Core Viewpoint - The 19th China (Shenzhen) International Logistics and Supply Chain Expo will be held from September 24 to 26, showcasing over 2,200 exhibitors from more than 60 countries and regions, with a focus on new trends and technologies in the logistics and supply chain industry [1][4]. Group 1: Event Overview - The expo will cover an area of over 130,000 square meters and is expected to attract over 300,000 professional visitors [1]. - This year marks the 20th anniversary of the expo, which has been recognized as the "Olympics of the global logistics and supply chain sector" [4]. - The event aims to promote international collaboration and the transformation towards smarter, greener, and more digital logistics [4]. Group 2: International Participation - Over 20% of the exhibitors will be international, with notable participation from countries such as the USA, Canada, Mexico, and several European nations [5]. - First-time exhibitors from countries like Uzbekistan, Georgia, and Romania will also be present, alongside various postal services from multiple nations [5]. Group 3: Domestic Exhibitors - Domestic exhibitors will represent 26 provinces, autonomous regions, and municipalities, with significant participation from Shanghai, Zhejiang, Shandong, and Jiangsu [7]. - The number of exhibitors from Qingdao has increased by 70% compared to 2024, indicating a growing interest in the expo [7]. Group 4: Special Features - The expo will feature the inaugural Road-Rail Intermodal Transport Pavilion, highlighting the achievements of the land Silk Road in infrastructure connectivity [8]. - A dedicated "Smart Logistics and Digital Technology" section will showcase innovations in AI scheduling, autonomous driving, and new energy logistics equipment [9]. Group 5: Concurrent Thematic Exhibitions - The expo will host the 2025 World Unmanned Vehicle Economy Expo, focusing on the unmanned vehicle industry and its integration with smart technology [10]. - Another thematic exhibition, the 2025 Enterprise Going Abroad Expo, will concentrate on cross-border e-commerce and international supply chains, providing a platform for high-quality outbound business opportunities [11].

Core Insights - The aviation and airport sector saw a slight increase of 0.39% on August 28, with Baiyun Airport leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Baiyun Airport (600004) closed at 9.94, up 1.02% with a trading volume of 289,200 shares and a turnover of 286 million yuan [1] - China Eastern Airlines (600115) closed at 4.15, up 0.97% with a trading volume of 1,051,800 shares and a turnover of 43.5 million yuan [1] - HNA Holding (600221) closed at 1.58, up 0.64% with a trading volume of 5,617,700 shares and a turnover of 887 million yuan [1] - Shenzhen Airport (000089) closed at 7.21, up 0.42% with a trading volume of 224,900 shares and a turnover of 162 million yuan [1] - Shanghai Airport (600009) closed at 32.65, up 0.40% with a trading volume of 159,000 shares and a turnover of 519 million yuan [1] - China National Aviation (601111) closed at 7.55, up 0.40% with a trading volume of 718,000 shares and a turnover of 538 million yuan [1] - Xiamen Airport (600897) closed at 14.94, up 0.34% with a trading volume of 29,500 shares and a turnover of 43.81 million yuan [1] - China Southern Airlines (600029) closed at 6.03, up 0.33% with a trading volume of 654,400 shares and a turnover of 393 million yuan [1] - Spring Airlines (601021) closed at 54.00, unchanged with a trading volume of 62,700 shares and a turnover of 337 million yuan [1] - Juneyao Airlines (603885) closed at 12.54, down 0.08% with a trading volume of 209,000 shares and a turnover of 262 million yuan [1] Capital Flow - The aviation and airport sector experienced a net outflow of 232 million yuan from institutional investors, while retail investors saw a net inflow of 219 million yuan [2] - The detailed capital flow for individual stocks shows varying trends, with some stocks experiencing significant outflows from institutional investors [3] Individual Stock Capital Flow - Shenzhen Airport (000089) had a net outflow of 30.91 million yuan from institutional investors, with a retail net inflow of 22.64 million yuan [3] - Juneyao Airlines (603885) had a net inflow of 3.39 million yuan from institutional investors, but a net outflow of 10.06 million yuan from retail investors [3] - China National Aviation (601111) saw a net outflow of 8.40 million yuan from institutional investors, with a retail net inflow of 7.28 million yuan [3] - China Eastern Airlines (600115) had a net outflow of 37.44 million yuan from institutional investors, with a retail net inflow of 22.91 million yuan [3]

