茲載列中國南方航空股份有限公司在上海證券交易所網站刊登的《中國南方航空股 份有限公司2025年度報告》、《中國南方航空股份有限公司2025年年度報告摘要》 及《中國南方航空股份有限公司2025年可持續發展（ESG）報告摘要》，僅供參閱。 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 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） 於其他市場發佈的公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 中華人民共和國，廣州 2026年3月30日 於本公告日期，董事包括執行董事馬須倫、韓文勝及蔡治洲；獨立非執行董事何超瓊、郭為、 張俊生及祝海平；及職工董事張弢。 | 第一节 | 释义 3 | | --- | --- | | 第二节 | 公司简介和主要财务指标 5 | | 第三节 | 管理层讨论与分析 11 | | 第四节 | 公司治理、环境 ...

Investment Rating - The report maintains a recommendation for the express delivery industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - The express delivery industry is experiencing price increases due to rising oil prices and a trend against excessive competition, with multiple regions implementing price hikes [1][10]. - The industry is entering a new phase of high-quality development, focusing on improving service quality and maintaining stable pricing, which is expected to benefit leading companies [3][84]. - The volume growth in the express delivery sector is gradually recovering, with a notable increase in the growth rate of delivery volumes in early 2026 compared to the previous year [2][12]. Summary by Sections Price Adjustments - Multiple express delivery companies have raised prices in response to increased transportation costs due to rising oil prices, with adjustments starting from March 23, 2026, in various provinces [1][10]. - The price adjustments reflect a broader trend of stabilizing prices in the industry, with significant increases in single-package revenue reported by major companies [2][11]. Volume Growth - The growth rate of express delivery volumes has shown signs of recovery, with January and February 2026 reporting a 7.1% increase compared to previous months [2][12]. - Major companies like YTO and ZTO have outperformed the market in terms of volume growth, indicating a strengthening competitive position [15][16]. Market Positioning - Leading companies in the express delivery sector are expected to gain market share as they benefit from improved volume structures and pricing strategies [3][13]. - ZTO is highlighted as a key player with a commitment to enhancing investor returns, while YTO continues to show strong performance metrics [18][19][86]. Investment Recommendations - The report suggests continued investment in leading express delivery companies such as ZTO, YTO, and Shentong, emphasizing their potential for growth in the evolving market landscape [3][20][21]. - The report also highlights the importance of maintaining a focus on performance elasticity and dividend value in the transportation sector, particularly in shipping and express delivery [7][82].

Investment Rating - The report maintains a recommendation for the express delivery industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - The express delivery industry is experiencing price increases due to rising oil prices and a trend against excessive competition, with multiple regions implementing price hikes [1][10]. - The industry is entering a new phase of high-quality development, focusing on improving service quality and maintaining stable pricing, which is expected to benefit leading companies [3][17]. - The volume growth in the express delivery sector is gradually recovering, with a notable increase in the growth rate of delivery volumes in early 2026 [2][12]. Summary by Sections Price Adjustments and Market Dynamics - Multiple express delivery companies have raised prices in response to increased transportation costs from rising oil prices, with adjustments starting from March 23, 2026, in various provinces [1][10]. - The price adjustments reflect a broader trend of stabilizing prices in the industry, with significant increases in single-package revenue reported for major companies [2][11]. Volume Growth and Market Share - The growth rate of delivery volumes has shown signs of recovery, with January and February 2026 reporting a 7.1% increase, which is better than previous expectations [2][12]. - Leading companies like YTO and ZTO have outperformed the market in terms of volume growth, with YTO's growth rates significantly exceeding the industry average [15][16]. Investment Recommendations - The report suggests continued investment in leading express delivery companies such as ZTO, YTO, and Shentong, highlighting ZTO's commitment to increasing investor returns and YTO's strong performance metrics [3][18][19]. - The report also emphasizes the potential for growth in the Southeast Asian market through Jitu Express, which is positioned as a key player in the region [20]. - Opportunities in SF Express are noted, particularly in relation to its strategic adjustments and collaborations with Jitu Express [21].

