Core Viewpoint - The aviation and airport sector experienced a decline of 1.18% on December 30, with China Southern Airlines leading the drop. The Shanghai Composite Index closed at 3965.12, down 0.0%, while the Shenzhen Component Index rose by 0.49% to 13604.07 [1]. Group 1: Stock Performance - The following stocks in the aviation and airport sector showed notable price changes: - China Southern Airlines (南方航空) closed at 7.66, down 1.03% with a trading volume of 545,000 shares and a transaction value of 418 million yuan [1]. - Xiamen Airport (厦门空港) closed at 17.48, down 2.35% with a trading volume of 100,200 shares and a transaction value of 176 million yuan [2]. - Spring Airlines (春秋航空) closed at 57.60, down 1.42% with a trading volume of 56,100 shares and a transaction value of 322 million yuan [2]. Group 2: Capital Flow - The aviation and airport sector saw a net outflow of 120 million yuan from institutional investors, while retail investors contributed a net inflow of 175 million yuan [2]. - The capital flow for specific stocks included: - China National Aviation (中国国航) had a net inflow of 46.13 million yuan from institutional investors, while retail investors had a net outflow of 47.90 million yuan [3]. - Xiamen Airport (厦门空港) experienced a net outflow of 26.25 million yuan from institutional investors, but a net inflow of 38.02 million yuan from retail investors [3].

Core Viewpoint - The article discusses the significant expansion of airports in China, particularly the transition to the "three-runway era," with 11 airports achieving this status in 2025, enhancing their capacity to accommodate increasing passenger and cargo demands [3][4]. Group 1: Airport Expansion - In 2025, the number of airports in China with three runways increased to 11, including the newly operational South Second Runway at Xi'an Xianyang International Airport and the third runway at Shenzhen Airport [3][4]. - The South Second Runway at Xi'an is 3,000 meters long and 45 meters wide, increasing the airport's annual passenger capacity to 83 million and cargo capacity to 1 million tons [3]. - The construction of additional runways is part of a broader strategy to enhance airport infrastructure in response to growing domestic and international air traffic, particularly in cities like Wuhan, Lanzhou, and Urumqi [4][5]. Group 2: Future Projections - Xi'an Xianyang International Airport's passenger throughput reached 47 million by December 19, 2025, surpassing the total for the previous year, with flight execution and seat occupancy rates improving [4]. - Shenzhen Airport is projected to exceed 60 million passengers in 2024 and 65 million in 2025, with cargo throughput expected to surpass 2 million tons [5]. - Guangzhou Baiyun International Airport's recent expansion allows it to handle an annual passenger throughput of 120 million and cargo of 3.8 million tons, with future capacity targets set even higher [5].

Core Viewpoint - The expansion of airports in China into the "three-runway era" is significantly enhancing their capacity to accommodate increasing passenger and cargo demands, with 11 airports achieving this status by the end of 2025 [2]. Group 1: Airport Expansion - As of December 25, 2025, 11 airports in China have entered the "three-runway era," with the addition of new runways at airports such as Xi'an Xianyang International Airport and Shenzhen Airport [2]. - The new southern second runway at Xi'an Xianyang International Airport, measuring 3000 meters in length and 45 meters in width, will increase the airport's annual passenger capacity to 83 million and cargo throughput to 1 million tons [2]. - The third runway at Wuhan Tianhe Airport was officially put into operation in January, making it the sixth city in China to have a three-runway airport [3]. Group 2: Future Development and Economic Impact - The development of the aviation economy and low-altitude economy is expected to enhance the cargo transport capabilities of airports, leading to a significant increase in dedicated cargo flights [3]. - The construction of transportation infrastructure must be proactive to balance supply and demand, particularly for major cities, to prevent resource overflow [4]. - Shenzhen Airport is projected to exceed 60 million passengers in 2024 and 65 million in 2025, with cargo throughput expected to surpass 2 million tons for the first time [4]. Group 3: Infrastructure Enhancements - Guangzhou Baiyun International Airport has entered a new operational phase with five runways and three terminals, capable of handling an annual passenger throughput of 120 million and cargo throughput of 3.8 million tons [4]. - The expansion projects at various airports, including the completion of the T3 terminal and the fifth runway at Guangzhou Baiyun International Airport, are crucial for meeting the growing demand for air travel and logistics [4].

