Core Viewpoint - China Southern Airlines reported a year-on-year increase in passenger capacity and turnover for October 2025, indicating growth in both domestic and international markets [1] Passenger Operations - Passenger capacity (measured in available seat kilometers) increased by 7.53% year-on-year, with domestic, regional, and international segments rising by 4.94%, 8.54%, and 15.29% respectively [1] - Passenger turnover (measured in revenue passenger kilometers) rose by 8.83% year-on-year, with domestic, regional, and international segments increasing by 6.78%, 8.48%, and 15.21% respectively [1] - The passenger load factor was 87.89%, up by 1.05 percentage points year-on-year, with domestic load factor increasing by 1.54 percentage points, while regional and international segments saw slight declines of 0.05 and 0.06 percentage points respectively [1] Cargo Operations - Cargo capacity (measured in available ton kilometers) increased by 6.75% year-on-year [1] - Cargo turnover (measured in revenue ton kilometers) rose by 8.06% year-on-year [1] - The cargo load factor was 52.48%, up by 0.64 percentage points year-on-year [1] Fleet Update - In October 2025, the company introduced 4 new aircraft, including 2 A320NEO, 1 B737-8, and 1 C919, while retiring 1 A319 aircraft [1] - As of the end of October 2025, the total operational fleet consisted of 959 aircraft [1]

据悉，包括中国南方航空C919在内的中国商飞生产的3架飞机将参加本次航展。（完） 新华社迪拜11月14日电（记者夏晓 温新年）据中国南方航空公司提供的消息，中国南方航空一架 C919飞机于当地时间14日凌晨1点15分顺利抵达阿联酋迪拜阿勒马克图姆国际机场，参加17日至21日举 行的2025年迪拜航空展。这是中国C919大飞机首次在中东亮相。 ...

Core Viewpoint - The Southern Airlines Group is focusing on the implementation of the spirit of the 20th Central Committee's Fourth Plenary Session, emphasizing high-quality development and strategic planning for the 14th Five-Year Plan period [2][3][4]. Group 1: Meeting Overview - The Southern Airlines Group held a meeting to study the spirit of the 20th Central Committee's Fourth Plenary Session, featuring a report by Ding Guowen, a member of the Central Propaganda Team [2]. - The meeting was attended by various units and subsidiaries of Southern Airlines via video conference [2]. Group 2: Strategic Importance - The 20th Central Committee's Fourth Plenary Session is deemed significant as it coincides with the completion of major goals for the 14th Five-Year Plan, marking a critical period for advancing socialist modernization [3]. - The approved recommendations reflect a strong problem-oriented approach and practical characteristics, which are crucial for sustainable economic and social development [3]. Group 3: Focus Areas for Development - Southern Airlines aims to focus on high-quality development, integrating the spirit of the plenary session into its strategic planning and operational adjustments [4]. - The company plans to enhance its core functions and competitiveness, particularly in hub construction and meeting diverse customer needs [4]. Group 4: Learning and Implementation - All units within Southern Airlines are tasked with making the study and implementation of the plenary session's spirit a major political task, fostering a strong work ethic among employees [5]. - Leadership is encouraged to take the lead in learning and applying the principles discussed, ensuring alignment with the company's year-end objectives and planning for the next phase of work [5].

（文章来源：新华财经） 新华财经上海11月14日电国际航协消息，中国东方航空公司宣布加入国际航协航班计划数据交互项目 （SDEP）。至此，该计划已涵盖中国四大航空公司——中国国际航空公司、中国东方航空公司、中国 南方航空公司和海南航空公司，标志着该计划在中国市场的推进迈出了重要一步。随着中国四大航空公 司加入航班计划数据交互项目，该项目目前涵盖了中国民航75%以上的运力。 ...

