Core Insights - The report from Guosen Securities highlights a significant increase in cross-regional travel during the National Day and Mid-Autumn Festival holiday, with a total of 2.433 billion trips made, reflecting a year-on-year increase of 6.3% and a 30.8% increase compared to 2019 [1] Group 1: Travel Volume and Trends - The total cross-regional travel volume during the eight-day holiday reached 2.433 billion trips, with an average daily increase of 6.3% year-on-year and a 30.8% increase compared to 2019 [1] - The breakdown of travel modes shows that railway, road, civil aviation, and water transport accounted for 154 million, 2.248 billion, 19.14 million, and 11.66 million trips respectively, with year-on-year increases of 2.6%, 6.6%, 3.3%, and 4.1% [1] - Self-driving trips remained the dominant mode of travel, with an average of 243 million trips per day, reflecting a year-on-year increase of 7.2% and accounting for approximately 80% of total travel volume [1] Group 2: Aviation Performance - Despite a high base from the previous year, civil aviation passenger flow still saw a year-on-year increase of 3.3% during the holiday, with an average daily passenger flow of 1.69 million flights, marking a 3.2% increase compared to the previous year and a 15.4% increase compared to 2019 [2] - The average ticket price for domestic economy class during the holiday was 849 yuan, showing a slight year-on-year increase of 0.3% and a minor decrease of 1.4% compared to 2019 [3] Group 3: Travel Behavior and Preferences - There was a notable increase in long-distance travel orders, with domestic long-distance travel orders rising by 3 percentage points year-on-year [4] - International travel saw a significant uptick, with outbound ticket bookings for popular destinations increasing by over 30% year-on-year, particularly in regions like Japan, South Korea, and Southeast Asia [4] Group 4: Tourism Revenue and Consumer Spending - Domestic tourism during the holiday reached 888 million trips, with total spending amounting to 809 billion yuan, reflecting a year-on-year increase of 1.0% [5] - The average tourism expenditure per person was 911.1 yuan, showing a slight decrease of 0.5% year-on-year but recovering to 97.4% of the level seen in 2019 [5] Group 5: Investment Outlook - The fourth quarter is expected to enter a travel off-season, but there may be a recovery in business travel demand compared to the previous year [6] - The report suggests that if travel demand continues to grow steadily, it could lead to a recovery in airline revenues, with potential for significant profit growth for airlines like Air China, China Eastern Airlines, and others [6]

