香港联交所最新资料显示，8月15日，Mitsubishi UFJ Financial Group,Inc.增持北京首都机场(00694)37.2 万股，每股作价3.0304港元，总金额约为112.73万港元。增持后最新持股数目约为1.69亿股，最新持股 比例为9%。 ...

2025国际机场博览会融合了中外机场协会的"双品牌盛会"与"双颁奖盛典"，汇聚了来自70多个国家和地 区的150多家机场、40多个民航关联企业，逾2000名行业领军人物、企业高管及专家代表共赴盛会。依 托广东广州高质量发展与高水平对外开放，广州白云机场这座千年商都的航空引擎，正朝着通达全国、 联通洲际、辐射世界的全方位门户复合型国际航空枢纽全速推进。 本次2025国际机场博览会宣传海报亮相纽约时代广场，提升了该博览会的全球影响力和知名度，也成为 广州白云机场发展"航空+展会"实践的有益探索。 相关附件 2025国际机场博览会将于9月8日至9月11日在广州举办。美国纽约当地时间8月17日，以"创新枢纽 全球 机遇"为主题的该博览会宣传海报亮相纽约时代广场大屏。 海报亮相时代广场。 ...

8月以来，沈阳桃仙国际机场客流持续高位运行，已有9天单日旅客吞吐量突破8万人次，机场运输 生产纪录接连刷新。 8月15日，沈阳桃仙国际机场单日旅客吞吐量81808人次，运输起降飞机516架次。8月18日，沈阳机 场相关负责人介绍，这两项数据均创沈阳桃仙国际机场单日历史新高。 今年暑运期间，沈阳桃仙国际机场运输生产势头强劲，多项指标表现亮眼。7月1日至8月15日，累 计完成运输起降22716架次，同比增长2.12%；旅客吞吐量353.10万人次，同比增长3.90%。 ...

Investment Rating - The report maintains a "Recommend" rating for Shenzhen Airport, indicating an expected outperformance of the benchmark index by 10%-20% over the next six months [3][18]. Core Views - The company reported a net profit of 310 million yuan for H1 2025, representing a year-on-year increase of 79%. The logistics business showed strong performance, and capacity is expected to continue to be released [2][6]. - The target price for the stock is set at 8.72 yuan, with the current price at 7.20 yuan, indicating a potential upside of 21% [3][6]. - The company is benefiting from the opening of the Shenzhen-Zhongshan Channel and the upcoming three-runway project, which will enhance its capacity and operational efficiency [6][8]. Financial Performance - For H1 2025, total revenue reached 2.528 billion yuan, a year-on-year increase of 12.3%, while net profit was 312 million yuan, up 79% [6][7]. - The revenue breakdown shows that the aviation business generated 1.106 billion yuan (up 10.3%), logistics business 273 million yuan (up 57%), and ground services 394 million yuan (up 10.6%) [6][7]. - The company’s operating costs for H1 2025 were 1.917 billion yuan, reflecting a year-on-year increase of 6.3% [6][7]. Future Projections - The report forecasts total revenue for 2025 to be 5.187 billion yuan, with a net profit of 632 million yuan, corresponding to a PE ratio of 23 times [2][8]. - For 2026 and 2027, net profit is projected to be 778 million yuan and 922 million yuan, respectively, with PE ratios of 19 and 16 times [2][8]. Market Position - Shenzhen Airport ranked first among the top ten airports in China for domestic passenger throughput, with 29.52 million domestic passengers in H1 2025, a year-on-year increase of 9.2% [6][7]. - The international and regional passenger throughput reached 3.05 million, marking a significant year-on-year increase of 30.7% [6][7].

