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].

本次大赛吸引了全国6000余支团队、1.8万余人参赛。深圳机场联合深圳市城市交通规划设计研究中心 股份有限公司组建"数智协同AI战队"，以"综合交通全域一张图项目"参赛，主题为"全域感知与协同决 策，打造智慧城市交通枢纽新范式"。 据介绍，该项目旨在破解大型机场交通场景复杂、多主体协同效率提升困难等行业共性痛点，通过构建 高精度CIM数字孪生底座，深度融合视频识别、大数据分析及私有化部署大模型等人工智能技术，实现 对机场全域交通"人、车、路、场"全要素的实时感知、智能监测预测和跨部门协同指挥，这契合了《实 施意见》中关于"强化要素供给""提升主动感知、精准预警与快速处置能力"的要求，实现了从传统"经 验决策"向"数据智能"、从"被动响应"向"主动干预"的转变升级，为民航业枢纽建设提供了可复制、可 推广的创新范式。自2025年5月上线试运行以来，该项目已显著提升机场运行效率、安全管控水平与旅 客出行体验，成为《实施意见》倡导的"示范场景"的先行者。本次参赛，项目历经初赛、南昌"AI+智慧 城市"主题赛，最终在总决赛8支参赛队伍中脱颖而出，斩获最高奖项，充分展现了深圳机场在AI赋能智 慧交通领域的实力。 南都讯 ...

Core Insights - Shenzhen Airport has successfully exported approximately 2.3 tons of electronic products, leading to a projected international and regional cargo throughput of over 1 million tons by 2025, making it the third airport in mainland China to achieve this milestone [1] - The airport is expected to surpass a total cargo volume of 2 million tons for the first time this year [1] - Shenzhen Airport has expanded its international business, focusing on enhancing trade connections between the Guangdong-Hong Kong-Macao Greater Bay Area and the global market [1] Group 1 - The airport currently has 63 cargo routes, including 43 international and regional routes, covering 27 countries and regions across five continents [1] - In 2023, Shenzhen Airport attracted 14 airlines, including Atlas Air and UPS, to increase capacity and opened new international cargo routes to Miami, Delhi, and Jakarta, while enhancing services to 16 other international cargo destinations [1][2] - The airport is leveraging technology and process optimization to accelerate air logistics, including the integration of digital twin technology to improve customs efficiency [1][2] Group 2 - Shenzhen Airport has optimized customs services by expanding export channels through other airports, allowing for seamless "one declaration, two customs clearance" processes [2] - From January to November 2023, cross-border e-commerce cargo volume reached 321,000 tons, a year-on-year increase of 9.6% [2] - The airport has implemented innovative customs clearance mechanisms for imported fresh seafood, reducing clearance time by 90% and ensuring quality through cold chain logistics [2] Group 3 - The airport is accelerating the expansion and upgrade of cargo facilities to meet the growing demand for logistics services, with several key projects underway [2] - The North Cargo Area project commenced in August 2023, along with the construction of other important logistics facilities, aiming to increase annual cargo handling capacity to 4.5 million tons in the future [2][3] - Shenzhen Airport aims to continuously expand its routes and enhance logistics efficiency to support high-quality foreign trade development in the Greater Bay Area [3]

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 ...

南都讯 12月11日，随着一批总重约2.3吨的电子产品经由深圳机场顺利出海，深圳机场2025年国际及地区货邮吞吐量突破100万吨，由此成为中国内地第三个 年进出口货量破百万吨的内地机场。在国内、国际货运业务双轮驱动下，深圳机场今年全年总货量预计将首次突破200万吨，实现枢纽能级再跃升。 作为深圳对外开放门户，机场年进出口货量首次突破百万吨大关，既是深圳机场货运业务高质量发展和枢纽能级跃升的重要标志，也是深圳持续扩大高水平 对外开放的重要成果，展现了深圳作为中国"外贸第一城"的发展活力。 国际及地区货运通航点覆盖全球五大洲 近年来，深圳机场加快高水平空港型国家物流枢纽建设，聚焦服务深圳产业发展和深圳制造出海，发力国际业务拓展，提升枢纽中转能力，优化航空物流生 态，打造"全球123快货物流圈"，持续为粤港澳大湾区与全球经贸往来"拓通道、提速度"。截至目前，深圳机场的货运通航点数量达到63个，其中国际及地 区货运通航点达到43个，覆盖全球五大洲、27个国家和地区。 今年以来，深圳机场凭借优质的运营环境与发展潜力，吸引阿特拉斯航空、UPS、顺丰等14家航司持续"加码"运力投放，新开迈阿密、德里、雅加达等3条 国际货运 ...