Core Insights - The report emphasizes the importance of monitoring the U.S. government shutdown and its impact on economic data and market sentiment, alongside the upcoming 20th Central Committee meeting in China, which will focus on the "14th Five-Year Plan" [4][2] - The market is expected to continue a trend of oscillating upward, supported by positive domestic PMI data and expectations surrounding the "14th Five-Year Plan" [4][2] - The report highlights a potential increase in foreign capital inflows in the fourth quarter, which could support the A-share market [4][2] - The core investment direction is likely to remain focused on technology assets in the near term [4][2] October Stock Picks - The October stock picks include: - China Southern Airlines (Transportation) - COSCO Shipping Specialized Carriers (Transportation) - Tongkun Co., Ltd. (Chemicals) - Yake Technology (Chemicals) - CATL (Electric New Energy) - Lingnan Holdings (Social Services) - Jinghe Integrated (Electronics) - Shenzhen South Circuit (Electronics) - GoerTek (Electronics) - Jieshun Technology (Computers) [9][10] September Performance Review - The September stock portfolio outperformed the market, with notable monthly returns exceeding 30% for CATL and Zhaoyi Innovation, and an absolute return of 4.64%, outperforming the market benchmark by 1.44 percentage points [5][6] Transportation Sector: China Southern Airlines - China Southern Airlines is a leading airline service provider with a significant market share and a robust hub network centered in Guangzhou and Beijing. The company is expected to achieve a revenue of 174.22 billion yuan in 2024, reflecting an 8.94% year-on-year growth [11][12] - The airline industry in China has seen a 172.8% growth in passenger transport over the past 15 years, with a projected domestic passenger transport volume of 730 million in 2024, a 17.86% increase [12][13] Transportation Sector: COSCO Shipping Specialized Carriers - The company reported a 44.05% year-on-year increase in revenue for the first half of 2025, reaching 10.775 billion yuan, with a net profit of 825 million yuan, marking a 13.08% increase [14][15] - The demand for specialized vessels remains strong, particularly in the automotive shipping segment, which saw a 439.87% increase in revenue [15][16] Chemicals Sector: Tongkun Co., Ltd. - The company experienced an 8.41% year-on-year decrease in revenue for the first half of 2025, totaling 44.158 billion yuan, with a notable decline in polyester filament prices due to fluctuating oil prices [16][17] - The gross profit margin improved to 6.76%, reflecting a 0.57 percentage point increase year-on-year [17][18] Chemicals Sector: Yake Technology - The company reported steady revenue growth driven by LNG and electronic materials, with a gross profit margin of 31.82% in the first half of 2025 [19][20] - The electronic materials segment saw a 15.37% year-on-year revenue increase, with significant contributions from semiconductor chemical materials [20][21] New Energy Sector: CATL - CATL is projected to achieve a net profit of 50.745 billion yuan in 2024, a 15.01% increase year-on-year, with a total revenue of 362.013 billion yuan [23][24] - The company maintains a leading position in the global battery market, with a 37.9% market share in 2024 [24][25] Social Services Sector: Lingnan Holdings - The company reported an 8.52% year-on-year increase in revenue for the first half of 2025, totaling 2.09 billion yuan, with a net profit of 50 million yuan, reflecting a 24.39% increase [26][27] - The opening of a city duty-free store is expected to enhance customer flow and boost related tourism industry growth [27][28] Electronics Sector: Jinghe Integrated - The company achieved a 28% year-on-year revenue increase in 2024, totaling 9.249 billion yuan, with a net profit of 533 million yuan, marking a 152% increase [29][30] - The company is focusing on optimizing product structure and upgrading technology processes to maintain competitive advantages [30][31] Electronics Sector: Shenzhen South Circuit - The company reported a 25.63% year-on-year revenue increase in the first half of 2025, reaching 10.453 billion yuan, with a net profit of 1.36 billion yuan [32][33] - The PCB business saw a 29.21% year-on-year increase in revenue, driven by demand in communication and data center sectors [33][34]

可转债转股结果暨股份变动公告 证券代码：600029 证券简称：南方航空 公告编号：临2025-047 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 ● 本季度转股情况：自2025年7月1日至2025年9月30日期间，南航转债累计转股金额为人民币7,000元， 累计转股股数为1,134股。 一、可转债发行上市概况 经中国证券监督管理委员会《关于核准中国南方航空股份有限公司公开发行可转换公司债券的批复》 （证监许可[2020]2264号）核准，中国南方航空股份有限公司（以下简称"公司"、"本公司"）于2020年 10月15日公开发行16,000万张可转换公司债券（以下简称"南航转债"、"可转债"），每张面值人民币 100元，发行总额人民币160.00亿元，期限6年。 经上海证券交易所自律监管决定书[2020]355号文同意，公司人民币160.00亿元可转债已于2020年11月3 日起在上海证券交易所挂牌交易，债券简称"南航转债"，债券代码110075。 根据《上海证券交易所股票上市规则》等相关规定以及《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》的有关约定，南航转债自 ...

Investment Rating - The investment rating for the aviation industry is "Overweight" [2]. Core Insights - The domestic aviation market has shown strong performance during the National Day holiday, with passenger transport volume averaging approximately 2.15 million people per day, a year-on-year increase of 31% compared to 2019 and 4% compared to 2024 [1]. - The average ticket price (including fuel) has increased by 7% compared to 2019 and 3% compared to 2024, indicating a positive trend in pricing despite some regional weather disruptions [1]. - The industry is expected to enter a "golden era" over the next 5-10 years, driven by supply chain improvements and increasing demand, with major airlines likely to continue reporting strong earnings [1]. Summary by Sections Passenger Transport Data - Daily average domestic passenger transport volume: 2.15 million, +31% YoY vs. 2019, +4% YoY vs. 2024 [1]. - Daily average domestic flight volume: 14,500 flights, +19% YoY vs. 2019, +2% YoY vs. 2024 [1]. - International passenger transport volume: 380,000, -13% YoY vs. 2019, +11% YoY vs. 2024 [1]. Market Perception - There are misconceptions regarding the recovery of Boeing and Airbus production capacity, which may not reverse the aging trend of aircraft [1]. - Current low domestic ticket prices do not necessarily correlate with poor airline profitability, as many airlines have seen international market recovery exceeding pre-pandemic levels [1]. Future Outlook - The aviation industry is expected to experience significant improvements in profitability, with a shift from losses to profitability anticipated in the coming years [1]. - The supply chain issues leading to aircraft shortages are projected to persist for 5-10 years, creating a favorable environment for airlines [1]. Investment Recommendations - Continued focus on the aviation sector is recommended, with specific attention to airlines such as China Eastern Airlines, Spring Airlines, and China Southern Airlines, among others [1][2].

