Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the need for the express delivery industry to shift towards high-quality development, as the State Post Bureau opposes "involution" competition and aims to improve service quality [4] - The express delivery sector is currently experiencing a decline in per-package revenue, with major companies like Zhongtong, Yuantong, Yunda, and Shentong showing year-on-year decreases in revenue per package [4] - Jitu's Southeast Asian market has seen significant growth, with a total package volume of 7.392 billion pieces in Q2 2025, a year-on-year increase of 23.5% [5] - The airline industry is expected to benefit from macroeconomic recovery, with long-term supply-demand trends indicating potential for growth [12] - The shipping sector is anticipated to improve due to OPEC+ production increases and the Federal Reserve's interest rate cuts, with specific recommendations for companies like China Merchants Energy and COSCO Shipping [12] Summary by Sections Express Delivery - The express delivery market is facing intense competition, with major players experiencing a decline in revenue per package [4] - The report suggests that regulatory changes could help improve the situation by reducing low-cost competition and enhancing the performance of leading companies [4][12] Airline Industry - The airline sector is characterized by long-term low supply growth, but demand is expected to benefit from macroeconomic recovery [12] - Key companies to watch include China National Aviation Holding, Southern Airlines, and HNA Group [12] Shipping and Ports - The report indicates a positive outlook for oil transportation due to OPEC+ production increases and potential interest rate cuts [12] - Recommendations include focusing on companies like China Merchants Energy and COSCO Shipping for their growth potential in the shipping market [12] Road and Rail - The report notes that the Daqin Railway experienced a year-on-year decrease in freight volume in June 2025, while overall logistics operations remain stable [11][12] - Companies like Zhongyuan Expressway and Sichuan Chengyu are highlighted for their growth potential due to infrastructure developments [12]

中国民航网 通讯员杨春雨 报道：随着2025年暑运旺季的到来，呼和浩特机场积极应对雷雨天气、大风 扬沙、空飘物增多以及轮胎扎伤风险等外来物问题，严格执行内蒙古机场集团关于外来物防范的九条硬 措施，呼和浩特机场在原有措施要求的基础上，通过重新梳理修订现场外来物防范重点检查内容及标 准、宣贯培训、机坪走捡、监察督办、联合检查等多项措施，不断强化协同共管，确保机坪运行安全。 呼和浩特机场迅速修订航空器地面保障作业外来物防范重点检查内容及标准，录制FOD防范新规范培训 视频，组织全员系统学习。培训不仅让员工精准掌握操作要求，更推动安全理念入脑入心，养成规范作 业习惯。 新检查标准明确，监装员需全程监管装卸作业，杜绝粗暴操作，确保行李货物固定稳固，防止碰撞逸 散；严防行李货物零件、装饰物脱落；避免卸货时货舱杂物掉落机坪。同时要求监装员主动清理发现的 FOD 并投放至指定收集桶；装卸作业完成后，监督装卸人员对货舱门 8 米范围内区域进行全面清捡， 并用记录仪对起落架、发动机周边及拖斗行进路线等重点区域复核检查，及时清除杂物。 为充分调动全体员工参与FOD治理的积极性，创新设立发现FOD奖励机制。设置专用FOD收集桶和 F ...

Group 1 - The meeting emphasized the importance of understanding the rich connotation and contemporary value of the great anti-war spirit, urging all party members to maintain a proactive and determined spirit in overcoming challenges and achieving set goals [1][2] - Various party organizations are required to organize learning activities about the anti-war spirit through multiple formats, such as study sessions and themed party days, to appreciate the hardships of the anti-war years and the immortal spirit of heroes [1][3] Group 2 - The meeting called for strengthening work scheduling and ensuring effective rectification through open governance, including updating problem lists and conducting evaluations to report on the progress of leadership rectification [2][3] - There is a focus on advancing technological innovation to support the group's industrial transformation, including improving the conversion of scientific achievements and enhancing the application ratio of independent products [2] - The group aims to promote green and low-carbon transformation, with specific tasks such as advancing photovoltaic power generation projects to achieve industry-leading standards in green airport construction by the end of the year [2] Group 3 - The meeting highlighted the need for youth organizations to be invigorated under the principle of party leadership, focusing on supporting youth development and helping them overcome difficulties [3] - It was stressed that during the peak summer travel season, all member units must prioritize safety, closely monitor complex weather conditions, and ensure robust risk prevention measures [3][4]

