【深圳商报讯】（记者罗凯燕通讯员叶俊超）近日，一批"妃子笑"荔枝经深圳海关验放后，从深圳宝安 国际机场起飞，前往沙特阿拉伯利雅得哈立德国王国际机场。据悉，这批岭南佳果从树枝采摘到中东商 超货架，全程用时不到48小时，成为深圳机场口岸又一批飞赴海外市场"抢鲜"上市的"中国甜"。 当前是岭南荔枝等鲜果的出口旺季，鲜果出口是与时间赛跑的"保鲜战"。针对荔枝等生鲜农产品对时效 和温控的严苛要求，深圳海关持续深化"海空港畅流""空港智慧物流"改革，支持深圳机场前置出口理货 环节，不断优化监管作业系统、场地设施设备、物流路线和作业流程，将出口环节的海关通关时间压缩 至平均9.6分钟。通过将高效的口岸通关效率与航司的生鲜冷链运输优势有机融合，助力深圳机场打造 生鲜水果"空中快线"。 深圳宝安机场海关综合业务科副科长谭敏蕊介绍，宝安机场海关主动对接企业诉求，指派专人跟进航班 动态，指导企业规范提前申报，为荔枝等特色农产品开通"绿色通道"，确保农产品在口岸快查、快放， 同时协调场站优先安排打板装机，让深圳的新鲜特色农产品加速"端上"世界各地消费者的餐桌。 （文章来源：深圳商报） 据悉，今年以来，深圳机场口岸累计出口鲜果、食用水 ...

Meeting Overview - The annual general meeting of shareholders for Guangzhou Baiyun International Airport Co., Ltd. is scheduled for June 5, 2025, at 14:30 [1][2] - The meeting will be held at the comprehensive service building in the southeast work area of Guangzhou Baiyun International Airport [1][2] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange voting system [1][2] Voting Details - The voting time for the on-site meeting is from 9:15 to 15:00 on the day of the meeting [1][2] - Shareholders can vote via the trading system from 9:15-9:25, 9:30-11:30, and 13:00-15:00 [1][2] - The online voting system will be available from 9:15 to 15:00 on the meeting day [1][2] Agenda and Proposals - The meeting will review several proposals, with specific proposals already approved by the board and supervisory committee [2] - There are no related shareholders required to abstain from voting [2] Attendance and Registration - Shareholders registered by the close of trading on May 27, 2025, are eligible to attend the meeting [6] - Shareholders must complete registration procedures to attend the meeting, including providing necessary identification and documentation [6][7] Proxy Voting - Shareholders can appoint proxies to attend and vote on their behalf, with specific documentation required for proxy representation [6][7] - Multiple accounts held by a shareholder can be used to vote, but the total voting rights will be based on the aggregate shares held [4][5] Additional Information - The meeting is expected to last half a day, and attendees are responsible for their own travel and accommodation expenses [8] - Contact information for inquiries is provided, including phone numbers and email addresses [8]

Group 1: Recent Operational Performance - As of April 2025, Shenzhen Airport achieved a domestic passenger throughput of 19.83 million, representing a year-on-year increase of 8.01% [1] - The domestic cargo and mail throughput reached 298,500 tons, with a year-on-year growth of 6.85% [1] - The total passenger throughput for Shenzhen Airport was 21.87 million, marking a 10.03% increase year-on-year, including international passenger throughput of 1.89 million, which grew by 37.74% [2] Group 2: Future Development and Capacity Planning - Shenzhen Airport has no significant capital expenditure plans currently, focusing on leveraging its developed route network and operational resources [2] - Future plans include establishing a structure of "three runways, three terminal areas, three cargo areas, and one satellite hall" to enhance its role as a comprehensive international transportation hub [2] Group 3: Commercial Revenue and Business Operations - The rapid growth in passenger throughput has led to steady improvements in commercial operations, with the introduction of 15 international luxury brands and 9 new projects [2] - Shenzhen Airport aims to enhance non-aeronautical revenue by optimizing advertising placements and adjusting duty-free shop locations [2] Group 4: Regional Competition and Cooperation - Shenzhen Airport is strategically located in the core of the Guangdong-Hong Kong-Macao Greater Bay Area, serving as a hub for domestic and international connections [3] - The airport will leverage its market advantages to develop a route network that aligns with local city functions, catering to the travel needs of passengers in Shenzhen and surrounding areas [4]

证券代码：000089 证券简称：深圳机场 深圳市机场股份有限公司投资者关系活动记录表 编号：2025003 | 投资者关系活动类 | 特定对象调研□分析师会议 | | --- | --- | | 别 | □媒体采访□业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及人 | 天风证券李宁 | | 员姓名 | | | 时间 | 2025 年 5 月 21 日 | | 地点 | T3 商务办公楼 A 座 601 会议室 | | 上市公司接待人员 | 林俊、郝宇明、吴晨阳 | | 姓名 | 1、2024 年经营业绩情况？2025 年业绩展望？ | | | 回答：2024 年，深圳机场完成航班起降 42.8 万架次，旅客吞 | | | 吐量 6,147.7 万人次，全国排名均为第四，分别同比增长 8.9%、 | | | 16.6%；货邮吞吐量 188.1 万吨，同比增长 17.6%，排名全国第三； | | | 其中国际及地区货邮量96.5万吨，同比增长25.3%；国内货邮量91.7 | | 投资者关系活动主 | 万吨，同比增长 ...

