Core Insights - The transportation sector, represented by the CSI All Share Transportation Index, has shown a slight increase of 0.13% as of April 29, 2025, with notable gains from stocks like Longjiang Transportation and Wuchan Zhongda [3][4] - The Transportation ETF (159666) has experienced a 4.07% increase over the past year, with a current price of 0.95 yuan [3][4] - The ETF's net asset value has risen by 4.32% in the last year, with a maximum monthly return of 15.82% since its inception [3][4] Performance Metrics - The Transportation ETF has a year-to-date maximum drawdown of 7.56%, with a tracking error of 0.006% over the past three months [4] - The management fee for the ETF is 0.50%, and the custody fee is 0.10% [4] - The current price-to-earnings ratio (PE-TTM) for the index is 15.13, indicating a valuation lower than 93.56% of the time over the past year [4] Top Holdings - As of March 31, 2025, the top ten weighted stocks in the CSI All Share Transportation Index account for 49.96% of the index, with SF Express and Beijing-Shanghai High-Speed Railway being the largest components [5][7] - The top ten stocks include major players in logistics, rail, and aviation sectors, reflecting the overall performance of the transportation industry [5][7]

Group 1: Domestic Air Travel Trends - During the upcoming "May Day" holiday, the civil aviation passenger transport volume is expected to reach 10.75 million, averaging 2.15 million per day, representing an 8% increase compared to the same period in 2024, marking a historical high for this period [1] - As of April 27, the search interest for travel during the "May Day" holiday has surged by 326% year-on-year, indicating strong demand for travel [1] - Domestic flight ticket bookings have exceeded 5.42 million, reflecting a 31% increase compared to 2024, with major passenger flows concentrated in key city clusters such as Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao, and Chengdu-Chongqing [1] Group 2: International Air Travel Developments - The civil aviation authority anticipates that both passenger transport volume and flight numbers for international routes will peak during the "May Day" holiday, with popular destinations including Japan, South Korea, and Southeast Asia [2] - A total of 88,000 scheduled flights have been arranged nationwide for the holiday, representing a 2.3% year-on-year increase, with 173 additional flights approved, marking an 8% increase [2] - Airlines are actively increasing flight frequencies and introducing new routes, such as China Southern Airlines launching new flights from Guangzhou to Nagoya and Shenzhen to Osaka [2] Group 3: Overall Industry Recovery - In the first quarter of this year, China's civil aviation sector saw year-on-year growth in total turnover, passenger transport, and cargo mail transport, with international flight volumes and passenger numbers increasing significantly [3] - The overall recovery of the civil aviation industry is evident, with international passenger volumes returning to pre-pandemic levels for the first time, driven by strong demand during the Spring Festival and favorable policies for inbound tourism [3] - The civil aviation industry is focusing on expanding international routes, particularly to emerging markets in East Asia, which is seen as a valuable recovery strategy [3] Group 4: Policy and Infrastructure Enhancements - The civil aviation authority has been working to enhance the convenience of foreign travelers entering the country, including increasing international flight frequencies and improving payment processes [4] - Recent policy initiatives aim to facilitate international passenger transport and support foreign trade and diplomatic relations, with a total of 6,532 international passenger flights executed in the past week, connecting to 78 countries [4] - The long-term sustainability of the civil aviation industry's growth will depend on its ability to convert policy benefits into competitive service offerings and extend the value of the industry chain [4]

Core Viewpoint - The article highlights the achievements of Liu Yuhui, an expert in aircraft system engineering at China Southern Airlines, who has been recognized as a "National Labor Model" for his contributions to the aviation industry, particularly through the development of the "Nanhang Tian Tong System," a remote aircraft diagnostic system [1][6]. Group 1: Achievements and Innovations - Liu Yuhui led the development of the "Nanhang Tian Tong System," which serves as a remote diagnostic tool for aircraft, significantly enhancing flight safety and maintenance efficiency [6][7]. - The system was developed independently by China Southern Airlines, breaking the technical monopoly previously held by manufacturers, which charged exorbitant service fees [6][7]. - The "Nanhang Tian Tong System" received a national invention patent in 2006, marking it as the first invention patent for China Southern Airlines and filling a gap in the domestic aviation industry [6][7]. Group 2: Contributions to the Aviation Industry - Liu Yuhui's team has expanded the remote diagnostic system to be compatible with various mainstream aircraft models, evolving it into a comprehensive health monitoring system for aircraft [7][9]. - The team has actively participated in the development of China's domestic large aircraft projects, sharing their expertise and experiences with engineers from Commercial Aircraft Corporation of China (COMAC) [7][9]. - The introduction of the C919 aircraft by China Southern Airlines in 2024 is a significant milestone, with Liu Yuhui's team contributing to the safety monitoring systems for these new aircraft [9][10]. Group 3: Personal Dedication and Vision - Liu Yuhui's commitment to his work is evident in his long hours and dedication to the development of aviation technology, which he views as a lifelong journey [10]. - His family, particularly his wife, who is also a senior expert in the aviation field, supports his passion for aviation, highlighting the personal sacrifices made for professional dedication [10]. - Liu Yuhui emphasizes the importance of continuous innovation and technological advancement to meet future challenges in the aviation industry [10].