Core Viewpoint - Xiamen Airport (600897) has shown steady growth in both business volume and net profit, leading to an "Accumulate" rating by Pacific Securities [1] Financial Performance - For the first half of 2025, Xiamen Airport reported total revenue of 991 million, a year-on-year increase of 7.1% - The net profit attributable to shareholders was 253 million, up 1.1% year-on-year - The net profit excluding non-recurring items was 219 million, reflecting a year-on-year increase of 15.41% - Basic earnings per share for the half-year stood at 0.61, with a weighted ROE of 5.53% - The net cash flow from operating activities was 317 million [2] Dividend Policy - The company plans to distribute cash dividends of approximately 133 million for the fiscal year 2024, which represents 31% of the annual net profit - The annual dividend will be distributed once, with a per-share dividend of 0.32 (including tax) - The dividend yield, based on the closing price on the annual report disclosure date, is approximately 2.3% [2] Operational Highlights - Xiamen Airport serves as a regional aviation hub, covering an area where the GDP exceeds 60% of Fujian Province's total - In 2024, the airport opened 225 flight routes to 136 cities, including 175 domestic and 50 international routes - The passenger throughput reached a historical high of 27.91 million in 2024 - In the first half of 2025, the airport completed 97,000 takeoffs and landings, with passenger throughput of 14.32 million and cargo throughput of 185,400 tons, representing year-on-year growth of 3.83%, 5.96%, and 3.91% respectively [3] Business Segmentation - The company's operations are primarily divided into aviation and non-aviation businesses - In the 2024 annual report, aviation transportation revenue was 1.22 billion, accounting for 64.9% of total revenue, while leasing and franchise income was 440 million, making up 23.4% [3] Future Outlook - The company has indicated that the new Xiang'an Airport is under the investment and management of the controlling shareholder, with no undisclosed matters related to it - The new airport is expected to commence operations by the end of 2026, with the relocation of the existing Gaoqi Airport being a high-probability event - The integration of operations between the new and old airports is anticipated to be a focal point for the market - The company has shown growth in both business volume and profits, and the shareholder return plan for 2025-2027 covers the transition period between the two airports, instilling market confidence [4]

Investment Rating - The report assigns a "Neutral" investment rating for the company, indicating that the expected performance is within a range of -5% to 10% relative to the benchmark index [11]. Core Views - The company is projected to experience steady revenue growth, with expected revenues increasing from 47.39 billion yuan in 2024 to 63.95 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.60% [4][6]. - Net profit is forecasted to rise significantly, from 4.43 billion yuan in 2024 to 9.76 billion yuan in 2027, with a notable profit growth rate of 43.88% in 2025 [4][6]. - The gross margin is expected to improve from 21.30% in 2024 to 27.00% in 2027, indicating enhanced operational efficiency [4][6]. Financial Projections Income Statement - Revenue is projected to grow from 47.39 billion yuan in 2024 to 63.95 billion yuan in 2027, with a revenue growth rate of 13.80% in 2024 and stabilizing around 10.60% by 2027 [4][6]. - The net profit is expected to increase from 4.43 billion yuan in 2024 to 9.76 billion yuan in 2027, with a peak growth rate of 43.88% in 2025 [4][6]. Balance Sheet - Total assets are forecasted to grow from 241.74 billion yuan in 2024 to 264.18 billion yuan in 2027, with a slight increase in both current and non-current assets [5]. - The total liabilities are expected to rise from 128.04 billion yuan in 2024 to 140.44 billion yuan in 2027, indicating a manageable increase in leverage [5]. Cash Flow Statement - Operating cash flow is projected to increase significantly from 19.06 billion yuan in 2024 to 22.71 billion yuan in 2027, reflecting improved cash generation capabilities [5]. - The net cash increase is expected to be 8.93 billion yuan in 2024, rising to 5.24 billion yuan by 2027, indicating a healthy cash position [5].

Investment Rating - The report assigns a "Neutral" rating for the company, indicating that the expected performance is within a range of -5% to 10% relative to the benchmark index [11]. Core Views - The company is projected to experience steady revenue growth, with expected revenues increasing from 47.39 billion yuan in 2024 to 63.95 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.60% [4][6]. - Net profit is forecasted to rise significantly, from 4.43 billion yuan in 2024 to 9.76 billion yuan in 2027, with a notable profit growth rate of 43.88% in 2025 [4][6]. - The gross margin is expected to improve from 21.30% in 2024 to 27.00% by 2027, indicating enhanced operational efficiency [4][6]. Financial Projections Income Statement - Revenue is projected to grow from 47.39 billion yuan in 2024 to 63.95 billion yuan in 2027, with a revenue growth rate of 13.80% in 2024 and stabilizing around 10.60% by 2027 [4][6]. - The net profit attributable to the parent company is expected to increase from 4.43 billion yuan in 2024 to 9.76 billion yuan in 2027, with a peak growth rate of 43.88% in 2025 [4][6]. Balance Sheet - Total assets are forecasted to grow from 241.74 billion yuan in 2024 to 264.18 billion yuan in 2027, with a slight increase in current assets from 46.88 billion yuan to 78.90 billion yuan over the same period [5]. - The total liabilities are expected to rise from 128.04 billion yuan in 2024 to 140.44 billion yuan in 2027, indicating a manageable increase in leverage [5]. Cash Flow Statement - Operating cash flow is projected to increase significantly from 19.06 billion yuan in 2024 to 22.71 billion yuan in 2027, reflecting improved cash generation capabilities [5]. - The net cash increase is expected to be 8.93 billion yuan in 2024, rising to 5.24 billion yuan by 2027, indicating a healthy cash position [5].

