9月24日傍晚，随着第18号超强台风"桦加沙"对广州地区的影响明显减弱，广州市终止全市"五停"措 施，广州白云机场开始逐步恢复国际航班运营。为保障口岸通关顺畅，广州白云机场海关关员顶风冒雨 对出境航班开展监管工作。 （海关发布） ...

Market Overview - On September 25, the aviation and airport sector declined by 0.11% compared to the previous trading day, with CITIC Heli leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - Key stocks in the aviation and airport sector showed mixed performance, with China Eastern Airlines up by 0.99% to 4.09, and Xiamen Airport down by 0.97% to 14.29 [1][2] - The trading volume and turnover for major stocks were significant, with China Eastern Airlines recording a turnover of 390 million yuan [1] Capital Flow - The aviation and airport sector experienced a net outflow of 283 million yuan from institutional investors, while retail investors saw a net inflow of 103 million yuan [2] - The detailed capital flow indicated that Southern Airlines had a net inflow of 8.66 million yuan from institutional investors, while China National Airlines faced a net outflow of 51.88 million yuan [3]

Core Points - Guangzhou Baiyun Airport is gradually resuming international flight operations following the reduction of the impact from Typhoon Haikui [1][2] - The Baiyun Border Inspection Station has implemented measures to ensure smooth customs clearance for incoming and outgoing travelers [2][3] Group 1 - As of September 24, 15:00, an international flight from Ethiopia has already arrived, marking the resumption of international flights [2] - The first outbound flight after the typhoon was operated by Juneyao Airlines from Guangzhou to Vientiane, Laos, at 20:00 on the same day [2] - The Baiyun Border Inspection Station has coordinated with various inspection units to adjust duty deployments and open sufficient inspection channels [2][3] Group 2 - The station is providing multilingual and dialect consultation services to ensure the safety and efficiency of customs clearance for travelers [2][3]

Core Viewpoint - The impact of Typhoon "Haikashan" on Guangzhou has diminished, leading to the gradual resumption of international flight operations at Guangzhou Baiyun Airport [1] Group 1: Flight Operations - As of 15:00 on the day of the report, an international flight from Ethiopia has already arrived in Guangzhou [1] - The first outbound flight post-typhoon from Guangzhou to Vientiane, Laos, took off at 20:00 [1] Group 2: Border Control Measures - Baiyun Border Inspection Station is actively coordinating with various joint inspection units to adjust duty deployments in response to the resumption of international flights [1] - The station has opened additional inspection channels and is providing multilingual and dialect consultation services to ensure safe and efficient passage for inbound and outbound travelers [1]

Core Points - The impact of Typhoon "Haikui" is diminishing, leading to the termination of the city's "Five Stops" measures [1] - As of September 24, 18:00, all operations including classes, work, production, business, and transportation have resumed [1] - Baiyun Airport is operating normally, with flights gradually arriving and all support operations proceeding in an orderly manner [1]

Core Points - The strongest typhoon "Haikui" is about to make landfall, leading to the implementation of "five stoppages" measures in multiple regions of Guangdong, including Guangzhou, Shenzhen, and Foshan [1] - All high-speed and regular trains in Guangdong province will be suspended for the entire day on September 24 [1] - Baiyun Airport in Guangzhou has canceled 405 domestic flights and 67 international and regional flights as of 11:20 AM on September 24 [1] - Baiyun Airport planned 417 flights for the day, with 184 departures and 233 arrivals, but weather conditions will continue to affect operations over the next two days [1] - Shenzhen Bao'an Airport has reported zero executed flights as of the same time [1] - Airports are advising travelers to closely monitor flight updates and adjust their travel plans accordingly due to the typhoon [1]

