Core Insights - The 2025 summer transportation period will last from July 1 to August 31, totaling 62 days, with airlines actively preparing by increasing capacity and deploying multiple C919 aircraft to meet demand [1] - The number of available flights during the summer transportation period is expected to increase by approximately 7.3% year-on-year, with a projected total of 1.9597 million flights, although actual passenger flights are expected to grow by about 2.3% due to weather and cancellations [1] Group 1: Airline Operations - China Southern Airlines plans to operate over 3200 flights daily across 970 domestic and 260 international routes, with 5 C919 aircraft deployed on 13 routes [2] - China Eastern Airlines aims to execute over 1150 passenger routes with more than 3200 daily flights, including 11 C919 aircraft in commercial operation [2] - Hainan Airlines expects to operate approximately 53,000 flights, transporting nearly 9.06 million passengers, with a significant increase in international flights [3] Group 2: Route Adjustments - Airlines are strategically adjusting their route offerings, with China Southern Airlines opening new routes to popular tourist destinations and increasing flight frequencies [4] - 吉祥航空 is adding multiple cool destination routes and increasing flights to Japan and South Korea by over 19% [4] - Hainan Airlines is adjusting capacity based on passenger demand, focusing on popular international destinations as travel restrictions ease [5] Group 3: Market Trends - The expansion of China's visa-free travel and improved payment facilitation for foreigners is expected to boost inbound tourism, with cities like Manchester and Tokyo becoming popular destinations [5] - The international route structure is anticipated to continue evolving due to changes in international trade and tourism, with emerging markets becoming focal points for new route development [5]

Core Viewpoint - The summer travel season is approaching, with airlines increasing capacity and launching new routes, particularly to the northwest and northeast regions of China, leading to a decrease in ticket prices for flights from Beijing to Xinjiang [1][3][5]. Group 1: Airline Capacity and Route Expansion - Multiple airlines, including China Southern Airlines and Hainan Airlines, are enhancing flight capacity to popular destinations in the northwest, such as Xinjiang, Inner Mongolia, and Qinghai, with new routes and increased flight frequencies [3][7]. - China Southern Airlines plans to operate over 2,300 flights weekly from Beijing Daxing, with new routes to Changbai Mountain, Xining, and other tourist destinations [3]. - The planned flight volume to Xinjiang during the summer travel period is expected to increase by over 20% year-on-year, with significant growth in smaller airports in the region [3]. Group 2: Ticket Price Trends - Ticket prices for direct flights from Beijing to various destinations in Xinjiang have decreased, with prices for flights dropping by over 1,000 yuan for some routes compared to two weeks prior [1][5]. - As of June 30, the lowest prices for flights from Beijing to Urumqi, Alatai, and Hami were reported at 2,430 yuan, 1,930 yuan, and 2,577 yuan, respectively, reflecting significant price reductions [5][6]. - The average ticket price for summer travel has decreased by 1.3% year-on-year, attributed to high pre-sale prices in 2024 and increased demand [6]. Group 3: Enhanced Passenger Services - Airlines are introducing targeted passenger services for the summer season, including expanded pet transport services and dedicated charter services for students [1][7]. - China Eastern Airlines has upgraded its "pet in cabin" service, adding 16 new routes, while Hainan Airlines is focusing on services for students and unaccompanied minors [7].

Group 1 - The upcoming summer peak season for civil aviation in 2025 is prompting multiple airlines to launch new routes and explore diversified markets, indicating a focus on enhancing market consumption potential [1] - According to Minsheng Securities, domestic airline prices have improved since the beginning of the year, with off-season demand showing support, and strong performance in holiday air traffic likely to carry over into the summer peak season [1] - Airbus's 2024 GMF report predicts a long-term global air passenger traffic compound annual growth rate of 3.6%, with significant growth in per capita flight frequency, particularly in China, where it is expected to rise from 0.6 times in 2024 to 1.8 times by 2044 [1] Group 2 - Cathay Haitong Securities reports a slight increase in fleet size in the first half of 2025, with limited room for improvement in fleet turnover during the summer peak, and domestic operational investment expected to show minimal growth [2] - The demand for family travel during the summer peak is anticipated to remain strong, with optimistic supply-demand expectations, and a slight adjustment in ticket prices by some airlines to ensure good pre-sale progress for the summer season [2] - With a low base for ticket prices in the summer of 2024, a year-on-year increase in ticket prices for the summer of 2025 is expected, potentially leading to record profits for airlines [2] Group 3 - The aviation sector is entering a low growth supply era, with demand showing resilience since April, and the next two years expected to see continued improvement in supply-demand dynamics [2] - The aviation market is steadily approaching the peak season, with limited growth in supply and a natural increase in passenger volume, supporting the logic of rising airline revenues if domestic ticket prices recover [2] - Shenwan Hongyuan Securities continues to recommend focusing on the aviation sector, highlighting strong certainty in supply slowdown and elastic demand, which, combined with favorable oil and exchange rate conditions, could significantly enhance airline performance [2] Group 4 - Related Hong Kong stocks in the aviation sector include China Southern Airlines (600029)(01055), Air China (601111)(00753), China Eastern Airlines (00670), Cathay Pacific Airways (00293), BOC Aviation (02588), and China Civil Aviation Information Network (00696) [3]

