Core Insights - The upcoming "May Day" holiday is expected to see a significant increase in passenger traffic at Ningbo Airport, with a forecast of 0.16 million flight operations, representing a 2.8% increase compared to the same period last year [1] - Passenger throughput is projected to reach 230,000, marking a 6.5% year-on-year growth [1] - The peak travel day is anticipated to be May 5, with an estimated single-day passenger flow of 52,000 [1] Domestic Routes - Unlike the short-distance travel trends during the Qingming Festival, long-distance travel is expected to dominate during the "May Day" holiday, with cities like Guangzhou, Guiyang, Chongqing, Beijing, Shenyang, Kunming, and Qingdao being popular destinations [2] - Ningbo Airport is enhancing capacity by increasing flight frequencies to destinations such as Qingdao, Dalian, Jieyang, and Hohhot, and will also deploy wide-body aircraft for flights to Guangzhou and Shenzhen [2] International and Regional Travel - The cross-border tourism market is recovering, with an expected 15,000 inbound and outbound passengers at Ningbo Airport during the holiday, along with 107 international flights, reflecting a year-on-year increase of 7% and 10% respectively [2] - Southeast Asia, Japan, South Korea, and Hong Kong-Macau regions are identified as the top outbound travel destinations for passengers [2] New Services - Starting May 1, Ningbo Airport has launched the "Sunshine Easy Travel" service in collaboration with SF Express, allowing for luggage delivery directly from the airport to hotels and vice versa, enhancing the travel experience for passengers [2] Travel Advisory - Ningbo Airport advises travelers to plan their arrival times accordingly due to expected high passenger volumes, recommending arrival 2 to 3 hours before flight departure [3] - Passengers are encouraged to check weather conditions at both departure and arrival locations due to frequent thunderstorms and convective weather across the country [3]

Core Insights - Xiamen Airport (600897.SH) reported a total operating revenue of 1.882 billion yuan for 2024, marking an increase of 186 million yuan compared to the previous year, achieving a 10.98% year-on-year growth [1] - The net profit attributable to shareholders reached 431 million yuan, ranking 6th among disclosed peers, with a year-on-year increase of 77.16 million yuan, reflecting a 21.80% growth [1] - The net cash inflow from operating activities was 702 million yuan, up by 88.73 million yuan from the previous year, representing a 14.47% year-on-year increase [1] Financial Ratios - The latest debt-to-asset ratio stands at 17.51%, ranking 1st among disclosed peers, a decrease of 1.39 percentage points from the previous year [3] - The gross profit margin is 32.46%, also ranking 1st among peers, with a slight decrease of 0.05 percentage points year-on-year [3] - The return on equity (ROE) is 9.65%, ranking 3rd among peers, with an increase of 1.12 percentage points compared to the previous year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share (EPS) is 1.03 yuan, ranking 2nd among peers, with an increase of 0.19 yuan year-on-year, reflecting a 21.80% growth [3] - The total asset turnover ratio is 0.34 times, an increase of 0.01 times from the previous year, representing a 2.91% year-on-year growth [3] - The inventory turnover ratio is 2096.36 times, ranking 1st among peers, with a significant increase of 525.91 times year-on-year, reflecting a 33.49% growth [3] Shareholder Structure - The number of shareholders is 16,900, with the top ten shareholders holding 307 million shares, accounting for 73.57% of the total share capital [3] - The largest shareholder, Xiamen Xiangye Group Co., Ltd., holds 68.00% of the shares [3]

