Core Insights - Chengdu has become the fifth city in China to join the "million-ton club" for air cargo, with a significant increase in cargo throughput in the first quarter of this year, reaching 270,000 tons, a year-on-year growth of 24.5% [1][3] - The development of Chengdu's international air cargo hub is supported by strategic collaborations with airlines and logistics companies, focusing on enhancing air cargo capacity and efficiency [2][4] - The establishment of new international cargo routes, including direct flights to Amsterdam, Chicago, and Paris, has strengthened Chengdu's position in the global supply chain [3][4] Group 1: Cargo Volume and Growth - Chengdu's international air cargo hub achieved a throughput of 270,000 tons in Q1 2023, marking a 24.5% increase compared to the previous year [1][3] - The dual airport strategy, involving Shuangliu and Tianfu airports, has led to a combined cargo throughput of 170,000 tons at Shuangliu Airport, with a year-on-year growth of 24.9% [4] - Tianfu Airport recorded a cargo throughput of 100,000 tons in Q1 2023, reflecting a growth of 23.9% [5] Group 2: Infrastructure and Capacity Development - The Sichuan Airport Group is enhancing air cargo capacity by collaborating with major airlines and logistics providers to develop an efficient air cargo network [2][4] - The new Tianfu International Airport express center is set to enhance cargo handling capabilities, with a total processing capacity of 2.8 million tons annually [2] - The introduction of advanced logistics solutions, such as the "import airside transfer" model, has significantly improved cargo transfer efficiency [7] Group 3: Policy Support and Strategic Initiatives - The local government has prioritized air cargo development as a key initiative for economic growth, providing substantial policy support [2] - Chengdu Customs has implemented a 24/7 clearance mechanism, facilitating faster processing of perishable goods and enhancing the overall logistics environment [8] - The focus on cross-border e-commerce has led to an increase in the volume of imported goods, including a notable rise in the import of fresh salmon [8]

Group 1: Future Development and Capital Expenditure - Shenzhen Airport aims to establish itself as a world-class international aviation hub, focusing on clear positioning and competitive advantages [1] - The company plans to expand flight routes to major global cities and enhance logistics operations, particularly with e-commerce partners [1][2] - There are currently no significant capital expenditure plans [2] Group 2: Passenger Traffic Recovery and Growth Potential - As of April 2025, Shenzhen Airport recorded 147,700 flight takeoffs and landings, a year-on-year increase of 5.82% [2] - Passenger throughput reached 21.87 million, reflecting a 10.03% year-on-year growth [2] - The airport will continue to promote international connectivity and support local airlines in expanding their reach [2] Group 3: Dividend Outlook - The company has committed to distributing no less than 45% of its distributable profits as cash dividends annually from 2023 to 2025 [2] - For the fiscal year 2024, a cash dividend of 1.2 RMB per 10 shares is proposed, totaling 246 million RMB, with a dividend payout ratio of 55.55% [2] Group 4: Concession Business Outlook - Shenzhen Airport is actively monitoring regulatory developments regarding concession operations and aims to expand its concession business [4] - The company plans to transition from an operational airport to a management-focused airport, enhancing ground service efficiency [4]

Group 1 - Hainan Airlines has made significant progress in establishing Chongqing as an international aviation hub, marking the one-year anniversary of its direct flight route from Chongqing to Seattle [1] - The airline has expanded its international direct flight network from Chongqing to include major cities in Europe such as Madrid, Rome, Paris, and Milan, as well as Asian cities like Bangkok and Osaka [1] - Hainan Airlines operates a dense domestic route network from Chongqing, connecting 14 cities including Beijing, Guangzhou, and Shenzhen, with 24 outbound flights daily [1] Group 2 - Since joining the Liaoning Fangda Group in December 2021, Hainan Airlines has increased its investment in Chongqing, becoming the operator of the Chongqing International Aviation Hub in January [1][2] - The airline has increased its overnight capacity in Chongqing to 11 aircraft and plans to have nearly 25% of its flights in and out of Chongqing be wide-body aircraft by Q1 2025, the highest proportion among airlines operating in the region [1] - The Fangda Chongqing Aviation City project has commenced, aiming to create an integrated aviation industry cluster that includes passenger hubs, aircraft maintenance, flight training, and logistics [2]

Core Insights - Chengdu has officially launched its first all-cargo flight route to the Middle East, connecting Chengdu Shuangliu International Airport to Dubai, enhancing trade relations between the two regions [1] - The route is operated by China Cargo Airlines using a converted Airbus A330 freighter, contributing to the airport's capacity of over 2,400 tons of international air cargo per week [1] - Chengdu Shuangliu Airport aims to achieve a cargo throughput of 643,000 tons in 2024, a 22% year-on-year increase, positioning it as the fifth largest in China [1] Group 1 - The new cargo route marks a significant milestone in establishing a stable air bridge for trade between Chengdu and the Middle East [1] - Since 2018, China Cargo Airlines has opened several all-cargo routes from Chengdu to major cities including Chicago, Amsterdam, and Paris [1] - The airport's strategy focuses on high-quality development through a dual focus on passenger and cargo services, enhancing its hub capabilities [1] Group 2 - The Shuangliu District is actively optimizing its international cargo transport network and improving airport service functions [2] - In September 2024, a special goods warehouse will be operational to support the import needs of key materials for the electronic information industry [2] - The integrated operation model of Chengdu Shuangliu Airport has been recognized as one of three typical cases by the Civil Aviation Administration of China [2]

Group 1 - The Chengdu International Aviation Hub is expanding its international passenger and cargo routes, with 14 new routes announced, including connections to Paris, Madrid, Dubai, and Bali [1][2] - The cargo route from Chengdu (Shuangliu Airport) to Dubai is particularly noteworthy, set to commence on April 26, operated by China International Cargo Airlines, with flights scheduled four times a week [1] - Chengdu has achieved significant milestones in aviation, surpassing 1 million tons in annual cargo throughput and 80 million passengers, ranking as the third-largest aviation city in China [1] Group 2 - A framework agreement was signed between the Chengdu Port Logistics Office and Sichuan Airport Group to enhance the international route network and develop an international air cargo hub [2] - The agreement aims to expand routes to key cities in Europe, North America, and Oceania, and to strengthen all-cargo routes to major Asian destinations, creating a 5-hour "Asia-Pacific Air Cargo Circle" and an 11-hour "Asia-Europe Air Cargo Corridor" [2] - Currently, Chengdu has established 52 international and regional passenger routes and 34 cargo routes, with plans for further expansion [2]