Group 1 - Xinseng Technology plans to participate in the purchase of 24% equity of its subsidiary Guangzhou Xinke for 320 million yuan, with approval from the Ministry of Finance [3] - Dinglong Co. intends to acquire an additional 8% equity of its subsidiary Dinghui Microelectronics for 240 million yuan, increasing its ownership from 91.35% to 99.35% [4] - Jinying Co. warns of potential short-term stock price decline after significant recent gains, with a static P/E ratio of 141.17 and a P/B ratio of 3.21, both above industry averages [5] Group 2 - Xiamen Airport reported a passenger throughput of 2.4752 million in May, representing a year-on-year increase of 8.34%, while cargo and mail throughput decreased by 2.84% [8] Group 3 - Fengyuzhu plans to reduce its shareholding by up to 3% through various methods, with specific amounts detailed for different shareholders [10] - Shuangliang Energy's subsidiary signed a 450 million yuan contract for a green electricity hydrogen system, accounting for 3.45% of the company's audited revenue for 2024 [12]

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - High dividend yields are favorable for highway and port companies due to declining domestic interest rates, making them attractive for allocation and investment [2] - Mergers and acquisitions are seen as a potential growth source in the transportation sector, particularly in the highway and bulk supply chain segments, supported by low interest rates and low valuations [3] - The rise of new energy and unmanned transportation is expected to benefit platform companies, with a focus on digital freight and ride-hailing services [4] Summary by Sections 1. Aviation - The aviation industry is expected to see a turning point in supply and demand by 2025, with cumulative revenue growth for airlines projected to match the increase in aircraft numbers [7] - Airlines are likely to experience a recovery in aircraft utilization hours and passenger load factors, leading to increased revenue per passenger kilometer [11] 2. Highways - The defensive value of high dividend highway companies is decreasing as the A-share index rebounds, while their investment value is increasing due to declining interest rates [27] - There is significant potential for mergers and acquisitions in the highway sector, with many listed highway companies having substantial room for asset securitization [30] - Companies like Guangdong Expressway A and Shandong Expressway are highlighted for their high return on equity and dividends [27] 3. Railways - Short-term growth in railway freight and passenger volumes is low, but there is potential for long-term growth driven by new energy vehicles and unmanned driving technologies [36] - The container transport volume in railways is expected to grow significantly, supported by various initiatives like the Belt and Road Initiative [42] 4. Express Delivery - The express delivery industry is experiencing rapid growth in both volume and revenue, with major players like Zhongtong Express and YTO Express showing increasing profits [45] - Price competition is easing, which may present investment opportunities in the sector [46] 5. Bulk Supply Chain - Major bulk supply chain companies in China are seeing a decline in market share, but their revenues remain among the highest globally [51] - Companies like Wuzhou International and Jianfa Group are actively engaging in mergers and acquisitions to enhance their market position [54] 6. Shipping - The shipping industry is facing challenges due to potential declines in global trade volumes as a result of U.S. tariffs, which may pressure shipping rates [57] - The oil shipping sector may benefit from lower oil prices leading to increased demand for oil replenishment [63] 7. Ports - Port container throughput is expected to show resilience despite fluctuations in export growth, with stable pricing anticipated [70] - The report emphasizes the importance of reducing logistics costs, which may limit the potential for rate increases in port fees [70] 8. New Energy and Unmanned Transportation - The adoption of new energy vehicles is significantly reducing travel costs, while smart driving technologies are expected to lower labor costs in transportation [74] - Companies in the ride-hailing and digital freight sectors are projected to experience substantial growth due to these technological advancements [77]