Market Overview - On August 27, the aviation and airport sector declined by 1.27% compared to the previous trading day, with CITIC Hainan leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Spring Airlines closed at 54.00, up 0.52% with a trading volume of 113,200 shares and a transaction value of 616 million yuan [1] - China Southern Airlines closed at 6.01, down 0.99% with a trading volume of 852,200 shares and a transaction value of 516 million yuan [1] - Shanghai Airport closed at 32.52, down 1.90% with a trading volume of 191,200 shares and a transaction value of 629 million yuan [1][2] Capital Flow Analysis - The aviation and airport sector experienced a net outflow of 369 million yuan from institutional investors, while retail investors saw a net inflow of 217 million yuan [2][3] - Major stocks like Shenzhen Airport and China Eastern Airlines had significant net outflows from institutional investors, indicating a shift in investment sentiment [3] Detailed Stock Capital Flow - Shenzhen Airport had a net inflow of 33.24 million yuan from retail investors but a net outflow of 19.39 million yuan from institutional investors [3] - China Eastern Airlines saw a net outflow of 54.94 million yuan from institutional investors, while retail investors contributed a net inflow of 41.58 million yuan [3] - The overall trend indicates a preference for retail investment in certain stocks despite the overall sector decline [3]

Group 1 - The core viewpoint of the report indicates that Shenzhen Airport achieved a net profit attributable to shareholders of 312 million yuan in the first half of the year, representing a year-on-year increase of 79.13% [1] - The net profit excluding non-recurring items reached 261 million yuan, showing a significant year-on-year growth of 114.2% [1] - The basic earnings per share for the half-year stood at 0.15 yuan, with a weighted return on equity (ROE) of 2.74% [1]

Group 1 - The Jiangmen Neutrino Experiment in Guangdong has officially commenced data collection after successfully completing the infusion of 20,000 tons of liquid scintillator, marking it as the first next-generation large neutrino experiment facility in the world [1] - This facility aims to address significant issues such as neutrino mass ordering and is expected to make substantial contributions to cosmology and astrophysics [1] Group 2 - Guangzhou's first city-based duty-free store has officially opened, introducing an innovative shopping model that combines "duty-free + taxable," "imported + domestic," and "offline + online" shopping [2] - The store is designed to stimulate outbound traveler spending, guide overseas consumption back to China, and promote domestic brands internationally, positioning itself as a new "city living room" connecting Guangzhou to the world [3] Group 3 - The Shenzhen Airport's third runway has successfully completed its test flights, paving the way for its expected operational launch within the year, which will enhance the airport's overall capacity and its status as an international aviation hub [4] - The project is anticipated to accelerate Shenzhen's development into a globally influential economic center and a modern international metropolis [4] Group 4 - The world's first successful gene-edited pig lung transplant into a brain-dead human has been reported by a research team from Guangzhou Medical University, highlighting a significant advancement in organ transplantation technology [5] - This breakthrough is expected to alleviate the shortage of lung transplant donors, with international peers recognizing its milestone significance [6] Group 5 - On August 26, the Shenzhen Component Index closed at 12,473.17 points, reflecting a 0.26% increase [7] - The top gainers in the Shenzhen market included Zhengyuan Wisdom, Jiaheng Home, and Boya Precision, each with a 20.02% increase [8] - The top decliners included Feilu Co., Qiangrui Technology, and Haichang New Materials, with declines of 16.73%, 11.93%, and 10.82% respectively [8]

Core Viewpoint - The aviation and airport sector experienced a slight increase of 0.78% on August 26, with CITIC Heli leading the gains, while the overall market showed mixed results with the Shanghai Composite Index down by 0.39% and the Shenzhen Component Index up by 0.26% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3868.38, down 0.39% [1] - The Shenzhen Component Index closed at 12473.17, up 0.26% [1] - CITIC Heli's stock price increased by 3.65% to 25.27, with a trading volume of 733,100 shares and a transaction value of 1.835 billion yuan [1] Group 2: Individual Stock Performance - Major stocks in the aviation sector showed varied performance, with Hainan Airlines up by 1.26% to 1.61 and Southern Airlines up by 1.17% to 6.07 [1] - Shanghai Airport's stock price rose by 1.10% to 33.15, with a trading volume of 210,400 shares and a transaction value of 695 million yuan [1] - Xiamen Airport's stock price increased by 0.13% to 15.14, with a trading volume of 26,000 shares and a transaction value of 39.3871 million yuan [2] Group 3: Fund Flow Analysis - The aviation and airport sector saw a net outflow of 15.1482 million yuan from institutional funds, while retail funds experienced a net inflow of 19.8807 million yuan [2] - The main stocks with significant net inflows included Shanghai Airport with 62.3442 million yuan and CITIC Heli with 62.0524 million yuan [3] - Conversely, China Eastern Airlines experienced a net outflow of 17.5615 million yuan from institutional funds [3]

