Investment Rating - The report provides a "Recommended" investment rating for several companies in the transportation sector, including China National Aviation (601111.SH), Southern Airlines (600029.SH), and others [11][12][13]. Core Insights - The transportation industry is experiencing a mixed recovery, with air travel demand expected to increase due to the resumption of international flights and domestic consumption recovery driven by policy support [9][10][13]. - The express delivery sector is showing growth, with a 9% increase in revenue and a 15.8% rise in business volume year-on-year as of June 2025 [77]. - The cross-border logistics segment is anticipated to benefit from the growth of cross-border e-commerce, with domestic brands expanding their international presence [9][10]. Summary by Sections 1. Industry Performance Overview - The transportation sector's cumulative performance from July 28 to August 2, 2025, showed a decline of 3.22%, ranking it 27th among 31 SW primary industries [17][19]. 2. Industry Fundamentals Tracking (a) Aviation and Airports - Domestic and international capacity recovery rates for major airlines in June 2025 reached 150.62% and 93.36% respectively compared to 2019 [26][31]. - Major airports also reported recovery rates for domestic passenger throughput, with Baiyun Airport at 120.08% and Shanghai Airport at 119.80% compared to 2019 [31]. (b) Shipping and Ports - The SCFI (Shanghai Containerized Freight Index) reported a decline of 53.47% year-on-year as of August 1, 2025, indicating challenges in the shipping market [36]. - The CCFI (China Containerized Freight Index) also showed significant year-on-year declines across various routes, with the East America route down 40.97% [36]. (c) Road and Rail - In June 2025, rail passenger volume increased by 3.61% year-on-year, while rail freight volume rose by 2.24% [61]. - Road freight volume reached 36.51 million tons, up 2.87% year-on-year, with road passenger volume declining by 3.72% [68]. (d) Express Logistics - The express delivery industry achieved a revenue of 126.32 billion yuan in June 2025, marking a 9% increase year-on-year, with a business volume of 1.687 billion pieces [77]. 3. Key News and Announcements - The report highlights significant developments in the aviation sector, including the launch of a long-distance drone logistics route in the Guangdong-Hong Kong-Macao Greater Bay Area [84]. - Southern Airlines signed a memorandum of cooperation with Uzbekistan Airways to enhance air connectivity and service offerings [86]. - Shenzhen plans to establish over 1,200 low-altitude takeoff and landing points by the end of 2026 to support low-altitude logistics and transportation [87].

Core Viewpoint - Baiyun Airport has launched ten facilitation measures for international air transport to enhance its status as an international aviation hub, in collaboration with various governmental and aviation entities [1]. Group 1: Streamlined Transit Procedures - The minimum connection time for direct transit passengers has been optimized, with international-to-international connections within the same terminal set at 60 minutes, and international to domestic at 90 minutes [7]. - The transit process has been improved with the upgrade of the T2 terminal's international transit area, including the construction of self-service gates for direct transit [8]. Group 2: Comprehensive Transit Services - A "full delegation" model has been implemented for flights from London to Guangzhou, providing a comprehensive transit concierge service and exclusive shopping discounts for transit passengers [8]. - A paperless customs clearance service has been introduced in collaboration with several airlines, allowing for a more efficient process [9]. Group 3: Talent and Technology Initiatives - A streamlined entry and customs process for high-level talent has been established, enhancing the travel experience for business travelers [10]. - The "Zhuoyue Smart Inquiry" assistant has been launched to facilitate online inquiries regarding customs clearance and airport services [11]. Group 4: Simplified Reporting and Certification - The implementation of simplified aircraft reporting has significantly reduced reporting time through automated data capture [13]. - A "smart check-in" system has been introduced, allowing for the automatic generation and one-click printing of aircraft inspection and quarantine certificates, saving 30% of processing time [14]. Group 5: Regional Connectivity - A virtual flight product has been launched, enabling passengers from seven cities in the Greater Bay Area to purchase connecting tickets to Southern Airlines' international and regional routes [15].

