2025 年第一次临时股东会 中国南方航空股份有限公司 CHINA SOUTHERN AIRLINES CO., LTD. 2025 年第一次临时股东会 会议资料 2025 年 11 月 25 日 1 | 一、会议须知··········································3 | | --- | | 二、会议议程··········································5 | | 三、会议议案··········································7 | 2025 年第一次临时股东会 中国南方航空股份有限公司 2025 年第一次临时股东会会议须知 尊敬的各位股东及股东代表： 为确保中国南方航空股份有限公司（以下简称"本公司""公 司"）股东在公司 2025 年第一次临时股东会（以下简称"临时 股东会"）期间依法行使股东权利，保证临时股东会的会议秩序 和议事效率，依据中国证券监督管理委员会《上市公司股东会规 则》及《中国南方航空股份有限公司章程》（以下简称"《公司 章程》"）、《中国南方航空股份有限公司股东会议事规则》的 有关规定 ...

证券之星消息，11月24日航空机场板块较上一交易日下跌0.2%，吉祥航空领跌。当日上证指数报收于 3836.77，上涨0.05%。深证成指报收于12585.08，上涨0.37%。航空机场板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000099 | 中信海直 | 20.46 | 3.49% | | 11.71万 | 2.37亿 | | 600004 | 白云机场 | 9.63 | 0.52% | | 17.38万 | 1.67亿 | | 000089 | 深圳机场 | 6.93 | -0.29% | 16.58万 | | 1.15亿 | | 601021 | 春秋航空 | 55.05 | -0.51% | 4.69万 | | 2.59亿 | | 600115 | 中国东航 | 5.14 | -0.77% | | 96.00万 | 4.95 乙 | | 600221 | 海航控股 | 1.67 | -1.18% | 517.39万 | | 8.68亿 | | ...

11月15日，国、东、南三大航公布涉及日本航线客票的特殊方案后，国内航司到日本的机票预订量呈现 下降态势。截至目前，国内航司（非九元春秋）未来60天国内至日本的机票预订量比11月15日的未来60 天机票预订量减少约29%。 记者今天从航旅纵横了解到，截至目前，11月24日到12月31日国内到日本的计划航班量取消量较上月同 期增长约56%。 （文章来源：央视新闻） ...

Core Viewpoint - The aviation industry is expected to significantly reduce losses in November, with strong year-on-year growth in commercial demand and rising passenger load factors and domestic ticket prices [1][2]. Group 1: Industry Performance - In October, the aviation industry saw a year-on-year increase in ASK (Available Seat Kilometers) by 6%, RPK (Revenue Passenger Kilometers) by 9%, and passenger volume by 6%, with domestic growth at 4% and international growth at 20% [2]. - The passenger load factor improved by 2.2 percentage points to 87.4%, and domestic ticket prices rose by 3-4% compared to September [2]. - The overall performance of A-share airlines in Q3 2025 showed a counter-cyclical growth, marking the third consecutive year of performance exceeding Q3 2019, indicating a potential upward trend in profitability [1][2]. Group 2: International Routes - The international passenger load factor for September and October is estimated to exceed 80%, matching the peak season, with a year-on-year increase of over 3 percentage points, leading to a significant rise in international ticket prices, particularly for European routes [3]. - The ongoing benefits from visa-free policies and the construction of international transit hubs are expected to enhance long-term profitability for airlines [3]. Group 3: Market Dynamics - The decline in passenger flow on Japanese routes is anticipated to have a limited impact on the industry's profitability during the off-peak season, as the overall contribution of Japanese routes to the airlines' ASK is relatively small [4]. - Domestic trunk routes remain the core profit source for traditional airlines, and the performance of Japanese routes is not expected to alter the long-term growth logic of the aviation industry [4]. Group 4: Future Outlook - The Chinese aviation industry is poised to enter a "super cycle," driven by a significant increase in the profitability baseline as supply and demand recover, with a focus on high-quality networks for traditional airlines [5]. - Strategic investment opportunities are recommended, with a focus on companies like Air China, Juneyao Airlines, China Eastern Airlines, China Southern Airlines, and Spring Airlines [5].

Group 1 - The Hong Kong aviation stocks continue to decline, with China Southern Airlines (01055.HK) down by 3.07% to HKD 5.06 [2] - China Eastern Airlines (00670.HK) has decreased by 2.8% to HKD 4.51 [2] - Air China (00753.HK) is down by 1.09% to HKD 6.34 [2]

Core Viewpoint - The Japan-China flight routes are undergoing significant adjustments, with a notable increase in flight cancellations and a decline in passenger volume due to recent travel advisories and market factors [1][4]. Group 1: Flight Cancellations - The cancellation rate for flights to Japan is projected to reach 21.6% on November 27, marking the highest level in a month [1]. - A total of 12 routes have canceled all flights as of November 24, with several routes showing a 100% cancellation rate, including those from Hangzhou, Nanjing, and Yuncheng [3]. - The top routes with high cancellation rates include Tianjin to Kansai International (65.0%) and Nanjing to Kansai International (59.4%) [3]. Group 2: Airline Adjustments - Major Chinese airlines, including Air China, China Eastern, and Spring Airlines, have begun to adjust their services to Japan, with some flights closing reservations [4]. - For instance, China Eastern's Beijing to Osaka route will see 6 out of 14 weekly flights closed for booking starting December 1, 2025 [4]. - The overall flight volume from mainland China to Japan decreased by 471 flights in October compared to September, indicating a significant reduction in travel activity [4]. Group 3: Impact on Tourism and Economy - China is the largest source of tourists for Japan, with 7.487 million Chinese visitors from January to September 2025, representing a 42.7% year-on-year increase [6]. - A reduction in Chinese tourists is expected to directly lower Japan's GDP by 0.36%, resulting in an economic loss of approximately 2.2 trillion yen (about 101.16 billion yuan) [6].

