [3] Group 2: Transportation Services - The transportation service section presented the "Ice City Air Corridor" construction plan, with plans to optimize the Harbin-Jinan-Urumqi route to a direct flight model during the summer transportation period, adding new branch flights to Yantai and Xining, and planning to open an international route from Harbin to Vladivostok [3] - By the summer and autumn of 2025, the company expects to operate 965 routes covering 50 countries and regions globally, facilitating spontaneous international travel [3] Group 3: Industry Ecosystem - The industrial service area showcased a comprehensive layout of the aviation ecosystem, including aircraft maintenance, drone training, and aviation food research, while also introducing a supplier residency program to invite quality enterprises to share aviation ecosystem resources [5] - Attendees experienced the warmth of aviation services extending to the ground through tasting aviation-specific coffee and receiving creative gifts [5] Group 4: Competitive Advantages - At the Harbin Fair, the company demonstrated its core competitiveness through its domestic and international route network, quality cabin services, and innovative multimodal transport models, highlighting its leading position in traditional air transport [7] - The company also emphasized its diversified industrial development, showcasing excellence in transportation efficiency and industry status, particularly in cultivating new productive forces in civil aviation and promoting green low-carbon development [7] - These displays align with the modern industrial system construction needs of Heilongjiang Province, significantly enhancing the company's strategic influence in the Northeast aviation market [7]

Core Viewpoint - The demand for traveling with pets has surged since 2025, prompting domestic airlines to introduce "pets in cabin" services as a new revenue strategy to counteract declining passenger revenues. This service is also expanding the "civil aviation + pet" service industry chain into areas such as quarantine, insurance, and tourism. However, challenges such as species restrictions and balancing cabin safety with passenger experience remain [1][3][10]. Group 1: Industry Trends - Since 2025, several listed airlines, including Hainan Airlines, China Southern Airlines, and Eastern Airlines, have either launched or upgraded their "pets in cabin" services, reflecting a growing trend in the industry [3][7]. - The "pets in cabin" service is driven by the increasing perception of pets as family members, with airlines aiming to address the pain points of pet separation during travel [7][10]. - The market for pet-related services is expanding, with the pet economy in China projected to reach 1.15 trillion yuan by 2028, indicating significant growth potential for the industry [12]. Group 2: Financial Implications - Airlines are charging fees for "pets in cabin" services, with prices generally under 1,500 yuan per pet per segment. For example, Eastern Airlines charges 1,288 yuan, while China Southern Airlines charges between 1,299 and 1,499 yuan depending on the distance [8][10]. - The introduction of "pets in cabin" services is seen as a way for airlines to enhance ticket revenue, especially in a market where average ticket prices have dropped by over 10% [10][12]. - The service not only meets customer demand but also helps airlines attract high-value customers, as pet owners are often willing to pay a premium for enhanced services [10][12]. Group 3: Operational Challenges - Despite the benefits, the "pets in cabin" service faces operational challenges, including restrictions on pet size and breed, and the need for standardized regulations across airlines [14][15]. - Airlines must balance the needs of pet owners with those of other passengers, addressing concerns such as allergies and fears related to pets [14]. - Safety protocols are crucial, with airlines needing to ensure that pets are properly vaccinated and secured during flights to maintain cabin safety [14][15].

Group 1 - The core viewpoint of the article emphasizes the importance of the safety personnel assessment conducted by China Southern Airlines' Xinjiang branch, highlighting its role as a precursor to the annual assessment of the airline's security system [1][6] - The assessment was meticulously designed in accordance with the latest standards from the Civil Aviation Administration, serving as a comprehensive evaluation of the safety personnel's professional qualities [1][4] - The assessment included various subjects such as physical fitness, skills, and theoretical knowledge, ensuring a thorough examination of the safety personnel's capabilities [1][8] Group 2 - The assessment process was characterized by strict adherence to fairness and transparency, utilizing innovative methods such as remote examination by different assessors and real-time score announcements [4][6] - A total of 21 assessment indicators were detailed, with experienced examiners from the safety management department conducting the evaluations to ensure precision and accountability [4][6] - The assessment also included health screenings and alcohol tests prior to the examination, ensuring the safety and well-being of all participants [4][8] Group 3 - This assessment is seen as a critical step in preparing the security team for the upcoming peak season in the aviation industry, where passenger traffic is expected to increase significantly [6][8] - The goal of the assessment is to build a highly skilled and disciplined security team, capable of ensuring the safety of air transport and responding effectively to emergencies [6][8] - Following the successful completion of the assessment, the airline aims to enhance its training system to continuously improve the quality and readiness of its safety personnel [8]

