Core Viewpoint - Baiyun Airport's stock has experienced fluctuations, with a recent decline of 2.09% and a total market value of 23.29 billion yuan, despite a year-to-date increase of 4.20% [1][2]. Financial Performance - For the period from January to September 2025, Baiyun Airport achieved a revenue of 5.697 billion yuan, representing a year-on-year growth of 7.48%, and a net profit attributable to shareholders of 1.096 billion yuan, which is a significant increase of 64.06% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Baiyun Airport was 81,900, showing a slight increase of 0.08% from the previous period. The average circulating shares per person decreased by 0.08% to 28,881 shares [2]. Dividend Distribution - Since its A-share listing, Baiyun Airport has distributed a total of 5.88 billion yuan in dividends, with 548 million yuan distributed over the past three years [3]. Major Shareholders - The top circulating shareholders include Hong Kong Central Clearing Limited, holding 27.47 million shares (a decrease of 5.58 million shares), and Southern CSI 500 ETF, holding 17.18 million shares (a decrease of 364,000 shares). New shareholder, Fortune CSI Tourism Theme ETF, holds 9.66 million shares [3].

Market Overview - The aviation and airport sector experienced a decline of 0.89% on November 17, with Spring Airlines leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Xiamen Airport (600897) saw a closing price of 18.14, with an increase of 3.66% and a trading volume of 207,300 shares, totaling a transaction value of 371 million yuan [1] - China Eastern Airlines (600115) closed at 5.35, up 2.10%, with a trading volume of 1,842,700 shares, amounting to 966 million yuan [1] - Southern Airlines (600029) closed at 7.27, up 0.69%, with a trading volume of 776,900 shares [1] - Spring Airlines (601021) led the decline with a closing price of 56.20, down 5.04%, and a trading volume of 139,000 shares, totaling 787 million yuan [2] Capital Flow - The aviation and airport sector saw a net outflow of 178 million yuan from institutional investors and 131 million yuan from retail investors, while retail investors had a net inflow of 309 million yuan [2] - Southern Airlines had a net inflow of 38.50 million yuan from institutional investors, while Spring Airlines experienced a net outflow of 78.21 million yuan from institutional investors [3] - Xiamen Airport had a net inflow of 17.88 million yuan from institutional investors, while China Eastern Airlines had a net inflow of 24.59 million yuan [3]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [4]. Core Views - The transportation sector has shown a cumulative increase of 1.83% from November 10 to November 15, 2025, outperforming the Shanghai Composite Index, which decreased by 1.08% [14][15]. - The recovery rates for domestic and international passenger traffic in major airlines and airports have significantly improved compared to 2019 levels, indicating a positive trend in the aviation sector [24][32]. - The shipping and logistics sectors are experiencing mixed performance, with container shipping indices showing a decline year-on-year, while oil and product tanker indices have increased significantly [36][47]. Summary by Sections Industry Performance Overview - The transportation industry ranked 13th among 31 sectors with a cumulative increase of 1.83% during the week [14]. - Sub-sectors such as ports (+7.44%) and airports (+5.28%) performed particularly well, while cross-border logistics (-1.37%) and road freight (-0.68%) faced declines [15][23]. Aviation and Airports - Major airlines in China have seen recovery rates for domestic Available Seat Kilometers (ASK) in September 2025 reach as high as 176.49% compared to the same month in 2019 [24]. - Key airports like Baiyun, Shanghai, and Capital have also shown strong recovery in passenger throughput, with rates of 125.22% and 115.87% for international traffic [32]. Shipping and Ports - The Shanghai Containerized Freight Index (SCFI) has decreased by 35.55% year-on-year, while the China Containerized Freight Index (CCFI) has shown a 23.97% decline [36]. - The CCFI for the East America route reported a decrease of 18.31% year-on-year, while the Mediterranean route saw a decline of 28.56% [36]. Road and Rail - Rail passenger turnover increased by 0.4% year-on-year, while freight volume rose by 4.24% [61]. - Road passenger traffic decreased by 3.82%, but freight volume increased by 5.20% [67]. Logistics and Express Delivery - The express delivery sector achieved a revenue of 127.37 billion yuan in September 2025, marking a 7.20% increase year-on-year [10]. - The industry is witnessing a shift towards smaller packages driven by e-commerce, with a notable increase in business volume [8]. Investment Recommendations - The report suggests focusing on airlines such as China National Aviation (601111.SH), Southern Airlines (600029.SH), and logistics companies like Huamao Logistics (603128.SH) for potential investment opportunities [9][10].

