Group 1 - The core viewpoint of the article highlights the positive outlook for the aviation sector in Hong Kong, driven by increased demand during the Spring Festival travel period, with a projected national civil aviation passenger transport volume of 95 million, averaging 2.38 million passengers daily, representing a year-on-year growth of approximately 5.3% [1] - The article notes that two peaks of passenger flow are expected around the Spring Festival, particularly due to the later timing of the holiday this year, with a single-day peak potentially reaching 2.6 million passengers [1] - The Civil Aviation Administration of China anticipates that the total number of flights during the Spring Festival will reach 780,000, averaging 19,400 flights per day, which is a 5% increase year-on-year [1] Group 2 - Huachuang Securities emphasizes three key factors that highlight investment opportunities in the aviation sector: the sustained low growth rate of aircraft introductions, structural improvements in aviation demand with stronger cross-border demand, and the current high passenger load factor indicating potential price elasticity [1] - The article mentions that since mid-September 2025, the willingness to travel for business is expected to return to an expansionary phase, further supporting the growth of the aviation sector [1] - The historical high passenger load factor suggests that the industry may experience an upward trend in pricing, with ticket prices showing a year-on-year increase since mid-September 2025, indicating a potential recovery in industry prosperity by 2026 [1]

Group 1 - The core viewpoint of the news is that the Hong Kong aviation stocks continue to rise, driven by strong demand during the Spring Festival travel season, with predictions of increased passenger transport volume and flight operations [1] - China Southern Airlines rose nearly 3%, China Eastern Airlines increased by 2.11%, and Air China saw a 2.51% rise, reflecting positive market sentiment [2] - The Civil Aviation Administration forecasts that the national civil aviation passenger transport volume during the Spring Festival is expected to reach 95 million, averaging 2.38 million passengers per day, a year-on-year increase of approximately 5.3% [1] Group 2 - The Spring Festival is expected to create two peaks in passenger flow, particularly due to the later timing of the holiday this year, with a single-day peak potentially reaching 2.6 million passengers [1] - The aviation sector is highlighted as having investment opportunities based on three factors: low growth in aircraft introductions, structural improvement in aviation demand, and high seat occupancy rates indicating potential price elasticity [1] - The expected number of flights during the Spring Festival is 780,000, averaging 19,400 flights per day, which is a 5% year-on-year increase [1]

Core Viewpoint - The ground comprehensive service industry in China's civil aviation sector is experiencing rapid growth, driven by the recovery of air transport and supportive government policies, with the market expected to reach 230 billion yuan in 2024, reflecting a year-on-year increase of 2.2% [1][5]. Industry Overview - Ground comprehensive services encompass essential services provided when aircraft arrive and depart from airports, including management, passenger services, baggage handling, cargo services, and aircraft maintenance [3]. - The industry is crucial for aviation safety and significantly impacts the efficiency and quality of services provided to airlines and consumers [3]. Market Size and Trends - The market size of China's ground comprehensive services reached 250 billion yuan in 2019, fluctuated due to the pandemic from 2020 to 2022, and is recovering with a projected market size of 230 billion yuan in 2024 [1][5]. - The number of transport airports in China is expected to increase to 263 by the end of 2024, further driving demand for ground services [5]. Policy Support - The government has introduced various policies to enhance ground services, including guidelines for optimizing first-time passenger services and regulations for managing airport service operations [4]. Competitive Landscape - The ground comprehensive service market is highly competitive, with major players including large airlines like China Eastern Airlines and China Southern Airlines, specialized ground service companies, and airport management firms [6][7]. - Large airlines dominate the market due to their extensive service networks and operational experience, while specialized companies excel in specific service areas [6]. Development Trends - Digital transformation is reshaping the industry, enabling better demand forecasting and resource optimization through data analysis [9]. - The industry is moving towards green and sustainable practices, incorporating eco-friendly vehicles and energy-efficient equipment to reduce environmental impact [10]. - Service models are diversifying to meet individual passenger needs, introducing innovative services like exclusive transfers and smart baggage tracking [12]. - Market competition is intensifying as more companies enter the sector, leading to increased consolidation and a need for companies to enhance their competitiveness [13].