当然，正如深圳机场所称，随着恢复双航站楼运行，双流机场业绩转机正在来临。 据《四川日报》，随着双流机场1号航站楼正式投入使用，双流机场将重回"双航站楼时代"，可满足年 旅客吞吐量5000万人次的需求。 由双流机场和天府机场组成的成都国际航空枢纽，是中西部最大的航空门户，2024年旅客吞吐量已超 8700万人次。投运不到4年的天府机场，全年旅客吞吐量达5490.6万人次，逼近6000万人次的设计流 量。据预测，2027年成都国际航空枢纽年旅客吞吐量将突破1亿人次。 另外，21世纪经济报道记者在双流机场发现，大量酒企广告布满在双流机场。 这都是双流机场恢复盈利的动力。 6月10日，上证消费80指数报收4760.73点，跌幅0.35%。 21世纪经济报道记者贺泓源、实习生谭伊亭 报道 资本市场呼唤着成都双流机场盈利。 2025年6月9日，深圳机场（000089）披露的机构交流纪要显示，双流机场盈利问题再次成为焦点。对 此，深圳机场表示，其作为双流机场的第三大股东，对双流机场的发展一直高度关注。 "受外部环境和天府机场分流的影响，双流机场的投资收益出现亏损。双流机场目前已完成 T1 航站楼 提质改造，恢复双航站楼运行 ...

Group 1: Chengdu Shuangliu Airport Financial Performance - Chengdu Shuangliu Airport's profitability has become a focal point, with Shenzhen Airport expressing concern as its third-largest shareholder [1] - In 2024, Shuangliu Airport reported revenue of 1.478 billion yuan and a net loss of 182 million yuan, but is expected to see a turnaround with the restoration of dual terminal operations [2] - The airport's capacity is projected to meet an annual passenger throughput of 50 million, with the Chengdu International Aviation Hub expected to exceed 100 million passengers by 2027 [2] Group 2: Market Dynamics and Future Prospects - The dual terminal operation at Shuangliu Airport is anticipated to significantly enhance operational efficiency and improve financial performance [1][2] - The combined passenger throughput of Shuangliu and Tianfu airports has already surpassed 87 million in 2024, indicating strong growth potential for the region [2] - The presence of numerous advertisements from liquor companies at Shuangliu Airport is seen as a driving force for its recovery in profitability [3][4]

重要说明： 一、上述数据本月数为快报数据，与实际数据可能存在差异。 二、因存在其他形式的飞行，部分项目分项数字之和与总计数存在 差异。 三、上述运输生产数据源自公司内部统计，仅供投资者参考。 广州白云国际机场股份有限公司董事会 证券代码：600004 证券简称：白云机场 公告编号：2025-029 广州白云国际机场股份有限公司 2025 年 5 月生产经营数据快报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2025 年 6 月 11 日 项目 月度 累计 本月数 同比增长 累计数 同比增长 一、起降架次（架次） 45,583.00 11.16% 222,022.00 6.53% 其中：国内航线 35,808.00 11.46% 173,609.00 3.97% 地区航线 356.00 -11.88% 1,883.00 -2.74% 国际航线 9,419.00 11.10% 46,530.00 17.76% 二、旅客吞吐量（人次） 6,863,652.00 14.27% 33,586,005.00 8.76% 其中：国内航 ...

Core Viewpoint - Guangzhou Baiyun International Airport Co., Ltd. reported significant growth in operational data for May 2025, indicating a positive trend in both passenger and cargo throughput [1]. Group 1: Operational Data Summary - The total number of takeoffs and landings for May 2025 reached 45,583, representing an 11.16% year-on-year increase, with a cumulative total of 222,022, reflecting a 6.53% growth [1]. - Domestic routes accounted for 35,808 takeoffs and landings, up 11.46% year-on-year, while international routes saw 9,419, marking an 11.10% increase [1]. - Passenger throughput for May 2025 was 6,863,652, a 14.27% increase year-on-year, with a cumulative total of 33,586,005, which is an 8.76% growth [1]. - Domestic passenger numbers were 5,486,503, up 13.13%, while international passengers reached 1,321,388, showing a significant 19.87% increase [1]. Group 2: Cargo and Mail Throughput Summary - Cargo and mail throughput for May 2025 was 205,697.65 tons, a 2.01% increase year-on-year, with a cumulative total of 964,530.87 tons, reflecting a 1.88% growth [1]. - Domestic cargo accounted for 72,075.10 tons, up 12.31%, while international cargo was 128,205.55 tons, showing a slight decline of 1.90% [1]. - Regional cargo saw a significant drop of 20.11% in May, totaling 5,416.99 tons, with a cumulative decline of 3.95% [1].

