Investment Rating - The report maintains an "Overweight" rating for the aviation industry, indicating a positive outlook for the sector [4][7]. Core Insights - The aviation industry is experiencing a recovery, with September data showing a 4.6% year-on-year increase in passenger transport volume, reaching approximately 62.7 million passengers [4]. - Domestic capacity increased by 1.0% year-on-year, while domestic passenger flow grew by 3.6% [4]. - The average aircraft utilization rate in September was 7.8 hours per day, reflecting a 0.6% increase year-on-year [4]. - Airlines are increasing capacity, with passenger turnover growth outpacing capacity growth [4]. - The report highlights significant growth in low-cost carriers, particularly Spring Airlines, which saw a 21% increase in capacity [4]. - The international market is recovering, with some airlines exceeding pre-pandemic levels in flight frequency [4]. Summary by Sections September Data Overview - In September, the total passenger transport volume was approximately 62.7 million, a 4.6% increase from the previous year [4]. - Domestic capacity (ASK) for major airlines showed varied growth: China Eastern Airlines (+4%), Southern Airlines (+4%), and Spring Airlines (+21%) [4]. - The average passenger load factor for Spring Airlines was the highest at 91.8%, with a year-on-year increase of 1.3 percentage points [4]. Domestic Market Analysis - The domestic market is balanced in terms of supply and demand, with major airlines showing single-digit growth [4]. - Year-on-year changes in RPK for major airlines included: China Eastern Airlines (+6%), Southern Airlines (+4%), and Spring Airlines (+23%) [4]. International Market Analysis - The international market is seeing further recovery, with significant growth from Spring Airlines and China Eastern Airlines [4]. - Year-on-year changes in ASK compared to 2019 showed China Eastern Airlines (+5%) and Spring Airlines (+131%) [4]. Investment Recommendations - The report suggests that the aviation industry is at a turning point, with airlines expected to see significant improvements in profitability [4]. - Recommended stocks include China Eastern Airlines, China Southern Airlines, Spring Airlines, and others, based on strong supply and demand dynamics [4][7].

Group 1 - The core viewpoint is that major Chinese airlines have reported an increase in key operational metrics for September, leading to a rise in their stock prices [1] - China Eastern Airlines saw a 3.63% year-on-year increase in passenger capacity and an 8.67% increase in passenger turnover for September, with a seat occupancy rate of 87.57%, up 4.06 percentage points year-on-year [1] - China Southern Airlines reported a 4.43% increase in passenger capacity and a 5.25% increase in passenger turnover for September [1] - Air China experienced a 5.6% increase in passenger turnover and an average seat occupancy rate of 83.2%, which is up 3.5 percentage points year-on-year [1] Group 2 - Huatai Securities noted a slight slowdown in capacity growth for airlines in September post-summer travel season, while maintaining high seat occupancy rates [2] - The report indicates that due to a recovery in business travel demand, ticket prices have started to show positive year-on-year growth, with domestic ticket prices increasing by 3.0% from September 1 to October 12 [2] - The outlook suggests that the tightening of flight schedules in the new season, combined with a low base effect, may continue to support positive ticket price growth into the fourth quarter, while falling oil prices could alleviate cost pressures for airlines [2]