人民财讯11月14日电，记者今日从国际航协获悉，中国东方航空公司宣布加入国际航协航班计划数据交 互项目(SDEP)。至此，该计划已涵盖中国四大航空公司——中国国际航空公司、中国东方航空公司、 中国南方航空（600029）公司和海南航空公司，标志着该计划在中国市场的推进迈出了重要一步。随着 中国四大航空公司加入航班计划数据交互项目，该项目目前涵盖了中国民航75%以上的运力。 ...

格隆汇11月14日｜当地时间11月14日1时15分（北京时间5时15分），中国南方航空C919飞机顺利抵达 阿联酋迪拜阿勒马克图姆国际机场，准备参加于11月17日至21日举行的2025年迪拜航展。航展期间，包 括中国南方航空C919在内的中国商飞生产的3架飞机将在海外"组团"亮相。 ...

【文/观察者网 王勇 编辑/赵乾坤】 据亚洲旅游行业网站Travel Trade Journal、美国航空新闻网站Airways等媒体报道，印度靛蓝航空（6E） 与中国南方航空（CZ）日前已签署合作谅解备忘录，确立代码共享合作伙伴关系。此举旨在强化双方 在中印市场的航线网络与服务能力，提升两国间的航线连通性，并强化各自的区域网络布局。 虽然具体实施细则尚未公布，但双方签署的代码共享协议显示，将允许两家航空公司的旅客，通过一张 机票预订对方航线网络的联程航班，享受协调一致的航班时刻以及无缝衔接的行李转运服务。此次合作 简化了中印主要城市间的旅行流程，加强了两国贸易和旅游联系。 中国南方航空班机亚洲旅游行业网站Travel Trade Journal 相关信息显示，靛蓝航空拥有超过400架飞机，每日运营约2200多个航班，连接90多个印度境内目的地 和40多个国际目的地，于2024年引进了58架飞机，并在2025年迎来了超过1.18亿人次旅客。 中国南方航空直接或间接控股9家客、货运输航空公司，拥有20家分公司及2家基地，在国内设有21家营 业部，67家境外营业部等。截至2025年6月，拥有客机、货机943架；2 ...

Investment Rating - The report maintains a positive outlook on cyclical sectors, indicating that quality dividend stocks still have upward potential [1]. Core Insights - The transportation industry showed stable performance in the first three quarters of 2025, with infrastructure sector key stocks meeting expectations, shipping stocks recovering, and express delivery volumes and prices increasing due to anti-involution policies [1][7]. - The report emphasizes the importance of monitoring cyclical sector fundamentals and highlights the potential for further gains in quality dividend stocks [1][7]. Summary by Sections Overview of the Transportation Sector - The overall performance of the transportation industry from the beginning of 2025 to November 10 showed an increase of 8.5%, underperforming compared to the Shanghai and Shenzhen 300 index, which rose by 31.6% [11]. - The logistics sector benefited from anti-involution policies, while infrastructure sectors like highways and railways experienced declines [11]. Highway Sector - In the first three quarters of 2025, highway passenger transport decreased by 2.6% year-on-year, while freight transport increased by 4.1% [16]. - The performance of listed companies varied, with some showing stable toll revenue while others faced declines due to network adjustments and acquisitions [16][17]. Port Sector - National port cargo throughput reached 1.357 billion tons, a year-on-year increase of 4.6%, with container throughput growing by 6.3% [18]. - Key companies like China Merchants Port and Qingdao Port maintained stable performance, while Tangshan Port showed significant recovery in Q3 [18][19]. Railway Sector - Railway passenger volume grew by 6% year-on-year, while freight volume increased by 2.8% [22]. - The report anticipates continued growth in passenger transport, driven by new projects, although freight transport may face challenges due to economic conditions [22]. Shipping Sector - The shipping sector experienced a decline in container shipping rates in the first three quarters, but Q3 showed signs of recovery [25]. - The report forecasts improved performance for oil tanker companies in Q4 and 2026 due to favorable market conditions [28]. Express Delivery Sector - The express delivery industry saw a 17.2% increase in business volume in the first three quarters, although average prices fell by 7.1% [30]. - The report predicts a return to price increases in Q4, driven by anti-involution policies, with overall profitability expected to improve [31]. Logistics Supply Chain Sector - Cross-border air transport demand remained resilient, with a 6.4% year-on-year increase in cross-border e-commerce imports and exports [32]. - The report suggests that contract logistics volumes are expected to stabilize as economic conditions improve [33]. Aviation Sector - The aviation industry reported a 9.1% year-on-year increase in passenger turnover, with domestic routes showing a 4.2% increase [35]. - The report anticipates a significant reduction in losses for the industry in Q4, with a potential for profit recovery in 2026 [36]. Airport Sector - The airport sector experienced a 4.4% year-on-year increase in passenger throughput, with significant growth in international travel [38]. - The report highlights the ongoing recovery in airport operations and profitability due to increased passenger volumes and improved cost management [38].

