Core Points - Singapore Airlines announced the return of the Airbus A380 on the Singapore-Shanghai route from June 23 to August 31, with daily flights [1] - The A380, known as the "superjumbo," is the largest passenger aircraft in the world, designed to challenge Boeing's dominance in the aviation market [3][5] - Despite its technological marvel, the A380 has faced operational challenges in the Chinese market, leading to its limited adoption by Chinese airlines [9][12] Group 1: A380 Overview - The A380 project was launched in 1990, aiming to create a new aircraft that would reshape the international long-haul aviation market [3] - Officially released in 2000, the A380 features a double-deck design, with a maximum capacity of 853 passengers in an all-economy layout and a range of 15,200 kilometers [5][6] - Singapore Airlines was the first to operate the A380 in 2007, marking the beginning of its prominence among major airlines [7] Group 2: Decline of A380 - The A380's production was halted in 2021 due to the rise of more fuel-efficient twin-engine aircraft and a shift in global aviation trends towards point-to-point routes [8][12] - By 2022, several airlines, including China Southern Airlines, had retired their A380 fleets, with only a few carriers like Emirates and Singapore Airlines continuing to operate them [8][11] Group 3: Challenges in the Chinese Market - The A380's operational model is not well-suited for the Chinese market, which has seen a trend towards dispersed international routes and lower passenger volumes [12][24] - The aircraft's size limits its operational flexibility, as only a small number of Chinese airports can accommodate it, making it difficult for airlines to adjust routes [14] - High operational costs associated with the A380, including fuel consumption and maintenance, make it less viable for airlines with smaller fleets [15][16]

证券代码：600029 证券简称：南方航空 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 公开发行 A 股可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办 法》"）、《中国南方航空股份有限公司公开发行 A 股可转换公司债券之债券 受托管理协议》（以下简称"《受托管理协议》"）、《中国南方航空股份有 限公司公开发行 A 股可转换公司债券募集说明书》（以下简称"《募集说明 书》"）、《中国南方航空股份有限公司 2024 年度报告》等相关公开信息披露 文件、第三方中介机构出具的专业意见等，由本期债券受托管理人中国国际金 融股份有限公司（以下简称"中金公司"）编制。中金公司对本报告中所包含 的从上述文件中引述内容和信息未进行独立验证，也不就该等引述内容和信息 的真实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜做出独立判断，而不应将本报告中的任何内容据以作为中金公司所作的 承诺或声明。在任何情况下，投资者依据本报告 ...

Market Overview - The market experienced a strong performance yesterday but faced a quick decline today, with the Hang Seng Index closing down 0.61% [1] - UBS warned that the current short squeeze in the US stock market may be nearing its end, with their tracked short squeeze index rising 43% recently [1] - Apollo Global's chief economist predicts a slowdown in US GDP growth to 1.2% by 2025, with inflation remaining around 3% and unemployment potentially rising to 4.4% or higher [1] Economic Indicators - Concerns were raised by Jerome Powell regarding the reliability of economic data collected by US government agencies, suggesting potential overestimations due to budget cuts [1] - The Hong Kong Monetary Authority bought HKD 94.2 billion (approximately RMB 86.13 billion) to support the currency, indicating liquidity tightening in the market [2] Sector Performance - The securities sector failed to maintain its upward momentum, with leading firms like Guotai Junan International seeing a drop of over 4% [3] - The Hong Kong government announced a new policy to promote digital assets, aiming to position the city as a global innovation hub in this field [3] - Consumer sectors are gaining attention, with the "Hong Kong Happy Shopping Festival" set to offer over HKD 1.9 billion in discounts, attracting significant participation from brands [5] Company Developments - Rongchang Bio announced a deal with VorBio for USD 125 million in cash and warrants, but the market reacted negatively, viewing the price as too low [4] - Li Ning's major shareholder has been increasing their stake, which is expected to support the company's operational stability [8] - Li Ning's revenue from running products is projected to grow by 25% in 2024, with core categories like running, basketball, and training accounting for 64% of retail revenue [9] Stock Movements - Stocks in the aviation sector are expected to rise due to increased ticket bookings for the summer travel season, with domestic bookings up about 5% year-on-year [7] - The military sector saw gains following comments from Trump regarding potential conflicts, with companies like China Shipbuilding Defense and AVIC rising over 6% and 1.68% respectively [6] - The weakening US dollar has led to a rise in commodity stocks, with companies like Minmetals Resources and China Hongqiao seeing increases of over 4% [5]

