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]

Group 1 - Anbotong plans to issue H-shares and list on the Hong Kong Stock Exchange, with the board authorizing management to start preparations within 12 months [1] - Xiangsheng Medical proposes a cash dividend of 3 yuan per 10 shares for the first three quarters of 2025 [2] - Junshi Biosciences receives FDA approval for clinical trials of JS212, a dual-specific antibody-drug conjugate for treating advanced solid tumors [3] Group 2 - Zhonghuan Environmental plans to raise up to 300 million yuan by issuing shares to a specific entity, with funds allocated for working capital and bank loan repayment [4] - Guao Technology announces a change in actual control to Xu Yinghui, with stock resuming trading on December 15 [5] - Jiaze New Energy intends to invest approximately 3.557 billion yuan in a green hydrogen and methanol project in Heilongjiang [6] Group 3 - Shanghai Airport reports a 15.47% year-on-year increase in passenger throughput at Pudong International Airport for November [7] - Innovent Biologics achieves primary endpoint in a Phase IIb study of Obinutuzumab for systemic lupus erythematosus, with plans for a Phase III trial [8] - Saiyi Information leads a national major science and technology project on intelligent manufacturing systems and robotics [9] Group 4 - Yipin Hong's Qinxing Qingjie oral solution is approved as a national second-level protected traditional Chinese medicine [10] - Yipin Hong's stake in US-based Arthrosi Therapeutics is set to be acquired by Sobi for a total of up to 950 million USD [11] - Pudong Jinqiao announces the resignation of Chairman Wang Ying due to job transfer [12] Group 5 - Jiaze New Energy plans to invest in two wind power projects with a total estimated investment of approximately 2.366 billion yuan [13] - Jinpan Technology receives approval from the CSRC for issuing convertible bonds to unspecified investors [14] - Zoli Pharmaceutical intends to acquire a multi-trace element injection asset group for 356 million yuan [15] Group 6 - Jiuan Medical's US subsidiary receives pre-market notification from the FDA for multiple testing products [16][17] - Changfei Optical Fiber's subsidiary plans to participate in establishing an investment fund with a total subscription amount of 830 million yuan [18] - Chenfeng Technology's shareholder plans to reduce holdings by up to 3% of the company's shares [19][20][21][22]

Equity Research Report 8 December 2025 China Airports Equities Opportunities and challenges coexist Resilient traffic growth, but uncertainty to remain in 2026. The domestic passenger traffic of Chinese Airlines climbed 4.4% y-o-y in October vs. +2.8% y-o-y in 3Q25 (source: Civil Aviation Administration of China), partially driven by the recovery of business travel. We see strong momentum in inbound travel supported by China's visa-waiver policy – volume of inbound foreign visitor with visa-exemption surged ...

Summary of Conference Call Notes Industry and Company Involved - **Industry**: Duty-Free Retail and Airport Operations - **Companies**: Shanghai International Airport (SIAC) and China Tourism Group Duty Free (CTGDF) Key Points and Arguments Shanghai Airport Duty-Free Store (DFS) Tender Results - The tender results for the DFS concessions at Pudong and Hongqiao Airports were announced, with Avolta winning the concession for Pudong Airport Terminal 1 and Satellite Hall 1, while CTGDF won for Terminal 2, Satellite Hall 2, and Hongqiao Airport Terminal 1 [2][5] - The new rental payment structure will consist of a fixed fee and a lower revenue-sharing fee, effective from January 1, 2026, to December 31, 2033, with a mid-term review [2][5] Impact on Shanghai Airport - The new rental fee model, which includes a minimum/fixed rental fee and a lower average revenue share of 13% (down from 23%), is seen as negative for Shanghai Airport, indicating management's reduced confidence in potential DFS sales growth [2][5][6] - Estimated total reduction in DFS rental revenue for Shanghai Airport is projected to be Rmb400 million from 2026 to 2033, with a total earnings reduction of Rmb1.7 billion during the same period [2][7][9] - The minimum rental fee will remain largely unchanged at Rmb700 million per annum [2][6] Market Expectations and Analyst Ratings - The tender results missed market expectations, which anticipated higher rental fees due to increased competition and higher revenue-sharing rates [5][6] - Analysts maintain a **Sell** rating on Shanghai Airport due to these developments and the overall bearish outlook on DFS spending per passenger [5][15] Impact on China Tourism Group Duty Free (CTGDF) - CTGDF will operate only half of the DFS store space at Pudong Airport starting in 2026, leading to an estimated 5% negative revenue impact in the next 2-3 years [5][11] - Despite the reduced space, CTGDF will benefit from a higher earnings share (100% vs. 51% previously) from the stores it operates, which may mitigate the overall earnings impact [5][11] - Analysts maintain a **Neutral** rating on CTGDF, citing stretched valuations and several headwinds, including weak consumer sentiment and competition from online platforms [12][14] Financial Projections - The average revenue-sharing rate for Pudong is estimated at 13%, while for Hongqiao it is 12% [6][9] - Projected DFS sales at Shanghai airports are expected to increase slightly in 2026 but decline thereafter, with total DFS sales at Rmb6,466 million in 2026 and Rmb6,986 million in 2027 [9][11] Risks and Considerations - Key upside risks for CTGDF include potential policy stimulus for consumption and the new downtown DFS policy effective from October 1, 2024, which may drive more sales [12][14] - Key downside risks include intensified price competition from e-commerce platforms and weakening demand for luxury products [14] Other Important Content - The new tenancy model includes a review one year ahead of Phase 2 to decide on contract continuation or termination [8] - The financial impact of the tenancy change is detailed in various exhibits, showing a clear comparison between old and new contract terms [9][11] This summary encapsulates the critical insights from the conference call, focusing on the implications for Shanghai Airport and CTGDF, as well as the broader market context.

