9月17日，南方航空盘中上涨2.15%，截至10:30，报6.18元/股，成交3.40亿元，换手率0.44%，总市值 1119.87亿元。 分红方面，南方航空A股上市后累计派现66.29亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年6月30日，南方航空十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股5.82亿股，相比上期减少264.86万股。华泰柏瑞沪深300ETF（510300）位居第九大流通股 东，持股9631.78万股，相比上期增加798.68万股。易方达沪深300ETF（510310）位居第十大流通股 东，持股6847.02万股，相比上期增加665.94万股。 责任编辑：小浪快报 资料显示，中国南方航空股份有限公司位于广东省广州市白云区齐心路68号中国南方航空大厦，成立日 期1995年3月25日，上市日期2003年7月25日，公司主营业务涉及国内和经批准的国际、地区航空客、 货、邮、行李运输业务,通用航空业务等。主营业务收入构成为：服务86.42%，货运及邮运10.52%，其 他(补充)3.06%。 南方航空所属申万行业为：交通运输-航空机场-航空运输。所属概念板块包括 ...

Investment Rating - The report maintains an "Overweight" rating for the aviation sector, indicating a positive outlook for the industry compared to the overall market performance [7]. Core Insights - The aviation industry is experiencing steady growth in capacity and passenger volume, with August data showing a year-on-year increase in domestic passenger transport volume by 3.0% and domestic capacity by 1.3% compared to 2024 [3][4]. - The report highlights that airlines are increasing capacity to meet the demand during the peak summer travel season, with a notable rise in passenger turnover and load factors across major airlines [4]. - The analysis suggests that the supply-demand balance in the domestic market is improving, with significant growth in capacity and volume for airlines like Spring Airlines and China Eastern Airlines [4]. Summary by Sections August Data Overview - In August, the average daily aircraft utilization rate was 8.9 hours, showing a month-on-month increase of 0.3% and a year-on-year increase of 0.2% [4]. - Major airlines reported varying year-on-year changes in capacity (ASK) and passenger turnover (RPK), with Spring Airlines leading in growth [4][5]. Domestic Market Performance - The domestic market shows a balanced growth in supply and demand, with significant increases in capacity and volume for Spring Airlines, China Eastern Airlines, and China Southern Airlines [4]. - Year-on-year changes in ASK and RPK for major airlines indicate a mixed performance, with some airlines like Spring Airlines showing strong growth [5]. International Market Performance - Airlines are significantly increasing international capacity, with several airlines surpassing pre-pandemic levels in terms of capacity and passenger turnover [4]. - The report provides detailed year-on-year comparisons for international operations, highlighting the recovery trajectory of major airlines [5]. Investment Recommendations - The report recommends a focus on airlines such as China National Aviation, Spring Airlines, and China Eastern Airlines, citing strong supply logic and expected growth in passenger volume and load factors [4][7]. - The analysis anticipates a gradual slowdown in fleet supply growth over the next 3-5 years, with resilient demand expected to support the sector [4].

Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, indicating an expectation of outperforming the benchmark index by 10%-20% over the next six months [5]. Core Insights - The aviation industry shows steady growth in supply and demand as of August 2025, with ticket prices performing slightly better than in July. The report highlights a recent recovery in both volume and pricing [1]. - Domestic demand remains resilient, supported by internal growth and ongoing recovery in international routes. Supply constraints continue to be a factor, while falling oil prices are expected to reduce costs [7]. - The report emphasizes the potential for investment in leading companies within the industry, particularly focusing on low-cost carriers and those with strong operational efficiencies [7]. Summary by Sections Airline Data Analysis - In August, the overall ASK (Available Seat Kilometers) growth year-on-year was led by Spring Airlines (12.0%), followed by Eastern Airlines (6.8%), Southern Airlines (6.4%), Air China (2.3%), and Juneyao Airlines (-2.7%). RPK (Revenue Passenger Kilometers) growth was similarly led by Spring Airlines (12.2%) [1]. - Cumulative data from January to August shows Spring Airlines leading in ASK growth (10.0%) and Eastern Airlines leading in RPK growth (11.3%) [1]. - Domestic routes in August saw Spring Airlines with an ASK growth of 9.1% and RPK growth of 9.6%, while Air China experienced a decline in both metrics [1]. - International routes showed significant growth for Spring Airlines (ASK +27.2%, RPK +26.3%) and a strong performance from Juneyao Airlines [2]. Load Factor and Fleet Size - The load factor in August was highest for Spring Airlines at 93.9%, with a year-on-year increase of 0.2 percentage points. The cumulative load factor from January to August for Spring Airlines was 91.2%, reflecting a slight decline [3]. - The total fleet size of the five listed airlines increased by 12 aircraft in August, with a year-on-year growth of 3.6% [3]. Investment Recommendations - The report suggests a positive outlook for investment in the aviation sector, particularly for companies like Huaxia Airlines, which is expected to reach a sustainable operational turning point, and Spring Airlines, which is leveraging its low-cost competitive advantage [7]. - The report anticipates a recovery in international routes, with companies like Juneyao Airlines expected to benefit from efficient operations of wide-body aircraft [7].

