Group 1 - Shenzhen Airport's third runway expansion project has successfully passed the completion acceptance, laying a solid foundation for subsequent test flights and industry acceptance, with formal operation expected within the year [1] - The project includes the construction of a new third runway, parallel taxiways, and supporting facilities such as navigation lights, power supply, water supply, and fire rescue systems, with comprehensive inspections conducted by five specialized acceptance groups [1][2] - Shenzhen Airport aims to enhance project standards and ensure smooth completion of follow-up works to meet industry acceptance requirements [2] Group 2 - Shenzhen Airport is a key national project and a major engineering initiative in Guangdong Province, designed to accommodate large passenger aircraft with a runway length of 3,600 meters and a width of 45 meters [2] - By the end of 2024, Shenzhen Airport is expected to have a peak hour capacity of 65 aircraft movements, ranking first among domestic dual-runway airports, with 186 passenger destinations and a total passenger throughput of 61.48 million, second in the country for domestic passenger volume [2] - The airport has reported steady growth in performance, with a projected net profit for the first half of 2025 expected to be between 287 million and 337 million yuan, representing a year-on-year increase of 64.78% to 93.47% [3] - In the first half of the year, international and regional passenger traffic at Shenzhen Airport exceeded 3 million for the first time, with flight numbers surpassing 20,000, both figures exceeding those of the same period in 2019 [3]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 002928 | 华夏航空 | 9.02 | 4.04% | | 36.87万 | 3.28亿 | | 603885 | 吉祥航空 | 12.73 | 1.43% | | 23.07万 | 2.93亿 | | 000099 | 中信海直 | 23.45 | 0.64% | | 27.27万 | 6.38亿 | | 601111 | 中国国航 | 7.33 | 0.55% | | 77.45万 | 5.67亿 | | 600115 | 中国东航 | 3.87 | 0.52% | | 73.55万 | 2.84亿 | | 000089 | 深圳机场 | 7.25 | 0.42% | | 10.87万 | 7856.87万 | | 600029 | 南方航空 | 5.76 | 0.35% | | 63.31万 | 3.64亿 | | 601021 | 春秋航空 | 52.85 | 0.28% | | 2.71万 | 1.43亿 | | 6 ...

Core Insights - Shenzhen Bao'an International Airport reported a passenger throughput of 32.57 million in the first half of the year, representing a year-on-year increase of 10.9% [1] - The airport's cargo and mail throughput reached 983,000 tons, with a year-on-year growth of 14.1% [1] - The number of flight operations reached 221,000, marking a year-on-year increase of approximately 7.2%, setting a new record for the same period since the airport's opening [1] Domestic Routes - In the first half of the year, Shenzhen Airport opened four new domestic routes to Shihezi in Xinjiang, Longnan in Gansu, Zhanjiang in Guangdong, and Zhongwei in Ningxia, focusing on expanding its network in the northwest [1] - The total number of domestic passenger destinations reached approximately 130 [1] International and Regional Routes - The airport launched or increased flights on 12 international and regional routes, including destinations such as Vientiane, Mexico City, Riyadh, and Singapore [1] - International and regional passenger volume reached 3.054 million, reflecting a year-on-year increase of 30.7% [1] - The number of international and regional passenger flights exceeded 20,000, with a year-on-year growth of 26.1% [1] Cargo Operations - In the first half of 2025, the airport's cargo and mail throughput was 983,000 tons, with a year-on-year increase of 14.1%, including nearly 500,000 tons of international and regional cargo, which grew by 16.3% [1] - The airport focused on enhancing its cargo route network, adding three new international cargo routes to Miami, Delhi, and Jakarta, and increasing flights to 12 major international cargo destinations including Chicago, Bangkok, and Dubai [1] - The number of international and regional cargo destinations increased to 43 [1]