Core Insights - Shenzhen Airport has successfully surpassed a cargo throughput of 1 million tons for the first time in its history, becoming the third inland airport in China to achieve this milestone [1] Group 1: Cargo Volume and Growth - The airport's cargo throughput reached 1 million tons this year, marking a historical high since its opening [1] - The airport has attracted 14 airlines, including Atlas Air, UPS, and SF Express, to increase their operational capacity [1] - New international cargo routes have been established, including Miami, Delhi, and Jakarta, while existing routes to Manila, Sydney, and Abu Dhabi have been intensified [1] Group 2: Operational Efficiency and Services - Shenzhen Airport has implemented a "service demand early reporting, flight information early communication, and border inspection procedures early processing" mechanism to enhance logistics efficiency [2] - A new expedited customs clearance model for crew members has been introduced, allowing for simultaneous processing of "registration + passage" [2] - The use of iAPI data has been deepened to achieve "data reuse and one-time completion" for cargo flights, reducing inspection time by 20% [2]

这一改变源于深圳海关深度推进的"空港智慧物流改革"：通过将数字孪生技术、AGV智能机器人、智 能卡口等前沿技术融入监管全流程，构建起"可视化、智能化、全天候"的监管体系，实现货物"数据 流、轨迹流、视频流"合一，让进口"即放即提"、出口"抵港直装"成为常态。深圳机场深畅国际货站总 经理潘明强表示，在深圳海关的支持下，我们引进多项智能化设备，场站保障能力提升63%，货物周转 效率显著提高。 12月11日，一批总重约2.3吨的电子产品运抵深圳宝安国际机场国际货站，仅用5分钟便完成海关通关手 续，顺利搭乘国际航班出海。随着这批货物的启程，深圳机场（000089）口岸2025年以来累计进出口货 运量首次突破100万吨，同比增长10.6%。据悉，这是该口岸开通以来首次迈入"年百万吨级"货运口岸行 列，创下历史新高。 这一亮眼成绩的背后，既是深圳外贸企业活力迸发的生动体现，更离不开深圳海关通过科技赋能、模式 创新、精准服务构建的高效监管服务体系为航空物流按下"加速键"，助力深圳机场成为联通全球的"空 中丝路"核心节点。深圳市美邦链通国际航空物流有限公司副总经理欧阳跃表示，现在符合监管要求出 口货物到港后马上就能安排上机， ...

12月11日，一批总重约2.3吨的电子产品运抵深圳机场国际货站，随即搭乘国际航班出海。随着这批货 物的启程，深圳机场口岸2025年以来累计进出口货运量正式突破100万吨，同比增长10.6%。这也是该 口岸开通以来首次迈入"年百万吨级"货运口岸行列，创下历史新高。 ...

Core Viewpoint - Shenzhen Airport has successfully handled a batch of electronic products weighing approximately 2.3 tons, marking a significant milestone as it is projected to exceed 1 million tons in international and regional cargo throughput by 2025, becoming the third airport in mainland China to achieve this milestone [1] Group 1 - Shenzhen Airport's total cargo volume is expected to surpass 2 million tons for the first time this year [1] - The airport's achievement highlights its growing importance in the logistics and transportation sector within China [1]

Core Insights - Shenzhen Airport's cargo throughput has officially surpassed 1 million tons since 2025, marking a historical high with a year-on-year increase of 10.6% [1] - The implementation of "smart airport logistics" reforms by Shenzhen Customs has significantly improved customs clearance efficiency, allowing for rapid processing of export goods [1] Group 1 - A batch of approximately 2.3 tons of electronic products was processed through customs in just 5 minutes, showcasing the enhanced efficiency at Shenzhen Airport [1] - The integration of advanced technologies such as digital twin technology, AGV robots, and smart access points has created a visualized and intelligent regulatory system, improving cargo turnover efficiency by 63% [1] - The new logistics measures have reduced cargo damage rates by over 20% and helped companies save approximately 30% in logistics costs while cutting time costs by over 50% [2] Group 2 - Shenzhen Airport Logistics Development Co., Ltd. has opened new international cargo routes to Miami, Delhi, and Jakarta, and has increased the frequency of 16 other routes this year [2] - The continuous improvement in customs clearance times and service quality has led to increased capacity investments from various companies [2]