[Table_Page] 公司深度研究|航空机场 建设第三基地[Table_Title] 海南机场（600515.SH） "一主两翼"多元协同，尽享封关红利 [Table_Summary] 核心观点： 盈利预测： | [Table_ 单位:Finance] 人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 6,762 | 4,368 | 6,944 | 8,178 | 9,472 | | 增长率（ % ） | 43.8% | -35.4% | 59.0% | 17.8% | 15.8% | | EBITDA | 2,497 | 1,391 | 1,490 | 1,967 | 2,165 | | 归母净利润 | 953 | 459 | 392 | 628 | 721 | | 增长率（ % ） | -48.7% | -51.9% | -14.6% | 60.3% | 14.8% | | EPS（元/股） | 0.08 | 0.04 | 0.03 | 0.05 | 0.06 ...

板块市场回顾 上周（2026/2/21-2026/2/27）交运指数上涨 3.3%，沪深 300 指数上涨 1.1%，跑赢大盘 2.2%，排名 14/29。交运子板 块中航运板块涨幅最大(+11.9%)，机场板块跌幅最大(-1.8%)。 行业观点 快递：部分快递公司受益反内卷涨价影响。上周（2 月 16 日-2 月 22 日）邮政快递累计揽收量约 8.06 亿件，同比- 77.8%,环比-64.7%；累计投递量约 6.3 亿件，同比-83.7%,环比-81.1%。在监管底线较明确、反内卷思路延续的背景 下，行业价格大幅下探概率不高，同时考虑去年同期基数偏低，当前价格同比改善仍有望对利润端形成支撑，看好龙 头企业份额持续提升，关注中通快递，极兔海外市场保持较高成长持续看好。 物流：化工品价格看涨，看好化工物流。本周中国化工产品价格指数(CCPI)为 4041 点，同比-8.1%，环比-持平。本 周对二甲苯（PX）开工率为 93.25%，环比持平，同比+1.9pct；甲醇开工率为 87.4%，环比+0.1pct，同比+11.9pct； 乙二醇开工率为 66.2%，环比+0.9%，同比+6.3pct。原油价格上涨化 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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、海南机场设施股份有限公司（以下简称"海南机场"或"公司"）2026年1月机场业务生产经营数据快 报如下： ■ 3、因2026年春运开始日期为2月2日，较2025年春运开始日期1月14日有所延迟，故公司2026年1月机场 业务生产经营数据较去年同期存在波动。 二、海南省岛内三场2026年1月机场业务生产经营数据快报如下： ■ 备注：海南省岛内三场包括海口美兰国际机场、三亚凤凰国际机场、琼海博鳌国际机场。因2026年春运 开始日期为2月2日，较2025年春运开始日期1月14日有所延迟，故公司2026年1月机场业务生产经营数据 较去年同期存在波动。 三、重要说明 1、因存在其他形式的飞行及四舍五入原因，部分项目分项数字之和与总计数存在差异。 2、上述机场业务生产经营数据统计为公司内部统计的快报数据，可能与实际数据存在差异。仅供投资 者参考。 特此公告。 备注：1、以上数据统计中，公司机场业务生产经营数据统计范围包括公司旗下控股的7家 ...

Core Viewpoint - The report provides an update on the operational data of Hainan Airport for January 2026, highlighting changes in airport management and the impact of the delayed Spring Festival travel period on performance metrics [1][2][3]. Group 1: Operational Data - Hainan Airport's operational data for January 2026 includes statistics from seven controlled airports and two managed airports, excluding the previously controlled Yingkou Airport [1][2]. - The Spring Festival in 2026 starts on February 2, which is later than the previous year's start date of January 14, leading to fluctuations in operational data compared to the same period last year [2][3]. Group 2: Changes in Management - The company completed the transfer of 90% equity in Sanya Airport Infrastructure Co., Ltd. in December 2025, resulting in the loss of control over Yingkou Airport from January 2026 [2]. - Adjustments have been made to the operational data to reflect the exclusion of Yingkou Airport from the statistics [2]. Group 3: Important Notes - The operational data reported is based on internal statistics and may differ from actual figures, serving as a reference for investors [4]. - The company emphasizes that all official information is disclosed through designated media, and investors should be cautious of information from non-official sources [4].