Core Viewpoint - Baiyun Airport's stock price has shown fluctuations, with a recent decline of 2.06%, while the company has experienced a year-to-date increase of 5.47% in stock price [1] Financial Performance - For the period of January to September 2025, Baiyun Airport achieved a revenue of 5.697 billion yuan, representing a year-on-year growth of 7.48% - The net profit attributable to shareholders reached 1.096 billion yuan, marking a significant increase of 64.06% compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Baiyun Airport was 81,900, reflecting a slight increase of 0.08% from the previous period - The average circulating shares per person decreased by 0.08% to 28,881 shares [2] Dividend Distribution - Since its A-share listing, Baiyun Airport has distributed a total of 5.88 billion yuan in dividends, with 548 million yuan distributed over the past three years [3] Major Shareholders - As of September 30, 2025, the largest circulating shareholder was Hong Kong Central Clearing Limited, holding 27.4745 million shares, a decrease of 5.5804 million shares from the previous period - Other notable shareholders include Southern CSI 500 ETF and ICBC Dividend Preferred Mixed A, with varying changes in their holdings [3]

Core Viewpoint - Baiyun Airport has become a significant international gateway for Guangdong, showcasing advanced technology and artistic design, with a record of over 14.71 million inbound and outbound passengers by November 9, 2023, surpassing the total for the entire year of 2024 [1] Group 1 - Baiyun Airport served over 7.6 million passengers in October 2023, reflecting a year-on-year growth of over 11% [1] - The airport's T3 terminal and fifth runway officially commenced operations on October 30, 2023, enhancing its capacity and supporting the 15th National Games [2] - Baiyun Airport is now the first airport in China to operate five commercial runways, with an expected annual passenger throughput of 120 million and cargo throughput of 3.8 million tons [2] Group 2 - The upgrades at Baiyun Airport are expected to significantly boost passenger and cargo throughput, enhancing the transportation connectivity of the Guangdong-Hong Kong-Macao Greater Bay Area [2] - Baiyun Airport has established a comprehensive route network that connects the Bay Area, the nation, and the world, with plans to integrate multiple transportation modes including high-speed rail and metro [2]

证券日报网讯白云机场（600004）11月14日在互动平台回答投资者提问时表示，公司目前聚焦航空枢纽 主业，暂无直接参与航天器运输的计划。公司将密切关注前沿领域的发展趋势，积极研究相关业务与公 司核心能力的协同机会。 ...

会议召开时间：2025 年 11 月 25 日(星期二) 上午 11:00-12:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 证券代码：600004 证券简称：白云机场 公告编号：2025-057 广州白云国际机场股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 会议主题： 2025 年第三季度业绩说明会 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 18 日(星期二) 至 11 月 24 日(星期 一)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 （https://roadshow.sseinfo.com/questionCollection.do）或通过 公司邮箱 600004@gdairport.com 进行提问。公司将在说明会上对投 资者普遍关注的问题进行回答。 广州白云国际机场股份有限公司（以下简称"公司"）已于 2025 年 ...

Core Insights - Guangzhou Baiyun Airport has achieved a significant leap in its aviation hub capacity, with the Civil Aviation Administration of China approving an increase in peak hour capacity to 93 aircraft movements per hour, enhancing operational efficiency and airspace capacity [1][4]. Group 1: Capacity and Infrastructure Upgrades - The peak hour capacity of Baiyun Airport increased from 78 aircraft movements to 83 in 2023, and with the recent commissioning of Terminal 3 and the fifth runway, the capacity has been officially raised to 93 aircraft movements per hour [4]. - The simultaneous operation of Terminal 3 and the fifth runway on October 30, 2023, marks the airport's transition to a new operational phase characterized by "five runways and three terminals," providing a solid foundation for the capacity increase and improving flight scheduling, taxiing efficiency, and passenger boarding experience [4]. Group 2: Passenger Traffic Growth - From October 1 to 31, 2025, Baiyun Airport served over 7.6 million passengers, representing a year-on-year increase of over 11%, setting a historical record [5]. - The airport currently covers over 230 domestic and international destinations, with ongoing expansion of international routes, including new long-haul flights to Madrid and Darwin starting in December 2025 [7]. Group 3: Market Demand and Events Impact - The domestic and international aviation markets are recovering, with strong passenger travel demand. The capacity increase will enable Baiyun Airport to efficiently handle peak flight periods and meet the growing travel needs, contributing to regional economic development [8]. - During the National Games from November 9 to 11, 2025, over 670,000 civil aviation passengers traveled to Guangdong, Hong Kong, and Macau, reflecting a year-on-year growth of approximately 6% [9]. Group 4: Future Development Plans - Baiyun Airport aims to leverage the capacity enhancement to accelerate development in hub capabilities, route networks, and connectivity, positioning itself more centrally in the global aviation landscape [11].