Core Viewpoint - The civil aviation industry is experiencing a recovery in passenger transport volume growth, with supply remaining low and price declines narrowing. The performance during the May Day holiday indicates positive trends in revenue management for airlines, suggesting an optimistic outlook for price improvements in the aviation sector [1]. Group 1: Operational Data - In April 2025, all airlines reported an increase in operational volume, with growth rates slightly higher than in March. Among major airlines, Eastern Airlines showed the highest growth rate, while Spring Airlines outperformed 吉祥航空 among private carriers. The passenger load factor for the three major airlines continued to rise, with Southern Airlines and Eastern Airlines exceeding 85%, while Spring Airlines experienced a slight decline and 吉祥航空 saw a slight increase [1]. - Domestic flight volumes in April 2025 showed a significant recovery compared to March, with a slight year-on-year increase compared to April 2024. Major airlines reported a slight increase in domestic capacity, with Spring Airlines increasing capacity and 吉祥航空 slightly decreasing it. The passenger load factor for the three major airlines and Spring Airlines improved, while 吉祥航空 saw a decline [2]. Group 2: International Market Performance - The international and regional flight markets are steadily expanding, with significant recovery in routes to Japan, South Korea, New Zealand, Malaysia, and Vietnam. Among major airlines, Air China and Eastern Airlines showed rapid growth in capacity, while 吉祥航空 shifted a significant portion of its capacity to international routes. The load factors for international flights varied, with Eastern Airlines, Southern Airlines, and 吉祥航空 showing improvements, while Air China and Spring Airlines experienced declines [2]. Group 3: Supply and Cost Factors - The introduction of new aircraft remains low, with the civil aviation fleet expected to grow by only 2.8% to 4,126 aircraft in 2024, including a reduction of 9 wide-body aircraft. In the first four months of 2025, only 64 new aircraft were introduced, indicating slow supply growth. Additionally, recent declines in oil prices and stable exchange rates are expected to positively impact the cost structure of the aviation industry, leading to potential improvements in second-quarter performance [3].

证券研究报告：航空运输|点评报告 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 2000.5 | | --- | --- | --- | | 52 | 周最高 | 2398.85 | | 52 周最低 | | 1625.59 | 分析师:曾凡喆 SAC 登记编号:S1340523100002 Email:zengfanzhe@cnpsec.com 近期研究报告 《6 月客座率超 19 年同期，中报预告基 本符合预期》 - 2024.07.16 航空运输 4 月数据点评 客座率同比走高，价格预期改善 l 各航司披露 2025 年 4 月运营数据 各航空公司披露 2025 年 4 月运营数据。4 月各航司整体运量保 持增长，增速略快于 3 月。各航司间运营表现有所分化，大航中，东 航运量增速靠前，民营航司中，春秋增速快于吉祥。客座率方面，三 大航客座率继续走高，南航、东航客座率突破 85%，春秋客座率略有 下降，吉祥客座率略有上升。 行业相对指数表现（相对值） 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 -20% -16% -12% -8% ...

Investment Rating - The investment rating for the airline transportation industry is "Positive" [2][4]. Core Viewpoints - The report highlights a significant narrowing of the year-on-year decline in ticket prices, with expectations for continued recovery in ticket prices during the peak travel season due to strong demand [3][5]. - The report suggests focusing on key airlines such as Air China, China Southern Airlines, Spring Airlines, Juneyao Airlines, and China Eastern Airlines as potential investment opportunities [3][4]. Summary by Sections 1. Investment Recommendations - The report indicates that the passenger load factor remains high, with strong travel demand during the May Day holiday, leading to a noticeable reduction in the year-on-year decline in ticket prices [3][4]. 2. Industry Ticket Price Trends - The year-on-year decline in industry ticket prices has significantly narrowed, with ticket prices in May showing a decline of only 3.0% compared to the previous year [5][27]. - The average domestic ticket price from the beginning of 2025 until May 18 is 847 yuan, reflecting a 10.0% year-on-year decrease [5][27]. 3. Supply and Demand Dynamics - The supply side is affected by fleet issues, with potential delays in aircraft introductions due to supply chain problems and limited short-term improvements in utilization rates due to engine maintenance [3][4]. - The demand side shows sustained growth in travel demand during peak seasons, with expectations for improved supply-demand dynamics and a potential rise in ticket prices [3][4]. 4. Operational Performance of Airlines - In April 2025, domestic airlines experienced a year-on-year increase in capacity and turnover, with passenger load factors exceeding levels from 2019 [47][49]. - The report notes that China Southern Airlines had the highest net increase in aircraft in April, adding five aircraft to its fleet [47][48]. 5. Fuel Price Trends - The average price of aviation fuel has shown a continuous year-on-year decline, with May's average price at 5,385 yuan per ton, down 19.0% from the previous year [41][41]. - Brent crude oil prices have also decreased, with a year-on-year decline of 23.6% as of May 16, 2025 [41][41]. 6. Exchange Rate Stability - The exchange rate has remained stable, with the USD to RMB exchange rate at 7.1916 as of May 19, 2025, reflecting a slight increase of 0.04% from the end of 2024 [41][41].