Group 1 - The domestic civil aviation market is experiencing a surge in travel demand as the summer travel season approaches in 2025, with airlines announcing capacity expansion plans [1][2] - There is a notable increase in outbound travel, particularly to the Schengen area in Europe, with visa application orders rising by over 10% compared to last year, marking a three-year peak [1] - Major airlines like China Eastern Airlines and China Southern Airlines are increasing flight frequencies and adding new routes to popular tourist destinations to meet high travel demand during the summer peak [2][4] Group 2 - China Eastern Airlines plans to operate over 1,150 passenger routes during the summer peak, with an average of over 3,200 flights per day, reflecting a 5% increase from the previous year [2] - China Southern Airlines aims to operate 320,000 flights across 970 domestic and over 260 international routes, with a significant increase in wide-body aircraft deployment [2][4] - The average ticket price for domestic economy class is projected to reach 869 yuan during the summer travel period, showing a 6.6% increase compared to last year's final average price [3] Group 3 - The new flight capacity is concentrated in the northwest region of China, with Xinjiang becoming a popular long-distance travel destination for tourists from central and eastern China [4] - Hotel bookings in Xinjiang have seen a significant increase, with some areas experiencing over 41% growth in hotel reservations [4] - The expansion of flight routes and increased capacity are expected to lower travel costs for consumers and stimulate spending at travel destinations [5]

Core Viewpoint - China Southern Airlines has issued A-share convertible bonds totaling 16 billion yuan, approved by the board and shareholders, to support its operational and financial needs [2][3][4]. Section 1: Bond Details - The bond issuance was approved on May 14, 2020, and the total amount authorized is up to 16 billion yuan [2]. - The company issued 160 million A-share convertible bonds at a face value of 100 yuan each, raising a total of 16 billion yuan [3]. - The bonds have a term of 6 years, from October 15, 2020, to October 14, 2026, with a tiered interest rate starting at 0.2% in the first year and reaching 2.0% in the sixth year [4][5]. Section 2: Financial Performance - For the fiscal year 2024, the company reported a total operating revenue of 174.224 billion yuan, an increase of 8.94% from the previous year [19]. - The passenger transport volume reached 164.73 million, up 15.84% year-on-year [19]. - Despite revenue growth, the company faced a net loss attributable to shareholders of 1.696 billion yuan, a significant improvement from a loss of 4.209 billion yuan in the previous year [19]. Section 3: Use of Proceeds - The net proceeds from the bond issuance, after deducting underwriting fees, amounted to approximately 15.98 billion yuan, which is allocated for aircraft purchases, spare engine acquisition, and working capital [17][19]. - The company has committed to investing 1.06 billion yuan in aircraft and maintenance projects, 60 million yuan in spare engines, and 480 million yuan in working capital, with actual investments meeting or exceeding these commitments [19][20]. Section 4: Credit Rating - The bonds have been rated AAA by the credit rating agency, indicating a strong credit quality and stable outlook for the issuer [16][18].

Core Insights - The domestic civil aviation market is experiencing a surge in travel demand as the summer travel season approaches, driven by various travel types such as summer vacations, family trips, and outbound travel [1][2] Group 1: Passenger Traffic Predictions - The domestic flight ticket bookings for July 2025 are projected to reach approximately 17.9 million, reflecting a year-on-year increase of about 5% [2] - International flight ticket bookings have exceeded 7.74 million, marking a year-on-year growth of around 14% [2] - Major domestic routes include Beijing-Shanghai, Beijing-Guangzhou, and Guangzhou-Shanghai, with significant interest in travel to Xinjiang this summer [2] Group 2: Airline Operations and Capacity - Hainan Airlines plans to operate 30,435 flights during the summer season, transporting approximately 4.59 million passengers [2] - Eastern Airlines will execute over 1,150 passenger routes with an average of more than 3,200 flights daily, representing a 5% increase compared to 2024 [2][3] - China Southern Airlines aims to operate over 320,000 flights across 970 domestic and 260 international routes, with daily flights exceeding 3,000 during peak periods [3][4] Group 3: New Routes and Seasonal Adjustments - Xiamen Airlines is launching 24 seasonal routes to popular summer destinations, including new flights from major hubs to Xinjiang and Inner Mongolia [5] - Sichuan Airlines is optimizing its domestic route network, adding and resuming over 10 routes, including direct flights from Chengdu to Hailar [5][6] - Eastern Airlines is introducing 38 new domestic routes, focusing on popular tourist regions such as Xinjiang and Inner Mongolia [7] Group 4: Market Trends and Pricing - The aviation industry is witnessing an upward trend in domestic ticket prices, with strong performance during the May Day holiday expected to carry into the summer season [8] - Analysts suggest that the improved pricing environment and strong summer demand may lead to better-than-expected profitability for the aviation sector in the second and third quarters [8]