Core Insights - The aviation and airport sector experienced a rise of 1.24% on September 16, with HNA Holding leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Stock Performance - HNA Holding (600221) closed at 1.69, with a gain of 4.32% and a trading volume of 10.23 million shares, amounting to a turnover of 1.702 billion yuan [1] - Huaxia Airlines (002928) closed at 9.80, up 3.92%, with a trading volume of 211,400 shares and a turnover of 204 million yuan [1] - Spring Airlines (601021) closed at 53.50, gaining 1.98% with a trading volume of 74,400 shares and a turnover of 397 million yuan [1] - China National Airlines (601111) closed at 7.92, up 1.67%, with a trading volume of 714,600 shares and a turnover of 564 million yuan [1] - China Eastern Airlines (600115) closed at 4.02, gaining 1.01% with a trading volume of 2.1582 million shares and a turnover of 866 million yuan [1] - Other notable performances include: - Xiamen Airlines (600897) down 0.07% to 14.72 [1] - Shanghai Airport (600009) down 0.06% to 32.06 [1] Capital Flow - The aviation and airport sector saw a net outflow of 271 million yuan from institutional investors, while retail investors contributed a net inflow of 178 million yuan [2] - HNA Holding experienced a net inflow of 79.14 million yuan from institutional investors, despite a net outflow from retail investors [2] - Spring Airlines had a net inflow of 7.38 million yuan from institutional investors, with retail investors contributing positively [2] - China National Airlines faced a net outflow of 4.23 million yuan from institutional investors, while retail investors had a significant net outflow [2] - Xiamen Airport saw a net outflow of 1.34 million yuan from institutional investors, but retail investors contributed positively [2]

Core Viewpoint - The aviation stocks have risen in the afternoon trading session, driven by increased demand for domestic and international flights during the upcoming Mid-Autumn Festival and National Day holiday periods [1] Group 1: Stock Performance - China National Aviation (601111) rose by 4.82% to HKD 5.44 [1] - Eastern Airlines (00670) increased by 3.74% to HKD 3.05 [1] - Southern Airlines (600029) gained 2.65% to HKD 3.88 [1] Group 2: Ticket Booking Trends - As of September 8, domestic flight ticket bookings for the Mid-Autumn and National Day holidays exceeded 3.26 million, with a daily average increase of over 26% compared to the same period last year [1] - International flight ticket bookings surpassed 1.16 million, with a daily average increase of approximately 15% year-on-year [1] Group 3: Market Insights - According to Guotai Junan Securities, significant activities in early September have led to a rapid recovery in market volume and pricing, particularly in Beijing, with active business travel demand [1] - Anticipated major meetings in October are expected to shift business travel demand forward, supporting continued positive trends in volume and pricing through mid to late September [1] - Forecasts suggest that airline profitability may continue to grow year-on-year in Q3 2025, despite potential price wars in Q4 2024 leading to lower ticket prices [1] - The industry is expected to significantly reduce losses and potentially turn profitable for the year, driven by a recovery in business travel demand and a slowdown in fleet growth [1]

Investment Rating - The report maintains an "Overweight" rating for the aviation transportation industry [1] Core Viewpoints - The aviation sector is expected to see a bottoming out of its economic cycle, with potential improvements in demand and pricing as the supply growth remains low [5][8] - Despite a decline in ticket prices during the peak summer season, there are signs of recovery in business travel demand, which may lead to better pricing in the near future [5][8] Summary by Sections Investment Recommendations - China National Aviation (601111 CH): Buy, Target Price: 9.25 CNY [4] - China Eastern Airlines (600115 CH): Buy, Target Price: 4.80 CNY [4] - China Southern Airlines (600029 CH): Buy, Target Price: 7.35 CNY [4] - Spring Airlines (601021 CH): Buy, Target Price: 67.80 CNY [4] - 吉祥航空 (603885 CH): Buy, Target Price: 16.25 CNY [4] - 华夏航空 (002928 CH): Buy, Target Price: 13.65 CNY [4] - Cathay Pacific (293 HK): Buy, Target Price: 13.20 HKD [4] Industry Performance - In August, the three major airlines and Spring Airlines saw a 5.0% increase in available seat kilometers (ASK) and a 5.8% increase in revenue passenger kilometers (RPK), leading to an overall passenger load factor increase of 0.6 percentage points to 86.8% [5][11] - Domestic ticket prices showed a year-on-year decline of 6.5% during the peak summer season, but there was a 2.5% increase in ticket prices in early September [5][8] Company-Specific Insights - China National Aviation reported a revenue of 80.757 billion CNY in the first half of 2025, a 1.6% increase year-on-year, with a net loss of 1.806 billion CNY, narrowing by 35.1% [23] - China Eastern Airlines achieved a revenue of 66.822 billion CNY in the first half of 2025, a 4.1% increase year-on-year, with a net loss of 1.592 billion CNY, narrowing by 42.5% [23] - China Southern Airlines reported a revenue of 86.291 billion CNY in the first half of 2025, a 1.8% increase year-on-year, with a net loss of 1.533 billion CNY, which is a 24.8% increase in loss year-on-year [24] - Spring Airlines reported a revenue of 10.304 billion CNY in the first half of 2025, a 4.3% increase year-on-year, with a net profit of 1.169 billion CNY, a 14.1% decrease year-on-year [24] - 吉祥航空 reported a revenue of 11.067 billion CNY in the first half of 2025, a 1.0% increase year-on-year, with a net profit of 0.505 billion CNY, a 3.3% increase year-on-year [24] - 华夏航空 reported a revenue of 3.610 billion CNY in the first half of 2025, a 12.4% increase year-on-year, with a net profit of 0.251 billion CNY, an increase of 859.0% year-on-year [24] - Cathay Pacific reported a revenue of 54.309 billion HKD in the first half of 2025, a 9.5% increase year-on-year, with a net profit of 3.651 billion HKD, a 1.1% increase year-on-year [24]

