Core Insights - Shenzhen Airport reported a passenger throughput of 5.807 million in August, representing a year-on-year increase of 4.07% [1] - The cargo and mail throughput reached 171,800 tons, showing a year-on-year growth of 8.26% [1] Company Performance - The increase in passenger throughput indicates a recovery in travel demand, which may positively impact the airport's revenue streams [1] - The growth in cargo and mail throughput suggests an expanding logistics and freight operation, potentially enhancing profitability [1]

9月10日，深圳市机场股份有限公司发布2025年8月生产经营快报。8月旅客吞吐量580.70万人次，同比 增4.07%，本年累计4381.19万人次，同比增8.76%；货邮吞吐量17.18万吨，同比增8.26%，本年累计 132.80万吨，同比增12.67%；航班起降架次38339架次，同比增1.41%，本年累计297213架次，同比增 5.58%。各指标国内、地区、国际航线大多实现增长。公告提示，数据为快报数据，可能与实际有差 异，仅供投资者参考。 ...

Core Viewpoint - The Guangdong-Hong Kong-Macao Greater Bay Area is rapidly developing into a world-class airport cluster, with significant expansions and upgrades to its airport infrastructure, enhancing its global connectivity and economic potential [3][4]. Group 1: Airport Infrastructure Development - The Greater Bay Area is set to become one of the regions with the highest airport runway density globally, with the successful trial flights of the fifth runway at Guangzhou Baiyun International Airport and the completion of flight checks for the third runway at Shenzhen Bao'an International Airport [3]. - By November 2024, the Hong Kong International Airport will officially open its third runway, bringing the total number of operational runways in the Greater Bay Area to 15 [3]. - The area currently has three major hub airports (Guangzhou, Shenzhen, Hong Kong) and several other airports, with a network covering over 200 cities worldwide [3]. Group 2: Passenger Volume and Economic Impact - In 2024, the total passenger throughput of the seven airports in the Greater Bay Area is expected to exceed 200 million, reflecting the region's increasing vitality and economic stability [4]. - The expansion of airport infrastructure is supported by the growing demand for air travel and the region's enhanced openness to international markets [4]. Group 3: Transportation Connectivity - The development of a multi-dimensional transportation network, including high-speed rail and cross-border infrastructure, is crucial for the integration of the Greater Bay Area's airports [5]. - The Guangzhou Baiyun International Airport's new T3 terminal will connect with six high-speed rail lines and three intercity rail lines, facilitating seamless transfers for passengers [5]. - The Shenzhen Airport East Station will become a key hub, allowing quick access to major areas within the Greater Bay Area [5]. Group 4: Collaborative Mechanisms - A differentiated positioning system for the airport cluster has been established, promoting cooperation among the five major airports in the Pearl River Delta [6]. - The implementation of the "Jing Zhu Gang Fei" policy allows travelers to bypass Hong Kong immigration procedures, enhancing connectivity [6]. - The airport cluster is evolving from a focus on scale advantages to quality advantages, with a projected demand of 387 million passengers and 20 million tons of cargo by 2030 [6].

Group 1 - The company achieved a revenue of 2.755 billion yuan in the first half of 2025, representing a year-on-year growth of 2.6%, with aviation revenue at 1.345 billion yuan, up 4.6%, and non-aviation revenue at 1.410 billion yuan, up 0.8% [1] - The company's net loss after tax was 164 million yuan, a significant reduction from a loss of 376 million yuan in the same period last year [1] - Passenger throughput reached 34.17 million, a year-on-year increase of 4.5%, with international passenger throughput growing by 21.3%, increasing its share from 17.4% to 20.2% [1] Group 2 - Non-aviation revenue was 1.410 billion yuan, with a slight year-on-year increase of 0.8%, while franchise income decreased by 4.5% to 749 million yuan [2] - Advertising revenue fell by 3.5% to 343 million yuan due to the impact of new media, while retail (duty-free) revenue grew by 1.2% to 262 million yuan, which was below the growth rate of international passenger volume [2] - Operating costs totaled 2.779 billion yuan, a decrease of 4.2% year-on-year, with franchise management fees down by 24.9% to 138 million yuan [2] Group 3 - The company maintains a strong position as an international aviation hub, with long-term commercial value expected to gradually release profitability [3] - Short-term challenges include the diversion of traffic to Daxing Airport and a slowdown in duty-free consumption growth, leading to a slower-than-expected recovery in non-aviation revenue [3] - Net profit forecasts for 2025-2027 have been adjusted to -173 million, 88 million, and 342 million yuan respectively, while maintaining a "recommended" rating [3]