证券代码：600029 证券简称：南方航空 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 公开发行 A 股可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办 法》"）、《中国南方航空股份有限公司公开发行 A 股可转换公司债券之债券 受托管理协议》（以下简称"《受托管理协议》"）、《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》（以下简称"《募集说明 书》"）、《中国南方航空股份有限公司 2024 年度报告》等相关公开信息披露 文件、第三方中介机构出具的专业意见等，由本期债券受托管理人中国国际金 融股份有限公司（以下简称"中金公司"）编制。中金公司对本报告中所包含 的从上述文件中引述内容和信息未进行独立验证，也不就该等引述内容和信息 的真实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜做出独立判断，而不应将本报告中的任何内容据以作为中金公司所作的 承诺或声明。在任何情况下，投资者依据本报告 ...

南航回应广州飞多哈航班备降 金十数据6月24日讯，有消息称昨日广州至多哈CZ333航班受伊朗向卡塔尔美军基地发射导弹影响备 降，目前仍未起飞前往多哈。6月24日，南方航空客服回应称，该航班确实受到飞行安全事件影响而备 降。此外，昨日广州飞往迪拜的航班未受影响。 （中新网） ...

互动环节中，乘务员热情邀请旅客参与"夏至习俗知多少"趣味问答，旅客们踊跃分享各自家乡的夏至风 俗。活动尾声，乘务组向积极参与互动的旅客赠送了南航文创产品，并与旅客共同合影留念，记录下云 端夏至的温馨瞬间。 "没想到在飞机上还能吃到正宗的夏至面，乘务员还给我们讲解了不同节气的民俗知识，这趟旅程特别 有意义。"带着孩子来贵阳旅行的王先生对活动赞不绝口。据悉，南航贵州公司通过"木棉季忆"系列品 牌活动，持续为旅客打造"空中文化体验舱"，旨在不断深化空中文化服务的内涵。 作为"木棉季忆"品牌活动的重要组成部分，此次夏至主题航班深度融合了四时八节、饮食养生等传统文 化元素，不仅丰富了旅客的旅途生活，更是在万米高空搭建起一座传播中华优秀传统文化的桥梁，让旅 客感受到时令更迭的文化之美，共同书写属于云端之上的"木棉季忆"。 未来，南航"空中文化舱"将持续围绕中国传统节日、节气等文化节点，推出更多主题航班活动，为广大 旅客提供更具文化底蕴和人文关怀的飞行体验，积极探索将中国文化元素融入航空服务的新路径。（南 航贵州公司供稿）（编辑：李佳洹 校对：陈虹莹 审核：程凌） 中国民航网讯：2025年6月21日（农历五月廿六），正值二 ...

Core Viewpoint - China Southern Airlines (CSA) has successfully launched its first C919 flight on the "Taiyuan-Guangzhou" route, marking a significant milestone for the airline and the domestic aviation industry [1][2] Group 1: Flight Details - The flight from Guangzhou to Taiyuan (CZ3695) departed at 16:05 and arrived at 18:30, while the return flight (CZ3696) left Taiyuan at 19:55 and reached Guangzhou at 22:45 [1] - The inaugural flight was celebrated with a water salute at Taiyuan Wusu International Airport, showcasing the highest level of aviation ceremony [1] Group 2: Aircraft and Technology - The C919 is a new generation passenger aircraft developed independently by China, featuring advanced technologies that enhance comfort, safety, and environmental performance [1] - The aircraft includes a spacious cabin and an advanced air circulation system, providing a comfortable flying experience for passengers [1] Group 3: Operational Preparations - CSA selected experienced flight crews to operate the C919, ensuring thorough preparation from aircraft performance verification to crew training [1] - Special check-in counters were set up at both Guangzhou Baiyun International Airport and Taiyuan Wusu International Airport to facilitate the inaugural flight, with a focus on guiding passengers through check-in, security, and boarding processes [2] Group 4: Market Strategy - The launch of the "Taiyuan-Guangzhou" route is part of CSA's strategy to respond to market demand and optimize its route network [2] - CSA holds a 55% market share for routes from Taiyuan to the Guangdong-Hong Kong-Macau Greater Bay Area and plans to continue expanding its route network and improving service quality by the summer and autumn seasons of 2025 [2]