Core Viewpoint - China Southern Airlines Logistics is significantly enhancing the transportation of lychees from Guangdong to both domestic and international markets, with a focus on maintaining quality and efficiency in logistics operations [1][3][4]. Group 1: Transportation Volume and Growth - In the week from June 17 to June 24, the transportation volume of lychees by China Southern Airlines increased by over 40% compared to the previous week [1]. - Since January 2025, over 7,000 tons of lychees have been transported to various domestic and international locations, including major cities like Shanghai, Wuhan, and international destinations such as Amsterdam and London [3]. Group 2: Logistics Solutions and Innovations - China Southern Airlines Logistics has developed a comprehensive logistics solution for lychees, including the establishment of specialized teams to communicate with e-commerce platforms and orchards to understand transportation needs [3]. - The company has implemented standardized pre-cooling processes at orchards and reserved cold storage space at cargo stations, extending the freshness of lychees during transport to 10 days [3]. Group 3: Commitment to Agricultural Products - Annually, China Southern Airlines Logistics transports over 100,000 tons of agricultural products, including lychees, longans, and durians, facilitating their distribution to consumers [4]. - The company aims to enhance logistics support for specialty agricultural products, ensuring faster, higher-quality, and lower-cost transportation of Guangdong's unique agricultural offerings [4].

Core Points - Southern Airlines flight CZ0333 from Guangzhou to Doha made an emergency landing in Muscat, Oman due to a "public safety" incident that could affect flight safety [2] - The flight took off at 19:49 on June 23 and landed in Muscat at around midnight, before arriving in Doha at 5:58 local time on June 24, resulting in a total delay of approximately 7 hours [2] - The Chinese Embassy in Qatar had previously issued warnings regarding flight changes and cancellations due to the closure of airspace in the region amid escalating tensions [3] Summary by Sections Flight Incident - Southern Airlines flight CZ0333 experienced a safety-related incident, leading to an emergency landing in Muscat [2] - The flight was delayed for about 7 hours before reaching its final destination in Doha [2] Regional Tensions - The Chinese Embassy in Qatar alerted citizens about the heightened tensions in the Middle East and the potential for flight disruptions [3] - Travelers were advised to monitor flight changes and adjust their travel plans accordingly [3]

南航回应广州飞多哈航班备降 金十数据6月24日讯，有消息称昨日广州至多哈CZ333航班受伊朗向卡塔尔美军基地发射导弹影响备 降，目前仍未起飞前往多哈。6月24日，南方航空客服回应称，该航班确实受到飞行安全事件影响而备 降。此外，昨日广州飞往迪拜的航班未受影响。 （中新网） ...

Core Insights - China Southern Airlines plans to operate over 320,000 flights during the summer travel season, covering more than 970 domestic routes and over 260 international and regional routes [1][3] Domestic Routes - The airline will focus on opening new routes and increasing flight frequency to popular tourist destinations in Xinjiang, Northwest, Northeast, and North China [3] - In Guangzhou, the airline will operate over 110 domestic routes with more than 4,000 flights weekly [3] - In Beijing, the airline plans to operate 55 domestic routes with over 2,300 flights weekly [3] - In Urumqi, the airline will increase flights to Shenzhen, Guiyang, and Harbin, with over 1,600 flights weekly during peak periods [3] - The airline will deploy wide-body aircraft on popular routes, achieving the highest number of wide-body aircraft and seats in five years [3] - Five C919 domestic aircraft will be utilized for routes including Guangzhou to Shanghai and Chengdu, expanding to 13 destinations [3] - Additionally, 35 C909 aircraft will be used for over 60 routes from Guangzhou to Shantou and Yiwu [3] International and Regional Routes - New direct flights from Beijing Daxing to Dushanbe started on June 16, with additional routes to Almaty, Tashkent, and Vladivostok launching in late June and early July [4] - The airline is increasing flight frequency on popular routes in Central Asia, West Asia, and Southeast Asia to provide more options for outbound travelers during the peak season [4]