海南机场设施股份有限公司 2026 年 1 月机场业务生产经营数据快报 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。 一、海南机场设施股份有限公司（以下简称"海南机场"或"公司"）2026 年 1 月机场业务生产经营数据快报如下： | 项目 | 月度 | | 累计 | | | --- | --- | --- | --- | --- | | | 本月数 | 同比增长 | 累计数 | 同比增长 | | 一、起降架次（架次） | 35,063 | -5.43% | 35,063 | -5.43% | | 其中：境内航线 | 32,918 | -6.75% | 32,918 | -6.75% | | 地区航线 | 359 | -0.28% | 359 | -0.28% | | 国际航线 | 1,786 | 26.22% | 1,786 | 26.22% | | 二、旅客吞吐量（万人次） | 545.84 | -4.29% | 545.84 | -4.29% | | 其中：境内航线 | 517.24 | -5.88% | 517.24 ...

海南机场公告称，2026年1月公司机场业务生产经营数据统计范围涵盖旗下控股7家机场及管理输出的2 家机场。起降架次35063架次，同比降5.43%；旅客吞吐量545.84万人次，同比降4.29%；货邮吞吐量 36249吨，同比降9.91%。其中，国际航线起降架次、旅客吞吐量、货邮吞吐量同比分别增长26.22%、 43.98%、81.22%。另外，海南省岛内三场起降架次、旅客吞吐量、货邮吞吐量同比分别降5.20%、 4.33%、10.18%。数据或与实际有差异，仅供参考。 ...

Core Viewpoint - The real estate ETF (512200) has shown a positive trend, with a 2.15% increase as of February 25, 2026, indicating a potential recovery in the real estate market following the Chinese New Year holiday [1]. Group 1: Market Performance - The real estate ETF (512200) recorded a trading volume of 69.0258 million yuan, with significant gains in constituent stocks such as Guangming Real Estate (up 10.07%), Chengdu Investment Holdings (up 9.96%), and I Love My Home (up 4.56%) [1]. - The market experienced a decline in overall trading volume during the previous week due to the Spring Festival holiday, but there was a rebound in market transactions compared to the same period in the previous year [1]. Group 2: Industry Outlook - Guotai Junan Securities suggests that the overall market transaction volume has shown signs of stabilization since the beginning of 2026, indicating a positive outlook for high-quality enterprises in the future [1]. - Huayuan Securities believes that the length and depth of the real estate adjustment in China have reached a relatively sufficient level, with current adjustments nearing historical averages in terms of both magnitude and duration [1]. - The central government's emphasis on "good housing" construction, accelerated REITs pilot programs, and expanded financial support for affordable housing are expected to contribute to the industry nearing the end of its adjustment phase [1]. Group 3: Investment Strategy - Bank of China Securities highlights the importance of early positioning for "policy turning points," while the "fundamental turning point" opportunities may last longer, requiring price stabilization for sustained recovery [2]. - The "policy turning point" may manifest through increased policy enthusiasm on both the supply and demand sides of the real estate market, while the "fundamental turning point" is indicated by a narrowing decline in second-hand housing prices [2]. - Some real estate companies have adequately accounted for impairments in 2025, which may reduce impairment pressure in 2026 and 2027, presenting potential for reversal [2]. - Companies holding commercial real estate have proactively adapted to new business models and consumption trends, positioning themselves to capitalize on opportunities in the new consumption era [2]. Group 4: ETF Composition - The real estate ETF (512200) closely tracks the CSI All Share Real Estate Index, which categorizes sample securities into various industry classifications, providing a comprehensive analysis tool for investors [2]. - The top ten weighted stocks in the index include Poly Developments, China Merchants Shekou, Vanke A, Zhangjiang Hi-Tech, Hainan Airport, Wantong Development, New City Holdings, Quzhou Development, Binhai Group, and Xianlead [2].

Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 Index by more than 5% in the next six months [10]. Core Insights - The real estate sector is experiencing a positive market trend, with the Shanghai Composite Index and Shenzhen Composite Index rising by 0.87% and 1.23% respectively on February 24, 2026. The Shenwan Real Estate Index also increased by 0.28% [3]. - A recent land auction in Yiwu saw a small residential plot sold at a total price of 116 million yuan, with a premium rate of 22.14%. The plot covers an area of 4,120.58 square meters and has a planned construction area of 10,301.45 square meters [5]. - The top five performing stocks in the real estate sector included Phoenix Holdings, Jingneng Real Estate, Ningbo Fuda, Hefei Urban Construction, and Beijing Investment Development, with respective increases of 9.63%, 8.37%, 6.44%, 6.17%, and 5.96% [4]. Market Trends - The Guangzhou Housing and Urban-Rural Development Bureau, along with six other departments, is conducting a two-month campaign to regulate real estate media, aiming to reduce false advertising and malicious speculation [6][7]. - Shenzhen Overseas Chinese Town Holdings has initiated a non-public offering of corporate bonds, with a scale of 2.5 billion yuan, which has been accepted for review [8].

广告等商务合作，请点击这里 其中，海口美兰国际机场执行航班5999架次，运送旅客约99.96万人次；三亚凤凰国际机场执行航班 4080架次，运送旅客约84.55万人次；琼海博鳌国际机场执行航班544架次，运送旅客约8.05万人次。 在国际航班方面，海南岛内三大机场运输航班起降519架次，同比增长6.79%；完成旅客吞吐量7.81万人 次，同比增长43.86%(按日均同比)。 春节假期海南民航客流量大 大年初七创单日历史新高 在运力保障方面，为应对春节假期返程客流高峰，海南机场会同18家在琼运营航司做好航空运输市场监 测，灵活调配运力，通过加班、调整大机型等措施满足热门航线、热门目的地的临时需求。针对返程高 峰，民航局专门批复加班，精准投放上海、北京等热门目的地，初五至初七，海南往返北京、上海的航 班每日均超过100架次。此外，海南地区9条临时航路发挥分流作用，有效缓解了航班高峰时段空域资源 紧张情况，空域保障能力提升15%。(完) 中新网海口2月24日电 (记者 符宇群)海南机场集团24日介绍，2026年春节假期(2月15日至2月23日)，海 南民航客流量持续高位运行，呈现出"客流量大、宽体机多、联动性强"的 ...

《中国民航报》、中国民航网 记者许晓泓 通讯员杜涛、张翼、杨旻哲报道：为期9天的2026年春节长假 落下帷幕，海南民航客流量持续高位运行，呈现出"客流量大、宽体机多、联动性强"的运行态势。2月 15日—2月23日，海南岛内海口美兰、三亚凤凰、琼海博鳌三大机场保障运输航班起降10623架次；完成 旅客吞吐量192.56万人次，同比增长6.0%；货邮吞吐量6042吨，同比增长22.7%（按日均同比）。 在旅客出行服务方面，按照国家部委"春风行动"和海南"暖心春运"要求，海南机场围绕购票、咨询、值 机、安检、候机、到达等旅客出行七大主要触点，关注特殊群体的出行需求，推出优化购票服务(余票 提醒定期发布；联合海南航空、东方航空、首都航空、天津航空等航司推出"海南区域通"产品，从海南 离岛或飞往海南，旅客可变更1次始发或目的地机场)、畅通咨询响应渠道（24小时、多语种响应）、强 化志愿服务保障（每日安排志愿者200人）、增设值机安检服务通道、增加候机服务设施、完善到达服 务保障等七大春运暖心服务举措，统筹海口、三亚、琼海三家机场协同一体，共同提升旅客出行体验。 （海南机场集团供图） 其中，美兰机场执行航班5999架次， ...