Investment Rating - The report recommends investment in the logistics sector, specifically in companies like SF Holding and Haichen Co., due to their resilience and growth potential [2][3]. Core Views - The express delivery industry has seen a significant increase, with national express delivery volume surpassing 1 trillion pieces, indicating strong growth potential [2]. - The logistics sector is under pressure, particularly in hazardous materials logistics, but there is a push towards smart logistics, which is expected to benefit companies like Haichen Co. [3]. - The aviation sector is experiencing robust growth, with major airports like Baiyun and Shenzhen expected to see significant profit increases in the first half of 2025 [4]. - The shipping industry is facing challenges, with a slight increase in the BDI index but a decline in container shipping rates [4][36]. Summary by Sections Transportation Market Review - The transportation index rose by 0.7% during the week of July 5-11, underperforming the Shanghai and Shenzhen 300 index by 0.1% [12]. Industry Fundamentals Tracking Express Delivery - The national express delivery volume has exceeded 1 trillion pieces, with a year-on-year growth of 16.6% [2]. - Jitu's package volume reached approximately 7.39 billion pieces in Q2 2025, with a growth rate of 3.5% [2]. Logistics - The chemical product price index (CCPI) is at 4035 points, down 14.4% year-on-year [3]. - The domestic shipping price for liquid chemicals is 163 RMB/ton, down 13.9% year-on-year [3]. Aviation Airports - Baiyun Airport expects a net profit of 679 million to 830 million RMB for H1 2025, a year-on-year increase of 55.06% to 89.51% [4]. - Shenzhen Airport anticipates a net profit of 287 million to 337 million RMB for H1 2025, a year-on-year increase of 64.78% to 93.47% [4]. Shipping - The CCFI index for export container shipping is 1313.7 points, down 2.2% week-on-week and down 39.0% year-on-year [21]. - The BDI index for dry bulk shipping is 1483.6 points, up 2.2% week-on-week but down 23.7% year-on-year [36]. Road and Rail Ports - The total cargo throughput at monitored ports was 25.988 million tons, down 5.28% week-on-week [5]. - The number of trucks passing through highways was 52.977 million, down 2.42% week-on-week but up 1.71% year-on-year [5].

《中国民航报》、中国民航网 记者路泞 通讯员李宜鹏 报道：为进一步优化旅客出行体验，提升服务质 量与效率，西安咸阳机场于近日正式启动服务品质提升"星火行动"，其中核心环节"服务灵感马拉松"旅 客意见建议征集活动同步拉开帷幕，诚挚邀约旅客分享出行体验、贡献创意智慧，共同打造"有品质、 有温度、有感触"的一流机场服务。 西安咸阳机场的"星火行动"秉持"以旅客为中心"的理念，旨在通过倾听旅客真实声音，意图精准破解服 务痛点。无论旅客是常穿梭于全球的"空中飞人"，还是首次抵达的新朋友，无论是追求高效的人士，还 是注重细节的品控达人，其在西安机场的值机、安检、行李提取、标志标识、硬件设施等全流程服务中 的每一处感受，都将成为机场优化服务的重要依据。 机场相关负责人表示，旅客的每一条建议都是推动进步的"星火"，非常期待通过此次活动，汇聚千万旅 客的智慧，让服务从满足需求向创造惊喜升级，让每一次抵离都成为温暖回忆。 为方便旅客参与，活动设置了极简参与流程：旅客只需通过微信扫描指定二维码，进入"西安机场旅客 服务"小程序的"旅客之声"板块，写下对服务提升的意见或创意并提交即可。为感谢旅客的积极参与， 活动特别设置"星火幸运奖 ...

《中国民航报》、中国民航网 记者郝蒙 报道：近日，由成都天府国际机场（以下简称"天府机场"）自 主研发的"证件查验及工具核销智能管理系统"正式投入使用。这是天府机场积极探索"智能化、无纸 化"技术应用、以创新手段提升机场管理效能取得的又一项新突破。 以过检登记为例，过去，10位临证员工过检登记耗时约为7分钟，使用新系统后，安检人员通过拍照、 扫描、录入控制区通行证信息及检查结果，可将过检登记的用时大幅缩短至1分钟左右，效率提升超 80%。此外，在工具核销环节，新系统通过工具单据分类、留存、核对等功能，实现了工具拍照同步上 传和各道口、通道数据"云端"共享，打破了携带工具的员工必须"原进原出"的传统模式，让员工感受到 更为人性化的过检体验。与此同时，天府机场还在航站楼工作人员通道内增设了专用工具架，在道口区 域内设立了工具核销工作区、工具摆放指示牌和四宫格区域，按照"同类别、齐摆放"原则，将工具进行 区分并拍照上传，有效避免了漏件、错件的情况发生。 记者从天府机场了解到，"证件查验及工具核销智能管理系统"分为"智慧员工验证管理系统"和"工具核 销智能管理系统"两大核心部分，主要应用于机坪控制区道口、工作人员通道 ...

