证券代码：600029 证券简称：南方航空 公告编号：临 2025-028 转债代码：110075 转债简称：南航转债 中国南方航空股份有限公司 关于可转换公司债券跟踪评级的公告 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董事会 ● 前次债券评级：AAA；主体评级：AAA；评级展望：稳 定。 1 ● 本次债券评级：AAA；主体评级：AAA；评级展望：稳 定。 用评级结果为 AAA；评级展望为稳定，评级机构为联合资信， 评级时间为 2024 年 5 月 22 日。 ● 本次评级结果较前次没有变化。 评级机构联合资信在对公司进行综合分析与评估的基础上， 于 2025 年 5 月 21 日出具了《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》，本次公司主体长期信用评级结 果为 AAA，南航转债信用评级结果为 AAA，评级展望为稳定。 本次评级结果较前次没有变化。 重要内容提示： 根据相关法律法规的规定，中国南方航空股份有限公司（以 下简称"公司"）委托联合资信评估股份有限公司（以 ...

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 ...

中国南方航空集团有限公司以"向北开放 共谋振兴"为主题，携最新航空产业发展成果亮相第34届哈尔 滨国际经济贸易洽谈会。在180平方米的融合冰雪、科技与环保元素的特色展区内，南航通过三大核心 板块全面展现航空全产业链服务能力。 文 | 刘骥翱 走进科技展区，里面陈列着自主研发的A320 NEO飞行与导航程序训练器，在工作人员介绍中了解到， 该设备采用全景视景系统与矢量图仪表，能够模拟全球机场环境，通过远程故障诊断系统实现个性化训 练设置，"这款设备不仅打破国外技术垄断，更以性价比优势成为飞行员标准化培训的重要载体"工作人 员自豪说道。现场同步展示了天瞳飞行感知系统、天越数据译码系统等创新成果，这些曾护航国产大飞 机C919的首飞、获得民航科技奖项的系统集群，全面展现数字化转型的突破。 一旁的运输服务板块重点呈现了"冰城空中走廊"建设规划。南航黑龙江分公司总经理洪波表示：暑运期 间将优化哈尔滨-济南-乌鲁木齐航线为直飞模式，新增至烟台、西宁等支线航班，并计划开通哈尔滨至 符拉迪沃斯托克的国际航线。预计2025年夏秋航季执飞965条航线，覆盖全球50个国家和地区，让"说走 就走"的跨国旅行成为现实。 在哈洽会这一重 ...

2025年以来，随着携宠出行需求激增，国内航司竞相布局"宠物进客舱"服务。深蓝智库调研发现，部 分"宠物进客舱"机票单程最高可达2000元。这一服务不仅成为航司应对客运收益下滑的新手段，也推动 了"民航+宠物"服务产业链向检疫、保险、旅游等上下游延伸。然而，"人宠同行"的品种限制、客舱安 全与旅客体验的平衡等问题仍是行业面临的现实挑战。专家指出，未来"宠物友好航班"或成常态，但相 关政策和规则的完善与执行是关 从货舱到客舱 越来越多的宠物正在被允许进入飞机客舱，被放置在主人前排座椅下方或相邻座位上，与主人一同开启 飞行旅程。 据深蓝智库不完全统计，2025年以来，海航、南航、东航、吉祥航空、春秋航空等多家上市航司都试点 提出或升级"宠物进客舱"服务。其中，海航和南航扩大了宠物进客舱的站点或航线范围，东航、吉祥航 空和春秋航空则是试点推出"宠物进客舱"服务。 在这些"宠物进客舱"服务中，"人宠同行""人宠共融"是最主要的概念，几乎所有推出该服务的航司都提 到了相关说法。在不断优化宠物相关服务的背后，是携宠航空出行的需求越发强烈。 以国内最早推出该项服务的海航为例，2018年起，海航率先推出"宠物客舱关爱服务"。 ...

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 - 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 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The shipping industry is experiencing a surge in demand due to a recent temporary reduction in tariffs between China and the US, leading to a significant increase in shipping volumes on the US route. The average booking volume surged by 277% compared to the previous week [5] - The Shanghai Export Container Freight Index (SCFI) rose by 10.0% week-on-week, indicating a strong recovery in shipping rates, particularly for routes to the US [6] - The logistics sector is showing resilience, with express delivery volumes in April increasing by 19.1% year-on-year, reflecting robust demand across various sectors [9] - The airline industry is expected to benefit from macroeconomic recovery, with a long-term supply-demand imbalance favoring growth in the sector [12] Summary by Sections Shipping Vessels - The recent tariff reductions have led to a surge in demand for shipping services, particularly on the US route, with a projected increase in freight rates over the next 2-3 months due to supply constraints [5] - The average weekly capacity for the US route is expected to be 500,000 TEU, down 6% from last year [5] - The oil tanker market is facing supply tightness due to limited new orders and an aging fleet, which is expected to sustain high demand in the coming years [12] Express Logistics - In April, the express delivery industry in China saw a business volume of 16.32 billion pieces, a year-on-year increase of 19.1%, with revenue reaching 121.28 billion yuan, up 10.8% [9] - The concentration index for express delivery brands (CR8) was 86.7, indicating a stable competitive landscape [9] Aviation and Airports - The airline industry is poised for growth due to low supply growth and recovering demand, with key companies to watch including China Southern Airlines and Air China [12] - The passenger transport volume in March was approximately 59 million, reflecting a year-on-year increase of 3.5% [50] Overall Market Performance - From May 12 to May 16, the transportation index rose by 2.12%, outperforming the Shanghai Composite Index [17] - The shipping sector saw the highest increase at 7.42%, indicating strong market performance [17]

【文/观察者网 王勇 编辑/赵乾坤】 据民航局日前发布的数据，截至目前，中外航司执行国际客运航班周均达6428班，比去年同期增长 25.4%。其中中方航司执飞4470班，比去年同期增长31.4%；外方航司执飞1958班，比去年同期增长 13.6%。 中国东方航空航班《旅行与旅游世界》 数据显示，我国与共建"一带一路"国家间航班量份额稳步提高，目前航班量占比达到约72%。此外，今 年以来，我国国际航线网络不断完善，通航国家数量达到79个，国际航班通达性进一步提升。 随着我国国际航线网络不断拓展，"五一"假期期间，入境游客达111.5万人次，同比增长43.1%。今年以 来国际航线数量一路上涨，前4个月新增5个通航国家，79个国家的"国际特种兵"可以直接"空降"中国。 据国际旅游行业媒体《旅行与旅游世界》5月14日报道，中国东方航空今夏将强势拓展国际航线版图， 新开六条横跨欧亚大陆的空中通道，其中包括伊斯坦布尔、巴黎和阿拉木图三大全新航点。这一战略布 局将显著增强中国与欧洲、中亚核心城市间的航空联通性。 美国《航空周刊》日前报道称，中国东方航空公司正在深化其在欧洲和中亚的空中交通网络，该航司将 于 6 月 30 日 ...