证券代码：600029 证券简称：南方航空 公告编号：2025-058 公司于2022年11月23日完成向中国南方航空集团有限公司（为公 司的控股股东）非公开发行A股普通股803,571,428股（以下简称"本次 中国南方航空股份有限公司 非公开发行限售股份上市流通公告 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、准确性和完整性依法 承担法律责任。 重要内容提示： 本次股票上市类型为非公开发行股份；股票认购方式为网下， 上市股数为803,571,428股。 本次股票上市流通总数为803,571,428股。 本次股票上市流通日期为2025 年 11 月 24 日。 一、本次限售股上市类型 中国南方航空股份有限公司（以下简称"本公司""公司"）2022 年非公开发行A股股票方案经本公司第九届董事会第三次会议以及 2021年第二次临时股东大会审议通过，并于2022年10月8日获得中国证 券监督管理委员会《关于核准中国南方航空股份有限公司非公开发行 股票的批复》（证监许可[2022]2287号）。 二、本次限售股形成后至今公司股本数量变化情况 发行"）。本次发 ...

一、本次限售股上市类型 南方航空 2022 年非公开发行 A 股股票方案经公司 2021 年第九届董事会第 三次会议以及 2021 年第二次临时股东大会审议通过，并于 2022 年 10 月 8 日获 得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非公开发行 股票的批复》（证监许可[2022]2287 号）。 公司于 2022 年 11 月 23 日完成向控股股东中国南方航空集团有限公司（以 下简称"南航集团"）非公开发行 A 股普通股 803,571,428 股（以下简称"本次发 行"）。本次发行结果详情请参见公司于 2022 年 11 月 25 日在《中国证券报》《上 海证券报》《证券时报》和上海证券交易所网站披露的《南方航空非公开发行 A 股股票发行结果暨股本变动公告》。 本次发行新增股份已于 2022 年 11 月 23 日在中国证券登记结算有限责任公 司上海分公司办理完毕股份登记手续。公司控股股东南航集团认购的股份自发 行结束之日起 36 个月内不得上市交易或转让，预计将于 2025 年 11 月 24 日流 通。 二、本次限售股形成后至今公司股本数量变化情况 2020 年 10 月 1 ...

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11月18日 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 公司非公開發行限售股份上市流通公告》及《中國國際金融股份有限公司關於中國南方航 空股份有限公司非公開發行A股股票限售股上市流通的核查意見》，僅供參閱。 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：2025-058 中国南方航空股份有限公司 非公开发行限售股份上市流通公告 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 ...

Group 1 - The Chinese Ministry of Foreign Affairs and consulates in Japan have issued warnings for citizens to exercise caution when traveling to Japan, leading to a surge in ticket cancellations and refunds for travel to Japan [1] - Major Chinese airlines, including Air China, China Eastern Airlines, and China Southern Airlines, have announced special ticket handling policies for flights to Japan, allowing for fee-free changes or full refunds for tickets purchased for travel between November 15, 2025, and December 31, 2025 [3] - Several airlines, including Sichuan Airlines and Spring Airlines, have canceled flights to Japan, indicating a significant reduction in flight capacity due to decreased demand [5][7] Group 2 - Many travel agencies have frozen group tours to Japan, ceasing to accept new bookings as travelers share their experiences of successfully canceling hotel reservations [8][9] - Online travel agencies (OTAs) are adjusting their business strategies in response to the market changes, with popular routes for autumn foliage in Japan no longer being accepted for bookings [9]

Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, indicating an expectation of growth exceeding the benchmark index by more than 5% in the next 3-6 months [4][60]. Core Insights - The aviation industry is experiencing a positive turning point, with passenger load factors reaching their highest levels of the year and ticket prices showing a year-on-year increase of 8.9% [4][3]. - The supply-demand dynamics are more favorable than in 2019 and 2024, with structural improvements in demand, particularly in business travel and cross-border travel [4]. - The report highlights the constraints on supply due to maintenance backlogs and low growth in new aircraft introductions, reinforcing the supply-side constraints [4]. Summary by Sections October Data Analysis - In October, the ASK (Available Seat Kilometers) growth rates were led by Spring Airlines at 16.5%, followed by China Southern Airlines at 7.5% and China Eastern Airlines at 6.8% [1]. - The RPK (Revenue Passenger Kilometers) growth rates for October were also led by Spring Airlines at 20.1%, with China Eastern Airlines at 10.6% and China Southern Airlines at 8.8% [1]. - Cumulatively from January to October, Spring Airlines again led with ASK growth of 11.7% and RPK growth of 11.4% [1]. Passenger Load Factor - In October, the passenger load factors were highest for Spring Airlines at 93.2%, followed by China Southern Airlines at 87.9% and China Eastern Airlines at 87.5% [3]. - Year-to-date, Spring Airlines maintained a load factor of 91.5%, slightly down by 0.2% year-on-year, while China Southern Airlines improved by 1.5% to 85.9% [3]. Fleet Size - As of October 2025, the five listed airlines collectively added 7 aircraft, with a year-on-year fleet size increase of 3.5% [3][15]. Pricing Trends - The Consumer Price Index (CPI) in October showed a year-on-year increase of 0.2%, with air ticket prices rising by 8.9% [3]. Investment Recommendations - The report emphasizes a positive outlook for investments in major airlines such as Air China, China Southern Airlines, and China Eastern Airlines, highlighting their potential for elasticity in performance [4]. - It also recommends focusing on low-cost carriers like Spring Airlines and regional leaders like Huaxia Airlines, which are expected to reach sustainable operational turning points [4].

（宁波机场供图） 广州航线一直是宁波机场航班数量最多、最为繁忙的航线，南航国产大飞机C919首次投入宁波广州航 线运营，让国产大客机的通达网络继续扩大。初期，南航宁波至广州航线每天上下午各有一班投入 C919运营。其中去程航班为CZ3778航班：11:10从宁波栎社T1起飞，13:40到达广州白云T2；CZ3518航 班：14:40从宁波栎社T1起飞，17:15到达广州白云T2。回程航班为CZ3777航班：8:20从广州白云T2起 飞，10:20到达宁波栎社T1；CZ3517航班：11:55从广州白云T2起飞，13:50到达宁波栎社T1。乘坐该航 班的旅客还可享受"甬穗快线"的专属礼遇，配有专用值机柜台、安检通道等优质服务。 《中国民航报》、中国民航网 记者赵瑜 通讯员 蒋钦卿、戴如娟 报道：11月18日10时24分，搭载着162 名旅客的CZ3777航班平稳降落宁波栎社国际机场。这架身有十五运会彩绘飞机"大美湾区"号，注册号 为B-658W的C919国产大飞机，缓缓滑行通过象征民航界最高礼遇的"水门"，今后宁波人在"家门口"就 能亲身感受我国航空工业的最新成果。 此次南航C919飞机采用164座三舱布局，包 ...

Core Insights - The article highlights the successful launch of the SPA joint transportation project by China Southern Airlines Logistics (CSAL) in collaboration with British Airways, with the first month seeing nearly 100 tons of cargo transported from Beijing Daxing to Doha and subsequently to London and Madrid [1][3]. Group 1: Logistics Development - CSAL is leveraging its extensive domestic and international route network and cargo capacity to capitalize on international logistics opportunities [3]. - The company has established stable and efficient SPA joint transportation partnerships, creating a multi-route transportation network covering East Asia, Central Asia, the Middle East, and Europe [3]. Group 2: Operational Efficiency - To enhance transportation efficiency, CSAL focuses on meticulous operations by optimizing flight capacity allocation and scientifically arranging loading, which improves both transportation timeliness and service quality [5]. - Since the beginning of the year, CSAL has transported over 700 tons of cargo through its international routes in Beijing [5]. Group 3: Future Plans - CSAL plans to continue expanding its route network, strengthen overseas station layouts, and deepen joint transportation cooperation with global airlines to provide high-quality international logistics services and stimulate international trade [5].

来源：环球网 【环球网消费综合报道】随着多家上市航空公司相继披露2025年10月份主要运营数据，一幅行业全面回 暖的清晰画卷正徐徐展开。数据显示，各大航司旅客周转量普遍实现显著增长，客座率持续保持高位运 行，这为四季度行业景气度的持续好转注入了强劲信心。 同日，中国东航公布的数据也印证了行业的向好趋势。公司10月客运运力投入同比上升6.84%，旅客周 转量同比增幅达到10.58%，客座率高达87.52%，同比提升2.97个百分点。其货邮业务增长更为迅猛，货 邮周转量同比大增14.59%。 此前披露数据的南方航空和海航控股同样交出了优异的成绩单。南方航空10月客运运力投入和旅客周转 量分别同比增长7.53%和8.83%，客座率维持在87.89%的高位。海航控股则在货运领域大放异彩，货邮 运收入吨公里和货邮运输量同比分别激增25.37%和20.07%，同时集团在10月引进了4架新飞机，机队规 模持续扩大。 信达证券发布的航空运输月度专题报告指出，当前行业客座率持续高位，国内外航线出行两旺，近期票 价已实现持续转正，航司单位座公里收入有望得到显著修复。报告特别强调，随着行业倡导理性竞争、 避免恶性价格战的措施逐步落 ...

