Core Viewpoint - Baiyun Airport (600004.SH) reported a year-on-year increase of 10.84% in passenger throughput for September, while cargo and mail throughput experienced a slight decline of 0.78% [1] Company Summary - Passenger throughput in September increased by 10.84% year-on-year [1] - Cargo and mail throughput decreased by 0.78% year-on-year [1]

Group 1 - The core point of the article is that Baiyun Airport (600004) reported its operational data for September, showing an increase in flight operations and passenger throughput, while cargo volume experienced a slight decline [1] Group 2 - In September, the number of takeoffs and landings reached 43,346, representing a year-on-year increase of 9.15% [1] - The passenger throughput for September was 6.601 million, reflecting a year-on-year growth of 10.84% [1] - The cargo and mail throughput was 201,300 tons, which indicates a year-on-year decrease of 0.78% [1]

证券代码：600004 证券简称：白云机场 公告编号：2025-047 广州白云国际机场股份有限公司董事会 2025 年 10 月 14 日 项目 月度 累计 本月数 同比增长 累计数 同比增长 一、起降架次（架次） 43,346 9.15% 405,732 7.23% 其中：国内航线 33,690 10.94% 317,252 5.74% 地区航线 368 -3.92% 3,373 -2.82% 国际航线 9,288 3.64% 85,107 13.64% 二、旅客吞吐量（人次） 6,601,024.00 10.84% 61,098,298.00 8.44% 其中：国内航线 5,205,728.00 10.82% 48,493,305.00 5.95% 地区航线 55,740.00 1.80% 505,908.00 2.97% 国际航线 1,339,556.00 11.36% 12,099,085.00 20.03% 三、货邮吞吐量（吨） 201,269.94 -0.78% 1,779,287.27 1.82% 其中：国内航线 70,310.33 0.75% 622,414.98 8.13% 地区航线 5, ...

Core Insights - The company reported operational data for September 2025, showing significant growth in flight operations and passenger traffic while experiencing a slight decline in cargo volume [1] Operational Performance - The total number of takeoffs and landings for the month reached 43,346, representing a year-on-year increase of 9.15%, with a cumulative total of 405,732, up 7.23% [1] - Passenger throughput for the month was 6,601,024, marking a year-on-year increase of 10.84%, with a cumulative total of 61,098,298, up 8.44% [1] - Cargo and mail throughput for the month was 201,269.94 tons, showing a year-on-year decline of 0.78%, while the cumulative total reached 1,779,287.27 tons, reflecting a year-on-year increase of 1.82% [1] Route Performance - Domestic and international routes generally exhibited growth across most metrics, while some indicators for regional routes showed a decline [1]

Core Insights - The Guangzhou Baiyun Airport is set to handle a total of 12,600 flights and 1.95 million passengers during the 2025 National Day and Mid-Autumn Festival holiday period, reflecting year-on-year increases of 4.20% and 4.53% respectively [1][4] - The airport has implemented a comprehensive support plan to enhance operational efficiency and passenger experience during peak travel times [4][5] Operational Efficiency - Baiyun Airport has strengthened key operational areas such as gate allocation, baggage handling, check-in services, and passenger security checks to improve flight operation efficiency [4] - A high-frequency assessment mechanism has been established in collaboration with meteorological departments to address potential weather impacts, alongside emergency plans with airlines [4] Route Expansion - The airport has expanded its route network to over 230 domestic and international destinations, with more than 20 new, restored, or enhanced international routes since 2025 [4] - Popular domestic routes include major cities like Shanghai, Beijing, and Chengdu, while international traffic is concentrated on destinations such as Bangkok and Singapore [4] Service Enhancements - New service initiatives include the addition of 66 smart rest pods in the T2 international area, bringing the total to 116, designed to cater to transit passengers [5] - The airport has also introduced 20 high-quality shower rooms across both terminals, available 24/7 for long-haul travelers [5] Cultural Engagement - A series of cultural activities have been organized at the airport to enrich the travel experience, including traditional dance performances and martial arts displays [8] - The airport aims to enhance the overall travel experience by integrating cultural elements and providing a warm atmosphere for passengers [8]