证券代码：600004 证券简称：白云机场 公告编号：2025-029 广州白云国际机场股份有限公司 2025 年 5 月生产经营数据快报 一、上述数据本月数为快报数据，与实际数据可能存在差异。 二、因存在其他形式的飞行，部分项目分项数字之和与总计数存在 差异。 三、上述运输生产数据源自公司内部统计，仅供投资者参考。 广州白云国际机场股份有限公司董事会 2025 年 6 月 11 日 项目 月度 累计 本月数 同比增长 累计数 同比增长 一、起降架次（架次） 45,583.00 11.16% 222,022.00 6.53% 其中：国内航线 35,808.00 11.46% 173,609.00 3.97% 地区航线 356.00 -11.88% 1,883.00 -2.74% 国际航线 9,419.00 11.10% 46,530.00 17.76% 二、旅客吞吐量（人次） 6,863,652.00 14.27% 33,586,005.00 8.76% 其中：国内航线 5,486,503.00 13.13% 26,741,447.00 5.48% 地区航线 55,761.00 3.23% 275,805.0 ...

《中国民航报》、中国民航网 记者路泞 报道：6月9日，西安咸阳国际机场三期扩建工程迎来重大进展 ——新建南二跑道飞行校验工作圆满完成，这意味着西北地区首条"智慧跑道"即将投入运营，西安机场 也将正式迈入"三跑道时代"。作为国家民航局"十四五"规划重点工程，此次校飞成功不仅为后续试飞及 投运奠定决定性基础，更标志着西安国际航空枢纽建设取得最新成果。 此次飞行校验工作自5月23日启动，由民航局飞行校验中心组建专业团队历时18天、累计完成 40 余小时 空中作业。校验过程涵盖南二跑道全长度（3000米）与宽度（45米）范围内的导航设备（包括仪表着陆 系统、全向信标系统等）、助航灯光系统、机坪塔台甚高频通信链路，以及配套的进离场程序模拟验 证。 这种"会思考"的跑道设计，较传统跑道运维效率提升约30%，每年将大幅减少人工巡检成本。 随着南二跑道投运进入倒计时，西安机场将形成全新运行格局。新增的29个近机位与14个远机位将使机 场停机位总量突破200个，高峰小时起降能力提升至55架次，年旅客保障能力可增至8300万人次。这一 能级跃升不仅将巩固西安作为"空中丝绸之路"核心枢纽的地位，更将通过航空物流网络带动汽车制造、 ...

Core Points - The fifth runway at Guangzhou Baiyun Airport has commenced its flight calibration tasks, marking a critical milestone in the airport's Phase III expansion project [1] - The new runway is designed to 4E standards, measuring 3,600 meters in length and 45 meters in width, located 1,530 meters east of the existing East No. 2 runway [1] - The Central South Air Traffic Management Bureau has implemented a "dual tower" coordination system for air traffic control, enhancing operational efficiency and safety during the calibration flights [1][2] Group 1 - The flight calibration tasks are expected to last approximately 20 days, during which communication, navigation, and lighting facilities of the new runway will be thoroughly tested [2] - The dual tower system includes a new second tower responsible for low-altitude monitoring and landing procedures, while the existing first tower oversees overall command [1][2] - This marks the first significant operational task for the newly constructed second tower, indicating a new phase of collaborative operations at Guangzhou Baiyun Airport with "five runways and dual towers" [1]

Group 1 - The Guangzhou Baiyun Airport Phase III expansion project is the largest airport expansion project in China's civil aviation history, with a total investment exceeding 100 billion yuan [1] - The project involves the relocation of 62 villages and approximately 62,000 residents, with the first batch of housing for displaced residents expected to be completed six months ahead of schedule [1] - The total planned area for the Phase III housing project is over 12.5 million square meters, making it the largest housing project under construction in Guangdong Province [1] Group 2 - The fifth runway (East Third Runway) of Guangzhou Baiyun International Airport has entered the flight calibration phase, marking a critical verification stage before its operation [2][4] - The calibration will test key systems such as communication navigation, approach lighting, and overall flight procedures, significantly improving operational efficiency during peak flight times once completed [4] - Upon full completion, the airport's annual passenger throughput capacity will exceed 120 million, and cargo throughput will reach 3.8 million tons, reinforcing its status as a core aviation hub in the Guangdong-Hong Kong-Macao Greater Bay Area [4]