证券代码：600004 证券简称：白云机场 公告编号：2025－011 广州白云国际机场股份有限公司 关于变更公司办公地址的公告 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。 广州白云国际机场股份有限公司（以下简称"公司"）于近日 搬迁至新办公地址，变更前后的情况如下： 一、公司办公地址变更情况 | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 办公地址 | 广州白云国际机场南工 | 广州白云国际机场东南 | | | 作区自编一号股份公司 | 工作区空港南横四路综 | | | 本部办公大楼 | 合服务大楼一区 | 鉴于公司办公地址发生变更，公司投资者联系地址相应变更为 "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一 区"，除上述办公地址变更外，公司投资者联系电话、邮箱等均保 持不变，具体为： 2025 年 3 月 20 日 联系地址：广州白云国际机场东南工作区空港南横四路综合服 务大楼一区 邮政编码：510470 投资者联系电话：020-36063593/36063595 电子邮箱 ...

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [1] Core Insights - The report highlights that U.S. sanctions against Iran are intensifying, and OPEC has reached a consensus to increase production, indicating upward potential for the oil tanker sector [2][7] - The express delivery business volume has shown significant year-on-year growth, with a reported increase of 21.5% in 2024 [3] Summary by Sections Weekly Focus - The U.S. government has announced additional sanctions against Iran, targeting several individuals, entities, and vessels involved in Iranian oil exports, including 10 VLCC supertankers, which constitutes about 20% of the global tanker fleet [7] - OPEC has agreed to gradually increase production starting April, aiming to release 2.2 million barrels per day [7] Industry Data Tracking (2025.03.09 – 03.15) Aviation Data - Domestic flight volume for the week was 84,029 flights, averaging 12,004 flights per day, a slight decrease of 0.10% week-on-week and 0.50% year-on-year [10] - Domestic passenger volume reached 11.43 million, a 0.05% increase week-on-week and a 2.12% increase year-on-year [11] - The average domestic ticket price decreased by 3.49% week-on-week and 6.31% year-on-year [11] Express Delivery Data - For the week of March 3-9, the average daily collection volume was approximately 555 million pieces, a 3.99% increase from the previous week [17] - Year-to-date, the average daily collection volume is about 495 million pieces, reflecting a 36.00% increase year-on-year [17] - In 2024, the express delivery business volume increased by 21.5% year-on-year, with revenue up by 13.8% [3] Shipping Data - The BDI index for dry bulk shipping was reported at 1,517 points, a 20% increase week-on-week [48] - The VLCC-TCE rate was $38,329 per day, a 3% decrease week-on-week [49] Recent Key Reports - The report recommends focusing on companies such as COSCO Shipping Energy, Shandong Highway, and China Eastern Airlines, among others, as part of the investment strategy [4]

March 10, 2025 07:00 AM GMT Guangzhou Baiyun Int'l Airport | Asia Pacific Risk Reward Update What's Changed | Guangzhou Baiyun Int'l Airport (600004.SS) | From | To | | --- | --- | --- | | Price Target | Rmb11.60 | Rmb11.00 | | Bull Case | Rmb17.00 | Rmb16.20 | | Base Case | Rmb11.40 | Rmb10.80 | | Bear Case | Rmb7.00 | Rmb6.70 | | Updated Components | | | | EPS | | | | Bull Base Bear Scenarios | | | | om | | --- | | nb11.60 | | nb17.00 | | mb11.40 | | nb7.00 | Risk Reward for Guangzhou Baiyun Int'l Airport ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights that the recent decline in oil prices is expected to elevate the profit margins for the aviation sector, with Brent oil prices dropping below $70 per barrel and WTI prices below $67 per barrel [8] - The report suggests that if oil prices remain low, it could lead to cost savings of approximately 4-5 billion yuan for major airlines, equivalent to a ticket price reduction of about 3%-4% [8] - The report emphasizes the importance of monitoring supply-demand dynamics and macroeconomic conditions to ensure that the benefits of lower oil prices translate into profits for the airlines [13] Summary by Sections Weekly Focus - The focus of the week is on the accelerated decline in oil prices, which is expected to enhance the profit margins for the aviation industry [6] Industry Data Tracking (2025.03.02 - 03.08) Aviation High-Frequency Data Tracking - Domestic flight volume for the period was 81,367 flights, with a daily average of 11,624 flights, down 10.07% week-on-week and 7.47% year-on-year [10] - Domestic passenger volume reached 11.0615 million, down 12.05% week-on-week and 4.17% year-on-year [11] - The average full ticket price decreased by 4.76% week-on-week and 3.39% year-on-year [11] - The domestic passenger load factor was 83.18%, an increase of 3.73 percentage points year-on-year [12] - International passenger volume reached 1.315 million, down 5.27% week-on-week but up 26.01% year-on-year [14] Express Delivery High-Frequency Data Tracking - For the week of February 24 to March 2, the average daily express delivery volume was approximately 534 million pieces, with a delivery volume of about 541 million pieces, showing a slight decrease of 0.56% and an increase of 0.05% respectively compared to the previous week [19] - Year-to-date (January 1 to March 2), the average daily express delivery volume was approximately 488 million pieces, up 37.41% year-on-year [20] Shipping High-Frequency Data Tracking - The BDI index for the international dry bulk market was 1,263 points, up 17% week-on-week [51] - The CCFI index for the international container shipping market decreased by 3% week-on-week, while the SCFI index fell by 5% [51] - The VLCC-TCE rate for oil shipping was $39,359 per day, down 1% week-on-week [52] Recent Key Reports - The report includes a recommended investment portfolio consisting of companies such as COSCO Shipping Energy, Shandong Hi-Speed, and China Eastern Airlines, among others [5]

