Core Insights - Shenzhen Airport (000089) reported a passenger throughput of 5.5387 million in May 2025, representing a year-on-year increase of 15.67% [1] - Cumulative passenger throughput for the year reached 27.4111 million, showing a growth of 11.12% compared to the previous year [1] - Domestic passenger throughput was 5.0162 million, up by 14.42% year-on-year [1] - Regional passenger throughput stood at 42,300, reflecting an increase of 11.78% [1] - International passenger throughput reached 480,200, marking a significant growth of 30.99% [1] - Cargo and mail throughput totaled 168,700 tons, with a year-on-year increase of 9.47% [1] - Year-to-date cargo and mail throughput was 795,400 tons, up by 13.26% [1] - The number of flight takeoffs and landings was 37,274, which is an increase of 11.17% year-on-year [1]

Core Viewpoint - Shenzhen Airport reported a significant increase in passenger throughput and cargo volume for May 2025, indicating strong growth in the aviation sector [1] Company Summary - Shenzhen Airport's passenger throughput reached 5.5387 million, representing a year-on-year growth of 15.67% [1] - The cargo and mail throughput was 168,700 tons, showing a year-on-year increase of 9.47% [1] - The number of flight takeoffs and landings was 37,274, which is an increase of 11.17% compared to the previous year [1]

该项目建成后，广州白云国际机场将实现"空陆铁"立体交通网，年旅客吞吐能力将达到1.2亿人次、货 邮吞吐能力达到380万吨，终端旅客吞吐能力达到1.4亿人次、货邮吞吐能力达到600万吨，客货吞吐规 模将在全球处于领先地位，对加快广州国际航空枢纽建设，全力推进粤港澳大湾区世界级机场群建设具 有重要意义。下一步，广东机场集团工程建设指挥部将乘胜前进，全力投入到3号通道的建设中。 （文章来源：广州日报） 面对施工区域复杂的地质条件和严格的不停航施工要求，广东机场集团工程建设指挥部紧盯不停航施工 及大盾构隧道施工前沿技术，依托业界专家的指导支持，不断建立健全风险管控体系，做实做细施工组 织策划和现场施工管理，确保项目顺利贯通，开创了国内民航领域大型盾构穿越运行跑道的先河。 广州白云国际机场三期扩建工程又完成一重要节点。近日，白云机场三期扩建工程2号、3号下穿通道项 目中盾构区间B线顺利贯通，标志着2号下穿通道双线盾构施工任务圆满结束，为下一步双线运营通车 奠定了坚实基础。 记者了解到，白云机场三期扩建工程2号、3号下穿通道工程是全国首次采用盾构法穿越运营跑道的施工 项目，主要建设内容包括新建2号、3号下穿通道，东四、西 ...

Core Insights - The opening of the "Zhuhai-Zhengzhou" all-cargo flight marks the operational launch of the Zhuhai Airport International Smart Logistics Park, aimed at becoming the largest and most comprehensive air cargo logistics hub on the west bank of the Pearl River Delta [1][2] - The project has a total investment of 456 million yuan and a building area of 104,000 square meters, making it the largest "multi-layer structure + intelligent" airport cargo station in China [1] - The cargo handling capacity at Zhuhai Airport is set to increase from 50,000 tons per year to 150,000 tons per year, enhancing logistics advantages in terms of cost and transportation efficiency [1] Summary by Sections Project Overview - The Zhuhai Airport International Smart Logistics Park is located in the core area of Zhuhai Airport and is one of the first eight projects approved for private capital participation in civil aviation construction by the National Development and Reform Commission and the Civil Aviation Administration [1] - The domestic cargo station that has commenced operations covers an area of 17,450 square meters and includes six cargo security inspection channels and one staff passage [1] Future Developments - The international cargo port project at Zhuhai Airport has been completed and is set to begin operations, with international cargo routes expected to open as early as next month [2] - The logistics park plans to incorporate intelligent technologies such as logistics robots and AI video monitoring to create a smart park that integrates air cargo stations, cross-border e-commerce, express handling, cold chain processing, and bonded logistics [2] - The Zhuhai Airport aims to establish itself as a "super airport" on the west bank of the Greater Bay Area through these developments [2]