Core Viewpoint - The aviation and airport sector experienced a rise of 1.24% on November 13, with Huaxia Airlines leading the gains, while the overall market indices also showed positive performance [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4029.5, up 0.73%, and the Shenzhen Component Index closed at 13476.52, up 1.78% [1]. - Key stocks in the aviation and airport sector showed varying degrees of increase, with Huaxia Airlines rising by 3.19% to a closing price of 12.30 [1]. Group 2: Stock Performance - The following stocks in the aviation and airport sector had notable performances: - Huaxia Airlines: 12.30, +3.19%, volume 287,000 [1] - Xiamen Airport: 17.22, +2.32%, volume 141,500 [1] - Shanghai Airport: 34.55, +1.74%, volume 264,200 [1] - Spring Airlines: 59.82, +1.54%, volume 55,700 [1] - China National Aviation: 8.85, +1.26%, volume 560,500 [1] - Baiyun Airport: 10.33, +1.18%, volume 250,100 [1] - China Eastern Airlines: 5.32, +1.14%, volume 1,091,200 [1] - Southern Airlines: 7.32, +1.10%, volume 456,700 [1] - HNA Holding: 1.87, +1.08%, volume 7,282,400 [1] - Juneyao Airlines: 14.75, +0.55%, volume 216,000 [1]. Group 3: Capital Flow - The aviation and airport sector saw a net outflow of 46.93 million yuan from institutional investors and a net outflow of 104 million yuan from speculative funds, while retail investors contributed a net inflow of 151 million yuan [2]. - Detailed capital flow for specific stocks indicated that: - China Eastern Airlines had a net inflow of 62.69 million yuan from institutional investors [3]. - HNA Holding experienced a net outflow of 31.68 million yuan from speculative funds [3]. - Retail investors showed a net inflow of 22.73 million yuan into Juneyao Airlines [3].

11月7日以来，辽宁省代表团陆续来到沈阳桃仙国际机场前往广州。南航提前收集相关信息和需求，并预留座位，提前打好登机牌。地面服务方 面，设立十五运会和残特奥会专属值机区域和值机柜台，为团队托运行李拴挂优先行李牌，十五运会和残特奥会专属标识牌。在行李托运环节， 运动员行李单独分拣摆放、单独装入拖斗，最后单独装机，并放置在靠近货舱门口位置，便于航班到达目的地后第一时间交给团队旅客。 新华网沈阳11月11日电 第十五届全国运动会开幕以来，辽宁省代表团的各参赛队伍正陆续启程奔赴赛场。南航北方分公司组建联合保障专项组， 确保辽宁省代表团出行安全、高效、便捷。 自今年8月起，南航与辽宁省体育局、辽宁省体育事业发展中心商议专项服务保障工作事宜，详细了解辽宁各参赛队需求，制定了《2025年全运会 辽宁省代表团服务保障方案》。通过积极协调航班运行，确保航班时刻稳定、运力充足，明确了票务保障、预留座位、协助特殊行李托运、安排 快速安检以及优先登机等一系列细致入微的服务保障流程。 在沈阳桃仙国际机场，辽宁省代表团正在托运行李，准备登机前往广州。受访单位供图 ...