Core Viewpoint - Shanghai Airport has officially introduced a new duty-free agreement with China Duty Free Group and Dufry, which is expected to enhance the competitiveness of its duty-free business and stabilize non-aeronautical revenue growth starting from 2026 [1][2]. Group 1: New Duty-Free Agreement - The new duty-free agreement features a revenue model of "fixed rent + sales commission + 49% joint venture dividends," which is anticipated to motivate operators and improve the long-term competitiveness of the duty-free business [1][2]. - Dufry has obtained the duty-free operating rights for the international areas of Terminal 1 and Satellite Hall S1 at Pudong Airport, while China Duty Free Group has secured rights for Terminal 2 and Satellite Hall S2, as well as the corresponding rights at Hongqiao Airport [1]. Group 2: Financial Projections - The fixed fee for the new agreement is estimated to be approximately 760 million yuan for the year 2026, with potential fluctuations of ±20% based on international and regional passenger traffic changes compared to 2024 [2]. - The new commission rates for sales at Pudong and Hongqiao airports range from 8% to 24% and 8% to 22%, respectively, which is a decrease from the previous rates of 18% to 36% [2]. - Under the new model, the airport's total duty-free revenue is projected to reach approximately 1.5 billion yuan, an increase of 290 million yuan and 250 million yuan compared to 2024 and 2025, respectively [2]. Group 3: Investment and Operational Strategy - The company plans to invest up to 98 million yuan to establish two joint venture companies with Dufry and China Duty Free Group, holding a 49% stake in each [3]. - Based on a projected annual revenue of 7.5 billion yuan and a net profit margin of approximately 5%, the company could achieve an investment return of about 180 million yuan, significantly higher than the previous investment returns from its partnership with Japan Duty Free [3]. - The introduction of differentiated operators and a new incentive mechanism is expected to enhance operational quality and competitiveness in the duty-free sector, leading to sustainable and elastic growth in non-aeronautical revenue for the airport [3]. Group 4: Long-term Outlook - The ongoing recovery of international travel demand and the implementation of the new duty-free agreement are expected to significantly enhance the company's non-aeronautical revenue elasticity [4]. - The projected net profits for the company are estimated to be 2.1 billion yuan, 2.6 billion yuan, and 2.9 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 39, 32, and 28 times [4]. - Shanghai Airport's strategic location as a key international hub is expected to unlock commercial potential and drive high-quality growth in non-aeronautical business, contributing to sustained profitability [4].

（来源：中国航空报） 上述四大专项认证覆盖了航空货运高附加值货物的核心品类，获得全部认证需要企业构建覆盖多场景、跨领域、高标准的一体化管控体 系。 PACTL获得CEIV全品类认证，证明其在操作流程、人员培训、基础设施、应急响应方面已较为全面地对标了国际标准，能有效满足国内 外客户对于不同品类货物的运输需求。（辛文） 本报讯 近日，上海机场物流公司旗下浦东机场货运站（PACTL）获得了国际航空运输协会（IATA）独立验证卓越中心（CEIV）活体动 物认证，成为境内首家同时获得CEIV药品、锂电池、鲜活易腐及活体动物航空货物运输全品类认证的货站，以此助力上海全方位门户复 合型国际航空枢纽货运服务能级再提升。 CEIV是IATA为提升航空货运在特定专业领域服务质量与安全性，而推动制定的全球统一标准认证体系。其中，药品运输认证要求运输 全过程精准控温、环节可追溯，锂电池运输认证要求建立分类、包装、标签、应急管理全链条标准，鲜活易腐货物运输认证要求具备高 效分拣、仓储，以及全流程控温湿度运输能力，活体动物运输认证则对运输环境、装载方式、应急处置有细致要求。 ...

Core Viewpoint - The city commercial bank sector experienced a decline of 0.67% on December 26, with Xiamen Bank leading the drop, while the Shanghai Composite Index rose by 0.1% and the Shenzhen Component Index increased by 0.54% [1] Group 1: Market Performance - The closing price of Xiamen Bank was 7.56, reflecting a decrease of 2.45% with a trading volume of 139,200 shares and a transaction amount of 106 million yuan [2] - Other notable banks included Guizhou Bank at 5.90 (-1.17%), Ningbo Bank at 28.00 (-1.10%), and Chongqing Bank at 10.85 (-0.91%) [2] - The overall city commercial bank sector saw a net outflow of 59.97 million yuan from main funds, while retail funds experienced a net outflow of 80.69 million yuan [2] Group 2: Fund Flow Analysis - Hangzhou Bank had a main fund net inflow of 11.5 million yuan, but retail funds saw a net outflow of 76.27 million yuan [3] - Ningbo Bank recorded a main fund net inflow of 56.33 million yuan, while retail funds had a net outflow of 6.51 million yuan [3] - The overall trend indicates that while some banks attracted main fund inflows, retail investors were largely withdrawing their investments [3]

