Group 1 - The total number of foreign travelers entering and exiting Wuhan Tianhe International Airport reached 133,000 in the first half of this year, a year-on-year increase of 42.3% [1] - Among these, the number of visa-free foreign entrants was 33,000, which is three times that of the same period last year, accounting for 54% of total foreign arrivals [1] - The airport has implemented various policies such as unilateral visa exemptions and 240-hour transit visa exemptions, expanding its international reach to cover 160 countries and regions, representing 70% of the total number of countries globally [1] Group 2 - In the first half of 2025, the number of domestic residents entering and exiting through Tianhe Airport reached 511,000, reflecting a year-on-year growth of 19.3% [2] - Popular travel destinations include Southeast Asian countries like Singapore, Malaysia, and Thailand, as well as Hong Kong, Macau, Seoul, Tokyo, and Osaka [2] - Starting July 1, Hubei Province launched a tax refund policy for departing foreign travelers, enhancing the appeal of inbound tourism [2]

Summary of Key Points from the Conference Call Industry or Company Involved - The discussion primarily revolves around the U.S. labor market, economic policies under the Trump administration, and the implications of the "Great Beautiful Act" on the economy. Core Insights and Arguments - **Labor Market Risks**: The decline in labor participation rates, particularly among youth and older populations, indicates potential risks in the labor market despite a decrease in unemployment rates. The unemployment rate may rise in the future, with projections suggesting it could reach 4.4%-4.5% by the end of the year, exceeding the natural unemployment rate level [1][6][10]. - **Non-Farm Payroll Adjustments**: Significant downward revisions are expected for the non-farm employment data for Q1 2025, with monthly adjustments potentially reaching 70,000 to 80,000 jobs. This aligns with a slowdown in private non-farm income due to reduced working hours and declining wages [3][4]. - **Impact of Government Policies**: The Trump administration's immigration restrictions have temporarily lowered unemployment rates but may hinder long-term demand and GDP growth. The tax cuts have stimulated short-term demand, but the overall impact on employment growth remains uncertain [9][11]. - **Federal Reserve's Interest Rate Decisions**: There is a high probability that the Federal Reserve will initiate interest rate cuts in September, with expectations of two cuts within the year, influenced by the current labor market conditions and fiscal policies [10][20]. - **Economic Implications of the "Great Beautiful Act"**: The act, signed on Independence Day, is expected to have short-term economic effects, but its long-term impact requires further analysis, particularly on various sectors such as services and manufacturing [7][8]. Other Important but Potentially Overlooked Content - **Debt and Deficit Projections**: The new fiscal legislation is projected to expand the deficit to approximately $4.1 trillion over the next decade, with a potential debt-to-GDP ratio reaching 130% by 2033, raising concerns about long-term fiscal sustainability [11][13][15]. - **Sector Performance in A-Share Market**: The A-share market shows strong sentiment, particularly in sectors like non-bank financials, insurance, and consumer goods, which are expected to perform well due to supportive earnings and favorable valuations [21][22]. - **Macroeconomic Policy Directions in China**: Future macroeconomic policies in China will focus on stabilizing the real estate market, expanding domestic demand, and promoting technological innovation, which are crucial for overall economic stability [23][24]. - **Investment Opportunities**: Long-term investment potential is identified in sectors such as energy, basic chemicals, and consumer electronics, with a focus on areas that exhibit strong earnings support and favorable valuations [24][25][26].

行业研究丨深度报告丨航空 [Table_Title] 破局时刻：在周期规律中寻找突破口 ——航空机场高速行业 2025年度中期投资策略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 展望后市，赔率具强吸引力，多因素共振向好，Q2 拐点已至，盈利逐季上行；供给刚性收紧， 供需改善信号鲜明；收入与成本共振，周期弹性终释放。当前时点行业大多数公司单机市值居 于历史前 40%分位数，赔率具有强吸引力；考虑飞机引进持续受困、供给中期进一步刚性收紧， 叠加燃油成本大幅改善，行业积蓄向上动能，酝酿周期反转机遇。综合考虑业绩弹性以及估值 分位数，首先推荐 A 股民营航司（华夏、春秋以及吉祥）以及港股三大航；若 PMI 指标显著反 转，推荐弹性标的 A 股三大航。 分析师及联系人 [Table_Author] 韩轶超 赵超 张银晗 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490520080027 SFC：BQK468 请阅读最后评级说明和重要声明 2 / 37 %% %% %% %% research ...

