Investment Rating - The report recommends investment in several companies within the aviation and logistics sectors, including China National Aviation (601111.SH), Southern Airlines (600029.SH), and Huamao Logistics (603128.SH) [9]. Core Insights - The report highlights the recovery of air travel demand, with domestic ASK (Available Seat Kilometers) for major airlines exceeding 100% of 2019 levels, indicating a strong rebound in the aviation sector [19][22]. - The logistics sector is expected to benefit from the growth of cross-border e-commerce, driven by domestic demand and the expansion of local manufacturing brands [8]. - The report emphasizes the importance of smart logistics and digital transformation in enhancing operational efficiency and meeting consumer demands [63][66]. Summary by Sections Aviation and Airports - As of December 2024, domestic ASK recovery rates for major airlines reached 132.45% for China National Aviation and 153.98% for Spring Airlines compared to 2019 [19]. - International flight recovery rates vary, with the UK at 112% and Italy at 122% compared to 2019 [22]. - The report notes that the optimism surrounding airport duty-free agreements has been priced in, with future international passenger flow recovery being a key focus [7]. Shipping and Ports - The SCFI (Shanghai Containerized Freight Index) reported a value of 1436 points as of March 7, 2025, reflecting a week-on-week decrease of 5.21% and a year-on-year decrease of 23.83% [28]. - The BDTI (Baltic Dirty Tanker Index) was at 879 points, down 0.86% week-on-week and down 26.01% year-on-year [33]. - The report indicates a significant decline in shipping rates across various routes, with the CCFI (China Containerized Freight Index) showing a decrease of 7.70% year-on-year [28]. Road and Rail - In December 2024, railway freight volume increased by 8.46% year-on-year, reaching 4.59 million tons, while road freight volume grew by 9.94% to 37.74 million tons [39][46]. - The report highlights the expansion of rail capacity in the southwest region, enhancing operational efficiency [60]. Express Logistics - The express delivery sector achieved a revenue of 137.89 billion yuan in December 2024, marking a year-on-year increase of 13.60% [49]. - The average price per express delivery item decreased by 13.61% to 7.75 yuan [49]. - The report emphasizes the growth potential in the express logistics sector, driven by e-commerce and the development of differentiated competitive advantages among leading companies [8].

Investment Rating - The report indicates a positive outlook for the chemical and steel industries, with specific recommendations for companies like Wanhua and Hualu in the chemical sector, and Hualin Steel in the steel sector [3][18][23]. Core Insights - The fiscal policy has shifted to a more aggressive stance, with special government bonds increasing from 1 trillion to 1.3 trillion and local special bonds rising from 3.9 trillion to 4.4 trillion, which is expected to stimulate economic growth [3][4]. - The chemical industry is anticipated to see a recovery in demand due to supportive policies for equipment upgrades and consumer goods replacement, particularly benefiting sectors like automotive and home appliances [3][5]. - The steel industry is transitioning from a growth stabilization focus to supply-side reforms, with a projected reduction in crude steel production of approximately 50 million tons in 2025 [18][20]. Summary by Sections Chemical Industry - Capital expenditures in the chemical sector have begun to decline, with a year-on-year decrease of 18% reported in 2024, indicating a potential end to rapid capacity expansion by the second half of 2025 [7]. - Current valuations for leading chemical companies are low, with the CSI Chemical Index's price-to-book ratio at a 20% low since 2012, suggesting potential for significant performance recovery as market conditions improve [9]. - The refrigerant market is experiencing price increases due to supply constraints, with prices for certain products reaching 45,000 yuan per ton, supported by government policies promoting demand [10]. Steel Industry - The steel sector is expected to undergo significant production cuts, with a focus on reducing crude steel output by about 50 million tons in 2025, which is crucial for improving profitability in a currently low-margin environment [19][20]. - The report highlights that the steel industry is at a low point in terms of profitability and inventory levels, suggesting a high potential for recovery as production cuts are implemented [21]. - Recommended companies in the steel sector include Hualin Steel, Maanshan Steel, and Baosteel, which are positioned to benefit from the anticipated supply-side reforms [18][23]. Logistics and Transportation - The government aims to reduce logistics costs through structural adjustments, promoting rail and water transport over road transport, which is expected to benefit companies in the logistics sector such as China Logistics and China Railway Special Cargo [24]. - The report emphasizes the importance of developing multi-modal transport systems to enhance efficiency and reduce costs, which will positively impact logistics companies [24]. Consumer and Tourism Sectors - The government's initiatives to boost consumer spending, particularly in tourism, are expected to benefit airlines and travel-related companies, with projected growth in passenger volumes for rail and air travel [25][26]. - Companies involved in the tourism and travel sectors, such as China Southern Airlines and Hainan Airport, are likely to see increased demand as consumer confidence improves [26].