Core Viewpoint - China Southern Airlines (CSA) is actively participating in the 34th Harbin International Economic and Trade Fair to enhance cooperation with Heilongjiang Province and contribute to the construction of the Harbin International Aviation Hub [1][2]. Group 1: Company Initiatives - CSA has made significant progress in opening new routes and innovation, aiming to play a leading role among domestic airlines [1][3]. - The airline plans to optimize its route network and enhance regional transportation connectivity, including the transformation of the Harbin-Jinan-Urumqi route into a direct flight and the introduction of new flights to various cities [3][4]. - CSA is committed to providing specialized services such as forest fire prevention, aerial rescue, and sightseeing tourism to support Heilongjiang's development [3]. Group 2: Exhibition Highlights - At the trade fair, CSA showcased its advantages in domestic and international route networks, cabin services, and multimodal transport, emphasizing its leadership in civil aviation and green development [4][6]. - The exhibition booth, covering 180 square meters, incorporated elements of ice and snow, technology, and environmental protection, highlighting CSA's brand image and technological innovations [4][6]. - CSA introduced its flight simulation training equipment, which offers a standardized training environment and has competitive advantages over similar foreign products, reflecting the company's commitment to technological innovation and digital transformation [6][7]. Group 3: Future Expectations - CSA aims to leverage the trade fair platform to enhance its influence in the Northeast aviation market and attract potential partners and customers [4][7]. - The airline is focused on expanding its membership operations and developing customer relationships, providing ticketing services, and facilitating ecological investment to enhance sales channels for exhibitors [7].

Investment Rating - The report maintains an "Overweight" rating for the aviation transportation sector [5]. Core Insights - The aviation industry is experiencing a notable improvement in passenger load factors, with April's load factor increasing by 2.8 percentage points to 84.3% year-on-year, driven by a 7.8% increase in capacity [1][2]. - Revenue management strategies are beginning to show positive results, with domestic ticket prices increasing by 11.5% during the week of May 5-11 [1][4]. - The supply growth in the aviation sector is expected to remain low, which, combined with effective revenue management, suggests a potential for improved profitability for airlines throughout the year [1][4]. Summary by Sections Passenger Load Factors - The three major airlines reported a load factor increase of 3.1 percentage points to 84.0% in April, with domestic routes showing a 3.9 percentage point increase to 85.3% [2][10]. - Spring Airlines experienced a decline in load factor by 2.5 percentage points to 88.2%, while Juneyao Airlines showed a strong performance with a load factor increase of 2.9 percentage points to 86.2% [3][10]. Capacity and Revenue - The total available seat kilometers (ASK) for the three major airlines and Spring Airlines increased by 7.8% year-on-year, indicating a recovery in capacity [10]. - Revenue passenger kilometers (RPK) also rose by 11.5%, reflecting a strong demand recovery [10]. Future Outlook - The report anticipates that the supply-demand structure will continue to improve, leading to a favorable environment for revenue management and profitability enhancement during the peak summer travel season [4][21]. - The expected low supply growth, coupled with rising ticket prices, is likely to support airlines' earnings recovery [1][4]. Stock Recommendations - The report recommends a "Buy" rating for several airlines, including China National Aviation (601111 CH), China Eastern Airlines (600115 CH), and Spring Airlines (601021 CH), with target prices set at 10.20, 5.15, and 69.10 respectively [20][21].

公司公告汇总南方航空2025年4月主要运营数据公告 2025年4月，中国南方航空股份有限公司及其所属子公司的运营数据显示：- 客运运力投入同比上升 8.83%，其中国内航线增长3.42%，国际航线增长26.71%，地区航线下降7.47%；- 旅客周转量同比上升 12.14%，其中国内航线增长6.92%，国际航线增长29.45%，地区航线下降4.82%；- 客座率达到了 85.58%，比去年同期提高了2.53个百分点；- 货运运力投入同比上升14.46%，货邮周转量同比上升 6.63%，但货邮载运率下降至51.38%，较去年同期低了3.78个百分点；- 本月引进了8架飞机，并退出了3 架飞机，截至4月底，集团共运营937架运输飞机；- 收入客公里方面，国内航线同比上升6.92%，地区 航线下降4.82%，国际航线大幅上升29.45%；- 收入吨公里方面，国内航线同比上升7.12%，地区航线下 降6.34%，国际航线上升16.22%；- 载客人数方面，国内航线同比上升7.16%，地区航线下降10.50%，国 际航线上升27.00%；- 货运及邮运量方面，国内航线同比上升7.08%，地区航线下降10.76%，国际航 ...