（原标题：新型航空燃料热浪来袭！碳减排最多达九成） 中国加快可持续航空燃料（SAF）应用试点。 到2030年，欧洲经济区内机场起飞航班混合加注SAF比例提升至6%；从2026年起，新加坡对所有离境 航班征收可持续燃料税；从2027年起，印度、马来西亚、韩国推出SAF强制掺混配额……全球航空能源 消费的"SAF时代"呼啸而来。 航空业是交通领域减排难度最大的产业，而今也踏上找寻传统燃油替代的征程。在政策驱动下，SAF需 求或将迎来爆发式增长，业内预计，2030年至2035年，行业供需缺口将超2600万吨。按照当前近20000 元每吨价格计，SAF市场规模将达数千亿元。 "SAF热浪"来袭，曾被厌弃的地沟油，化身为飞机绿色燃料，甚至一度出现"地沟油不够用"的供需失衡 情况。面对强需求预期，A股公司布局SAF业务明显提速，但低产能和高成本是重要考验。 河南君恒生物厂区装置高效运转，"吞"下地沟油原料，产出SAF等产品。地上废弃物摇身一变化身为飞 机引擎的"绿色动力"，推进濮阳这座石化之城擘画绿色转型新图景。 相较于传统燃油，SAF能降低69%—90%的二氧化碳排放，且能无缝衔接现有的商飞动力系统，成为当 前航空业减 ...

Core Viewpoint - China Southern Airlines' stock price has shown a slight increase of 0.46% year-to-date, with notable gains over the past 5, 20, and 60 trading days, indicating a positive short-term trend in the market [2]. Financial Performance - For the first half of 2025, China Southern Airlines reported a revenue of 86.29 billion yuan, reflecting a year-on-year growth of 1.77%. However, the net profit attributable to shareholders was -1.53 billion yuan, a decrease of 24.84% compared to the previous year [2]. - The company has cumulatively distributed 6.629 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Stock Market Activity - As of October 24, the stock price of China Southern Airlines was 6.52 yuan per share, with a market capitalization of 118.15 billion yuan. The stock experienced a decline of 2.10% during the trading session [1]. - The trading volume was 93.56 million yuan, with a turnover rate of 0.11%. There was a net outflow of 3.99 million yuan in principal funds, with large orders accounting for 5.32% of purchases and 9.58% of sales [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for China Southern Airlines was 140,000, a decrease of 7.17% from the previous period. The average circulating shares per person remained at 0 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 582 million shares, a decrease of 2.65 million shares from the previous period. Meanwhile, Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF increased their holdings [3].

证券研究报告——晨会聚焦 2025 年 10 月 24 日 | 10 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 600029.SH | 南方航空 | | 600428.SH | 中远海特 | | 601233.SH | 桐昆股份 | | 002409.SZ | 雅克科技 | | 300750.SZ | 宁德时代 | | 000524.SZ | 岭南控股 | | 688249.SH | 晶合集成 | | 002916.SZ | 深南电路 | | 002241.SZ | 歌尔股份 | | 002609.SZ | 捷顺科技 | 中银晨会聚焦-20251024 ■重点关注 【宏观经济】上半年对外经济部门体检报告*管涛 刘立品。上半年，面对特 朗普关税政策冲击，全球货物贸易表现超出预期，我国外贸同样展现出较强 韧性，推动经常项目顺差创历史同期新高，但顺差规模占 GDP 比重处于国 际认可的合理范围以内，人民币汇率并未明显偏离均衡合理水平。 【电力设备】固态电池系列报告之三*武佳雄 李扬。固态电池作为新能源汽 车动力电池的下一代技术，在安全性、能量密度上具备显著优势，受到政策 大 ...