董事會召開日期 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） 中華人民共和國，廣州 2025年3月7日 於本公告日期，董事包括執行董事馬須倫、韓文勝及羅來君 ; 及獨立非執行董事何超瓊、郭 為及張俊生。 1 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3月 26日（星期三）舉行董事會會議，藉以考慮及通過（其中包括）本公司截至2024年12月31 日止年度的全年業績及派發末期股息（如有）。 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 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國南方航空股份有限公司 呈交日期: 2025年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01055 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,643,997,308 | RMB | | 1 | RMB | | 4,643,997,308 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 4,643,997,308 | RMB | | 1 | RMB | | 4,643,997,308 | | 2. 股 ...

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [6] Core Views - The report emphasizes the improvement in supply and demand for aviation and oil transportation, suggesting a favorable outlook for ticket prices and freight rates [1][2][3] - It recommends focusing on alpha stocks with competitive advantages and high dividend yields, particularly in the aviation and oil transportation sectors [1] - The report highlights the need to monitor policy changes and economic data that may influence risk appetite in the transportation sector [4] Aviation Sector - The report notes a steady increase in passenger volume during the Spring Festival, with a year-on-year growth of 7.4%, slightly above the overall inter-regional mobility growth of 7.1% [2][13] - It anticipates that ticket prices will gradually improve due to a low base effect, with expectations for a positive year-on-year change in ticket prices as supply growth slows [16][18] - The report identifies key stocks to watch, including China National Aviation and China Eastern Airlines, which are expected to benefit from supply-demand improvements [22] Shipping and Port Sector - The report indicates that oil transportation rates are expected to rise due to geopolitical events and a rebound in demand after the holiday season [3][34] - It forecasts a potential increase in container shipping rates in March, driven by seasonal demand recovery and price hikes on European routes [35] - The report suggests monitoring the impact of geopolitical events and U.S. tariff policies on shipping rates and demand [34][60] Road and Rail Sector - The report highlights significant improvements in highway freight traffic, with a year-on-year increase of 6.4% in early 2025 [4] - It notes a slowdown in railway passenger growth and coal transport due to high inventory levels, indicating a need for careful observation in the coming months [4][5] Logistics and Express Delivery Sector - The report states that express delivery volumes have exceeded expectations, with year-on-year growth rates of 39% for collection and 42% for delivery [5][55] - It recommends focusing on leading express delivery companies, such as SF Express, which are expected to benefit from foreign investment in China [58] - The report emphasizes the importance of monitoring cross-border logistics and the impact of U.S. tariff policies on e-commerce volumes [60]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The dry bulk market is showing signs of recovery, with freight rates and FFA prices both increasing. Cape-sized vessel spot rates have doubled compared to the low point on February 12, reaching $11,584 per day, although still down 56% year-on-year. The market sentiment has improved due to better weather in Australia and a shift in coal shipping to Cape-sized vessels, leading to tight capacity in the Pacific market [5] - The Shanghai Containerized Freight Index (SCFI) reported a decrease of 5.0% to 1515 points as of February 28, with varying changes in rates for different routes [6] - The oil tanker freight rates have decreased, with the BDTI index down 3.2% to 888 points, and the TCE for VLCC down 8.8% [6] - The BDI index for dry bulk shipping increased by 20.5% to 1078 points, indicating a positive trend in the dry bulk shipping market [7] Summary by Sections Shipping Vessels - The dry bulk market is recovering with freight rates increasing significantly. Cape-sized vessel rates have reached $11,584 per day, while Panamax and Supramax rates have increased by 51% and 69% respectively. The FFA market is also showing a positive trend with March contract prices nearing $18,000 per day [5] - The oil tanker market is facing downward pressure with a decrease in freight rates across various vessel types [6] - The BDI index has shown a significant increase, indicating a recovery in the dry bulk shipping market [7] Aviation - The aviation sector is expected to benefit from macroeconomic recovery, with a long-term supply-demand gap driving growth. The spring travel season is showing positive booking data, indicating a potential rebound in demand [14] - Global air passenger demand increased by 10% in January, with the Asia-Pacific region performing particularly well [9] - The CAPSE report indicates a positive trend in travel willingness for March, suggesting a recovery in air travel demand [10] Express Logistics - The express delivery sector is showing resilience, with overall demand remaining strong. The leading companies in the sector are expected to benefit from cyclical recovery and cost reduction efforts [14] - The logistics sector has maintained smooth operations, with significant increases in freight volumes across various transport modes [11] Supply Chain Logistics - The logistics landscape is evolving with the introduction of new low-altitude logistics routes, enhancing delivery efficiency in urban areas [12] - Companies like Shenzhen International are expected to see performance improvements due to the transformation of logistics parks [16] Shipping and Shipbuilding - The oil tanker market is expected to see sustained demand due to limited new orders and an aging fleet, while the dry bulk market is anticipated to recover due to regulatory pressures on older vessels and new mining projects [14] - The shipbuilding sector is experiencing tight capacity, with new orders extending delivery times to 2027/28, driving up ship prices [14]

