登录新浪财经APP 搜索【信披】查看更多考评等级 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： 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。公司控股股东中国南方航空集团有限公司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15日，公司公开发行16,000万张可转换公司债券，发行总额人民币160.00亿元，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"。根据相关规定及《中国南方航空股份有限公 ...

Core Viewpoint - The 2025 Dubai Airshow, themed "The Future is Here," is a significant platform for global aviation industry exchange and cooperation, showcasing China's self-developed C919 aircraft for the first time in the Middle East [1] Group 1: Event Overview - The Dubai Airshow is taking place from November 17 to 21, 2025, at the Dubai World Center [1] - The event lasts for five days and features important displays and interactions within the aviation sector [1] Group 2: Company Participation - China Commercial Aircraft Corporation (COMAC) is showcasing one C919 aircraft and one C909 aircraft at the event [1] - China Southern Airlines is also participating by presenting a C919 aircraft [1] - The C919 aircraft is being demonstrated in flight by COMAC at the venue [1]

Core Viewpoint - The recent coordinated action by six major Chinese airlines to allow free ticket changes and cancellations for all flights to Japan signals a significant concern regarding safety and security for Chinese citizens traveling to Japan, rather than a typical promotional strategy [6][26]. Group 1: Airline Actions - On November 15, six major Chinese airlines, including Air China and China Southern Airlines, simultaneously announced that all tickets for flights to Japan could be changed or canceled for free, indicating a collective response to emerging risks [6][11]. - The specific rules set by each airline reveal a strategic approach: Air China limited changes to tickets issued before noon on the 15th for core cities, while China Southern expanded the scope to include layover flights [8][18]. - Sichuan Airlines set a later deadline for ticket changes, suggesting an intention to provide travelers with a last-minute opportunity to avoid potential risks [11][18]. Group 2: Underlying Risks - The primary driver behind this wave of ticket changes is the deteriorating social security situation in Japan, with a notable increase in incidents targeting Chinese citizens, leading to a growing trend of risk [13][14]. - Political tensions have exacerbated the situation, particularly due to inappropriate remarks from Japanese leaders regarding Taiwan, which are seen as a direct challenge to China's core interests [16][22]. - The collective airline response serves as a warning about the escalating risks, emphasizing the need for travelers to be vigilant and prepared [20][28]. Group 3: Implications for Sino-Japanese Relations - The coordinated airline actions reflect a deeper concern about the erosion of trust in Sino-Japanese relations, which is fragile and requires mutual respect and acknowledgment of historical issues [22][26]. - The current situation serves as a "pressure test" for the relationship, highlighting the vulnerabilities in maintaining mutual trust and the potential consequences of ignoring safety concerns [28]. - The airlines' actions are not merely operational decisions but are indicative of a broader warning regarding the need for both countries to safeguard the foundations of their exchanges [26][28].

Core Insights - China Commercial Aircraft Corporation (COMAC) is actively pursuing international orders and commercial operations for its domestically produced aircraft despite facing challenges in capacity and delivery [2][6] Group 1: Dubai Airshow Participation - COMAC made its debut at the Dubai Airshow on November 17, showcasing the C919 aircraft and C909 business jet, marking its first participation in this significant international event [3][5] - The display included a flight demonstration of the C919, which attracted considerable attention due to its rarity at such events [5] - China Southern Airlines' C919, featuring a 164-seat three-class layout, was a highlight of the static display area, drawing many visitors [3][4] Group 2: Aircraft Specifications and Market Reach - COMAC exhibited a full range of aircraft models, including the C909, C919, and C929, to meet diverse global aviation market demands [4] - The C909 series has already seen over 170 deliveries and operates on more than 790 routes, while the C919 has been delivered 26 times and operates on over 30 routes [4][6] - The C929, currently in development, is expected to have a range of approximately 12,000 kilometers and a capacity of 280 seats [4] Group 3: Expansion of Operations - Domestic airlines are expanding the C919's route network, with Air China recently operating the C919 on the Beijing-Hong Kong route, marking its first international flight [6][7] - In a recent operational period, Air China operated 200 flights across 9 routes with its C919 fleet, while China Eastern Airlines and China Southern Airlines also reported significant flight operations with their C919 aircraft [7] Group 4: International Interest and Future Prospects - Notable international interest in the C919 has been expressed by leaders from major airlines, including Tony Fernandes of AirAsia and representatives from VietJet and Karachi Airlines, indicating potential future orders [8] - COMAC's chairman has engaged with Saudi Arabian officials regarding the establishment of an aircraft assembly line in Jeddah, further indicating international interest in COMAC's offerings [8]

Investment Rating - The investment rating for the airline industry is "Overweight" indicating a positive outlook for the sector [2][5]. Core Insights - The October National Day holiday has driven an increase in travel demand, with passenger transport volume reaching approximately 68.41 million, a year-on-year growth of 6.7% compared to 2024 [2]. - Domestic capacity increased by 2.1% year-on-year, while domestic passenger flow grew by 4.5% [2]. - The average aircraft utilization rate in October was 7.99 hours per day, reflecting a 1.4% increase year-on-year [2]. - Airlines are increasing capacity, with passenger turnover growth outpacing capacity growth. For instance, China Eastern Airlines and China Southern Airlines both saw a 7% increase in ASK (Available Seat Kilometers) compared to 2024 [2][3]. - The international market has shown recovery, with international flights reaching approximately 60,000, recovering to 90% of the levels seen in 2019 [2]. - The report highlights a significant increase in international capacity for airlines like China Eastern Airlines and Spring Airlines, with year-on-year ASK growth of 14% and 153% respectively compared to 2019 [2][3]. - The report suggests that the airline industry is at a turning point, with potential for significant improvement in airline profitability due to rising demand and constrained supply [2]. Summary by Sections Domestic Market - Overall demand growth is outpacing capacity growth, with Spring Airlines showing significant increases in both capacity and volume [2]. - ASK and RPK for major airlines like China Southern and China Eastern have shown positive growth compared to 2024 and 2019 [3]. International Market - Major airlines have exceeded 2019 levels in international operations, with significant year-on-year growth in ASK and RPK for airlines like China Eastern and Spring Airlines [2][3]. Regional Market - Capacity and volume recovery is uneven across regions, with China Southern and China Eastern showing strong recovery compared to 2019 [2][3]. Investment Analysis - The report emphasizes the unprecedented challenges in the aircraft manufacturing chain and the aging fleet, predicting a continued supply constraint over the next 5-10 years [2]. - The report recommends focusing on the airline sector, highlighting strong supply logic and elastic demand, with specific recommendations for airlines such as China Eastern, China Southern, and Spring Airlines [2][5].

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].