Core Insights - The successful completion of the first third-party aircraft dismantling task by China Southern Airlines (CSA) Guizhou Company marks a significant step in the aircraft dismantling sector and fills a gap in the southwest region [1][4]. Group 1: Dismantling Task Overview - The dismantled aircraft was not owned by CSA, representing the company's first market-oriented dismantling task [4]. - A specialized dismantling team was formed, utilizing 708 person-times over approximately 30 calendar days [4]. Group 2: Dismantling Process and Standards - The dismantling team implemented a "standardized dismantling" concept, adhering strictly to troubleshooting and manual execution standards [7]. - All removed components were meticulously documented and stored, with over 200 square meters of warehouse space allocated for the preservation of fasteners and consumables, ensuring future material reuse [7]. Group 3: Future Development and Strategy - CSA Guizhou Company aims to enhance dismantling efficiency and improve the dismantling industry chain by leveraging CSA's extensive maintenance network and supply chain capabilities [7]. - The company plans to promote technological innovation and explore new fields, contributing to the development of a green circular economy and supporting Guizhou's transportation strategy [7].

目錄 關於我們 002 釋義 004 公司簡介 005 公司資料 經營業績 008 主要會計資料和財務指標 016 全年大事記 020 管理層討論與分析 企業管治 | 051 | 董事會報告 | | --- | --- | | 068 | 股份變動、股東情況及權益披露 | | 074 | 董事、監事、高級管理人員和員工情況 | | 087 | 公司治理報告 | | 102 | 環境與社會責任 | | 115 | 重要事項 | | 124 | 風險管理及內部控制 | 財務報告 按照國際財務報告準則編製之財務報表 128 獨立核數師報告 133 合併利潤表 134 合併綜合收益表 135 合併財務狀況表 137 合併權益變動表 138 合併現金流量表 139 財務報表附註 248 財務補充資料 252 五年財務摘要 釋義 在本報告中，除非文義另有所指，下列詞語具有如下含義： | 本公司、公司、南航、 | 中國南方航空股份有限公司 | | --- | --- | | 南方航空 | | | 本集團 | 中國南方航空股份有限公司及控股子公司 | | 南航集團 | 中國南方航空集團有限公司 | | 廈門航空、廈航 | 廈 ...

中華人民共和國，廣州 2025年4月25日 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、郭為及張俊 生。 1 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） 暫停辦理股份過⼾登記⼿續 中國南方航空股份有限公司（「本公司」）將於2025年5月23日（星期五）舉行股東週年會 （「股東週年會」）。一份載有將於股東週年會上提呈的決議案詳情之通函，連同股東週 年會通知，將在適當時候寄發予股東。 為確定符合資格出席股東週年會及於會上投票的H股股份持有人，本公司將於2025年5月14 日（星期三）至2025年5月23日（星期五）（包括首尾兩日）暫停辦理H股股份持有人過戶 登記手續。為符合資格出席股東週年會，所有H股過戶文件連同有關股票須於2025年5月13 日（星期二）下午4時30分前送達本公司香港股份過戶登記處香港中央證券登記有限公司， 地址為香港灣仔皇后大道東18 ...