为降低此次降雪对旅客出行的影响，首都机场已于今日召开运管委冰雪预会商及准备会，进一步明确航 班动态调整、航空器除冰和场道除雪等具体保障方案，同时计划于18日6时启动运管委协同运行一级响 应机制，同步启动航空器定点除冰模式，全力保障航班运行。 首都机场提示旅客及时关注天气和航班动态，可咨询航空公司（国航95583、东航95530、海航95339） 了解相关情况，也可通过"北京首都国际机场"小程序、首都机场APP及官方网站，或拨打首都机场24小 时问讯电话010-96158查询航班信息。 预计本次降雪会对航班运行造成较大影响，请旅客朋友们密切关注天气变化和航班动态 据最新气象消息，首都机场将于今晚（17日）迎来2026年首场降雪，本次降雪预计持续至明天15时，主 体降雪时段为18日2时至12时。 由于飞机需要除冰、跑道滑行道需要除雪，加之本次降雪时间长，会对航班运行造成较大影响，请旅客 朋友们密切关注天气变化和航班动态。 飞机除冰 除雪车集结 来源：北京首都国际机场 ...

Company Overview - The company recently released its operational data for the full year of 2025, indicating a slight underperformance compared to national passenger growth rates [1] - The company reported a 5.0% year-on-year increase in passenger traffic for 2025, with domestic traffic remaining stable and international traffic growing by 11%, while the overall Chinese civil aviation industry saw a 5.5% increase [1] New Duty-Free Contract - A new duty-free contract has been established, introducing dual duty-free operators; the static rental levels are higher than the previous contract, with a focus on the "minimum guarantee + commission" model to enhance sales [2] - The new contract, effective from February 11, 2026, or the later of the transfer date, will last until February 10, 2034, with China Duty Free Group and Wangfujing winning bids for T3 and T2 terminals respectively [2] - The first-year minimum guarantee is set at 590 million yuan, up from 560 million yuan in the previous contract, with a sales commission starting at 5% and increasing by 1 percentage point each year until the fifth billing year [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down to -308 million yuan and 122 million yuan respectively, primarily due to lowered passenger growth assumptions; a new profit forecast for 2027 of 458 million yuan has been introduced, assuming a 5% year-on-year passenger growth and a high single-digit increase in duty-free average transaction value [2] - The current stock price corresponds to 0.8 times the 2026 price-to-book ratio, with a target price maintained at 2.9 HKD, indicating a 10% upside potential from the current stock price, while maintaining an outperform rating [2]

Core Viewpoint - Beijing Capital International Airport's operating performance in 2025 was slightly below the industry average, with passenger traffic growth of 5.0% YoY compared to the overall industry growth of 5.5% YoY in China's civil aviation sector [1] Group 1: Passenger Traffic and Competition - The airport experienced flat domestic passenger volumes while international passenger volumes increased by 11% YoY [1] - The weaker performance was attributed to intensified competition from Beijing Daxing International Airport and constraints from saturated slot capacity [1] - Monitoring the ramp-up of slot capacity in 2026 is recommended [1] Group 2: Duty-Free Shopping Contracts - New duty-free shopping contracts were awarded to China Tourism Group Duty Free Corporation and Wangfujing Group, introducing a dual-operator structure for Terminal 3 and Terminal 2 [2] - The contracts will commence on February 11, 2026, or upon asset handover, and will expire on February 10, 2034 [2] Group 3: Rental Framework and Financial Implications - The new contracts adopt a "guaranteed minimum plus commission" model, with the first year's guaranteed minimum set at Rmb590 million, up from Rmb560 million under the previous contract [3] - The commission rate on DFS sales is set at 5% for the first year, increasing by 1 percentage point per year from the second billing year, capped from the fifth billing year onward [3] - Under a static traffic and sales scenario, rental payments under the new contracts would be approximately 10% higher than under the original agreement [4] Group 4: Financial Forecasts - Earnings forecasts for 2025 and 2026 were lowered to -Rmb308 million and Rmb122 million, respectively, due to lower assumptions for passenger traffic growth [5] - A new earnings forecast for 2027 of Rmb458 million was introduced, assuming 5% YoY passenger traffic growth and high single-digit YoY DFS sales growth [5] - The stock is trading at 0.8x 2026e P/B, with a target price maintained at HK$2.9, offering a 10% upside, and an OUTPERFORM rating is maintained [5]

