Core Insights - Xiamen Gaoqi International Airport has launched an integrated "Aviation + Sports Events" service during the Sudirman Cup, enhancing convenience for athletes, referees, and spectators [1][3] - The service includes check-in at hotels, baggage direct transfer, and flight inquiries, allowing for a seamless travel experience post-event [1][3] Service Implementation - The check-in service is available at designated hotel areas, allowing athletes to check in easily and have their luggage prioritized for loading [3] - Travelers can check in up to 48 hours in advance, covering 27 airlines including Air China and China Eastern Airlines [3][4] Customer Experience - Over a thousand groups of travelers, including athletes and fans, have utilized this service, ensuring a "zero-error" experience [4] - Travelers have expressed satisfaction with the service, highlighting the convenience of checking in luggage at the hotel and having more time for leisure activities [4] Cultural Integration - The airport has incorporated local cultural elements into the service, such as providing Minnan-style refreshments in the check-in waiting area, enhancing the overall customer experience [4] Future Plans - Xiamen Airport aims to expand its "pre-service" ecosystem, planning to include various events and customized services to improve traveler experiences [4]

在提升旅客出行体验方面，海南机场持续擦亮旅客服务"金字招牌"，大力推广海口美兰"五星"机场 服务标准，积极主动协调机场周边交通秩序。同时，以旅客需求为导向，主动发布航班、气象、余票等 资讯，及时回应旅客关切。 同比增长9.2% 海南日报海口5月6日讯(海南日报全媒体记者 邵长春 通讯员 许薇)海南日报全媒体记者5月6日从 海南控股旗下海南机场集团获悉，今年"五一"期间(5月1日至5日)，该公司旗下11家机场交出亮眼成绩 单，其中海南岛内海口美兰、三亚凤凰、琼海博鳌三大机场累计完成航班起降4615架次、旅客吞吐量 71.4万人次，同比分别增长4.8%、9.2%，为海南文旅市场发展注入强劲动能。 其中，海口美兰机场累计旅客吞吐量39.1万人次，同比增长2.5%;三亚凤凰机场累计旅客吞吐量31.6 万人次，同比增长超19%。 出入境客流量在"五一"假期也迎来显著增长。海口美兰、三亚凤凰机场累计完成境外航班起降221 架次、旅客吞吐量3.4万人次，同比分别增长3.8%、47%。其中，三亚凤凰机场累计完成境外航班起降 80架次，旅客吞吐量1.4万人次，同比分别增长74%、102%，出入境游客热情持续升温。 岛内三大机场 ...

Core Viewpoint - Zhangjiajie Lotus International Airport has introduced five innovative service measures to enhance passenger travel experience during the peak travel period of the May Day holiday, ensuring a worry-free journey from check-in to boarding [1][9]. Group 1: Efficient Check-in Services - The airport has established a "No Checked Baggage Counter" at the B check-in island, allowing travelers without checked luggage to complete check-in quickly, promoting an "arrive and go" efficient travel experience [1]. - The "Le Xiang Yong" service platform enables travel agencies and tour guides to pre-book team check-in services, allowing them to skip queues and receive boarding passes in advance. Since the start of the flight season, 237 teams and 4,019 passengers have benefited from this service [3]. Group 2: Streamlined Security Checks - To improve efficiency during peak times, the airport has increased early morning staff and opened additional security check channels 30 minutes earlier. A pre-check area for luggage has also been established to assist passengers in ensuring compliance with carry-on regulations [5][6]. - Special assistance is provided for travelers with large luggage, mobility issues, and vulnerable groups such as the elderly, children, and pregnant women, with dedicated personnel to help with luggage retrieval and priority boarding [5]. Group 3: Volunteer Services - A volunteer service team composed of party members and youth league members is actively providing assistance in key areas such as check-in halls, security checkpoints, and boarding areas, offering help with travel procedures, route guidance, inquiries, and maintaining order [8]. - During peak times, the team enhances crowd management to reduce waiting times, embodying the concept of "service with warmth" [8].

