Group 1: Company Performance and Market Position - The stock price of Shenzhen Airport has underperformed despite the Shanghai and Shenzhen stock markets reaching a ten-year high, indicating challenges in market value management [2] - The company has focused on enhancing its core business and resource value, aiming for balanced growth in business scale and quality [2][3] Group 2: Infrastructure Developments - The third runway project is expected to be operational by the end of November 2025, which will improve the airport's passenger and cargo handling capacity [3][4] - The design capacity for the T3 terminal and satellite hall is set at 45 million and 22 million passengers, respectively [5] Group 3: Financial Performance - In the first three quarters, the operating cost growth rate was 8%, lower than the revenue growth rate of 11%, indicating effective cost management [4][5] - The company plans to continue cost reduction measures to ensure that variable costs grow at a slower rate than revenue [5] Group 4: Future Business Outlook - The duty-free business has seen a 10% increase in sales since October 2025, reflecting a recovery in international passenger flow [4] - The company is preparing to enhance its duty-free operations by leveraging peak travel seasons and potential new policies [4]

Core Insights - Shenzhen is enhancing its payment services to attract international attention during the 15th National Games, showcasing its "Shenzhen temperature" through improved convenience for foreign visitors [1][3] Group 1: Payment Service Enhancements - The People's Bank of China (PBOC) in Shenzhen has initiated a comprehensive payment service upgrade involving nearly 60 banks and payment institutions to ensure efficient services for attendees of the National Games [3][6] - During the event period from November 9 to November 18, 2025, Shenzhen recorded 382 million transactions worth 29.454 billion yuan, marking a year-on-year increase of 26% in transaction volume and 5% in value [2] - The PBOC has established five comprehensive service centers at airports and ports to enhance the payment experience for foreign visitors, receiving nearly 9,000 inquiries at the Shenzhen airport service center alone by the end of October 2025 [4][6] Group 2: Infrastructure and Accessibility - Shenzhen has set up 28 foreign currency self-service exchange machines and 1,600 bank outlets capable of handling foreign currency exchanges, with a foreign card acceptance rate of 99.99% among key merchants [6] - The financial institutions have implemented various initiatives, such as the "2-minute rapid application" for digital yuan wallets and foreign currency exchanges, to streamline the payment process for international visitors [4][5] Group 3: Community and Special Services - The financial services have been tailored to accommodate elderly individuals, with 26 convenience items provided at bank branches and dedicated financial zones established in 33 locations [7] - Volunteer programs have been initiated to assist visitors and ensure smooth operations at event venues, with over 600 volunteers actively providing support [6][8] Group 4: Financial Support for Event Infrastructure - The PBOC has guided banks to provide financial support for the construction of key facilities for the National Games, including performance bonds and credit loans to alleviate funding pressures for construction projects [8] - Specific financial products have been tailored for local businesses, such as a catering company, to ensure timely supply of quality food during the event, demonstrating the financial sector's role in supporting local enterprises [8]

Core Viewpoint - The aviation and airport sector experienced a decline of 0.8% on November 20, with China Southern Airlines leading the losses. The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1]. Summary by Category Stock Performance - The following stocks in the aviation and airport sector showed notable performance: - Hainan Airlines (600221) closed at 1.77, up 0.57% with a trading volume of 5.3774 million shares and a transaction value of 9.57 billion yuan [1]. - China Eastern Airlines (600115) closed at 5.26, down 0.38% with a trading volume of 808.6 thousand shares and a transaction value of 4.28 billion yuan [2]. - Xiamen Airport (600897) closed at 16.50, down 0.96% with a trading volume of 69.3 thousand shares and a transaction value of 1.14 billion yuan [2]. Capital Flow - The aviation and airport sector saw a net outflow of 123 million yuan from institutional investors, while retail investors contributed a net inflow of 162 million yuan [2]. - The capital flow for specific stocks included: - Shanghai Airport (600009) had a net inflow of 45.5255 million yuan from institutional investors, but a net outflow of 47.5760 million yuan from retail investors [3]. - Hainan Airlines (600221) experienced a net outflow of 5.8716 million yuan from institutional investors, while retail investors had a net inflow of 22.9749 million yuan [3].

Core Insights - The aviation and airport sector experienced a decline of 0.62% on November 19, with Xiamen Airport leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - Spring Airlines (601021) closed at 56.05, up 1.95% with a trading volume of 97,300 shares and a transaction value of 54.5 million [1] - China National Aviation (601111) closed at 8.77, up 0.69% with a trading volume of 682,100 shares and a transaction value of 601 million [1] - Xiamen Airport (600897) closed at 16.66, down 3.25% with a trading volume of 96,500 shares and a transaction value of 162 million [2] Capital Flow - The aviation and airport sector saw a net outflow of 274 million from institutional investors and 175 million from retail investors, while retail investors had a net inflow of 449 million [2] - Major stocks like Spring Airlines and China National Aviation experienced mixed capital flows, with Spring Airlines seeing a net inflow of 42.9 million from institutional investors [3] Individual Stock Analysis - Xiamen Airport had a significant net outflow of 21.74 million from institutional investors, while retail investors contributed a net inflow of 28.31 million [3] - China Eastern Airlines (600115) faced a net outflow of 4.71 million from institutional investors but saw a net inflow of 51.1 million from retail investors [3]

经济观察网据环球时报，11月14日，中国外交部和中国驻日本使领馆郑重提醒中国公民近期避免前往日 本。香港《南华早报》17日报道，自15日以来，中国航空公司已记录到约49.1万张飞往日本的机票被取 消，占原本赴日总预定量的约32%。独立航空分析师李瀚明的分析数据显示，受影响航班的比例在16日 暴增至82.14%，17日则为75.6%。统计涵盖所有中国内地的航空公司。李瀚明表示，机票取消量是新订 票量的27倍，安全疑虑目前是旅客最主要的考量。自新冠疫情爆发以来，他未曾见过如此大规模的退订 潮。 ...

