Investment Rating - The report maintains a rating of "Buy" for several key companies in the aviation and logistics sectors, including China Southern Airlines, Spring Airlines, and SF Express [2]. Core Insights - The aviation sector is expected to benefit from multiple catalysts, including the recovery of passenger demand and improved ticket pricing due to high load factors and regulatory support [4][6]. - The logistics and express delivery industry is experiencing a divergence in growth rates, with a focus on improving operational quality through policies aimed at reducing "involution" and the adoption of automation technologies [6][7]. Summary by Sections Aviation Sector - The report highlights the positive impact of the national strategy to expand domestic demand, which is expected to drive up airline stock prices. For instance, companies like China Eastern Airlines and China Southern Airlines saw stock increases of 12.48% and 13.60%, respectively [4]. - Key metrics for airlines from December 15 to December 19 include average daily flights and aircraft utilization rates, with notable year-on-year increases in flight numbers for several airlines [4]. - The report emphasizes the long-term growth potential of the aviation sector, driven by a combination of recovering demand, regulatory support for pricing, and a gradual recovery in aircraft utilization rates [6]. Logistics and Express Delivery - The express delivery sector is witnessing a mixed trend in volume and pricing, with November data showing a year-on-year increase in delivery volumes for some companies while others face declines [6]. - The report notes that the integration of Danbird Logistics into Shentong Express is expected to enhance scale and operational efficiency [6]. - The "anti-involution" policy is anticipated to improve profitability across the express delivery industry, with a focus on enhancing service quality and pricing strategies [6][7]. Infrastructure - The report suggests that the infrastructure sector, particularly highways, remains stable with consistent cash dividends and ongoing expansion projects [6]. - Data from December 8 to December 14 indicates a slight decline in freight traffic on highways and railways, but overall port throughput showed a year-on-year increase [6]. Shipping and Trade - The shipping sector is experiencing fluctuations in freight rates, with oil shipping showing strength while dry bulk rates are declining. The report suggests that geopolitical factors may reshape global shipping dynamics [7]. - The report recommends monitoring companies in the shipping sector for potential investment opportunities, particularly those positioned to benefit from seasonal demand increases [7].

本报讯 （记者袁传玺）天眼查App显示，近日，中免集团（上海）免税品有限公司成立，注册资本2亿 元，经营范围含免税商品销售、烟草制品零售、酒类经营、食品销售、信息咨询服务、电子产品销售、 通讯设备销售、灯具销售等，由上海机场（600009）（600009）、中国免税品（集团）有限责任公司共 同持股。 ...

《中国民航报》、中国民航网 记者钱擘 通讯员尚机轩 报道：12月16日，上海空铁联运服务中心发布三 项"空铁联运"货运产品，助力上海机场全方位门户复合型功能进一步提升。 本次发布的"高铁定班""零星整车""快运专列"三项产品，针对小、中、大不同体量的货物定制。"高铁 定班"主要针对单件重量25公斤以下，小批量、高时效的国际快件货物；"零星整车"主要针对单件重量 50公斤以下，中运能、中等时效的空运电商货物；"快运专列"主要针对单件重量1吨以下，高运能、中 等时效的空运大宗类货物。随着空铁联运场景进一步丰富，长三角地区货物将实现当日即送达上海浦 东、虹桥两大机场，在货站高效保障后，第一时间由航班出港运往全球的不同目的地。 全货机在浦东机场保障空铁联运货物（善见 / 摄） 物流领域的"空铁联运"兼具航空覆盖广、铁路线路多的优势，时效比依托公路的空陆联运更快，运价比 空空联运便宜，适合运输相对高附加值、时效性强、又对物流成本有一定性价比要求的货物。上海空铁 联运服务中心是2024年1月成立的，由上海市政府牵头，上港集团、中国东航、上海机场、中铁上海 局、中铁快运五方联合组建。经过近两年的努力，该中心已逐步构建上海至 ...

