南都讯 记者钟丽婷 11月25日，广州白云机场举办了2025年第三季度业绩说明会。截至2025年9月30日， 白云机场实现营业收入56.97亿元、归属于上市公司股东净利润10.96亿元，较上年同期分别增长 7.48%、64.06%。 从十五运会倒计时100天（8月1日）起，南航广州枢纽累计护航涉赛航班2225班次，服务涉赛人员10190 人次，其中11月21日，单日最高峰保障近1000名涉赛旅客返程。在深圳，南航累计保障涉赛航班1225班 次，安全运送涉赛人员4035人次。作为粤港澳大湾区的重要服务窗口，南航持续强化区域协同保障能 力，依托广州、深圳、珠海等大湾区主要航点，优化全流程服务环节，助力区域体育文化交流与融合发 展。 今年10月30日广州白云机场T3航站楼正式启用。白云机场迈入"五条跑道+三座航站楼"运行时代，并 从"单一机场"迈向"空铁一体枢纽，为世界级机场群建设注入强劲动力，也为广州打造全方位门户复合 型国际航空枢纽按下"加速键"。 2025年以来，白云机场牢牢把握市场机遇，紧密联动航空公司，优化航线网络布局，聚焦高质量发展， 提升运行效率与服务品质，国际航线的恢复势头尤为显著。公司营业收入与盈 ...

近期，飞机"锁座"及有偿选座服务引发热议，不少消费者反映，在线选座时经济舱前排、靠窗、靠过道 等较为便利舒适的座位常被单独锁定，要么无法选择，要么需额外付费或用积分兑换。这一行为无异于 是航司变相增加收益的手段，损害了消费者合法权益。江苏省消保委近期针对机票锁座开展了专项调 查，于今天（11月26日）公布了调查结果。 一是确保信息透明，清晰、完整、及时地向消费者告知座位分布与收费政策； 二是保障规则公平，确保购买同等票价旅客享有平等的选座机会； 三是尊重选择自主，充分保障消费者的知情权与选择权，杜绝变相强制消费。 同时，江苏省消保委就飞机票锁座问题的整改工作，向各航司提出两点明确要求，并于15个工作日内将 整改情况以书面形式进行提交。 此次调查选取了国内10家航司作为调查对象，包括东方航空、南方航空、中国国航、海南航空、厦门航 空、深圳航空、山东航空、四川航空、春秋航空、吉祥航空，通过消费者实际购票、线上选座的方式， 对上述航司的官方购票App进行了摸查，重点关注锁座比例、锁座范围、兑换模式及客服解释口径等内 容。为厘清行业经营边界，推动消费者合法权益得到切实保障，江苏省消保委线上约谈上述十家航空公 司。会上 ...

据江苏省消保委消息，近期，飞机"锁座"及有偿选座服务引发热议。为厘清行业经营边界，推动消费者 合法权益得到切实保障，江苏省消保委于11月21日线上约谈东方航空、南方航空、中国国航、海南航 空、厦门航空、深圳航空、山东航空、四川航空、春秋航空、吉祥航空等十家航空公司。会上，江苏省 消保委结合调查结果，通报了机票锁座服务市场存在的四个问题：一是锁座行为普遍存在，优质座位过 度锁定；二是解锁机制变相付费，挤压普通消费者权益；三是信息不透明且解释不合理，侵犯知情权； 四是协议文本存在不公平格式条款，权利义务设置不对等。江苏省消保委就飞机票锁座问题的整改工 作，向各航司提出两点明确要求，并于15个工作日内将整改情况以书面形式进行提交。 （文章来源：第一财经） ...

中泰证券（600918）发布研报称，Q3航空板块油汇利好下成本下降，南航、东航归母净利润略超预 期。该行指出，航企有较多外币负债且多以美元负债为主，若人民币汇率走弱，可能会使航企产生较大 金额的汇兑损益，从而影响当期利润；航油成本是航空公司的大项成本之一，油价大幅上升将增加航司 的燃油成本，进而影响经营业绩。 消息面上，11月25日，人民币汇率刷新逾1年来高位，在岸、离岸人民币对美元汇率双双收复7.09关 口。业内认为，后续美元指数上行空间有限，人民币走势则将稳中偏强。此外，俄乌停战预期上升，油 价走弱。 航空股涨幅居前，截至发稿，东方航空(00670)涨5.1%，报4.53港元；中国国航（601111）(00753)涨 4.52%，报6.47港元；南方航空（600029）(01055)涨3.36%，报5.22港元。 ...