Investment Rating - The report maintains an "Overweight" rating for the aviation transportation sector [6]. Core Viewpoints - The aviation sector is showing signs of recovery, with expectations for continued improvement in the fourth quarter and the medium to long term, driven by a rebound in business travel demand and a favorable pricing environment [1][4]. - The supply growth in the industry remains constrained, supporting long-term supply-demand improvements [3][4]. - The report recommends focusing on airlines with potential for sustained growth, specifically highlighting China National Aviation (H), Huaxia Airlines, and Spring Airlines as top picks [1][9]. Summary by Sections Industry Performance - In September, the three major airlines (China Southern, China Eastern, and Air China) saw a slight slowdown in capacity growth at 3.0%, while passenger load factors increased by 2.7 percentage points to 85.6% [1]. - Spring Airlines experienced a significant capacity increase of 21.1%, maintaining a leading load factor of 91.8% [2]. Pricing and Revenue - Domestic ticket prices turned positive in September, increasing by 3.0% year-on-year, following a decline of 6.5% in July and August [1][4]. - The report anticipates that the improvement in revenue levels will continue into the fourth quarter, supported by a low base and effective revenue management by airlines [4]. Supply Constraints - As of September 2025, the total net addition of passenger aircraft among the major airlines was only 84, reflecting a growth of just 2.7% compared to the end of 2024 [3]. - The tightening of flight schedules is expected to persist, with a projected overall decrease of 1.6% in domestic flight slots for the upcoming winter-spring season [3]. Recommendations - The report emphasizes the potential for profitability in the aviation sector, particularly as oil prices decline, which may alleviate cost pressures for airlines [4]. - Specific stock recommendations include Huaxia Airlines (target price 13.65), Spring Airlines (target price 67.80), and China Southern Airlines (target price 7.35) [9][22].

Core Insights - China Southern Airlines (CSA) has launched the "CSA Food Map" operational plan, aiming to develop local specialty dishes from 16 regions based on seasonal changes [1][3] - The initiative includes a seasonal menu that will feature classic Cantonese dishes in Guangzhou, such as Lingnan Baihua Chicken and Taro Braised Pork Rice, to welcome guests for the Greater Bay Area's 15th Sports Games [3][5] - CSA is enhancing its in-flight dining experience with new meals, new tableware, and new fragrances, set to be gradually introduced on routes like Guangzhou-Beijing and Guangzhou-Shanghai starting October 26 [3][7] Group 1 - The "CSA Food Map" plan focuses on "one place, one flavor, one season, one renewal" for meal development [1] - The airline is committed to improving passenger experience by incorporating high-quality meal services [3][7] - CSA has initiated the "Food Appreciation Officer" program to recruit frequent travelers and food experts to enhance in-flight meal quality through immersive tasting activities [5][8] Group 2 - CSA's service quality management emphasizes the importance of understanding changing passenger needs and infusing warmth and craftsmanship into service details [7] - The airline aims to provide a rich and diverse dining service to enhance the overall flying experience for travelers [8]

Core Viewpoint - China Southern Airlines reported an increase in passenger capacity and turnover for September 2025, indicating growth in both domestic and international markets, while regional capacity saw a decline [1] Passenger Operations - The group's passenger capacity (measured in available seat kilometers) increased by 4.43% year-on-year, with domestic and international capacity rising by 3.16% and 8.42% respectively, while regional capacity decreased by 2.22% [1] - Passenger turnover (measured in revenue passenger kilometers) rose by 5.25% year-on-year, with domestic, regional, and international turnover increasing by 4.18%, 0.74%, and 8.61% respectively [1] - The passenger load factor was 86.30%, up by 0.67 percentage points year-on-year, with domestic, regional, and international load factors increasing by 0.85, 2.32, and 0.15 percentage points respectively [1] Cargo Operations - Cargo capacity (measured in available ton kilometers) increased by 0.78% year-on-year for September 2025 [1] - Cargo turnover (measured in revenue ton kilometers) rose by 1.91% year-on-year [1] - The cargo load factor was 53.16%, up by 0.59 percentage points year-on-year [1] Fleet Update - In September 2025, the group introduced 7 new aircraft, including 2 A321NEO, 1 A320NEO, 3 B737-8, and 1 C919, while retiring 3 aircraft, including 1 A319, 1 B737-700, and 1 EMB190 [1] - As of the end of September 2025, the group operated a total of 956 transport aircraft [1]

