交通运输行业快评报告：7月机场数据跟踪点评

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market over the next six months [3]. Core Viewpoints - July marks the peak travel season, with significant month-on-month increases in passenger throughput across four listed airports. The international passenger flow is expected to continue its recovery, while domestic passenger traffic is anticipated to stabilize. Continuous monitoring of international passenger flow and duty-free sales recovery is recommended [1][2]. Summary by Relevant Sections Passenger Throughput Data - Shanghai Airport reported a passenger throughput of 11.1688 million in July, a year-on-year increase of 17.3%. Domestic passenger throughput was 7.8894 million (+5.9%), while international passenger throughput reached 2.6707 million (+76.5%) [1]. - Baiyun Airport's passenger throughput was 6.7 million, up 10.8% year-on-year, with domestic and international passenger numbers increasing by 4.8% and 47.9%, respectively [1]. - Shenzhen Airport saw a total passenger throughput of 5.3276 million, reflecting a 12.91% year-on-year increase, with international passenger traffic rising by 76.18% [1]. - Beijing Capital Airport had a passenger throughput of 5.9154 million, up 17.1% year-on-year, with international traffic increasing by 66.6% [1]. Flight Operations Data - In July, Shanghai Airport recorded 70,500 flight takeoffs and landings, a 9.6% increase year-on-year, with international flights up 58.6% [1]. - Baiyun Airport had 44,900 flight operations, also a 9.6% increase, with international flights growing by 41.3% [1]. - Shenzhen Airport's flight operations totaled 37,400, marking a 9.71% increase year-on-year, with international flights up 56.45% [1]. - Beijing Capital Airport reported 37,700 flight operations, a 10.1% increase, with international flights rising by 45.4% [1].