Group 1 - The core index of the China Securities Index Shanghai State-owned Enterprises rose by 0.42% to 1378.21 points, with a trading volume of 16.32 billion yuan [1] - Over the past month, the index has increased by 1.59%, and over the past three months, it has risen by 3.10%, while it has decreased by 3.35% year-to-date [1] - The index reflects the performance of state-owned enterprises in Shanghai, selected based on profitability, growth potential, and shareholder return levels [1] Group 2 - The top ten weighted stocks in the index include China Pacific Insurance (8.4%), Guotai Junan Securities (6.05%), Shanghai Airport (5.7%), and others [1] - The index is composed entirely of stocks listed on the Shanghai Stock Exchange, with a sector breakdown showing finance at 29.42%, industry at 22.95%, and consumer discretionary at 11.71% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December [2]

智通财经7月7日电，今年以来，随着一系列过境免签政策的持续发力，浦东国际机场作为全国最大的空 港口岸，国际航线数量、进出境旅客数量持续增长。7月7日，记者从上海海关了解到，上半年该关已保 障"奇姆肯特—上海""美娜多—上海"等8条新开、复开航线运营；浦东国际机场进出境旅客达1825.74万 人次，同比增长23.44%；进出境航班11.6万余架次，同比增长15.2%。 多条航线新开复开 浦东机场上半年进出境旅客同比增长23% ...

Core Viewpoint - Guangzhou Baiyun International Airport Co., Ltd. reported its operational data for June 2025, showing positive growth in flight operations and passenger throughput, particularly in international routes [1]. Group 1: Flight Operations - The total number of takeoffs and landings for June 2025 was 43,787, representing a year-on-year increase of 9.63%. Cumulatively, the total reached 265,809, up 7.03% [1]. - Domestic flights accounted for 34,190 takeoffs and landings in June, an increase of 8.85%, with a cumulative total of 207,799, reflecting a 4.75% growth [1]. - International flights saw a significant increase, with 9,251 takeoffs and landings in June, up 13.11%, and a cumulative total of 55,781, which is a 16.96% increase [1]. Group 2: Passenger Throughput - The passenger throughput for June 2025 was 6,449,890, marking an 11.74% year-on-year increase, with a cumulative total of 40,035,895, up 9.23% [1]. - Domestic passenger numbers reached 5,105,752 in June, a 10.07% increase, with a cumulative total of 31,847,199, reflecting a 6.19% growth [1]. - International passenger throughput was 1,290,488 in June, showing a robust increase of 19.29%, with a cumulative total of 7,859,241, which is a 23.86% increase [1]. Group 3: Cargo and Mail Throughput - The cargo and mail throughput for June was 204,365.69 tons, representing a 2.38% year-on-year increase, with a cumulative total of 1,168,896.55 tons, up 1.96% [1]. - Domestic cargo throughput was 77,206.18 tons in June, a significant increase of 19.12%, with a cumulative total of 410,916.34 tons, reflecting a 9.48% growth [1]. - International cargo throughput was 121,474.61 tons in June, down 5.56%, with a cumulative total of 721,798.18 tons, which is a decrease of 1.55% [1].

证券代码：600004 证券简称：白云机场 公告编号：2025-032 广州白云国际机场股份有限公司 2025 年 6 月生产经营数据快报 2025 年 7 月 8 日 项目 月度 累计 本月数 同比增长 累计数 同比增长 一、起降架次（架次） 43,787.00 9.63% 265,809.00 7.03% 其中：国内航线 34,190.00 8.85% 207,799.00 4.75% 地区航线 346.00 -1.42% 2,229.00 -2.54% 国际航线 9,251.00 13.11% 55,781.00 16.96% 二、旅客吞吐量（人次） 6,449,890.00 11.74% 40,035,895.00 9.23% 其中：国内航线 5,105,752.00 10.07% 31,847,199.00 6.19% 地区航线 53,650.00 4.41% 329,455.00 3.83% 国际航线 1,290,488.00 19.29% 7,859,241.00 23.86% 三、货邮吞吐量（吨） 204,365.69 2.38% 1,168,896.55 1.96% 其中：国内航线 77,2 ...

