Core Insights - The successful delivery of the first repaired engine by Zhuhai Mo Tian Yu Jin Wan Factory to China Southern Airlines marks a significant milestone in the MRO (Maintenance, Repair, Overhaul) capabilities of the airline [1][4] - The Jin Wan Factory, a joint venture between China Southern Airlines and German MTU Aero Engines, officially commenced operations in March 2023 and aims to enhance service quality and efficiency in engine maintenance [1][2] Group 1 - The Jin Wan Factory is expected to deliver over 50 engines this year, with an annual maintenance capacity projected to reach 260 engines after full production [2][5] - The factory's operational efficiency and advanced production management systems are designed to support the MRO network for GTF engines, indicating a commitment to high-quality service [2][5] - The combined maintenance capacity of the Zhuhai Mo Tian Yu facilities is anticipated to exceed 700 engines annually, positioning it as a potential leader in the global MRO market [5]

Group 1 - The Hong Kong aviation stocks experienced a significant decline, with China Southern Airlines (01055.HK) dropping over 5% [1] - Air China (00753.HK) fell by more than 4.5% [1] - China Eastern Airlines (00670.HK) decreased by over 3.5% [1] - Cathay Pacific Airways (00293.HK) saw a decline of more than 2% [1]

中国民航网讯：2025年7月1日至9月30日暑运期间，中国南方航空将进一步优化贵阳市场航线网络布 局，加大在黔航班运力投放，计划执行进出港航班8500余班次，通达全国31个城市。据悉，南航此次运 力调整包括新开航线、加密班次和宽体机投放三大举措，旨在满足暑期旅客多样化出行需求。 调配宽体客机，提升出行体验 新开多条航线，拓展出行选择 为进一步提升旅客乘机体验，南航在暑运期间调配双通道宽体客机执飞部分北京航线。更加宽敞的机上 座椅和个性化娱乐设施，将为旅客打造更加舒适、便捷的空中旅行环境。（编辑：金杰妮 校对：孙文 瑾 审核：程凌） 在新开航线方面，南航于7月1日起，正式开通贵阳往返呼和浩特（白塔机场）的直飞航线（去程航班 号：CZ8573；返程航班号：CZ8574），每日一班。该航班18:15从贵阳起飞，21:05抵达呼和浩特； 21:55呼和浩特起飞，00:45返回贵阳。与此同时，新开贵阳往返沈阳（桃仙国际机场）的直飞航线（去 程航班号：CZ8488；返程航班号CZ8487），同样每日一班。13:30从沈阳起飞，17:40抵达贵阳；18:40 贵阳起飞，23:25抵达沈阳。此外，自6月20日起，贵阳往返乌鲁 ...

近日，中国南方航空（600029）股份有限公司与埃塞俄比亚航空签署了合作谅解备忘录。根据备忘录， 南航与埃塞航将积极推进在联运及代码共享、衔接效率提升、第三方业务及货运等领域的深入合作。 (智通财经) ...

茲提述本公司日期為2025年6月4日有關為召開臨時股東會暫停辦理股份過戶登記手續之公 告（「原公告」）。除文義另有所指外，本公告所用詞彙應與原公告所界定者具有相同涵 義。 本公司謹此宣布，因臨時股東會統籌安排等原因，本公司決定將原定於2025年6月27日（星 期五）舉行的臨時股東會延期至本公司將予通知的較後日期舉行。因此，原公告所載的暫 停辦理股份過戶登記手續期間，即2025年6月18日（星期三）至2025年6月27日（星期五） （包括首尾兩日）將予取消。 本公司將於釐定臨時股東會的日期及暫停辦理股份過戶登記手續期間後另行刊發公告。 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 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） 取消暫停辦理股份過戶登記手續期間 中華人民共和國，廣州 2025年6月11日 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 ...

广州国际航空货运枢纽建设全力提速。6月10日至11日，以"中国枢纽，链通全球"为主题的2025年IATA北亚区 CARGO DAY暨广州国际航空货运枢纽高质量发展大会在广州举办。据大会透露，广州白云机场货邮吞吐量30年 间增长12倍，跃升至全球第九。 共绘航空货运蓝图广州航空货运"12小时通全球" 近年来，中国航空物流市场规模持续扩大，白云机场国际货运航线网络不断加密，广州在全球物流供应链中的地 位明显提升。这是广州连续第三年举办航空货运领域国际级峰会。 大会透露，广州白云机场货邮吞吐量30年间增长12倍，跃升至全球第九。客货比从50:1优化至31:1。据广东省机 场集团物流有限公司总经理汤容柱介绍，今年以来，新开加密墨西哥城、布达佩斯等17条全货机航线，全球通航 点达256个，构建"4小时达东南亚、12小时通全球"网络。联邦快递亚太枢纽、顺丰华南航空枢纽、中国邮政粤港 澳大湾区航空枢纽相继落户；三期扩建完成后，将形成更大的货站集群，吸引更多的"金凤凰"飞向广州枢纽。 大会紧扣"中国枢纽，链通全球"主题，汇聚民航主管部门、国内外航司、物流集成商、制造企业及智库代表，围 绕航空货运政策创新、技术赋能、网络优化等 ...