Group 1 - The overall industry sentiment shows an upward trend in sectors such as steel, electric equipment, electronics, food and beverage, environmental protection, and retail, while sectors like oil and petrochemicals, machinery, light manufacturing, home appliances, automotive, banking, real estate, and public utilities are experiencing a downward trend [3][22] - As of August 10, 2025, notable industry data includes: automotive semi-steel tire operating rate at 74.35%, down 0.1% month-on-month; machinery equipment price index at 125.17 points, down 0.11% month-on-month; electric equipment Topcon component price at 0.7 yuan/watt, up 4.2% month-on-month; transportation with Suzhou subway passenger volume at 2.156 million, up 27.57% month-on-month; light manufacturing white cardboard price at 4010 yuan/ton, down 2.43% month-on-month [3][23][24] Group 2 - Insurance capital is increasingly allocating to equity, with banks and high-dividend sectors being core beneficiaries. By the end of Q1 2025, life and property insurance companies had invested a total of 2.82 trillion yuan in the stock market, a year-on-year increase of 44.5% [5] - The potential for insurance capital to increase its allocation to bank stocks remains significant, with estimated incremental funds of 140.4 billion yuan and 73.7 billion yuan for bank stocks in 2025, assuming 25% of new premium income is directed to the A-share market [5] Group 3 - The report on Shiyao Group indicates a revenue of 7.015 billion yuan in Q1 2025, a year-on-year decrease of 21.9%, with a net profit of 1.495 billion yuan, down 8.3%. The decrease in revenue is primarily due to the impact of price adjustments and centralized procurement policies [8][28] - The core pipeline SYS6010 (EGFRADC) shows strong potential for authorization, having started its first phase III clinical trial in March 2025, targeting patients with EGFR mutation non-small cell lung cancer [8][28] Group 4 - Shenzhen Airport's operational data shows a significant recovery, with 221,000 aircraft movements in the first half of 2025, a year-on-year increase of 7.2%, and a passenger throughput of 32.57 million, up 10.9% year-on-year [19][30] - The airport's non-aeronautical business is diversifying, with advertising revenue expected to increase as passenger traffic grows, and the new cargo station is anticipated to boost international cargo volume [19][31] Group 5 - Beiding Co. reported a revenue of 430 million yuan in the first half of 2025, a year-on-year increase of 34%, with a net profit of 56 million yuan, up 75% year-on-year. The company benefited significantly from domestic subsidies and the "old-for-new" replacement policy [10][36] - The company's gross margin improved to 49.7% in the first half of 2025, driven by high-margin products, with a notable increase in sales from new product lines [10][36]

天风证券8月11日发布研报称，给予深圳机场（000089.SZ，最新价：7.21元）买入评级。评级理由主要 包括：1）产能稳步放量，经营数据持续提升；2）非航业务多元发展，盈利贡献或将提升；3）三跑扩 建工程有序推进，重视股东回报。风险提示：宏观经济下行风险，国际客流恢复不及预期，免税客单价 提升不及预期，核心资源限制风险，测算具有主观性。 （文章来源：每日经济新闻） ...

Investment Rating - The report maintains a "Buy" rating for Shenzhen Airport [4][6][18] Core Views - The company is expected to benefit from the gradual recovery of the civil aviation industry, with operational data showing continuous improvement. In 2025, the airport is projected to handle 22.1 million aircraft movements, a year-on-year increase of 7.2%, and a passenger throughput of 32.57 million, up 10.9% year-on-year [1][2] - The opening of the third runway and T2 terminal is anticipated to positively impact revenue and cost structures, with a commitment to distribute at least 45% of the annual distributable profit to shareholders [3][4] - Non-aeronautical business diversification is expected to enhance profitability, with advertising revenue projected to reach 390 million yuan in 2024, a 3.3% increase year-on-year [2][4] Financial Data and Valuation - Revenue is forecasted to grow from 4,164.72 million yuan in 2023 to 6,051.75 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.02% [5][11] - The net profit attributable to the parent company is expected to increase from 396.69 million yuan in 2023 to 918.00 million yuan in 2027, reflecting a significant growth trajectory [5][11] - The earnings per share (EPS) is projected to rise from 0.19 yuan in 2023 to 0.45 yuan in 2027, indicating strong profitability growth [5][11]