Group 1 - The successful completion of flight verification for the air traffic control equipment marks the readiness of key communication, navigation, and surveillance systems for the operation of the fifth runway and new control tower at Guangzhou Baiyun Airport [1][2] - The flight verification involved critical inspections of multiple systems, including the automated control system for the second control tower, VHF systems, and radar systems, which are essential for the operation of the new runway [1] - The Central South Air Traffic Management Bureau implemented a dual-direction flight route design to mitigate the impact of complex weather conditions during the verification process, ensuring the completion of over 20 inspection tasks efficiently [1] Group 2 - The ongoing expansion of the air traffic control project at Guangzhou Baiyun Airport is progressing smoothly, with a focus on meeting long-term safety and operational needs [2] - The Central South Air Traffic Management Bureau emphasizes the integration of construction and operation to enhance air traffic safety and support capabilities while accelerating the commissioning of the fifth runway [2]

Core Insights - Chongqing Jiangbei Airport's T3B terminal is experiencing its first summer peak season since opening, with flight operations and passenger throughput reaching historical highs [1][3] - The airport is enhancing its network and capacity by increasing flights to popular domestic tourist destinations and key regions, aiming to provide more travel options for passengers [3][6] Flight Operations - During the summer peak season of 2025, Chongqing Jiangbei Airport is expected to handle 59,800 flight takeoffs and landings, a year-on-year increase of 1.2% [1] - The passenger throughput is projected to be nearly 9 million, reflecting a 1.5% year-on-year growth, setting a new record for the summer peak season [1] Network Optimization - The airport is coordinating with major airlines, including Air China and Hainan Airlines, to optimize its flight network and capacity [3] - Increased flight frequencies have been implemented for routes to popular domestic tourist destinations such as Hangzhou, Zhuhai, Fuzhou, and Lijiang [3] International Operations - Chongqing Jiangbei Airport operates 33 international (regional) routes during the summer peak season, with nearly 180 weekly flights [6] - The airport has achieved full coverage of intercontinental route services, with 13 international through-service flights, enhancing convenience for passengers [6] Passenger Services - The airport provides specialized ground services for international through passengers, including direct baggage handling and dedicated waiting areas [6] - During the summer peak season, the airport served 413,000 international (regional) passengers, marking an 11.2% year-on-year increase, positioning it among the top airports in the country for growth [6] Marketing and Promotion - The airport has conducted promotional events in various cities to attract tourists to Chongqing, leveraging its unique cultural and natural attractions [6] - A live-streaming event in collaboration with Urumqi Airport reached a record audience of 1.96 million, showcasing the airport's marketing efforts [6] Future Plans - Chongqing Jiangbei Airport aims to refine its product offerings and enhance service quality to meet the demands of the traditional off-peak market [6]

Core Viewpoint - Shenzhen Airport announced the approval of multiple proposals, including the revision of the company's compensation management system, during the 14th temporary meeting of the 8th Board of Directors [2] Group 1 - The company held a temporary board meeting to discuss and approve significant proposals [2] - The revision of the compensation management system is one of the key proposals approved [2]

Group 1 - The company announced the convening of its first extraordinary general meeting of shareholders in 2025 on September 4, 2025 [2] - The meeting will review the proposal regarding the use of idle self-owned funds to purchase bank wealth management products [2]

Group 1 - The successful completion of flight calibration for the air traffic control equipment at Guangzhou Baiyun Airport marks the readiness of key communication, navigation, and surveillance devices necessary for the operation of the fifth runway and new control tower [1][2] - The flight calibration involved critical inspections of multiple systems, including the automated control system for the second control tower, VHF communication for the fifth runway, surface monitoring radar, and multi-point positioning systems [1] - The Central South Air Traffic Management Bureau implemented a dual-direction flight route design to mitigate the impact of complex weather conditions, ensuring the efficient completion of over 20 inspection tasks within a limited timeframe [1] Group 2 - The third phase expansion of air traffic control engineering at Guangzhou Baiyun Airport is progressing steadily, with a focus on meeting long-term safety operation needs while enhancing air traffic control safety levels and support capabilities [2]

《中国民航报》、中国民航网 记者冯智君 通讯员谢萧南、管宇 报道：日前，记者从武汉天河机场获 悉，武汉天河机场圆满完成2025年6~8月份雷雨季民航运行保障工作，所有考核指标全部达标，并取得 优异成绩：平均航班正常率达到89.05%，同比提升9.72%，此外"起飞正常率"和"放行正常率"分别达到 83.63%和90.47％，分别同比提升11.56%和6.71%，超过全国40家千万级以上机场平均水平4.03%和 2.42%，排名全国第9名和第7名。 武汉天河机场依托协同运行机制，逐项对照《2025年雷雨季节民航运行保障总体方案》相关考核要求从 细从严部署，一方面不断加强与民航局运行监控中心、空管局运行管理中心的良好沟通，通过每日运行 协调视频会等渠道获取关键业务支持；另一方面持续凝聚驻场空管、航司、航油等多方资源力量，依托 24小时联系值班模式强化"临界航班干预"，利用A-CDM系统逐个航班进行监管协调，6~8月共干预成功 航班近600班，提升正常性约2.2%，有效化解航班长时间延误风险。 武汉天河机场锚定高质量发展目标，在开展协同运行会商过程中，统筹考虑效率与服务需求，协调航司 积极合理调整航班，原则上不主动 ...