Investment Rating - The investment rating for the aviation transportation industry is "Positive" [2][8] Core Viewpoints - The industry has maintained a high passenger load factor since the beginning of 2025, with a slight year-on-year decline in domestic capacity in January and February. The recent decline in ticket prices has narrowed, and if travel demand continues to grow, ticket prices may turn positive year-on-year in the second and third quarters [3][10] - The supply growth rate for capacity in 2025 is expected to slow down, and with ticket prices at low levels following significant declines in 2024, there is potential for airline performance to rebound with economic recovery and increased travel demand. Factors such as declining oil prices and stable exchange rates also suggest upward potential for airline profits [3][10] Summary by Sections Industry Supply and Demand - The monthly passenger load factor remains high, with January 2025 data showing a year-on-year increase in Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) of 13.7% and 18.1%, respectively. The load factor reached 82.8%, up 3.1 percentage points year-on-year [4][13] - Domestic line turnover increased by 10% year-on-year in January 2025, while international and regional lines recovered to 107.5% of 2019 levels [18] Ticket Pricing - After the Spring Festival, the year-on-year difference in ticket prices has gradually narrowed. As of early March 2025, the average ticket price was 560 yuan, down 12.6% year-on-year. The weekly average ticket prices showed a decreasing trend in year-on-year declines, indicating a potential stabilization in pricing [20][21] Oil and Exchange Rates - The average price of aviation kerosene in Q1 2025 was 5,952 yuan per ton, down 10% year-on-year. Brent crude oil prices were stable, with a settlement price of $71.07 per barrel as of March 17, 2025, a decrease of 4.8% from the end of 2024. The exchange rate remained stable, with the USD to RMB exchange rate at 7.1733 as of March 18, 2025, a slight decrease of 0.21% from the end of 2024 [5][32] Airline Operations - In January and February 2025, domestic airline capacity saw a slight year-on-year decline, while the passenger load factor remained high. Most airlines reported international capacity and turnover exceeding 2019 levels, although there were still discrepancies in load factors [38][40] - In February, China Eastern Airlines had the highest net increase in aircraft, adding 5 aircraft, while other airlines also saw increases. Cumulatively, China Eastern, China Southern, and Air China saw net increases of 8, 6, and 4 aircraft, respectively [52]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [1] Core Insights - The report highlights that U.S. sanctions against Iran are intensifying, and OPEC has reached a consensus to increase production, indicating upward potential for the oil tanker sector [2][7] - The express delivery business volume has shown significant year-on-year growth, with a reported increase of 21.5% in 2024 [3] Summary by Sections Weekly Focus - The U.S. government has announced additional sanctions against Iran, targeting several individuals, entities, and vessels involved in Iranian oil exports, including 10 VLCC supertankers, which constitutes about 20% of the global tanker fleet [7] - OPEC has agreed to gradually increase production starting April, aiming to release 2.2 million barrels per day [7] Industry Data Tracking (2025.03.09 – 03.15) Aviation Data - Domestic flight volume for the week was 84,029 flights, averaging 12,004 flights per day, a slight decrease of 0.10% week-on-week and 0.50% year-on-year [10] - Domestic passenger volume reached 11.43 million, a 0.05% increase week-on-week and a 2.12% increase year-on-year [11] - The average domestic ticket price decreased by 3.49% week-on-week and 6.31% year-on-year [11] Express Delivery Data - For the week of March 3-9, the average daily collection volume was approximately 555 million pieces, a 3.99% increase from the previous week [17] - Year-to-date, the average daily collection volume is about 495 million pieces, reflecting a 36.00% increase year-on-year [17] - In 2024, the express delivery business volume increased by 21.5% year-on-year, with revenue up by 13.8% [3] Shipping Data - The BDI index for dry bulk shipping was reported at 1,517 points, a 20% increase week-on-week [48] - The VLCC-TCE rate was $38,329 per day, a 3% decrease week-on-week [49] Recent Key Reports - The report recommends focusing on companies such as COSCO Shipping Energy, Shandong Highway, and China Eastern Airlines, among others, as part of the investment strategy [4]