Core Viewpoint - The company, operating Shenzhen Bao'an International Airport, is experiencing continuous operational improvements due to the recovery of the civil aviation industry, with significant increases in passenger and cargo throughput expected in the coming years [1][2]. Group 1: Operational Performance - In 2024, the airport will have 186 passenger routes and is expected to handle 61.477 million passengers, ranking second in domestic passenger throughput [1]. - For the first half of 2025, the airport recorded 221,000 aircraft movements, a year-on-year increase of 7.2%, and a 26.1% increase compared to the same period in 2019 [1]. - Cargo throughput reached 188.1 million tons in 2024, maintaining the top position in domestic cargo and mail throughput [1][2]. Group 2: Non-Aeronautical Business Development - The joint venture for duty-free business commenced operations in November 2023, with projected revenue of 210 million yuan and a net loss of 36 million yuan in 2024, which may temporarily impact profitability but enhance competitive strength in the long term [2]. - Advertising revenue is expected to reach 390 million yuan in 2024, reflecting a year-on-year increase of 3.3%, with operating profit of 387 million yuan [2]. - The logistics revenue is projected at 450 million yuan in 2024, with operating profit of 88 million yuan, supported by significant growth in domestic and international cargo throughput [2]. Group 3: Infrastructure Expansion and Shareholder Returns - The third runway is expected to be operational by the end of 2025, with the T2 terminal bidding completed, which will impact revenue and cost structures [3]. - The company commits to distributing at least 45% of its distributable profits as cash dividends annually, with a projected dividend payout ratio of 55.6% for 2024, up from 51.7% in 2023 [3]. Group 4: Financial Forecasts - The forecast for net profit attributable to shareholders for 2025 has been adjusted to 620 million yuan, down from the previous estimate of 740 million yuan, with new projections for 2026 and 2027 set at 770 million yuan and 920 million yuan, respectively [4]. - The company maintains a "buy" rating despite economic fluctuations and moderate recovery in non-aeronautical business [4].

Group 1: Economic Development and Investment - Shenzhen has completed an investment of 178.65 billion yuan in major projects in the first half of the year, achieving an investment progress rate of 58.1% [1][2] - The city has planned a total of 798 major projects with a total investment of approximately 3.2 trillion yuan by 2025, focusing on modern industries, public welfare, and infrastructure [2] - Major projects in modern industries include the Shenzhen International Exchange Center and various headquarters for companies like Xiaomi and JD.com, which are expected to enhance the city's industrial capabilities [1][2] Group 2: Social Welfare and Public Services - Shenzhen plans to invest 95.37 billion yuan in 292 major projects aimed at improving public welfare by 2025, focusing on education, healthcare, and cultural tourism [3] - The city has increased its educational capacity significantly, adding 100,000 public high school seats and addressing the tight supply of high school placements [3] - In healthcare, Shenzhen has reached a total of 75,000 hospital beds and established 82 elderly care institutions, with community services benefiting over 200,000 elderly residents [4]

Market Performance - The aviation and airport sector increased by 0.23% on August 7, with Shenzhen Airport leading the gains [1] - The Shanghai Composite Index closed at 3639.67, up 0.16%, while the Shenzhen Component Index closed at 11157.94, down 0.18% [1] Individual Stock Performance - Shenzhen Airport (000089) closed at 7.24, up 1.54% with a trading volume of 148,200 shares and a turnover of 107 million yuan [1] - Xiamen Airport (600897) closed at 14.86, up 0.68% with a trading volume of 24,100 shares and a turnover of 35.68 million yuan [1] - Spring Airlines (601021) closed at 52.86, up 0.63% with a trading volume of 29,000 shares and a turnover of 153 million yuan [1] - China Eastern Airlines (600115) closed at 3.83, up 0.52% with a trading volume of 446,600 shares and a turnover of 171 million yuan [1] - China Southern Airlines (600029) closed at 5.74, up 0.35% with a trading volume of 265,100 shares and a turnover of 152 million yuan [1] - China National Aviation (601111) closed at 7.28, up 0.28% with a trading volume of 548,700 shares and a turnover of 26.66 million yuan [1] Capital Flow Analysis - The aviation and airport sector experienced a net outflow of 3.73 million yuan from institutional investors and 5.50 million yuan from speculative funds, while retail investors saw a net inflow of 9.23 million yuan [2] - The capital flow for individual stocks shows that China Southern Airlines had a net inflow of 111.51 million yuan from retail investors, while Xiamen Airport had a net outflow of 342,000 yuan from institutional investors [3]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000099 | 中信海直 | 23.66 | 1.76% | 50.05万 | | 11.59亿 | | 600221 | 海航控股 | 1.52 | 1.33% | 412.06万 | | 6.27亿 | | 000089 | 深圳机场 | 7.21 | 1.12% | 19.68万 | | 1.42 Z | | 600004 | 白云机场 | 9.46 | 0.96% | 10.59万 1 | | 9993.12万 | | 603885 | 吉祥航空 | 12.50 | 0.89% | 16.35万 | | 2.04亿 | | 600115 | 中国东航 | 3.82 | 0.79% | 49.67万 | | 1.89亿 | | 600009 | 上海机场 | 32.34 | 0.72% | 6.65万 | | 2.15亿 | | 600029 | 南方航空 | 5.73 | 0.70% | 31.48万 | | 1.80亿 ...