Financial Data and Key Metrics Changes - Total revenues excluding IFRIC 12 increased by 16.6%, nearly doubling the passenger traffic growth of 9.3% [11] - Adjusted EBITDA rose 34% to $194 million, marking a new record for the company [4][15] - Adjusted EBITDA margin expanded by 5.2 percentage points to 41.2% [16] Business Line Data and Key Metrics Changes - Aeronautical revenues increased by 15.2%, primarily driven by Argentina, with a notable 22.1% increase in aeronautical revenues from Argentina [11][12] - Commercial revenues grew by 18%, significantly outpacing traffic growth, supported by higher contributions from cargo, VIP lounges, and other passenger-related services [12][13] Market Data and Key Metrics Changes - Passenger traffic across the airport network increased by over 9%, with Argentina showing a 13% increase in total passenger traffic [3][5] - Domestic traffic in Argentina grew nearly 11%, while international traffic increased by 16% [6] - Cargo revenues rose by 20% year-over-year, driven by a 23% increase in Argentina [9] Company Strategy and Development Direction - The company is advancing its investment plans, with CapEx program approvals underway in Armenia and Italy [4][20] - Strategic initiatives include enhancing passenger experience and expanding commercial offerings, such as new rental hubs and duty-free stores [19][20] - The company is pursuing inorganic expansion opportunities, including a recent award agreement for Baghdad Airport [20] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued positive traffic trends into the fourth quarter, albeit with a more moderate pace of domestic traffic growth in Argentina [20] - The company remains optimistic about the resilience of its business model and the quality of its assets [21] Other Important Information - The total liquidity position at the end of the quarter was $661 million, up 26% from the previous year [17] - Total debt at quarter-end was $1.1 billion, with net debt decreasing to $579 million [17] Q&A Session Summary Question: Update on the rebalance in Argentina and expectations for commercial revenues - Management is making progress on the rebalance of the concession agreement but cannot provide a precise timetable [24] - Commercial revenues were up 8% versus last year, with a continued positive trend expected [24] Question: Investment opportunities in Armenia and Italy - In Italy, the environmental assessment for the project has been approved, with the next steps expected to commence towards the end of the first quarter [28][29] - Discussions in Armenia are progressing well, but a precise timetable cannot be provided [30] Question: Size of the opportunity at Baghdad Airport - An award agreement has been signed, and management is optimistic about potential traffic growth in the region [35]

Financial Data and Key Metrics Changes - Total revenues increased by 16.6%, significantly outpacing passenger traffic growth of 9.3% [12] - Adjusted EBITDA rose 34% to $194 million, marking a new record for the company [5][15] - Adjusted EBITDA margin expanded by 5.2 percentage points to 41.2% [16] Business Line Data and Key Metrics Changes - Aeronautical revenues increased by 15.2%, driven primarily by Argentina, with a notable 22.1% increase in aeronautical revenues from Argentina [12][13] - Commercial revenues grew by 18%, supported by strong performance in cargo, VIP lounges, and other passenger-related services [12][13] - Cargo revenues were up 20% year-over-year, with Argentina seeing a 23% increase [10] Market Data and Key Metrics Changes - Passenger traffic across the airport network increased by over 9%, with Argentina showing a 13% increase in total passenger traffic [4][6] - Domestic traffic in Argentina grew nearly 11%, while international traffic increased by 16% [6] - Brazil and Italy also reported strong traffic growth, with Brazil's total traffic up over 8% [8][9] Company Strategy and Development Direction - The company is advancing its investment plans, with CAPEX program approvals underway in Armenia and Italy [5][20] - Strategic initiatives include enhancing passenger experience and expanding commercial offerings, such as new rental hubs and duty-free stores [19][20] - The company is pursuing inorganic expansion opportunities, including a recent award agreement for Baghdad Airport [20] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued positive traffic trends into the fourth quarter, albeit with a more moderate pace of domestic traffic growth in Argentina [20] - The company remains focused on maintaining a competitive cost structure while enhancing cargo capabilities [11] - Overall, management expressed confidence in the resilience of the business model and the quality of assets [21] Other Important Information - The company ended the quarter with a total liquidity position of $661 million, up 26% from the previous year [17] - Total debt at quarter-end was $1.1 billion, with net debt decreasing to $579 million [17] Q&A Session Summary Question: Update on the rebalance in Argentina and commercial revenues outlook - Management confirmed progress in discussions regarding the rebalance of the concession agreement but could not provide a specific timetable [23][24] - Commercial revenues were reported to be up 8% versus last year, with expectations of continued positive trends [24] Question: Investment opportunities in Armenia and Italy - In Italy, the environmental assessment approval has been obtained, with the next steps expected to commence towards the end of the first quarter [27][28] - Discussions regarding investment opportunities in Armenia are ongoing, with no specific timeline provided [28] Question: Size of the opportunity at Baghdad Airport - Management indicated a constructive view on potential traffic growth in the region, with further details to be provided once the concession agreement is finalized [33][34]