Investment Rating - The report recommends investment in several companies within the aviation and logistics sectors, including China National Aviation (601111.SH), Southern Airlines (600029.SH), and Huamao Logistics (603128.SH) [9]. Core Insights - The report highlights the recovery of air travel demand, with domestic ASK (Available Seat Kilometers) for major airlines exceeding 100% of 2019 levels, indicating a strong rebound in the aviation sector [19][22]. - The logistics sector is expected to benefit from the growth of cross-border e-commerce, driven by domestic demand and the expansion of local manufacturing brands [8]. - The report emphasizes the importance of smart logistics and digital transformation in enhancing operational efficiency and meeting consumer demands [63][66]. Summary by Sections Aviation and Airports - As of December 2024, domestic ASK recovery rates for major airlines reached 132.45% for China National Aviation and 153.98% for Spring Airlines compared to 2019 [19]. - International flight recovery rates vary, with the UK at 112% and Italy at 122% compared to 2019 [22]. - The report notes that the optimism surrounding airport duty-free agreements has been priced in, with future international passenger flow recovery being a key focus [7]. Shipping and Ports - The SCFI (Shanghai Containerized Freight Index) reported a value of 1436 points as of March 7, 2025, reflecting a week-on-week decrease of 5.21% and a year-on-year decrease of 23.83% [28]. - The BDTI (Baltic Dirty Tanker Index) was at 879 points, down 0.86% week-on-week and down 26.01% year-on-year [33]. - The report indicates a significant decline in shipping rates across various routes, with the CCFI (China Containerized Freight Index) showing a decrease of 7.70% year-on-year [28]. Road and Rail - In December 2024, railway freight volume increased by 8.46% year-on-year, reaching 4.59 million tons, while road freight volume grew by 9.94% to 37.74 million tons [39][46]. - The report highlights the expansion of rail capacity in the southwest region, enhancing operational efficiency [60]. Express Logistics - The express delivery sector achieved a revenue of 137.89 billion yuan in December 2024, marking a year-on-year increase of 13.60% [49]. - The average price per express delivery item decreased by 13.61% to 7.75 yuan [49]. - The report emphasizes the growth potential in the express logistics sector, driven by e-commerce and the development of differentiated competitive advantages among leading companies [8].

证券代码：600004 证券简称：白云机场 公告编号：2025-009 三、上述运输生产数据源自公司内部统计，仅供投资者参考。 广州白云国际机场股份有限公司董事会 广州白云国际机场股份有限公司 2025 年 2 月生产经营数据快报 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。 重要说明： 一、上述数据本月数为快报数据，与实际数据可能存在差异。 二、因存在其他形式的飞行，部分项目分项数字之和与总计数存在 差异。 2025 年 3 月 7 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） 40,096.00 -10.32% 87,903.00 -0.64% 其中：国内航线 31,317.00 -14.96% 68,850.00 -4.91% 地区航线 347.00 -1.70% 734.00 -0.94% 国际航线 8,432.00 12.01% 18,319.00 19.54% 二、旅客吞吐量（人次） 6,314,694.00 -7.97% 13,454,011.00 2.14% 其中：国内航线 ...