Economic Performance - In the first half of 2025, Baiyun District's GDP reached 153.28 billion, with a year-on-year growth of 5.3%, ranking first in the city [1] - The primary industry added value was 1.53 billion, growing by 4.8%; the secondary industry added value was 29.44 billion, growing by 3.9%; and the tertiary industry added value was 122.31 billion, growing by 5.7% [1] Agricultural Sector - The total output value of agriculture, forestry, animal husbandry, and fishery in Baiyun District was 3.24 billion, a year-on-year increase of 5.1% [1] - Notably, the vegetable and edible fungus sector saw a production of 226,000 tons and an output value of 1.77 billion, both increasing by 6.6% year-on-year [1] Industrial Sector - The total industrial output value in the district grew by 2.9% year-on-year, with traditional industries like furniture manufacturing and electrical machinery showing significant growth of 8.1% and 19.3%, respectively [1] - New production capacities in industrial robots, solar cells, and medical instruments saw remarkable increases of 91.6%, 72.4%, and 33% in production [1] Aviation Industry - Baiyun Airport's passenger and cargo throughput reached 4.09 million tons, with a year-on-year growth of 7.1% [2] - The air cargo turnover increased by 7.0% year-on-year, indicating a steady growth trend in the aviation sector [2] Consumer Market - The total retail sales of consumer goods in Baiyun District amounted to 58.54 billion, with a slight year-on-year increase of 0.1% [2] - Significant growth was observed in essential goods, with daily necessities, hardware, and pharmaceuticals increasing by 33.1%, 10.0%, and 41.8%, respectively [2] Service Industry - From January to May, the revenue of the profitable service industry in Baiyun District grew by 19.0% year-on-year, ranking second in the city [2] - The advertising and application software development sectors showed exceptional growth, with revenues increasing by 90.3% and 44.3%, respectively [2] Fixed Asset Investment - Fixed asset investment in Baiyun District exceeded 64 billion, with a year-on-year growth of 5.1% [3] - Investment in industrial projects grew significantly, reaching 24.51 billion, a year-on-year increase of 16.1% [3] - Industrial investment completed 8.82 billion, growing by 25.7%, while manufacturing investment reached 6.23 billion, increasing by 11.8% [3]

截至2025年7月30日15时，白云机场股价报9.49元，较前一交易日上涨0.53%。当日成交额1.26亿元，振 幅1.27%。 数据显示，上半年广州白云机场完成旅客吞吐量4003.59万人次，同比增长9.2%。其中，国际航线旅客 吞吐量同比增长23.9%，主要受益于240小时过境免签政策的带动。此外，港口外贸货物吞吐量及集装 箱吞吐量也呈现较快增长。 7月30日，白云机场主力资金净流入429.41万元。 风险提示：市场有风险，投资需谨慎。 白云机场属于航空机场板块，是广州重要的国际航空枢纽。公司运营广州白云国际机场，业务涵盖航空 运输服务、商业零售及物流等。 来源：金融界 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601021 | 春秋航空 | 53.30 | -1.15% | 5.56万 | 2.96 Z | | 000099 | 中信海直 | 22.14 | -0.72% | 13.96万 | 3.09亿 | | 600029 | 南方航空 | 5.77 | -0.35% | 42.98万 | 2.487Z | | 600115 | 中国东航 | 3.87 | -0.26% | 46.95万 | 1.82亿 | | 603885 | 吉祥航空 | 12.63 | -0.16% | 22.33万 | 2.81亿 | | 601111 | 中国国航 | 7.43 | -0.13% | 64.71万 | 4.81亿 | | 600897 | 厦门空港 | 14.92 | 0.07% | 2.56万 | 3833.97万 | | 600009 | 上海机场 | 32.67 | 0.37% | 8.32万 | 2.72亿 | | 002928 | 华夏航空 | 8 ...

Group 1 - The successful test flight of the fifth runway at Guangzhou Baiyun International Airport marks a significant milestone for its official operation [1][2] - The test flight lasted 5 hours and 6 minutes, validating various operational aspects including communication, navigation, and runway conditions, all meeting industry standards [2] - The fifth runway, located 1530 meters east of the second runway, is 3600 meters long and 45 meters wide, designed to accommodate large E-class aircraft [2] Group 2 - The total investment for the third phase expansion of Guangzhou Baiyun International Airport is 53.77 billion yuan, which includes the construction of a new T3 terminal and two new runways [2][3] - The expansion aims to enhance the airport's capacity to handle 140 million passengers and over 6 million tons of cargo annually, supporting its development as a comprehensive international aviation hub [3] - Significant progress has been made in the construction of the T3 terminal and other associated facilities, with the project entering the final stages of completion [3]

Group 1 - The core viewpoint of the news highlights the financial performance and market activity of Guangzhou Baiyun International Airport Co., Ltd. as of July 29, 2025, showing a decline in stock price and significant net outflow of funds [1][3] - As of the first quarter of 2025, the company reported total operating revenue of 1.822 billion yuan, a year-on-year increase of 9.52%, and a net profit attributable to shareholders of 296 million yuan, reflecting a year-on-year growth of 57.71% [1] - The company's liquidity ratios are reported with a current ratio of 1.102 and a quick ratio of 1.086, indicating a stable financial position [1] Group 2 - Guangzhou Baiyun International Airport Co., Ltd. has made investments in 20 enterprises and participated in 5,000 bidding projects, showcasing its active engagement in the market [2] - The company holds 133 trademark registrations and 9 patents, along with 186 administrative licenses, indicating a strong intellectual property portfolio [2]