Group 1 - The current stock price of Beijing Capital International Airport Co., Ltd. corresponds to 0.8 times the 2026 price-to-book ratio, with a target price maintained at HKD 2.9, indicating a 10% upside potential from the current price, and the rating remains outperforming the industry [1] - The company reported a 5.0% year-on-year increase in passenger traffic for 2025, with domestic traffic remaining flat and international traffic growing by 11%, while the overall civil aviation industry in China saw a 5.5% increase [2] - The company’s operational performance is slightly weaker, attributed to competition from Daxing Airport and saturated slot capacity, with a recommendation to monitor the slot release situation in 2026 [2] Group 2 - A new round of duty-free contracts has been signed, introducing dual duty-free operators, with the new rental model being "minimum guarantee + commission," where the first-year minimum guarantee is set at CNY 5.9 billion, slightly higher than the previous contract [3] - The new agreement is effective from February 11, 2026, or the later of the transfer date, lasting until February 10, 2034, with a sales commission starting at 5% in the first year and increasing by 1 percentage point each subsequent year [3] - The company has adjusted its profit forecasts for 2025 and 2026 to CNY -308 million and CNY 122 million, respectively, due to lowered passenger growth assumptions, while introducing a profit forecast for 2027 of CNY 458 million based on a 5% year-on-year growth in passenger traffic [4]

Core Viewpoint - Jiang Jinzhi reduced his stake in Beijing Capital International Airport (00694) by selling 3.48 million shares at a price of HKD 2.7006 per share, totaling approximately HKD 9.3981 million, resulting in a new holding of about 91.488 million shares, representing 4.87% of the total shares [1] Summary by Category - **Share Reduction** - Jiang Jinzhi sold 3.48 million shares of Beijing Capital International Airport [1] - The sale price was HKD 2.7006 per share [1] - Total proceeds from the sale amounted to approximately HKD 9.3981 million [1] - **Current Holdings** - After the reduction, Jiang Jinzhi's remaining shares are approximately 91.488 million [1] - The new ownership percentage is 4.87% [1]

Group 1 - The core point of the article is that Jiang Jinzhi has reduced his stake in Beijing Capital International Airport (00694) by selling 3.48 million shares at a price of HKD 2.7006 per share, totaling approximately HKD 9.3981 million [1] - After the reduction, Jiang Jinzhi's remaining shareholding is approximately 91.488 million shares, representing a holding percentage of 4.87% [1]

Core Viewpoint - The report from CICC indicates that Beijing Capital International Airport Co., Ltd. (00694) is currently trading at 0.8 times the 2026 price-to-book ratio, with a target price of HKD 2.9, suggesting a 10% upside potential from the current stock price, maintaining an outperform rating in the industry [1]. Group 1: Company Performance - The company recently released its operational data for the full year of 2025, showing a 5.0% year-on-year increase in passenger traffic, with domestic traffic remaining flat and international traffic increasing by 11%, while the overall civil aviation industry in China saw a 5.5% increase [2]. - The company's performance is slightly weaker than expected, attributed to competition from Daxing Airport and saturated slot capacity, prompting a focus on the slot release situation in 2026 [2]. Group 2: New Duty-Free Contract - A new round of duty-free contracts has been signed, introducing dual duty-free operators, with the new contract set to run from February 11, 2026, to February 10, 2034 [3]. - The new agreement features a "minimum guarantee + commission" model, with the first-year minimum guarantee set at CNY 5.9 billion, slightly higher than the previous contract's CNY 5.6 billion per year, and a 5% commission on sales in the first year, increasing by 1 percentage point each subsequent year [3]. - The static analysis indicates that the new contract's rental level is approximately 10% higher than the previous agreement, despite a lower elasticity of rental to sales, which may incentivize duty-free operators to increase sales volume [3]. Group 3: Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down to CNY -308 million and CNY 122 million, respectively, due to lowered passenger traffic growth assumptions, while a new profit forecast for 2027 is introduced at CNY 458 million, assuming a 5% year-on-year growth in passenger traffic and a high single-digit growth in duty-free average transaction value [4].