Group 1: National Enterprises and ETFs - The National Enterprises Win ETF (159719) has shown a recent price of 1.52 yuan, with a 1.74% increase over the past two weeks as of May 21, 2025 [1] - The ETF has a net value increase of 44.02% over the past three years, ranking 66 out of 1763 index stock funds, placing it in the top 3.74% [1] - The ETF has a historical average monthly return of 4.37% and a 100% probability of profit over a three-year holding period [1] Group 2: Market Trends and Banking Sector - Major banks in China, including Bank of China and Industrial and Commercial Bank of China, announced a reduction in RMB deposit rates by 15 basis points on May 20, 2025, followed by seven other banks on May 21 [1] - The ongoing reform of state-owned enterprises is expected to drive a new wave of mergers and acquisitions, with state-owned enterprises likely to lead this trend [2] - Analysts suggest that the state-owned enterprise sector continues to hold long-term investment value, benefiting from debt reduction and mergers and acquisitions [2] Group 3: Bay Area Development Index and ETFs - The China Securities Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index (931000) decreased by 0.14% as of May 22, 2025, with mixed performance among constituent stocks [4] - The Greater Bay Area ETF (512970) has seen a 2.46% increase over the past two weeks, with a recent price of 1.21 yuan [4] - The latest scale of the Greater Bay Area ETF reached 70.17 million yuan, marking a one-month high [4] Group 4: ETF Composition and Performance - The National Enterprises Win ETF closely tracks the FTSE China National Enterprises Open Win Index, which includes 100 constituent stocks, focusing on globalization and sustainable development [6] - The top ten weighted stocks in the Greater Bay Area Development Index account for 53.26% of the index, with companies like BYD and Ping An Insurance among the leaders [8][10]

Core Insights - The event "Jinglongyun・Ruyixing" focused on the deep integration of aviation and tourism, highlighting the collaboration between Gansu and Hubei provinces for the summer flight season of 2025 [1] Group 1: Event Overview - The event was co-hosted by Gansu Airport Group, Hubei Airport Group, and Tongcheng Travel, attracting over 120 industry elites from aviation, tourism, and media sectors [2] - Major airlines such as China Southern Airlines and China Eastern Airlines participated, showcasing their latest travel products [2] Group 2: Flight Network and Services - Gansu Airport Group plans to operate over 200 passenger routes this summer, connecting nearly 100 cities, with 12 new routes linking Gansu and Hubei [2] - New domestic routes include "Lanzhou-Zhangye-Dunhuang" and "Lanzhou-Jinchang-Jiayuguan," increasing the total number of domestic routes to 27 [2] - The introduction of the "Jinglan Fly・Ruyixing" transfer service aims to enhance passenger convenience with features like expedited check-in and free accommodation [2] Group 3: Data Analysis and Marketing Strategies - Tongcheng Travel utilized big data to analyze travel preferences and spending habits of tourists from Gansu and Central China [3] - The event promoted the "Air-Rail Intermodal" travel solution and exclusive discounts to encourage travel between Gansu and Hubei [3] - The collaboration signifies a deeper partnership in optimizing flight routes and sharing tourism resources between the two provinces [3]

Group 1 - The core viewpoint of the report is that the aviation industry is expected to see a turnaround in performance starting in 2025, driven by declining oil prices and long-term supply-demand optimization [1] - The overall trend in the aviation sector from 2025 onwards is characterized by increased volume and stable pricing, with international routes nearing full recovery [1][2] - Airlines are shifting their strategy from price prioritization to a balance of volume and price, with expectations of rising capacity and load factors in 2024, despite pressure on ticket prices [2] Group 2 - Supply of capacity remains constrained due to factors such as supply chain bottlenecks and trade frictions, with aircraft delivery rates expected to be below expectations in the coming years [3] - The significant drop in oil prices is expanding profit margins for airlines, with a 1% decrease in oil prices leading to cost reductions or profit increases for major airlines [4] - If fuel prices remain low in 2025, it will provide substantial support to airline profits [4]