Core Viewpoint - The successful landing of a Shenzhen Airlines Boeing aircraft on August 26 marks the completion of the real machine test flight for the third runway at Shenzhen Airport, laying the groundwork for subsequent industry acceptance and operational use within the year [1] Group 1 - The test flight was conducted after a series of verification tasks, indicating thorough preparation and compliance with safety standards [1] - The completion of the test flight is a significant milestone for Shenzhen Airport, enhancing its operational capacity and efficiency [1] - The successful outcome of the test flight is expected to facilitate the acceptance process for future projects related to the airport [1]

据了解，深圳机场三跑道项目是国家重大项目、广东省重点工程，位于二跑道和沿江高速之间，平行设 置于二跑道西侧，长3600米，宽45米，飞行区按照最高等级4F级建设，能满足包括各类大型客机在内 的起降需求。 取得试飞合格报告是新建跑道投入运行的必备条件之一。本次试飞由深圳航空派出经验丰富的机组执 行，空中飞行时间近4个小时，包括PBN(基于性能的导航)、传统进离场、RNP APCH(所需导航性能进 近)、ILS/DME(飞行仪表)进近程序等10个科目，旨在对三跑道飞行程序的运行效能进行全方位检验。 机组还同步对机场净空条件、通信导航监视设备、灯光系统、跑滑系统及综合保障能力进行系统性评 估。试飞期间，各单位通力合作、各环节环环相扣，过程平稳顺畅，各科目及飞行指标均正常，符合行 业标准，达到试飞目的。 中新网深圳8月26日电 (索有为刘韶滨)8月26日，深圳经济特区建立45周年。26日清晨，一架深航波音 B737飞机在完成一系列验证科目后，平稳降落在深圳宝安国际机场，标志着深圳机场三跑道真机试飞 工作完成，为后续项目行业验收以及年内投用奠定了坚实基础。 为顺利完成本次试飞，在民航中南局、中南空管局、民航深圳监管局的 ...

Group 1 - Shenzhen Airport successfully completed the real aircraft test flight for its third runway, marking a significant milestone for the airport's operational capabilities [1][3] - The test flight lasted nearly 4 hours and included 10 verification subjects, ensuring the operational efficiency of the new runway [1] - The successful completion of the test flight is a prerequisite for the new runway's operational readiness, with all flight indicators meeting industry standards [1][3] Group 2 - The test flight was conducted under the guidance of various civil aviation authorities, ensuring a comprehensive risk assessment and optimization of the flight verification plan [3] - Since the commencement of the third runway project, Shenzhen Airport Group has accelerated preparations for the runway's operational readiness, completing key milestones such as calibration flights and real aircraft tests [3] - The upcoming operational launch of the third runway is expected to enhance Shenzhen Airport's overall capacity and support its development as a global economic center and modern international metropolis [3]

Industry Overview - The civil aviation industry in China has shown steady growth in 2023, with total transport turnover reaching 783.5 billion ton-kilometers, passenger transport volume at 370 million, and cargo mail transport volume at 4.784 million tons, representing year-on-year increases of 11.4%, 6%, and 14.6% respectively, setting new records [1] - The recovery in the passenger market is attributed to strong demand for domestic tourism, increased willingness of residents to travel, and favorable policies for inbound tourism [1] Company Performance - Shenzhen Airport Co., Ltd. reported revenue of 2.528 billion yuan, a year-on-year increase of 12.32%, and net profit of 312 million yuan, up 79.13% [2] - Xiamen International Airport Co., Ltd. achieved revenue of 991 million yuan, a 7.1% increase, and net profit of 253 million yuan, up 1.1% [2] - Guangzhou Baiyun International Airport Co., Ltd. recorded revenue of 3.726 billion yuan, a 7.68% increase, and net profit of 750 million yuan, up 71.32% [3] - Shanghai Juneyao Airlines Co., Ltd. reported revenue of 11.067 billion yuan, a 1.02% increase, and net profit of 505 million yuan, up 3.29% [3] International Business Recovery - The international passenger market is recovering, with a 30.2% year-on-year increase in foreign citizens entering and exiting China, totaling 38.053 million people in the first half of 2025 [3] - The number of international passenger transport routes increased by 123, with a year-on-year growth of 28.5% in international passenger transport volume [4] - The demand for international cargo transport is also rising, with a year-on-year increase of 23.4% [4] Market Trends - The aviation market is experiencing a "dual boom" in both passenger and cargo sectors, with July 2023 seeing a record transport turnover of 14.8 billion ton-kilometers, a year-on-year increase of 8.6% [5] - The passenger transport volume in July reached 64.73 million, a 2.7% increase year-on-year, while international passenger transport volume reached 7.09 million, up 15.7% [6] - The industry is expected to maintain steady growth in the second half of the year, supported by holiday travel demand and the recovery of the tourism market, particularly in lower-tier cities [6]