Market Overview - On August 27, the aviation and airport sector declined by 1.27% compared to the previous trading day, with CITIC Hainan leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Spring Airlines closed at 54.00, up 0.52% with a trading volume of 113,200 shares and a transaction value of 616 million yuan [1] - China Southern Airlines closed at 6.01, down 0.99% with a trading volume of 852,200 shares and a transaction value of 516 million yuan [1] - Shanghai Airport closed at 32.52, down 1.90% with a trading volume of 191,200 shares and a transaction value of 629 million yuan [1][2] Capital Flow Analysis - The aviation and airport sector experienced a net outflow of 369 million yuan from institutional investors, while retail investors saw a net inflow of 217 million yuan [2][3] - Major stocks like Shenzhen Airport and China Eastern Airlines had significant net outflows from institutional investors, indicating a shift in investment sentiment [3] Detailed Stock Capital Flow - Shenzhen Airport had a net inflow of 33.24 million yuan from retail investors but a net outflow of 19.39 million yuan from institutional investors [3] - China Eastern Airlines saw a net outflow of 54.94 million yuan from institutional investors, while retail investors contributed a net inflow of 41.58 million yuan [3] - The overall trend indicates a preference for retail investment in certain stocks despite the overall sector decline [3]

中国民航网 通讯员童飞、张静、许振北 报道：2025年8月25日，随着两台CFM56-5B发动机顺利运出机 库，南航贵州公司飞机维修厂（以下简称"维修厂"）成功完成首次空客A320飞机发动机自主拆除任 务。此次工作历时4天，累计投入24人次、453个工时，不仅标志着南航贵州在飞机深度维修能力建设上 取得新突破，更为后续承接新机型定检资质、推动贵州民航维修产业升级奠定了坚实基础。 迎战暑运攻坚 攻克技术难点 在航空运输旺季高负荷压力下，维修厂统筹调配资源，抽调具备空客A320维修授权及丰富机型经验的 骨干组建专项小组。8月22日，团队进场执行首台发动机拆卸任务。面对空客A320与现管波音737NG机 型在发动机结构上的显著差异--如差异化吊点设计、精密电控系统及复杂插头布局等挑战，团队严格践 行"按卡施工、按章操作"，通过工序优化与动态风险管控，逐一攻克技术难点。 "空客A320发动机拆卸需同步协调上层托架安装与吊点拆除，毫米级偏差都可能引发刮碰风险。"维修 厂负责人表示，团队通过优化工序与实时监控，确保吊点拆除和部件转移全程安全精准，实现"零差 错"操作，展现出维修团队高超的专业素养与协作能力。 提升技术能力 ...

Core Viewpoint - The aviation and airport sector experienced a slight increase of 0.78% on August 26, with CITIC Heli leading the gains, while the overall market showed mixed results with the Shanghai Composite Index down by 0.39% and the Shenzhen Component Index up by 0.26% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3868.38, down 0.39% [1] - The Shenzhen Component Index closed at 12473.17, up 0.26% [1] - CITIC Heli's stock price increased by 3.65% to 25.27, with a trading volume of 733,100 shares and a transaction value of 1.835 billion yuan [1] Group 2: Individual Stock Performance - Major stocks in the aviation sector showed varied performance, with Hainan Airlines up by 1.26% to 1.61 and Southern Airlines up by 1.17% to 6.07 [1] - Shanghai Airport's stock price rose by 1.10% to 33.15, with a trading volume of 210,400 shares and a transaction value of 695 million yuan [1] - Xiamen Airport's stock price increased by 0.13% to 15.14, with a trading volume of 26,000 shares and a transaction value of 39.3871 million yuan [2] Group 3: Fund Flow Analysis - The aviation and airport sector saw a net outflow of 15.1482 million yuan from institutional funds, while retail funds experienced a net inflow of 19.8807 million yuan [2] - The main stocks with significant net inflows included Shanghai Airport with 62.3442 million yuan and CITIC Heli with 62.0524 million yuan [3] - Conversely, China Eastern Airlines experienced a net outflow of 17.5615 million yuan from institutional funds [3]

於其他市場發佈的公告 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。 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年半年度業績說明會的公告》及《中國南方航空股份有限公司關於變更 審計項目質量控制復核人的公告》，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8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、張 俊生及祝海平。 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） 证券代码：600029 证券简称：南方航空 公告编号：临 2025-039 中国南方航空股份有限公司 关于召开 2025 年半年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， ...

