证券代码：600029 证券简称：南方航空 公告编号：2025-059 中国南方航空股份有限公司 关于召开2025年第一次临时股东会的通知 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。 (一) 股东会类型和届次 中国南方航空股份有限公司（以下简称"公司""本公司"）2025年第一次临 时股东会 召开的日期时间：2025 年 12 月 12 日 14 点 30 分 股东会召开日期：2025年12月12日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 召开地点：中国广东省广州市白云区齐心路 68 号中国南方航空大厦 33 楼 3301 会议室 重要内容提示： 一、 召开会议的基本情况 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引 ...

2025 年第一次临时股东会 中国南方航空股份有限公司 CHINA SOUTHERN AIRLINES CO., LTD. 2025 年第一次临时股东会 会议资料 2025 年 11 月 25 日 1 | 一、会议须知··········································3 | | --- | | 二、会议议程··········································5 | | 三、会议议案··········································7 | 2025 年第一次临时股东会 中国南方航空股份有限公司 2025 年第一次临时股东会会议须知 尊敬的各位股东及股东代表： 为确保中国南方航空股份有限公司（以下简称"本公司""公 司"）股东在公司 2025 年第一次临时股东会（以下简称"临时 股东会"）期间依法行使股东权利，保证临时股东会的会议秩序 和议事效率，依据中国证券监督管理委员会《上市公司股东会规 则》及《中国南方航空股份有限公司章程》（以下简称"《公司 章程》"）、《中国南方航空股份有限公司股东会议事规则》的 有关规定 ...

Core Points - The second China Civil Aviation Maintenance Skills Competition finals opened in Guangzhou on November 24, 2025, as a measure to promote high-quality development in the industry [2][3] - The competition aims to enhance the skills and qualifications of maintenance personnel, showcasing their spirit of progress and encouraging widespread skills training across the industry [2][3] Group 1 - The event is part of the Civil Aviation Administration's efforts to implement Xi Jinping's directives on civil aviation and to reform the workforce in the industry [2][3] - The competition has seen participation from 168 organizations and 95,854 maintenance personnel, marking the highest participation in civil aviation skills competitions to date [3] - A total of 183 finalists were selected for the finals after a rigorous selection process [3] Group 2 - The competition is organized by the China Civil Aviation Union, the Human Resources and Education Department of the Civil Aviation Administration, and other relevant bodies, with Southern Airlines Group as the host [4] - The opening ceremony was attended by officials from various civil aviation organizations, judges, and participants [4]

Core Viewpoint - The aviation industry is expected to significantly reduce losses in November, with strong year-on-year growth in commercial demand and rising passenger load factors and domestic ticket prices [1][2]. Group 1: Industry Performance - In October, the aviation industry saw a year-on-year increase in ASK (Available Seat Kilometers) by 6%, RPK (Revenue Passenger Kilometers) by 9%, and passenger volume by 6%, with domestic growth at 4% and international growth at 20% [2]. - The passenger load factor improved by 2.2 percentage points to 87.4%, and domestic ticket prices rose by 3-4% compared to September [2]. - The overall performance of A-share airlines in Q3 2025 showed a counter-cyclical growth, marking the third consecutive year of performance exceeding Q3 2019, indicating a potential upward trend in profitability [1][2]. Group 2: International Routes - The international passenger load factor for September and October is estimated to exceed 80%, matching the peak season, with a year-on-year increase of over 3 percentage points, leading to a significant rise in international ticket prices, particularly for European routes [3]. - The ongoing benefits from visa-free policies and the construction of international transit hubs are expected to enhance long-term profitability for airlines [3]. Group 3: Market Dynamics - The decline in passenger flow on Japanese routes is anticipated to have a limited impact on the industry's profitability during the off-peak season, as the overall contribution of Japanese routes to the airlines' ASK is relatively small [4]. - Domestic trunk routes remain the core profit source for traditional airlines, and the performance of Japanese routes is not expected to alter the long-term growth logic of the aviation industry [4]. Group 4: Future Outlook - The Chinese aviation industry is poised to enter a "super cycle," driven by a significant increase in the profitability baseline as supply and demand recover, with a focus on high-quality networks for traditional airlines [5]. - Strategic investment opportunities are recommended, with a focus on companies like Air China, Juneyao Airlines, China Eastern Airlines, China Southern Airlines, and Spring Airlines [5].

Group 1 - The Hong Kong aviation stocks continue to decline, with China Southern Airlines (01055.HK) down by 3.07% to HKD 5.06 [2] - China Eastern Airlines (00670.HK) has decreased by 2.8% to HKD 4.51 [2] - Air China (00753.HK) is down by 1.09% to HKD 6.34 [2]

Core Viewpoint - Airline stocks continue to decline, with significant drops in share prices for major airlines, indicating a challenging market environment for the sector [1] Group 1: Stock Performance - China Southern Airlines (600029) down 3.07%, trading at HKD 5.06 [1] - China Eastern Airlines (00670) down 2.8%, trading at HKD 4.51 [1] - Air China (601111) down 1.09%, trading at HKD 6.34 [1] Group 2: Flight Cancellations - As of November 24, 10 AM, 12 routes between China and Japan have canceled all flights [1] - The cancellation rate for planned flights to Japan is expected to reach 21.6% by December 27, the highest in a month [1] Group 3: Industry Outlook - Guotai Junan Securities believes that the decline in passenger flow on Japan routes will have limited impact on industry profitability during the off-peak season, maintaining a long-term positive outlook for airlines [1] - The firm anticipates that airlines will dynamically adjust flight schedules, reallocating some capacity to Southeast Asia or domestic routes [1] - The domestic trunk routes remain a traditional source of profit for airlines and are expected to be a core driver for profit growth over the next two years [1]