Fleet and Operations - China Southern Airlines operates a fleet of 917 aircraft, including models from Boeing and Airbus, covering a comprehensive domestic and international route network[11]. - The company achieved the highest passenger volume in China, focusing on developing a hub-and-spoke network centered around key cities like Guangzhou and Beijing[11]. - In 2024, the company plans to deepen its presence in the Guangdong-Hong Kong-Macao Greater Bay Area while optimizing its Beijing hub operations[11]. - The fleet size at the end of 2024 was 917 aircraft, with 57 new deliveries and 48 retirements during the reporting period[27]. - The company operates a fleet of over 900 aircraft, making it the first domestic airline to exceed 100 million passenger transport volume[69]. - The company is focusing on building a hub network centered around Guangzhou and Beijing, aiming to create a new profit model and development approach[70]. - New routes added include Shenzhen to Mexico City and Guangzhou to Doha, with plans to increase domestic and international routes in 2025[109]. Financial Performance - Operating revenue for 2024 reached RMB 174,224 million, an increase of 8.94% compared to RMB 159,929 million in 2023[18]. - Net loss attributable to equity holders of the company improved to RMB (1,769) million, a reduction of 57.27% from RMB (4,140) million in 2023[18]. - Total assets increased by 6.58% to RMB 329,979 million from RMB 309,596 million in 2023[18]. - Passenger traffic (RPK) increased by 23.90% to 305,965.93 million from 246,947.23 million in 2023, with international routes seeing a significant rise of 93.35%[20]. - Cargo traffic (RTK) rose by 21.54% to 36,207.79 million from 29,791.11 million in 2023, driven by international routes which increased by 41.45%[20]. - Total passenger numbers reached 164,732.05 thousand, a 15.84% increase from 142,201.09 thousand in 2023[21]. - Average passenger load factor improved to 84.38%, up 6.28 percentage points from 78.09% in 2023[23]. - Operating profit for 2024 was RMB 8,327 million, an increase of RMB 2,770 million from RMB 5,557 million in 2023[83]. - Transportation revenue accounted for 94.79% of total operating revenue in 2024, with a total of RMB 165,145 million, up 9.05% from 2023[76]. Safety and Environmental Commitment - The company was awarded the "Diamond Three-Star Award" for flight safety, the highest honor in civil aviation safety in China[11]. - The airline successfully completed its first commercial flight using sustainable aviation fuel (SAF) on September 19, 2024, marking a significant step in its green development strategy[37]. - The company achieved a fuel consumption rate of 2.572 tons per 10,000 ton-kilometers during the reporting period, indicating a commitment to sustainability[56]. - The company is committed to environmental and social responsibility, as outlined in its governance report[5]. Market Strategy and Development - The company emphasizes strategic market development and aims to enhance its operational efficiency and service quality[11]. - Future outlook includes potential market expansion and new product development strategies to enhance competitiveness[11]. - The company is actively expanding its market presence in emerging markets such as the Middle East and Central and Eastern Europe, enhancing its cargo operations capabilities[52]. - The company aims to build a world-class airline by 2025, focusing on core air transport operations and collaborative development with pillar industries[68]. - The company will implement five major strategies, including hub network strategy and innovation-driven strategy, to enhance operational quality and market competitiveness[129]. Digital Transformation and Innovation - The airline's digital transformation is progressing steadily, with the establishment of a private cloud platform and computing power center, and it has achieved a level 3 certification for data security capability maturity[54]. - The company is focusing on technological innovation and strategic emerging industry development, promoting the application of advanced monitoring and control systems for aircraft[55]. - The company is committed to digital transformation and optimizing its service structure through six major actions, including enhancing quality and promoting innovation[68]. - The company is advancing its digital capabilities by integrating digital technology into core business areas, enhancing operational efficiency and service quality[71]. Risk Management and Financial Stability - The company maintains strong relationships with major banks, ensuring financial stability and support for growth initiatives[14]. - The company is actively managing six major risks, including runway incursions and significant mechanical failures, to strengthen its risk control capabilities[73]. - The company is leveraging digital transformation to enhance its safety management system, incorporating advanced technologies like AI for risk identification[73]. - The company faces significant financial risks, including a potential RMB 289 million impact on net profit for every 1% change in the USD/RMB exchange rate[146]. - Fuel costs represent the largest expense for the company, with a 10% fluctuation in average fuel prices potentially affecting operating costs by RMB 5,499 million[147]. Subsidiaries and Investments - China Southern Airlines has 22 subsidiaries and 9 holding airline subsidiaries, with a global presence through 52 overseas offices[11]. - The company invested RMB 4,680 million in Sichuan Airlines, holding a 39% stake, with an investment loss of RMB 1,385 million reported[111]. - A significant non-equity investment includes an agreement to purchase 100 C919 aircraft from Commercial Aircraft Corporation of China[112]. Compliance and Governance - The group strictly complies with significant laws and regulations affecting its operations, ensuring safety and compliance in applying for new flight slots and returning unused operating permits[178][179]. - The audit and risk management committee has reviewed and confirmed the audited financial statements for the fiscal year ending December 31, 2024[177]. - The company has made appropriate insurance arrangements for its directors and senior management against potential legal claims arising from corporate activities[176].