中国南方航空股份有限公司 关于变更审计项目质量控制复核人的公告 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。 中国南方航空股份有限公司（以下简称"本公司""公司"） 于 2025 年 3 月 26 日召开第十届董事会第六次会议，并于 2025 年 5 月 23 日召开 2024 年年度股东会，审议通过《关于续聘公司 2025 年外部审计师的议案》，同意续聘毕马威华振会计师事务 所（特殊普通合伙）（以下简称"毕马威华振"）为公司 2025 年度国内财务报告和内部控制报告审计师。详情请见公司分别于 2025 年 3 月 27 日及 2025 年 5 月 24 日在上海证券交易所网站 （www.sse.com.cn）发布的相关公告。 一、本次审计项目质量控制复核人变更情况 公司收到毕马威华振《关于变更中国南方航空股份有限公司 2025 年度质量控制复核人的函》。毕马威华振作为公司 2025 年 度国内财务报告和内部控制报告的审计机构，原指派项目合伙人 为李丹，签字注册会计师为李丹、林雪华，质量控制复核人为彭 菁。鉴于工作调整原因 ...

证券代码：600029 证券简称：南方航空 公告编号：临 2025-039 中国南方航空股份有限公司 关于召开 2025 年半年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：上证路演中心视频录播和网络互动 ● 投资者可于 2025 年 8 月 25 日（星期一）至 8 月 28 日（星 期四）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 8 月 29 日发布公司 2025 年半年度报告，为便于广大投资者全面深入 1 ● 会议召开时间：2025 年 8 月 29 日（星期五）16:00-17:00 ● 会议召开地点：上海证券交易所上证路演中心（网址： 地了解公司 2025 年上半年经营成果、财务 ...

Market Performance - The aviation and airport sector increased by 1.54% on August 25, with CITIC Hainan leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Stock Performance - CITIC Hainan (000099) closed at 24.38, up 2.22% with a trading volume of 422,500 shares and a transaction value of 1.022 billion [1] - China Eastern Airlines (600115) closed at 4.17, up 2.21% with a trading volume of 836,500 shares and a transaction value of 345 million [1] - Southern Airlines (600029) closed at 6.00, up 2.04% with a trading volume of 849,300 shares and a transaction value of 505 million [1] - HNA Holding (600221) closed at 65.1, up 1.92% with a trading volume of 5,206,400 shares and a transaction value of 823 million [1] - China National Aviation (601111) closed at 7.54, up 1.89% with a trading volume of 1,215,900 shares and a transaction value of 266 million [1] Fund Flow Analysis - The aviation and airport sector saw a net inflow of 6.1107 million from institutional investors, while retail investors contributed a net inflow of 16.3 million [2] - The sector experienced a net outflow of 169 million from speculative funds [2] Individual Stock Fund Flow - CITIC Hainan had a net outflow of 51.4 million from institutional investors, with a net inflow of 14.3 million from retail investors [3] - Xiamen Airport (600897) had a net outflow of 1.1377 million from institutional investors, with a net inflow of 517,100 from retail investors [3] - Shanghai Airport (600009) had a net inflow of 5.1069 million from institutional investors, while retail investors contributed a net inflow of 343,720 [3]

