GBIAC(SH:600004) Yang Shi Xin Wen·2025-10-30 09:49Core Points - Guangzhou Baiyun International Airport has officially opened its new T3 terminal and fifth runway on October 30, marking the completion of the Phase III expansion project, a significant infrastructure development in the Guangdong-Hong Kong-Macao Greater Bay Area [1][3][5] - The airport now operates with five runways, three terminals, and two control towers, becoming the first airport in China to have five operational commercial runways [3][5] - The expansion allows the airport to accommodate an annual passenger throughput of 120 million and a cargo throughput of 3.8 million tons, with a future capacity of 140 million passengers and 6 million tons of cargo [5][10] Expansion and Connectivity - The T3 terminal will serve as a multi-modal transport hub integrating air, road, and rail, enhancing the airport's connectivity within the Greater Bay Area [7][9] - The airport is set to introduce six high-speed rail lines, five intercity lines, two metro lines, and two expressways, aiming for a global-leading rail transport share [7][10] - The development of the airport is part of a broader strategy to create a "60-minute travel circle" connecting major airports in the Greater Bay Area, facilitating a "1-hour living circle" for residents [7][12] Future Growth Potential - The Greater Bay Area airport cluster currently includes seven civil airports, with ongoing expansions and new projects in Guangzhou, Shenzhen, and Hong Kong [10][12] - By 2024, the combined passenger throughput of the seven airports is projected to exceed 214 million, with expectations to reach 420 million by 2035 [13] - The collaborative development of the airport cluster aims to enhance connectivity and operational efficiency, creating a world-class airport network that integrates major economic regions and emerging markets [13]