Investment Rating - The report maintains a "Recommended" rating for the transportation industry [4][10][12]. Core Views - The transportation sector is experiencing a recovery in passenger and freight volumes, driven by the resumption of domestic and international travel, as well as a rebound in logistics demand [8][12]. - The report highlights the positive impact of government policies aimed at stimulating domestic demand, which is expected to further enhance the performance of airlines and logistics companies [12][9]. Summary by Sections Industry Performance Review - From October 20 to October 25, 2025, the transportation sector recorded a cumulative increase of +0.72%, ranking 24th among 31 SW primary industries, while the CSI 300 index rose by +3.24% [16][18]. - Sub-sectors within transportation showed varied performance, with public transport (+4.81%) and warehousing logistics (+2.88%) leading the gains, while shipping experienced a decline of -1.28% [18][19]. Aviation and Airports - In September 2025, major listed airlines in China showed significant recovery in domestic Available Seat Kilometers (ASK) compared to 2019, with China Southern Airlines at 116.42% and Spring Airlines at 176.49% [27]. - Major airports also reported recovery in passenger throughput, with Baiyun Airport and Shanghai Airport achieving recovery rates of 115.74% and 125.22% for domestic passengers, respectively [35]. Shipping and Ports - As of October 24, 2025, the Shanghai Containerized Freight Index (SCFI) was at 1403.46 points, reflecting a week-on-week increase of +7.11% but a year-on-year decrease of -35.78% [39]. - The China Containerized Freight Index (CCFI) reported a value of 992.74 points, with a week-on-week increase of +2.02% and a year-on-year decrease of -27.35% [39]. Road and Rail - In September 2025, railway passenger volume reached 341 million, showing a slight year-on-year decrease of -0.24%, while freight volume increased by +4.24% to 4.45 million tons [64]. - Road transport saw a significant decline in passenger volume, down -43.82% year-on-year, while freight volume increased by +5.20% to 38.91 million tons [70]. Express Delivery - The express delivery sector achieved a revenue of 127.37 billion yuan in September 2025, marking a year-on-year increase of +7.20%, with business volume rising by +12.70% to 16.88 billion parcels [12].

Group 1 - The core point of the article is that Guangzhou Baiyun International Airport Co., Ltd. has received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors, indicating compliance with issuance and listing conditions [1] - The company’s revenue structure for the year 2024 is entirely derived from the aviation service industry, with a 100.0% contribution from this sector [1] - As of the report date, the market capitalization of Baiyun Airport is 22.6 billion yuan [1]

证券代码：600004 证券简称：白云机场 公告编号：2025－053 广州白云国际机场股份有限公司 关于向特定对象发行 A 股股票申请 获得上海证券交易所审核通过的公告 广州白云国际机场股份有限公司（以下简称"公司"）于近日收 到上海证券交易所出具的《关于广州白云国际机场股份有限公司向特 定对象发行股票的交易所审核意见》，具体意见如下： "广州白云国 际机场股份有限公司向特定对象发行股票申请符合发行条件、上市条 件和信息披露要求。本所将在收到你公司申请文件后提交中国证监会 注册。" 公司本次向特定对象发行 A 股股票事项尚需获得中国证券监督 管理委员会（以下简称"中国证监会"）作出同意注册的决定后方可 实施，最终能否获得中国证监会同意注册的决定及其时间尚存在不确 定性。公司将根据该事项的进展情况及时履行信息披露义务，敬请广 大投资者注意投资风险。 特此公告。 广州白云国际机场股份有限公司董事会 2025 年 10 月 28 日 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。 ...

