证券代码：600029 证券简称：南方航空 公告编号：临 2025-009 中国南方航空股份有限公司 2025 年 2 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2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）同比下 降0.86%，其中国内同比下降6.09%，地区和国际分别同比上升 0.03%和17.92%；旅客周转量（按收入客公里计）同比上升0.47%， 其中国内和地区分别同比下降4.01%和6.13%，国际同比上升 17.15%；客座率为86.74%，同比上升1.14个百分点，其中国内同 比上升1.91个百分点，地区和国际分别同比下降4.93和0.55个百 分点。 货运方面，2025年2月货运运力投入（按可利用吨公里—货 邮运计）同比下降1.20%；货邮周转量（按收入吨公里—货邮运 计）同比上升12.64%；货邮载运率为47.17%，同比上升5.80个百 分点。 1 2025年2月，本集团新增主要航线情况如下：福州-金边-福 州（每周三 ...

Investment Rating - The report maintains an "Outperform" rating for the aviation sector, recommending a focus on specific airlines such as Air China, Spring Airlines, China Eastern Airlines, and others [77]. Core Insights - Domestic flight schedules have decreased by 4% compared to 2024, but show a 22% increase compared to 2019, indicating a further easing of domestic supply [7][8]. - International flight schedules are steadily recovering, with plans to restore to 81% of 2019 levels, while flights to Hong Kong, Macau, and Taiwan have slightly decreased [7][8]. - The overall daily flight schedule for domestic airlines is projected at 17,500 flights, a 21% increase from 2019 [7][8]. Summary by Sections Domestic Market Overview - Domestic flight schedules for the summer-autumn season of 2025 are expected to average 16,100 flights per day, down 4% from 2024 but up 22% from 2019 [11][12]. - The total daily coordinated flight schedules are projected at 8,041 flights, a 21% increase from 2019 [11][12]. - The domestic airlines plan to operate 6,866 domestic routes during the summer-autumn season of 2025 [11]. International Market Overview - The average daily international and regional flights are set at 2,487, recovering to 81% of 2019 levels [51][62]. - Specific regional recovery rates include 78% for Australia, 26% for North America, and 84% for Southeast Asia [51][62]. Investment Analysis - The report suggests that external factors such as oil prices and currency exchange rates are improving, which could enhance airline profitability as domestic demand recovers [7][76]. - The report recommends continued attention to the aviation sector, highlighting the potential for revenue growth if ticket prices rebound [76]. Airline Performance - Major airlines like China Southern Airlines, China Eastern Airlines, and Air China maintain stable market shares, with slight variations in flight schedules compared to previous years [11][12]. - The report provides detailed statistics on individual airline performance, showing changes in flight schedules and market shares [16][17].

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights that the recent decline in oil prices is expected to elevate the profit margins for the aviation sector, with Brent oil prices dropping below $70 per barrel and WTI prices below $67 per barrel [8] - The report suggests that if oil prices remain low, it could lead to cost savings of approximately 4-5 billion yuan for major airlines, equivalent to a ticket price reduction of about 3%-4% [8] - The report emphasizes the importance of monitoring supply-demand dynamics and macroeconomic conditions to ensure that the benefits of lower oil prices translate into profits for the airlines [13] Summary by Sections Weekly Focus - The focus of the week is on the accelerated decline in oil prices, which is expected to enhance the profit margins for the aviation industry [6] Industry Data Tracking (2025.03.02 - 03.08) Aviation High-Frequency Data Tracking - Domestic flight volume for the period was 81,367 flights, with a daily average of 11,624 flights, down 10.07% week-on-week and 7.47% year-on-year [10] - Domestic passenger volume reached 11.0615 million, down 12.05% week-on-week and 4.17% year-on-year [11] - The average full ticket price decreased by 4.76% week-on-week and 3.39% year-on-year [11] - The domestic passenger load factor was 83.18%, an increase of 3.73 percentage points year-on-year [12] - International passenger volume reached 1.315 million, down 5.27% week-on-week but up 26.01% year-on-year [14] Express Delivery High-Frequency Data Tracking - For the week of February 24 to March 2, the average daily express delivery volume was approximately 534 million pieces, with a delivery volume of about 541 million pieces, showing a slight decrease of 0.56% and an increase of 0.05% respectively compared to the previous week [19] - Year-to-date (January 1 to March 2), the average daily express delivery volume was approximately 488 million pieces, up 37.41% year-on-year [20] Shipping High-Frequency Data Tracking - The BDI index for the international dry bulk market was 1,263 points, up 17% week-on-week [51] - The CCFI index for the international container shipping market decreased by 3% week-on-week, while the SCFI index fell by 5% [51] - The VLCC-TCE rate for oil shipping was $39,359 per day, down 1% week-on-week [52] Recent Key Reports - The report includes a recommended investment portfolio consisting of companies such as COSCO Shipping Energy, Shandong Hi-Speed, and China Eastern Airlines, among others [5]

