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 ...

跑道与航站楼同步升级 机场高峰小时容量是衡量其吞吐能力的关键指标。白云机场该指标在2023年度由78架次增至83架次，而这一数字在近期随着T3航站楼及第五跑道的启用得 到了决定性提升——民航局已正式批复其高峰小时容量标准调整为93架次/小时。 今年10月30日，白云机场T3航站楼与第五跑道同步投运，标志着机场正式迈入"五条跑道+三座航站楼"的超大规模运行新阶段。这一设施升级，为此次容量 标准上调提供了坚实基础，也有助于白云机场在航班调度、滑行效率、旅客登机体验等方面实现全面提升。 得益于设施升级和运力优化，机场运行效率明显提升。数据显示，2025年10月1日至31日，白云机场累计接送旅客超过760万人次，同比增长逾11%，创下历 史新高。 广州白云机场航空枢纽能级迎来标志性飞跃。近日，其高峰小时容量标准获民航局批复增至93架次/小时，标志着机场运行效率与空域承载能力迈上新台 阶。 广州白云机场。 运行能力新突破 白云机场成国内最活跃航空枢纽 当前，国内外航空市场持续回暖，旅客出行需求旺盛。此次容量上调，有助于白云机场更高效地应对航班高峰时段，满足旅客日益增长的出行需求，为区域 经济发展注入新动能。 航旅纵横大 ...

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].

Core Viewpoint - The aviation and airport sector experienced a rise of 1.24% on November 13, with Huaxia Airlines leading the gains, while the overall market indices also showed positive performance [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4029.5, up 0.73%, and the Shenzhen Component Index closed at 13476.52, up 1.78% [1]. - Key stocks in the aviation and airport sector showed varying degrees of increase, with Huaxia Airlines rising by 3.19% to a closing price of 12.30 [1]. Group 2: Stock Performance - The following stocks in the aviation and airport sector had notable performances: - Huaxia Airlines: 12.30, +3.19%, volume 287,000 [1] - Xiamen Airport: 17.22, +2.32%, volume 141,500 [1] - Shanghai Airport: 34.55, +1.74%, volume 264,200 [1] - Spring Airlines: 59.82, +1.54%, volume 55,700 [1] - China National Aviation: 8.85, +1.26%, volume 560,500 [1] - Baiyun Airport: 10.33, +1.18%, volume 250,100 [1] - China Eastern Airlines: 5.32, +1.14%, volume 1,091,200 [1] - Southern Airlines: 7.32, +1.10%, volume 456,700 [1] - HNA Holding: 1.87, +1.08%, volume 7,282,400 [1] - Juneyao Airlines: 14.75, +0.55%, volume 216,000 [1]. Group 3: Capital Flow - The aviation and airport sector saw a net outflow of 46.93 million yuan from institutional investors and a net outflow of 104 million yuan from speculative funds, while retail investors contributed a net inflow of 151 million yuan [2]. - Detailed capital flow for specific stocks indicated that: - China Eastern Airlines had a net inflow of 62.69 million yuan from institutional investors [3]. - HNA Holding experienced a net outflow of 31.68 million yuan from speculative funds [3]. - Retail investors showed a net inflow of 22.73 million yuan into Juneyao Airlines [3].

Core Points - The article discusses the introduction of the new Airbus A330 aircraft by Hainan Airlines, highlighting its features and alignment with sustainable aviation goals [1][3][5] Group 1: Aircraft Features - The new Airbus A330 aircraft has a total of 301 seats, including 24 in business class and 277 in economy class [3] - The business class features a 1-2-1 staggered layout, allowing direct aisle access and enhanced privacy for passengers [3][5] - The economy class offers a seat pitch of 30-34 inches, providing ample legroom for travelers [3][5] - The aircraft is equipped with advanced 4K ultra-high-definition screens and supports high-power USB-C connections and Bluetooth [3][5] Group 2: Environmental Sustainability - The new aircraft is equipped with the Rolls-Royce Trent 7000 engines, which improve fuel efficiency by over 10% and reduce carbon emissions [5][6] - The A330 has been certified to use up to 50% sustainable aviation fuel (SAF), with future potential for 100% SAF usage, further lowering its carbon footprint [6] - Hainan Airlines has reduced carbon emissions by over 3.27 million tons, equivalent to the annual CO2 absorption of approximately 120,000 acres of forest [6] Group 3: Operational Strategy - The new A330 aircraft has an increased maximum range of 700 nautical miles compared to its predecessor, enhancing route planning and capacity allocation [6] - The aircraft will primarily serve about 15 key long-haul routes to Europe, Oceania, and the Middle East, as well as domestic routes from Beijing and Haikou [6][7] - Hainan Airlines aims to strengthen its network in the Guangdong-Hong Kong-Macao Greater Bay Area, with a focus on premium routes connecting major cities [7]

Core Points - Guangzhou Baiyun International Airport's T3 terminal has officially commenced trial operations on November 12, enhancing convenience for citizens and travelers visiting the terminal [1] - The T3 terminal has become a trending topic on social media, with users sharing photos and videos, highlighting its design inspired by flowers and the natural aesthetics of Lingnan gardens [2] - The newly launched sightseeing shuttle service connects T1, T2, and T3 terminals, operating daily from 9 AM to 4 PM, with a frequency of every 20 to 30 minutes, offering a trial ticket price for a single ride [2] - The introduction of the sightseeing shuttle has improved the travel experience for passengers and provided a new attraction for citizens, positioning Baiyun Airport as a city landmark that integrates travel, sightseeing, and cultural experiences [2]