Core Viewpoint - Pacific Asset Management Co., Ltd. acquired 72,424,000 shares of the company's A-shares through block trading, increasing its stake from 2.09% to 5.00% in total with China Pacific Life Insurance Co., Ltd. as a concerted actor [1] Group 1 - The total shares held by Pacific Asset Management and China Pacific Life Insurance after the acquisition amount to 124,415,684 shares [1] - The funding for the increased shareholding comes from insurance funds managed by China Pacific Asset Management [1] - There are no restrictions on share rights, and the company does not rule out the possibility of further increasing or decreasing its shareholding within the next 12 months [1]

Core Viewpoint - The report from CICC indicates that Beijing Capital International Airport Co., Ltd. (00694) is currently trading at 0.8 times the 2026 price-to-book ratio, with a target price of HKD 2.9, suggesting a 10% upside potential from the current stock price, maintaining an outperform rating in the industry [1]. Group 1: Company Performance - The company recently released its operational data for the full year of 2025, showing a 5.0% year-on-year increase in passenger traffic, with domestic traffic remaining flat and international traffic increasing by 11%, while the overall civil aviation industry in China saw a 5.5% increase [2]. - The company's performance is slightly weaker than expected, attributed to competition from Daxing Airport and saturated slot capacity, prompting a focus on the slot release situation in 2026 [2]. Group 2: New Duty-Free Contract - A new round of duty-free contracts has been signed, introducing dual duty-free operators, with the new contract set to run from February 11, 2026, to February 10, 2034 [3]. - The new agreement features a "minimum guarantee + commission" model, with the first-year minimum guarantee set at CNY 5.9 billion, slightly higher than the previous contract's CNY 5.6 billion per year, and a 5% commission on sales in the first year, increasing by 1 percentage point each subsequent year [3]. - The static analysis indicates that the new contract's rental level is approximately 10% higher than the previous agreement, despite a lower elasticity of rental to sales, which may incentivize duty-free operators to increase sales volume [3]. Group 3: Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down to CNY -308 million and CNY 122 million, respectively, due to lowered passenger traffic growth assumptions, while a new profit forecast for 2027 is introduced at CNY 458 million, assuming a 5% year-on-year growth in passenger traffic and a high single-digit growth in duty-free average transaction value [4].

上海机场公告称，2026年1月9日，信息披露义务人太保资产通过大宗交易方式，增持公司72,424,000股 A股股份。其合计持股数量由51,991,684股增至124,415,684股，持股比例由2.09%增至5.00%。太保资产 和太保寿险属一致行动人，增持资金源于太保资产受托管理的保险资金。本次权益变动不会使公司控股 股东及实际控制人改变。 ...

Core Viewpoint - Shenzhen Airport is enhancing its service guarantee in preparation for the upcoming Spring Festival travel peak by upgrading its "Easy Security Check" channels with intelligent technology to improve security efficiency and passenger experience [1] Group 1: Upgrade Details - The upgrade involves replacing luggage inspection equipment with hand luggage CT scanners, which is expected to be completed before the Spring Festival [1] - The "Easy Security Check" initiative, first launched by Shenzhen Airport, utilizes advanced technology such as self-service verification gates, facial recognition systems, automatic luggage conveyance, and millimeter-wave body scanners to streamline the security process [1] Group 2: Efficiency Improvements - The new system allows passengers to pass through security without needing to remove items like laptops and umbrellas, reducing the average inspection time to approximately 3 minutes [1] - The T3 terminal's domestic departure area currently features four dedicated "Easy Security Check" channels equipped with the most advanced technology and equipment, leading the nation in usage and efficiency [1]

Group 1 - The article highlights China's significant achievements in infrastructure, social development, and technological innovation over the past 20 years, attributing these successes to its political system and visionary leadership [1][3] - China has built approximately 50,000 kilometers of high-speed rail, connecting over 550 cities and covering more than 97% of cities with populations over 500,000, contrasting sharply with the UK's lack of new high-speed rail projects [2][3] - In the last 20 years, China has constructed around 130 new airports and approximately 150,000 kilometers of new highways, which is nearly double the size of the U.S. interstate highway system [2][3] Group 2 - The article emphasizes that China's political decision-making bodies are diverse, including engineers, economists, and social scientists, which has facilitated large-scale infrastructure projects and a shift towards a service-oriented economy [3] - China has established advantages in key sectors such as wind power and battery technology, while also increasing investment in fundamental research and maintaining a leading position in artificial intelligence, quantum computing, and medical technology [3] - The article notes that China has surpassed the U.S. in the production of high-quality research papers, as indicated by the Nature Index, reflecting its growing emphasis on scientific research [3] Group 3 - China accounts for approximately 30% of global manufacturing and is achieving leadership in an increasing number of high-tech fields, indicating that the 21st century is evolving in favor of China [4]

