Group 1 - The aviation stocks experienced a significant increase, with Southern Airlines rising over 6% [1] - China Eastern Airlines and Huaxia Airlines both saw an increase of over 5% [1] - Juneyao Airlines reported a rise of over 4% [1]

Group 1 - The core viewpoint of the articles highlights the strong performance of major Chinese airlines in terms of passenger load factors during the off-peak season, indicating a recovery in demand and potential profitability improvements [1][2] Group 2 - Eastern Airlines reported a passenger load factor of 87.37% in November, an increase of 3.04 percentage points year-on-year [1] - Southern Airlines achieved a load factor of 86.29%, up by 1.36 percentage points year-on-year [1] - Air China recorded a load factor of 83.3%, which is a 4 percentage point increase year-on-year [1] Group 3 - Citic Securities noted that the load factors for the airlines during the off-peak season are high, ranging from 85.3% to 93.2%, suggesting a positive trend in the aviation sector [1] - The recovery in business travel demand is expected to resonate with a mild appreciation of the currency, potentially leading to a significant reduction in airline losses in Q4 2025 [1] Group 4 - Despite adjustments in flight capacity to Japan, the overall airport passenger traffic in mainland China showed healthy growth in November, with Beijing Capital International Airport, Shanghai Pudong, Hongqiao International Airports, and Guangzhou Baiyun International Airport experiencing year-on-year growth rates of 9%, 11%, and 13% respectively [2] - Non-domestic passenger traffic increased by approximately 20% in November [2] - There was a 10% to 20% decrease in airline capacity to Japan compared to four weeks prior, while capacity to Australia, Southeast Asia, Hong Kong, and Macau saw an increase [2]

Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, indicating a positive outlook for investment opportunities in the sector [4]. Core Insights - The aviation industry is experiencing a recovery, with domestic passenger load factors showing a year-on-year increase. International supply and demand are accelerating [1]. - The overall supply-demand balance is better than in 2019 and 2024, with structural improvements in demand, particularly in business travel and cross-border needs [4]. - Supply constraints are strengthening due to maintenance backlogs and low growth in new aircraft introductions, indicating a potential turning point in the "supply-demand-price" dynamic [4]. Summary by Sections Domestic Operations - In November, the ASK (Available Seat Kilometers) growth rates were led by Spring Airlines (15.6%), followed by China Southern Airlines (8.7%) and China Eastern Airlines (6.5%). The RPK (Revenue Passenger Kilometers) growth was also highest for Spring Airlines (18.0%) [1]. - Cumulative data from January to November shows Spring Airlines leading in both ASK (12.0%) and RPK (12.0%) growth rates [1]. International Operations - For international routes in November, the highest ASK growth was recorded by Juneyao Airlines (26.8%), while RPK growth was led by Juneyao Airlines (38.4%) [2]. - Cumulative data from January to November indicates Juneyao Airlines also leads in ASK (41.5%) and RPK (48.3%) growth rates [2]. Regional Operations - In November, Spring Airlines had the highest ASK growth (20.5%) for regional routes, while RPK growth was also led by Spring Airlines (26.4%) [2]. - Cumulative data shows China Southern Airlines leading in ASK growth (2.8%) and China National Airlines leading in RPK growth (4.7%) [2]. Passenger Load Factor - In November, Spring Airlines had the highest passenger load factor at 92.3%, with a year-on-year increase of 1.9 percentage points [3]. - Cumulative data from January to November shows Spring Airlines maintaining a load factor of 91.5%, unchanged from the previous year [3]. Fleet Growth - As of November 2025, the five listed airlines collectively added 17 aircraft, with a year-on-year fleet increase of 4.0% [3].

航空股逆市上扬，截至发稿，东方航空(00670)涨1.92%，报4.78港元；南方航空（600029）(01055)涨 1.16%，报5.25港元；中国国航（601111）(00753)涨0.94%，报6.43港元。 消息面上，12月16日，在岸、离岸人民币对美元汇率再次走强。其中，离岸人民币对美元汇率再次击穿 7.04，盘中一度升至7.03725，创2024年10月4日以来新高。此外，三大航淡季客座率仍较为强势。东方 航空11月客座率为87.37%，同比上升3.04个百分点；南方航空11月客座率为86.29%，同比上升1.36个百 分点；中国国航11月平均客座率83.3%，同比上升4个百分点。 华泰证券研报指出，往后展望，淡季高频数据或难以形成催化，短期波动市场关注度较低，更为关注26 年春运数据表现；中长期行业供给增速或将保持低位，景气改善有望传导至票价提升，同时油价和美元 兑人民币汇率有望降低成本压力，共同改善航司盈利。首选高胜率+高赔率的国有三大航AH，再选其 他民营航司。 ...

