Investment Rating - The report maintains a "Recommend" rating for the company, indicating an expected outperformance of 10%-20% relative to the benchmark index over the next six months [6][21]. Core Insights - The company reported a Q2 net profit attributable to shareholders of 450 million yuan, representing an 81.5% year-on-year increase, driven by the continuous recovery in business volume and arbitration compensation [1][6]. - The target price for the company's stock is set at 12.07 yuan, with the current price at 9.93 yuan, suggesting a potential upside of 22% [2][6]. Financial Performance Summary - **Revenue and Profitability**: - Total revenue for H1 2025 was 3.726 billion yuan, up 7.7% year-on-year, while net profit attributable to shareholders was 750 million yuan, up 71.3% year-on-year [6][7]. - For Q2 2025, revenue was 1.905 billion yuan, a 6.0% increase year-on-year, and net profit was 450 million yuan, an 81.5% increase year-on-year [6][7]. - **Segment Analysis**: - Aviation revenue for H1 2025 was 1.57 billion yuan, up 9.4% year-on-year, with passenger throughput reaching 40.03 million, a 9.2% increase year-on-year [6][7]. - Non-aviation revenue was 2.15 billion yuan, up 6.5% year-on-year, with leasing and franchise income contributing significantly [6][7]. - **Cost and Expenses**: - Operating costs for H1 2025 were 2.651 billion yuan, a 5.8% increase year-on-year, while total operating expenses were 256 million yuan, down 7.3% year-on-year [6][7]. Future Projections - The company is expected to achieve total revenue of 8.182 billion yuan in 2025, with a year-on-year growth rate of 10.2% [2][11]. - The net profit attributable to shareholders is projected to be 1.402 billion yuan in 2025, reflecting a 51.5% increase year-on-year [2][11]. Market Position and Developments - The company is expanding its operations with the upcoming completion of the T3 terminal and additional runways, which will enhance its capacity to handle 140 million passengers and over 600,000 tons of cargo annually [6][7]. - A significant contract for duty-free operations at the T3 terminal has been signed, expected to contribute positively to future revenues [6][7].

Core Viewpoint - The commencement of construction for Shenzhen Airport's T2 terminal and related projects is expected to significantly enhance the airport's capacity, operational efficiency, and development potential, supporting Shenzhen's goal of becoming a more influential global economic center [1] Group 1: Project Details - The T2 terminal project is classified as a major provincial and municipal project, located between the first and second runways of the airport [1] - Upon completion, the T2 terminal will have an annual passenger throughput capacity of 31 million [1] - The project will include a main terminal area of 400,000 square meters, 53 parking positions, and additional facilities such as a 30,000 square meter rail transfer center, a 30,000 square meter ground transportation center, and a 143,500 square meter parking garage [1] Group 2: Strategic Importance - The development of T2 and associated projects will contribute to the establishment of Shenzhen Airport as a composite international aviation hub, enhancing its role as a regional gateway [1] - The projects are designed to provide new momentum for Shenzhen's ambition to strengthen its global economic influence [1]

●面向双流机场往返北京、上海、广州、深圳、乌鲁木齐、拉萨、杭州、南京等8条精品商务快线 的旅客开放●提供成都市八大区域（青羊区、金牛区、成华区、锦江区、武侯区、高新区、温江 区、双流区）往返双流机场"门到港、港到门"全链条首件行李免费配送服务，第二件起需另行付 费本报讯（四川日报全媒体记者 曹凘源）8月21日，成都双流国际机场行李配送服务正式上线。8 月21日起至今年12月前，购买双流机场指定精品商务快线的旅客，可享受成都市八大区域（青羊 区、金牛区、成华区、锦江区、武侯区、高新区、温江区、双流区）往返双流机场"门到港、港到 门"全链条首件行李免费配送服务，第二件起需另行付费。该服务由双流机场联合顺丰速运推出， 目前仅面向双流机场往返北京、上海、广州、深圳、乌鲁木齐、拉萨、杭州、南京等8条精品商务 快线的旅客开放，首件行李可享受免费配送服务，标准为重量≤20千克/件，长+宽+高≤200厘米， 单边长≤180厘米；若携带两件及以上行李，第二件起需另行付费。"我们在T1、T2航站楼进出港 区域设置5个服务点，方便离蓉旅客取行李，以及抵蓉旅客寄行李。"双流机场航空市场部副经理 肖波介绍，购买精品商务快线的旅客可通过 ...

Core Viewpoint - Shenzhen is advancing its infrastructure with the commencement of the T2 terminal and North Cargo Area projects at Shenzhen Airport, aimed at enhancing its status as a global economic center and international aviation hub [1][4][12]. Group 1: Project Details - The T2 terminal project is designed to handle an annual passenger throughput of 31 million, featuring a main terminal area of 400,000 square meters and 53 parking positions [4][12]. - The North Cargo Area will significantly increase air cargo capacity by over 1.8 million tons per year, supporting high-end manufacturing and cross-border e-commerce in the Greater Bay Area [12][15]. - Both projects are strategically located to enhance connectivity with existing infrastructure, including rail and road transport systems, facilitating seamless air-rail connections for passengers [5][12]. Group 2: Economic Impact - The development of these projects is expected to inject new momentum into Shenzhen's economy, supporting its transformation into a more globally influential economic center and modern metropolis [1][15]. - The projects align with national and regional development plans, contributing to the construction of a modern logistics system and enhancing Shenzhen's role in the global supply chain [12][15]. - The simultaneous launch of these key projects underscores their importance for the high-quality development of civil aviation in Shenzhen and the broader goal of expanding international openness [15].

