格隆汇12月17日丨上海机场(600009.SH)公布，公司及控股子公司上海虹桥国际机场有限责任公司于12 月17日在上海签订了三项免税店项目经营权转让合同，合同对方分别为杜福睿（上海）商业有限公司和 中国免税品（集团）有限责任公司。合同的履行对公司当年度经营业绩无影响，合同的顺利实施预计将 对公司2026年度至2033年度营业收入产生积极影响。 ...

Core Viewpoint - Shanghai Airport (600009.SH) has signed a contract for the transfer of duty-free shop operating rights, indicating a strategic move to enhance its retail operations at key airport locations [1] Group 1: Contract Details - The contract includes the transfer of duty-free shop operating rights at Shanghai Pudong International Airport (T1 terminal and S1 satellite hall) with Dufry [1] - Additionally, the contract involves the transfer of duty-free shop operating rights at Shanghai Pudong International Airport (T2 terminal and S2 satellite hall) with China Duty Free Group [1] - The agreement also covers the transfer of duty-free shop operating rights at Shanghai Hongqiao International Airport with China Duty Free Group [1]

Core Viewpoint - Shanghai Airport (600009.SH) has signed a duty-free store operating rights transfer contract for its airports, indicating a strategic move to enhance its retail operations and revenue streams [1] Group 1: Contract Details - The contract includes the transfer of duty-free store operating rights at Shanghai Pudong International Airport (Terminal 1 and S1 Satellite Hall) with Dufry [1] - Additionally, the contract involves the transfer of duty-free store operating rights at Shanghai Pudong International Airport (Terminal 2 and S2 Satellite Hall) with China Duty Free Group [1] - The agreement also covers the transfer of duty-free store operating rights at Shanghai Hongqiao International Airport with China Duty Free Group [1]

证券代码：600009 证券简称：上海机场 公告编号：临 2025-062 上海国际机场股份有限公司 关于签订免税店项目经营权转让合同 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。 经公司第九届董事会第二十九次会议审议通过，根据《浦东、虹 桥国际机场进出境免税店项目》招标结果，公司及控股子公司上海虹 桥国际机场有限责任公司（以下简称"虹桥机场公司"）于2025年12 月17日在上海签订了免税店项目经营权转让合同，具体内容如下： 一、合同对方基本情况 1.杜福睿（上海）商业有限公司（以下简称"杜福睿"） 企业类型：有限责任公司（外国法人独资） 法定代表人：陈俊杰 注册资本：2360 万美元 注册地：中国上海 主要经营范围：一般项目：服装服饰零售；服装服饰批发；电子 产品销售；日用百货销售；玩具销售；家具销售；自行车及零配件批 发；自行车及零配件零售；体育用品及器材批发；体育用品及器材零 1 售；皮革制品销售；钟表销售；化妆品批发；化妆品零售；鞋帽批发； 鞋帽零售；箱包销售；眼镜销售（不含隐形眼镜）；工艺美术品及收 藏 ...

（四）公司全体董事进行了议案表决。 二、董事会会议审议情况 证券代码：600009 证券简称：上海机场 公告编号：临 2025-061 上海国际机场股份有限公司 第九届董事会第二十九次会议决议公告 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。 一、董事会会议召开情况 （一）本次会议的召开符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定。 （二）公司于 2025 年 12 月 11 日以书面方式向全体董事发出召 开本次会议的通知。 （三）公司于 2025 年 12 月 16 日采取"通讯表决"方式召开本 次会议。 为了更好地推进上海机场免税经营，进一步深化协同合作，提升 上海机场服务品质： 1.公司决定以自有资金出资不超过 9,800 万元与杜福睿共同投 资设立免税合资公司，公司持有其 49%股份。授权公司经营层与杜福 睿签署合资意向书、合资协议；授权公司经营层与杜福睿及该免税合 资公司签署免税经营权转让合同三方补充协议并办理有关事项，明确 将该免税合资公司作为载体经营上海浦东国际机场（T1 航站楼及 S1 ...

上海机场公告，公司及控股子公司上海虹桥国际机场有限责任公司与杜福睿（上海）商业有限公司、中 国免税品（集团）有限责任公司签订了免税店项目经营权转让合同。合同自2026年1月1日起至2033年12 月31日止，分为3+5年或5+3年两个阶段。 ...

捕获的二氧化碳如何变成航空煤油？尚能绿航董事长赵晨介绍，公司研发了"二氧化碳直接加氢一步法 合成SAF"新技术，通过高性能催化剂，在合适反应条件下可以将二氧化碳和氢气直接转化为以链烃为 主的液态燃料。实验中，二氧化碳单程转化率超过50%，航煤选择性达70%以上。 转自：新华财经 新华财经上海12月17日电（记者 陈云富）记者从上海尚能绿航新能源发展有限公司（下称"尚能绿 航"）获悉，集合碳捕集应用、二氧化碳加氢气合成航空煤油技术成果的"从空气到航空煤油"原型机日 前在上海建成并出油，在全球率先完成从空气中捕获二氧化碳直接转化为航空燃料的全流程验证，这意 味着"用得起"的低成本绿色航空燃料将成为可能，为航空业脱碳提供了可行的解决方案。 使用可持续航空燃料（SAF）被认为是航空业实现低碳转型的关键技术路径之一，目前，市场主要以废 油或生物质材料等非化石资源作为原料生产，但国内"地沟油"转化为SAF的资源限制，以及其他生物质 资源的收集难、运输成本高等问题，难以满足每年4000万吨的航空煤油需求量替代，产量低也导致价格 高昂。而尚能绿航经一步法合成SAF的"龙曜"项目另辟蹊径，该项目由上海机场集团牵头，会同包括碳 ...

