Group 1 - The domestic civil aviation market is experiencing a surge in travel demand as the summer travel season approaches in 2025, with airlines announcing capacity expansion plans [1][2] - There is a notable increase in outbound travel, particularly to the Schengen area in Europe, with visa application orders rising by over 10% compared to last year, marking a three-year peak [1] - Major airlines like China Eastern Airlines and China Southern Airlines are increasing flight frequencies and adding new routes to popular tourist destinations to meet high travel demand during the summer peak [2][4] Group 2 - China Eastern Airlines plans to operate over 1,150 passenger routes during the summer peak, with an average of over 3,200 flights per day, reflecting a 5% increase from the previous year [2] - China Southern Airlines aims to operate 320,000 flights across 970 domestic and over 260 international routes, with a significant increase in wide-body aircraft deployment [2][4] - The average ticket price for domestic economy class is projected to reach 869 yuan during the summer travel period, showing a 6.6% increase compared to last year's final average price [3] Group 3 - The new flight capacity is concentrated in the northwest region of China, with Xinjiang becoming a popular long-distance travel destination for tourists from central and eastern China [4] - Hotel bookings in Xinjiang have seen a significant increase, with some areas experiencing over 41% growth in hotel reservations [4] - The expansion of flight routes and increased capacity are expected to lower travel costs for consumers and stimulate spending at travel destinations [5]

Core Viewpoint - China Southern Airlines has issued A-share convertible bonds totaling 16 billion yuan, approved by the board and shareholders, to support its operational and financial needs [2][3][4]. Section 1: Bond Details - The bond issuance was approved on May 14, 2020, and the total amount authorized is up to 16 billion yuan [2]. - The company issued 160 million A-share convertible bonds at a face value of 100 yuan each, raising a total of 16 billion yuan [3]. - The bonds have a term of 6 years, from October 15, 2020, to October 14, 2026, with a tiered interest rate starting at 0.2% in the first year and reaching 2.0% in the sixth year [4][5]. Section 2: Financial Performance - For the fiscal year 2024, the company reported a total operating revenue of 174.224 billion yuan, an increase of 8.94% from the previous year [19]. - The passenger transport volume reached 164.73 million, up 15.84% year-on-year [19]. - Despite revenue growth, the company faced a net loss attributable to shareholders of 1.696 billion yuan, a significant improvement from a loss of 4.209 billion yuan in the previous year [19]. Section 3: Use of Proceeds - The net proceeds from the bond issuance, after deducting underwriting fees, amounted to approximately 15.98 billion yuan, which is allocated for aircraft purchases, spare engine acquisition, and working capital [17][19]. - The company has committed to investing 1.06 billion yuan in aircraft and maintenance projects, 60 million yuan in spare engines, and 480 million yuan in working capital, with actual investments meeting or exceeding these commitments [19][20]. Section 4: Credit Rating - The bonds have been rated AAA by the credit rating agency, indicating a strong credit quality and stable outlook for the issuer [16][18].

Core Insights - The domestic civil aviation market is experiencing a surge in travel demand as the summer travel season approaches, driven by various travel types such as summer vacations, family trips, and outbound travel [1][2] Group 1: Passenger Traffic Predictions - The domestic flight ticket bookings for July 2025 are projected to reach approximately 17.9 million, reflecting a year-on-year increase of about 5% [2] - International flight ticket bookings have exceeded 7.74 million, marking a year-on-year growth of around 14% [2] - Major domestic routes include Beijing-Shanghai, Beijing-Guangzhou, and Guangzhou-Shanghai, with significant interest in travel to Xinjiang this summer [2] Group 2: Airline Operations and Capacity - Hainan Airlines plans to operate 30,435 flights during the summer season, transporting approximately 4.59 million passengers [2] - Eastern Airlines will execute over 1,150 passenger routes with an average of more than 3,200 flights daily, representing a 5% increase compared to 2024 [2][3] - China Southern Airlines aims to operate over 320,000 flights across 970 domestic and 260 international routes, with daily flights exceeding 3,000 during peak periods [3][4] Group 3: New Routes and Seasonal Adjustments - Xiamen Airlines is launching 24 seasonal routes to popular summer destinations, including new flights from major hubs to Xinjiang and Inner Mongolia [5] - Sichuan Airlines is optimizing its domestic route network, adding and resuming over 10 routes, including direct flights from Chengdu to Hailar [5][6] - Eastern Airlines is introducing 38 new domestic routes, focusing on popular tourist regions such as Xinjiang and Inner Mongolia [7] Group 4: Market Trends and Pricing - The aviation industry is witnessing an upward trend in domestic ticket prices, with strong performance during the May Day holiday expected to carry into the summer season [8] - Analysts suggest that the improved pricing environment and strong summer demand may lead to better-than-expected profitability for the aviation sector in the second and third quarters [8]

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]