星标 ★ IPO日报 精彩文章第一时间推送 近期，海南机场设施股份有限公司（600515.SH，下称"海南机场"）发布公告，拟以自有及/或自筹资金，收购海南美兰国际空港股份有限公司 （00357.HK，下称"美兰空港"、"标的公司"）2.38亿股，约占总股份的50.19%。 随着二者身份由"兄弟公司"转变为"母子公司"，海南自贸港航空资源整合迈出关键一步，在2025年自贸港封关运作的背景下，通过进一步优化机场资本配 置和提升运营效率，为海南自贸港的对外开放与发展提供强有力的支撑。 制图：佘诗婕 "A+H" 回溯历史，海南机场与美兰空港原属海航集团旗下资产。 2021年海航破产重整后，海南省国资委通过海南省发展控股有限公司（下称"海发控"）接手机场板块，成为海南机场和美兰空港的共同实控人。 不过，虽同属于海南省国资委旗下，但二者此前为独立运营的"兄弟公司"。 具体来看，海南岛内共有三大民航机场，分别为海口美兰机场、三亚凤凰机场、琼海博鳌机场。其中，海口美兰机场的主体上市公司为美兰空港，而后两 者背后的上市公司为海南机场，因此不可避免的存在同业竞争和资源分散问题。 而此次收购后，海南机场将实现对于海南岛内三大机场 ...

Core Viewpoint - Hainan Airport Facilities Co., Ltd. plans to acquire 238 million shares of Hainan Meilan International Airport Co., Ltd., representing 50.19% of total shares, marking a significant step in the integration of aviation resources in Hainan Free Trade Port [1][3] Group 1: Acquisition Details - The acquisition will transition Hainan Airport and Meilan Airport from "brother companies" to a "parent-subsidiary" relationship, enhancing operational efficiency and capital allocation [1][3] - The total transaction price for the acquisition is 2.339 billion yuan, equivalent to 9.85 yuan per share [3] - Following the share transfer, Hainan Airport will initiate a comprehensive tender offer for the remaining domestic shares and all H shares at a price of 10.62 HKD per share, while maintaining Meilan Airport's listing status [4] Group 2: Historical Context - Both companies were previously under HNA Group, and after HNA's bankruptcy restructuring in 2021, they became jointly controlled by Hainan Provincial State-owned Assets Supervision and Administration Commission [3] - Hainan Island has three major civil aviation airports, and the acquisition aims to eliminate competition and resource fragmentation between Hainan Airport and Meilan Airport [3] Group 3: Financial Performance - In 2024, Hainan Airport reported a revenue of 4.368 billion yuan, a decrease of 35.4% from 2023, with a net profit of 459 million yuan, down 52.2% [6] - The company has been focusing on "de-real estate" strategies, reducing the proportion of real estate revenue from 62.76% in 2020 to 24.82% in 2021, while increasing airport business revenue from 21.21% to 34.93% in the same period [8] - The airport management business revenue is expected to further increase post-acquisition, leading to a classification adjustment to "air transportation industry" [9] Group 4: Meilan Airport's Financial Situation - Meilan Airport reported a revenue of 2.171 billion yuan in 2024, a 4.07% increase from 2023, but a net loss of 381 million yuan, worsening from a loss of 136 million yuan in the previous year [10]

Core Viewpoint - The company is launching a themed promotional activity "Spring Meeting and Spring Outing" to boost consumer spending and support high-quality development in the consumption market by providing various discounts and benefits through credit card services [1] Group 1: Consumer Spending Initiatives - The company is increasing its focus on service consumption by responding to national policies aimed at promoting consumption, launching a series of promotional activities to stimulate growth in sectors like tourism and dining [1] - The "Spring Meeting and Spring Outing" event offers discounts across multiple consumer sectors, including hotel stays, scenic tickets, and dining, enhancing the overall service ecosystem to drive consumption growth [1] Group 2: Travel and Accommodation Offers - The company has integrated resources for travel through the "Weekend Travel with Guangfa" platform, providing a one-stop solution for consumers to book tickets, hotels, and scenic spots, with discounts up to 200 yuan available [2] - Partnerships with airlines such as China Southern Airlines and China Eastern Airlines offer installment and discount promotions, allowing consumers to save up to 158 yuan on flight tickets [2] - For international travel, using the company's credit card can yield significant benefits, including a chance to receive a free ticket to Universal Studios Singapore or a 500 yuan travel coupon when purchasing flights to Singapore [2] Group 3: Dining and Shopping Promotions - The company has launched the "Friday 50% Off Meal Ticket" initiative in various cities, focusing on the mid-to-high-end dining market, with discounts available at hundreds of quality restaurants [3] - In the Guangfa Mall, consumers can enjoy up to 50% off on outdoor camping products, providing additional savings for spring outings and leisure shopping [3] - The company aims to support the national strategy for boosting consumption by innovating service models and enhancing the consumer experience during key spending periods [3]