Group 1 - Cathay Cargo's cargo volume in February 2026 increased by 7% compared to February 2025, with available cargo ton-kilometers rising by 4% year-on-year [1] - In the first two months of 2026, Cathay Cargo's cargo volume increased by 6% compared to the same period last year [1] Group 2 - Hong Kong Express's passenger volume in February 2026 exceeded 730,000, representing a 25% increase from February 2025, while available seat kilometers increased by 14% [1] - In the first two months of 2026, Hong Kong Express's passenger volume increased by 16% compared to the same period in 2025 [1] Group 3 - Cathay Pacific's passenger volume in February 2026 increased by 24% compared to February 2025, with available seat kilometers rising by 16% year-on-year [2] - In the first two months of 2026, Cathay Pacific's passenger volume increased by 17% compared to the same period in 2025 [2]

Group 1 - Cathay Pacific's passenger capacity in February 2026 increased by 24% compared to February 2025, with available seat kilometers rising by 16% year-on-year [1] - In the first two months of 2026, Cathay Pacific's passenger volume increased by 17% compared to the same period in 2025 [1] - Cathay Cargo's cargo volume in February 2026 increased by 7% compared to February 2025, with available cargo ton kilometers increasing by 4% year-on-year [1] Group 2 - In February 2026, Hong Kong Express recorded a passenger volume exceeding 730,000, which is a 25% increase compared to February 2025, with available seat kilometers increasing by 14% [1] - In the first two months of 2026, Hong Kong Express's passenger volume increased by 16% compared to the same period in 2025 [1]

Core Viewpoint - Domestic airlines are significantly increasing international fuel surcharges, with increases generally exceeding 50%, and some routes seeing a doubling of fees due to rising international oil prices, which are pressuring airline costs to be passed on to ticket prices [2][3]. Group 1: Fuel Surcharge Adjustments - Several airlines, including Juneyao Airlines and Xiamen Airlines, have announced adjustments to their international fuel surcharges, with specific routes seeing increases such as the China-Vietnam route rising to 400 RMB and the China-Indonesia route to 600 RMB [2]. - Xiamen Airlines raised the fuel surcharge for the Indonesia-China route from 640,000 Indonesian Rupiah to 736,000 Indonesian Rupiah, approximately a 15% increase [2]. - Spring Airlines has also increased fuel surcharges on certain international routes, with the Shanghai to Kuala Lumpur route doubling from 180 RMB to 360 RMB, and routes to Japan seeing increases of over 50% [2]. Group 2: Industry Cost Pressures - The rising oil prices are expected to lead to further adjustments in fuel surcharges across the industry, with the next adjustment window for domestic routes set for April 5 [3]. - Fuel costs typically account for 30%-40% of total airline costs, making it a significant fixed expense, and a 1% increase in oil prices could add billions to monthly industry costs [3]. - Airlines are attempting to mitigate these cost pressures through fuel surcharge increases and hedging strategies, with Cathay Group indicating that about 30% of their fuel is hedged for 2026 [3]. Group 3: Impact on Air Cargo - High oil prices are also affecting the air cargo sector, potentially leading airlines to reduce cargo flight capacity on less profitable routes, which could increase air freight prices [4]. - Cathay Group noted that changes in operational practices, such as needing to carry more fuel for direct flights instead of refueling in Dubai, are raising operational costs and reducing profitability per flight [4]. Group 4: Current Oil Price Trends - As of March 17, Brent crude oil prices are around $100 per barrel, significantly higher than the beginning of the year, with prices peaking at $120 amid geopolitical tensions [5]. - The international aviation fuel price has approached $175 per barrel, well above the normal level of approximately $88 per barrel, indicating a faster increase than crude oil prices [5].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The current demand in the e-commerce express delivery industry remains resilient, with a top-down "anti-involution" approach driving up express prices, which releases profit elasticity for companies, indicating a favorable competitive opportunity in the medium to long term [13] - The oil transportation sector is expected to benefit from sustained crude oil production and tight capacity, with geopolitical changes potentially continuing to catalyze sentiment or fundamentals, leading to a significant improvement in the oil transportation market in 2026 [13] - The shipping market is anticipated to recover, driven by environmental regulations limiting the operation of older fleets and the continuous increase in iron ore production from Australia, Brazil, and West Africa [13] Summary by Sections Shipping and Ports - The Middle East oil transportation channels are disrupted, leading to the use of alternative pipelines by Saudi Arabia and the UAE, which could provide substantial long-distance cargo volumes for oil transportation [4] - The SCFI composite freight index increased by 14.9% week-on-week, with significant increases in freight rates for various routes [4] - The BDI index decreased by 8.8% week-on-week, indicating a decline in bulk shipping rates [6][12] Express Logistics - Major express companies in Sichuan province have raised shipping prices to cope with rising operational costs and to respond to the industry's call for rational pricing [8] - The national express delivery volume is expected to grow by approximately 7.5% year-on-year for January and February, with a steady increase in business volume and revenue [9] Aviation - During the 2026 Spring Festival travel season, civil aviation transported 94.39 million passengers, a year-on-year increase of 4.6% [10] - The ongoing geopolitical situation has led to rising fuel costs for airlines, prompting several companies to increase passenger fuel surcharges and ticket prices [11] Road and Rail - National railway freight volume increased by 6.16% week-on-week, while highway freight traffic saw a significant rise of 40.64% [12] - The revenue from the Gansu-Guangdong Expressway in February 2026 was 348 million yuan, reflecting a year-on-year growth of 10.2% [12] Port Operations - The total cargo throughput at Chinese ports decreased by 0.42% week-on-week, while container throughput increased by 1.44% [10][12]