《中国民航报》、中国民航网 记者冯智君 报道：7月，全球民航运输服务质量认证权威机构SKYTRAX 正式发布2025年度「全球最佳航空公司联盟休息室」排名，全球多家休息室中极少数佼佼者跻身榜单。 由广州白云机场商旅公司运营的星空联盟品牌专属休息室，以亚洲首间、中国唯一的势头，闯入全球前 十、位列第6名。 这一突破性成绩，不仅让全球民航业的目光首次聚焦亚洲星空联盟休息室，更标志着广州白云机场国际 化服务已跻身全球优秀梯队，成为展现中国民航服务水准的重要窗口。这份殊荣既是对其服务品质的全 球背书，更是对白云机场"顾客至上"极致追求的高度认可。 以品质筑基：打造中国航空枢纽的标杆性空间 2024年11月，广州白云机场商旅公司以全球化视野融合人文关怀，打造出兼具功能性与艺术性的国际一 流休息室： 环幕式落地玻璃设计，将停机坪的动态景致转化为"流动的艺术"，让旅客在自然光线中感受航空出行的 独特魅力，实现与空港美学的无缝接轨。 模块化空间支持"开放社交"与"私密办公"瞬时切换，全区域5G+Wi-Fi6网络覆盖，确保商务旅客随时随 地高效办公，娱乐休闲"轻松拿捏"，完美适配国际旅客的多元需求。 洗漱区配备高品质、功能性洗 ...

中国发展网讯 朱丽莎 记者皮泽红报道 7月26日，广州白云国际机场2025年美食节开幕式在二号航站楼 出发大厅盛大开幕。作为全方位门户复合型国际航空枢纽，白云机场（600004）立足粤港澳大湾区，首 次将"航空+美食"写入暑运服务新范式，以"食在广州"为媒，向世界递上一张可吃、可逛、可带走的"城 市名片"。 广州白云国际机场商业管理事业部总经理汪伟表示，白云机场是广州联通世界的'第一会客厅'，上半年 旅客吞吐量突破4000万人次，"流量"正在加速转化为"留量"。白云机场举办美食节，是味蕾的盛宴， 是"餐饮+航空+文旅"跨界融合的生动实践，更是广州建设国际消费中心城市的又一注脚，力图让旅客 的每一次经停，都成为一次沉浸式的湾区体验。 主办方还介绍，白云机场一直致力于打造机场商业新标杆，此次活动正是"以场景创新激活流量价值、 以文化体验重塑商业生态"的积极探索。未来，白云机场将持续通过数字化营销、主题化运营，将航站 楼打造为"空中美食会客厅"，让"经白云、游湾区、品世界"成为旅客心中的独特记忆。 本届美食节联动一号、二号航站楼77家餐饮品牌，实现湾区风味"全覆盖"。限时礼遇叠加"春风服务"， 让旅客在旅途中邂逅星 ...

Core Insights - Guangzhou Baiyun Airport has seen a significant increase in flight and passenger numbers during the summer season, with 39,000 flights and 5.762 million passengers recorded from July 1 to July 25, representing a year-on-year growth of 7.76% and 7.34% respectively [1] Group 1: Child-Friendly Services - The airport has implemented a "Unaccompanied Minor Reception Station" to assist children aged 5 to 12 traveling without adult supervision, providing services such as check-in, dedicated escorts, and real-time updates for parents [4] - Over 5,000 unaccompanied minors have been supported since the start of the summer travel season, with a peak of 471 children assisted in a single day on July 6 [2][4] Group 2: Cultural Experience Initiatives - Baiyun Airport has introduced traditional cultural performances, including a mini version of the award-winning Yingge dance, to enhance the travel experience and promote cultural heritage [5][6] - The airport plans to host various cultural exhibitions and interactive activities throughout the summer, collaborating with local cultural institutions to provide a rich cultural experience for travelers [6] Group 3: Commercial Ecosystem Enhancements - A "Food Festival" has been launched at the airport, featuring discounts at 77 restaurants, including well-known Cantonese brands, to enhance the dining experience for travelers [7] - The airport is promoting payment convenience with special discounts for domestic and international UnionPay cardholders, encouraging spending within the airport [7][8] - A "Cloud Treasure Hunt" activity has been organized for children, linking various shops and cultural exhibits, incentivizing participation with collectible rewards [8]