Report Title - "The Divergence of Long - Short Term Spreads - Credit Spread Weekly Report (5/4)" [1][6] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - From April 27th to April 30th, most bond yields declined. For 0.5 - 1Y industrial bonds, commercial bank second - tier capital bonds, securities company subordinated bonds, and securities company perpetual bonds, most yields dropped by over 2bp; for 0.5 - 1Y urban investment bonds and commercial financial bonds, most yields decreased by over 1bp; for 2Y industrial bonds and commercial financial bonds, most yields declined by over 1bp; the 2Y securities company subordinated bond yield rose by over 2bp; and the 3 - 5Y commercial financial bond yield dropped by over 2bp. Regarding credit spreads, the 0.5Y industrial bonds and commercial bank second - tier capital bond credit spreads mostly narrowed by over 5bp; the 1Y commercial bank second - tier capital bond credit spread narrowed by over 3bp; the 2Y securities company subordinated bonds and securities company perpetual bond credit spreads widened by over 3bp; and the 5Y urban investment bonds and industrial bond credit spreads mostly widened by over 2bp [2][6] Summary by Relevant Catalogs Yield and Spread Overview Yield and Spread of Each Maturity - Treasury bond yields at 0.5Y, 1Y, 2Y, 3Y, and 5Y were 1.47%, 1.46%, 1.45%, 1.48%, and 1.52% respectively, with weekly changes of - 3.5bp, 0.9bp, - 2.2bp, - 2.5bp, and - 2.2bp. Their historical quantiles were 11.9%, 13.2%, 8.7%, 6.2%, and 3.9% respectively. Similar data for other bond types such as national development bonds, local government bonds, etc., are also presented in detail [14] Credit Spread and Its Changes for Each Maturity - The 0.5Y, 1Y, 2Y, 3Y, and 5Y credit spreads of local government bonds were -, 12.01bp, 13.93bp, 14.34bp, and 14.37bp respectively, with weekly changes of -, 0.1bp, 0.2bp, - 1.5bp, and - 2.8bp. Their historical quantiles were -, 44.9%, 43.7%, 45.1%, and 38.6% respectively. Similar data for other bond types are also provided [16] Credit Bond Yields and Spreads by Category (Hermite Algorithm) Urban Investment Bonds by Region - In terms of yields, from April 27th to April 30th, most provincial urban investment bond yields declined. For example, the 5Y Guizhou urban investment bond yield dropped by about 35bp. In terms of credit spreads, the 0.5 - 1Y urban investment bond credit spreads mostly narrowed; the 2Y urban investment bond credit spreads mostly widened; the 3 - 5Y urban investment bond credit spreads showed differentiation, with the 3 - 5Y Guizhou urban investment bond credit spreads narrowing significantly [7] Industrial Bonds by Industry - From April 27th to April 30th, industrial bond yields generally declined. The 0.5 - 1Y industrial bond credit spreads generally narrowed, the 2 - 3Y industrial bond credit spreads showed differentiation, and the 5Y industrial bond credit spreads generally widened [7] Financial Bonds by Subject - From April 27th to April 30th, financial bond yields generally declined, with the 5Y city commercial bank second - tier capital bond yield dropping by about 55bp. The 0.5 - 1Y financial bond credit spreads generally narrowed, and the 2 - 5Y financial bond credit spreads showed differentiation [7] Credit Bond Yields and Spreads by Category (Balance Average Algorithm) Urban Investment Bonds by Region - Based on the balance average algorithm, from April 27th to April 30th, the 5Y Yunnan urban investment bond could target a return of over 3.2%, and the 5Y Qinghai urban investment bond could target a return of 3.0% or more. The 5Y Yunnan urban investment bond credit spread was significantly higher than that of medium - and short - term bonds, with high riding returns [8] Real Estate Private Enterprise Bonds - From April 27th to April 30th, the yields of real estate private enterprise bonds at all maturities were higher than those of other bond types, and the 0.5 - 1Y real estate private enterprise bond yields dropped by over 17bp [8] Financial Bonds - From April 27th to April 30th, the financial bond credit spreads generally narrowed, and the 3 - 5Y private securities company subordinated bonds could target a return of 4.7% or more [8]