Group 1 - Unicom Guowei has established a Central Research Institute focusing on the development of edge AI chips for applications in autonomous driving, embodied robots, and low-altitude flying vehicles [2] - The research will also include new types of storage devices based on two-dimensional materials and high-performance special sensor chips [2] - Aerospace Electronics plans to increase its investment in Aerospace Long March Rocket Technology Co., Ltd. by 728 million yuan, maintaining the existing shareholding structure [3] Group 2 - Aerospace Rainbow successfully completed the first flight test of its self-developed Rainbow-7 high-altitude, high-speed, long-endurance drone, achieving all preset parameters [4] - The project is still in the research and testing phase, with further rigorous testing and validation required before mass production [4] Group 3 - Changchun High-tech's subsidiary signed an exclusive licensing agreement for the GenSci098 injection project, potentially earning up to 1.365 billion USD in milestone payments [5] - The agreement includes an initial payment of 120 million USD and additional milestone payments related to development and commercialization [5] Group 4 - TCL Technology plans to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan, increasing its ownership from 84.2105% to 94.9761% [26] - This acquisition aims to enhance TCL's competitiveness and profitability in the semiconductor display industry [26] Group 5 - Zhongmin Resources announced the successful ignition of its Tsumeb smelting plant's multi-metal comprehensive recycling project, with an annual processing capacity of 80,000 tons [11] - The project will produce various products, including germanium ingots and zinc ingots, with a design capacity of 33 tons/year for germanium [11] Group 6 - Xinhua Insurance reported a 16% year-on-year increase in original insurance premium income, totaling 188.85 billion yuan from January to November 2025 [43] - This growth reflects the company's strong performance in the insurance market [43]

货运方面，2025年11月货运运力投入(按可利用吨公里—货邮运计)同比上升11.61%;货邮周转量(按收入 吨公里—货邮运计)同比上升7.17%;货邮载运率为53.39%，同比下降2.21 个百分点。 中国南方航空（600029）股份(01055)发布公告，2025年11月，本集团客运运力投入(按可利用座公里计) 同比上升8.68%，其中国内、地区和国际分别同比上升5.55%、9.75%和17.44%;旅客周转量(按收入客公 里计)同比上升10.42%，其中国内、地区和国际分别同比上升7.36%、12.38%和18.99%;客座率为 86.29%，同比上升1.36个百分点，其中国内、地区和国际分别同比上升1.46、1.85和1.12个百分点。 2025年11月，本集团新增主要航线情况如下：哈尔滨-宁波-哈尔滨、贵阳-南通-贵阳、长春-海口-长春、 长春-珠海-长春(均为每周七班)。 2025年11月，本集团引进7架飞机(包含5架A320NEO飞机和2架B737-8飞机)。截至2025年11月底，本集 团合计运营966架运输飞机。 ...

Group 1 - Shareholder Zhang Yu of Kehua Holdings plans to reduce his stake by up to 3%, amounting to no more than 5.83 million shares within three months [1] - Shanghai Ailu has signed a strategic cooperation agreement with Southern Road Machinery to provide packaging products for the dry-mixed mortar industry [2] - Xingyuan Zhuomei appointed Gong Chunming as the new deputy general manager [3] Group 2 - Tongyi Zhong's shareholder has set a preliminary transfer price of 15.47 yuan per share for a total of 4.27 million shares [4] - Anada's shareholder did not implement the planned share reduction of up to 2% by the deadline [5] - Rongchang Bio plans to repurchase shares worth between 20 million to 40 million yuan at a price not exceeding 95 yuan per share [6] Group 3 - Hainan Airport reported an 8.16% year-on-year increase in passenger throughput for November, totaling 2.09 million passengers [7] - Lanjian Intelligent plans to apply for a bank credit line of up to 1.2 billion yuan for various financial operations [8] - Xinlei Co. received a total of 561.43 million yuan in land acquisition and compensation payments [9] Group 4 - Foster reported a surplus of 321 million yuan from four fundraising projects, which will be used to supplement working capital [10] - China Southern Airlines experienced a 10.42% year-on-year increase in passenger turnover for November [12] - China National Airlines reported a 10.1% year-on-year increase in passenger turnover for November [17] Group 5 - Sanyou Chemical plans to register and issue mid-term notes not exceeding 1.3 billion yuan [18] - Quanyuan Spring used 60 million yuan of idle funds to purchase structured deposits [19] - Su Keng Agricultural Development appointed Zou Yi as the new deputy general manager [20] Group 6 - Jingneng Real Estate received approval to register mid-term notes totaling up to 2 billion yuan [21] - Dechang Co. received approval from the CSRC for a targeted issuance of shares [23] - Jiufeng Bio obtained a medical device registration certificate for its fructosamine testing kit [24] Group 7 - Jinzi Ham's president Guo Bo resigned for personal reasons, while Zheng Hu was appointed as the new president [25] - China Eastern Airlines reported a 10.35% year-on-year increase in passenger turnover for November [26] - Fengfan Co.'s controlling shareholder is in the process of acquiring 17.32% of the company's shares [27] Group 8 - Zhenghai Bio signed a technical development contract with the Chinese Academy of Agricultural Sciences for a collagen product project worth 12 million yuan [28] - Xinhua Insurance reported a 16% year-on-year increase in cumulative original insurance premium income for the first 11 months [29] - Jingjia Microelectronics' subsidiary completed key stages of its AI SoC chip project [30] Group 9 - Shanghai Pharmaceuticals' hydrochloride sotalol tablets passed the consistency evaluation for generic drugs [31] - Heshun Technology's subsidiary's carbon fiber project has entered a stable operational phase [32] - Spring Airlines reported an 18.02% year-on-year increase in passenger turnover for November [33] Group 10 - Huaxin New Materials proposed a mid-term dividend plan of 1 yuan per 10 shares [34] - Keda Li plans to increase capital by 300 million yuan for its wholly-owned subsidiary [35] - Jinguang Electric won a bid for a high-voltage direct current transmission project worth 84.86 million yuan [36] Group 11 - XGIMI Technology's subsidiary received a development notification for a vehicle-mounted projection project from a well-known domestic automotive manufacturer [37]