Investment Rating - The report maintains an "Outperform" rating for the aviation sector, recommending a focus on specific airlines and related companies [77]. Core Insights - Domestic flight schedules have decreased by 4% compared to 2024, but show a 22% increase compared to 2019, indicating a further easing of domestic supply [7][8]. - International flight schedules are steadily recovering, with plans to restore to 81% of 2019 levels, reflecting a 5% increase compared to 2024 [7][50]. - The overall daily flight schedule for domestic airlines is projected at 17,519 flights, an 18% increase from 2019 [7][8]. Summary by Sections Domestic Market Overview - Domestic flight schedules for the summer-autumn season of 2025 are expected to average 16,081 flights, down 4% from 2024 but up 22% from 2019 [5][11]. - The total daily flight schedule for coordinated airports is projected at 8,041 flights, a 21% increase from 2019 [7][11]. International Market Overview - The average daily international and regional flights are set at 2,487, recovering to 81% of 2019 levels [50][61]. - Specific regional recovery rates include 78% for Australia, 26% for North America, and 95% for Northeast Asia [50][51]. Investment Analysis - The report suggests that external factors such as oil prices and currency exchange rates are improving, which could enhance airline profitability as domestic demand recovers [7][76]. - Recommended airlines include China National Aviation, Spring Airlines, China Eastern Airlines, and others, with a focus on the overall aviation sector's recovery potential [76][77].

证券代码：600029 证券简称：南方航空 公告编号：临 2025-009 中国南方航空股份有限公司 2025 年 2 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2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）同比下 降0.86%，其中国内同比下降6.09%，地区和国际分别同比上升 0.03%和17.92%；旅客周转量（按收入客公里计）同比上升0.47%， 其中国内和地区分别同比下降4.01%和6.13%，国际同比上升 17.15%；客座率为86.74%，同比上升1.14个百分点，其中国内同 比上升1.91个百分点，地区和国际分别同比下降4.93和0.55个百 分点。 货运方面，2025年2月货运运力投入（按可利用吨公里—货 邮运计）同比下降1.20%；货邮周转量（按收入吨公里—货邮运 计）同比上升12.64%；货邮载运率为47.17%，同比上升5.80个百 分点。 1 2025年2月，本集团新增主要航线情况如下：福州-金边-福 州（每周三 ...

Investment Rating - The report maintains an "Outperform" rating for the aviation sector, recommending a focus on specific airlines such as Air China, Spring Airlines, China Eastern Airlines, and others [77]. Core Insights - Domestic flight schedules have decreased by 4% compared to 2024, but show a 22% increase compared to 2019, indicating a further easing of domestic supply [7][8]. - International flight schedules are steadily recovering, with plans to restore to 81% of 2019 levels, while flights to Hong Kong, Macau, and Taiwan have slightly decreased [7][8]. - The overall daily flight schedule for domestic airlines is projected at 17,500 flights, a 21% increase from 2019 [7][8]. Summary by Sections Domestic Market Overview - Domestic flight schedules for the summer-autumn season of 2025 are expected to average 16,100 flights per day, down 4% from 2024 but up 22% from 2019 [11][12]. - The total daily coordinated flight schedules are projected at 8,041 flights, a 21% increase from 2019 [11][12]. - The domestic airlines plan to operate 6,866 domestic routes during the summer-autumn season of 2025 [11]. International Market Overview - The average daily international and regional flights are set at 2,487, recovering to 81% of 2019 levels [51][62]. - Specific regional recovery rates include 78% for Australia, 26% for North America, and 84% for Southeast Asia [51][62]. Investment Analysis - The report suggests that external factors such as oil prices and currency exchange rates are improving, which could enhance airline profitability as domestic demand recovers [7][76]. - The report recommends continued attention to the aviation sector, highlighting the potential for revenue growth if ticket prices rebound [76]. Airline Performance - Major airlines like China Southern Airlines, China Eastern Airlines, and Air China maintain stable market shares, with slight variations in flight schedules compared to previous years [11][12]. - The report provides detailed statistics on individual airline performance, showing changes in flight schedules and market shares [16][17].