中国民航网 通讯员曲漠陶 报道：近日，长春机场成功研发并完成一套专供旅客登机使用的无障碍坡道 改造升级，进一步完善机场无障碍设施建设，为轮椅旅客等特殊群体打造更安全、便捷的出行体验。 （长春机场供图） 此次升级的无障碍坡道，是在现有轮椅坡度过渡板基础上，结合机场登机桥、平台车保障实际及旅客出 行需求进行的创新优化。在结构设计上，采用轻量化金属骨架与可快速展开的铰链模块，兼顾便携性与 强度稳定性，一线保障人员能快速部署到位，大幅提升现场响应效率；坡道配备加宽载物面板与低坡度 过渡结构，两侧增设边缘防护板，确保轮椅旅客平稳通行；同时在与飞机舱门接触区域加装防撞保护胶 条，有效避免设备与飞行器金属结构碰撞，全方位提升使用安全性。 此次无障碍坡道改造，彰显了长春机场主动提升服务品质的责任担当。下一步，长春机场将以此次创新 实践为契机，持续优化服务保障体系，夯实运行基础，全力打造高效优质的服务品牌，为广大旅客提供 更具温度的出行保障。（编辑：张薇，校对：李季威，审核：韩磊） ...

Core Insights - Mexico is positioned as a significant trade partner for the USA and an attractive alternative for investment, with experts suggesting that 2025 is an exceptional year for Mexican assets [2][3] - The nearshoring trend is enhancing Mexico's role as a key manufacturing hub in North America, benefiting various sectors including petrochemicals, energy, pharmaceuticals, medical devices, semiconductors, and automotive [2][3] Investment Methodology - The list of the 10 Best Mexican Stocks was created using the Finviz stock screener and other platforms, focusing on companies with positive upside potential and substantial institutional backing as of November 21 [5][6] Stock Highlights - **CEMEX, S.A.B. de C.V. (NYSE:CX)**: - Hedge Fund Holders: 18 - Stock Upside Potential: 3.82% - Q3 2025 net sales reached $4.25 billion, a 2% increase from Q3 2024, with consolidated EBITDA rising by 19% year-over-year to $882 million [7][8][9] - **Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE:PAC)**: - Hedge Fund Holders: 8 - Stock Upside Potential: 7.25% - Reported 4.87 million passengers in October 2025, a 0.8% decrease from October 2024, but a 3.2% year-to-date increase for January–October 2025 [10][11][12]