自2025年7月1日至2025年9月30日期间，南航转债累计转股金额为人民币7000元，累计转股股数为1134 股。 截至2025年9月30日，尚未转股的南航转债金额为人民币58.96亿元，占南航转债发行总量的比例约为 36.85%。 中国南方航空（600029）股份(01055)发布公告，南航转债的转股期间为2021年4月21日至2026年10月14 日。截至2025年9月30日，累计已有人民币101.04亿元南航转债转换成公司A股股票，累计转股股数为 16.19亿股，占南航转债转股前公司已发行股份总额的比例约为10.56%。 ...

数据显示，"双节"假期期间，贵阳至华东方向航班需求尤其旺盛，客座率超过90%。在节假日前后的出 行高峰期，南航贵州公司日均保障旅客量达1.84万人次，创历史新高。 新华财经贵阳10月9日电（记者肖艳）记者从南航贵州公司获悉，10月1日至10月8日，南航贵州公司在 贵州航空市场保障进出港旅客出行约13.6万人次，进出港航班超900架次，进出港行李约661吨，进出港 货邮约685吨，分别同比增长17.46%、15.68%、20.27%、20.93%。 （文章来源：新华财经） 据介绍，为满足旅客出行需求，南航贵州公司提前优化国内航线网络，增投贵阳至上海虹桥、乌鲁木 齐、海口、三亚、宁波等重点城市航班，充分发挥基地航空公司的运输主力作用。同时，为方便旅客前 往小众旅游目的地，新增贵阳至宁波等航线。 ...

（原标题：中国南方航空股份(01055)三季度南航转债累计转股金额为7000元） 智通财经APP讯，中国南方航空股份(01055)发布公告，南航转债的转股期间为2021年4月21日至2026年 10月14日。截至2025年9月30日，累计已有人民币101.04亿元南航转债转换成公司A股股票，累计转股股 数为16.19亿股，占南航转债转股前公司已发行股份总额的比例约为10.56%。 截至2025年9月30日，尚未转股的南航转债金额为人民币58.96亿元，占南航转债发行总量的比例约为 36.85%。 自2025年7月1日至2025年9月30日期间，南航转债累计转股金额为人民币7000元，累计转股股数为1134 股。 ...

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） 於其他市場發佈的公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列中國南方航空股份有限公司在上海證券交易所網站刊登的《中國南方航空股份有限 公司可轉債轉股結果暨股份變動公告》，僅供參閱。 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 中華人民共和國，廣州 2025年10月9日 於本公告日期，董事包括執行董事馬須倫及韓文勝；及獨立非執行董事何超瓊、郭為、張 俊生及祝海平。 1 证券代码：600029 证券简称：南方航空 公告编号：临 2025-047 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 可转债转股结果暨股份变动公告 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。 ...

未转股可转债情况：截至 2025 年 9 月 30 日，尚未转股 的南航转债金额为人民币 5,896,243,000 元，占南航转债发行总 量的比例约为 36.85%。 本季度转股情况：自 2025 年 7 月 1 日至 2025 年 9 月 30 日期间，南航转债累计转股金额为人民币 7,000 元，累计转股股 数为 1,134 股。 证券代码：600029 证券简称：南方航空 公告编号：临 2025-047 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 可转债转股结果暨股份变动公告 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。 重要内容提示： 累计转股情况：南航转债的转股期间为 2021 年 4 月 21 日至 2026 年 10 月 14 日。截至 2025 年 9 月 30 日,累计已有人民 币 10,103,757,000 元南航转债转换成公司 A 股股票，累计转股股 数为 1,619,192,027 股，占南航转债转股前公司已发行股份总额 的比例约为 10.56%。 一、可转债发行上市概 ...

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9月30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10月8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. ...