【深圳商报讯】（记者 陈发清）12月26日晚间，深圳市机场股份有限公司（以下简称"深圳机场"）发布公 告，拟以自有资金380.74万元收购深国际全程物流（深圳）有限公司所持深圳市机场国际快件海关监管中心 有限公司（以下简称"快件中心"）1%的股权。本次交易完成后，深圳机场对快件中心的持股比例从50%提升 至51%，实现绝对控股并将其纳入合并报表范围。深圳机场表示，此举将优化快件中心治理水平，完善深圳 机场航空物流板块战略布局、强化主业协同效应。 航空物流业务是深圳机场非航空业务的重要支柱。 （深圳机场供图） 深圳机场地处粤港澳大湾区的核心位置，是国家物流枢纽的关键节点，航空物流业务作为深圳机场非航空业 务的重要支柱，近年来呈现快速增长态势。2025年上半年，深圳机场实现货邮吞吐量98.3万吨，同比增长 14.09%，位列全国第三；其中物流收入同比增幅高达57.03%，成为拉动公司营收增长的重要动力。而快件中 心作为深圳机场航空物流体系的核心组成部分，是国际快件及跨境电商外贸服务的专业通关平台，在全国快 件监管场所综合排名中位列前三，其中快件业务全国第一、电商业务全国第二，已成为大湾区跨境物流通道 的重要支撑。 ...

Core Viewpoint - Shenzhen Airport plans to acquire 1% equity in Shenzhen Airport International Express Customs Supervision Center, increasing its stake from 50% to 51%, achieving absolute control and consolidating it into its financial statements [1][2]. Group 1: Transaction Details - The acquisition is priced at 3.8074 million yuan, based on asset evaluation as of December 31, 2024 [2]. - Post-transaction, Shenzhen Airport will hold 51% of the equity, while Deep International Logistics will hold 49%, allowing Shenzhen Airport to fully control operational decisions and strategic planning [2]. Group 2: Financial Performance - In 2024, the express center is projected to achieve revenue of 169.56 million yuan, a year-on-year increase of 10.3%, and a net profit of 48.28 million yuan, up 16.6%, indicating a growth rate significantly higher than Shenzhen Airport's overall revenue growth [2]. - From January to November 2025, the express center processed a total cargo volume of 350,700 tons, including 228,200 tons by air, continuing its strong growth trend [2]. Group 3: Strategic Implications - The acquisition is expected to enhance the governance of the express center and improve the strategic layout of the air logistics sector, strengthening the synergy with Shenzhen Airport's main business [1][3]. - Currently, air logistics revenue accounts for approximately 10.78% of Shenzhen Airport's total revenue, and the integration of the express center is anticipated to positively impact overall performance [3]. - The express center has attracted 25 well-known domestic and international express companies, including DHL and FedEx, establishing a solid customer base and business foundation [3].

Core Insights - The Chinese civil aviation industry is experiencing robust growth, with multiple airlines returning to profitability and record passenger throughput at various airports, indicating a vibrant aviation economy [1][3][5] Group 1: Passenger Demand and Growth - Nationwide airport passenger volumes are on the rise, with Sanya Phoenix International Airport achieving a record passenger throughput of 21.849 million for the year 2025, marking a 5.8% increase year-on-year [1] - Baiyun Airport's annual passenger throughput has surpassed 80 million for the first time, with over 16.6 million international passengers [2] - The overall passenger transport scale in the civil aviation industry is expected to grow by approximately 5% year-on-year in 2025, reaching 770 million passengers [2] Group 2: Financial Performance of Airlines - The three major airlines reported a combined profit of 6.28 billion yuan in the first three quarters of 2025, marking their first return to profitability since 2023 [3] - The recovery of international routes has significantly contributed to the improvement in airline performance, enhancing wide-body aircraft utilization and alleviating domestic market competition [3] Group 3: Market Trends and Future Outlook - The civil aviation market is witnessing a shift in passenger demographics, with increased travel from younger and older generations, contributing to strong market growth [4] - Predictions for 2026 indicate that passenger transport volume may reach 805 million, representing a 4.6% increase from 2025 and a 22.1% increase from 2019 [5] - The industry faces challenges such as supply constraints and intensified competition from other transportation modes, necessitating strategic adjustments by airlines to ensure sustainable growth [6]