Core Insights - The implementation of AI digital customer service at Baiyun Airport has significantly improved the efficiency of immigration processes, allowing travelers to receive real-time answers to over 500 frequently asked questions regarding visa policies and entry procedures [1][2] - The technical team at Baiyun Border Inspection Station has been actively engaged in enhancing the technological capabilities to support the increasing passenger flow during peak travel periods, such as the National Day holiday and the upcoming Canton Fair [2] Group 1 - The AI digital customer service can switch between multiple languages, including English, German, and Russian, providing clear guidance to travelers [1] - The technical staff's dedication and expertise are crucial in maintaining the operational integrity of the systems, ensuring that any anomalies are promptly addressed [1][2] - The team has successfully upgraded systems like "Hui Jian" and "Te Ke," which have improved inspection efficiency and enhanced the travel experience for passengers [2] Group 2 - The Baiyun Border Inspection Station has formed a specialized research team to explore innovative paths for enhancing "new quality combat effectiveness" in response to national immigration management initiatives [2] - Continuous optimization of algorithm models and pressure testing are being conducted to ensure the safety and efficiency of the immigration process as passenger numbers rise [2] - The commitment of the technical personnel, who often work late into the night, reflects their determination to overcome technical challenges and improve operational performance [2]

Core Viewpoint - The aviation and airport sector experienced a rise of 0.82% on October 9, with Southern Airlines leading the gains, while the Shanghai Composite Index rose by 1.32% and the Shenzhen Component Index increased by 1.47% [1]. Group 1: Stock Performance - Southern Airlines (600029) closed at 6.17, up by 1.98% with a trading volume of 1.2 million shares and a transaction value of 724 million yuan [1]. - China Eastern Airlines (600115) closed at 4.22, up by 1.69% with a trading volume of 2.3 million shares and a transaction value of 941 million yuan [1]. - Hainan Airlines (600221) closed at 1.64, up by 1.23% with a trading volume of 4.6 million shares and a transaction value of 752 million yuan [1]. - Xiamen Airport (600897) closed at 14.37, down by 0.62% with a trading volume of 19,700 shares and a transaction value of 28.2 million yuan [2]. - Baiyun Airport (600004) closed at 9.44, down by 0.42% with a trading volume of 201,000 shares and a transaction value of 18.9 million yuan [2]. Group 2: Capital Flow - The aviation and airport sector saw a net outflow of 119 million yuan from institutional investors, while retail investors contributed a net inflow of 27.67 million yuan [2]. - China National Airlines (601111) had a net inflow of 33.72 million yuan from institutional investors, but a net outflow of 36.14 million yuan from retail investors [3]. - Hainan Airlines (600221) experienced a net inflow of 22.03 million yuan from institutional investors, while retail investors had a net inflow of 231,800 yuan [3].

Core Insights - The National Day and Mid-Autumn Festival holiday has significantly boosted travel demand, with airlines and airports reporting record-high passenger numbers and flight operations during this period [1][2][3][4] Airline Performance - Eastern Airlines executed over 15,400 flights and transported more than 2.278 million passengers from October 1 to 5, achieving a daily average of over 3,000 flights, a 3.9% year-on-year increase, and a daily average of 456,000 passengers, a 6.2% increase [1] - Southern Airlines planned to add over 2,700 flights during the holiday period, with a total of 48,000 flights scheduled, focusing on popular routes from Guangzhou and Shenzhen to regions like Xinjiang and Yunnan [2] - Spring Airlines anticipated a daily flight volume of nearly 600 during the holiday, with a projected year-on-year growth of over 13%, driven by increased domestic and international travel demand [2] Airport Statistics - Baiyun Airport reported approximately 7,808 flights and 1.2094 million passengers from October 1 to 5, with a daily average of 1,562 flights and 245,400 passengers, reflecting year-on-year growth of 4.04% and 3.96% respectively [3] - Xiamen Airport experienced a daily passenger volume exceeding 90,000 for five consecutive days, with an average of 92,000 passengers, marking a 3% year-on-year increase, and international passenger growth of 14.2% [3] - Shanghai Airports (Pudong and Hongqiao) expected a total of 19,000 flights and 3.141 million passengers from October 1 to 8, with a daily average of 2,366 flights and 393,000 passengers, reflecting a 2.5% and 5.6% year-on-year increase respectively [4]