证券代码：603885 证券简称：吉祥航空 公告编号：临 2026-013 上海吉祥航空股份有限公司（以下简称"吉祥航空"或"公司"）及所属子 公司九元航空有限公司（以下简称"九元航空"）2026 年 2 月份合并主要运营 数据： （一）运营情况 2026 年 2 月，公司客运运力投入（按可用座位公里计）同比上升 6.94%，其 中国内、国际和地区航线客运运力投入同比变动分别为 8.71%、3.28%和-8.66%； 旅客周转量（按收入客公里计）同比上升 9.47%，其中国内、国际和地区航线旅 客周转量同比变动分别为 9.68%、9.41%和-2.51%；客座率为 87.55%，同比上升 2.02%，其中国内、国际和地区航线客座率同比变动分别为 0.79%、4.53%和 5.74%。 2026 年 2 月，公司国内客运运力投入（按可用座位公里计）较上月环比下 降 0.90%，国内旅客周转量（按收入客公里计）环比上升 2.04%，国内航线客座 率环比上升 2.60%。国际客运运力投入（按可用座位公里计）较上月环比下降 2.98%，国际旅客周转量（按收入客公里计）环比上升 4.23%，国际航线客座率 环比上升 5 ...

中国东方航空股份有限公司 2026 年 2 月运营数据公告 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。 一、运营情况 中国东方航空股份有限公司（以下简称"本公司"）2026 年 2 月客运运力投入 （按可用座公里计）同比上升 12.79%；旅客周转量（按客运人公里计）同比上升 14.68%；客座率为 86.54%，同比上升 1.42 个百分点。2026 年 2 月货邮周转量 （按货邮载运吨公里计）同比上升 33.88%。 中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 证券代码：600115 证券简称：中国东航 公告编号：临 2026-010 2026 年 2 月，本公司国内、国际地区市场的主要新开、复航、加密航线情况 如下： 国内市场：新开上海虹桥-长白山、成都双流-长春、长春-厦门、昆明-嘉兴、 无锡-西双版纳等航线；复航上海虹桥-琼海、上海浦东-腾冲、上海浦东-伊春、成 都双流-宁波、济南-成都双流等航线；加密上海虹桥-揭阳潮汕、上海虹桥-贵阳、 上海浦东-海口、北京大兴 ...

Investment Rating - The report maintains a "Recommendation" rating for the transportation industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [78]. Core Insights - The report highlights the significant impact of the ongoing Middle East conflict on shipping rates, with oil tanker rates experiencing a decline but remaining at historical highs, while container shipping rates are on the rise [1][2]. - The daily average of vessels passing through the Strait of Hormuz has drastically decreased by 95% to 5 vessels, compared to 125 vessels before the conflict, with oil tankers averaging only 1 vessel per day [1][11]. - Brent crude oil futures have shown substantial volatility, closing at $103.89 per barrel, an increase of 11% from March 6 [1][15]. Industry Data Tracking Shipping Market Impact - Oil shipping rates have adjusted from historical highs, with the Clarksons VLCC-TCE index at $175,000, down 54.2% week-on-week. The Middle East to China route is reported at $390,000 per day, down 17% [2][18]. - Container shipping rates have increased, with the SCFI index reaching 1710 points, up 14.9% week-on-week, driven by rising fuel costs and the ongoing geopolitical situation [2][25]. - The dry bulk shipping market has seen limited impact, with the BDI index at 2028 points, reflecting a 0.9% increase week-on-week [2][26]. Investment Recommendations - The report suggests that if the Middle East conflict remains manageable and the passage through the Strait of Hormuz gradually resumes, it could trigger a replenishment market. The report continues to recommend companies such as China Merchants Energy and COSCO Shipping Energy [3][31]. - Emphasis is placed on the importance of energy resource security, with recommendations for logistics and warehousing companies like Hongchuan Wisdom and Milky Way [3][31]. - The report also highlights the potential for growth in the aviation sector, with a focus on major airlines and logistics companies, suggesting a favorable outlook for companies like China Southern Airlines and Spring Airlines [4][58].