Core Insights - Shanghai Airport (600009) announced that by May 2025, the number of aircraft takeoffs and landings at Pudong International Airport will reach 46,339, representing a year-on-year increase of 5.64% [1] - The passenger throughput at Pudong International Airport is projected to be 7.0742 million, reflecting a year-on-year growth of 13.03% [1] - The cargo and mail throughput at Pudong International Airport is expected to be 335,400 tons, with a year-on-year increase of 5.97% [1] - At Hongqiao International Airport, the number of aircraft takeoffs and landings is forecasted to be 23,914, marking a year-on-year rise of 3.64% [1] - The passenger throughput at Hongqiao International Airport is anticipated to reach 4.3062 million, showing a year-on-year growth of 6.15% [1] - The cargo and mail throughput at Hongqiao International Airport is projected to be 36,000 tons, with a year-on-year increase of 4.51% [1]

Group 1 - Typhoon "Butterfly" is currently located approximately 115 kilometers northwest of Sanya, Hainan, moving north at a speed of 5-10 kilometers per hour and gradually intensifying [3][7] - Companies in Hainan, such as Hainan Rubber, reported that their operations remain normal and they have activated emergency plans, with 24-hour duty arrangements in place [5][9] - The local government in Ledong Li Autonomous County has raised its flood and wind emergency response level from III to II, implementing measures such as suspending classes and closing scenic spots [6][8] Group 2 - Sanya Phoenix International Airport suspended flight operations starting from 22:00 on June 12, with a total of 153 flights executed and 77 flights canceled by 17:00 on the same day [7][8] - Other airports in Hainan, including Haikou Meilan Airport and Qionghai Boao Airport, also experienced significant flight cancellations due to the typhoon [8] - Companies like Guolian Aquatic Products and Guanhao High-tech reported no impact on their production and operations, indicating that their facilities are functioning normally despite the weather conditions [9]

Core Insights - Shenzhen Airport has launched a dedicated "Lychee Express Line" in collaboration with JD Airlines, utilizing an "air + cold chain" logistics model to ensure lychees are delivered within 24 hours from harvest to consumers [2] - The airport has reported an average daily handling of over 300 tons of lychees since mid-May, with total shipments expected to exceed 20,000 tons this year, marking a historical high [2] - Shenzhen Airport has established a green channel for lychee shipments, reducing the entire process from arrival to loading onto aircraft to just 2 hours [3] Industry Developments - The airport has formed a seasonal transportation network for agricultural products, including lychees and cherries, and plans to open more specialized routes based on the harvest cycles of various products [3] - The lychees shipped from Shenzhen Airport primarily come from major production areas in Nanshan, Dongguan, Huizhou, and Gaozhou, with a logistics network extending to major cities across China and international markets including Spain, Canada, the UK, France, and Italy [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In the context of a volatile bond market and a passive widening of credit spreads, investors should prioritize high - coupon assets for certain returns and prepare in advance for the spread compression market driven by the seasonal inflow of wealth management funds in July [1][5]. - The current core contradiction in the credit bond market is the co - existence of weakening allocation demand and a passive widening of spreads in a volatile environment. Investors should seize pricing deviation opportunities under the protection of coupon safety cushions [5]. - The volatile market pattern caused by the interplay of multiple factors will continue, providing tactical opportunities for layout during market adjustments [6]. - The coupon strategy is the optimal solution in a volatile market, and portfolios should be constructed in a stratified manner according to the characteristics of liabilities [7]. - Investors should "pre - position" for the seasonal spread compression market in July and seize structural opportunities in specific bond varieties [8]. 3. Summary by Relevant Catalog 3.1 Yield and Spread Overview 3.1.1 Yields and Changes of Each Tenor - Yields of various types of bonds at different tenors are presented, along with their weekly changes and historical percentiles. For example, the 0.5 - year Treasury yield is 1.41%, down 4.0bp from last week, with a historical percentile of 8.4% [14]. 3.1.2 Spreads and Changes of Each Tenor - Credit spreads of various types of bonds at different tenors are shown, including their weekly changes and historical percentiles. For instance, the 0.5 - year credit spread of public non - perpetual urban investment bonds is 25bp, up 2.1bp from last week, with a historical percentile of 12.7% [16]. 3.2 Yields and Spreads of Credit Bonds by Category (Hermite Algorithm) 3.2.1 Yields and Spreads of Urban Investment Bonds by Region - **Yields and Changes of Each Tenor**: Yields of public non - perpetual urban investment bonds in different provinces at key tenors, their weekly changes, and historical percentiles are provided. For example, the 0.5 - year yield of Anhui's public non - perpetual urban investment bonds is 1.77%, up 2.6bp from last week, with a historical percentile of 1.1% [19]. - **Spreads and Changes of Each Tenor**: Credit spreads of public non - perpetual urban investment bonds in different provinces at key tenors, their weekly changes, and historical percentiles are given. For example, the 0.5 - year credit spread of Anhui's public non - perpetual urban investment bonds is 30.41bp, up 4.6bp from last week, with a historical percentile of 7.2% [22]. - **Yields and Changes of Each Implied Rating**: Yields of public non - perpetual urban investment bonds in different provinces for each implied rating, their weekly changes, and historical percentiles are presented. For example, the AAA - rated yield of Anhui's public non - perpetual urban investment bonds is 1.80%, up 3.8bp from last week, with a historical percentile of 5.1% [26]. - **Spreads and Changes of Each Implied Rating**: Credit spreads of public non - perpetual urban investment bonds in different provinces for each implied rating, their weekly changes, and historical percentiles are shown. For example, the AAA - rated credit spread of Anhui's public non - perpetual urban investment bonds is 28.96bp, up 4.8bp from last week, with a historical percentile of 32.2% [31]. - **Yields and Changes of Each Administrative Level**: Yields of public non - perpetual urban investment bonds in different provinces at each administrative level, their weekly changes, and historical percentiles are provided. For example, the provincial - level yield of Anhui's public non - perpetual urban investment bonds is 1.80%, up 3.5bp from last week, with a historical percentile of 3.7% [35].