Investment Rating - The report recommends investment in several companies within the aviation and logistics sectors, including China National Aviation (601111.SH), Southern Airlines (600029.SH), and Huamao Logistics (603128.SH) [9]. Core Insights - The report highlights the recovery of air travel demand, with domestic ASK (Available Seat Kilometers) for major airlines exceeding 100% of 2019 levels, indicating a strong rebound in the aviation sector [19][22]. - The logistics sector is expected to benefit from the growth of cross-border e-commerce, driven by domestic demand and the expansion of local manufacturing brands [8]. - The report emphasizes the importance of smart logistics and digital transformation in enhancing operational efficiency and meeting consumer demands [63][66]. Summary by Sections Aviation and Airports - As of December 2024, domestic ASK recovery rates for major airlines reached 132.45% for China National Aviation and 153.98% for Spring Airlines compared to 2019 [19]. - International flight recovery rates vary, with the UK at 112% and Italy at 122% compared to 2019 [22]. - The report notes that the optimism surrounding airport duty-free agreements has been priced in, with future international passenger flow recovery being a key focus [7]. Shipping and Ports - The SCFI (Shanghai Containerized Freight Index) reported a value of 1436 points as of March 7, 2025, reflecting a week-on-week decrease of 5.21% and a year-on-year decrease of 23.83% [28]. - The BDTI (Baltic Dirty Tanker Index) was at 879 points, down 0.86% week-on-week and down 26.01% year-on-year [33]. - The report indicates a significant decline in shipping rates across various routes, with the CCFI (China Containerized Freight Index) showing a decrease of 7.70% year-on-year [28]. Road and Rail - In December 2024, railway freight volume increased by 8.46% year-on-year, reaching 4.59 million tons, while road freight volume grew by 9.94% to 37.74 million tons [39][46]. - The report highlights the expansion of rail capacity in the southwest region, enhancing operational efficiency [60]. Express Logistics - The express delivery sector achieved a revenue of 137.89 billion yuan in December 2024, marking a year-on-year increase of 13.60% [49]. - The average price per express delivery item decreased by 13.61% to 7.75 yuan [49]. - The report emphasizes the growth potential in the express logistics sector, driven by e-commerce and the development of differentiated competitive advantages among leading companies [8].

董事會召開日期 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） 中華人民共和國，廣州 2025年3月7日 於本公告日期，董事包括執行董事馬須倫、韓文勝及羅來君 ; 及獨立非執行董事何超瓊、郭 為及張俊生。 1 中國南方航空股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2025年3月 26日（星期三）舉行董事會會議，藉以考慮及通過（其中包括）本公司截至2024年12月31 日止年度的全年業績及派發末期股息（如有）。 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 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國南方航空股份有限公司 呈交日期: 2025年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01055 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,643,997,308 | RMB | | 1 | RMB | | 4,643,997,308 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 4,643,997,308 | RMB | | 1 | RMB | | 4,643,997,308 | | 2. 股 ...

Group 1: Private Economy Promotion Law - The draft of the Private Economy Promotion Law has been submitted for the second review, aiming to address key concerns of private enterprises, including prohibiting illegal fees and fines against them [1][2] - The law reflects a social consensus on the importance of private economy and aims to boost confidence by providing substantial regulations for the protection of private enterprises [2] Group 2: Real Estate Market in Hangzhou - Hangzhou's recent land auction saw an average premium rate of 45.6%, with significant interest from developers, indicating a strong recovery in the real estate market [3][4] - The increase in housing transactions, both new and second-hand, suggests a growing market confidence, supported by favorable policies and strong demand for quality properties [4] Group 3: Baidu's Acquisition of YY Live - Baidu has completed the acquisition of YY Live for approximately $2.1 billion, significantly lower than the initial offer, reflecting changes in the live streaming industry [5][6] - The acquisition aims to fill a gap in Baidu's live streaming business and enhance its monetization channels, despite challenges faced by YY Live in recent years [6] Group 4: iQIYI's Financial Performance - iQIYI reported a revenue decline of 14% year-on-year for Q4 2024, marking its first quarterly loss since Q1 2022, indicating pressure on its business model [7][8] - The platform's strategy of restricting user access to content has drawn criticism, highlighting the challenges faced in user growth and retention amid fierce competition [8] Group 5: Apple CEO Tim Cook's Compensation - Tim Cook's total compensation for 2024 is set at $74.61 million, an 18% increase from 2023, primarily driven by stock awards linked to Apple's performance [9][10] - Apple's strong market position and consistent growth have justified the high compensation, reflecting a strategy to align executive pay with long-term shareholder value [10] Group 6: Hong Kong Disneyland's Financial Recovery - Hong Kong Disneyland reported its first profit since 2015, with a net profit of HKD 838 million, driven by a significant increase in visitor numbers and spending [11][12] - The recovery is closely tied to the overall revival of Hong Kong's tourism sector, aided by the easing of travel restrictions and new attractions [12] Group 7: China Southern Airlines' IPO Withdrawal - China Southern Airlines' logistics subsidiary has withdrawn its IPO application due to market conditions, despite being the most profitable airline logistics company in China [13][14] - The decision reflects a strategic move in light of tightened regulatory scrutiny and the need to reassess capital operations [14] Group 8: Stock Market Performance - The stock market experienced a rebound with the Shanghai Composite Index rising over 1%, driven by active trading and sector rotation [15][16] - The market's performance indicates a mixed sentiment, with some sectors like steel and brokerage stocks showing strength, while others lag behind [16]