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights that the recent decline in oil prices is expected to elevate the profit margins for the aviation sector, with Brent oil prices dropping below $70 per barrel and WTI prices below $67 per barrel [8] - The report suggests that if oil prices remain low, it could lead to cost savings of approximately 4-5 billion yuan for major airlines, equivalent to a ticket price reduction of about 3%-4% [8] - The report emphasizes the importance of monitoring supply-demand dynamics and macroeconomic conditions to ensure that the benefits of lower oil prices translate into profits for the airlines [13] Summary by Sections Weekly Focus - The focus of the week is on the accelerated decline in oil prices, which is expected to enhance the profit margins for the aviation industry [6] Industry Data Tracking (2025.03.02 - 03.08) Aviation High-Frequency Data Tracking - Domestic flight volume for the period was 81,367 flights, with a daily average of 11,624 flights, down 10.07% week-on-week and 7.47% year-on-year [10] - Domestic passenger volume reached 11.0615 million, down 12.05% week-on-week and 4.17% year-on-year [11] - The average full ticket price decreased by 4.76% week-on-week and 3.39% year-on-year [11] - The domestic passenger load factor was 83.18%, an increase of 3.73 percentage points year-on-year [12] - International passenger volume reached 1.315 million, down 5.27% week-on-week but up 26.01% year-on-year [14] Express Delivery High-Frequency Data Tracking - For the week of February 24 to March 2, the average daily express delivery volume was approximately 534 million pieces, with a delivery volume of about 541 million pieces, showing a slight decrease of 0.56% and an increase of 0.05% respectively compared to the previous week [19] - Year-to-date (January 1 to March 2), the average daily express delivery volume was approximately 488 million pieces, up 37.41% year-on-year [20] Shipping High-Frequency Data Tracking - The BDI index for the international dry bulk market was 1,263 points, up 17% week-on-week [51] - The CCFI index for the international container shipping market decreased by 3% week-on-week, while the SCFI index fell by 5% [51] - The VLCC-TCE rate for oil shipping was $39,359 per day, down 1% week-on-week [52] Recent Key Reports - The report includes a recommended investment portfolio consisting of companies such as COSCO Shipping Energy, Shandong Hi-Speed, and China Eastern Airlines, among others [5]

Investment Rating - The report recommends investment in several companies within the aviation and logistics sectors, including China National Aviation (601111.SH), Southern Airlines (600029.SH), and Huamao Logistics (603128.SH) [9]. Core Insights - The report highlights the recovery of air travel demand, with domestic ASK (Available Seat Kilometers) for major airlines exceeding 100% of 2019 levels, indicating a strong rebound in the aviation sector [19][22]. - The logistics sector is expected to benefit from the growth of cross-border e-commerce, driven by domestic demand and the expansion of local manufacturing brands [8]. - The report emphasizes the importance of smart logistics and digital transformation in enhancing operational efficiency and meeting consumer demands [63][66]. Summary by Sections Aviation and Airports - As of December 2024, domestic ASK recovery rates for major airlines reached 132.45% for China National Aviation and 153.98% for Spring Airlines compared to 2019 [19]. - International flight recovery rates vary, with the UK at 112% and Italy at 122% compared to 2019 [22]. - The report notes that the optimism surrounding airport duty-free agreements has been priced in, with future international passenger flow recovery being a key focus [7]. Shipping and Ports - The SCFI (Shanghai Containerized Freight Index) reported a value of 1436 points as of March 7, 2025, reflecting a week-on-week decrease of 5.21% and a year-on-year decrease of 23.83% [28]. - The BDTI (Baltic Dirty Tanker Index) was at 879 points, down 0.86% week-on-week and down 26.01% year-on-year [33]. - The report indicates a significant decline in shipping rates across various routes, with the CCFI (China Containerized Freight Index) showing a decrease of 7.70% year-on-year [28]. Road and Rail - In December 2024, railway freight volume increased by 8.46% year-on-year, reaching 4.59 million tons, while road freight volume grew by 9.94% to 37.74 million tons [39][46]. - The report highlights the expansion of rail capacity in the southwest region, enhancing operational efficiency [60]. Express Logistics - The express delivery sector achieved a revenue of 137.89 billion yuan in December 2024, marking a year-on-year increase of 13.60% [49]. - The average price per express delivery item decreased by 13.61% to 7.75 yuan [49]. - The report emphasizes the growth potential in the express logistics sector, driven by e-commerce and the development of differentiated competitive advantages among leading companies [8].