《中国民航报》、中国民航网 记者胡夕姮 通讯员秦粲 报道：4月23日至28日，民航江苏监管局对无锡 硕放机场跑道维修工程停航施工开展全过程督导检查，以协调解决机场施工和后续运行中的难点问题， 确保无锡硕放机场运行安全。 自无锡硕放机场申请开展跑道维修工程施工以来，江苏监管局高度重视，积极参与机场施工方案的制定 与评审，组织召开施工管理方案专家评审会。4月23日，监管局成立了安全检查组，以主要负责人郑学 荣为组长、分管副局长为副组长、各处室监察员为组员，进驻无锡机场开展全程督导检查，确保机场施 工安全和按期复航。 （江苏监管局供图） 停航施工期间，监管局检查组全程驻场，深入现场核查飞行区内施工进展，重点检查安全生产、车辆人 员管理、标志标识设置、人员培训及管控措施落实情况。在机场复航前，检查组听取了无锡机场及相关 驻场单位恢复开放使用前准备情况，审阅了安全风险评估报告，重点检查了机场飞行区场道、助航设 施、鸟击防范、跑道防侵入、空管运行、安检消防等工作，确保无锡机场各项准备工作符合要求，具备 安全复航条件。 在监管局的督导下，无锡机场于4月27日18时正式复航。4月28日凌晨，监管局检查组再次对无锡机场早 出港 ...

广州日报讯（全媒体记者李妍、杨欣通讯员机场宣摄影报道）"五一"假期叠加广交会，随着客商商务出 行以及"五一"假期家庭出境游逐渐升温，白云机场客流呈现进出两旺，国际及地区旅客、中转旅客客流 增幅明显。 据白云边检站预测，今年"五一"假期期间，白云机场口岸或现多时段客流高峰。预计假期口岸日均客流 量约为5万人次、峰值或将超过5.3万人次。 为保障"五一"假期中转客流高峰，目前，白云机场11处中转等候及休息区已完成全面升级，部分休息区 提供免费简餐服务，实际解决长时间中转旅客候机需求。服务方面，推出8大中转权益，包括无感中 转、行李免提、专人接机、免费寄存、商业优惠、住宿优惠等，让旅客实实在在享受到在广州中转的便 利。 据了解，白云机场宠物航站楼5月1日正式启用，开创全国机场先河。随着"五一"假期的临近，白云机场 宠物航站楼陆续接到寄养预约订单。 全新启用的宠物航站楼位于白云机场一号航站楼29号门对面。集成了宠物航空出行所需的检疫订票代 办、托运、携宠值机、寄养酒店等各项服务。 携宠出行温馨提醒 白云机场提醒，"五一"假期出行，如果携带宠物，除了提前预约办理相关手续外，乘机当天还需要留意 带好宠物检验检疫证明、疫苗 ...

Core Insights - The domestic and international aviation market demand remains strong during the "May Day" holiday period from May 1 to May 5, with the Eastern Airport Group expecting peak passenger and flight volumes since the second quarter began [1] Group 1: Domestic Aviation Market - The Eastern Airport Group anticipates a total passenger throughput of 738,000 during the holiday, representing a 10% year-on-year increase [1] - Daily peak passenger flow is expected to exceed 155,000, setting a historical high for the same period [1] - Key domestic routes such as Guangzhou, Shenzhen, and Chengdu are experiencing robust demand, with tourist routes to Sanya, Haikou, and Lijiang seeing increased popularity [8] Group 2: Airport Operations and Services - Various airports are enhancing services and increasing flight frequencies to popular tourist destinations, such as Nanjing Airport adding flights to Sanya and Dalian, and Xu Zhou Airport expecting over 90% seat occupancy on flights to Guangzhou and Haikou [8][9] - Special services are being implemented at airports, including volunteer assistance at check-in and security areas, and tailored services for children and special needs passengers [9] Group 3: International and Regional Travel - The easing of entry and transit visa policies, along with instant tax refund options, is expected to boost inbound and outbound passenger flow during the holiday [8] - Popular international destinations for travelers remain concentrated in Japan, South Korea, Hong Kong, Macau, and Southeast Asia [8]

白云机场（600004）公告，2025年第一季度营收为18.22亿元，同比增长9.52%；净利润为2.96亿元，同 比增长57.71%。 ...

厦门空港（600897）公告，2025年第一季度营业收入4.88亿元，同比增长6.89%。净利润1.26亿元，同 比增长4.10%。 ...