Investment Rating - The investment rating for the aviation transportation industry is "Positive" [2][6] Core Viewpoints - The industry passenger load factor has recovered to 2019 levels, with January ticket prices showing a slight year-on-year increase [2][8] - The supply-demand dynamics indicate that the passenger load factor for the entire year of 2024 has returned to 2019 levels, with significant growth in both capacity and revenue passenger kilometers (RPK) compared to 2019 [8][14] - The average one-way ticket price in January 2025 was 902 RMB, reflecting a month-on-month increase of 29.6% and a year-on-year increase of 3.8% [3][17] - The average price of aviation kerosene in January and February 2025 was 5910 RMB per ton, a decrease of 10.1% compared to the same period in 2024 [21][22] Summary by Sections Industry Supply and Demand - In December 2024, the industry ASK (Available Seat Kilometers) and RPK increased by 8.1% and 9.7% respectively compared to December 2019, with a passenger load factor of 82.0%, exceeding the same period in 2019 by 1.2 percentage points [8][14] - Cumulatively for 2024, the ASK and RPK increased by 10.2% and 10.3% respectively compared to 2019, with an average load factor of 83.3% [8][14] Ticket Price Situation - The average one-way ticket price in January 2025 was 902 RMB, with domestic ticket prices averaging 865 RMB (up 2.9% year-on-year) and international ticket prices averaging 1812 RMB (up 6.5% year-on-year) [3][17] Fuel Price and Exchange Rate - The average price of aviation kerosene in January and February 2025 was 5910 RMB per ton, down 10.1% from the same period in 2024 [21][22] - The exchange rate remained stable, with the USD to RMB exchange rate at 7.1697 as of February 18, 2025, a decrease of 0.26% from the end of 2024 [21][22] Airline Operations - In January 2025, domestic airline capacity saw a slight year-on-year increase, with passenger load factors remaining high [4][26] - Major airlines introduced new aircraft, with China Eastern Airlines leading with six new aircraft, resulting in a net increase of four aircraft [4][41] Investment Recommendations - The report suggests a positive outlook for the recovery of air travel, recommending a focus on airlines such as Air China, China Southern Airlines, Spring Airlines, Juneyao Airlines, and China Eastern Airlines due to expected performance elasticity with rising ticket prices and stable fuel costs [5][45]

吴颖湘女士确认与公司董事会和公司无不同意见，亦不存在 公司股东需要知悉有关其辞任的其他事宜。董事会对于吴颖湘女 士担任公司副总经理期间为公司发展作出的贡献表示感谢。 证券代码：600029 证券简称：南方航空 公告编号：临 2025-007 中国南方航空股份有限公司 关于高级管理人员变动的公告 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。 2025 年 2 月 18 日，中国南方航空股份有限公司（以下简称 "公司"）召开第十届董事会第五次会议，应出席会议董事 6 人， 实际出席会议董事 6 人，罗来君董事因公未亲自出席本次会议， 授权韩文胜董事代为出席会议并表决，何超琼董事因公未亲自出 席本次会议，授权张俊生董事代为出席会议并表决。经出席本次 董事会的董事审议并表决，一致通过以下议案： 同意聘任曾永超先生为公司副总经理；同意聘任陈詟先生为 公司总飞行师，不再担任公司安全总监；同意聘任蔡琦先生为公 司安全总监，上述高级管理人员任期与本届董事会任期一致。 同意吴颖湘女士因工作变动不再担任公司副总经理，吴榕新 先生因工作变动不再 ...

证券代码：600029 证券简称：南方航空 公告编号：临2025-006 中国南方航空股份有限公司 第十届董事会第五次会议决议公告 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。 一、董事会会议召开情况 2025 年 2 月 18 日，中国南方航空股份有限公司（以下简称 "本公司""公司"）第十届董事会第五次会议在广州市白云区 齐心路 68 号中国南方航空大厦 33 楼 3301 会议室以现场会议结 合视频会议的方式召开。本次会议应出席会议董事 6 人，实际出 席会议董事 6 人，罗来君董事因公未亲自出席本次会议，授权韩 文胜董事代为出席会议并表决，何超琼董事因公未亲自出席本次 会议，授权张俊生董事代为出席会议并表决。本次会议由董事长 马须伦先生主持，公司部分监事及部分高级管理人员列席。本次 会议的通知和资料已以书面方式发出。会议的召开及表决等程序 符合《中华人民共和国公司法》以及本公司章程的有关规定。 二、董事会会议审议情况 经出席本次董事会的董事审议并表决，一致通过以下议案： 该议案已经公司董事会提名委员会审议通过，并同 ...