Group 1 - On September 22, Baiyun Airport (600004) recorded a financing buy of 12.48 million yuan, a financing repayment of 8.59 million yuan, resulting in a net financing buy of 3.89 million yuan, with a financing balance of 407 million yuan. Over the past three trading days, the cumulative net buy reached 20.82 million yuan [1] - The financing balance on September 22 increased by 0.9% compared to the previous day, amounting to 407 million yuan [4] - The net financing buy for the previous trading days were as follows: 10.84 million yuan on September 19, 6.08 million yuan on September 18, and 0.35 million yuan on September 17 [2] Group 2 - On September 22, the securities lending saw a sell-off of 1,300 shares, with a repayment of 27,300 shares, resulting in a net buy of 26,000 shares, leaving a remaining quantity of 96,800 shares [3] - The securities lending balance on September 22 was 915,700 yuan, with a net change of -26,000 shares [3]

Group 1 - The article discusses the impact of Typhoon "Haikui" on flight operations in South China, with significant disruptions expected for travelers in the coming days [2] - Baiyun Airport has indicated that heavy rain is anticipated due to the typhoon, which will affect flight operations, and decisions regarding flight cancellations will be made based on weather conditions [2] - China Southern Airlines and China Eastern Airlines have announced ticket refund and change policies for affected routes to assist travelers in planning their trips [2] Group 2 - The Hong Kong International Airport will remain open during the typhoon but is expected to experience a large number of flight disruptions [2] - The Hong Kong Airport Authority is closely monitoring the situation and has implemented preparations for safety, flight operations, passenger care, and ground transportation services [2] - Coordination with government departments, airlines, and transportation service operators is ongoing to ensure emergency measures are in place [2]

Market Overview - On September 22, the aviation and airport sector declined by 0.27%, with Xiamen Airport leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Notable stock performances included: - CITIC Hainan Airlines (Code: 6600000) closed at 22.68, up 2.81% with a trading volume of 220,300 shares and a turnover of 497 million yuan [1] - China National Aviation (Code: 601111) closed at 7.88, up 0.51% with a trading volume of 543,300 shares [1] - Xiamen Airport (Code: 600897) closed at 14.46, down 1.57% with a trading volume of 16,800 shares and a turnover of 24.29 million yuan [2] Capital Flow - The aviation and airport sector experienced a net outflow of 126 million yuan from institutional investors, while retail investors saw a net inflow of 126 million yuan [2] - The capital flow for individual stocks showed: - CITIC Hainan Airlines had a net inflow of 39.99 million yuan from institutional investors [3] - Xiamen Airport had a net inflow of 4.81 million yuan from institutional investors [3] - China Eastern Airlines (Code: 600115) had a net inflow of 24.98 million yuan from institutional investors [3]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [13] Core Insights - The transportation industry is expected to see improvements in profitability across various sub-sectors in Q3 2025, driven by domestic demand recovery and resilient international demand [2][6][7][8][9][10][11][12] Summary by Sub-Sector Aviation - The aviation sector is experiencing subdued demand but is benefiting from reduced costs, leading to an overall improvement in profitability for Q3 2025. The international flight recovery remains strong, and oil prices have significantly decreased [6][19][24] Airports - Domestic airport traffic is recovering, with international flights also increasing. Revenue is expected to improve steadily, with key airports benefiting from both domestic and international demand growth [2][6][24][26] Express Delivery - The "anti-involution" policy is driving price increases in the express delivery sector, leading to improved profitability for e-commerce deliveries. However, operational costs are temporarily pressuring profit margins [2][6][28][30] Logistics - The logistics sector is stabilizing, with major players expected to see profit growth due to improved supply chain performance and resilient cross-border logistics profitability [2][6][7][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different shipping types. While container shipping faces challenges, oil tanker profits are improving due to favorable market conditions [2][6][8][33][37] Ports - Port operations are expected to see improved profitability in bulk cargo handling, while container throughput remains resilient despite external pressures [2][6][9][39] Highways - Highway traffic is relatively stable, with a slight increase in profitability anticipated for Q3 2025, supported by steady freight and passenger traffic [2][10][41] Railways - Railway passenger and freight volumes are showing mixed trends, with a focus on opportunities arising from high-speed rail transformations. Overall, passenger transport is expected to grow, while freight transport is improving [2][11][43][44]