其中三跑道16R方向的仪表着陆系统按照Ⅲ类A运行标准建设、校验，是目前民航领域最高等级的精密 进近标准，飞行校验标准更为严苛，是此次飞行校验难度最大、耗时最长的校验项目。在投产校飞过程 中，深圳空管站统筹多方合力，导航设备调试人员与校验机组、深圳机场紧密配合，从保护区场地、室 外天线、设备参数等方面进行多次优化、反复验证，保证信号质量达到最佳。 此次飞行校验时间与极端天气频发的"七下八上"防汛重点时段高度重叠，期间先后经历两次台风影响、 多次特大暴雨天气；此外，暑期航班量增长，而飞行校验时间为每天清晨，与深圳机场早高峰部分重 合。深圳空管站克服恶劣天气带来的困难，并积极发挥运协委空管主导作用，科学调整跑道运行模式， 保证了飞行校验成功进行。 （文章来源：深圳商报） 【深圳商报讯】（记者陈发清）8月15日中午，编号B-129X的校验飞机平稳落地。标志着深圳机场三跑 道新建空管设备各项投产飞行校验科目全部完成，为深圳机场三跑道试飞工作奠定了坚实基础。 此次深圳三跑道各项飞行校验历时一个月，完成了21个场次，累计飞行近50小时。此次飞行校验包括多 套空管系统的投产校验，以及三跑道飞行程序验证等科目，同时叠加深圳二跑 ...

Core Insights - Shenzhen Airport reported a revenue of 2.53 billion yuan for the first half of 2025, representing a year-on-year increase of 12.3% [1] - The total profit reached 400 million yuan, showing a significant year-on-year growth of 85.0% [1] - Net profit attributable to the parent company was 310 million yuan, up 79.1% compared to the previous year [1] Operational Performance - During the first half of the year, Shenzhen Airport completed 221,000 flight takeoffs and landings, with a year-on-year growth of 7.2% [1] - Passenger throughput reached 32.57 million, marking a 10.9% increase year-on-year [1] - Cargo and mail throughput was 983,000 tons, reflecting a year-on-year growth of 14.1% [1] Market Position - Shenzhen Airport ranked third in flight takeoffs and landings, fourth in passenger throughput, and third in cargo and mail throughput nationally [1] - Domestic passenger volume growth was 9.2%, ranking first among the top ten airports [1] - International and regional passenger volume reached 3.054 million [1] Historical Performance - The first half of 2025 saw record highs in flight takeoffs and landings, passenger throughput, and cargo and mail throughput since the airport's opening [1]

Group 1 - The joint venture between Shanghai Airport Group and Nantong Urban Construction Group was established on August 15, 2023, with Shanghai Airport Group holding 51% and Nantong Urban Construction Group holding 49% of the shares [1] - The newly established joint venture, named Hushu Nantong New Airport Construction Investment Co., Ltd., has a registered capital of 1 billion yuan and its business scope includes civil airport operations, public air transportation, construction engineering, civil aircraft maintenance, and general aviation services [1] - The planning for Nantong New Airport began in 2020 when Shanghai Airport Group signed a cooperation agreement with the Nantong municipal government, aiming to make it an important part of the Shanghai international aviation hub [5] Group 2 - In July 2023, Shanghai Airport Group responded to investor inquiries about the progress of Nantong New Airport, stating that it manages both Pudong International Airport and Hongqiao International Airport [6] - Shanghai Airport Group is also advancing the Phase IV expansion project of Pudong Airport, which is a key project under the national "14th Five-Year Plan" and part of the Yangtze River Delta world-class airport cluster [6] - The company disclosed in its 2024 financial report that it paid 454 million yuan to the airport group for the construction of the passenger transit system vehicle base and related projects for the Phase IV expansion of Pudong International Airport [7]