Core Viewpoint - The aviation and airport sector experienced a 2.8% increase on December 26, with HNA Holding leading the gains, while the overall market indices showed modest increases [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3963.68, up 0.1%, and the Shenzhen Component Index closed at 13603.89, up 0.54% [1]. - HNA Holding's stock price rose by 2.27% to 1.80, with a trading volume of 10.22 million shares and a transaction value of 1.834 billion [1]. - Other notable performers included CITIC Offshore Helicopter, which increased by 1.14%, and Spring Airlines, which saw a slight increase of 0.16% [1]. Group 2: Stock Performance Summary - The table of stock performance shows various companies in the aviation sector, with HNA Holding leading in percentage increase, while several companies like China Eastern Airlines and Shanghai Airport experienced declines [2]. - The overall aviation and airport sector saw a net outflow of 313 million in main funds, while retail investors contributed a net inflow of 340 million [2]. Group 3: Fund Flow Analysis - HNA Holding had a net inflow of 18.76 million from main funds, but a net outflow of 17.27 million from retail investors [3]. - China Eastern Airlines experienced a significant net outflow of 26.35 million from main funds, while retail investors contributed a net inflow of 60.68 million [3]. - The analysis indicates that retail investors are actively participating in the market, contrasting with the outflows from institutional and speculative funds [3].

Core Viewpoint - The opening of Jiaxing Nanhu Airport marks the establishment of a new airport in the Yangtze River Delta, focusing on both passenger and cargo transport, with a primary emphasis on cargo operations [5][6]. Group 1: Airport Operations - Eastern Airlines, Southern Airlines, and Changlong Airlines have commenced operations at Jiaxing Nanhu Airport, with initial flights to cities including Guangzhou, Shenzhen, Chengdu, and Changchun [1][5]. - The airport features a terminal area of 25,900 square meters and has a flight area classification of 4E, with 56 parking positions, of which 33 are dedicated to cargo [5]. Group 2: Cargo Focus - Jiaxing Nanhu Airport is positioned as a professional air cargo hub, with a planned annual passenger throughput of 1.8 million and a cargo throughput of 1.1 million tons [5]. - YTO Express is expected to play a significant role in the airport's cargo operations, having established a global logistics hub at the airport and collaborating with the Jiaxing government to develop surrounding logistics infrastructure [5][6]. Group 3: Regional Connectivity - The airport's strategic location allows for a one-hour connection to major cities in the Yangtze River Delta, enhancing regional logistics and transportation efficiency [6][8]. - The airport is designed to support a multi-modal transport system, facilitating access to international markets within 10 hours [6]. Group 4: Comparison with Suzhou - Suzhou, despite its economic prominence, lacks its own airport, with ongoing discussions and planning since 2018 failing to yield results, while other airports in the region are advancing [10][11]. - The development of Jiaxing Nanhu Airport may alleviate some of the transportation pressures in the region, as it provides an alternative for Suzhou residents [8][10].

Core Viewpoint - The aviation and airport sector experienced a slight increase of 0.17% on December 25, with significant contributions from airlines like Juneyao Airlines, while the overall market indices also showed positive movements [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3959.62, up by 0.47%, and the Shenzhen Component Index closed at 13531.41, up by 0.33% [1]. - Juneyao Airlines led the aviation sector with a closing price of 14.08, reflecting a rise of 1.51% [1]. - Other notable performers included CITIC Offshore Helicopter and Spring Airlines, both showing increases of 1.51% and 1.46% respectively [1]. Group 2: Stock Performance and Trading Volume - The trading volume for Juneyao Airlines was 201,600 shares, with a transaction value of 285 million yuan [1]. - China Southern Airlines and China Eastern Airlines remained stable, with no change in their stock prices, while Shanghai Airport and Air China saw minor increases of 0.39% and 0.46% respectively [1]. - The overall trading volume in the aviation sector indicated a mixed performance, with some stocks experiencing declines [2]. Group 3: Capital Flow Analysis - The aviation sector saw a net outflow of 336 million yuan from institutional investors, while retail investors contributed a net inflow of 388 million yuan [2]. - The capital flow data indicated that Shanghai Airport had a net inflow of 27.85 million yuan from institutional investors, despite a net outflow from retail and speculative investors [3]. - Conversely, Air China experienced significant net outflows from institutional investors amounting to 60.80 million yuan, while retail investors showed a net inflow of 65.73 million yuan [3].