（编辑 姚尧） 证券日报网讯 11月17日晚间，深圳机场发布公告称，为进一步加强与投资者的互动交流，深圳市机场 股份有限公司（以下简称"公司"）将参加由深圳证监局和中证中小投资者服务中心指导、深圳上市公司 协会与深圳市全景网络有限公司联合举办的"2025年度深圳辖区上市公司投资者网上集体接待日活动"， 活动时间为2025年11月20日。 ...

证券日报网讯深圳机场（000089）11月17日在互动平台回答投资者提问时表示，暑运两个月(7月1日—8 月31日)，深圳机场旅客量超过1，120万人次、航班量超过7.6万架次，两项指标均创历年暑运新高。截 至2025年10月底，深圳机场完成航班起降37.08万架次，同比增长4.71%；旅客吞吐量5，493.72万人 次，同比增长7.94%；货邮吞吐量167.99万吨，同比增长11.10%。下一步，深圳机场将持续优化客货航 线布局、丰富服务产品、提升服务品质，推动深圳经贸、文旅事业的进一步发展，助力深圳加快打造更 具全球影响力的经济中心城市和现代化国际大都市。 ...

证券代码：000089 证券简称：深圳机场 公告编号：2025-053 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP, 参与本次互动交流，活动时间为 2025 年 11 月 20 日（周四）14:30-17:00。届时 公司高管将在线就公司业绩、公司治理、发展战略、经营状况、融资计划、股权 激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投 资者踊跃参与！ 特此公告。 深圳市机场股份有限公司董事会 二〇二五年十一月十七日 关于参加 2025 年度深圳辖区上市公司投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 为进一步加强与投资者的互动交流，深圳市机场股份有限公司（以下简称"公 司"）将参加由深圳证监局和中证中小投资者服务中心指导、深圳上市公司协会 与深圳市全景网络有限公司联合举办的"2025 年度深圳辖区上市公司投资者网 上集体接待日活动"，现将相关事项公告如下： 深圳市机场股份有限公司 ...

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [4]. Core Views - The transportation sector has shown a cumulative increase of 1.83% from November 10 to November 15, 2025, outperforming the Shanghai Composite Index, which decreased by 1.08% [14][15]. - The recovery rates for domestic and international passenger traffic in major airlines and airports have significantly improved compared to 2019 levels, indicating a positive trend in the aviation sector [24][32]. - The shipping and logistics sectors are experiencing mixed performance, with container shipping indices showing a decline year-on-year, while oil and product tanker indices have increased significantly [36][47]. Summary by Sections Industry Performance Overview - The transportation industry ranked 13th among 31 sectors with a cumulative increase of 1.83% during the week [14]. - Sub-sectors such as ports (+7.44%) and airports (+5.28%) performed particularly well, while cross-border logistics (-1.37%) and road freight (-0.68%) faced declines [15][23]. Aviation and Airports - Major airlines in China have seen recovery rates for domestic Available Seat Kilometers (ASK) in September 2025 reach as high as 176.49% compared to the same month in 2019 [24]. - Key airports like Baiyun, Shanghai, and Capital have also shown strong recovery in passenger throughput, with rates of 125.22% and 115.87% for international traffic [32]. Shipping and Ports - The Shanghai Containerized Freight Index (SCFI) has decreased by 35.55% year-on-year, while the China Containerized Freight Index (CCFI) has shown a 23.97% decline [36]. - The CCFI for the East America route reported a decrease of 18.31% year-on-year, while the Mediterranean route saw a decline of 28.56% [36]. Road and Rail - Rail passenger turnover increased by 0.4% year-on-year, while freight volume rose by 4.24% [61]. - Road passenger traffic decreased by 3.82%, but freight volume increased by 5.20% [67]. Logistics and Express Delivery - The express delivery sector achieved a revenue of 127.37 billion yuan in September 2025, marking a 7.20% increase year-on-year [10]. - The industry is witnessing a shift towards smaller packages driven by e-commerce, with a notable increase in business volume [8]. Investment Recommendations - The report suggests focusing on airlines such as China National Aviation (601111.SH), Southern Airlines (600029.SH), and logistics companies like Huamao Logistics (603128.SH) for potential investment opportunities [9][10].

Core Viewpoint - Shenzhen Airport Group donated 500 sets of a new type of tail lock to Tibet Airport Group, enhancing safety and operational efficiency at high-altitude airports [1][4][9]. Group 1: Donation Details - The donation ceremony took place at Lhasa Gonggar International Airport, attended by representatives from both Shenzhen and Tibet airport groups [1][9]. - The new tail lock, developed by Shenzhen Airport, is the latest 6.0 version featuring an "automatic locking tongue and double torsion spring protection structure" [4][9]. - This new tail lock simplifies operational steps from "three lifts, three turns, three releases" to "one lift, one impact," reducing operation time to 2-3 seconds and increasing efficiency by 3 to 10 times [4]. Group 2: Significance and Future Cooperation - The donation aligns with the safety needs of high-altitude airport operations and aims to mitigate safety risks associated with non-powered equipment [6][8]. - Both parties expressed intentions to deepen cooperation and resource sharing for mutual benefits in the future [8][9]. - The event is seen as a significant milestone in the collaboration between the two regions and a practical implementation of the civil aviation support initiatives [6][9].