Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [6][57]. Core Insights - The report expresses a positive outlook on the aviation sector, particularly regarding the upcoming summer travel season, driven by improved demand and operational metrics [8]. - Key factors supporting this outlook include resilient domestic demand, ongoing recovery in international routes, and supply constraints in the market [8]. - The report highlights specific airlines, such as Huaxia Airlines and Spring Airlines, as leaders in the domestic regional market, while also noting the potential for China National Aviation to release elasticity in operations [8]. Summary by Sections Airline Data Analysis - In May, the overall ASK (Available Seat Kilometers) growth rates were led by Spring Airlines (11.5%), followed by Eastern Airlines (9.3%) and Southern Airlines (5.0%) [2]. - For RPK (Revenue Passenger Kilometers), Eastern Airlines showed the highest growth at 15.4%, with Spring Airlines at 11.7% [2]. - Cumulative data from January to May indicates Spring Airlines leading in ASK growth (8.9%) and Eastern Airlines in RPK growth (12.7%) [2]. Domestic and International Routes - Domestic routes in May saw Spring Airlines with an ASK growth of 10.9% and RPK growth of 12.0% [3]. - Internationally, Juneyao Airlines led with an ASK growth of 50.1% and RPK growth of 66.7% in May [3]. - Cumulative data for international routes from January to May shows Juneyao Airlines with a significant ASK growth of 69.5% and RPK growth of 71.2% [3]. Load Factor and Fleet Size - The load factor in May was highest for Spring Airlines at 91.1%, with a year-on-year increase of 0.1 percentage points [4]. - The total fleet size of the five listed airlines increased by 6 aircraft in May, with a year-on-year growth of 3.1% [4]. Market Performance - The aviation sector's total market capitalization is reported at 730.725 billion yuan, with a circulating market value of 514.519 billion yuan [6]. - The absolute performance of the sector over the last month was -3.3%, while the relative performance was +2.8% [6].

Investment Rating - The report maintains an "Overweight" rating for the aviation transportation sector [6]. Core Viewpoints - The aviation industry is expected to benefit from a strong summer travel season, with airlines likely to realize pricing and profit elasticity [2][5]. - The industry has shown a steady increase in capacity and passenger load factors, indicating a positive trend in operational performance [3][4]. - Airlines are anticipated to enter a profit cycle due to low supply growth and improved revenue management, alongside the appreciation of the Renminbi [2][5]. Summary by Sections Passenger Load Factors - In May, the three major airlines reported a passenger load factor of 84.1%, up 3.4 percentage points year-on-year, with capacity increasing by 6.0% [3][11]. - Spring Airlines achieved a load factor exceeding 90%, reflecting strong operational performance [4]. - The overall passenger load factor for the combined three major airlines, Spring Airlines, and Juneyao Airlines was 84.6%, an increase of 3.2 percentage points year-on-year [11]. Revenue and Pricing - The report indicates that the average ticket price has been rising for eight consecutive weeks, suggesting a positive revenue outlook for the summer peak season [2][5]. - The domestic route average ticket price was reported at 693 RMB, showing a significant improvement compared to previous weeks [5]. Company Recommendations - The report recommends buying shares in several airlines, including China National Aviation (753 HK), China Eastern Airlines (670 HK), and Spring Airlines (601021 CH), among others, with target prices set for each [9][25]. - The expected earnings per share (EPS) and price-to-earnings (PE) ratios for these companies indicate a favorable investment outlook [25][27].

南方航空（600029）及所属子公司5月客运运力投入同比上升4.99%，旅客周转量（按收入客公里计， 下同）同比上升8.43%，客座率为85.91%，同比上升2.73个百分点。 中国国航（601111）及所属子公司客运运力投入同比上升4.5%，旅客周转量同比上升8.4%，平均客座 率为81.3%，同比上升2.9个百分点。 春秋航空（601021）客运运力同比上升11.49%，旅客周转量同比上升11.66%，客座率91.07%。 近日，多家上市航司陆续披露了5月运营情况，运力、旅客周转量等数据整体同比增长，显示持续向 好。 上市航司5月运营数据向好 客运方面，中国东航（600115）5月客运运力投入（按可用座公里计，下同）同比上升9.27%，旅客周 转量（按客运人公里计）同比上升15.43%，客座率为85.39%，同比上升4.56个百分点。 2025年一季度，上市航司业绩出现分化。春秋航空、吉祥航空、海航控股（600221）和华夏航空 （002928）实现盈利，中国国航、中国东航、南方航空仍未扭亏。 一季报盈利的航司中，春秋航空实现营业收入53.17亿元，同比增长2.88%，归母净利润6.77亿元，同比 下滑1 ...

1 证券代码：600029 证券简称：南方航空 公告编号：临 2025-034 中国南方航空股份有限公司 2025 年 5 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5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）同比上 升4.99%，其中国内、地区和国际分别同比上升1.48%、0.19%和 16.49%；旅客周转量（按收入客公里计）同比上升8.43%，其中 国内和国际分别同比上升4.65%和21.54%，地区同比下降0.83%； 客座率为85.91%，同比上升2.73个百分点，其中国内和国际分别 同比上升2.63和3.49个百分点，地区同比下降0.77个百分点。 货运方面，2025年5月，货运运力投入（按可利用吨公里— 货邮运计）同比上升8.26%；货邮周转量（按收入吨公里—货邮 运计）同比上升9.24%；货邮载运率为54.20%；同比上升0.49个 百分点。 2025年5月，本集团无新增主要航线。 2025年5月，本集团引进4架飞机（包 ...