南都讯记者钟丽婷自10月30日启用以来，高颜值的广州白云机场T3航站楼迅速成为新晋网红打卡点， 吸引了大量市民前往观光，其中"银发族"成为了尤为引人注目的人群。为进一步优化白云机场T3航站楼 观景平台体验，11月13日，广州白云机场发布最新的预约机制，其中设置了银发通道——65岁以上老人 （含65岁）可凭身份证现场取号，每小时限额50名，派完即止。 T3航站楼建筑造型以"花"为设计主题，融入"云山珠水""花城"的广州特点，建筑造型如鲜花盛放形 成"羊城花冠"的建筑意象，成为广州城市门户形象的地标性建筑。 T3航站楼创国内多项"首个"。其中，全国首创全景航空观景平台和瞭望塔，既可俯瞰机场全景，又能近 距离欣赏飞机起降。南都记者了解到，凭借其出众的颜值，近日白云机场T3航站楼，已跃升为市民争 相前往的网红打卡地。在络绎不绝的打卡大军中，悠然观光的"银发族"构成了一道别样的风景。"我妈 妈听说T3很漂亮，一直想打卡这个观景平台，上周末我们特地开车过来游览。"市民李女士告诉南都记 者。 为进一步优化白云机场T3航站楼观景平台体验，广州白云机场发布最新的预约机制公告：明确需实名 预约，即日起游客可通过白云机场"机场通" ...

Investment Rating - The report maintains a positive outlook on cyclical sectors, indicating that quality dividend stocks still have upward potential [1]. Core Insights - The transportation industry showed stable performance in the first three quarters of 2025, with infrastructure sector key stocks meeting expectations, shipping stocks recovering, and express delivery volumes and prices increasing due to anti-involution policies [1][7]. - The report emphasizes the importance of monitoring cyclical sector fundamentals and highlights the potential for further gains in quality dividend stocks [1][7]. Summary by Sections Overview of the Transportation Sector - The overall performance of the transportation industry from the beginning of 2025 to November 10 showed an increase of 8.5%, underperforming compared to the Shanghai and Shenzhen 300 index, which rose by 31.6% [11]. - The logistics sector benefited from anti-involution policies, while infrastructure sectors like highways and railways experienced declines [11]. Highway Sector - In the first three quarters of 2025, highway passenger transport decreased by 2.6% year-on-year, while freight transport increased by 4.1% [16]. - The performance of listed companies varied, with some showing stable toll revenue while others faced declines due to network adjustments and acquisitions [16][17]. Port Sector - National port cargo throughput reached 1.357 billion tons, a year-on-year increase of 4.6%, with container throughput growing by 6.3% [18]. - Key companies like China Merchants Port and Qingdao Port maintained stable performance, while Tangshan Port showed significant recovery in Q3 [18][19]. Railway Sector - Railway passenger volume grew by 6% year-on-year, while freight volume increased by 2.8% [22]. - The report anticipates continued growth in passenger transport, driven by new projects, although freight transport may face challenges due to economic conditions [22]. Shipping Sector - The shipping sector experienced a decline in container shipping rates in the first three quarters, but Q3 showed signs of recovery [25]. - The report forecasts improved performance for oil tanker companies in Q4 and 2026 due to favorable market conditions [28]. Express Delivery Sector - The express delivery industry saw a 17.2% increase in business volume in the first three quarters, although average prices fell by 7.1% [30]. - The report predicts a return to price increases in Q4, driven by anti-involution policies, with overall profitability expected to improve [31]. Logistics Supply Chain Sector - Cross-border air transport demand remained resilient, with a 6.4% year-on-year increase in cross-border e-commerce imports and exports [32]. - The report suggests that contract logistics volumes are expected to stabilize as economic conditions improve [33]. Aviation Sector - The aviation industry reported a 9.1% year-on-year increase in passenger turnover, with domestic routes showing a 4.2% increase [35]. - The report anticipates a significant reduction in losses for the industry in Q4, with a potential for profit recovery in 2026 [36]. Airport Sector - The airport sector experienced a 4.4% year-on-year increase in passenger throughput, with significant growth in international travel [38]. - The report highlights the ongoing recovery in airport operations and profitability due to increased passenger volumes and improved cost management [38].