民生证券给予南方航空推荐评级：Q2投资损失收窄，看好全货机盈利潜力释放

Group 1 - Minsheng Securities issued a report on September 2, recommending Southern Airlines (600029.SH, latest price: 5.94 yuan) [1] - The report highlights that the year-on-year decline in passenger kilometer revenue is narrowing in Q2 2025, indicating potential profitability from all-cargo aircraft [1] - Unit fuel costs increased year-on-year in Q2 2025, but the decline in oil prices alleviates the pressure from rising unit costs [1] - The report notes that the investment loss from Sichuan Airlines has narrowed, but increased income tax expenses have negatively impacted after-tax profits [1]