Group 1: Express Delivery Industry - In July, SF Express achieved a business volume growth rate of 34%, leading among all express companies [1][2] - During the week of August 11-17, the total collection volume of postal express was approximately 3.523 billion pieces, with a week-on-week decrease of 0.06% and a year-on-year increase of 11.81% [1][2] - The total delivery volume during the same week was about 3.511 billion pieces, with a week-on-week decrease of 0.09% and a year-on-year increase of 15.11% [1][2] - By July 2025, the year-on-year business volume growth rates for SF Express, Yunda, YTO, and Shentong are projected to be 33.7%, 7.6%, 20.8%, and 11.9% respectively, with market shares of 8.4%, 13.2%, 15.8%, and 13.3% [1][2] - The "anti-involution" trend has led to price increases in several grain-producing areas, and with the peak season approaching, it is expected that the price per express delivery will rise [1][2] Group 2: Logistics Sector - The chemical product price index (CCPI) in China is currently at 4024 points, showing a year-on-year decrease of 10.3% [3] - The domestic sea freight price for liquid chemicals is 158 yuan/ton, reflecting a year-on-year decrease of 8.4% [3] - The operational rates for paraxylene (PX), methanol, and ethylene glycol are 84.6%, 80.7%, and 65.1% respectively, with varying year-on-year changes [3] - The establishment of the "Haimorning Artificial Intelligence Research Institute" and "Haimorning Robotics Research Institute" aims to focus on advanced technologies in logistics [3] - The airline sector is experiencing an increase in average daily flights, with a year-on-year growth of 4.18% [3] Group 3: Shipping Industry - The crude oil transportation index has increased, while the domestic shipping index continues to rise [4] - The China Export Container Freight Index (CCFI) is at 1174.87 points, with a year-on-year decrease of 40.5% [4] - The domestic container freight index (PDCI) is at 1091 points, showing a year-on-year increase of 15.9% [4] - The BDI index for dry bulk shipping is at 1950 points, with a year-on-year increase of 11.7% [4] - The oil transportation sector is expected to see a demand boost due to OPEC+ production increases and geopolitical factors [4] Group 4: Road, Rail, and Port Operations - The total cargo throughput at ports decreased by 2.8% week-on-week, but increased by 3.8% year-on-year [5] - The total container throughput was 6.75 million TEUs, with a week-on-week decrease of 0.6% and a year-on-year increase of 6.6% [5] - The total number of trucks passing through highways was 54.93 million, reflecting a week-on-week increase of 3.06% and a year-on-year increase of 4.65% [5] - The dividend yield of major highway operators is currently higher than the yield of China's ten-year government bonds, indicating attractive investment opportunities [5]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The conference call primarily discusses the **Chinese airline and logistics industries** in the context of the **2025 anti-involution campaign** aimed at addressing aggressive competition and stabilizing market conditions [2][4][18]. Core Insights and Arguments - **Anti-involution Campaign**: The campaign is a strategic initiative by the Chinese government to stabilize pricing and enhance service quality across various sectors, particularly logistics and airlines, during a downward economic cycle [2][4][8]. - **Logistics Sector**: The logistics industry is experiencing regulatory efforts to curb over-competition, with price adjustments and guidance from authorities like the State Post Bureau and NDRC. This is expected to improve industry stability and profitability [2][3][18]. - **Airline Sector Challenges**: Airlines face unique challenges, including weak demand and a shift to rail travel, rather than just aggressive competition. The dominance of Online Travel Agencies (OTAs) complicates pricing regulations, as they control 70-80% of flight ticket sales [2][3][10][18]. - **Stock Recommendations**: The analysis maintains a cautious stance on Chinese airlines due to ongoing unprofitability, while expressing a positive outlook on logistics companies like ZTO, SF Holdings, and JD Logistics, which are expected to benefit from regulatory measures [3][4][18]. Additional Important Content - **Passenger Volume Trends**: Despite an increase in passenger volumes during the summer, airlines continue to face pricing pressures, with domestic air passenger volume rising by 2.7% year-over-year in July, while international passenger volume increased by approximately 16% [9][11]. - **Pricing Power Issues**: The average airfare for domestic economy class dropped by 7.5% year-over-year, remaining 5% below pre-COVID levels, indicating persistent demand challenges [11][10]. - **High-Speed Rail Competition**: The growth of high-speed rail (HSR) is diverting passengers from air travel, particularly for short-haul flights, exacerbating the challenges faced by airlines [10][12][14]. - **Regulatory Focus**: The logistics sector has seen a narrowing decline in Average Selling Prices (ASP) due to intensified regulatory supervision, which may serve as a model for potential measures in the airline sector, although challenges remain [18][21]. Conclusion - The conference call highlights the contrasting dynamics between the logistics and airline sectors in China, emphasizing the need for regulatory interventions to stabilize pricing and improve profitability, particularly in the logistics industry, while the airline sector continues to grapple with deeper-rooted demand issues and competitive pressures.

Group 1: Target Price Increases - The target price increases for listed companies from August 18 to August 24 show significant growth, with Hengmingda (002947) leading at 63.83%, followed by Jiangsu Shentong (002438) at 62.24%, and Dongfang Caifu (300059) at 60.29% [1][2] Group 2: Broker Recommendations - A total of 559 listed companies received broker recommendations during the same period, with Beixin Building Materials (000786) receiving the highest number of recommendations at 22, followed by Yanghe Co., Ltd. (002304) with 21, and Runben Co., Ltd. (603193) with 20 [3][4] Group 3: Rating Upgrades - Nine companies had their ratings upgraded, including Changhai Co., Ltd. (300196) from "Hold" to "Buy" by Northeast Securities, and Chuanjinno (300505) from "Hold" to "Buy" by Pacific Securities [5][6] Group 4: Rating Downgrades - Eleven companies experienced rating downgrades, such as Taoli Bread (603866) from "Recommended" to "Cautious Recommendation" by Minsheng Securities, and Southern Airlines (600029) from "Hold" to "Increase" by Zhongyin International Securities [7][8] Group 5: First Coverage - A total of 97 instances of first coverage were reported, with Southern Airlines receiving an "Increase" rating from Zhongyin International Securities, and Cuihua Jewelry (002731) receiving a "Buy" rating from Tianfeng Securities [9][10]