Core Viewpoint - China Southern Airlines maintains a strong market position and has achieved a turnaround in profitability, although it still faces challenges from high fuel costs and debt levels [3][4][5]. Company Overview - China Southern Airlines is a key player in the domestic aviation industry, operating under the China Southern Airlines Group, with a fleet of 917 aircraft as of the end of 2024 [10][11]. - The company reported total assets of 3297.38 billion yuan and equity of 525.95 billion yuan in 2024, with operating revenue reaching 1742.24 billion yuan and a profit of 15.81 billion yuan [10][11]. Financial Performance - The company experienced a significant recovery in 2024, with total profit turning from a loss of 16.45 billion yuan in 2023 to a profit of 15.81 billion yuan [10][11]. - Operating revenue increased by 8.52% year-on-year, driven by a rise in passenger and cargo transport volumes [16][20]. - The gross profit margin for the main business slightly improved, with the main business cost rising by 8.52% [16][20]. Market Position - China Southern Airlines holds the largest market share in passenger transport, accounting for 22.56% of the total market, and 20.42% in cargo transport [11][12]. - The company has a well-developed route network, focusing on key hubs in Guangzhou, Beijing, and Urumqi, and has expanded its international routes significantly [10][11][12]. Operational Efficiency - The company achieved a passenger load factor of 71.21% in 2024, reflecting improved operational efficiency [22]. - The average age of the fleet is 9.2 years, with a focus on maintaining a modern and efficient aircraft lineup [22]. Industry Environment - The aviation industry is recovering from the impacts of the pandemic, with demand for air travel increasing as economic conditions improve [10][11]. - The industry remains sensitive to fluctuations in fuel prices and exchange rates, which can significantly impact operational costs [5][10].

Core Viewpoint - The credit rating for China Southern Airlines' convertible bonds remains unchanged at AAA, with a stable outlook, indicating strong financial health and creditworthiness [1][2]. Group 1: Rating Information - Previous bond rating was AAA; issuer rating was AAA; outlook was stable [1]. - Current bond rating is AAA; issuer rating is AAA; outlook remains stable [2]. - The rating results have not changed compared to the previous assessment [1][2]. Group 2: Rating Agency and Report - The rating was conducted by United Ratings Co., Ltd. [1]. - The comprehensive analysis and evaluation were based on the company's financial status [2]. - The full report titled "China Southern Airlines Co., Ltd. Convertible Bond 2025 Tracking Rating Report" is available on the Shanghai Stock Exchange website [2].

证券代码：600029 证券简称：南方航空 公告编号：临 2025-028 转债代码：110075 转债简称：南航转债 中国南方航空股份有限公司 关于可转换公司债券跟踪评级的公告 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。 中国南方航空股份有限公司董事会 ● 前次债券评级：AAA；主体评级：AAA；评级展望：稳 定。 1 ● 本次债券评级：AAA；主体评级：AAA；评级展望：稳 定。 用评级结果为 AAA；评级展望为稳定，评级机构为联合资信， 评级时间为 2024 年 5 月 22 日。 ● 本次评级结果较前次没有变化。 评级机构联合资信在对公司进行综合分析与评估的基础上， 于 2025 年 5 月 21 日出具了《中国南方航空股份有限公司可转换 公司债券 2025 年跟踪评级报告》，本次公司主体长期信用评级结 果为 AAA，南航转债信用评级结果为 AAA，评级展望为稳定。 本次评级结果较前次没有变化。 重要内容提示： 根据相关法律法规的规定，中国南方航空股份有限公司（以 下简称"公司"）委托联合资信评估股份有限公司（以 ...

中国南方航空股份有限公司 可转换公司债券 2025 年跟踪评级报告 | | | 跟踪评级报告 | 1 www.lhratings.com 联合〔2025〕2407 号 联合资信评估股份有限公司通过对中国南方航空股份有限公司 主体及其相关债券的信用状况进行跟踪分析和评估，确定维持中国 南方航空股份有限公司主体长期信用等级为 AAA，维持"南航转债" 信用等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年五月二十一日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受中国南方航空股份有限公司（以下简称"该 公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关 系外，联合资信、评级人 ...

Core Points - The event "Jinglong Yun. Ruyi Travel" was held in Wuhan, showcasing the collaboration between Gansu and Hubei provinces in civil aviation and tourism, aiming to invigorate regional cultural and tourism economy [1] - Gansu Provincial Airport Group introduced an upgraded flight network for 2025, planning over 200 passenger routes and nearly 100 cities, including 12 inter-provincial routes to Wuhan and enhanced domestic connections [2] - Tongcheng Travel presented a one-stop travel solution and exclusive discounts, while airlines like Spring Airlines and China Southern Airlines launched innovative products to reduce travel costs [3] - The collaboration between Gansu and Hubei is seen as a bridge connecting the Belt and Road Initiative with the Yangtze River Economic Belt, marking a new phase of deep cooperation in route optimization and resource sharing [4] Group 1 - The event highlighted the achievements of civil aviation cooperation between Gansu and Hubei, emphasizing the integration of air travel and tourism [1] - Gansu's flight network will include 200+ routes and 100 cities, with specific routes to enhance connectivity and travel convenience [2] - The introduction of innovative travel products by various airlines aims to stimulate consumer spending in the tourism sector [3] Group 2 - The partnership between Gansu and Hubei is set to deepen, focusing on enhancing travel routes and sharing tourism resources [4] - The event was attended by over 120 participants, including representatives from airlines, airports, travel agencies, and media [4]