Core Viewpoint - The aviation and airport sector experienced a slight increase of 0.09% on October 27, with Xiamen Airport leading the gains. The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1]. Summary by Category Stock Performance - Xiamen Airport (600897) closed at 16.00, up 1.91% with a trading volume of 127,600 shares and a turnover of 204 million yuan - China National Aviation (601111) closed at 8.46, up 1.08% with a trading volume of 532,900 shares - China Southern Airlines (600029) closed at 6.60, up 0.30% with a trading volume of 431,700 shares - Shanghai Airport (600009) remained unchanged at 31.37 with a trading volume of 71,700 shares - Hainan Airlines (600221) closed at 1.68, unchanged with a trading volume of 3,633,800 shares - China Eastern Airlines (600115) closed at 4.83, down 0.41% with a trading volume of 953,200 shares [1][2]. Capital Flow - The aviation and airport sector saw a net outflow of 153 million yuan from institutional investors, while retail investors contributed a net inflow of 107 million yuan [2][3]. - The detailed capital flow for key stocks indicates that: - China Southern Airlines had a net inflow of 29.35 million yuan from institutional investors - Hainan Airlines experienced a net outflow of 19.17 million yuan from institutional investors - Xiamen Airport had a net inflow of 6.56 million yuan from institutional investors [3].

Core Points - The company, Guangzhou Baiyun International Airport Co., Ltd., plans to raise a total of up to RMB 1.6 billion through a non-public offering of shares, with the funds intended to supplement working capital [2][3] - The issuance will involve a maximum of 210,526,315 shares, with an adjusted issue price of RMB 7.60 per share after accounting for dividend distributions [3][4] - The controlling shareholder, Airport Group, is also the subscription target for this issuance, which constitutes a related party transaction [4] Financial Details - The total amount of funds to be raised is RMB 1.6 billion, which will be used entirely for working capital after deducting issuance costs [2] - The adjusted issue price is set at RMB 7.60 per share, based on the company's recent audited net asset value per share and the dividend distribution [3] - The maximum number of shares to be issued is capped at 210,526,315 shares [3] Regulatory and Governance Aspects - The board of directors has ensured that related directors abstained from voting on the issuance, and independent directors held a special meeting to review the related party transaction [4] - The company will adhere to legal regulations and internal procedures for the approval and disclosure of related party transactions [4] - The controlling shareholder and actual controller will remain unchanged following the issuance [4]

Core Viewpoint - Guangzhou Baiyun International Airport Co., Ltd. plans to raise up to RMB 1.6 billion through a non-public offering of shares, with the funds intended to supplement working capital [2][3]. Group 1: Financing Details - The total amount of funds raised will not exceed RMB 160,000.00 million, after deducting issuance costs [2]. - The issuance will involve a maximum of 210,526,315 shares, with an adjusted issuance price of RMB 7.60 per share [3]. - The issuance is set to be accepted on February 10, 2025, and has already passed the review process [2]. Group 2: Related Party Transactions - The shares will be issued to the Airport Group, which is the controlling shareholder of the company, constituting a related party transaction [4]. - The board of directors ensured that related directors abstained from voting on this matter, and independent directors held a special meeting to review the transaction [4]. - The controlling shareholder and actual controller will remain unchanged after the issuance, ensuring no change in control of the company [4]. Group 3: Underwriting and Representation - The underwriting institution for this issuance is China International Capital Corporation, with representatives Long Hai and Zhao Jing [2][4].

Core Insights - The winter-spring aviation season will commence on October 26, with Guangzhou Baiyun Airport set to introduce multiple new domestic and international routes, enhancing travel options for passengers [2] - China Southern Airlines (CSA) is expanding its passenger flight network with approximately 470,000 total flight operations planned, focusing on key hubs such as Guangzhou and Beijing Daxing [3] Group 1: New Routes and Frequency - Baiyun Airport will operate 10,728 passenger flights weekly, with several airlines, including CSA, Air China, and Eastern Airlines, increasing flights from Guangzhou [2] - Nine Air will launch 19 new routes for the winter-spring season, including direct flights from Guangzhou to Chizhou and Hanzhong, reducing travel time to under 3 hours [2] - CSA will introduce new international routes, including Guangzhou to Madrid and Darwin, and will resume direct flights to Perth and Adelaide, increasing flight frequency to Australia by 30% [3] Group 2: Market Demand and Capacity - Nine Air's new routes include domestic flights to Chizhou, Hanzhong, and Changzhou, providing more options for travelers [2] - CSA's fleet expansion includes the C909 and C919 aircraft, with over 700 weekly flights planned to meet market demand [3]