格隆汇12月26日丨深圳机场(000089.SZ)公布，为优化本公司参股公司深圳市机场国际快件海关监管中 心有限公司（简称"快件中心"）股权结构，提升企业治理水平，完善深圳机场"货"板块战略布局，增强 协同效应，公司现拟以自有资金收购深国际全程物流（深圳）有限公司（简称"深国际"）所持快件中心 的1%股权，交易价格为人民币380.74万元。本次交易完成后，公司持股快件中心的股权比例将由50%提 升至51%，公司将控股快件中心，并将其纳入公司合并报表范围。 ...

每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 曾健辉） 2025年1至6月份，深圳机场的营业收入构成为：航空性收入占比43.76%，租赁及特许经营收入占比 19.5%，地面服务收入占比15.59%，航空物流收入占比10.78%，航空广告收入占比8.12%。 截至发稿，深圳机场市值为145亿元。 每经AI快讯，深圳机场（SZ 000089，收盘价：7.07元）12月26日晚间发布公告称，为优化公司参股公 司深圳市机场国际快件海关监管中心有限公司股权结构，提升企业治理水平，完善深圳机场"货"板块战 略布局，增强协同效应，公司现拟以自有资金收购深国际全程物流（深圳）有限公司所持快件中心的 1%股权，交易价格为人民币380.74万元。本次交易完成后，公司持股快件中心的股权比例将由50%提升 至51%，公司将控股快件中心，并将其纳入公司合并报表范围。 ...

深圳市机场股份有限公司 投资者关系管理制度 （2025 年 12 月） 第一章 总 则 第一条 为规范深圳市机场股份有限公司（以下简称"公司"）投资者关系管理 工作，完善公司治理结构，保护投资者特别是中小投资者的合法权益，根据《中华人 民共和国公司法》《中华人民共和国证券法》《上市公司投资者关系管理工作指引》《深 圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》等法律、法规、规范性文件和《深圳市机场股份有限公司公司 章程》（以下简称"《公司章程》"）等规定，制定本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动交流 和诉求处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资者对公司的了 解和认同，以提升公司治理水平和企业整体价值，实现尊重投资者、回报投资者、保 护投资者目的的相关活动。 第三条 投资者关系管理的基本原则： （一）合规性原则。公司投资者关系管理应当在依法履行信息披露义务的基础上 开展，符合法律法规、规章及规范性文件、行业规范和自律规则、公司内部规章制度， 以及行业普遍遵守的道德规范和行为准则。 （二）平等性原则。公 ...

深圳市机场股份有限公司 市值管理制度 （2025 年 12 月） 第一章 总则 第一条 为切实加强深圳市机场股份有限公司（以下简称"公司"）市值管理工作， 进一步规范公司的市值管理行为，维护公司、投资者及其他利益相关者的合法权益， 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司监管指引第 10 号——市值管理》等法律法规、规范性文件和《深圳市机场股份有限公司章程》（以 下简称"《公司章程》"）等规定，结合公司实际，制订本制度。 第二条 本制度所称市值管理，是指公司以提高公司质量为基础，为提升公司投 资价值和投资者回报能力而实施的战略管理行为。 第三条 市值管理的基本原则 （一）合规性原则：公司应当在严格遵守相关法律法规、规范性文件、自律监管 规则及《公司章程》的前提下开展市值管理工作。 （二）系统性原则：公司应按照系统思维、整体推进的原则，协同各业务体系以 系统化方式持续开展市值管理工作。 （三）科学性原则：公司应依据市值管理的规律进行科学管理，科学研判影响投 资价值的关键性因素，以提升公司质量为基础开展市值管理工作。 （四）常态性原则：公司应及时关注资本市场及股价动态，常态化开展市值管理 工 ...