Core Viewpoint - The new Terminal 3 (T3) at Baiyun Airport officially opened on October 30, 2023, with several airlines set to operate from this terminal [1] Group 1: Terminal Operations - T3 will initially host Eastern Airlines, Shanghai Airlines, China United Airlines, Juneyao Airlines, and Okay Airlines [1] - International flights for Eastern Airlines will continue to operate from Terminal 1 (T1) for the time being [1]

Core Viewpoint - Guangzhou Baiyun International Airport is expanding its international flight network, enhancing connectivity between China and Thailand, as well as China and India, through new and increased flight routes [2] Group 1: Flight Network Expansion - Starting from October 28, Spring Airlines will increase the frequency of flights from Guangzhou to Bangkok from 7 to 10 flights per week, adding flights on Tuesdays, Thursdays, and Saturdays [2] - The new flight schedule includes Guangzhou to Bangkok Suvarnabhumi flight 9C8893 departing at 05:55 and arriving at 08:20, and the return flight 9C8894 departing at 10:20 and arriving at 14:00 [2] - The existing daily flight from Guangzhou to Bangkok Suvarnabhumi (9C7419) operates at 09:00, arriving at 11:00, with the return flight (9C7420) departing at 21:55 and arriving at 02:00 the next day [2] Group 2: New Routes and Market Impact - IndiGo Airlines will launch a daily direct flight from New Delhi to Guangzhou starting November 10, following the resumption of the Kolkata-Guangzhou route on October 26 [2] - This marks the official restart and intensification of direct flights between China and India after a five-year hiatus, utilizing Airbus A320 aircraft for the new route [2] - The new route is expected to connect India's extensive domestic network with the Chinese market, fostering cooperation in trade, investment, tourism, and education between the two countries [2]

Group 1 - The aviation and airport sector experienced a decline of 1.41% on October 24, with China National Aviation leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] - Xiamen Airport saw a closing price of 15.70, with an increase of 2.28%, while China Eastern Airlines closed at 4.85, down 1.82% [1] Group 2 - The aviation and airport sector had a net outflow of 197 million yuan from institutional investors, while retail investors saw a net inflow of 100 million yuan [2] - Shenzhen Airport had a net inflow of 14.99 million yuan from institutional investors, while China National Aviation experienced a net outflow of 10.24 million yuan [2] - The overall capital flow showed that retail investors contributed positively to some stocks, despite the overall sector decline [2]

(一) 股东大会类型和届次 证券代码：600004 证券简称：白云机场 公告编号：2025-052 广州白云国际机场股份有限公司 重要内容提示： 一、 召开会议的基本情况 2025年第一次临时股东大会 召开的日期时间：2025 年 11 月 12 日 14 点 30 分 召开地点：广州白云国际机场东南工作区空港南横四路综合服务大楼三区 关于召开2025年第一次临时股东大会的通知 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。 股东大会召开日期：2025年11月12日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 11 月 12 日 至2025 年 11 月 12 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票 ...

Core Insights - The Guangzhou Baiyun International Airport (referred to as "Baiyun Airport") is set to unveil its T3 terminal, significantly enhancing its capacity and role as a key international aviation hub [2][5][14] - Baiyun Airport's strategic location in South China positions it as a vital gateway to Southeast Asia and Oceania, facilitating rapid connectivity [2][9] - The T3 terminal will increase the airport's annual passenger throughput capacity to over 120 million and cargo capacity to 3.8 million tons, placing it among the world's leading airports [2][5][14] Infrastructure Development - The T3 terminal and associated projects have recently passed construction acceptance, marking a critical step towards operational readiness [5][6] - Baiyun Airport's expansion includes a comprehensive transportation hub that integrates air and rail services, enhancing connectivity within the Guangdong-Hong Kong-Macao Greater Bay Area [6][7][14] - The airport's infrastructure is designed to support high passenger volumes, with projections of daily inbound and outbound traffic reaching approximately 52,000 during peak periods [4][6] Economic Impact - The 138th China Import and Export Fair (Canton Fair) is expected to drive significant international traffic to Baiyun Airport, with a notable increase in passenger numbers from Southeast Asia [3][4] - The airport's strategic initiatives align with China's Belt and Road Initiative, enhancing its role in global trade and commerce [11][12] Competitive Landscape - Baiyun Airport has been recognized as one of the busiest airports in China, competing closely with Beijing and Shanghai airports, each with distinct geographical advantages [8][9][10] - The airport's focus on Southeast Asian markets and its strategic partnerships aim to bolster its international connectivity and competitiveness [11][12] Future Prospects - The T3 terminal is anticipated to facilitate a seamless integration of air and rail transport, significantly improving travel efficiency and expanding the airport's catchment area [7][14] - Baiyun Airport's ongoing development is expected to enhance its capacity to support high-value, time-sensitive logistics, reinforcing its position as a modern trade center [14]