Core Viewpoint - British Airways is enhancing its services in the Chinese market by introducing innovative travel solutions, such as remote check-in at the Suzhou City Terminal, to improve the travel experience for passengers flying between Shanghai and London [1][3]. Group 1: Service Innovations - British Airways is the first European and American airline to offer remote check-in services at the Suzhou City Terminal, allowing passengers to check in and drop off luggage in Suzhou before traveling to Pudong Airport [1][3]. - The airline has also introduced the latest business class product, Club Suite, on the Shanghai-London route, providing passengers with a more comfortable and private flying experience [5]. - The Club Suite is part of a £7 billion fleet upgrade plan, with 71% of flights to London Heathrow already equipped with this new business class [5]. Group 2: Market Expansion and Partnerships - British Airways is expanding its operations in the Chinese market, having established a joint venture with China Southern Airlines, allowing passengers to connect to 12 additional Chinese cities from Shanghai [7]. - The airline is also collaborating with other international carriers to facilitate seamless travel experiences, such as allowing passengers to check in luggage directly to their final destination when transferring between flights [7]. Group 3: Cultural Integration - The airline emphasizes the importance of cultural connection, with a focus on providing personalized service through Chinese-speaking cabin crew on flights between Shanghai and London [5][8]. - British Airways aims to strengthen the cultural and opportunity bridge between China and the UK, reflecting its long-term commitment to the Chinese market [8].

Core Viewpoint - The article discusses the revenue structure of airports, highlighting the importance of non-aeronautical income, particularly from duty-free shops, which significantly contributes to profitability [3][4]. Group 1: Revenue Sources - Airports primarily earn revenue from aircraft landing fees, parking fees, and passenger bridge fees, which are essential aviation service charges [3]. - In addition to these, airports have developed commercial leasing, logistics, and advertising as non-aeronautical income sources, which can rival the scale of their core aviation business [3]. Group 2: Duty-Free Shops - Among non-aeronautical businesses, duty-free shops are noted for their high-profit margins and are often the most significant contributors to airport profitability [4]. - Shanghai Airport has recently completed a new round of duty-free shop bidding, which includes updates on operator selection, duty-free area planning, and settlement models, expected to have a substantial impact on the company's operations [5]. Group 3: Passenger Traffic Recovery - In 2024, passenger throughput at Shanghai Pudong and Hongqiao airports is projected to reach 125 million, surpassing the pre-pandemic level of 122 million in 2019, marking a historical high [6]. - The recovery of international passenger traffic is lagging but is nearing pre-pandemic levels, with a total of 35.02 million international and regional passengers expected in 2024, recovering to approximately 84% of the 2019 figures [6]. - By the first half of 2025, this figure is anticipated to rise to 19.86 million, further increasing the recovery rate to about 94% [6].

格隆汇12月23日｜长江证券研报指出，中国中免中标上海机场免税项目，深化利益绑定。此前中免通过 控股日上经营机场（中免持股51%，上海机场持股16%)来运营上海机场免税店，新模式下，上海机场持 股比例从16%提升至49%，实现利益高度绑定，有利于共同做大GMV。展望后市，中国中免是我国免税 行业领军企业，经过40年的发展，已经积累了渠道、规模、精细化运营管理、品牌等多维度的核心竞争 优势。海南离岛免税销售额同比企稳回升，机场口岸等销售额有望继续随着出境游人次增加而增长，预 计公司2025-2027 年归母净利润分别为36.9/42.7/49.7亿元，对应当前股价的PE 分别为46/40/34X，维 持"买入"评级。 ...

Core Insights - The company has won bids for duty-free shops at Shanghai Pudong Airport T2 and S2 satellite hall, as well as at Shanghai Hongqiao Airport T1, with an operational period of 5+3 years from January 1, 2026, to December 31, 2033 [1] Group 1: Project Details - The operational entity for the project is a joint venture between China Duty Free Group and Shanghai Airport, with China Duty Free holding a 51% stake and Shanghai Airport holding 49% [2] - The new contract stipulates a monthly fixed fee of 36.744 million, with commission rates for different categories ranging from 8% to 24% for segment two and 8% to 22% for segment three [3] Group 2: Financial Impact - The company is expected to experience a neutral impact from the new contract; while the reduction in operational scope at Pudong Airport may affect revenue, the overall effect on profit is anticipated to be smaller due to lower commission rates and the introduction of a sales incentive mechanism [4] - The company forecasts net profits of 3.72 billion, 3.89 billion, and 4.27 billion for 2025-2027, with year-on-year changes of -13%, +4.6%, and +9.8% respectively, and corresponding EPS of 1.80, 1.88, and 2.06 [5]