智通财经6月16日电，南方航空(600029.SH)公告称，2025年5月，公司及所属子公司客运运力投入同比 上升4.99%，旅客周转量同比上升8.43%，客座率为85.91%，同比上升2.73个百分点。 南方航空：5月客运运力投入同比上升4.99% ...

Core Viewpoint - The announcement from China Southern Airlines indicates a positive growth trend in both passenger and cargo operations for May 2025, reflecting an overall increase in capacity and utilization metrics [1] Passenger Operations - Passenger capacity input increased by 4.99% year-on-year in May 2025 [1] - Passenger turnover volume rose by 8.43% year-on-year [1] - The passenger load factor reached 85.91%, an increase of 2.73 percentage points year-on-year [1] Cargo Operations - Cargo capacity input increased by 8.26% year-on-year [1] - Cargo and mail turnover volume grew by 9.24% year-on-year [1] - The cargo and mail load factor was 54.20%, up by 0.49 percentage points year-on-year [1] Fleet Update - In May, the company introduced 4 new aircraft and retired 1 A321 aircraft [1] - As of the end of May, the company operated a total of 940 transport aircraft [1]

Core Points - The event organized by the Sichuan Civil Aviation Administration aimed to enhance aviation safety awareness among industry personnel and the public, focusing on the theme "Everyone Talks Safety, Everyone Can Respond" [4] - Various organizations participated in the event, including airlines and airport authorities, to promote safety culture and emergency response skills [4][5] Group 1 - The event featured well-organized promotional displays that attracted many travelers, highlighting the importance of aviation safety [4] - Staff distributed safety knowledge brochures, explained safety policies, and provided gifts to enhance travelers' sense of safety and satisfaction [4] - The Sichuan Civil Aviation Administration engaged with participating organizations to understand their safety measures and gather feedback on their operational needs [4] Group 2 - Future actions will include safety hazard inspections, public awareness campaigns, and drills to eliminate identified risks, aiming to improve safety education and effectiveness [5] - The Sichuan Civil Aviation Administration will promote a comprehensive safety culture and ensure the implementation of key safety tasks through the "Safety Production Month" initiative [5]

Group 1 - China Southern Airlines launched its first direct flight route between Beijing Daxing International Airport and Dushanbe, marking a significant milestone for Chinese airlines in connecting the capitals of the two countries [1][3] - The inaugural flight was operated using a Boeing 787, with subsequent flights scheduled on Boeing 737-8 aircraft, operating two flights per week on Tuesdays and Saturdays [3] - The flight schedule includes a departure from Beijing at 17:00, arriving in Dushanbe at 21:00, with a return flight leaving Dushanbe at 22:30 and arriving back in Beijing at 07:20 the next day [3] Group 2 - China Southern Airlines has implemented various passenger services at Beijing Daxing International Airport, including multiple check-in counters and enhanced guidance for travelers, particularly for special needs passengers [3] - The airline has introduced a multilingual AI transparent screen at its international check-in counter, capable of real-time translation in 14 languages, providing smart guidance for check-in services [3] - Passengers traveling from cities like Guangzhou, Hangzhou, Changsha, and Wuhan can achieve efficient transfers to Dushanbe within three hours at Beijing Daxing International Airport [3] Group 3 - By the summer and autumn of 2025, China Southern Airlines plans to operate seven fast routes from Beijing Daxing Airport, including over 206 international and regional flights per week [4] - The airline will also open 16 international direct routes, including connections to cities like London, Amsterdam, and Moscow, as well as seven routes to countries involved in the Belt and Road Initiative [4] - The upcoming summer travel season is expected to see a significant increase in outbound flight bookings, with over 3.8 million tickets reserved, reflecting an approximate 8% year-on-year growth [4]

Group 1 - Xinjiang Airport Group is optimizing its flight network for the upcoming summer travel season in 2025 to enhance passenger convenience [1] - New flight routes include Kashgar to Mianyang to Fuzhou starting June 17, with specific flight times detailed [1] - Kuqa Kuitz Airport will launch a direct flight to Shanghai Hongqiao International Airport starting July 1, operated by China Eastern Airlines [1] - A new direct flight from Yining to Hangzhou is set to commence on July 4, with a schedule that allows for a total travel time of only 6 hours [1] Group 2 - China Eastern Airlines will also start a direct round-trip flight from Hotan to Shanghai on July 2, with specific flight numbers and times provided [2] - China Southern Airlines is adding a new round-trip flight from Zhengzhou to Hami starting June 20, increasing the frequency of flights from 18 to 22 per week [2]

今天中午，载有173名旅客的中国南方航空（600029）CZ6051次航班将从北京飞往塔吉克斯坦首都杜尚 别，这也是我国航司在两国首都之间开通的首条直飞航线。此次首航由波音787机型执飞，后续将采用 波音737-8型飞机执飞，每周2班，分别是周二、周六。每个往返航班的去程为北京时间17时左右从北京 大兴国际机场起飞，当地时间21时左右抵达杜尚别国际机场，航程约7小时；回程为当地时间22时30分 左右从杜尚别国际机场起飞，次日7时20分左右抵达北京大兴国际机场，航程约6小时。(央视新闻) ...