《中国民航报》、中国民航网 记者郝蒙 报道：日前，成都天府国际机场（以下简称"天府机场"）将全 场的58台毫米波人体成像安全检查设备（以下简称"毫米波门"），全部升级到目前行业最新、最高检测 的A3级标准，成为国内A3级毫米波门配备数量和配备占比最高的机场，显著提升了对各类禁限物品的 探测能力与精准度，缓解了客流高峰时段的过检排队现象。 记者了解到，早在建设运筹阶段，天府机场就积极布局"智慧安检"建设，成为全国首家大规模使用毫米 波门的运输机场。该设备能在不接触旅客身体的同时，利用毫米波精准探测金属、液体、爆炸物等物体 所在位置，对旅客隐私有良好保护性，但因存在脚部探测盲区，致使旅客必须接受脚部人工复查，一定 程度上影响了安检效率和过检体验。 创新是推动机场高质量发展的重要引擎。下一步，天府机场将持续探索"无感过检""无接触式"安检模 式，持续打造"安全零容忍、服务有温度、效率再提升"现代化安检体系，为民航技术设备不断升级、提 升行业整体安全服务水平贡献更多"天府经验"。（编辑：孙文瑾 校对：李海燕 审核：韩磊） （天府机场供图） 2024年初，民航局对毫米波设备鉴定标准、验收标准及相关测试程序进行修订，新增 ...

Core Viewpoint - The competition for airport capacity in China is intensifying, with Guangzhou Baiyun Airport poised to become the largest single airport globally, surpassing Beijing Daxing and Shanghai Pudong airports, driven by the upcoming operational readiness of its T3 terminal [3][4][10]. Group 1: Airport Capacity and Rankings - Guangzhou Baiyun Airport is expected to reach a passenger throughput capacity of 140 million once T3 is operational, making it the largest single airport in the world [3][4]. - As of June 2025, the top airports in China by passenger throughput include Shanghai Pudong, Guangzhou Baiyun, and Beijing Capital, with significant growth in passenger numbers post-pandemic [6][12]. - The competition among major airports is fierce, with Guangzhou and Shanghai closely competing for the top position, with a difference of only 1 million passengers [9][10]. Group 2: Urban and Airport Development - The current landscape shows that there are 263 civil transport airports in mainland China, but only 40 have an annual passenger throughput exceeding 10 million, and only 5 exceed 50 million [5]. - The trend indicates a shift towards "dual airport cities," with cities like Chengdu and Shenzhen planning for second airports, while Guangzhou remains a single airport city but is rapidly approaching the throughput of Chengdu's dual airports [13][19]. - The development of airports is not just about capacity but also about enhancing the city's status as an international aviation hub, with Guangzhou being recognized for its comprehensive transportation advantages [16][20]. Group 3: Strategic Importance of Airports - Airports are seen as critical infrastructure for urban development, serving as gateways for trade, tourism, and logistics, thus influencing a city's economic power [40][41]. - The competition for airport development is not only about passenger numbers but also about the strategic positioning of cities within the national and international aviation network [22][24]. - The Chinese government is promoting a "3+7+N" international aviation hub system, aiming to enhance the capabilities of major cities like Beijing, Shanghai, and Guangzhou while developing secondary hubs in other regions [22][24].

Core Viewpoint - The introduction of the world's first intelligent unmanned docking system at Lanzhou Airport marks a significant advancement in airport operations, enhancing efficiency and safety through automation [1] Group 1: Company Developments - CIMC Group has successfully implemented a fully automated boarding bridge system at Lanzhou Airport, making it the first airport in China to adopt such technology [1] - The fully automated boarding bridges consist of 86 units that are interconnected with the airport's systems for real-time data monitoring and visualization [1] Group 2: Industry Impact - The automated boarding bridges are designed to operate with high reliability and consistency, reducing the uncertainties and errors associated with manual operations [1] - The implementation of this technology not only saves boarding time for passengers but also significantly improves the overall operational efficiency of the airport [1]

Core Viewpoint - Shenzhen Airport is expected to report a significant increase in net profit for the first half of 2025, driven by the recovery in civil aviation market demand, with projected profits ranging from 287 million to 337 million yuan, representing a year-on-year growth of 64.78% to 93.47% [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 287 million to 337 million yuan for the first half of 2025, marking a substantial increase compared to the previous year [1] - Passenger throughput increased by 10.9% year-on-year, while flight takeoffs and landings rose by 7.2%, and cargo and mail throughput grew by 14.1% [1] Group 2: Infrastructure Development - The construction of the third runway, which began in 2021, is progressing as planned, with completion expected by 2026, enhancing the airport's capacity [1] - The third runway's operation is anticipated to significantly increase the airport's capacity limits [1] Group 3: International Market Expansion - Shenzhen Airport has launched or increased flights on 12 international and regional routes, including destinations like Vientiane, Mexico City, Riyadh, and Singapore, contributing to the growth of the international passenger market [1] - In the first half of the year, international and regional passenger volume reached 3.055 million, a year-on-year increase of 30.7%, with international and regional flight numbers exceeding 20,000, up 26.1% from last year [2] - The airport aims to achieve a 20% share of international routes through differentiated competition, with plans for a comprehensive transportation hub integrating various modes of transport [2]