Key Points - The article summarizes important announcements from various listed companies in the Shanghai and Shenzhen stock markets on June 11, providing insights for investors [2] Major Events - Industrial Securities clarified that it has not received any written or verbal information regarding a merger with Huafu Securities, addressing market rumors [3] - *ST Yazhen announced that its stock price had deviated significantly from the market, with a cumulative increase of 107.83% over 26 trading days, leading to a temporary suspension of trading for up to three days for investigation [4] - Xingsen Technology plans to acquire a 24% stake in its subsidiary, Guangzhou Xinke, for 320 million yuan, pending approval from the Ministry of Finance [5] - Dinglong Co. intends to acquire an 8% stake in its subsidiary, Dinghui Microelectronics, for 240 million yuan, increasing its ownership from 91.35% to 99.35% to enhance governance and profitability [6] - Jinying Co. warned of potential risks of a stock price decline after a significant increase, noting a static P/E ratio of 141.17 and a P/B ratio of 3.21, both above industry averages [7] - Xinghui Entertainment confirmed that there are no undisclosed significant matters affecting the company, despite recent stock price fluctuations [8] Performance Metrics - Xiamen Airport reported a passenger throughput of 2.4752 million in May, a year-on-year increase of 8.34%, while cargo throughput decreased by 2.84% to 30,500 tons [9] Shareholding Changes - Fengyuzhu announced that shareholders plan to reduce their holdings by up to 3% of the company's shares [10][11] - Erli San reported that several executives plan to reduce their holdings, with the chairman intending to sell up to 554,600 shares, representing 0.040% of total shares [12] Major Contracts - Shuangliang Energy announced that its subsidiary signed a 450 million yuan contract for a green hydrogen system, which represents 3.45% of the company's audited revenue for 2024 [13]

6月11日，国新办举行"新征程上的奋斗者"中外记者见面会，围绕"守护国门边境 服务开放发展"与中外 记者见面交流。 随着我国持续优化入境政策，免签国家的范围不断扩大，目前单方面免签国家已提升到47个。在政策推 动下，"China Travel"火爆，作为边检一线的工作人员对此有切身感受。 广州边检总站白云边检站一级警长于童在见面会上表示，随移民管理领域制度型开放向纵深推进，这两 年中国出台了240小时过境免签等一系列便利外国人来华的政策措施，外国游客"中国游"热情持续高 涨，这一点自己在白云机场（600004）口岸感触非常明显。 2024年，经白云机场口岸入境的外国人来自195个国家和地区，总入境的外国人数达到了237万余人次， 同比增长92.6%。今年前5个月，经白云机场口岸入境的外国人已经超过了120万人次，同比增长 41.7%。 "我30多年前刚参加工作的时候，一年全上海也就两三千外国人办理签证，如今我们每年办理二三十万 人次。"上海市公安局出入境管理总队证件管理二支队二级高级警长蔡宝弟说。 外国旅客的持续增多，为国内旅游等消费市场注入了新活力的同时，也增进了外国人对中国文化、中国 故事的了解。 "当问 ...