董事會召開日期 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1055） 中華人民共和國，廣州 2025年3月7日 於本公告日期，董事包括執行董事馬須倫、韓文勝及羅來君 ; 及獨立非執行董事何超瓊、郭 為及張俊生。 1 中國南方航空股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2025年3月 26日（星期三）舉行董事會會議，藉以考慮及通過（其中包括）本公司截至2024年12月31 日止年度的全年業績及派發末期股息（如有）。 承董事會命 中國南方航空股份有限公司 聯席公司秘書 陳威華及劉巍 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國南方航空股份有限公司 呈交日期: 2025年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01055 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,643,997,308 | RMB | | 1 | RMB | | 4,643,997,308 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 4,643,997,308 | RMB | | 1 | RMB | | 4,643,997,308 | | 2. 股 ...

Group 1: Private Economy Promotion Law - The draft of the Private Economy Promotion Law has been submitted for the second review, aiming to address key concerns of private enterprises, including prohibiting illegal fees and fines against them [1][2] - The law reflects a social consensus on the importance of private economy and aims to boost confidence by providing substantial regulations for the protection of private enterprises [2] Group 2: Real Estate Market in Hangzhou - Hangzhou's recent land auction saw an average premium rate of 45.6%, with significant interest from developers, indicating a strong recovery in the real estate market [3][4] - The increase in housing transactions, both new and second-hand, suggests a growing market confidence, supported by favorable policies and strong demand for quality properties [4] Group 3: Baidu's Acquisition of YY Live - Baidu has completed the acquisition of YY Live for approximately $2.1 billion, significantly lower than the initial offer, reflecting changes in the live streaming industry [5][6] - The acquisition aims to fill a gap in Baidu's live streaming business and enhance its monetization channels, despite challenges faced by YY Live in recent years [6] Group 4: iQIYI's Financial Performance - iQIYI reported a revenue decline of 14% year-on-year for Q4 2024, marking its first quarterly loss since Q1 2022, indicating pressure on its business model [7][8] - The platform's strategy of restricting user access to content has drawn criticism, highlighting the challenges faced in user growth and retention amid fierce competition [8] Group 5: Apple CEO Tim Cook's Compensation - Tim Cook's total compensation for 2024 is set at $74.61 million, an 18% increase from 2023, primarily driven by stock awards linked to Apple's performance [9][10] - Apple's strong market position and consistent growth have justified the high compensation, reflecting a strategy to align executive pay with long-term shareholder value [10] Group 6: Hong Kong Disneyland's Financial Recovery - Hong Kong Disneyland reported its first profit since 2015, with a net profit of HKD 838 million, driven by a significant increase in visitor numbers and spending [11][12] - The recovery is closely tied to the overall revival of Hong Kong's tourism sector, aided by the easing of travel restrictions and new attractions [12] Group 7: China Southern Airlines' IPO Withdrawal - China Southern Airlines' logistics subsidiary has withdrawn its IPO application due to market conditions, despite being the most profitable airline logistics company in China [13][14] - The decision reflects a strategic move in light of tightened regulatory scrutiny and the need to reassess capital operations [14] Group 8: Stock Market Performance - The stock market experienced a rebound with the Shanghai Composite Index rising over 1%, driven by active trading and sector rotation [15][16] - The market's performance indicates a mixed sentiment, with some sectors like steel and brokerage stocks showing strength, while others lag behind [16]