天眼查App显示，近日，全域（深圳）航空科技有限公司成立，法定代表人为钱富荣，注册资本1000万 人民币，由全域通用航空（杭州）有限公司全资持股。 序号股东名称持股比例1全域通用航空（杭州）有限公司100% 经营范围含智能无人飞行器销售；国内货物运输代理；民用航空材料销售；智能无人飞行器制造；服务 消费机器人制造；智能机器人的研发；机械电气设备制造；机械电气设备销售；运输设备租赁服务；航 空运输货物打包服务；航空运输设备销售；软件开发；卫星导航服务；卫星导航多模增强应用服务系统 集成；信息系统集成服务；人工智能行业应用系统集成服务；技术服务、技术开发、技术咨询、技术交 流、技术转让、技术推广；科技中介服务；航空运营支持服务；航空商务服务；广告制作；广告发布； 广告设计、代理；会议及展览服务；票务代理服务；体育赛事策划；科普宣传服务；计算机软硬件及辅 助设备批发；计算机软硬件及辅助设备零售；计算机软硬件及外围设备制造；计算机系统服务。（除依 法须经批准的项目外，凭营业执照依法自主开展经营活动） 企业名称全域（深圳）航空科技有限公司法定代表人钱富荣注册资本1000万人民币国标行业交通运输、 仓储和邮政业>航空运输 ...

来源：金融界 经营范围含技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；智能无人飞行器制造； 智能无人飞行器销售；智能物料搬运装备销售；电机制造；电机及其控制系统研发；智能仪器仪表制 造；智能仪器仪表销售；民用航空材料销售；高速精密重载轴承销售；超材料销售；智能基础制造装备 销售；高性能密封材料销售；智能机器人销售；销售代理；信息系统集成服务；大数据服务；软件开 发；人工智能应用软件开发；人工智能通用应用系统；人工智能理论与算法软件开发；人工智能公共服 务平台技术咨询服务；人工智能公共数据平台；智能机器人的研发；航空运营支持服务；新材料技术研 发；工程和技术研究和试验发展；新材料技术推广服务；发电机及发电机组制造；新兴能源技术研发； 新兴软件和新型信息技术服务；工业设计服务；信息咨询服务（不含许可类信息咨询服务）。（除依法 须经批准的项目外，凭营业执照依法自主开展经营活动） 天眼查App显示，近日，深翼智航（深圳）科技有限公司成立，法定代表人为雷智群，注册资本1000万 人民币，深圳市中裕冠投资发展有限公司、河南网盛信息科技有限公司持股。 企业名称深翼智航（深圳）科技有限公司法定代表人雷智群注册资 ...

经营范围含技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；数据处理和存储支持服 务；工程管理服务；交通安全、管制专用设备制造；航空运输设备销售；运输设备租赁服务；紧急救援 服务；以自有资金从事投资活动；环境保护监测；生态资源监测；智能无人飞行器制造；智能无人飞行 器销售；会议及展览服务；航空商务服务；体育赛事策划；科普宣传服务；园区管理服务；5G通信技 术服务；电子产品销售；物联网技术研发；人工智能行业应用系统集成服务；软件开发；信息系统集成 服务；工程技术服务（规划管理、勘察、设计、监理除外）；企业管理咨询；信息技术咨询服务；公共 安全管理咨询服务；气象信息服务；卫星通信服务；信息系统运行维护服务；航空运营支持服务；计算 机软硬件及辅助设备批发；网络与信息安全软件开发。（除依法须经批准的项目外，凭营业执照依法自 主开展经营活动） 企业名称北斗星航（深圳）低空产业控股有限公司法定代表人刘晓方注册资本1000万人民币国标行业交 通运输、仓储和邮政业>航空运输业>航空客货运输地址深圳市罗湖区笋岗街道田心社区梨园路与梅园 路交汇处东北侧深业泰富广场B座608企业类型有限责任公司（法人独资）营业期限202 ...

Core Viewpoint - The acquisition of Hainan Meilan International Airport by Hainan Airport is a strategic move to enhance the airport's core business and capitalize on the opportunities presented by the Hainan Free Trade Port's development, aiming to create a robust aviation hub and improve investor returns [1][3][12]. Group 1: Acquisition Details - Hainan Airport announced the acquisition of 50.19% of Hainan Meilan International Airport for 2.339 billion yuan, with plans for a comprehensive takeover to maintain its listing status [1][4]. - The acquisition is expected to consolidate core assets and optimize aviation resource allocation, potentially reshaping the airport industry in Hainan and China [3][4]. Group 2: Operational Synergies - The merger will allow for unified management of Hainan's three major airports, increasing annual passenger throughput to over 50 million, enhancing the region's status as a significant aviation hub [4][9]. - The integration will eliminate related party transactions, improve operational efficiency, and enable coordinated route planning to reduce competition among airports [6][9]. Group 3: Financial Implications - Post-acquisition, Hainan Airport's revenue from airport management is projected to exceed 60%, facilitating a shift from real estate to aviation transportation classification [7][12]. - Hainan Meilan International Airport will benefit from improved financial stability, allowing for infrastructure upgrades and better credit ratings, which will lower financing costs [8][12]. Group 4: Strategic Development - The acquisition aligns with the Hainan Free Trade Port's goal of enhancing infrastructure control and facilitating smoother customs operations [9][10]. - Future developments will focus on diversifying business operations, including low-altitude economy, aviation logistics, and high-end manufacturing, leveraging the strengths of both airports [10][11]. Group 5: Market Positioning - The merger positions Hainan Airport to become a key player in the national aviation market, enhancing its competitive edge and ability to attract international business [9][12]. - The strategic focus on airport operations and duty-free business is expected to create a unique flow entry point for the Hainan Free Trade Port, maximizing policy benefits [11][12].