Market Overview - The expectation for a Federal Reserve interest rate cut in December has significantly increased, leading to a rise in Hong Kong stocks, with the Hang Seng Index briefly surpassing 26,000 points. The index closed up 0.69% at 25,894.55 points, with a total turnover of HKD 231.49 billion [1] - The Hang Seng Tech Index rose by 1.2%, indicating a positive sentiment in the technology sector [1] Blue Chip Performance - Xiaomi Group-W (01810) saw a notable increase of 4.35%, closing at HKD 40.34, contributing 47.94 points to the Hang Seng Index. Founder Lei Jun invested over HKD 100 million to purchase 2.6 million shares, raising his stake to 23.26% [2] - Other blue-chip stocks like Baidu Group-SW (09888) and Alibaba Health (00241) also performed well, with increases of 4.56% and 4.36% respectively [2] Sector Highlights - Major technology stocks experienced gains, with Baidu and Xiaomi both rising over 4%. AI applications and computing power sectors were particularly active, with Bilibili rising over 5% [3] - Lithium stocks saw a surge, with Tianqi Lithium (002466) increasing by 4.81% and Ganfeng Lithium (01772) rising by 3.46%. The chairman of Tianqi Lithium indicated that global lithium demand is expected to reach 2 million tons by 2026, achieving a balance between supply and demand [4] - Gold stocks generally rose, with Chifeng Jilong Gold Mining (06693) up 4.86% and Zijin Mining (02899) up 1.78%. The probability of a 25 basis point rate cut by the Federal Reserve in December is currently at 81% [5] Flight Cancellations Impact - There has been a significant increase in flight cancellations from China to Japan, with a 56% rise compared to the previous month. This has led to a decrease in ticket bookings by approximately 29% [6] Notable Stock Movements - Longpan Technology (02465) surged by 22.89% after announcing a sales agreement worth over HKD 45 billion for lithium iron phosphate materials [7] - Hesai Technology (02525) rose by 13.43% following the launch of a new high-performance smart control chip [7] - Changfei Optical Fiber (06869) increased by 12.74%, driven by advancements in AI computing power [9] - Shandong Xinhua Pharmaceutical (00719) saw a rise of 7.24% due to increased demand for flu medications during the flu season [10]

Core Viewpoint - The aviation and airport sector experienced a decline of 1.84% on November 25, with Huaxia Airlines leading the drop. In contrast, the Shanghai Composite Index rose by 0.87% and the Shenzhen Component Index increased by 1.53% [1]. Group 1: Market Performance - The aviation and airport sector saw a net inflow of 105 million yuan from institutional investors, while retail investors contributed a net inflow of 141 million yuan. However, speculative funds experienced a net outflow of 246 million yuan [2][3]. - Key stocks in the aviation sector showed varied performance, with Xiamen Airport rising by 3.26% to close at 16.17 yuan, while Huaxia Airlines fell by 3.93% to 10.50 yuan [1][2]. Group 2: Individual Stock Analysis - Major stocks such as China Eastern Airlines and China National Aviation Corporation saw declines of 3.89% and 3.01%, respectively, indicating a broader trend of negative performance within the sector [2][3]. - The trading volume for China Eastern Airlines reached 2.06 million shares, with a transaction value of 1.028 billion yuan, highlighting significant trading activity despite the stock's decline [2].