（编辑 王江浩） 证券日报网讯 12月14日晚间，上海机场发布公告称，2025年11月浦东国际机场飞机起降量45，616架 次、旅客吞吐量697.16万人次、货邮吞吐量38.99万吨，同比分别增长9.21%、15.47%、14.16%；虹桥国 际机场飞机起降量23，306架次、旅客吞吐量416.97万人次、货邮吞吐量4.30万吨，同比分别增长 1.48%、4.67%、6.75%。 ...

Core Viewpoint - Shanghai Airport (600009.SH) reported significant growth in passenger and cargo throughput for both Pudong and Hongqiao International Airports in November 2025, indicating a positive trend in the aviation sector [1] Group 1: Pudong International Airport - Passenger throughput reached 6.9716 million, representing a year-on-year increase of 15.47% [1] - Cargo and mail throughput totaled 389,900 tons, showing a year-on-year growth of 14.16% [1] Group 2: Hongqiao International Airport - Passenger throughput was 4.1697 million, with a year-on-year increase of 4.67% [1] - Cargo and mail throughput amounted to 43,000 tons, reflecting a year-on-year growth of 6.75% [1]

Core Viewpoint - Shanghai Airport (600009.SH) reported significant growth in transportation metrics for November 2025, indicating a positive trend in both passenger and cargo traffic at its airports [1] Group 1: Pudong International Airport Performance - In November 2025, Pudong International Airport recorded 45,616 aircraft movements, representing a year-on-year increase of 9.21% [1] - The passenger volume at Pudong reached 6.9716 million, showing a year-on-year growth of 15.47% [1] - Cargo and mail volume at Pudong was 389,900 tons, which is a year-on-year increase of 14.16% [1] Group 2: Hongqiao International Airport Performance - Hongqiao International Airport had 23,306 aircraft movements in November 2025, reflecting a year-on-year increase of 1.48% [1] - The passenger volume at Hongqiao was 4.1697 million, with a year-on-year growth of 4.67% [1] - Cargo and mail volume at Hongqiao reached 43,000 tons, marking a year-on-year increase of 6.75% [1]

上海机场（600009）(600009.SH)披露2025年11月运输生产情况。浦东国际机场本月飞机起降量45,616架 次，同比增长9.21%;旅客吞吐量697.16万人次，同比增长15.47%;货邮吞吐量38.99万吨，同比增长 14.16%。虹桥国际机场本月飞机起降量23,306架次，同比增长1.48%;旅客吞吐量416.97万人次，同比增 长4.67%;货邮吞吐量4.30万吨，同比增长6.75%。 ...

Core Viewpoint - Shanghai Airport (600009.SH) reported significant growth in transportation metrics for November 2025, indicating a positive trend in both passenger and cargo traffic [1] Group 1: Pudong International Airport Performance - In November, Pudong International Airport recorded 45,616 aircraft movements, representing a year-on-year increase of 9.21% [1] - The passenger throughput at Pudong reached 6.9716 million, reflecting a year-on-year growth of 15.47% [1] - Cargo and mail throughput at Pudong totaled 389,900 tons, which is a year-on-year increase of 14.16% [1] Group 2: Hongqiao International Airport Performance - Hongqiao International Airport had 23,306 aircraft movements in November, showing a year-on-year increase of 1.48% [1] - The passenger throughput at Hongqiao was 4.1697 million, with a year-on-year growth of 4.67% [1] - Cargo and mail throughput at Hongqiao reached 43,000 tons, marking a year-on-year increase of 6.75% [1]

二、上述运输生产数据源自公司内部统计，仅供投资者参考。 上海国际机场股份有限公司 董事会 证券代码：600009 证券简称：上海机场 公告编号：临 2025-060 上海国际机场股份有限公司 2025年11月运输生产情况简报 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。 | 浦东国际机场 | | 飞机起降量（架次） | | 旅客吞吐量（万人次） | 货邮吞吐量（万吨） | | | --- | --- | --- | --- | --- | --- | --- | | | 本月 | 同比±% | 本月 | 同比±% | 本月 | 同比±% | | 总计 | 45,616 | 9.21 | 697.16 | 15.47 | 38.99 | 14.16 | | 境内航线 | 25,139 | 6.82 | 375.29 | 11.03 | 3.52 | 7.09 | | 境外航线 | 20,173 | 12.43 | 321.87 | 21.13 | 35.46 | 14.91 | | -国际航线 | 17,594 | 13.3 ...