Market Overview - On September 2, the aviation and airport sector declined by 0.63%, with Huaxia Airlines leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Key stocks in the aviation sector showed varied performance, with China Eastern Airlines closing at 4.01, up 0.50%, while Huaxia Airlines closed at 8.75, down 2.78% [1][2] - Other notable declines included China Southern Airlines at 5.91, down 1.01%, and Shanghai Airport at 32.17, down 0.59% [1][2] Trading Volume and Capital Flow - The aviation and airport sector experienced a net outflow of 322 million yuan from institutional investors, while retail investors saw a net inflow of 229 million yuan [2] - The trading volume for major stocks included China Eastern Airlines with 897,200 shares traded and a transaction value of 360 million yuan [1] Individual Stock Capital Flow - China National Airlines had a net inflow of 507,500 yuan from institutional investors, while Huaxia Airlines saw a net outflow of 20.93 million yuan [3] - The largest net outflow was recorded for Baiyun Airport at 30.11 million yuan, with retail investors contributing a net inflow of 25.12 million yuan [3]

上海机场2025年暑运保障进出港旅客2417.7万人次 为进一步提升枢纽中转能力，浦东机场积极推进中转厅和行李系统改造，启用了T2国际、港澳台中转 厅，推出国际通程联运业务，扩大跨航司中转服务范围，为旅客提供更加便捷的"行李直挂、一票到 底"转机服务。全面实施国内出发安检24小时服务和国际、港澳台出发24小时通关服务，同步配套旅客 集中休息区、休息舱、淋浴室等设施，吸引更多中外旅客前来上海机场中转，助力上海全力打造中国入 境旅游第一站。 旅客在上海虹桥机场T2航站楼内有序等待安检。中新网记者 殷立勤 摄 旅客在上海虹桥机场T2航站楼内等待登机。中新网记者 殷立勤 摄 针对暑运期间外籍旅客、家庭旅客、首乘旅客、老年旅客、无人陪伴儿童增多的特点，上海机场持续优 化旅客出行全流程服务保障，展现上海机场至臻服务形象。两场"爱心通道"与地铁、磁悬浮、高铁等交 通方式无缝衔接，为需要帮助的旅客提供全流程一站式优先服务。优化升级的上海机场新版登机牌旅客 体验更加友好，受到广大旅客点赞。浦东机场新增了7台自助值机托运设备，支持旅客提前6小时办理。 虹桥机场视客流情况动态增开"易安检""家庭乐享"等安检通道，提供免预约快速通行 ...

Core Insights - The aviation and airport sector experienced a decline of 0.94% on September 1, with Huaxia Airlines leading the drop [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Stock Performance Summary - The following stocks in the aviation and airport sector showed varied performance: - CITIC Haizhi: Closed at 24.77, up 0.20%, with a trading volume of 281,600 shares and a turnover of 695 million yuan [1] - Shanghai Airport: Closed at 32.36, up 0.12%, with a trading volume of 187,500 shares and a turnover of 608 million yuan [1] - HNA Holding: Closed at 1.59, unchanged, with a trading volume of 4.89 million shares and a turnover of 779 million yuan [1] - Xiamen Airport: Closed at 14.95, down 0.07%, with a trading volume of 26,500 shares and a turnover of 39.51 million yuan [1] - Shenzhen Airport: Closed at 7.22, down 0.55%, with a trading volume of 230,700 shares and a turnover of 166 million yuan [1] - Baiyun Airport: Closed at 9.95, down 0.60%, with a trading volume of 252,800 shares and a turnover of 252 million yuan [1] - Air China: Closed at 7.48, down 0.93%, with a trading volume of 617,800 shares and a turnover of 463 million yuan [1] - China Southern Airlines: Closed at 5.97, down 1.16%, with a trading volume of 545,400 shares and a turnover of 326 million yuan [1] - Juneyao Airlines: Closed at 12.43, down 1.35%, with a trading volume of 205,300 shares and a turnover of 256 million yuan [1] - Spring Airlines: Closed at 52.38, down 1.82%, with a trading volume of 74,000 shares and a turnover of 390 million yuan [1] Capital Flow Analysis - The aviation and airport sector saw a net outflow of 293 million yuan from institutional investors, while retail investors contributed a net inflow of 279 million yuan [2] - The following capital flows were noted for specific stocks: - HNA Holding: Net inflow of 45.64 million yuan from institutional investors, but a net outflow of 36.41 million yuan from retail investors [3] - Shenzhen Airport: Net inflow of 13.27 million yuan from institutional investors, with a net outflow of 20.78 million yuan from retail investors [3] - China Southern Airlines: Net outflow of 1.21 million yuan from institutional investors, but a net inflow of 2.78 million yuan from retail investors [3] - Xiamen Airport: Net outflow of 1.79 million yuan from institutional investors, with a net inflow of 178.71 million yuan from retail investors [3] - Huaxia Airlines: Net outflow of 3.68 million yuan from institutional investors, but a net inflow of 542.84 million yuan from retail investors [3] - Air China: Net outflow of 7.48 million yuan from institutional investors, with a net inflow of 38.94 million yuan from retail investors [3] - Juneyao Airlines: Net outflow of 7.64 million yuan from institutional investors, but a net inflow of 682.32 million yuan from retail investors [3] - Spring Airlines: Net outflow of 29.52 million yuan from institutional investors, with a net inflow of 283.88 million yuan from retail investors [3] - Baiyun Airport: Net outflow of 32.34 million yuan from institutional investors, with a net inflow of 239.79 million yuan from retail investors [3]