Investment Rating - The report maintains an "Overweight" rating for the airline transportation industry [1] Core Viewpoints - The improvement in industry conditions is expected to lead to an increase in ticket prices, supported by higher passenger load factors and operational efficiency [7][8] - The three major airlines (Air China, China Eastern Airlines, and China Southern Airlines) have shown strong performance in passenger load factors, reaching historical highs for domestic routes [5] - The overall industry supply growth is projected to slow down, which may further support price increases in the future [7] Summary by Sections Industry Overview - The airline industry is experiencing a recovery, with a notable increase in passenger load factors and operational metrics [5][8] - The average aircraft utilization rate has improved, contributing to a more favorable supply-demand balance [7] Company Recommendations - **Spring Airlines (601021 CH)**: Target price of 75.50, rated "Buy" due to its leading position in the low-cost segment and expected revenue growth [4][26] - **China National Aviation (753 HK)**: Target price of 7.90, rated "Buy" as it is expected to benefit from improved industry conditions and operational efficiencies [4][26] - **China Southern Airlines (600029 CH)**: Target price of 8.70, rated "Buy" based on anticipated revenue recovery and cost management [4][26] - **China Eastern Airlines (600115 CH)**: Target price of 6.35, rated "Buy" due to strong passenger load factors and cost reduction expectations [4][26] - **Juneyao Airlines (603885 CH)**: Target price of 16.20, rated "Buy" as it is expected to recover from operational challenges and benefit from improved pricing [4][26] Performance Metrics - In October 2025, the three major airlines reported a 6.2% increase in available seat kilometers (ASK) and an 86.9% passenger load factor, reflecting strong demand recovery [5][10] - Spring Airlines achieved a 93.2% passenger load factor, with significant growth in both domestic and international routes [6][10] - The overall industry is expected to see a continued upward trend in ticket prices, supported by improved load factors and operational efficiencies [8][10]

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - Crude oil freight rates initially declined but then increased, with a divergence in container shipping rates on long-distance routes. The China Import Crude Oil Composite Index (CTFI) rose to 2231.96 points, up 9.5% from November 6 [2][13] - Volant Aviation completed a multi-hundred million yuan Series B financing round, and the C919 aircraft made its debut at the Dubai Airshow [2][15] - Jitu Express reported over 100 million packages on "Double Eleven," marking a 9% year-on-year increase, with an average daily package volume of 94.59 million during the peak season [2][23] Summary by Sections Industry Hot Events - Crude oil freight rates fluctuated, with the CTFI at 2231.96 points, a 9.5% increase from November 6. The VLCC market is optimistic about future rates due to tight vessel availability [2][13] - Volant Aviation's Series B financing was led by Huaying Capital, with existing shareholders also increasing their investments. The C919 aircraft is set to showcase its capabilities at the 2025 Dubai Airshow [2][15] - Jitu Express achieved a record-breaking package volume during "Double Eleven," with a total of 1.3938 billion packages collected nationwide from October 21 to November 11, reflecting a 17.8% increase in daily average volume [2][25] High-Frequency Dynamic Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was 5356.00 points, down 2.5% year-on-year [27][28] - Domestic freight flights increased by 0.32% year-on-year, while international flights rose by 11.12% [28] - The SCFI index reported a decrease of 2.92% week-on-week, while the CCFI index increased by 3.39% week-on-week [35] Investment Recommendations - Focus on the equipment and manufacturing industrial products export chain, recommending companies like COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to the transportation demand increase driven by the construction of hydropower stations in the Yarlung Tsangpo River downstream [4] - Investment opportunities in the low-altitude economy, with a recommendation for CITIC Offshore Helicopter [4] - Recommendations for highway and railway sectors, including Gansu Expressway and Beijing-Shanghai High-Speed Railway [4] - Opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Straits Shares [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, and Spring Airlines [4]