Core Points - The 15th National Games will be held from November 9 to 21, 2025, co-hosted by Guangdong, Hong Kong, and Macau, with opening and closing ceremonies in Guangzhou and Shenzhen [1] - The 32nd Guangzhou Garden Expo will integrate with the Guangzhou International Light Festival, creating a vibrant scene of "daytime flower viewing, nighttime light appreciation, and all-day competition" [1][2] - The Expo will feature various themed gardens and has achieved breakthroughs in organization and content, including the first time featuring international masters, public participation, innovative operations, and resource sharing [2][3] Event Highlights - The Expo will showcase themed gardens such as Bay Area Garden, National Games Garden, International Masters Garden, and others, emphasizing the achievements of green and beautiful Guangzhou [2] - A total of 189 proposals were collected from schools, enterprises, teams, and individuals, promoting a collaborative approach to urban green development [3] - The Expo will host over 20 supporting activities, including music concerts, flower art festivals, and yoga experiences, enhancing cultural engagement for visitors [3][4] Cultural Initiatives - The 3rd China (Guangzhou) Park Cultural and Creative Conference will run from October 27 to November 23, featuring over 10,000 creative works from more than 400 exhibitors from over 40 cities [4][5] - The event will include exhibitions of historical garden creations and designs related to the National Games, fostering a rich cultural atmosphere [5] Urban Development - Guangzhou aims to enhance its urban landscape through systematic improvements in garden and landscape quality, focusing on key transportation hubs and event venues [6] - The initiative "Green Beauty Lights Up the City" aims to create a vibrant and attractive international garden city for visitors during the National Games [6]

Core Viewpoint - The aviation and airport sector experienced a decline of 0.8% on November 20, with China Southern Airlines leading the losses. The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1]. Summary by Category Stock Performance - The following stocks in the aviation and airport sector showed notable performance: - Hainan Airlines (600221) closed at 1.77, up 0.57% with a trading volume of 5.3774 million shares and a transaction value of 9.57 billion yuan [1]. - China Eastern Airlines (600115) closed at 5.26, down 0.38% with a trading volume of 808.6 thousand shares and a transaction value of 4.28 billion yuan [2]. - Xiamen Airport (600897) closed at 16.50, down 0.96% with a trading volume of 69.3 thousand shares and a transaction value of 1.14 billion yuan [2]. Capital Flow - The aviation and airport sector saw a net outflow of 123 million yuan from institutional investors, while retail investors contributed a net inflow of 162 million yuan [2]. - The capital flow for specific stocks included: - Shanghai Airport (600009) had a net inflow of 45.5255 million yuan from institutional investors, but a net outflow of 47.5760 million yuan from retail investors [3]. - Hainan Airlines (600221) experienced a net outflow of 5.8716 million yuan from institutional investors, while retail investors had a net inflow of 22.9749 million yuan [3].

Core Insights - The aviation and airport sector experienced a decline of 0.62% on November 19, with Xiamen Airport leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - Spring Airlines (601021) closed at 56.05, up 1.95% with a trading volume of 97,300 shares and a transaction value of 54.5 million [1] - China National Aviation (601111) closed at 8.77, up 0.69% with a trading volume of 682,100 shares and a transaction value of 601 million [1] - Xiamen Airport (600897) closed at 16.66, down 3.25% with a trading volume of 96,500 shares and a transaction value of 162 million [2] Capital Flow - The aviation and airport sector saw a net outflow of 274 million from institutional investors and 175 million from retail investors, while retail investors had a net inflow of 449 million [2] - Major stocks like Spring Airlines and China National Aviation experienced mixed capital flows, with Spring Airlines seeing a net inflow of 42.9 million from institutional investors [3] Individual Stock Analysis - Xiamen Airport had a significant net outflow of 21.74 million from institutional investors, while retail investors contributed a net inflow of 28.31 million [3] - China Eastern Airlines (600115) faced a net outflow of 4.71 million from institutional investors but saw a net inflow of 51.1 million from retail investors [3]

从白云出入境边防检查站获悉，截至11月15日，白云机场口岸今年以来出入境人员总量突破1500万人 次，同比增长近20%，位列全国空港口岸第二。 其中，中国公民经该口岸出入境超890万人次，同比增 长11.9%；来自194个国家（地区）的入出境外国人数量超536万人次，同比增长36.7%，创历史新高； 该口岸入出境外国人数量占出入境客流总量的比例居全国空港口岸第一，中外人员往来呈现愈加频密态 势。 ...

（央视财经《第一时间》）得益于政策红利持续释放和通关服务不断优化，广州白云机场口岸正在成为连接中国与世界的重要国际空港门户。记者从广 州边检总站白云边检站了解到，截至11月15日，年度出入境人员总量已突破1500万人次，同比增长近20%，跨境商务与旅游交流持续升温。 广州边检总站白云边检站执勤十七队教导员 李志伟：我们会提供"优先候检、快速通关""专区候检、专道查验"这类定制化便利。推广电子二维登机码， 探索过境免签旅客信息预报预核机制。不仅让基地航司机组人员的快捷通关率从11%提升到了90%，也为国际航空运输的高效运转提供了边检支持。 转载请注明央视财经 编辑：潘煦 数据显示，今年通过白云机场口岸出入境的中国公民超890万人次，同比增长11.9%；来自194个国家和地区的出入境外国人达536万人次，同比增幅高达 36.7%，创历史最高纪录。 目前，白云机场口岸已全面落实48国单方面免签及55国240小时过境免签等便利政策。今年以来，免签入境的外国人超过124万人次，同比增长114.5%， 占入境外国人总数近一半；同时，签发口岸临时入境许可超过6万张，同比增长14.9%，申请人主要来自美国、英国等欧美国家。值 ...

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].

证券之星消息，11月17日航空机场板块较上一交易日下跌0.89%，春秋航空领跌。当日上证指数报收于 3972.03，下跌0.46%。深证成指报收于13202.0，下跌0.11%。航空机场板块个股涨跌见下表： 从资金流向上来看，当日航空机场板块主力资金净流出1.78亿元，游资资金净流出1.31亿元，散户资金净 流入3.09亿元。航空机场板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600029 | 南方航空 | 3849.73万 | 6.93% | -2052.54万 | -3.70% | -1797.19万 | -3.24% | | 601021 | 春秋航空 | 2833.16万 | 3.60% | -7820.84万 | -9.93% | 4987.68万 | 6.34% | | 600115 | 中国东航 | 2459.30万 | 2.55% | -460.98万 | -0.48% | ...

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]