Core Viewpoint - China Southern Airlines has successfully implemented a dual-city collaborative aircraft engine replacement operation, enhancing its maintenance capabilities and supporting the construction of the Hainan Free Trade Port [1][2] Group 1: Operational Efficiency - The engine replacement work at Haikou and Sanya bases was completed efficiently, reducing the conventional aircraft downtime during troubleshooting [1] - The operation involved two specialized maintenance teams working together across regions, showcasing the effectiveness of the company's "Four Modernizations" reform [1][2] Group 2: Technical and Process Improvements - The engine replacement process is likened to a "heart transplant" for aircraft, requiring precise adaptation of over 30,000 components, which demands high technical standards and process control [1] - The integration of resources and unified scheduling between the two bases has improved the rapid response capability for complex maintenance tasks [2] Group 3: Strategic Impact - The collaborative maintenance not only ensured the safety and efficiency of air transport but also contributed to the development of Hainan as an international aviation hub [2]

Core Points - The company will hold its first extraordinary general meeting of shareholders in 2025 on December 12, 2025, at 14:30 [1] - The meeting will be convened by the board of directors and will utilize a combination of on-site and online voting methods [1][2] - The online voting system will be provided by the Shanghai Stock Exchange, with voting available from 9:15 to 15:00 on the day of the meeting [1][2] Meeting Details - The meeting will take place at the China Southern Airlines Building, 33rd Floor, Room 3301, located at 68 Qixin Road, Baiyun District, Guangzhou, Guangdong Province [1] - Shareholders must register for the meeting between December 5 and December 8, 2025, and must present identification and shareholder account cards [12][13] - The company will provide a reminder service for small and medium-sized investors to ensure they can participate in the voting process [5] Voting Procedures - Shareholders can vote through the Shanghai Stock Exchange's online voting system or via designated trading securities companies [4][5] - Votes from multiple shareholder accounts will be aggregated, and the first voting result will be considered valid in case of duplicate votes [6][7] - Specific resolutions will be voted on, including special resolutions and those requiring separate counting for minority investors [4] Attendance - Shareholders registered by the close of trading on the registration date are entitled to attend the meeting, and they may appoint a proxy to represent them [9][10] - The company’s directors, supervisors, and senior management will also attend the meeting [9] Additional Information - Transportation and accommodation costs for attending shareholders will be self-managed [14] - The company emphasizes the importance of timely arrival for registration and compliance with staff instructions during the meeting [14]

Core Viewpoint - Chinese airlines are set to reduce flights to Japan due to a decline in demand and ongoing geopolitical tensions, impacting the travel industry significantly [2]. Group 1: Industry Impact - The reduction in flights is expected to lead to a decrease in passenger traffic between China and Japan, which could affect the overall revenue of airlines operating in this route [2]. - The travel restrictions and changing consumer behavior are likely to result in a shift in market dynamics, with airlines needing to adapt their strategies to maintain profitability [2]. Group 2: Company Responses - Airlines are likely to reassess their capacity and route planning in response to the reduced demand for flights to Japan, potentially reallocating resources to more profitable routes [2]. - Companies may also explore partnerships or alternative markets to mitigate the impact of reduced flights to Japan [2].

Core Viewpoint - The recent increase in flight cancellations from China to Japan has negatively impacted major Chinese airlines, leading to a decline in their stock prices. Group 1: Stock Performance - Eastern Airlines (00670) fell by 5.02%, trading at HKD 4.35 [1] - Southern Airlines (600029) (01055) decreased by 3.88%, trading at HKD 4.96 [1] - Air China (601111) (00753) dropped by 3.44%, trading at HKD 6.18 [1] Group 2: Flight Cancellation Data - From November 24 to December 31, the number of planned flights from China to Japan increased by approximately 56% compared to the same period last month [1] - Following the announcement of special ticketing plans by the three major airlines, there has been a decline in ticket bookings [1] - The future 60-day ticket booking volume for flights from China to Japan has decreased by about 29% compared to the same period on November 15 [1] Group 3: Analyst Insights - Dongxing Securities indicated that airlines with a significant share of international flights to Japan may face some impact due to the high passenger volume on these routes [1] - Huatai Securities noted that while there may be short-term fluctuations in the China-Japan routes, the overall impact is manageable [1] - According to CAPA data, as of October 2025, the China-Japan route accounted for 2.8% of the overall ASK (Available Seat Kilometers) for Chinese airlines, suggesting that airlines could adjust their routes to mitigate the impact [1]