Core Points - Guangzhou Baiyun International Airport's T3 terminal is officially entering the countdown to operation, with comprehensive transportation guides available for travelers [1][17] Transportation Guidance - T3 terminal features a multi-modal transportation center with two parking garages (P11 and P12) providing approximately 2,800 parking spaces, with 1,800 spaces available at the initial opening [3][7] - The airport is connected to the city via the Airport Second Expressway and Yingbin Avenue, facilitating quick access to the city and surrounding areas [3] Travel Options - For travelers using private cars, ride-hailing services, or taxis, it is advised to park in designated parking garages as long-term parking is prohibited at the drop-off area [5][7] - The intercity train station at Baiyun Airport East (T3) will open simultaneously with T3, allowing direct access to the terminal [9][12] - Metro lines 3 and 9 can be accessed via transfers at designated stations to reach T3 [9] Shuttle Services - A free shuttle bus service operates 24/7 between T1, T2, and T3 terminals, with varying frequencies based on peak and off-peak hours [12][13] Airlines and Flights - The first airlines to operate from T3 on October 30 include China Eastern Airlines, Shanghai Airlines, China United Airlines, Juneyao Airlines, and Okay Airways, with specific domestic flights scheduled [13][14] - Travelers are advised to check their flight details to confirm the terminal of departure or arrival, as some flights will continue to operate from T1 [15]

Core Points - Guangzhou Baiyun Airport's T3 terminal officially opened on October 30, 2023, with Eastern Airlines, Shanghai Airlines, China United Airlines, Juneyao Airlines, and Okay Airlines being the first to operate from this terminal [1][3][4] - Eastern Airlines' international flights will temporarily remain at T1 terminal [3][4] - Passengers traveling with the aforementioned airlines from October 30 onwards should pay attention to flight information and allow sufficient time for check-in, as the cutoff time for domestic departures from T3 is 40 minutes before the flight [3][4] Airline Operations - The specific flights operating from T3 on the opening day include various routes from Guangzhou to major cities such as Beijing, Lanzhou, and Shanghai, among others [4][5] - Starting from October 31, all domestic flights of the listed airlines will be moved to T3, while Eastern Airlines' international flights will continue to operate from T1 [4][5] Transportation and Facilities - T3 terminal features a multi-modal transportation center with two parking garages (P11 and P12) providing approximately 2,800 parking spaces, with 1,800 spaces available upon opening [5][6] - The airport is connected to major roads, including the Second Airport Expressway and Yingbin Avenue, facilitating quick access to the city and surrounding areas [5][6] - Passengers can utilize various transportation options, including self-driving, ride-hailing, taxis, intercity trains, and airport buses to reach T3 [5][7][15] Shuttle Services - A free shuttle bus service operates 24/7 between T1, T2, and T3 terminals, with specific pick-up points at each terminal [17][19] - The intercity train service will also connect T3 with other major locations, enhancing accessibility for travelers [15][20] Passenger Guidance - Travelers are advised to confirm the terminal information on their flight itinerary and utilize navigation services provided by platforms like Gaode, Baidu, and Tencent for easy travel planning [21][23] - For any inquiries, passengers can approach information counters or seek assistance from on-site staff [23]

Core Points - Guangzhou Baiyun Airport announced the official opening of Terminal 3 (T3) on October 30, with Eastern Airlines, Shanghai Airlines, China United Airlines, Juneyao Airlines, and Okay Airlines being the first to operate from this terminal [1][2][3] - Domestic departure cut-off time from T3 is set at 40 minutes before flight departure, and travelers are advised to allow sufficient time for check-in [1][3] Airline Operations - The specific flights operating from T3 on October 30 include various routes by Eastern Airlines, with notable flights such as Guangzhou to Beijing Daxing and several inbound flights from cities like Lanzhou, Dalian, and Shanghai [2] - Starting October 31, all domestic flights for the aforementioned airlines will operate from T3, while Eastern Airlines' international flights will remain at Terminal 1 (T1) [3] Transportation and Access - T3 features a comprehensive transportation hub with two parking garages (P11 and P12) providing approximately 1,800 parking spaces initially, with a total capacity of around 2,800 [6] - Various transportation options to T3 include self-driving, ride-hailing, taxis, and intercity trains, with the intercity train station located at T3 [9][16] - Free shuttle buses operate 24/7 between T1, T2, and T3, with specific pick-up points and schedules outlined for peak and off-peak hours [18][20]