《中国民航报》、中国民航网 记者路泞 通讯员陈帅 报道：今年以来，西部机场集团党委继续坚决推 动"凝心聚力谋发展，匠心精神提品质"工作要求落实落地，以标准作业筑牢三基建设根基，激活高质量 发展动能。金秋韵深，硕果盈枝。11月21日，集团标准化作业现场会首批观摩活动在西安咸阳机场举 办。集团党委书记、董事长杨鸥等班子成员，西安、宁夏、青海机场公司主要领导及相关单位、部门负 责人齐聚一堂，交流成果经验。 西安咸阳机场是民航局批复的西北地区首个机坪远程塔台试点机场，而HOC远程机坪塔台管制大厅则 成为西安机场数字化转型升级的重要阵地。观摩团详细了解3D技术、智能算法在管制指挥中的实践应 用情况，切身感受到标准化、数字化、智能化指挥体系在大型国际航空枢纽运行中的突出作用。地勤公 司以机务人员的标准化接机保障操作流程、以及内外站业务的全流程管控为例，着重介绍其标准化实施 过程，极大提升了地面保障业务的整体运行效能。 T5航站楼内，航站区管理部通过现场情景剧生动呈现岗位员工在上岗准备、服务保障和应急处突中的 标准化服务实践，推动服务软实力向标准化、规范化、可量化升级，提升西安机场的品质温度。安检护 卫部以人身检查的标准化 ...

Core Viewpoint - The article highlights the significant development and achievements of Hubei Airport Group during the 14th Five-Year Plan period, emphasizing its role in enhancing the aviation infrastructure and services in Hubei province, aiming to establish it as a crucial strategic hub in central China. Group 1: Development Achievements - Hubei Airport Group has established a new development pattern of "dual hubs and multiple branches," with Wuhan and Ezhou as the core hubs supported by five branch airports, achieving a passenger throughput of 35.414 million and cargo throughput of 1.11 million tons from January to October this year, marking increases of 5.1% and 32.9% respectively [2] - Wuhan Tianhe Airport's peak hour capacity has been upgraded to 55 flights, ranking 9th nationally, with nearly 230 domestic and international routes opened, including 22 international direct flights [2] - Ezhou Huahu Airport has emerged as a strong cargo hub, with a cargo throughput of 1 million tons expected in 2024, and a year-on-year growth of 51% in hub cargo throughput [5] Group 2: Safety and Service Quality - Hubei Airport Group has maintained a record of no major safety incidents for 30 years, receiving the "National Civil Aviation Blue Sky Award," the highest honor in Chinese civil aviation [7] - The service quality at Wuhan Tianhe Airport has been recognized, maintaining a CAPSE ranking among the top 9 national airports, and achieving the highest on-time performance rates [8] Group 3: Infrastructure Expansion - Significant infrastructure upgrades have been made at Wuhan Tianhe Airport, including the renovation of Terminal 2 and the construction of a third runway, increasing annual passenger capacity to 70 million [11] - Ezhou Huahu Airport has become Asia's first professional air cargo hub, with a total cargo handling capacity of 140,000 tons [11] Group 4: Economic Development and Innovation - The dual economy of air and low-altitude sectors has seen innovative growth, with the group establishing over 30 strategic partnerships and launching 17 new companies [12] - The group has initiated low-altitude economic development, creating a comprehensive service platform and launching 128 low-altitude routes [13] Group 5: Governance and Leadership - The group emphasizes high-quality party leadership to drive corporate development, with initiatives to enhance political education and party organization [14] - The establishment of a party-mass service center at the airport aims to improve community engagement and corporate image [15]

Core Insights - The "Smart Foot Metal Detector" developed by the "Li Jun Model Worker Innovation Studio" at Changzhou Benniu International Airport has received software copyright registration from the National Copyright Administration, marking a significant technological breakthrough in airport security checks [1][3] - This innovation shifts foot inspections from traditional manual methods to intelligent and automated detection, enhancing airport security and improving passenger throughput efficiency [1][3] Industry Summary - Foot inspections have been a weak link in airport security due to their unique position and relatively low efficiency. The "Li Jun Model Worker Innovation Studio" formed a specialized technical team to address this common industry pain point [3] - The new technology employs a "circular array + intelligent identification" approach, which accurately analyzes foot structure and the characteristics of concealed metal items, creating a comprehensive detection field that effectively identifies metal objects around the shoes and ankles [3] - The device intelligently filters out dangerous metal items from non-dangerous metal accessories, significantly reducing false alarm rates. An accompanying sound and light prompt system aids security personnel in quickly locating issues, greatly enhancing the accuracy and efficiency of subsequent handling [3] - Practical applications of the smart detector have demonstrated that it eliminates the need for passengers to remove their shoes while significantly increasing the speed and reliability of security checks, pushing the security process towards greater precision, efficiency, and user-friendliness [3]

