Core Insights - The opening of Guangzhou Baiyun Airport's T3 terminal and the fifth runway marks a significant upgrade in the airport's capabilities, enhancing its status as a major aviation hub [1][8] - Shenzhen has been selected as the host city for the 2026 APEC meeting, presenting new development opportunities for Shenzhen Bao'an International Airport [2] - The three major airports in the Guangdong-Hong Kong-Macao Greater Bay Area (Guangzhou, Shenzhen, and Hong Kong) are engaged in both competition and collaboration to expand the regional aviation market [3][4] Airport Developments - Guangzhou Baiyun Airport achieved a record passenger volume of over 7.6 million in October 2025, reflecting an 11% year-on-year increase [8] - Hong Kong International Airport processed 44.7 million passengers in the first three quarters of the year, with a 14.8% increase compared to the same period in 2024 [4] - Shenzhen Airport reported a significant increase in passenger and cargo traffic during the recent holiday period, with 1.602 million passengers and 38,000 tons of cargo handled [4] Competitive Landscape - The three major airports are competing for air traffic while also working together to grow the overall aviation market in the Greater Bay Area [3][4] - Cathay Pacific and China Southern Airlines are the two main carriers competing for market share, with Cathay expanding its routes into China and Southern Airlines responding by increasing flights to Hong Kong [11][15] - Cathay Pacific's new direct flight from Hong Kong to Urumqi and increased flights to major cities in mainland China highlight its strategy to capture high-end travelers [12][14] Future Outlook - The Greater Bay Area is projected to see a total passenger throughput of over 200 million by 2024, indicating strong growth potential for the aviation sector [19] - The collaboration among the three airports aims to create a world-class airport cluster, enhancing the region's global aviation standing [20] - The competitive dynamics between Cathay Pacific and China Southern Airlines are expected to improve service quality and passenger experience, providing travelers with more options and better pricing [20]

Core Insights - The competition among the three major airports in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is intensifying, with significant developments occurring in a short time frame [1][2][3] Infrastructure Developments - Guangzhou Baiyun International Airport is set to achieve a capacity of 120 million passengers and 3.8 million tons of cargo annually after the completion of its expansion [3] - Shenzhen Bao'an International Airport's third runway, designed to handle 80 million passengers and 2.6 million tons of cargo annually, is expected to be completed by 2025 [2][3] - Hong Kong International Airport's third runway system, which will increase its annual passenger capacity to 120 million and cargo capacity to 1 million tons, is scheduled to be operational by November 2024 [2] Runway Competition - The GBA airports have increased their runway count to 13, with plans for the 14th and 15th runways underway [2] - Hong Kong International Airport leads with its third runway, while Guangzhou and Shenzhen are rapidly expanding their runway capabilities [2] Route Expansion - Shenzhen Airport has significantly increased its domestic and international routes, reaching nearly 130 domestic and around 50 international destinations in the first half of the year [5] - Guangzhou Baiyun Airport covers over 230 domestic and international destinations, with more than 1,800 international flights weekly [6] - Hong Kong Airport connects over 220 destinations globally, including around 50 in mainland China, with a strong focus on enhancing its domestic route network [6] Passenger Source Competition - Airports in the GBA are establishing city check-in lounges in each other's territories to attract passengers, with Shenzhen Airport seeing a 10% increase in Hong Kong residents flying from Shenzhen [7] - Hong Kong Airport has set up approximately 30 city check-in lounges in the GBA to facilitate passenger flow [7][8] Collaborative Development - The GBA aims to develop a world-class airport cluster, with a focus on enhancing the competitive positions of Hong Kong, Guangzhou, and Shenzhen airports while promoting coordinated development [9][10] - The region's population and economic scale support multiple international hubs, fostering healthy competition that can lower travel and logistics costs [9]