Core Insights - Guangzhou Baiyun Airport is expected to handle over 1.993 million passengers during the National Day and Mid-Autumn Festival holiday from October 1 to October 8, 2025, with an average of 249,000 passengers per day [1] - The airport will operate approximately 13,000 flights during the holiday period, averaging about 1,600 flights per day [1] - The peak travel periods are anticipated to be from September 30 to October 2 for departures and from October 5 to 6 for returns, with daily passenger numbers expected to exceed 250,000 [1] Flight Operations - The airport's route network currently covers over 230 domestic and international destinations, with more than 1,800 international and regional passenger flights per week [2] - Since 2025, the airport has opened, restored, and increased the frequency of over 20 international and regional passenger routes, including new destinations such as Surabaya and Almaty [2] - Future plans include launching intercontinental routes to Madrid, Spain, and Darwin, Australia, as well as increasing flight frequencies to Istanbul, Turkey, Almaty, Kazakhstan, and Tehran, Iran [2] Passenger Experience Enhancements - To enhance passenger experience for the holiday, the airport has added 66 new "rest pods" in the T2 terminal's international area, bringing the total to 116 [4] - Additionally, 20 high-quality shower rooms have been added in both terminals to provide comfort for long-distance travelers, transit passengers, or early morning flight travelers [5]

Core Viewpoint - The competition among the three major hub airports in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is intensifying, with significant developments in runway construction, terminal upgrades, and route expansion, positioning the region as a leading international aviation hub [4][6][12]. Runway Competition - The number and scale of runways directly determine the takeoff and landing capacity and cargo throughput of airports. The GBA airports are rapidly expanding their runway infrastructure, with Hong Kong International Airport's third runway system set to be operational by November 2024, increasing its annual passenger capacity to 120 million and cargo capacity to 10 million tons [6][8]. - Guangzhou Baiyun International Airport has successfully tested its fifth runway, making it the first airport in the GBA and the second in China to have five runways, with a planned annual passenger throughput of 120 million and cargo throughput of 3.8 million tons [6][10]. - Shenzhen Bao'an International Airport's third runway is expected to be completed by 2025, aiming for an annual passenger throughput of 80 million and cargo throughput of 2.6 million tons [7][8]. Terminal and Facility Upgrades - The GBA airports are also upgrading their terminals and supporting facilities. Guangzhou Baiyun Airport's expansion will include two terminal areas, while Shenzhen Airport plans to complete T1 and T2 terminals by 2027 [10][11]. - Hong Kong Airport is expanding its Terminal 2 and enhancing its passenger transport systems [11]. Route Expansion - The competition extends to route networks, with Shenzhen Airport actively expanding its international and domestic routes. As of mid-2023, it has nearly 130 domestic and around 50 international routes, marking a significant increase [13]. - Guangzhou Baiyun Airport covers over 230 domestic and international destinations, with more than 1,800 international flights weekly [13]. - Hong Kong Airport connects over 220 destinations globally, with a strong focus on enhancing its domestic route network [14]. Passenger Source Competition - The GBA airports are competing for passenger sources by establishing city check-in counters in each other's territories. Shenzhen Airport has set up city check-in services in various locations in Hong Kong, attracting local residents to fly from Shenzhen [16]. - Hong Kong Airport has also established around 30 city check-in counters in the GBA, allowing passengers to check in and drop off luggage in mainland cities before traveling to the airport [16]. Collaborative Development - The GBA is home to multiple airports, and experts suggest that the region can support several international aviation hubs. The healthy competition among Guangzhou, Shenzhen, and Hong Kong airports is expected to lower travel and logistics costs and enhance connectivity [20][21]. - The GBA's development plan emphasizes the construction of a world-class airport cluster, with a focus on collaborative development and coordination among the airports [21][23].