证券代码：600029 证券简称：南方航空 公告编号：临 2025-008 中国南方航空股份有限公司 关于所属子公司撤回主板上市申请的公告 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。 南方航空物流股份有限公司首次公开发行股票并在沪市主板上 市申请的通知》（上证上审〔2023〕813 号）。 上述分拆及其进展的具体内容详见公司在上海证券交易所 网站（www.sse.com.cn）上披露的相关公告。 二、本次撤回上市申请的原因 公司自筹划本次分拆上市事项以来，积极推进相关事宜，组 织中介机构开展尽职调查等相关工作，并严格按照相关法律法规 和规范性文件的要求履行了决策程序和信息披露的义务。基于目 前市场环境变化，为统筹安排资本运作规划，经充分沟通及审慎 论证后，南航物流拟撤回上交所主板上市申请文件。 三、本次撤回上市申请的影响 本次南航物流撤回上市申请不会对公司和南航物流产生实 质性影响，不会对公司生产经营活动和财务状况产生重大不利影 响，亦不会影响公司战略规划的实施。 一、本次分拆上市的基本情况 2023 年 3 月 28 ...

Investment Rating - The investment rating for the aviation transportation industry is "Positive" [2][6] Core Viewpoints - The industry passenger load factor has recovered to 2019 levels, with January ticket prices showing a slight year-on-year increase [2][8] - The supply-demand dynamics indicate that the passenger load factor for the entire year of 2024 has returned to 2019 levels, with significant growth in both capacity and revenue passenger kilometers (RPK) compared to 2019 [8][14] - The average one-way ticket price in January 2025 was 902 RMB, reflecting a month-on-month increase of 29.6% and a year-on-year increase of 3.8% [3][17] - The average price of aviation kerosene in January and February 2025 was 5910 RMB per ton, a decrease of 10.1% compared to the same period in 2024 [21][22] Summary by Sections Industry Supply and Demand - In December 2024, the industry ASK (Available Seat Kilometers) and RPK increased by 8.1% and 9.7% respectively compared to December 2019, with a passenger load factor of 82.0%, exceeding the same period in 2019 by 1.2 percentage points [8][14] - Cumulatively for 2024, the ASK and RPK increased by 10.2% and 10.3% respectively compared to 2019, with an average load factor of 83.3% [8][14] Ticket Price Situation - The average one-way ticket price in January 2025 was 902 RMB, with domestic ticket prices averaging 865 RMB (up 2.9% year-on-year) and international ticket prices averaging 1812 RMB (up 6.5% year-on-year) [3][17] Fuel Price and Exchange Rate - The average price of aviation kerosene in January and February 2025 was 5910 RMB per ton, down 10.1% from the same period in 2024 [21][22] - The exchange rate remained stable, with the USD to RMB exchange rate at 7.1697 as of February 18, 2025, a decrease of 0.26% from the end of 2024 [21][22] Airline Operations - In January 2025, domestic airline capacity saw a slight year-on-year increase, with passenger load factors remaining high [4][26] - Major airlines introduced new aircraft, with China Eastern Airlines leading with six new aircraft, resulting in a net increase of four aircraft [4][41] Investment Recommendations - The report suggests a positive outlook for the recovery of air travel, recommending a focus on airlines such as Air China, China Southern Airlines, Spring Airlines, Juneyao Airlines, and China Eastern Airlines due to expected performance elasticity with rising ticket prices and stable fuel costs [5][45]

吴颖湘女士确认与公司董事会和公司无不同意见，亦不存在 公司股东需要知悉有关其辞任的其他事宜。董事会对于吴颖湘女 士担任公司副总经理期间为公司发展作出的贡献表示感谢。 证券代码：600029 证券简称：南方航空 公告编号：临 2025-007 中国南方航空股份有限公司 关于高级管理人员变动的公告 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。 2025 年 2 月 18 日，中国南方航空股份有限公司（以下简称 "公司"）召开第十届董事会第五次会议，应出席会议董事 6 人， 实际出席会议董事 6 人，罗来君董事因公未亲自出席本次会议， 授权韩文胜董事代为出席会议并表决，何超琼董事因公未亲自出 席本次会议，授权张俊生董事代为出席会议并表决。经出席本次 董事会的董事审议并表决，一致通过以下议案： 同意聘任曾永超先生为公司副总经理；同意聘任陈詟先生为 公司总飞行师，不再担任公司安全总监；同意聘任蔡琦先生为公 司安全总监，上述高级管理人员任期与本届董事会任期一致。 同意吴颖湘女士因工作变动不再担任公司副总经理，吴榕新 先生因工作变动不再 ...