Core Insights - By 2025, China's total aviation population is expected to exceed 500 million, making it the world's largest aviation population country [1][16] - The number of airports in China with passenger throughput exceeding 10 million is projected to reach 41, with Jieyang Chaoshan Airport making its debut in this category [1][16] - Guangdong province will become the first in the country to have four airports with over 10 million passengers, highlighting the growth of its airport cluster [1][16] Airport Performance - Shanghai Pudong and Guangzhou Baiyun airports are expected to surpass 80 million passengers each in 2025, leading the nation [1][16] - Baiyun Airport's new T3 terminal and fifth runway will increase its capacity to 140 million passengers, surpassing Pudong Airport's planned capacity of 130 million [1][16] - The top five airports by passenger throughput in 2025 will remain unchanged, with Beijing Capital, Shenzhen Bao'an, and Chengdu Tianfu following Pudong and Baiyun [2][17] Emerging Trends - The "5000 million club" will expand to nine members, with Beijing Daxing, Hangzhou Xiaoshan, Shanghai Hongqiao, and Chongqing Jiangbei airports all expected to exceed 50 million passengers [2][17] - The tenth member, Kunming Changshui Airport, is projected to approach this threshold with 49.69 million passengers [2][17] - Some airports, particularly in central and western regions, are experiencing negative growth in passenger throughput, with notable declines at smaller airports [2][17] Cargo Development - Ezhou Airport is focusing on becoming an international air cargo hub, expanding its cargo route network while facing constraints on passenger development [3][17] - In 2025, Ezhou is expected to open 35 new cargo routes, bringing its total to 111, with a cargo throughput of 1.4781 million tons, a year-on-year increase of 44.2% [3][17] Industry Outlook - The data indicates that the Chinese airport industry has achieved "restorative growth" but has not yet reached a balanced development stage [3][18] - The coexistence of improved efficiency at hub airports and survival pressures on smaller airports will be a common theme in the coming years [3][18] - Balancing scale expansion, structural optimization, and public service attributes will be crucial for the quality of the next industry cycle [3][18]

据广州白云国际机场消息，1月22日起，白云机场T1航站楼的所有航司将切换至T3航站楼运营。T1航站 楼未来将进行升级改造。 国内航班方面，自2026年1月22日02:00起，国航、海航等12家国内航司的国内进出港航班业务将调整至 T3航站楼。 国际航班方面，自2026年1月22日11:30起，34家国内外航司的所有国际进出港航班均调整至T3航站楼运 营。 白云机场提示，旅客出发前要仔细留意机场和航司发布的航班及所在航站楼信息，避免走错。（央视新 闻） ...

上海机场1月9日大宗交易平台共发生3笔成交，合计成交量7242.40万股，成交金额21.40亿元。成交价格 均为29.55元，相对今日收盘价折价9.61%。从参与大宗交易营业部来看，机构专用席位共出现在3笔成 交的买方或卖方营业部中，合计成交金额为21.40亿元，净买入21.40亿元。 证券时报·数据宝统计显示，上海机场今日收盘价为32.69元，下跌0.43%，日换手率为0.57%，成交额为 3.79亿元，全天主力资金净流出893.43万元，近5日该股累计下跌0.21%，近5日资金合计净流入6586.60 万元。 1月9日上海机场大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | 业部 | | | 4039.03 | 119353.34 | 29.55 | -9.61 | 机构专 | 国泰海通证券股份有限公司上海长宁 | | | | | | 用 | 区江苏路证券营业部 | | 2089.15 | 61734.38 | 29 ...

（文章来源：证券日报） 证券日报网讯 1月9日，海南机场在互动平台回答投资者提问时表示，截至2025年12月24日，公司已完 成美兰空港2.375亿股内资股过户，已取得美兰空港控制权。目前已进入美兰空港全面要约环节，接纳 要约的最后日期为2026年1月30日，本次全面要约将维持美兰空港的上市地位。同时，在海南自贸港打 造面向两洋航空区域门户枢纽中，海口美兰机场作为全省主航空区域枢纽，实施客货并举发展策略，与 以海口为运营基地的航司形成"枢纽机场＋枢纽运营人"的合作机制，重点拓展全球性大城市航线布局。 公司对美兰空港的长远发展充满信心。 ...

Core Viewpoint - The company has completed the transfer of 237.5 million domestic shares of Meilan Airport and has gained control over it, entering a full tender offer phase that will maintain Meilan Airport's listing status [1] Group 1: Company Developments - As of December 24, 2025, the company will have completed the transfer of 237.5 million domestic shares of Meilan Airport, securing control [1] - The final date for accepting the tender offer is set for January 30, 2026, which will ensure Meilan Airport remains listed [1] Group 2: Strategic Initiatives - The company is focused on developing Haikou Meilan Airport as a major aviation hub in Hainan Free Trade Port, implementing a dual development strategy for passenger and cargo services [1] - There is a collaborative mechanism established between the hub airport and the hub operator, aimed at expanding global city route networks [1] - The company expresses strong confidence in the long-term development of Meilan Airport [1]