据航班管家DAST数据，截至11月24日10点，已有12条中日航线取消所有航班。监测数据显示，未来一周赴日计划航班取消率将在12月27日达到21.6%，为1个月以来最高值。取消率靠前的航线有天津滨海-关西国际(65.0%)、南京禄口-关西国际(59.4%)、广州白云-关西国际(31.3%)、上海浦东-关西国际(30.1%)（一财）外汇交易员 (@myfxtrader):11月15日，国航、南航、东航等多家航司发出通知，公布了涉及日本航线客票的特殊处置方案，对于出行日期在12月31日之前且符合相关条件的客票，可予以免费退改处理。 https://t.co/JnH52SWdW2 ...

Core Insights - The 2025 Dubai International Airshow highlighted China's aviation industry, showcasing various military and civilian aircraft, including the J-10CE, J-35A, Y-20, and the C919, marking its debut in the Middle East [3] - The military industry is experiencing a positive fundamental shift, with the military ETF (512660) rising over 2% and attracting nearly 400 million yuan in net inflows over the past 10 days [1][4] Group 1 - The Chinese exhibition at the Dubai Airshow featured significant military assets, including the J-10CE and J-35A fighter jets, as well as the Y-20 transport aircraft [3] - The C919 aircraft successfully arrived in Dubai, participating in the airshow, while a procurement agreement for 50 unmanned transport aircraft was signed with a key partner in the UAE [3] - The military ETF (512660) is the largest in its category, covering the entire military industry chain and reflecting the overall performance of listed companies in the defense sector [4] Group 2 - The defense and military construction sector is expected to see increased precision requirements during the 14th Five-Year Plan, leading to more pronounced structural differentiation [4] - High-growth investment directions are focused on precision-guided weapons, new aviation equipment, underwater equipment, and unmanned intelligence [4] - Companies that can support low-cost and high-efficiency development for the military are particularly noteworthy in the current competitive landscape [4]

Core Viewpoint - China Southern Airlines' stock price has experienced fluctuations, with a year-to-date increase of 6.78% but a recent decline of 4.68% over the past five trading days [2] Financial Performance - For the period from January to September 2025, China Southern Airlines reported a revenue of 137.67 billion yuan, representing a year-on-year growth of 2.23%, and a net profit attributable to shareholders of 2.31 billion yuan, which is a 17.40% increase compared to the previous year [2] - The company has cumulatively distributed 6.63 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3] Stock Market Activity - As of November 24, the stock price of China Southern Airlines was 6.93 yuan per share, with a market capitalization of 125.58 billion yuan [1] - The stock experienced a net outflow of 27.99 million yuan in principal funds, with significant selling pressure observed [1] Shareholder Structure - As of September 30, 2025, the number of shareholders for China Southern Airlines was 133,300, a decrease of 4.76% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and China Securities Finance Corporation, with notable changes in their holdings [3]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates are rising while ocean freight rates are declining. The China Import Crude Oil Comprehensive Index (CTFI) reached 2325.40 points on November 20, up 4.2% from November 13. VLCC market activity remains strong, but overall market activity is expected to decline without actual cargo support [3][14] - Changlong Airlines has initiated its IPO process, and VOLANT has signed a confirmation order for the VE25-100 eVTOL aircraft with a state-owned investment group, with the order amount exceeding 100 million yuan [3][16] - The China-Europe Railway Express has surpassed 3500 trips this year, marking a historical high. A new "passenger-cargo-mail integration" model has been launched in cooperation between Rizhao Public Transport and SF Express [3][22] Summary by Sections Industry Hot Events - Crude oil freight rates are high while ocean freight rates are declining. The Shanghai port export price to Europe was $1367/TEU, down 3.5%, and to the US West and East Coast was $1645/FEU and $2384/FEU, down 9.8% and 8.3% respectively [3][15] - Changlong Airlines is preparing for its IPO, with a focus on expanding its operational capacity and market reach [3][16] - The China-Europe Railway Express has achieved a record of over 3500 trips this year, with a focus on high-value goods transportation [3][23] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased both month-on-month and year-on-year, indicating a positive trend in air freight pricing [4][28] - Domestic express delivery volume increased by 7.90% year-on-year in October 2025, with total express delivery volume reaching 176 billion pieces [4][50] - The national highway freight truck traffic increased by 2.57% week-on-week, indicating a recovery in road logistics [4][18] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the low-altitude economy sector, with recommendations for CITIC Offshore Helicopter [5] - Investment opportunities in the road and rail sectors, recommending companies such as Gansu Expressway and Beijing-Shanghai High-Speed Railway [5]