Investment Rating - The airport industry is rated with a stable outlook, indicating a positive long-term growth potential supported by government policies and infrastructure investments [34]. Core Insights - The airport industry is a crucial part of China's transportation infrastructure, with 263 civil transport airports as of the end of 2024, reflecting a net increase of 4 airports from the previous year [4][10]. - The revenue structure of airport operations is divided into aviation-related income, which is quasi-public, and non-aviation income, which is market-driven, allowing for improved profitability [5][6]. - The industry is experiencing a robust recovery in operational metrics, with passenger throughput exceeding pre-pandemic levels, although international passenger traffic has not fully recovered [10][14]. Industry Overview - The airport industry is characterized by strategic importance and public service, with strict management by the Civil Aviation Administration of China [4]. - The revenue from aviation-related services includes essential operations such as takeoff and landing fees, while non-aviation services encompass various commercial activities [5]. - The industry is undergoing a transformation with the gradual marketization of non-aviation service fees, enhancing the revenue structure and competitive edge of airport operators [6]. Policy Environment - Recent policies, such as the "Guidance on Promoting International Aviation Hub Construction," aim to enhance the functionality of international aviation hubs and improve operational efficiency [7][9]. - The "14th Five-Year Plan" outlines a target to increase the number of civil transport airports from 241 to at least 270 by 2025, indicating significant growth potential [8][27]. - The government continues to support the industry through subsidies and funding for infrastructure projects, which is crucial for the sector's recovery and expansion [8][30]. Operational Performance - In 2024, the airport industry saw a significant recovery, with passenger throughput increasing by 15.9% year-on-year, surpassing 2019 levels [10][14]. - The total revenue for airport enterprises reached 1136.7 billion yuan, marking an 8.5% increase from the previous year, while the total profit showed a substantial reduction in losses [26]. - The operational metrics indicate a strong recovery trajectory, with domestic passenger traffic growing by 12.2% compared to 2019, while international traffic is still recovering [16][18]. Supply and Demand Dynamics - The airport industry has substantial growth potential, driven by ongoing fixed asset investments and improvements in flight capacity [27][28]. - The demand for air travel is expected to continue rising, supported by economic recovery and increased consumer spending [30]. - The competitive landscape is characterized by regional monopolies, with airports facing limited competition due to geographical and regulatory constraints [32][33]. Future Development - The airport industry is positioned for rapid growth, with ongoing investments in infrastructure and a clear policy framework supporting its expansion [34]. - The recovery of domestic and international travel demand is anticipated to sustain the industry's growth momentum in the coming years [34].

Investment Rating - The report maintains a "Strong Buy" rating for the transportation industry, particularly highlighting opportunities in the shipping and port sectors [4]. Core Insights - The transportation industry is experiencing a mixed performance, with shipping and port sectors under pressure while the express delivery sector continues to grow [1][2]. - The shipping market is expected to recover gradually, with signs of improvement in oil transportation and a stable outlook for port operations despite recent challenges [1][25]. - The express delivery sector is projected to maintain robust growth, although average ticket prices are declining due to increased competition and a shift towards lower-value packages [1][3]. Summary by Sections Shipping and Port Sector - In Q1 2025, the oil transportation market started weakly, with VLCC market performance significantly lower than the same period last year. The overall revenue for 14 listed shipping companies in 2024 was CNY 364.97 billion, a 26.47% increase year-on-year, while net profit rose by 68.72% to CNY 66.79 billion [13][19]. - The port sector showed relative stability in performance, with 18 listed port companies reporting a total revenue of CNY 222.90 billion in 2024, a slight increase of 0.62%, but net profit decreased by 21.78% to CNY 32.22 billion [26][30]. Aviation and Airport Sector - The aviation industry is witnessing a divergence in performance, with traditional full-service airlines facing challenges while low-cost carriers are gaining market share. The overall passenger traffic is recovering, but ticket prices remain weak, impacting profitability [1][2]. - Airport non-aeronautical revenues are under pressure due to new tax agreements affecting profit margins. For instance, the new duty-free agreement at Shanghai Airport has reduced profit elasticity [1][2]. Express Delivery Sector - The express delivery industry in 2024 is expected to see a business volume of 174.5 billion packages, a 21% increase year-on-year, with total revenue reaching CNY 1.4 trillion, up 13% [1][2]. - The average ticket price for express delivery has decreased from CNY 9.1 to CNY 8.0 due to the increasing proportion of low-value packages and heightened competition among leading companies [1][2]. Road and Rail Sector - The railway passenger volume growth reached double digits in 2024, with a total of 4.31 billion passengers, a year-on-year increase of 11.9%. The total freight volume was 5.17 billion tons, up 2.8% [1][2]. - The road transport sector also showed growth, with freight volume reaching 41.88 billion tons, a 3.8% increase, and passenger transport volume at 11.78 billion, up 7% [1][2].