上海机场免税业务迎来全新运营商，将开启"国内龙头+国际巨头"的多元竞合新模式。 12月18日，上海机场公告称，公司与杜福睿（上海）商业有限公司（简称"杜福睿"）、中国免税品（集 团）有限责任公司（简称"中免集团"）分别签订了免税店项目经营权转让合同。 天眼查显示，近日，中免集团（上海）免税品有限公司成立，注册资本2亿元，由上海机场、中免集团 共同持股。 受上述消息影响，截至12月18日收盘，上海机场上涨7.12%，报33.11元/股。 经过40多年的快速发展，中免集团与国际上超过1500个品牌建立了长期合作关系，已经发展成为国内品 类最齐全、品牌最多、品牌定位最高、采购量最大的免税运营商。 杜福睿是总部位于瑞士的外资企业，将成为中国内地机场首家引进的全球领先的旅行零售外资免税运营 商。截至2024年12月31日，杜福睿在全球70多个国家运营超5100个销售点，服务网络覆盖1000多个交通 枢纽，年服务旅客超25亿人次。 免税业务运营商将调整 根据合同，杜福睿获得上海浦东国际机场（T1航站楼及S1卫星厅国际区域场地）的进出境免税店经营 权；中免集团获得上海浦东国际机场（T2航站楼及S2卫星厅国际区域场地）、上海 ...

Core Viewpoint - The bidding for duty-free shops at Shanghai airports has concluded, with China Duty Free Group (CDFG) and foreign-owned Dufo Ray winning the contracts, marking the exit of Japan Duty Free (JDF) from the Shanghai airport duty-free business [2][4]. Group 1: Bidding Outcome - CDFG won the rights to operate duty-free shops at Shanghai Pudong International Airport's T2 terminal and Hongqiao International Airport's T1 terminal, while Dufo Ray secured the T1 terminal at Pudong [4]. - JDF attempted to participate in the bidding despite internal opposition from CDFG's board members, leading to a failed bid [3][4]. Group 2: Financial Implications - CDFG's decision to operate the duty-free shops is seen as a strategy to improve its financial performance, as the company has faced declining revenues and profits in recent years [5]. - In 2023, CDFG reported a revenue of 39.862 billion yuan, a decrease of 7.34% year-on-year, and a net profit of 3.052 billion yuan, down 22.13% [5]. Group 3: Historical Context - JDF has been a significant player in China's duty-free market since its establishment in 1999, holding exclusive rights at major airports until recent developments [7]. - The control of JDF shifted over the years, with CDFG acquiring a majority stake in JDF, which has led to conflicts of interest in bidding situations [7]. Group 4: Future Prospects for JDF - JDF is now focusing on its remaining operations, particularly at Beijing Capital International Airport, where it may face similar challenges in upcoming bids [8]. - The company is exploring new avenues for growth, including an online platform and a new membership system, indicating a potential shift in its business strategy [10].

Core Viewpoint - The article discusses the significant changes in the duty-free operations at Shanghai airports, highlighting the transfer of management rights to China Duty Free Group and Dufoor, marking the end of Japan Duty Free's 26-year operation at these airports [3][5]. Summary by Sections Duty-Free Management Transfer - Shanghai Airport announced the signing of a contract on December 17, transferring duty-free management rights to China Duty Free Group and Dufoor, covering multiple terminals at both Pudong and Hongqiao airports [3][5]. - This transfer signifies the first large-scale entry of foreign duty-free operators into China's airport duty-free sector [3]. Contract Details - The management rights are set for 8 years, from January 1, 2026, to December 31, 2033, with a revenue model based on "fixed rent + commission" [5]. - Fixed rents for Pudong T1 and T2 are 3141 RMB/㎡/month and 3090 RMB/㎡/month, respectively, with commission rates ranging from 8% to 24% [5]. - The new contract introduces an increase in operational area by 1564 square meters and expands product categories to include mobile phones, drones, baby products, health foods, and more [5]. Changes in Revenue Model - The revenue model for Shanghai Airport has shifted from a minimum guarantee based on sales to a fixed rent plus commission structure, which is expected to enhance revenue stability [5][6]. - The airport will also establish joint ventures with the new operators, allowing it to earn both rental income and a share of operational profits [6]. Competitive Landscape - The competitive landscape for duty-free operations is evolving, with a notable reduction in commission rates to support operators in increasing sales [6]. - Japan Duty Free's exit from the Shanghai airport market is attributed to a lack of support from its major shareholder, China Duty Free Group, which now directly competes for these contracts [7][8]. Market Reactions - Following the announcement, Shanghai Airport's stock price rose over 7%, while China Duty Free's stock fell more than 4% [10].