互动环节中，乘务员热情邀请旅客参与"夏至习俗知多少"趣味问答，旅客们踊跃分享各自家乡的夏至风 俗。活动尾声，乘务组向积极参与互动的旅客赠送了南航文创产品，并与旅客共同合影留念，记录下云 端夏至的温馨瞬间。 "没想到在飞机上还能吃到正宗的夏至面，乘务员还给我们讲解了不同节气的民俗知识，这趟旅程特别 有意义。"带着孩子来贵阳旅行的王先生对活动赞不绝口。据悉，南航贵州公司通过"木棉季忆"系列品 牌活动，持续为旅客打造"空中文化体验舱"，旨在不断深化空中文化服务的内涵。 作为"木棉季忆"品牌活动的重要组成部分，此次夏至主题航班深度融合了四时八节、饮食养生等传统文 化元素，不仅丰富了旅客的旅途生活，更是在万米高空搭建起一座传播中华优秀传统文化的桥梁，让旅 客感受到时令更迭的文化之美，共同书写属于云端之上的"木棉季忆"。 未来，南航"空中文化舱"将持续围绕中国传统节日、节气等文化节点，推出更多主题航班活动，为广大 旅客提供更具文化底蕴和人文关怀的飞行体验，积极探索将中国文化元素融入航空服务的新路径。（南 航贵州公司供稿）（编辑：李佳洹 校对：陈虹莹 审核：程凌） 中国民航网讯：2025年6月21日（农历五月廿六），正值二 ...

Investment Rating - The report recommends "顺丰控股" (SF Express) in the express delivery sector and "海晨股份" (Haichen Co.) in the logistics sector, as well as "中国国航" (Air China) and "南方航空" (Southern Airlines) in the aviation sector [3][4][5]. Core Views - The express delivery sector shows strong growth, with SF Express's business volume growth significantly outpacing the industry, and the overall express delivery volume in May reaching 173.2 billion pieces, a year-on-year increase of 17.2% [3]. - The logistics sector is under pressure, particularly in hazardous materials logistics, but there is a push towards smart logistics, with Haichen Co. benefiting from improved demand in consumer electronics [4]. - The aviation sector is experiencing a robust recovery, with domestic passenger volume in May reaching 56.45 million, a year-on-year increase of 7%, and international passenger volume increasing by 23% [5][58]. Summary by Sections 1. Transportation Sector Market Review - The transportation index decreased by 0.1% during the week of June 14-20, while the Shanghai and Shenzhen 300 index fell by 0.5%, outperforming the market by 0.4% [2][13]. 2. Industry Fundamentals Tracking 2.1 Shipping and Ports - The shipping sector is facing mixed conditions, with container shipping rates under pressure, while oil shipping rates are rising due to geopolitical tensions [6][22]. - The China Export Container Freight Index (CCFI) was 1342.46 points, up 8.0% week-on-week but down 30.2% year-on-year [6][22]. 2.2 Aviation and Airports - The aviation sector is showing strong upward momentum, with domestic and international passenger volumes recovering significantly compared to 2019 levels [5][58]. - The average daily flights reached 14,867, with international flights increasing by 16.17% year-on-year [5]. 2.3 Rail and Road - The rail and road sectors are stable, with rail passenger volume in April reaching 382 million, a year-on-year increase of 5.97% [84]. - The national highway freight traffic increased by 2.46% week-on-week, indicating a positive trend in road logistics [7][88]. 2.4 Express Delivery and Logistics - The express delivery sector saw a total of 39.3 billion pieces collected in the week of June 9-15, with a year-on-year increase of 17.5% [3]. - The average revenue per express delivery piece decreased by 7.6% year-on-year, indicating pricing pressures in the sector [3].

Core Viewpoint - China Southern Airlines (CSA) has successfully launched its first C919 flight on the "Taiyuan-Guangzhou" route, marking a significant milestone for the airline and the domestic aviation industry [1][2] Group 1: Flight Details - The flight from Guangzhou to Taiyuan (CZ3695) departed at 16:05 and arrived at 18:30, while the return flight (CZ3696) left Taiyuan at 19:55 and reached Guangzhou at 22:45 [1] - The inaugural flight was celebrated with a water salute at Taiyuan Wusu International Airport, showcasing the highest level of aviation ceremony [1] Group 2: Aircraft and Technology - The C919 is a new generation passenger aircraft developed independently by China, featuring advanced technologies that enhance comfort, safety, and environmental performance [1] - The aircraft includes a spacious cabin and an advanced air circulation system, providing a comfortable flying experience for passengers [1] Group 3: Operational Preparations - CSA selected experienced flight crews to operate the C919, ensuring thorough preparation from aircraft performance verification to crew training [1] - Special check-in counters were set up at both Guangzhou Baiyun International Airport and Taiyuan Wusu International Airport to facilitate the inaugural flight, with a focus on guiding passengers through check-in, security, and boarding processes [2] Group 4: Market Strategy - The launch of the "Taiyuan-Guangzhou" route is part of CSA's strategy to respond to market demand and optimize its route network [2] - CSA holds a 55% market share for routes from Taiyuan to the Guangdong-Hong Kong-Macau Greater Bay Area and plans to continue expanding its route network and improving service quality by the summer and autumn seasons of 2025 [2]