从免签政策的持续发力，到"指尖填报"的便捷高效，大兴机场联合大兴机场边检站，致力于打造更加开 放、友好、智能的一流口岸环境。未来，大兴机场将继续让每一位中外旅客亲身感受"中国速度"与"国 门温度"，共同见证跨境往来与人文交流的蓬勃新潮。（编辑：李季威 校对：张彤 审核：韩磊） 中国民航网 通讯员康馨允、来靖晗 报道：自2025年11月20日起，外国人入境卡网上填报新举措正式实 施，大兴机场同步推出多项便利服务，为外国旅客打造更加高效、顺畅的通关体验。 在国际进港通道及入境大厅，大兴机场全面优化并增设网上填报指引标识，清晰引导旅客；在入境现场 设置智能填报设备，为旅客提供多样化选择；针对老人、儿童以及没有智能设备或不便网上填报的旅 客，配备专人协助引导填写纸质申报卡……这些全方位举措让"线上+线下"服务无缝衔接，全力节省旅 客在口岸的等候时间。 外国人来华前，可通过中国国家移民管理局政府网站、政务服务平台、"移民局12367"App和微信（支 付宝）小程序、手机端扫描入境卡填报码等渠道，在网上填报入境相关信息。如需进一步了解该项举 措，可致电12367服务热线详细咨询。 ...

Core Viewpoint - The signing of the "Memorandum of Framework Mechanism for Shared Allocation and Use of Emergency Rescue Materials among Airports in the Yangtze River Delta" marks a significant step towards enhancing emergency response capabilities in the region's civil aviation sector [1][2]. Group 1: Memorandum Signing - The memorandum was signed by Shanghai Airport Group, Eastern Airport Group, Zhejiang Province Airport Group, and Anhui Civil Aviation Airport Group during the second plenary meeting of the Yangtze River Delta Civil Aviation Airport Collaborative Development Party Building Joint Conference [1][2]. - This signing represents the first plenary meeting of the joint conference in 2024 and the formal initiation of the collaborative platform for party building across units [2]. Group 2: Emergency Response Mechanism - The memorandum aims to improve the coordination mechanism for sharing and utilizing emergency rescue materials among airports in the Yangtze River Delta, particularly during aircraft emergencies [2][3]. - A shared emergency rescue materials library and an expert pool will be established, with member airports identifying and incorporating their own emergency materials as needed [3]. Group 3: Operational Framework - The operational framework will allow airports to submit written requests for emergency material support based on the type of incident, with support airports organizing the urgent allocation of materials and personnel without compromising their own emergency response capabilities [3]. - The principle of "regional sharing and nearby use" will guide the establishment of regional rescue support centers, with major centers located at Shanghai Hongqiao, Hangzhou, Nanjing, and Hefei airports [3].

此外，大兴机场在北京服务（机场服务点）引入AI翻译语音机，通过面对面语音输入实时提供智能翻 译服务，并设置综合服务、交通、支付、文旅等多个功能专区，让外籍旅客出行更加高效、顺畅。 新京报讯 据北京大兴国际机场消息，近日，大兴机场联合北京外国语大学推出的外籍旅客"三方通 话"服务再扩容，线下服务点位从一处增加至四处，覆盖航站楼国际、国内值机候机等区域。 目前，该项服务提供英语、日语、韩语、法语、西班牙语、阿拉伯语、德语、俄罗斯语等八个语种实时 翻译，线下服务点包括四层E岛旅客服务中心、三层国际西侧柜台、二层混流中央核心区东侧柜台、一 层北京服务（机场服务点）等处，线上96158服务热线也支持该项服务。其中，英语提供24小时电话翻 译服务，其余7个语种服务时间为每日9:00至17:00。今年以来，大兴机场累计提供近百次该项外籍旅客 特殊问询翻译服务。 ...