今年第13号台风"剑鱼"（强热带风暴级），8月23日17时中心位于三亚市偏东方向约550公 里的海面上， 预计将于24日下午到傍晚在三亚登陆（强台风级） ，之后趋向越南中北部沿 海。 三亚市防灾减灾救灾和安全生产委员会决定于8月23日18时将防汛防风Ⅲ级应急响应提升至 防汛防风Ⅱ级应急响应。 来源：长安街知事 8月23日晚，海南省三亚市旅游和文化广电体育局发布消息，受台风天气影响，为确保市民游 客安全，全市各旅游景区、体育馆、图书馆、博物馆、群艺馆等场所已于当日20时前全面暂 停营业。 三亚市气象台8月23日20时15分变更台风黄色预警信号为台风橙色预警信号：未来24小时， 三亚市沿海和陆地风力将逐渐增大，平均风力将达10-11级，阵风12-14级，并伴有强降水 和强雷电，请有关单位和人员继续做好防范工作， 建议各级各类学校停课 。 据三亚凤凰国际机场消息， 8月24日10时起，三亚机场暂停航班起降，后续航班取消 。 农业农村部、中国气象局8月23日联合发布农田渍涝害和风灾风险提示：预计8月23日夜间至 25日，受台风"剑鱼"影响，广东西南部、广西南部和海南岛有大到暴雨，其中海南岛部分地 区、广西南部沿海有大 ...

Core Viewpoint - Shenzhen Airport is set to expand with the construction of a new terminal, which will enhance its capacity and operational efficiency [1] Group 1 - The construction of the T2 terminal area and the northern cargo area at Shenzhen Airport has officially commenced [1] - These projects are expected to significantly boost the scale and capacity of Shenzhen Airport [1]

Core Insights - Shenzhen Airport is set to add a new terminal, with the T2 terminal area and comprehensive supporting projects officially commencing construction on August 23 [1] - The projects aim to enhance the airport's scale, capacity, operational efficiency, and development space, supporting Shenzhen's position as a composite international aviation hub [1] Project Details - The design capacity of the new terminal is set to accommodate 31 million passengers annually [1] - The T2 terminal will cover a main functional area of 400,000 square meters and include 53 parking positions [1] - Additional facilities will comprise a 30,000 square meter rail transfer center, a 30,000 square meter ground transportation center, and a 143,500 square meter parking garage [1]

Core Viewpoint - The commencement of construction for the T2 terminal area and the northern cargo area at Shenzhen Bao'an International Airport is expected to significantly enhance the airport's capacity, operational efficiency, and development potential [1] Group 1: Project Details - The T2 terminal area project is located between the first and second runways on the northern side of the airport [1] - Upon completion, T2 will integrate with the T3 terminal and satellite hall to form a central terminal area for Shenzhen Airport [1] - The design capacity of the T2 terminal is set to accommodate 31 million passengers annually [1] Group 2: Infrastructure Components - The T2 terminal will feature a main functional area of 400,000 square meters and 53 parking positions [1] - Additional infrastructure includes a 30,000 square meter rail transfer center, a 30,000 square meter ground transportation center, and a parking garage of 143,500 square meters [1]

Core Viewpoint - Shenzhen Airport is set to add a new terminal, with the T2 terminal area and comprehensive supporting projects officially commencing construction on August 23. This development aims to enhance the airport's capacity, operational efficiency, and support the construction of a composite international aviation hub in Shenzhen [1]. Group 1 - The new T2 terminal and supporting projects will significantly boost Shenzhen Airport's scale and operational capabilities [1]. - The construction is expected to improve the airport's development space and efficiency [1]. - This initiative aligns with Shenzhen's goal to establish itself as a key international aviation hub [1].

Core Viewpoint - Shenzhen is advancing its infrastructure with the commencement of the T2 terminal and North Cargo Area projects at Shenzhen Airport, aimed at enhancing its status as a composite international aviation hub and supporting the city's economic growth [1][9]. Group 1: Project Details - The T2 terminal is designed to handle an annual passenger throughput of 31 million, featuring a main terminal area of 400,000 square meters and 53 parking positions [3][4]. - The North Cargo Area is a national major project expected to increase air cargo capacity by over 1.8 million tons per year, supporting high-end manufacturing and cross-border e-commerce in the Greater Bay Area [7][8]. Group 2: Economic Impact - The projects are part of Shenzhen's strategy to enhance its global logistics center capabilities, with the airport's all-cargo aircraft destinations reaching 63, including 43 international and regional points [8]. - The development of these projects is expected to significantly boost the airport's operational efficiency and capacity, facilitating seamless air-rail connections and improving passenger transfer experiences [5][9]. Group 3: Strategic Importance - The simultaneous construction of these two key projects is crucial for Shenzhen's high-quality development in civil aviation and its goal to become a more influential global economic center [9]. - The projects will also contribute to the industrial agglomeration and infrastructure upgrades in the airport's northern area, injecting new vitality into the local economy [9].