Core Viewpoint - The company reported a revenue of 6.353 billion yuan for the first half of 2025, reflecting a year-on-year increase of 4.8%, while the net profit attributable to shareholders reached 1.044 billion yuan, up 28.1% year-on-year. The growth in non-aeronautical revenue remains under pressure, particularly in the duty-free segment, which requires further observation for recovery [1][3][4]. Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 3.181 billion yuan, marking a 4.8% increase year-on-year, with a net profit of 525 million yuan, up 22.4% year-on-year [1][2]. - For the first half of 2025, the total passenger throughput at Pudong and Hongqiao airports reached 65.76 million, a year-on-year increase of 8.9%, with aeronautical revenue at 2.916 billion yuan, up 8.4% [3][4]. - The company's operating costs for the first half of 2025 were 4.676 billion yuan, a decrease of 0.3%, leading to a gross profit of 1.677 billion yuan, which increased by 22.3% [4]. Group 2: Non-Aeronautical Business - Non-aeronautical revenue for the first half of 2025 was 3.437 billion yuan, showing only a 1.9% increase, with duty-free supplementary agreement revenue declining to 628 million yuan, down 0.2 million yuan [3][4]. - The company is focusing on enhancing the monetization potential of non-aeronautical services, including retail and dining, as the duty-free segment continues to face challenges [1][4]. Group 3: Future Outlook and Valuation - The company anticipates steady growth in airport traffic, although it is still recovering from the impacts on its duty-free business. The potential for revenue generation from non-aeronautical services remains a key area for future growth [1][4]. - The profit forecasts for 2025-2027 have been adjusted downwards due to slow growth in non-aeronautical revenue, with projected net profits of 2.195 billion, 2.686 billion, and 3.071 billion yuan respectively [5].

《中国民航报》、中国民航网 记者钱擘 报道：能加明星私人QQ和本人聊天？来上海旅游的13岁初中生 小李抱着试一试的心态"顺利"添加了某明星的"私人"QQ号，但是随之而来的是自称明星律师的层层诱 导，最终小李用父亲微信扫码支付了28600元。意识到被骗后，小李躲在宾馆卫生间内哭泣，父亲发现 后报了警。上海机场的公安民警及时为他们挽回了损失。 2025年8月，小李与父亲来上海游玩。在去景点路上，小李刷着自己喜爱明星的相关短视频，看到某条 视频下评论区中，一张图片的内容赫然写着该明星私人QQ号，于是小李添加所谓的该明星私人QQ号码 并联系。对方同意好友申请后，称小李泄露明星私人账号并已聘请律师排查，指示小李添加"律师"QQ 号码对话联系。"律师"要求小李独自一人时与他联系，并威胁小李如果不配合，公安机关将上门处理。 小李心中害怕，晚上回到宾馆后，根据指示避开父母躲进卫生间与对方视频联系。对方先出示了"律师 证"表明身份，接着以排查黑粉为由，要求小李用家长的手机打开不同平台扫码。小李用父亲微信扫码 后，输入了父亲的支付密码，显示已支付28600元。这时，小李方才意识到自己被骗，央求对方返还钱 款，才发现对方早已把她拉 ...