Core Viewpoint - China Southern Airlines announced an increase in passenger capacity and turnover for November 2025, indicating growth in both domestic and international markets [1] Passenger Operations - Passenger capacity (measured in available seat kilometers) is expected to rise by 8.68% year-on-year, with domestic, regional, and international segments increasing by 5.55%, 9.75%, and 17.44% respectively [1] - Passenger turnover (measured in revenue passenger kilometers) is projected to grow by 10.42% year-on-year, with domestic, regional, and international segments increasing by 7.36%, 12.38%, and 18.99% respectively [1] - The passenger load factor is reported at 86.29%, an increase of 1.36 percentage points year-on-year, with domestic, regional, and international segments rising by 1.46, 1.85, and 1.12 percentage points respectively [1] Cargo Operations - Cargo capacity (measured in available ton kilometers) is expected to increase by 11.61% year-on-year [1] - Cargo turnover (measured in revenue ton kilometers) is projected to rise by 7.17% year-on-year [1] - The cargo load factor stands at 53.39%, a decrease of 2.21 percentage points year-on-year [1] New Routes and Fleet Expansion - New major routes introduced in November 2025 include Harbin-Ningbo-Harbin, Guiyang-Nantong-Guiyang, Changchun-Haikou-Changchun, and Changchun-Zhuhai-Changchun, each operating seven flights per week [1] - The company has introduced 7 new aircraft, including 5 A320NEO and 2 B737-8 planes, bringing the total operational fleet to 966 aircraft by the end of November 2025 [1]

货运方面，2025年11月货运运力投入(按可利用吨公里—货邮运计)同比上升11.61%；货邮周转量(按收 入吨公里—货邮运计)同比上升7.17%；货邮载运率为53.39%，同比下降2.21个百分点。 2025年11月，集团新增主要航线情况如下：哈尔滨-宁波-哈尔滨、贵阳-南通-贵阳、长春-海口-长春、长 春-珠海-长春(均为每周七班)。 格隆汇12月15日丨中国南方航空股份(01055.HK)公告，2025年11月，集团客运运力投入(按可利用座公 里计)同比上升8.68%，其中国内、地区和国际分别同比上升5.55%、9.75%和17.44%；旅客周转量(按收 入客公里计)同比上升10.42%，其中国内、地区和国际分别同比上升7.36%、12.38%和18.99%；客座率 为86.29%，同比上升1.36个百分点，其中国内、地区和国际分别同比上升1.46、1.85和1.12个百分点。 ...

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） 主要營運數據公告 本公告乃根據將在上海證券交易所刊登的本集團2025年11月主要營運數據，上市規則第 13.09條及第13.10B條，以及香港法例第571章證券及期貨條例第XIVA部項下之內幕消息條 文（定義見上市規則）而作出。 相關主要運營數據來自本集團內部統計，可能與相關期間定期報告披露的數據有差異。投 資者應注意不恰當信賴或使用相關信息可能造成投資風險。 本公告乃根據將在上海證券交易所刊登的中國南方航空股份有限公司（「本公司」）及其 附屬公司（統稱「本集團」）2025年11月主要營運數據，香港聯合交易所有限公司證券上 市規則（「上市規則」）第13.09條及第13.10B條，以及香港法例第571章證券及期貨條例第 XIVA部項下之內幕消息條文（定義見上市規則）而作出。 2025年11月，本集團客運運力投入（按可利用座公里計）同比上升 ...