（本文图片均由民航华东地区管理局提供） 《中国民航报》、中国民航网 记者胡夕姮 报道：为进一步深化长三角民航机场协同发展党建联席会建 设和成员单位间联建交流，服务上海国际航空枢纽高质量发展，4月24日，民航华东地区管理局与上海 机场集团签署干部人才交流合作协议，聚焦人才共育、能力共建、资源共享等方面开展合作。 签约仪式上，民航华东地区管理局党委书记姜春水，党委副书记、纪委书记孙莹，上海机场集团党委书 记、董事长冯昕，党委副书记、工会主席陈雪强等出席活动。双方围绕干部人才挂职锻炼、业务能力提 升和经验互学互鉴等内容进行了深入交流，并表示将进一步强化人才培养和业务协同，助力上海国际航 空枢纽建设与行业治理能力的现代化。 双方将以此次协议签约为契机，深入落实长三角民航机场协同发展党建联席会工作机制，在安全与发展 的业务实践和干部人才队伍培养建设中，做到"同题共答、不分你我"，为区域协同发展注入新的动能， 为加快建设世界一流航空枢纽和上海国际航运中心提供坚强的人才支撑。（编辑：李佳洹 校对：陈虹 莹 审核：程凌） 此次合作协议的签署，是双方聚焦民航高质量发展要求，贯通"选育管用"干部人才建设全链条的重要举 措。协议将 ...

Core Viewpoint - The Shanghai Pudong International Airport has implemented a significant upgrade to its shared rest areas for outdoor workers, enhancing their working conditions and operational efficiency through improved facilities and services [1][10]. Group 1: Shared Rest Areas Implementation - The first shared rest area at Pudong Airport was opened in December 2021, providing 24-hour access for outdoor workers [1]. - A total of five shared rest areas have been established across the airport, strategically located to minimize travel distance for workers, thus improving their rest time and operational efficiency [2][3]. - The upgraded rest areas include various amenities such as seating, air conditioning, refrigerators, microwaves, and charging stations, adhering to a "6+N" standard for facilities [5][9]. Group 2: Management and Operations - The management of the shared rest areas involves regular inspections and maintenance to ensure cleanliness and functionality, with daily checks and updates on supplies [9][11]. - A "service-feedback" loop has been established, allowing workers to provide input on their needs and experiences, fostering a sense of ownership and community involvement in the upkeep of the facilities [11]. Group 3: Cultural and Safety Initiatives - The shared rest areas serve multiple purposes, including cultural promotion and safety education, with features like safety knowledge videos and interactive platforms for worker engagement [7][10]. - The airport has integrated safety training sessions within the rest area framework, promoting a culture of safety among the workers [10]. Group 4: Broader Impact and Recognition - The initiative has been recognized as a significant project for public welfare in Shanghai, contributing to the overall well-being of over 30,000 airport staff [11]. - The upgrades are expected to enhance the operational readiness of workers, especially during peak travel seasons, thereby supporting smoother flight operations and passenger experiences [11].

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company is experiencing a gradual recovery in profitability, with a focus on exploring non-aeronautical revenue potential [1][4] - The company has shown strong cost control, leading to a significant increase in net profit [2][3] - Future growth is expected from steady increases in airport traffic, although the recovery of duty-free sales remains uncertain [1][4] Financial Performance Summary - In Q1 2025, the company's revenue reached 3.172 billion RMB, a year-on-year increase of 4.7%, while net profit attributable to shareholders was 519 million RMB, up 34.5% [1][2] - For the year 2024, the company reported revenue of 12.369 billion RMB, a 12.0% increase, and net profit of 1.934 billion RMB, which is a 107.0% increase, largely due to compensation from land acquisition [1][3] - The company’s operating costs remained stable, contributing to a gross profit increase of 19.9% in Q1 2025 [2] Revenue and Profit Forecast - The company’s revenue is projected to grow from 11.047 billion RMB in 2023 to 15.703 billion RMB in 2027, with a compound annual growth rate of approximately 6.14% [5] - Net profit attributable to shareholders is expected to increase from 934 million RMB in 2023 to 3.386 billion RMB in 2027, reflecting a strong growth trajectory [5] - The earnings per share (EPS) is forecasted to rise from 0.38 RMB in 2023 to 1.36 RMB in 2027 [5] Valuation - The target price for the company is set at 37.00 RMB, based on a discounted cash flow (DCF) analysis [4][6] - The valuation reflects a weighted average cost of capital (WACC) of 10.4% and a perpetual growth rate of 2.0% [4][5]