证券代码：600029 证券简称：南方航空 公告编号：临 2025-021 中国南方航空股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 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。 重要内容提示： http://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心网络互动 ● 投资者可于 2025 年 4 月 24 日（星期四）至 4 月 29 日（星 期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏 目或通过公司邮箱 ir@csair.com 进行提问，邮件标题请注明"600029 业绩说明会"，公司将在说明会上对投资者普遍关注的问题进行回 答。 中国南方航空股份有限公司（以下简称"公司"）2025 年 4 月 30 日发布公司 2025 年第一季度报告，为便于广大投资者更全面 1 ● 会议召开时间：2025 年 4 月 30 日（星期三）10:00-11:00 ● 会议召开地点：上海证券交易所上证路演中心（网址： 深入地了解公司 2025 年第一季度经营成果和财务状 ...

航班进入平飞阶段后，乘务组精心组织了一系列精彩纷呈的互动活动。环保知识问答环节，旅客们积极 踊跃参与，在检验自身低碳常识的同时，也进一步加深了对环保知识的了解；在"碳足迹树"签名海报 前，旅客们纷纷郑重签下自己的名字，许下对环保的承诺，每一个签名都如同一片绿叶，汇聚成守护地 球的磅礴力量；可降解种子书签更是别出心裁，旅客们可以将这份承载着绿色希望的种子带回家，让绿 色理念在生活的土壤中落地生根。乘务员们还积极分享实用环保技巧，号召旅客从身边小事做起，共同 为环保事业贡献力量。 未来，南航将继续深耕绿色低碳发展新模式，依托技术创新和精细管理，不断优化航班运行流程，提高 能源利用效率。南航将致力于为旅客提供更环保、可持续的出行选择，以实际行动为建设美丽中国贡献 南航力量。（编辑：陈虹莹 校对：许浩存 审核：程凌） 参与互动的旅客与乘务员在 " 碳足迹树 " 签名海报前合影留念（本文图片均由南航提供） 在 " 碳足迹树 " 签名海报前，旅客们纷纷郑重签下自己的名字，许下对环保的承诺 《中国民航报》、中国民航网 记者郭瑛 通讯员吕琳瑜、赵昱凯 报道：近日，南航广西分公司在多条热 门航线上精心策划并推出了"绿色领航·碳 ...

Core Viewpoint - The aviation industry is expected to see improvements in supply and demand during the peak season, with potential recovery in ticket prices as demand continues to grow during holidays like Spring Festival and Qingming [1][3]. Supply Side Analysis - Supply chain issues and the impact of the US "reciprocal tariffs" may further slow down aircraft introductions [3][4]. - Short-term increases in utilization rates are limited due to engine maintenance [3][4]. - Domestic flight load factors remain high, indicating limited capacity for overall peak season growth [3][4]. Demand Side Analysis - Demand is expected to continue growing, particularly during the Spring Festival and Qingming holidays, which may lead to improved supply-demand dynamics and a potential recovery in low ticket prices [3][4]. Industry Performance Data - In March 2025, the industry saw a year-on-year increase in ASK and RPK of 4.5% and 6.7%, respectively, with a load factor of 83.3%, up 1.7 percentage points year-on-year [4]. - The average domestic economy class ticket price was 722 yuan, down 11.2% year-on-year, with Q1 ticket prices showing a decline of 12% [4][5]. Fuel Price Trends - The average price of aviation kerosene in Q1 2025 was 5,952 yuan per ton, down 10% year-on-year, while the price in April dropped to 5,602 yuan per ton, a decrease of 15.4% [5][6]. - Brent crude oil prices averaged $74.98 per barrel in Q1 2025, down 8.3% year-on-year, with April's average at $66.81 per barrel, down 24.9% [6]. Capacity and Fleet Management - Airlines are reallocating capacity to international routes, with domestic ASK decreasing but load factors improving [7]. - In March, China Southern Airlines had the highest net increase in aircraft, adding 13 planes, while other airlines also saw varying increases [7].