GBIAC(SH:600004) Guan Cha Zhe Wang·2025-08-08 08:01Core Viewpoint - The development of airport city clusters in China is reshaping global connectivity and creating unparalleled competitive advantages in the international aviation sector [1][3]. Summary by Sections Airport City Clusters Performance - The rise of China's airport city clusters has significantly improved global city connectivity, offering higher flight frequencies, diverse route options, and broader international destination networks [1][3]. - In the first half of 2025, the Greater Bay Area airport city cluster showed outstanding performance, with Guangzhou Baiyun International Airport handling 400.36 million passengers, a year-on-year increase of 9.2% [3][4]. - Shenzhen Bao'an International Airport achieved a passenger throughput of 32.57 million, up 10.9% year-on-year, marking a record high for the airport [4][5]. International and Regional Connectivity - Guangzhou Baiyun International Airport has successfully opened or increased multiple international and regional routes, surpassing 1,600 weekly flights to 93 international and regional destinations [4]. - Shenzhen Airport's international passenger volume reached 3.054 million, a 30.7% increase, with over 20,000 international flights, reflecting a 26.1% growth [4][5]. Economic Integration and Development - The development of airport city clusters is accelerating regional economic integration, promoting the formation of "one-hour economic circles" in cities like Beijing, Tianjin, Hebei, and the Greater Bay Area [6][9]. - The four major world-class airport clusters in China accounted for 50.7% of the national passenger throughput in 2024, with significant growth rates observed in the Chengdu-Chongqing cluster [9][10]. Global Aviation Network - China's airport city clusters are breaking the traditional aviation hub distribution dominated by Europe and North America, with major airports like Shanghai Pudong and Beijing Capital leading in passenger throughput [9][14]. - The establishment of a multi-centered network layout is expected to promote a more balanced allocation of global aviation resources, providing new opportunities for developing countries in the international aviation market [14][15].