Summary of Conference Call Notes Industry Overview Chemical Industry - In 2024, the chemical sector's revenue decreased by 2.7% year-on-year, with net profit down by 4.3%, but showed a significant quarter-on-quarter growth of 180% [1][4] - Sub-sectors performing well include tires and synthetic leather, while potassium fertilizer and oil trading faced challenges [1][4] - In Q1 2025, growth was observed in fiberglass, modified plastics, and potassium fertilizer, while soda ash, petrochemicals, and polyurethane remained under pressure [1][5] - Key factors affecting the tire sector include raw material price fluctuations and overseas tariff risks [6] Power Industry - In 2024, electricity consumption growth was relatively high, with a 6.7% increase, but Q1 2025 saw limited impact from temperature changes [11] - Thermal power profitability improved due to declining coal prices, although profits remained stable due to electricity price and consumption limits [11][13] - Wind power generation increased by 15.7% in 2024, but utilization hours decreased; solar power competitiveness significantly improved with a 45.3% year-on-year growth in Q1 2025 [14] - Recommendations include focusing on leading companies in renewable energy such as China Yangtze Power and Longyuan Power [1][22] Real Estate Industry - The real estate sector is in a contraction phase, with many companies experiencing declines in cash short-term debt ratios and net debt ratios [24] - Central and state-owned enterprises hold a significant share of net profits, but most real estate companies saw declines in net profits [25] - There is potential for recovery in housing transaction volumes, particularly in first-tier and some second-tier cities, with recommendations for improvement-oriented companies like Binjiang Group and Greentown China [28] Transportation Industry - The transportation sector saw revenue and net profit growth in 2024, driven by increases in shipping, aviation, and express delivery [29] - The express delivery sector experienced a significant volume increase of 21.5% in 2024, with continued growth of 21.6% in Q1 2025, despite ongoing price competition [30] - The aviation sector showed a notable profit increase in 2024, but Q1 2025 saw a return to losses, with significant performance from Huaxia Airlines [31] Non-ferrous Metals - In Q1 2025, the copper sector's revenue decreased by 7.8%, but net profit increased by 22% quarter-on-quarter [36] - The aluminum sector faced a revenue decline, but profits improved due to falling prices of alumina [36] - Investment recommendations focus on defensive strategies, prioritizing precious and energy metals [36] Key Insights - The chemical sector is experiencing mixed performance across sub-sectors, with a focus on raw material costs and demand fluctuations [1][6] - The power industry is transitioning towards renewable energy, with significant growth in solar and wind sectors [14][22] - The real estate market is stabilizing, with potential recovery in specific urban areas, highlighting the importance of cash flow management [24][28] - The transportation sector is benefiting from increased demand, particularly in express delivery, despite competitive pricing pressures [30][32] - Non-ferrous metals are facing challenges from tariffs and supply-demand imbalances, with a cautious investment outlook [36]

中国机场行业或将迎来新的变局。 日前，海南机场（600515）(600515.SH)发布公告，拟出资23.39亿元收购海南美兰国际空港股份（600463）有限公 司(以下简称"美兰空港"或"标的公司")约2.38亿股内资股股份。 美兰空港是一家港股上市公司。上述交易完成后，海南机场还将对标的公司全部已发行内资股、H股进行全面收 购要约，拟维持美兰空港的上市地位。 美兰空港处于亏损状态。2023年、2024年，其合计亏损5.17亿元。这两年，海南机场的归属于母公司股东的净利 润(简称"归母净利润")持续下降，今年一季度延续了下滑势头。 为何要收购连续亏损的美兰空港？在业内人士看来，海南机场是在下一盘大棋。通过本次收购，海南机场将完成 岛内三家机场资源整合，助力海南自贸港打造航空区域门户枢纽。 整合三家机场解决同业竞争 23.39亿元收购一家亏损公司，海南机场有多重考量。 目前，海南岛内共有海口美兰机场、三亚凤凰机场、琼海博鳌机场三大民航机场。其中，海口美兰机场主体为港 股上市公司美兰空港(00357.HK)，三亚凤凰机场和琼海博鳌机场背后的主体为A股上市公司海南机场。 出现如今这样的局面与破产重整相关。2021 ...

Investment Rating - The report maintains an "Outperform" rating for Hainan Airport [1]. Core Views - Hainan Airport plans to acquire a 50.19% stake in Meilan Airport for 2.339 billion yuan, aiming to enhance its core business and competitiveness [5]. - The acquisition will consolidate Hainan's core aviation hub, supporting the development of the Hainan Free Trade Port and expanding the company's airport operations [5]. - The financial forecast for Hainan Airport shows a projected revenue increase from 4.368 billion yuan in 2024 to 5.492 billion yuan in 2025, with a net profit expected to rise from 459 million yuan to 787 million yuan in the same period [4][7]. Financial Data and Profit Forecast - Total revenue projections are as follows: - 2024: 4,368 million yuan - 2025E: 5,492 million yuan - 2026E: 6,020 million yuan - 2027E: 6,705 million yuan - Net profit projections are as follows: - 2024: 459 million yuan - 2025E: 787 million yuan - 2026E: 936 million yuan - 2027E: 987 million yuan - The gross profit margin is expected to improve from 41.3% in 2024 to 43.3% in 2025E [4][7].