Core Insights - The demand for pet travel has surged since 2025, prompting domestic airlines to introduce "pet in cabin" services as a new revenue strategy to counter declining passenger yields [1][3] - The "pet in cabin" service is not only enhancing airline revenues but also expanding the "civil aviation + pet" service industry chain into areas such as quarantine, insurance, and tourism [1][13] - Challenges remain in balancing pet safety, passenger experience, and regulatory frameworks, which are crucial for the future normalization of "pet-friendly flights" [1][15] Airline Initiatives - Multiple airlines, including Hainan Airlines, China Southern Airlines, and Eastern Airlines, have initiated or upgraded their "pet in cabin" services since 2025, reflecting a growing trend in the industry [3][5] - Hainan Airlines was the first to launch this service in 2018 and has since expanded its offerings, including a new "pet seat" service [3][5] - The pricing for "pet in cabin" services varies, with fees generally under 1500 yuan, and can reach up to 2000 yuan depending on additional seat purchases [7][8] Market Demand and Trends - The pet economy in China is experiencing significant growth, with a market size of 592.8 billion yuan in 2023, projected to reach 1.15 trillion yuan by 2028 [13] - Social media discussions indicate high consumer interest in pet travel services, with 370,000 related posts on platforms like Xiaohongshu [4] - The shift in consumer perception of pets as family members is driving increased spending on pet-related services, including travel [13] Revenue Generation - The introduction of "pet in cabin" services allows airlines to tap into high-value consumer segments, enhancing revenue streams amid declining passenger yields [9][12] - Airlines can charge additional fees for extra seating for pets, significantly increasing potential revenue per flight [8][9] - The average ticket price for economy class has dropped over 10%, making the "pet in cabin" service a strategic move to boost profitability [8] Industry Challenges - Current regulations regarding pet size and breed restrictions pose challenges for the implementation of "pet in cabin" services [15] - Airlines must ensure a balance between the needs of pet owners and other passengers, addressing concerns such as allergies and fears of animals [15] - Safety protocols for pets during flights, including vaccination checks and secure transport containers, are essential for maintaining operational integrity [15][16]

Investment Rating - The industry investment rating is "In-Line" [5][10]. Core Insights - China's total absolute non-domestic Available Seat Kilometers (ASK) was 76% of 2019's level as of June 9, 2025, reflecting a 12% year-over-year increase but a slight decrease of 1% week-over-week [10]. - Excluding US routes, the recovery of China's absolute non-domestic ASK reached 86% of 2019's level [10]. - Capacity additions were noted on Hong Kong (+2%) and US (+1%) routes, while reductions occurred on Macau (-1%) and Korea (-1%) routes [10]. - Significant year-over-year increases in ASK were observed for Japan (+35%), Korea (+25%), Hong Kong (+17%), and US (+13%) routes, while Macau (-15%) and Thailand (-31%) saw decreases [10]. - Seat capacity for Japan, Thailand, and Korea routes reached 106%, 47%, and 94% of 2019 levels, respectively, while US routes were at 29% [10]. Summary by Relevant Sections International Air Capacity - Non-domestic ASK was 76% of 2019's level as of June 9, 2025, compared to 77% the previous week [2]. - Total seat capacity has recovered to approximately 80% of 2019's level [5]. Capacity Recovery - The report highlights that total absolute non-domestic ASK was -1% week-over-week and +12% year-over-year [10]. - Specific route recoveries include Japan at 106%, Korea at 94%, and US routes at 29% of 2019 levels [10]. Company Ratings - Air China Limited (601111.SS) rated Equal-weight, Air China Limited (0753.HK) rated Overweight [62]. - Cathay Pacific Airways (0293.HK) rated Equal-weight, China Eastern Airlines (600115.SS) rated Equal-weight [62]. - China Southern Airlines (600029.SS) rated Equal-weight, COSCO SHIPPING Energy Transportation (1138.HK) rated Overweight [62].

Core Viewpoint - China Southern Airlines is increasing its international and regional flight routes to meet the demand for summer travel and support the high-quality development of the Belt and Road Initiative [1][2] Group 1: New Routes - Starting June 16, China Southern Airlines will launch a direct flight from Beijing Daxing to Dushanbe, operating 2 flights per week on Tuesdays and Saturdays using Boeing B737-8 aircraft [1] - From June 25, a new direct flight from Guangzhou to Almaty will commence, with 3 round trips per week on Mondays, Wednesdays, and Fridays, also using Boeing B737-8 aircraft [1] - A new direct flight from Guangzhou to Tashkent will start on June 30, with 3 round trips per week using Boeing B787-800 aircraft [1] - From July 1, a direct flight from Harbin to Vladivostok will be launched, operating 2 round trips per week on Tuesdays and Saturdays using Airbus A320 aircraft [1] Group 2: Increased Flight Frequencies - China Southern Airlines will increase flight frequencies on popular routes in Australia and Southeast Asia, including the Urumqi-Tbilisi route, which will increase from 4 to 7 round trips per week starting June 1 [2] - The Urumqi-Yerevan route will increase from 2 to 3 round trips per week starting June 11 [2] - The Guangzhou-Brisbane route will expand from 5 to 7 round trips per week starting June 12 [2] - The Urumqi-Baku route will increase from 3 to 5 round trips per week starting July 1 [2] - From July 11, the Guangzhou-Phuket and Guangzhou-Sabah routes will increase from 1 to 2 round trips daily [2] - The Guangzhou-Nha Trang route will increase from 1 to 2 round trips daily starting July 18 [2] - The Guangzhou-Nairobi route will expand from 2 to 3 round trips per week starting July 24 [2] Group 3: Overall Capacity - After the new routes and increased frequencies, China Southern Airlines will operate a total of 150 international and regional routes, with a planned weekly flight volume of 2,000 flights, providing more options and convenience for travelers during the summer peak season [2]

Group 1 - The Hong Kong aviation stocks experienced a volatile upward trend, with China Eastern Airlines (00670.HK) rising over 4% [1] - China Southern Airlines (01055.HK) increased by more than 3.5% [1] - BOC Aviation (02588.HK) saw a nearly 3% rise [1] - Air China (00753.HK) gained 1.7% [1]