GBIAC(SH:600004) Ren Min Ri Bao Hai Wai Ban·2026-01-01 23:11Core Viewpoint - The recent expansions and upgrades of major airports in the Guangdong-Hong Kong-Macau Greater Bay Area (GBA) aim to enhance the region's international aviation hub status and improve connectivity, thereby facilitating economic growth and global trade [2][3][4][5][6]. Group 1: Airport Expansions - Shenzhen Bao'an International Airport's third runway, measuring 3600 meters and 45 meters wide, is set to enhance operational efficiency and capacity for large aircraft by November 2025 [3]. - Guangzhou Baiyun International Airport's T3 terminal and fifth runway, operational since October last year, will increase its annual passenger capacity to 140 million and cargo capacity to 600,000 tons [3]. - Hong Kong International Airport's second terminal expansion, costing approximately 12.9 billion HKD, is expected to handle 120 million passengers and 1 million tons of cargo annually by late 2026 or early 2027 [3]. Group 2: Collaborative Development - The GBA airport cluster, which includes three major hubs (Guangzhou, Shenzhen, Hong Kong) and several secondary airports, is expected to achieve a total passenger throughput of over 200 million by 2024 [4]. - Each airport in the GBA has distinct roles: Hong Kong focuses on international connections, Macau on links with Portuguese-speaking countries, Shenzhen on high-tech industries, and Guangzhou as a national hub with dense intercontinental routes [4][5]. Group 3: Connectivity Enhancements - The GBA is improving both "hard connectivity" through infrastructure like high-speed rail and highways, and "soft connectivity" via innovative services such as cross-border transport options [5]. - Initiatives like the "fast boat + shuttle bus" service between Shenzhen and Hong Kong airports streamline travel for passengers, while the "off-site cargo station" model enhances logistics efficiency [5]. Group 4: Economic Empowerment - The interconnected airport network is expected to facilitate rapid movement of production factors and enhance global resource allocation, reflecting the GBA's economic vitality and openness [6]. - The GBA's economic output is projected to reach 14.79 trillion CNY in 2024, with foreign trade accounting for nearly one-fifth of the national total, driving significant demand for air travel and logistics [6]. - By 2035, air passenger demand in the GBA is forecasted to reach 420 million, with current airport expansions aligning with this anticipated growth [6].