王某某所在分公司领导告诉记者， 他们内部规定不能透露该事件，"我们觉得没有什么信息要透露的" ，最终是否对外回应将由总部决定。 （新华日报） 10月23日，针对上述说法，男方王某某告诉记者，这个事情由公司答复，他不方便讲太多。 "沉舟侧畔"表示，经过举报，南方航空对王某某进行了诫勉谈话，但她认为该处理方式较轻。 转自：新华日报 近日，网友"沉舟侧畔"向记者反映，丈夫王某某今年48岁，在南方航空空保管理部担任空警，数年来多次偷窃机舱供品放置家中，"他就是一直保 持这个习惯，什么干湿纸巾、小零食、面包、红酒全是从飞机上拿下来的，认为不拿白不拿"。 "沉舟侧畔"提供举报的65页PPT中显示，家中水杯、毛巾、水壶、刀叉均印有"机组"、"南方航空"字样或标识。 ...

Core Viewpoint - A Southern Airlines employee has been accused of stealing in-flight supplies over several years, raising concerns about internal controls and ethical standards within the company [2][4]. Group 1: Incident Details - The accused, a 48-year-old man working in the security department, reportedly took various items such as wet wipes, snacks, bread, and wine from the aircraft, believing it was acceptable to do so [2]. - A 65-page PPT provided by the whistleblower shows that many household items in the accused's home are branded with "crew" and "Southern Airlines" logos [4]. Group 2: Company Response - Following the allegations, Southern Airlines conducted a reprimand talk with the accused, but the whistleblower feels this response was insufficient [6]. - The leadership of the accused's division stated that they cannot disclose details about the incident, indicating that any public response will be determined by the headquarters [6].

10月22日起，南航在广州-北京大兴、广州-上海虹桥往返航线基础上，加快推进"一刻登机"服务在更多 航线上落地实行，新增7条航线、日均新增58班次，让更多旅客感受便利化出行服务。此次"一刻登 机"新增航线包括：广州-郑州（往返）、北京大兴-哈尔滨（往返）、广州-杭州（单程）、广州-海口 （单程）、广州-昆明（单程），拓宽后共达11条航线，日均覆盖超100个航班，为临时改期、突发差 旅、赶早班/晚班机、高频商务出行等旅客群体提供更大的便利。 ...

具体来看，南航贵州公司将继续高频运营贵阳至北京、上海、广州、深圳等干线航班，保障旅客出行需 求；贵阳至郑州航线加密至每日3班；新增贵阳至南通航线，每日1班；优化广州-贵阳-银川和贵阳-青 岛-哈尔滨航线时刻安排。 新华财经贵阳10月23日电（记者肖艳）记者从南航贵州公司获悉，南航贵州公司将于10月26日起执行冬 春季航班计划，新航季每周在贵州计划执行航班量将突破700班次，通过32条国内航线与全国29个重要 城市连接。 在支线航空布局方面，南航贵州公司将持续运营广州／北京大兴=遵义新舟、广州／深圳=遵义茅台、 广州=兴义等5条特色支线航线。 据介绍，在航线布局方面，南航坚持巩固主干航线与拓展航线增量并举的策略，强化贵州与长三角、中 原等核心经济区的空中纽带，支撑区域协同发展，加大贵州至华东、华南方向的运力投入。 编辑：刘润榕 ...

Core Points - China Southern Airlines (CSA) will implement the 2025 winter-spring flight schedule starting October 26, with plans to operate 43 routes in Hunan, covering 36 domestic and international destinations, and executing 834 flights weekly [1][3] Group 1 - CSA will continue to operate the domestically produced C919 aircraft in the Hunan market, servicing key business and tourism routes such as Changsha to Guangzhou, Beijing Daxing, and Xi'an [3] - New direct flights from Changsha to Lijiang will be introduced, with one flight daily, enhancing travel options between Hunan and Yunnan [3] - CSA will increase flight frequencies to popular cities like Qingdao, Ningbo, and Shantou, while optimizing major routes to Beijing Daxing, Guangzhou, and Urumqi to improve passenger experience [3] Group 2 - Internationally, CSA will maintain direct flights from Changsha to Kuala Lumpur, Seoul, Nairobi, Tokyo, Osaka, and Hanoi, supporting the Belt and Road Initiative [3] - The airline is strengthening its provincial branch network with routes from Changde to Beijing, Shenzhen, and Guangzhou, as well as from Zhangjiajie to Guangzhou, enhancing air connectivity within the province and to key domestic cities [3] Group 3 - To cater to the demand for winter tourism, CSA will increase weekly flights on the Changsha to Shenyang route by 4, and maintain daily flights to Changchun and Harbin [3] - Passengers are advised to check flight numbers, departure times, and airport information due to adjustments in some routes and flights after the seasonal change [4]