一、上述数据本月数为快报数据，与实际数据可能存在差异。 二、因存在其他形式的飞行，部分项目分项数字之和与总计数存在 差异。 三、上述运输生产数据源自公司内部统计，仅供投资者参考。 证券代码：600004 证券简称：白云机场 公告编号：2025-009 广州白云国际机场股份有限公司 2025 年 2 月生产经营数据快报 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。 重要说明： 广州白云国际机场股份有限公司董事会 2025 年 3 月 7 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） 40,096.00 -10.32% 87,903.00 -0.64% 其中：国内航线 31,317.00 -14.96% 68,850.00 -4.91% 地区航线 347.00 -1.70% 734.00 -0.94% 国际航线 8,432.00 12.01% 18,319.00 19.54% 二、旅客吞吐量（人次） 6,314,694.00 -7.97% 13,454,011.00 2.14% 其中：国内航线 ...

案件所处的诉讼（仲裁）阶段：判决阶段 上市公司子公司所处的当事人地位：被告 证券代码：600004 证券简称：白云机场 公告编号：2025－008 广州白云国际机场股份有限公司 关于子公司收到民事判决书的公告 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： 2024 年 12 月 10 日公司披露了《关于子公司收到民事判决书的 公告》（公告编号：2024-064），德高空港因经营合同纠纷起诉二号 航管公司，案件编号为（2024）粤 01 民初 1738 号，该案具体情况如 下： 2017 年 5 月，德高广告（上海）有限公司（以下简称"德高上 海"）与二号航管公司签订《广州白云国际机场二号航站楼及 GTC 广 告媒体建设经营合同》（以下简称《经营合同》）（详见公司 2017 年 广州白云国际机场股份有限公司（以下简称"公司"）全资子公 司广州白云国际机场二号航站区管理有限公司（以下简称"二号航管 公司"）近日收到广州市中级人民法院《民事判决书》（（2024）粤 01 民初 1738 号），现将主要内容公告如下： ...

中国国际金融股份有限公司 关于广州白云国际机场股份有限公司 2024 年度向特定对象发行 A 股股票之 发行保荐书 保荐机构 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二五年一月 广州白云国际机场股份有限公司 发行保荐书 中国国际金融股份有限公司 关于广州白云国际机场股份有限公司 向特定对象发行 A 股股票之发行保荐书 中国证券监督管理委员会、上海证券交易所： 广州白云国际机场股份有限公司（以下简称"白云机场"、"发行人"或"公司"）拟申 请向特定对象发行不超过 209,698,558 股（含本数）的人民币普通股（A 股）股票（以 下简称"本次证券发行"、"本次发行"或"向特定对象发行 A 股股票"），并已聘请中国国 际金融股份有限公司（以下简称"中金公司"）作为本次证券发行的保荐机构（以下简称 "保荐机构"或"本机构"）。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券 法》（以下简称"《证券法》"）、《证券发行上市保荐业务管理办法》（以下简称"《保荐 办法》"）、《上市公司证券发行注册管理办法》（以下简称"《注册管理办法》"）、《发行 证 ...

北京市奋迅律师事务所 关于广州白云国际机场股份有限公司 2024 年度向特定对象发行 A 股股票的 法律意见书 二零二五年一月 4-1-1 | | 正文 6 | | --- | --- | | 一、 | 本次发行的批准和授权 6 | | 二、 | 发行人本次发行的主体资格 6 | | 三、 | 本次发行的实质条件 6 | | 四、 | 本次发行的发行对象及股份认购协议 7 | | 五、 | 发行人的设立 8 | | 六、 | 发行人的独立性 8 | | 七、 | 发行人主要股东 8 | | 八、 | 发行人的股本及演变 8 | | 九、 | 发行人的业务 8 | | 十、 | 关联交易及同业竞争 8 | | 十一、 | 发行人的主要财产 9 | | 十二、 | 发行人的重大债权债务 9 | | 十三、 | 发行人重大资产变化及收购兼并 9 | | 十四、 | 发行人章程的制定与修改 9 | | 十五、 | 发行人股东大会、董事会、监事会议事规则及规范运作 9 | | 十六、 | 发行人董事、监事和高级管理人员及其变化 10 | | 十七、 | 发行人的税务 10 | | 十八、 | 发行人的环境保护、产品质量 ...