Core Viewpoint - The demand for traveling with pets has surged since 2025, prompting domestic airlines to introduce "pets in cabin" services as a new revenue strategy to counteract declining passenger revenues. This service is also expanding the "civil aviation + pet" service industry chain into areas such as quarantine, insurance, and tourism. However, challenges such as species restrictions and balancing cabin safety with passenger experience remain [1][3][10]. Group 1: Industry Trends - Since 2025, several listed airlines, including Hainan Airlines, China Southern Airlines, and Eastern Airlines, have either launched or upgraded their "pets in cabin" services, reflecting a growing trend in the industry [3][7]. - The "pets in cabin" service is driven by the increasing perception of pets as family members, with airlines aiming to address the pain points of pet separation during travel [7][10]. - The market for pet-related services is expanding, with the pet economy in China projected to reach 1.15 trillion yuan by 2028, indicating significant growth potential for the industry [12]. Group 2: Financial Implications - Airlines are charging fees for "pets in cabin" services, with prices generally under 1,500 yuan per pet per segment. For example, Eastern Airlines charges 1,288 yuan, while China Southern Airlines charges between 1,299 and 1,499 yuan depending on the distance [8][10]. - The introduction of "pets in cabin" services is seen as a way for airlines to enhance ticket revenue, especially in a market where average ticket prices have dropped by over 10% [10][12]. - The service not only meets customer demand but also helps airlines attract high-value customers, as pet owners are often willing to pay a premium for enhanced services [10][12]. Group 3: Operational Challenges - Despite the benefits, the "pets in cabin" service faces operational challenges, including restrictions on pet size and breed, and the need for standardized regulations across airlines [14][15]. - Airlines must balance the needs of pet owners with those of other passengers, addressing concerns such as allergies and fears related to pets [14]. - Safety protocols are crucial, with airlines needing to ensure that pets are properly vaccinated and secured during flights to maintain cabin safety [14][15].

Core Viewpoint - The civil aviation industry is experiencing a recovery in passenger transport volume growth, with supply remaining low and price declines narrowing. The performance during the May Day holiday indicates positive trends in revenue management for airlines, suggesting an optimistic outlook for price improvements in the aviation sector [1]. Group 1: Operational Data - In April 2025, all airlines reported an increase in operational volume, with growth rates slightly higher than in March. Among major airlines, Eastern Airlines showed the highest growth rate, while Spring Airlines outperformed 吉祥航空 among private carriers. The passenger load factor for the three major airlines continued to rise, with Southern Airlines and Eastern Airlines exceeding 85%, while Spring Airlines experienced a slight decline and 吉祥航空 saw a slight increase [1]. - Domestic flight volumes in April 2025 showed a significant recovery compared to March, with a slight year-on-year increase compared to April 2024. Major airlines reported a slight increase in domestic capacity, with Spring Airlines increasing capacity and 吉祥航空 slightly decreasing it. The passenger load factor for the three major airlines and Spring Airlines improved, while 吉祥航空 saw a decline [2]. Group 2: International Market Performance - The international and regional flight markets are steadily expanding, with significant recovery in routes to Japan, South Korea, New Zealand, Malaysia, and Vietnam. Among major airlines, Air China and Eastern Airlines showed rapid growth in capacity, while 吉祥航空 shifted a significant portion of its capacity to international routes. The load factors for international flights varied, with Eastern Airlines, Southern Airlines, and 吉祥航空 showing improvements, while Air China and Spring Airlines experienced declines [2]. Group 3: Supply and Cost Factors - The introduction of new aircraft remains low, with the civil aviation fleet expected to grow by only 2.8% to 4,126 aircraft in 2024, including a reduction of 9 wide-body aircraft. In the first four months of 2025, only 64 new aircraft were introduced, indicating slow supply growth. Additionally, recent declines in oil prices and stable exchange rates are expected to positively impact the cost structure of the aviation industry, leading to potential improvements in second-quarter performance [3].