Core Insights - The Jinan Airport Phase II expansion project is a significant infrastructure investment aimed at transforming Jinan into a major transportation hub, with a projected annual passenger throughput of 55 million and cargo capacity of 520,000 tons by 2026 [1][9][20] - The expansion is part of a broader trend in China where major cities are enhancing their airport capacities to support urban integration and regional economic development [12][22] Investment and Infrastructure - The total investment for the Jinan Airport expansion is nearly 70 billion yuan, marking it as the largest investment in Shandong's civil aviation history [1] - Jinan Airport's current passenger throughput reached 20.01 million in 2024, a 14% increase from 2023, while cargo throughput grew by 6.7% to 153,600 tons [2][3] Regional Development and Planning - The Jinan metropolitan area is recognized as a national-level urban agglomeration, with a population of 18.1 million and an economic output exceeding 3 trillion yuan in 2024 [9][20] - The Shandong provincial government has approved multiple planning documents to enhance Jinan and Qingdao's roles as dual core cities, emphasizing the need for integrated transportation systems [9][10] Transportation Integration - The new airport's design includes a 380,000 square meter comprehensive transportation center, facilitating seamless connections between air, rail, and road transport [16][17] - The integration of high-speed rail and urban transit systems is crucial for maximizing the airport's catchment area, targeting a population coverage of 70 million [16][18] Challenges and Considerations - The rapid expansion raises questions about whether the airport can sustain the projected passenger volume, given the current growth trends in air travel [3][8] - Local governments face the challenge of balancing infrastructure investment with economic growth, especially in light of shifting policy priorities from investment-driven growth to consumption-driven growth [11][21]

作为安保管理体系优化升级的关键举措，珠海机场将以此次培训为战略支点，系统构建专业化安保质控 人才梯队，完善"预防-管控-改进"全周期管理闭环。通过标准化体系构建与智慧安保技术应用的双向赋 能，持续提升安保管理现代化水平，为粤港澳大湾区世界级机场群建设构筑坚实安全根基。（编辑：张 薇 校对：陈虹莹 审核：韩磊） 本次培训由中国民航管理干部学院航空安保系主任领衔的专家团队全程指导，珠海机场安保质控部门联 合梅州、佛山机场等单位的24名业务骨干完成历时6天的系统化培训，全员通过了理论测试与实操考核 双重评估。参训人员普遍反馈课程体系与实际工作需求高度契合，有效破解安保审计筹备、风险动态评 估等业务痛点，全方位强化空防安全主体责任意识与突发事件处置能力。 培训采用逆向课程设计方法，系统解构安保质控人员能力图谱，形成法规应用、风险推演、效能评估等 六大教学模块。创新采用四维教学模式：案例工坊组织项目化学习，指导学员编制审计模拟方案；情景 沙盘设置分级指标，通过角色互换强化跨部门协作；真实案例解析推动缺陷整改方案设计；建立"双导 （珠海机场供图） 师"评估机制，对24名学员进行全过程能力追踪。课程体系完整覆盖航空安保法规 ...

Core Viewpoint - Guangzhou Baiyun Airport is experiencing significant flight delays due to adverse weather conditions, affecting over 400 flights as of May 23, 15:50 [1] Group 1: Flight Delays - More than 400 flights have been delayed at Guangzhou Baiyun Airport, impacting both arrivals and departures [1] - 17 inbound flights have been diverted to alternative airports, including Shenzhen Bao'an Airport, Zhuhai Jinwan Airport, Nanchang Changbei Airport, Changsha Huanghua Airport, and Jieyang Chaoshan Airport [1]

Group 1: Hedge Funds and Market Trends - Hedge funds reduced their positions in the "Tech Seven" stocks in the US while increasing holdings in Chinese ADRs, with popular choices including Alibaba, Pinduoduo, Baidu, and JD.com [1] - Morgan Stanley upgraded US stocks and bonds from neutral to overweight, predicting the S&P 500 index could reach 6,500 points by Q2 2026, with a forecasted decline in 10-year Treasury yields to 3.45% [3] - UBS expects the Federal Reserve to potentially start cutting rates in September, with a total reduction of 75 basis points anticipated for the year [2] Group 2: Regional Market Insights - Morgan Stanley views Singapore's stock market as an attractive defensive play, with a projected P/E ratio of 14.3 and a dividend yield of 4% [4] - Mitsubishi UFJ analysts believe the Japanese yen will remain supported due to the Bank of Japan's inclination towards further rate hikes, contrasting with other G10 central banks [5] - Galaxy Securities suggests that the airport sector has priced in pessimism regarding duty-free agreements, with future international passenger flow recovery being a key focus [8] Group 3: Economic Policies and Predictions - Dongfang Jincheng anticipates further interest rate cuts by the central bank in the second half of the year to stimulate economic growth [7] - CITIC Securities indicates that recent LPR and deposit rate cuts are part of a transmission chain aimed at stabilizing interest margins and maintaining loan demand [11] - Huatai Securities recommends focusing on real estate companies with strong resources and stable operations, as the market is still in a recovery phase [10]