Market Overview - On October 23, the aviation and airport sector rose by 0.38% compared to the previous trading day, with Shenzhen Airport leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Shenzhen Airport (000089) closed at 7.40, up 3.06% with a trading volume of 554,900 shares and a turnover of 408 million yuan [1] - Xiamen Airport (600897) closed at 15.35, up 1.12% with a trading volume of 67,900 shares and a turnover of 105 million yuan [1] - China Eastern Airlines (600115) closed at 4.94, up 0.82% with a trading volume of 966,200 shares and a turnover of 473 million yuan [1] - China Southern Airlines (600029) closed at 6.66, up 0.45% with a trading volume of 608,500 shares and a turnover of 403 million yuan [1] Capital Flow - The aviation and airport sector saw a net inflow of 32.22 million yuan from institutional investors, while retail investors experienced a net inflow of 35.07 million yuan [2] - However, speculative funds recorded a net outflow of 67.29 million yuan [2] Individual Stock Capital Flow - China Southern Airlines (600029) had a net inflow of 69.47 million yuan from institutional investors, while it faced a net outflow of 34.49 million yuan from speculative funds [3] - China Eastern Airlines (600115) saw a net inflow of 39.42 million yuan from institutional investors, with a net outflow of 3.79 million yuan from speculative funds [3] - Shenzhen Airport (000089) experienced a net outflow of 11.13 million yuan from institutional investors, but had a net inflow of 5.62 million yuan from retail investors [3]

Group 1 - The establishment of a new company, China Duty Free (Guangzhou) Co., Ltd., has been registered with a capital of 45 million yuan [1] - The legal representative of the new company is Li Jia, and its business scope includes food sales, internet sales, cosmetics retail, and electronic product sales [1] - The shareholders of the company are China Duty Free Group Co., Ltd. holding 51% and Baiyun Airport (600004) holding 49% [1]

Market Overview - On October 22, the aviation and airport sector declined by 0.19% compared to the previous trading day, with Huaxia Airlines leading the decline [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Key stocks in the aviation and airport sector showed mixed performance, with China Eastern Airlines up by 0.82% to 4.90, while Huaxia Airlines fell by 2.36% to 10.77 [2][3] - The trading volume and turnover for major stocks included: - China Eastern Airlines: 1.0972 million shares, turnover of 534 million yuan - Huaxia Airlines: 327,400 shares, turnover of 351 million yuan - Xiamen Airport: 48,400 shares, turnover of 73.69 million yuan [1][2] Capital Flow - The aviation and airport sector experienced a net outflow of 152 million yuan from institutional investors, while retail investors saw a net inflow of 168 million yuan [2][3] - Detailed capital flow for selected stocks included: - China Eastern Airlines: Net inflow of 50.62 million yuan from institutional investors - Huaxia Airlines: Net inflow of 2.51 million yuan from institutional investors - Xiamen Airport: Net outflow of 6.81 million yuan from institutional investors [3]

Core Viewpoint - The establishment of China Duty Free Group Baiyun Airport Duty-Free Goods (Guangzhou) Co., Ltd. indicates a strategic expansion in the duty-free retail sector, with a registered capital of 45 million RMB and a diverse range of business operations [1]. Company Information - The company was founded on October 20, 2025, and is currently in a state of existence [1]. - The legal representative is Li Jia, and the company is registered under the unified social credit code 91440100MAEXW3136J [1]. - The registered address is located at the T3 main building of Guangzhou Baiyun International Airport [1]. Business Scope - The business operations include the sale of pre-packaged food, health food, infant formula, cosmetics, electronic products, and various retail categories such as clothing, daily necessities, and duty-free goods [1]. - The company also engages in the sale of jewelry, toys, sports equipment, and tobacco products [1]. Shareholding Structure - The ownership structure consists of China Duty Free Group Co., Ltd. holding 51% and Guangzhou Baiyun International Airport Co., Ltd. holding 49% [1].

Core Insights - A new company named China Duty-Free (Guangzhou) Co., Ltd. has been established, with a registered capital of 45 million RMB [1] - The company is co-owned by China Duty-Free Group Co., Ltd. (51% stake) and Guangzhou Baiyun International Airport Co., Ltd. (49% stake) [1] Company Information - The legal representative of the company is Li Jia [2] - The company is registered with a unified social credit code of 91440100MAEXW3136J and is currently in a state of existence [2] - The business scope includes the sale of food, cosmetics, electronic products, and various retail activities [2] Shareholder Structure - China Duty-Free Group Co., Ltd. holds a 51% stake, while Guangzhou Baiyun International Airport Co., Ltd. holds a 49% stake in the new company [2]