Core Viewpoint - The successful bid for the duty-free operations at Shanghai Pudong and Hongqiao International Airports has been awarded to China Tourism Group Duty Free Corporation (China Duty Free Group) in partnership with Avolta's Shanghai Dufurui Trading Co., marking a significant shift in the airport's duty-free retail landscape [1][2]. Group 1: Bidding Results - The first candidate for the duty-free store at Pudong International Airport's T1 terminal and S1 satellite hall is Dufurui (Shanghai) Commercial Co., with China Duty Free Group as the second candidate [2]. - For Pudong Airport's T2 terminal and S2 satellite hall, the first and second candidates are China Duty Free Group and Dufurui, respectively [2]. - At Hongqiao International Airport's T1 terminal, the first and second candidates are China Duty Free Group and Dufurui [2]. Group 2: Operational Changes - The current operator, Sunrise Duty Free, will exit the Shanghai airport duty-free market after 26 years due to restrictions from its controlling shareholder, China Duty Free Group [1]. - The bidding results indicate that the duty-free business at Pudong Airport will not allow for dual operations, meaning each winning bidder will manage one terminal's duty-free operations [2]. Group 3: Fee Structure Adjustments - The fee structure for the duty-free operations will shift from a "no ceiling on sales" model to a "minimum rent plus commission" model [3]. - The first candidate for the first segment, Dufurui, quoted a monthly fixed fee of 3141 yuan per square meter, with commission rates ranging from 8% to 24% [3]. - The second candidate, China Duty Free Group, quoted a monthly fixed fee of 3090 yuan per square meter, with similar commission rates [3]. - The commission rates for various product categories have been adjusted downward compared to the previous agreements, with new rates ranging from 8% to 22% and 8% to 24% for different segments [3].

Core Insights - The Shanghai aviation market continues to show recovery growth, driven by the benefits of visa-free policies, with significant increases in passenger and cargo volumes reported for November 2025 [1][3] Group 1: Airport Performance - Pudong and Hongqiao airports combined completed 68,922 aircraft movements and handled 11.14 million passengers in November, both showing year-on-year growth [1] - Pudong Airport alone recorded 45,616 aircraft movements, a 9.21% increase year-on-year, and a passenger throughput of 6.97 million, up 15.47% [1] - Cargo and mail throughput at Pudong reached 38.99 million tons, reflecting a 14.16% year-on-year increase [1] Group 2: International vs Domestic Routes - International routes at Pudong Airport were the main growth driver, with 20,173 aircraft movements, a 12.43% increase, and passenger throughput of 3.22 million, up 21.13% [1][2] - In contrast, Hongqiao Airport maintained a domestic focus, with 23,306 aircraft movements, a modest 1.48% increase, and passenger throughput of 4.17 million, up 4.67% [2] - Hongqiao's international routes showed mixed results, with passenger throughput of 289,700, a 5.58% increase, but cargo throughput declining by 7.50% [2] Group 3: Cargo Transport - Total cargo and mail throughput for both airports reached 43.29 million tons, with Pudong contributing over 90% [2] - Pudong's international cargo throughput was 35.46 million tons, a 14.91% increase, indicating a recovery in international trade [2] - Hongqiao's domestic cargo throughput was 3.96 million tons, reflecting an 8.20% year-on-year increase, showing stable domestic logistics demand [2] Group 4: Market Outlook - Analysts suggest that the growth in the Shanghai aviation market is linked to improved inbound policies and the increasing synergy between air transport, tourism, and trade sectors [3] - The upcoming peak travel season and further policy benefits are expected to enhance the operational vitality of the Shanghai aviation hub [3]

Group 1: Aviation Industry - The aviation sector is expected to enter a super cycle, driven by high passenger load factors and low ticket prices, with demand growth anticipated to boost profitability by 2026 [1] - Recent public and business demand has shown recovery, with ticket prices increasing year-on-year due to the release of suppressed demand from the summer season [1] - The State-owned Assets Supervision and Administration Commission emphasized the need for state-owned enterprises to resist "involution" competition, which may enhance revenue management and profitability in the aviation sector [1] Group 2: Oil Transportation - Oil transportation rates remain high, with the VLCC TCE maintaining around $120,000, driven by increased global oil production and limited effective supply due to aging tankers [2] - The outlook for oil transportation is positive, with expectations of demand growth exceeding forecasts, despite potential short-term impacts from seasonal fluctuations [2] - The U.S. has intensified sanctions on shadow fleets, which may further support the upward trend in oil transportation rates [2] Group 3: Airport Duty-Free - Shanghai Airport has announced a new duty-free contract model, shifting to a fixed fee plus actual sales commission, which may stabilize or enhance duty-free revenue [3] - The introduction of competition between domestic and international duty-free operators is expected to drive sales growth and improve pricing competitiveness [3] - The new contract structure and competitive environment are likely to incentivize duty-free operators, potentially leading to increased operational enthusiasm [3]