Core Points - The inaugural flight of the C919 aircraft from Changsha Huanghua International Airport to Beijing Daxing was successfully launched by China Southern Airlines on September 9 [1] - The flight attracted attention due to the presence of an 80-year-old retired aircraft maintenance worker, who expressed pride in flying on a domestically produced aircraft after a career spent working with foreign-made planes [3][6] - The successful launch of the C919 marks a significant step in expanding China Southern Airlines' route network and increasing capacity in Hunan, with plans for more routes to showcase the capabilities of the domestically manufactured aircraft [6] Company Developments - China Southern Airlines is actively expanding its network with the introduction of the C919, aiming to enhance its operational capacity in Hunan [6] - The C919 aircraft represents a milestone in China's aviation industry, showcasing the country's advancements in aircraft manufacturing [6] Industry Insights - The C919's inaugural flight symbolizes the progress of China's aviation sector over the past 50 years, transitioning from reliance on foreign aircraft to developing its own [3][6] - The event reflects a growing national pride in domestic aviation achievements, as expressed by passengers and industry veterans [6]

Group 1 - The three major Hong Kong airline stocks, including Air China, China Southern Airlines, and China Eastern Airlines, experienced collective gains, with Air China rising approximately 2%, China Southern Airlines increasing by 1.6%, and China Eastern Airlines up over 1% [1] - Goldman Sachs reported a strong rebound in the mainland aviation industry for the second quarter, but noted that summer performance was not ideal, with domestic air travel demand remaining weak [1] - The firm predicts a significant narrowing of the year-on-year decline in international ticket prices, while domestic ticket prices may improve starting in September [1] Group 2 - Air China's passenger turnover increased by 3.2% year-on-year in August, indicating a gradual recovery in profitability [2] - China Southern Airlines reported an increase in passenger turnover of 5.97% year-on-year and a cargo turnover increase of 5.48% in August [2] - China Eastern Airlines saw an 8.72% year-on-year increase in passenger turnover in August and plans to hold a joint mid-term performance briefing on September 12 [2]

北京商报讯（记者 关子辰 牛清妍）9月15日，南方航空发布的月度运营数据显示，8月集团客运运力投 入（按可利用座公里计）同比上升6.37%；旅客周转量（按收入客公里计）同比上升5.97%；客座率为 86.99%，同比下降0.32个百分点。 ...

Core Insights - China Southern Airlines reported a 6.37% year-on-year increase in passenger capacity for August 2025, with domestic, regional, and international segments rising by 4.89%, 3.43%, and 11.35% respectively [1] - The passenger turnover increased by 5.97% year-on-year, with domestic, regional, and international segments growing by 4.93%, 6.04%, and 9.40% respectively [1] - The passenger load factor was 86.99%, a decrease of 0.32 percentage points year-on-year, with domestic and regional segments increasing by 0.04 and 2.07 percentage points, while international decreased by 1.52 percentage points [1] Passenger Operations - The group’s passenger capacity (measured in available seat kilometers) increased by 6.37% year-on-year [1] - The passenger turnover (measured in revenue passenger kilometers) rose by 5.97% year-on-year [1] - The passenger load factor stood at 86.99%, reflecting a slight decline [1] Cargo Operations - Cargo capacity (measured in available ton kilometers) increased by 0.90% year-on-year [1] - Cargo turnover (measured in revenue ton kilometers) rose by 5.48% year-on-year [1] - The cargo load factor was 50.83%, an increase of 2.21 percentage points year-on-year [1] Fleet Update - In August 2025, the group introduced 7 new aircraft, including 2 A321NEO, 2 A320NEO, 2 B737-8, and 1 B787-9 [1] - The group retired 5 aircraft, including 1 A319, 1 A321, 1 A330-200, and 2 B737-800 [1] - As of the end of August 2025, the group operated a total of 952 aircraft [1]