Market Overview - On October 23, the aviation and airport sector rose by 0.38% compared to the previous trading day, with Shenzhen Airport leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Shenzhen Airport (000089) closed at 7.40, up 3.06% with a trading volume of 554,900 shares and a turnover of 408 million yuan [1] - Xiamen Airport (600897) closed at 15.35, up 1.12% with a trading volume of 67,900 shares and a turnover of 105 million yuan [1] - China Eastern Airlines (600115) closed at 4.94, up 0.82% with a trading volume of 966,200 shares and a turnover of 473 million yuan [1] - China Southern Airlines (600029) closed at 6.66, up 0.45% with a trading volume of 608,500 shares and a turnover of 403 million yuan [1] Capital Flow - The aviation and airport sector saw a net inflow of 32.22 million yuan from institutional investors, while retail investors experienced a net inflow of 35.07 million yuan [2] - However, speculative funds recorded a net outflow of 67.29 million yuan [2] Individual Stock Capital Flow - China Southern Airlines (600029) had a net inflow of 69.47 million yuan from institutional investors, while it faced a net outflow of 34.49 million yuan from speculative funds [3] - China Eastern Airlines (600115) saw a net inflow of 39.42 million yuan from institutional investors, with a net outflow of 3.79 million yuan from speculative funds [3] - Shenzhen Airport (000089) experienced a net outflow of 11.13 million yuan from institutional investors, but had a net inflow of 5.62 million yuan from retail investors [3]

Core Viewpoint - The aviation sector is experiencing a significant recovery after being undervalued for the past two to three years due to the pandemic and international flight disruptions, with recent data indicating a strong upward trend in stock prices and operational metrics [1][6]. Group 1: Market Performance - Since October 9, 2025, the Hong Kong aviation sector has seen substantial gains, with increases of 3.47%, 5.68%, and 5.38% on October 9, 15, and 20 respectively, leading to a cumulative rise of 15.14% [1] - China Eastern Airlines (00670) has recorded a cumulative increase of 37.42%, while China Southern Airlines (01055) has seen a rise of 22.57% [1] Group 2: Passenger Demand and Flight Operations - The National Day and Mid-Autumn Festival holidays have driven a surge in travel, with an estimated 2.432 billion people traveling during the holiday period, marking a historical high and a 6.2% year-on-year increase [3] - Civil aviation passenger volume reached 19.138 million during the holiday, with a daily average of 2.392 million, reflecting increases of 4.1% and 26.9% compared to 2024 and 2019 respectively [3] - The number of flights executed daily has increased to 15,539, a 3.73% rise from the previous year, indicating stable growth in flight operations [3] Group 3: Pricing and Cost Dynamics - The average domestic economy class ticket price in September 2025 was 697 yuan, a 0.6% increase year-on-year, while prices during the holiday period averaged 849 yuan, up 0.3% year-on-year [5] - Oil prices are expected to decline, which could enhance the profitability of airlines as the cost of aviation fuel decreases [5] Group 4: Long-term Industry Outlook - The aviation industry is poised for a "super cycle" due to a favorable supply-demand dynamic, with demand expected to grow significantly as consumer behavior shifts towards leisure travel and business travel recovers [7][9] - The supply side faces constraints, with global aircraft manufacturing capacity recovering slowly, and domestic capacity growth projected at only 3.1% annually from 2025 to 2028 [10] - Market reforms and industry self-regulation have improved pricing power for airlines, leading to a potential increase in profitability as demand continues to rise [11] Group 5: Investment Opportunities - The aviation sector is entering a phase characterized by high demand, low supply, and supportive policies, creating conditions for a sustainable profit growth period from 2025 to 2028 [12] - Investors are encouraged to focus on full-service airlines with hub advantages and international route flexibility, as well as low-cost carriers with efficient operational models [12]