Core Viewpoint - The A-share airport and aviation sector experienced a significant rise, with several airlines reporting positive operational data for September 2025, indicating a recovery in passenger traffic and capacity utilization [1][2]. Group 1: Airline Performance - China Southern Airlines reported a 4.43% year-on-year increase in passenger capacity input for September 2025, with a 5.25% rise in passenger turnover, and an overall seat occupancy rate of 86.30%, up 0.67 percentage points [1]. - Air China disclosed a 1.2% increase in passenger capacity input and a 5.6% rise in passenger turnover for September 2025, achieving an average seat occupancy rate of 83.2%, which is up 3.5 percentage points year-on-year [1]. - China Eastern Airlines noted a 3.63% increase in passenger capacity input and an 8.67% rise in passenger turnover for September 2025, with a seat occupancy rate of 87.57%, up 4.06 percentage points [2]. Group 2: Market Reaction - The A-share market saw a surge in the aviation sector, with Huaxia Airlines hitting the daily limit up, while China National Airlines and Shanghai Airlines rose over 6%, indicating strong investor confidence following the positive operational data [1].

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。 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 董事會召開日期 中國南方航空股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2025年10 月27日（星期一）舉行董事會會議，藉以考慮及通過（其中包括）本公司截至2025年9月30 日止九個月的第三季度業績。 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10月15日 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1055） ...

证券代码：600029 证券简称：南方航空 公告编号：临 2025-048 中国南方航空股份有限公司 2025 年 9 月主要运营数据公告 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 和完整性承担法律责任。 2025年9月，中国南方航空股份有限公司及所属子公司（以 下简称"本集团"）客运运力投入（按可利用座公里计）同比上 升4.43%，其中国内和国际分别同比上升3.16%和8.42%，地区同 比下降2.22%；旅客周转量（按收入客公里计）同比上升5.25%， 其中国内、地区和国际分别同比上升4.18%、0.74%和8.61%；客 座率为86.30%，同比上升0.67个百分点，其中国内、地区和国际 分别同比上升0.85、2.32和0.15个百分点。 货运方面，2025年9月，货运运力投入（按可利用吨公里— 货邮运计）同比上升0.78%；货邮周转量（按收入吨公里—货邮 运计）同比上升1.91%；货邮载运率为53.16%，同比上升0.59个 百分点。 2025年9月，本集团无新增主要航线。 1 2025年9月，本集团引进7架飞机（包含2架A321NE ...

Core Viewpoint - China Southern Airlines reported an increase in passenger capacity and turnover for September 2025, indicating a positive growth trend in both domestic and international markets [1] Passenger Operations - Passenger capacity (measured in available seat kilometers) increased by 4.43% year-on-year, with domestic and international segments rising by 3.16% and 8.42% respectively, while regional capacity decreased by 2.22% [1] - Passenger turnover (measured in revenue passenger kilometers) rose by 5.25% year-on-year, with domestic, regional, and international segments increasing by 4.18%, 0.74%, and 8.61% respectively [1] - The passenger load factor was 86.30%, up by 0.67 percentage points year-on-year, with domestic, regional, and international load factors increasing by 0.85, 2.32, and 0.15 percentage points respectively [1] Cargo Operations - Cargo capacity (measured in available ton kilometers) increased by 0.78% year-on-year [1] - Cargo turnover (measured in revenue ton kilometers) rose by 1.91% year-on-year [1] - The cargo load factor was 53.16%, up by 0.59 percentage points year-on-year [1] Fleet Update - The company introduced 7 new aircraft in September 2025, including 2 A321NEO, 1 A320NEO, 3 B737-8, and 1 C919 aircraft, while retiring 3 aircraft [1] - As of the end of September 2025, the total operational fleet consisted of 956 aircraft [1]

格隆汇10月15日丨中国南方航空股份(01055.HK)发布公告，谨定于2025年10月27日（星期一）举行董事 会会议，藉以考虑及通过（其中包括）本公司截至2025年9月30日止九个月的第三季度业绩。 ...