Core Viewpoint - The manufacturing Purchasing Managers' Index (PMI) in April dropped to 49%, indicating a contraction, while the non-manufacturing business activity index and the composite PMI output index remained in the expansion zone at 50.4% and 50.2% respectively, reflecting a stable economic foundation despite external uncertainties [1][5]. Manufacturing Sector - The manufacturing PMI decreased by 1.5 percentage points in April, attributed to external environmental changes and seasonal factors, as March is typically a peak season for manufacturing [1][2]. - The new orders index for manufacturing was significantly higher than the new export orders index, indicating stable domestic demand despite a decline in export orders [2]. - High-tech manufacturing sectors continued to expand, showing resilience in production activities [5]. Non-Manufacturing Sector - The non-manufacturing PMI stood at 50.4%, down 0.4 percentage points from the previous month, but still indicating stable expansion [3]. - The construction sector showed robust activity, particularly in infrastructure, with the civil engineering business activity index rising over 5 percentage points to above 60% [3]. - Consumer sectors, including travel and leisure, experienced increased activity, with indices for air transport and entertainment rising above 55% and 51% respectively [3]. Economic Outlook - The composite PMI output index was at 50.2%, down 1.2 percentage points, but still above the critical point, indicating overall production expansion [5]. - Experts suggest that despite short-term disruptions from global uncertainties, the economic foundation remains solid, supported by a large domestic market and effective policy measures [2][4]. - The business activity expectation index for non-manufacturing remained high at over 56%, reflecting optimism among enterprises regarding future market conditions [4][6].

中国银河证券宏观经济研究 文/中国银河证券首席宏观分析师 张迪 、 中国银河证券宏观经济分析师助理 铁 伟奥 国 家 统 计 局 最 新 数 据 显 示 ， 2 0 2 5 年 4 月 份 ， 我 国 制 造 业 采 购 经 理 指 数 （PMI）为4 9 . 0%（前值50 . 5%），美国滥施关税影响初现。不过4月政 治局会议已经给出三大重要信号：一是保持国内储备政策的弹性；二是强 化底线思维，着力稳就业、稳企业、稳市场、稳预期；三是加紧加快既定 政策的落实落地，加大加力重点领域的政策实施力度。 以下文章来源于中国银河宏观 ，作者中国银河宏观 中国银河宏观 . 国家统计局4月30日发布数据显示，2025年4月份，制造业采购经理指数（PMI）为49.0%（前值50.5%）。建筑业商务活动指数为51.9%，比上月下降1.5个百 分点；服务业商务活动指数为50.1%，比上月下降0.2个百分点。关税的影响已全面传导至制造业企业。 供需同时收缩，出口影响较为严峻。 4月生产指数49.8%（前值52.6%）。新订单指数49.2%，新出口订单44.7%，分别下降2.6和4.3pct。4月需求下降较大， 尤其是新出口订单 ...

Group 1 - The core point of the news is that Hainan Airport plans to acquire a controlling stake in Hainan Meilan International Airport Co., Ltd. for RMB 2.339 billion, which will enhance its position as a major player in the airport industry and support its strategic focus on airport operations [1][2][4] - After the acquisition, Hainan Airport will hold at least 50.19% of Meilan Airport's shares, making it the controlling shareholder and marking a significant step towards a more integrated airport operation model [1][2] - The acquisition aligns with Hainan Airport's strategy to reduce its reliance on real estate, with airport management revenue expected to exceed 60% of total revenue post-transaction, facilitating a shift from real estate to aviation industry classification [2][4] Group 2 - Hainan Airport aims to leverage the historical opportunity of the Hainan Free Trade Port's upcoming customs closure by enhancing its airport operations and integrating resources across three major airports on the island [3] - The company plans to expand its international flight routes significantly, targeting 90 routes by 2025, which will increase international passenger throughput to 2.4 million, thereby attracting more businesses to the region [3] - The integration of airport resources will create a unique flow entry point for "airport + duty-free" operations, maximizing the benefits from the Free Trade Port policies [3] Group 3 - Hainan Airport emphasizes value management and has implemented a value management system to enhance investor returns, including a recent share buyback and the resumption of annual profit dividends [4] - The acquisition of Meilan Airport is a key component of the company's value management strategy, responding to market expectations for airport consolidation and enhancing its operational scale and competitiveness [4] - The transaction is expected to improve the company's revenue and asset scale, further focusing on its core airport operations and supporting the development of the Hainan Free Trade Port [4]