在旅客服务方面，武当山机场将针对"首乘旅客"提供优质、完善的首次乘机旅客全流程引导服务。办理 流程即前往航站楼"问询柜台"咨询登记，工作人员将发放"首次乘机"标识卡，并引导您通过安全检查直 至登机口；若是老、弱、病、残、孕或需要"无陪儿童"等特殊旅客，可提前向航空公司申请了轮 椅、"无成人陪伴儿童"服务，出行当日请携带好证件，机场工作人员将为您办理手续，由专人负责引领 至登机口向机组人员交接。 《中国民航报》、中国民航网 记者冯智君 报道："五一"小长假期间，湖北十堰武当山机场计划保障航 班起降242架次，预计旅客吞吐量2.5万人次，同比呈倍数增长。旅客出行高峰将出现在假期首日，返程 高峰将出现在最后两日（5月4日、5日），全天运送旅客预计突破6000人次。 客流以旅游观光为主集中在家庭式出游、年轻群体自由行等，热门航线将分布在北京、上海、厦门、泉 州、桂林、丽江等旅游城市。 结合假期航班进出港及客流高峰情况，武当山机场将动态调整旅客流程关键节点的服务引导人员，重点 关注高峰时段的值机柜台、安检通道等旅客保障资源，确保旅客顺畅出行，减少排队等候时间。 特色亮点服务方面，武当山机场航旅公司联合同程旅行共同打造免 ...

中国民航网 通讯员李达、朱明 报道："五一"假期来临，天津滨海国际机场迎来客流高峰。为确保旅客 安全、顺畅出行，机场安检部门精心谋划、多措并举，从强化安全责任、优化服务流程、筑牢安全防 线、提升业务技能等多个维度发力，全力保障旅客出行安全与便捷。 凝聚共识强担当，压实安全责任 节前， 机场安检部门就五一保障工作进行动员部署，要求全体人员必须将"安全第一"理念深植于心， 提高做好节日期间运行保障工作的思想认识，压实工作责任，提前谋划，保障有效。各部门借助班前 会、专题培训等形式，层层压实责任，确保每位员工思想认识到位、责任落实到位，要求全员以"归零 心态"对待安全保障工作，做到思想同心、目标同向、行动同步，构建起"一级抓一级、层层抓落实"的 严密工作体系。同时，充分发挥党员先锋模范作用和党支部战斗堡垒作用，管理人员、班组长要认真深 入一线，以身作则，带头坚守岗位。 筑牢防线保安全，护航平稳运行 节前，安检部门组织开展运行管理、消防安全以及设备设施运行等专项检查，对发现的问题立即整改， 消除安全隐患。同时，要求各一线保障部门加大现场质控检查力度，增加图像及视频回查频次及时间， 确保整体运行安全。针对节日旅客出行特 ...

•国家统计局：4月PMI为49.0% 制造业景气水平有所回落 •民营经济促进法出台 自今年5月20日起施行 •六部门：供应链核心企业不得利用优势地位拖欠中小企业账款或不当增加中小企业应收账款 •证监会副主席王建军接受审查调查 •上交所：一季度实体企业净利润重拾升势 经营性现金流大幅转正 •深交所优化创业板指数方案：引入ESG负面剔除机制及个股权重上限机制 •一季度全球黄金需求总量达1206吨 •4月30日，十四届全国人大常委会第十五次会议表决通过民营经济促进法，自2025年5月20日起施行。作为我国第一部专门关于民营经济发展的基础性法 律，民营经济促进法将进一步优化民营经济发展环境，保证各类经济组织公平参与市场竞争，促进民营经济健康发展和民营经济人士健康成长，构建高水平 社会主义市场经济体制，发挥民营经济在国民经济和社会发展中的重要作用。（新华社） •中国人民银行等六部门联合印发《关于规范供应链金融业务 引导供应链信息服务机构更好服务中小企业融资有关事宜的通知》。其中提到，为切实保障中 小企业参与应收账款电子凭证等供应链金融业务的合法权益，要求供应链核心企业及时支付中小企业款项，合理共担供应链融资成本，不得利 ...