中日航线正迎来大规模调整。南都N视频记者11月24日从航班管家获悉，据监测，未来一周赴日计划航班取消率在11月27日达到21.6%，为1 个月以来最高值。从计划航班来看，由于计划航班量较低，截至今日（11月24日）10点已有12条航线取消所有航班。 11月14日，外交部领事司发布消息提醒中国公民近期避免前往日本。此后，国航、东航、南航、海航、四川航空、春秋航空等航司陆续发 布涉日航线客票特殊处理公告，符合条件可以办理免费退改。南都此前报道，据AeroRoutes网站，中国多家航空公司当周开始逐步调整对 日航班服务，部分航班关闭预订： 例如：东航"北京大兴-大阪关西"航线自2025年12月1日起，14班中有6班关闭预订。春秋航空"大连-福冈"航线自2025年11月28日起，每周1 班关闭预订（该航线冬季仅于11月25日执行1班）。国航"北京首都-札幌新千岁"航线2025年12月9日至2026年3月7日，维持每周4班，原计 划增至每周7班已取消，等等。 根据航班管家DAST发布的监测信息，中日航线上主要承运航司有23家，国内航司17家，东航承运航班量占国内航司份额超两成，国航紧随 其后，占17.32%。受民航换季 ...

Core Viewpoint - China Southern Airlines' stock price has experienced fluctuations, with a year-to-date increase of 6.78% but a recent decline of 4.68% over the past five trading days [2] Financial Performance - For the period from January to September 2025, China Southern Airlines reported a revenue of 137.67 billion yuan, representing a year-on-year growth of 2.23%, and a net profit attributable to shareholders of 2.31 billion yuan, which is a 17.40% increase compared to the previous year [2] - The company has cumulatively distributed 6.63 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3] Stock Market Activity - As of November 24, the stock price of China Southern Airlines was 6.93 yuan per share, with a market capitalization of 125.58 billion yuan [1] - The stock experienced a net outflow of 27.99 million yuan in principal funds, with significant selling pressure observed [1] Shareholder Structure - As of September 30, 2025, the number of shareholders for China Southern Airlines was 133,300, a decrease of 4.76% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and China Securities Finance Corporation, with notable changes in their holdings [3]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates are rising while ocean freight rates are declining. The China Import Crude Oil Comprehensive Index (CTFI) reached 2325.40 points on November 20, up 4.2% from November 13. VLCC market activity remains strong, but overall market activity is expected to decline without actual cargo support [3][14] - Changlong Airlines has initiated its IPO process, and VOLANT has signed a confirmation order for the VE25-100 eVTOL aircraft with a state-owned investment group, with the order amount exceeding 100 million yuan [3][16] - The China-Europe Railway Express has surpassed 3500 trips this year, marking a historical high. A new "passenger-cargo-mail integration" model has been launched in cooperation between Rizhao Public Transport and SF Express [3][22] Summary by Sections Industry Hot Events - Crude oil freight rates are high while ocean freight rates are declining. The Shanghai port export price to Europe was $1367/TEU, down 3.5%, and to the US West and East Coast was $1645/FEU and $2384/FEU, down 9.8% and 8.3% respectively [3][15] - Changlong Airlines is preparing for its IPO, with a focus on expanding its operational capacity and market reach [3][16] - The China-Europe Railway Express has achieved a record of over 3500 trips this year, with a focus on high-value goods transportation [3][23] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased both month-on-month and year-on-year, indicating a positive trend in air freight pricing [4][28] - Domestic express delivery volume increased by 7.90% year-on-year in October 2025, with total express delivery volume reaching 176 billion pieces [4][50] - The national highway freight truck traffic increased by 2.57% week-on-week, indicating a recovery in road logistics [4][18] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the low-altitude economy sector, with recommendations for CITIC Offshore Helicopter [5] - Investment opportunities in the road and rail sectors, recommending companies such as Gansu Expressway and Beijing-Shanghai High-Speed Railway [5]

| 股票简称 | 股票代码 | 限售股类型 | 解禁股数 | | --- | --- | --- | --- | | 湖北能源 | 000883 | 股权激励限售流通 | 31.47万 | | 亚钾国际 | 000893 | 股权激励限售流通 | 240万 | | 南方航空 | 600029 | 增发A股原股东配售上市 | 8.04亿 | | 宁波韵升 | 600366 | 增发A股法人配售上市 | 3599.9万 | | 华兰生物 | 002007 | 股权激励限售流通 | 132.43万 | | 久其软件 | 002279 | 股权激励限售流通 | 244.78万 | | 吉峰科技 | 300022 | 股权激励限售流通 | 25万 | | 海默科技 | 300084 | 股权激励限售流通 | 270.9万 | | 金禾实业 | 002597 | 股权激励限售流通 | 54.64万 | | 维力医疗 | 603309 | 股权激励限售流通 | 3.3万 | | 艾德生物 | 300685 | 股权激励限售流通 | 153.63万 | | 海晨股份 | 300873 | 增发A股原股东配售上市 | 1726 ...