《中国民航报》、中国民航网 记者冯智君 通讯员陈阳芷、屈晓萌 报道：为深入贯彻落实中央八项规定 精神，切实转变工作作风、提升服务质量，武汉机场安检站旅检一大队党支部围绕旅客出行"急难愁 盼"问题，主动作为、精准施策。 根据中国民用航空局要求，自2025年6月28日起，"禁止旅客携带没有3C标识、3C标识不清晰、已被召 回型号和批次的充电宝乘坐境内航班"，武汉机场安检站旅检一大队党支部迅速响应，打好"安全标准提 升与服务效能优化"组合拳，确保新规落地见效、服务温暖人心。 闻令而动，支部堡垒火速筑就防线 新规即指令，群众所急即号角。收到上级党委指示后，支部闻令而战，在新规生效前夜召开紧急部署 会，统一全员思想、明确"充电宝检查"专岗职责。从政策学习到现场布置，从塑封袋、"已检"标识等物 料准备到检查处置流程，仅用三小时便完成了新岗位的设置与资源保障，为次日新规的平稳实施抢出关 键期。党支部的凝聚力与组织力，在此刻转化为迅捷高效的执行。 党员冲锋，服务阵地延伸至旅客身前 面对陡增的询问与处置压力，支部党员带头组成突击队，耐心、细致地循环提醒每一位出港旅客提前配 合检查，同步强化导检岗对液态等物品的提前处置，内外协同 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the strong growth in Southeast Asia's e-commerce logistics, particularly benefiting from TikTok Shop's significant GMV growth in Q2 2025, with increases of 93% in Thailand, 145% in Indonesia, 191% in Vietnam, 245% in the Philippines, 211% in Malaysia, and 30% in Singapore [4] - The report notes that the civil aviation sector is entering a peak travel season, with over 21.01 million domestic flight tickets booked in the first month of the summer travel period, indicating a 5.2% increase in flight numbers compared to the previous year [6][7] - The report emphasizes the ongoing demand resilience in the express delivery sector, with major players like SF Express and JD Logistics expected to benefit from cyclical recovery and cost reduction efforts [15] Summary by Sections Express Logistics - TikTok Shop's Q2 2025 GMV growth indicates a robust demand for Southeast Asian express delivery services, with Jitu's market share reaching 28.6% [4] - Shentong plans to deploy 2,000 unmanned vehicles in 2025 to enhance delivery capabilities [5] - JD Logistics has launched a self-developed VAN unmanned light truck, which can save approximately 60% in costs compared to traditional transport [5] Civil Aviation - The civil aviation sector is experiencing a peak in passenger flow, with a significant increase in ticket bookings and expected price hikes for popular routes [6] - The Civil Aviation Administration has established a leadership group to promote the development of general aviation and low-altitude economy [7] - The resumption of aircraft engine exports from the US to China signals a thaw in trade tensions [7] Shipping and Ports - OPEC+ plans to increase oil production by 548,000 barrels per day in August, aiming to regain market share [8] - China Shipbuilding's merger with China Shipbuilding Heavy Industry has been approved, indicating consolidation in the industry [9] - The Shanghai export container freight index has decreased by 5.3%, while oil tanker freight rates have also declined [10][11] Road and Rail - The report notes a slight decrease in toll revenue for Shenzhen Expressway in May, while the overall logistics operations remain stable [14] - National railway freight transport has shown a slight increase, indicating steady logistics performance [14] Overall Market Performance - The A-share transportation index decreased by 0.33% during the week, underperforming the Shanghai Composite Index, which increased by 1.40% [20] - The report provides a detailed breakdown of various sub-sectors, highlighting the performance of express delivery, aviation, shipping, and logistics [22][25][49][55]

Core Viewpoint - The event "Appreciating Mountains, Waters, and Culture" at Jinan Airport successfully transformed the transit area into an immersive cultural experience space, enhancing the perception of Jinan's cultural beauty among travelers [1][3]. Group 1: Cultural Experience - The event featured interactive programs such as "Jade Pipe and Red Memory," "Guqin Playing Ancient Melodies," and "Tea Tasting with Endless Flavor," showcasing the unique charm of Jinan's mountains, waters, and culture [3]. - The interactive segments engaged travelers, with activities like impromptu quizzes leading to the distribution of cultural gifts such as bookmarks, wooden carvings, and model airplanes, creating an immersive cultural experience [3]. Group 2: Transit Service Upgrades - In the context of the "Civil Aviation Service Boosting Consumption Year," Jinan Airport launched the upgraded "Shan City Transfer" service brand, introducing "Thirteen Levels" of transit privileges aimed at providing a worry-free, comfortable, and personalized transit experience [3][7]. - The airport offers various conveniences, including security exemption, luggage handling, free accommodation, and meals, while also introducing specialized services like "Caring Transfer" for specific traveler needs and a "Team Reservation" channel for comprehensive customized services [3][7]. - The "Cultural Tourism Package" allows transit passengers to exchange boarding passes for tickets to Ming Shui Ancient City, enabling them to experience the historical essence of Jinan during layovers, effectively transforming their identity from "transit passengers" to "tourists" [3][7]. Group 3: Future Developments - Jinan Airport aims to continuously innovate and respond to transit travelers' expectations, shifting the experience from "waiting time" to "value creation" [7]. - The airport plans to further develop the "Shan City Transfer" service brand, optimize transit processes, and enrich service offerings to establish itself as a preferred choice for travelers, contributing to differentiated service advantages and high-quality development [7].