关注新一轮免税合约签订进展。根据公司于2018 年7 月21 日发布的公司公告（机场免税店中选通知 书），我们预计公司当前与日上的免税合约将于2025 年末到期，我们建议关注公司对于下一期免税合 约的推进情况。 盈利预测与估值 1H25 业绩基本符合我们预期 公司公布1H25 业绩：实现收入63.53 亿元，同比增长4.78%；归母净利润10.44 亿元，同比增长 28.14%。2Q25 实现收入31.81 亿元，同比增长4.84%，环比增长0.28%；归母净利润5.25 亿元，同比增 长22.39%，环比增长1.19%。 1H25 业务量稳健增长，但非航业务增速稍显乏力。1H25 公司实现航空性业务收入29.16 亿元，同比增 长8.35%，主要受益于机场业务量持续修复，1H25 上海两场起降架次同比增长5%，旅客吞吐量同比增 长9%，其中国内、国际线旅客量分别增长4%、21%。1H24 公司非航业务实现收入同比增长2%，其中 商业餐饮、物流服务同比分别增长2%、1%；我们认为商业餐饮增速较低部分仍受免税业务拖累，2Q25 机场免税业务确认租金2.85 亿元，同比下滑5%。 1H25 营业成本同比微增；投资 ...

Core Viewpoint - Shanghai Airport (600009.SH) reported a revenue of 6.353 billion yuan for the first half of 2025, reflecting a year-on-year growth of 4.78% [1] - The net profit attributable to shareholders reached 1.044 billion yuan, marking a year-on-year increase of 28.14% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.027 billion yuan, showing a year-on-year growth of 27.51% [1] - Basic earnings per share stood at 0.42 yuan [1]

Core Viewpoint - The successful test flight of the Jiaxing Nanhu Airport marks a significant step towards the establishment of a world-class airport cluster in the Yangtze River Delta region, with plans for multiple new airports to enhance connectivity and capacity [5][7]. Group 1: Airport Developments - The first commercial flight landed at Jiaxing Nanhu Airport, indicating its transition from construction to operational phase, with a target to officially open by the end of 2025 [5]. - The establishment of the Nantong New Airport, referred to as Shanghai's "third airport," is part of a broader initiative to enhance air travel infrastructure in the Yangtze River Delta [5][9]. - The Bengbu Tenghu Airport is also nearing completion, aiming for a passenger capacity of 1.8 million annually and a cargo capacity of 10,000 tons [5]. Group 2: Regional Airport Capacity - Airports in the Yangtze River Delta are experiencing increasing passenger volumes, with Nanjing Lukou International Airport projected to exceed 31 million passengers in 2024, nearing its design limit of 40 million [8]. - The total passenger throughput for the Greater Bay Area's seven airports is expected to surpass 214 million in 2024, highlighting the competitive landscape for airport capacity in the region [8]. Group 3: Strategic Development - The development of airports in the Yangtze River Delta is not just about quantity but also about clear positioning, collaborative operations, and differentiated management to transform scale advantages into quality advantages [8]. - The collaboration between cities in the Yangtze River Delta for airport construction, such as the shared airport between Wuhu and Xuancheng, exemplifies the trend towards integrated regional development [9]. - The Jiaxing Nanhu Airport is strategically positioned to serve as a complementary facility to major airports in the vicinity, focusing on tourism and local economic development [9].

1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 登录新浪财经APP 搜索【信披】查看更多考评等级 1.2本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司代码：600009 公司简称：上海机场 1.3公司全体董事出席董事会会议。 第一节 重要提示 单位：元 币种：人民币 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 ■ 2.3前10名股东持股情况表 单位: 股 ■ 公司2025年度中期决定以实施权益分派股权登记日登记的总股本扣除公司股份回购专用证券账户的股份 数后的股本为基数分配利润。本次利润分配方案为：拟向全体股东每10股派发现金红利2.1元（含 税），截至2025年6月30日，公司总股本为2,488,481,340股，扣除回购专用证券账户股份数144,351股， 拟以2,488,336,989股共计派发现金红利522,550,767.69元（含税），2025年度中期公司现金 ...

Core Viewpoint - The article highlights the successful conclusion of the "Happy Summer, Endless Beauty" event at Pudong International Airport, showcasing traditional Chinese culture through various performances and immersive spaces [1]. Group 1: Event Overview - The event featured a special performance for the Qixi Festival, transforming the airport's departure and arrival areas into six immersive spaces celebrating Eastern romance [1]. - The airport collaborated with the Shanghai Light Music Troupe to present traditional music and opera performances, turning the terminal into a cultural interaction space [1]. Group 2: Performances and Activities - Artists from the Shanghai Light Music Troupe performed various pieces using traditional instruments, including "Flower Good Moon Round" and "Jasmine Flower," while airport staff also participated in performances [4]. - Airport staff dressed in Hanfu and distributed customized gifts such as handkerchiefs and bookmarks to travelers, enhancing the cultural experience [4]. Group 3: Cultural Branding - During the summer travel season, Pudong Airport organized 16 performances over five weeks, focusing on promoting red culture, Shanghai culture, and Jiangnan culture through diverse artistic expressions [5]. - The series included traditional drama, song performances, and non-heritage puppet shows, aimed at providing a unique cultural experience for both domestic and international travelers [5].