随着首都机场新一轮免税店运营招标的启动，中国重要机场免税项目的竞争格局也在重塑。 上海浦东机场和虹桥机场的出入境免税店，都要换招牌了。 与此同时，上海机场在另一份公告中透露，将与杜福睿和中免集团分别设立免税合资公司，上海机场均 占49%股份，而合资公司将作为经营上海机场免税店的载体。这意味着，上海机场未来不仅可以获 得"免税租金"收入，还将分红免税店的运营收益。 "免税市场的竞争格局在变化，机场也在转变策略，通过大幅下调扣点率来让利免税店运营商做大免税 销售额，再通过成立合资公司实现双赢。"上海机场一位内部人士对记者分析。 记者注意到，最近几年，来自免税销售等非航业务的收入，是上海机场净利润贡献的一个重要原因。疫 情前上海机场与日上签署的免税店经营权转让合同中，扣点率一度达到42.5%，不过在2023年两家签署 的补充协议中，已经大幅下调了扣点率。 上海机场（600009.SH）今日公告称，12月17日与中免集团及杜福睿签订免税经营权转让合同，后两者 成为上海机场三个航站楼进出境免税店新的运营人。 其中，中免集团拿下上海浦东国际机场T2航站楼及S2卫星厅国际区域，以及上海虹桥国际机场T1航站 楼国际区域两个标 ...

Group 1 - The bidding for duty-free shops at Shanghai airports has concluded, with China Duty Free Group (CDFG) and foreign-owned Dufo Rui winning the contracts, marking the exit of Japan Duty Free (JDF) from the business [2][5] - JDF's failure to secure the bid was influenced by opposition from CDFG's board members, leading to JDF not being allowed to participate in the bidding process [3][4] - CDFG's victory is seen as beneficial for the company, as it will now operate in higher-quality areas of the airport, potentially increasing overall revenue despite losing one bidding segment [5][6] Group 2 - CDFG's recent performance has been under pressure, with a reported revenue of 39.862 billion yuan, a year-on-year decline of 7.34%, and a net profit of 3.052 billion yuan, down 22.13% [6] - In contrast, JDF has historically been a significant player in China's duty-free market, having secured exclusive rights at major airports since its establishment in 1999 [8][9] - JDF is exploring new avenues for growth, including a potential focus on online operations and the introduction of a new membership system on its platform [12] Group 3 - The bidding process for the duty-free shops was marked by legal disputes, with JDF submitting complaints against CDFG for alleged violations of legal agreements [4] - The outcome of the bidding could have significant implications for JDF, especially if it fails to secure contracts at Beijing Capital International Airport, which would result in the loss of all physical stores in major cities [10] - The competitive landscape in the duty-free market is shifting, with CDFG's strategy reflecting a response to its declining performance and the need to enhance operational efficiency [5][6]

证券之星消息，12月18日航空机场板块较上一交易日上涨1.47%，上海机场领涨。当日上证指数报收于 3876.37，上涨0.16%。深证成指报收于13053.98，下跌1.29%。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2527.48万元，游资资金净流出1.14亿元，散户资 金净流入1.39亿元。航空机场板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Core Viewpoint - The report from CICC highlights Shanghai Airport's recent announcement regarding the signing of a duty-free store project operating rights transfer contract, indicating a positive outlook for future sales performance [1] Group 1: Duty-Free Business Development - Shanghai Airport announced that Du Furui won the bid for operating rights at Pudong T1+S1, while China Duty Free Group won the bid for Pudong T2+S2 and Hongqiao, with an operating period from early 2026 to the end of 2033 [1] - The company plans to establish a joint venture with the winning duty-free operator, holding a 49% stake in the new entity [1] - Rental terms are generally in line with market expectations, suggesting a stable revenue stream from the duty-free business [1] Group 2: Financial Forecasts - The company maintains its profit forecast for 2025 at 2.26 billion yuan, while raising the 2026 profit forecast by 3% to 2.82 billion yuan, primarily due to the unexpected joint venture with the duty-free operator [1] - The investment income forecast has been slightly adjusted upwards as a result of the joint venture [1] Group 3: Asset Disposal and Target Price - The announcement on November 21 regarding the recovery of state-owned land use rights and facility compensation is expected to bring one-time asset disposal gains, warranting attention on the progress of this transaction [1] - The target price remains unchanged at 34.5 yuan, corresponding to 38 times the 2025 P/E and 30 times the 2026 P/E, indicating a 12% upside potential from the current stock price [1] - The rating of "outperforming the industry" is maintained [1]